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MNGA > SEC Filings for MNGA > Form 8-K on 13-Jun-2013All Recent SEC Filings

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Change in Directors or Principal Officers, Other Events, Financial Statements and E

Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On June 10, 2013, Scott Wainwright notified MagneGas Corporation (the "Company") that he would resign from his position as President of the Company, effective immediately. Mr. Wainwright's resignation was not as a result of any disagreements with us and he will continue to work as an employee of the Company.

On June 10, 2013, the Company's board of Directors (the "Board") unanimously appointed Ermanno Santilli, the Company's Chief Executive Officer as President of the Company, effective immediately. Mr. Santilli will perform the services and duties that are normally and customarily associated with the President position as well as other associated duties as our Board reasonably determines

Biographical information for Mr. Santilli has previously been disclosed on the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 1, 2013.

Family Relationships

Ermanno Santilli is the son of Carla Santilli, a member of the Board, and the sister of Luisa Ingargiola, our Chief Financial Officer and a member of the Board.

Related Party Transactions

There are no related party transactions reportable under Item 5.02 of Form 8-K and Item 404(a) of Regulation S-K.

Employment Agreements

Information regarding Mr. Santilli's employment agreement has previously been disclosed on the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 1, 2013.

Item 8.01 Other Events.

On June 11, 2013, the Company issued a press release announcing the appointment of Mr. Santilli as President. Additionally, the Company announced that Mr. Bryan George was promoted to the position of Senior Vice President of Retail and Distribution Gas Sales. In the press release, it was disclosed that Mr. Wainwright was appointed as the Company's Vice President of Industrial Gas Sales; however, following the release, Mr. Wainwright informed the Company that he would not be staying at the Company in any capacity. A copy of the press release filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1 Press Release dated June 11, 2013

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