Jose Luis Crespo - Sep 22, 2021 Form 3 Insider Report for PLUG POWER INC (PLUG)

Role
GM, MATL Handling, Key Accts
Signature
/s/ Gerard L. Conway, Jr., Attorney-in-Fact
Stock symbol
PLUG
Transactions as of
Sep 22, 2021
Transactions value $
$0
Form type
3
Date filed
12/28/2021, 03:02 PM
Next filing
Dec 2, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding PLUG Common Stock 347K Sep 22, 2021 Direct F1, F2
holding PLUG Common Stock 37.8K Sep 22, 2021 401(k) Plan F3

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
holding PLUG Stock Option (Right to Buy) Sep 22, 2021 Common Stock 66.7K $1.96 Direct F4
holding PLUG Stock Option (Right to Buy) Sep 22, 2021 Common Stock 66.7K $2.23 Direct F5
holding PLUG Stock Option (Right to Buy) Sep 22, 2021 Common Stock 66.7K $2.62 Direct F6
holding PLUG Stock Option (Right to Buy) Sep 22, 2021 Common Stock 175K $13.20 Direct F7
holding PLUG Performance Stock Option (Right to Buy) Sep 22, 2021 Common Stock 1.3M $26.92 Direct F8, F9
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The 346,610 shares consist of restricted stock awards made pursuant to Plug Power's 2011 Stock Option and Incentive Plan (the "2011 Plan"). The shares of restricted stock vest in three substantially equal annual installments beginning on the first anniversary of the applicable grant date set forth in footnote (2). Of the 346,610 shares, 163,276 shares have vested and 183,334 shares remain unvested.
F2 Includes (A) a restricted stock award on August 28, 2018 in the amount of 200,000 shares, which are fully vested and of which the Reporting Person holds 66,522 shares; (B) a restricted stock award on August 19, 2019 in the amount of 200,000 shares, of which the Reporting Person holds 133,188 shares, of which 66,521 shares have vested with the remaining 66,667 shares of restricted stock scheduled to vest on August 19, 2022; and (C) a restricted stock award on September 28, 2020 in the amount of 175,000 shares, of which the Reporting Person holds 146,900 shares, of which 30,233 shares have vested with the remaining 116,667 shares of restricted stock scheduled to vest in substantially equal annual installments on September 28, 2022 and September 28, 2023.
F3 The Reporting Person holds 37,781 shares of common stock in Plug Power Inc.'s 401(k) plan. The information in this report is based on a plan statement as of December 6, 2021.
F4 Awarded pursuant to the 2011 Plan. This option is fully vested and exercisable as of the date hereof.
F5 Awarded pursuant to the 2011 Plan. This option was originally granted with the right to purchase 100,000 shares. The shares underlying this option vests and becomes exercisable in three equal annual installments beginning August 19, 2020.
F6 Awarded pursuant to the 2011 Plan. This option was originally granted with the right to purchase 100,000 shares. The shares underlying this option vests and becomes exercisable in three equal annual installments beginning August 19, 2020.
F7 Awarded pursuant to the 2011 Plan. The shares underlying this option vests and becomes exercisable in three equal annual installments beginning September 28, 2021.
F8 Awarded pursuant to the Plug Power Inc. 2021 Stock Option and Incentive Plan. 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 Issuer'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 options will be deemed to have satisfied the performance-based vesting and will be eligible to vest over time if the VWAP equals $35; an additional 25% of the shares underlying the options will be deemed to have satisfied the performance-based vesting and will be eligible to vest over time if the VWAP equals $50;
F9 and the remaining 50% of the shares underlying the options 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. If the VWAP falls between two of the stock price hurdles, an incremental number of shares underlying the options will become exercisable based on linear interpolation in $1 increments. Failure to achieve any of the stock price hurdles applicable to a performance stock option during the three-year performance period will result in applicable options being un-exercisable. The performance-based stock options have a maximum term of seven years from the grant date.

Remarks:

Exhibit 24 - Power of Attorney