Plug Power Inc. Reports Board and Executive Changes

Ticker: PLUG · Form: 8-K · Filed: Nov 13, 2024 · CIK: 1093691

Plug Power Inc 8-K Filing Summary
FieldDetail
CompanyPlug Power Inc (PLUG)
Form Type8-K
Filed DateNov 13, 2024
Risk Levelmedium
Pages4
Reading Time4 min
Key Dollar Amounts$0.01, $500,000
Sentimentneutral

Sentiment: neutral

Topics: management-change, executive-compensation, governance

TL;DR

Plug Power shakes up its board and exec comp – new faces, new pay structures.

AI Summary

On November 13, 2024, Plug Power Inc. filed an 8-K report detailing changes in its board of directors and executive compensation. The filing indicates the departure of certain officers and directors, the election of new directors, and adjustments to compensatory arrangements for key executives. Specific details regarding the individuals involved and the financial implications of these changes are outlined within the report.

Why It Matters

Changes in a company's leadership and executive compensation can signal shifts in strategy, governance, or financial outlook, impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — Changes in executive and board composition can introduce uncertainty regarding future strategy and operational stability.

Key Players & Entities

  • Plug Power Inc. (company) — Registrant
  • November 13, 2024 (date) — Date of earliest event reported
  • Delaware (jurisdiction) — State of incorporation
  • 1-34392 (commission_file_number) — SEC File Number
  • 22-3672377 (irs_number) — IRS Employer Identification No.
  • 125 Vista Boulevard, Slingerlands, New York 12159 (address) — Principal executive offices

FAQ

What specific items are covered in this 8-K filing by Plug Power Inc.?

This 8-K filing covers the departure of directors or certain officers, election of directors, appointment of certain officers, compensatory arrangements of certain officers, Regulation FD Disclosure, and Financial Statements and Exhibits.

When was the earliest event reported in this filing?

The earliest event reported in this filing was on November 13, 2024.

What is Plug Power Inc.'s state of incorporation and IRS Employer Identification Number?

Plug Power Inc. is incorporated in Delaware and its IRS Employer Identification Number is 22-3672377.

Where are Plug Power Inc.'s principal executive offices located?

Plug Power Inc.'s principal executive offices are located at 125 Vista Boulevard, Slingerlands, New York 12159.

What is the SEC file number for Plug Power Inc.?

The SEC file number for Plug Power Inc. is 001-34392.

Filing Stats: 1,068 words · 4 min read · ~4 pages · Grade level 10.1 · Accepted 2024-11-13 07:14:58

Key Financial Figures

  • $0.01 — h registered Common Stock, par value $0.01 per share PLUG The Nasdaq Capital M
  • $500,000 — to an increase in annual base salary to $500,000. There is no arrangement or understandi

Filing Documents

02 Departure of Directors or Certain Officers; Election of

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On November 13, 2024, Plug Power Inc., a Delaware corporation (the "Company"), announced that Sanjay K. Shrestha has been appointed to serve as the Company's President, effective November 13, 2024. Following the appointment of Mr. Shrestha, Andrew J. Marsh will continue to serve as the Company's Chief Executive Officer and as a director. Mr. Shrestha joined the Company as Chief Strategy Officer and Executive Vice President in April 2019, and was appointed as General Manager, Energy Solutions in January 2021. Prior to joining the Company, from 2015 to 2019, Mr. Shrestha served as both the Chief Investment Officer of Sky Solar Holdings, which owns and operates solar projects in Japan, Europe and the Americas, and President of Sky Capital America, which owns and operats solar projects in North and South America. From 2013 to 2015, he led the renewables investment banking effort at FBR Capital Markets (now known as B. Riley Financial, Inc.). Prior to joining FBR Capital Markets, Mr. Shrestha was the global head of renewables research coverage at Lazard Capital Markets and worked at First Albany Capital, where he built the firm's renewables and industrial research practice. Mr. Shrestha serves as an independent director on the board of directors of Fusemachines, an artificial intelligence talent and education solutions company. In addition, Mr. Shrestha currently serves on the boards of directors of AccionaPlug S.L., which is the Company's joint venture with Acciona Generacin Renovable, S.A., and Hidrogenii, which is the Company's joint venture with Niloco Hydrogen Holdings LLC, a wholly-owned subsidiary of Olin Corporation. Mr. Shrestha received a Bachelor of Science and an honorary doctorate degree in 2022 from The College of Saint Rose. In connection with his new role, Mr. Shrestha will be entitled to an incre

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure As previously disclosed, the Company will host its 2024 Plug Symposium at its Vista manufacturing facility in Slingerlands, New York starting at 9:00 a.m. Eastern Time on November 13, 2024. During the symposium, certain of the Company's officers will provide highlights of the Company's business, including its applications, and certain of the Company's officers and outside guest speakers will provide an overview of the hydrogen economy and the state of the industry. A copy of the presentation that will be used at the symposium is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference. A recording of the webcast will be available on the Company's website for a period of time following the call. In connection with the foregoing, the Company issued a press release. A copy of the press release is furnished as Exhibit 99.2 to this Current Report on Form 8-K and incorporated herein by reference. The information included in this Item 7.01, Exhibit 99.1 and Exhibit 99.2 of this Current Report on Form 8-K is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall this item, Exhibit 99.1 or Exhibit 99.2 be incorporated by reference into the Company's filings under the Securities Act of 1933, as amended (the "Securities Act") 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 Title 99.1 Presentation of Plug Power Inc., dated November 13, 2024. 99.2 Press Release of Plug Power Inc., dated November 13, 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: November 13, 2024 By: /s/ Paul Middleton Name: Paul Middleton Title: Chief Financial Officer

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