Plug Power Inc. Files 8-K: Board Changes & Executive Compensation Updates

TL;DR

Plug Power's 8-K: New directors elected, exec pay tweaked. Board shake-up incoming?

AI Summary

On August 16, 2024, Plug Power Inc. filed an 8-K report detailing changes in its board of directors and executive compensation. The filing includes the election of new directors and updates to compensatory arrangements for certain officers, alongside a Regulation FD disclosure and financial statements.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy, governance, and future performance, impacting investor confidence.

Risk Assessment

Risk Level: medium — Changes in board and executive compensation can indicate internal shifts that may affect future performance and strategy.

Key Players & Entities

• Plug Power Inc. (company) — Registrant
• August 16, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of incorporation
• 1-34392 (identifier) — Commission File Number
• 22-3672377 (identifier) — IRS Employer Identification No.
• 125 Vista Boulevard (address) — Address of principal executive offices
• Slingerlands (location) — City of principal executive offices
• New York (location) — State of principal executive offices
• 12159 (zip_code) — Zip code of principal executive offices
• 518-782-7700 (phone_number) — Business phone number

FAQ

Key Financial Figures

• $0.01 — h registered Common Stock, par value $0.01 per share PLUG The Nasdaq Capital M

Filing Documents

• tm2422408d1_8k.htm (8-K) — 28KB
• tm2422408d1_ex99-1.htm (EX-99.1) — 7KB
• 0001104659-24-091820.txt ( ) — 207KB
• plug-20240816.xsd (EX-101.SCH) — 3KB
• plug-20240816_lab.xml (EX-101.LAB) — 33KB
• plug-20240816_pre.xml (EX-101.PRE) — 22KB
• tm2422408d1_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. On August 16, 2024, the Board of Directors (the "Board") of Plug Power Inc. (the "Company") appointed Colin Angle as a director of the Company. Mr. Angle has been designated as a Class III director to serve until the Company's 2026 annual meeting of the stockholders or until his successor has been duly elected and qualified, or until his earlier death, removal or resignation. The Board has determined that Mr. Angle is an independent director as defined in the NASDAQ Stock Market listing standards and applicable Securities and Exchange Commission rules and regulations. Prior to joining the Board, Mr. Angle was chief executive officer of iRobot Corporation ("iRobot") from June 1997 to January 2024, where he was a co-founder and served on the board of iRobot from October 1992 to May 2024, including as chairman of the board of iRobot from October 2008 to January 2024. Mr. Angle previously worked at the National Aeronautical and Space Administration's Jet Propulsion Laboratory, where he participated in the design of the behavior controlled rovers that led to Sojourner exploring Mars in 1997. He is a director of Ixcela, Inc., a private biotech company that provides support and treatment for a variety of gut related diseases. Mr. Angle holds a B.S. in Electrical Engineering and an M.S. in Computer Science, both from the Massachusetts Institute of Technology. For his service as a non-employee director, Mr. Angle will be compensated in accordance with the Non-Employee Director Compensation Plan. The Company and Mr. Angle entered into the Company's standard indemnification agreement for non-employee directors. There are no arrangements or understandings between Mr. Angle and any other person pursuant to which Mr. Angle was elected as director. There are no transactions in which Mr. Angle has an interest requiring dis

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On August 22, 2024, the Company issued a press release with respect to the appointment of Colin Angle to the Board. A copy of the press release is furnished herewith as Exhibit 99.1. The information included in this Item 7.01 and Exhibit 99.1 of this Current Report are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall this item and Exhibit 99.1 be incorporated by reference into the Company's filings under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such future filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 99.1 Press Release of Plug Power Inc. dated August 22, 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 22, 2024 By: /s/ Paul Middleton Name: Paul Middleton Title: Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR