Plug Power Inc. Announces Board Changes and Executive Compensation Details
Ticker: PLUG · Form: 8-K · Filed: May 15, 2024 · CIK: 1093691
| Field | Detail |
|---|---|
| Company | Plug Power Inc (PLUG) |
| Form Type | 8-K |
| Filed Date | May 15, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $440,000, $575,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
TL;DR
Plug Power shakes up board, names new director, and updates exec pay.
AI Summary
On May 9, 2024, Plug Power Inc. filed an 8-K report detailing changes in its board of directors and executive compensation. The filing announced the resignation of director Dr. Jonathan D. Wolfson and the appointment of Mr. Paul A. S. Miller as a new Class III director. Additionally, the company disclosed compensatory arrangements for certain officers.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy, governance, and financial priorities, impacting investor confidence.
Risk Assessment
Risk Level: medium — Board and executive changes, while common, can sometimes precede significant strategic shifts or reflect underlying governance concerns.
Key Players & Entities
- Plug Power Inc. (company) — Registrant
- Dr. Jonathan D. Wolfson (person) — Resigning Director
- Mr. Paul A. S. Miller (person) — Appointed Director
- May 9, 2024 (date) — Date of earliest event reported
FAQ
Who resigned from Plug Power's board of directors?
Dr. Jonathan D. Wolfson resigned from the board of directors.
Who was appointed as a new director at Plug Power?
Mr. Paul A. S. Miller was appointed as a new Class III director.
What is the date of the earliest event reported in this 8-K filing?
The earliest event reported is May 9, 2024.
What specific items are covered in this 8-K filing?
This filing covers the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers.
What is Plug Power Inc.'s principal executive office address?
Plug Power Inc.'s principal executive offices are located at 968 Albany Shaker Road, Latham, New York 12110.
Filing Stats: 821 words · 3 min read · ~3 pages · Grade level 11.8 · Accepted 2024-05-15 16:15:25
Key Financial Figures
- $0.01 — h registered Common Stock, par value $0.01 per share PLUG The Nasdaq Capital M
- $440,000 — a retention award with a total value of $440,000: Paul B. Middleton, the Company's Chief
- $575,000 — -time, contingent relocation payment of $575,000, less applicable withholdings and deduc
Filing Documents
- tm2414372d2_8k.htm (8-K) — 28KB
- 0001104659-24-061940.txt ( ) — 196KB
- plug-20240509.xsd (EX-101.SCH) — 3KB
- plug-20240509_lab.xml (EX-101.LAB) — 33KB
- plug-20240509_pre.xml (EX-101.PRE) — 22KB
- tm2414372d2_8k_htm.xml (XML) — 3KB
02. Departure of Directors or Certain Officers; Election
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On May 9, 2024, the Compensation Committee of the Board of Directors (the "Board") of Plug Power Inc., a Delaware corporation (the "Company"), approved retention awards for certain key employees, including certain of the Company's named executive officers, to enable the Company to retain and motivate such key employees during a critical period. The following named executive officers of the Company each received a retention award with a total value of $440,000: Paul B. Middleton, the Company's Chief Financial Officer and Executive Vice President; Gerard L. Conway, Jr., the Company's General Counsel, Corporate Secretary, and Executive Vice President; and Jose Luis Crespo, the Company's General Manager, Applications and Executive Vice President. The retention awards were paid 25% in cash and 75% in the form of restricted stock. The restricted stock portion of the retention awards was issued on May 9, 2024 and each of Messrs. Middleton, Conway and Crespo received 119,134 restricted shares that vest 25% upon grant, 25% 90 days after grant, 25% 180 days after grant, and 25% 360 days after grant. In addition, on May 9, 2024, the Compensation Committee of the Board approved a Relocation and Retention Agreement with Sanjay K. Shrestha, the Company's General Manager, Energy Solutions, Chief Strategy Officer, and Executive Vice President, which agreement was entered into on May 10, 2024. Pursuant to the Relocation and Retention Agreement, in consideration of Mr. Shrestha's relocation of his primary residence to within 30 miles of the Company's headquarters in Latham, New York no later than December 31, 2024, the Company will pay Mr. Shrestha a one-time, contingent relocation payment of $575,000, less applicable withholdings and deductions. Mr. Shrestha is required to repay the relocation payment to the Company in full