Andrew Marsh - Sep 22, 2021 Form 4 Insider Report for PLUG POWER INC (PLUG)

Role
President & CEO, Director
Signature
/s/ Gerard L. Conway, Jr., Attorney-in-Fact
Stock symbol
PLUG
Transactions as of
Sep 22, 2021
Transactions value $
$0
Form type
4
Date filed
11/9/2021, 03:56 PM
Previous filing
Aug 31, 2021
Next filing
May 2, 2022

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction PLUG Performance Stock Option (Right to Buy) Award $0 +4M $0.00 4M Sep 22, 2021 Common Stock 4M $26.92 Direct F1, F2, F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Awarded pursuant to Plug Power's 2021 Stock Option and Incentive Plan.
F2 Up to one-third (1/3) of the shares underlying the performance stock options will vest and become exercisable on each of the first three anniversaries of the grant date, provided that the daily volume weighted average price of the Company's common stock during any 30 consecutive trading day period in the three year performance period following the grant date of the stock options ("VWAP") equals or exceeds certain levels. 25% of the shares underlying the performance stock option will be deemed to have satisfied the performance-based vesting and will be eligible to vest over time if the VWAP equals or exceeds $35;
F3 an additional 25% of the shares underlying the option will be deemed to have satisfied the performance-based vesting and will be eligible to vest over time if the VWAP equals or exceeds $50; an additional 16.675% of the shares underlying the option will be deemed to have satisfied the performance-based vesting and will be eligible to vest over time if the VWAP equals or exceeds $65; an additional 16.65% of the shares underlying the option will be deemed to have satisfied the performance-based vesting and will be eligible to vest over time if the VWAP equals or exceeds $80; and the remaining 16.675% of the shares underlying the option will be deemed to have satisfied the performance-based vesting and will be eligible to vest over time if the VWAP equals or exceeds $100.
F4 There will be no interpolation for the performance stock option if the VWAP falls between any two stock price hurdles. Failure to achieve any of the stock price hurdles applicable to a performance stock option during the three-year performance period will result in the applicable options being un-exercisable. The performance-based stock options have a maximum term of seven years from the grant date.