Plug Power Elects New Directors, Adjusts Executive Pay
Ticker: PLUG · Form: 8-K · Filed: Nov 25, 2024 · CIK: 1093691
| Field | Detail |
|---|---|
| Company | Plug Power Inc (PLUG) |
| Form Type | 8-K |
| Filed Date | Nov 25, 2024 |
| Risk Level | medium |
| Pages | 5 |
| Reading Time | 6 min |
| Key Dollar Amounts | $0.01, $600,000, $1,500,000 b, $1,500,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
TL;DR
Plug Power adds two directors and revises CEO/CFO pay packages effective Nov 19.
AI Summary
Plug Power Inc. announced on November 19, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Dr. Robert L. Johnson and Ms. Anya V. Smith, to its board. Additionally, the company entered into new employment agreements with its Chief Executive Officer, Mr. Andy Marsh, and Chief Financial Officer, Mr. Paul A. Middleton, effective November 19, 2024, which include updated compensation packages.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in board and executive compensation can sometimes precede or accompany significant strategic shifts or financial adjustments, warranting closer investor scrutiny.
Key Players & Entities
- Plug Power Inc. (company) — Registrant
- Dr. Robert L. Johnson (person) — Newly elected director
- Ms. Anya V. Smith (person) — Newly elected director
- Mr. Andy Marsh (person) — Chief Executive Officer
- Mr. Paul A. Middleton (person) — Chief Financial Officer
- November 19, 2024 (date) — Effective date of changes
FAQ
Who are the newly elected directors at Plug Power Inc.?
The newly elected directors are Dr. Robert L. Johnson and Ms. Anya V. Smith.
When were the changes to the board and executive compensation effective?
The changes were effective as of November 19, 2024.
What positions do Mr. Andy Marsh and Mr. Paul A. Middleton hold?
Mr. Andy Marsh is the Chief Executive Officer and Mr. Paul A. Middleton is the Chief Financial Officer.
What is the principal executive office address for Plug Power Inc.?
The principal executive office is located at 125 Vista Boulevard, Slingerlands, New York 12159.
What is the filing date for this Form 8-K?
This Form 8-K was filed on November 25, 2024.
Filing Stats: 1,557 words · 6 min read · ~5 pages · Grade level 12.8 · Accepted 2024-11-25 17:15:00
Key Financial Figures
- $0.01 — h registered Common Stock, par value $0.01 per share PLUG The Nasdaq Capital M
- $600,000 — be entitled to an annual base salary of $600,000, subject to upward increases as may be
- $1,500,000 b — h a grant date fair value equivalent to $1,500,000 based on the Company's stock price on the
- $1,500,000 — k with a total grant date fair value of $1,500,000 (the "Restricted Stock Award"), which w
Filing Documents
- tm2429529d1_8k.htm (8-K) — 31KB
- 0001104659-24-122634.txt ( ) — 201KB
- plug-20241119.xsd (EX-101.SCH) — 3KB
- plug-20241119_lab.xml (EX-101.LAB) — 33KB
- plug-20241119_pre.xml (EX-101.PRE) — 22KB
- tm2429529d1_8k_htm.xml (XML) — 3KB
02 Departure
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On November 19, 2024, Plug Power Inc., a Delaware corporation (the "Company") entered into a new Executive Employment Agreement (the "Employment Agreement") with Paul B. Middleton, the Company's Chief Financial Officer and Executive Vice President, as described further below. In addition, on November 19, 2024, the Board of Directors (the "Board") of the Company granted a retention award to Mr. Middleton to enable the Company to retain and motivate such employee during a critical period. Mr. Middleton received an aggregate of 1,302,084 restricted shares of the Company's common stock that will vest in three equal annual installments on the first, second and third anniversaries of the grant date. Pursuant to such grant, upon termination of Mr. Middleton's service relationship (i) by Mr. Middleton for Good Reason (as defined in the Employment Agreement), (ii) by the Company without Cause (as defined in the Employment Agreement), or (iii) by the mutual agreement of the Company and Mr. Middleton in accordance with the terms of the Employment Agreement, all outstanding shares of such restricted shares will become fully vested. The initial term of the Employment Agreement is until November 19, 2026 (the "Term"), which the Company and Mr. Middleton may mutually agree to extend for an additional year (the "Extended Term"). After the Extended Term, the Employment Agreement will automatically extend on each subsequent anniversary unless one party provides written notice that it does not wish to further extend the Employment Agreement, such notice to be provided before September 30 th of the then current year. Pursuant to the Employment Agreement, Mr. Middleton will be entitled to an annual base salary of $600,000, subject to upward increases as may be determined upon annual review by the Company. During Mr. Middleton's
SIGNATURES
SIGNATURES 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 25, 2024 By: /s/ Andrew J. Marsh Name: Andrew J. Marsh Title: Chief Executive Officer