Plug Power Elects New Directors, Adjusts Executive Pay

Ticker: PLUG · Form: 8-K · Filed: 2024-11-25T00:00:00.000Z

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

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.

From the Filing

0001104659-24-122634.txt : 20241125 0001104659-24-122634.hdr.sgml : 20241125 20241125171500 ACCESSION NUMBER: 0001104659-24-122634 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20241119 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20241125 DATE AS OF CHANGE: 20241125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PLUG POWER INC CENTRAL INDEX KEY: 0001093691 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRICAL INDUSTRIAL APPARATUS [3620] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 223672377 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34392 FILM NUMBER: 241497070 BUSINESS ADDRESS: STREET 1: 125 VISTA BOULEVARD CITY: SLINGERLANDS STATE: NY ZIP: 12159 BUSINESS PHONE: 5187827700 MAIL ADDRESS: STREET 1: 125 VISTA BOULEVARD CITY: SLINGERLANDS STATE: NY ZIP: 12159 8-K 1 tm2429529d1_8k.htm FORM 8-K false 0001093691 0001093691 2024-11-19 2024-11-19 iso4217:USD xbrli:shares iso4217:USD xbrli:shares     UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549    FORM  8-K   CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934   Date of Report (Date of earliest event reported): November 19, 2024   Plug Power Inc. (Exact name of registrant as specified in its charter)    Delaware   1-34392   22-3672377 (State or other jurisdiction   (Commission File   (IRS Employer of incorporation)   Number)   Identification No.)   125 Vista Boulevard , Slingerlands , New York   12159 (Address of principal executive offices)   (Zip Code)   Registrant’s telephone number, including area code:  ( 518 ) 782-7700   N/A (Former name or former address, if changed since last report.)   Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):    ¨    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)  ¨   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)  ¨   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))  ¨    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))    Securities registered pursuant to 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Common Stock, par value $0.01 per share   PLUG   The Nasdaq Capital Market   Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).    Emerging growth company ¨   If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨             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”)

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