Plug Power Appoints New CFO, Paul Verhoeven

TL;DR

Plug Power names Paul Verhoeven as new CFO, replacing Anya McILveen.

AI Summary

Plug Power Inc. announced on July 29, 2024, the appointment of Paul H. Verhoeven as its new Chief Financial Officer, effective immediately. Verhoeven previously served as the interim CFO and brings extensive financial leadership experience to the role. The company also reported on the departure of its previous CFO, Anya A. McILveen, and adjustments to executive compensation arrangements.

Why It Matters

The appointment of a permanent CFO is crucial for financial stability and investor confidence, especially for a company in a growth phase like Plug Power.

Risk Assessment

Risk Level: medium — Changes in key executive positions, particularly the CFO, can signal internal challenges or strategic shifts that may impact the company's financial performance and outlook.

Key Players & Entities

• Plug Power Inc. (company) — Registrant
• Paul H. Verhoeven (person) — Appointed Chief Financial Officer
• Anya A. McILveen (person) — Departing Chief Financial Officer
• July 29, 2024 (date) — Effective date of appointment

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share PLUG The Nasdaq Capital M
• $550,000 — be entitled to an annual base salary of $550,000, subject to upward increases as may be
• $275,000 — ntitled to an one-time sign-on bonus of $275,000, subject to certain repayment obligatio
• $2 — . The options have an exercise price of $2.47, equal to the closing price of the C
• $7.50 — ve trading day period equals or exceeds $7.50 prior to April 30, 2025. During Mr. Ful

Filing Documents

• tm2420713d1_8k.htm (8-K) — 34KB
• tm2420713d1_ex10-1.htm (EX-10.1) — 22KB
• tm2420713d1_ex10-2.htm (EX-10.2) — 77KB
• tm2420713d1_ex10-1img001.jpg (GRAPHIC) — 2KB
• 0001104659-24-085395.txt ( ) — 332KB
• plug-20240729.xsd (EX-101.SCH) — 3KB
• plug-20240729_lab.xml (EX-101.LAB) — 33KB
• plug-20240729_pre.xml (EX-101.PRE) — 22KB
• tm2420713d1_8k_htm.xml (XML) — 3KB

02 Departure of Directors or Certain

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Appointment of Chief Operating Officer On July 29, 2024, Dean C. Fullerton was appointed as the Chief Operating Officer of Plug Power Inc. (the "Company"). Mr. Fullerton, age 56, has more than 30 years of experience in the supply chain and logistics engineering industry. Prior to joining the Company, he worked at Amazon.com, Inc., where his career spanned 14 years and included many areas of responsibility, including most recently as Vice President of Global Engineering and Security Services from January 2020 to March 2024 and Vice President of Noth America Engineering Services from January 2017 to January 2020. Previously, Mr. Fullerton was Senior Director of North America Engineering and Maintenance at The Gap, Inc. from March 2008 to June 2010, Principal/Director at Tompkins Associates, a supply chain and logistics engineering consulting firm, from January 2000 to February 2008, and Industrial Engineering Manager at United Parcel Service, Inc. from March 1986 to January 2000. Mr. Fullerton received his M.B.A from the University of Redlands and his B.S. in Business Management from San Diego State University. In connection with Mr. Fullerton's appointment as Chief Operating Officer, the Company and Mr. Fullerton entered into an executive employment agreement (the "Employment Agreement"). Pursuant to the Employment Agreement, Mr. Fullerton will be entitled to an annual base salary of $550,000, subject to upward increases as may be determined upon annual review by the Compensation Committee of the Board of Directors (the "Compensation Committee"), and any cash incentive compensation as determined by the Compensation Committee from time to time. In addition, pursuant to an offer letter between the Company and Mr. Fullerton (the "Offer Letter"), Mr. Fullerton is entitled to an one-time sign-on bonus of $275,00

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Offer Letter, dated July 27, 2024 10.2 Executive Employment Agreement, dated July 29, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Plug Power Inc. Date: August 2, 2024 By: /s/ Paul Middleton Name: Paul Middleton Title: Chief Financial Officer

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