Keith Schmid - 18 May 2023 Form 4 Insider Report for PLUG POWER INC (PLUG)

Role
EVP, Special Projects
Signature
/s/ Gerard L. Conway, Jr., Attorney in Fact
Issuer symbol
PLUG
Transactions as of
18 May 2023
Net transactions value
$0
Form type
4
Filing time
31 May 2023, 16:41:35 UTC
Previous filing
30 May 2023
Next filing
21 Sep 2023
SEC
View on sec.gov

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 +345,000 $0.000000 345,000 18 May 2023 Common Stock 345,000 $7.87 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 Inc.'s 2021 Stock Option and Incentive Plan, as amended.
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 ("VWAP") 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 equals or exceeds certain levels.
F3 One-third (1/3) 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 during any 30 consecutive trading day period equals $9.84; an additional one-third (1/3) 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 during any 30 consecutive trading day period equals $11.81; and the remaining one-third (1/3) 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 during any 30 consecutive trading day period equals or exceeds $13.77.
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 applicable options being un-exercisable. The performance-based stock options have a maximum term of seven years from the grant date.