[Form 4] Plug Power Inc. Insider Trading Activity

Rhea-AI Filing Summary

Gerard L. Conway, Jr., who serves as General Counsel, Corporate Secretary and Executive Vice President of Plug Power Inc. (PLUG), reported a grant of 1,000,000 stock options on 09/04/2025. The options have an exercise price of $1.44 and a term expiring on 09/04/2035. The award was granted under Plug Power's 2021 Stock Option and Incentive Plan, as amended. The underlying shares will vest in three equal annual installments after the grant date, subject to the reporting person’s continued service on each vesting date. Following the grant, the reporting person beneficially owns 1,000,000 options on a direct basis.

Positive

• 1,000,000 stock options were awarded to Gerard L. Conway, Jr. under the company's 2021 Stock Option and Incentive Plan
• Options have a $1.44 exercise price and a 10-year term (09/04/2025 to 09/04/2035)
• The options vest in three equal annual installments, linking value to continued service

Negative

• None.

Insights

Financial Analyst

TL;DR: Executive received a large option grant (1,000,000 options) with a long 10-year term and multi-year vesting schedule.

The grant of 1,000,000 stock options at a $1.44 exercise price and a 10-year term is a substantive compensation event disclosed under Section 16. It increases the reporting person’s direct derivative holdings and ties potential future equity dilution to continued service through the vesting schedule. The award was made under the company’s 2021 Stock Option and Incentive Plan, as amended, and vests in three equal annual installments, which links realized value to multi-year retention.

Corporate Governance Expert

TL;DR: Compensation disclosure shows standard option-based retention design with multi-year vesting; material to governance and disclosure monitoring.

The Form 4 documents a routine executive equity award. The disclosure is specific about grant terms: exercise price $1.44, grant date 09/04/2025, expiration 09/04/2035, and vesting in three equal annual installments. For governance oversight, this indicates alignment of senior officer incentives with long-term service requirements and should be reviewed alongside total outstanding equity and plan authorizations in subsequent filings.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Conway Gerard L JR

(Last) (First) (Middle)

C/O PLUG POWER INC.

125 VISTA BOULEVARD

(Street)

SLINGERLANDS NY 12159

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PLUG POWER INC [ PLUG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Gen. Coun, Corp Sec., Exec. VP

3. Date of Earliest Transaction (Month/Day/Year)
09/04/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)(1)	$1.44	09/04/2025		A		1,000,000		(2)	09/04/2035	Common Stock	1,000,000	$0.00	1,000,000	D

Explanation of Responses:

1. Awarded pursuant to Plug Power Inc.'s 2021 Stock Option and Incentive Plan, as amended.

2. The shares underlying this stock option shall vest in three equal annual installments following the grant date, subject to the Reporting Person's continued service on each such vesting date.

	/s/ Gerard L. Conway, Jr.	09/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Gerard L. Conway Jr. report on Form 4 for PLUG?

He reported a grant of 1,000,000 stock options on 09/04/2025 under Plug Power's 2021 Stock Option and Incentive Plan.

What are the exercise price and term of the options reported in PLUG Form 4?

The options have an exercise price of $1.44 and expire on 09/04/2035 (10-year term).

How do the reported options vest according to the Form 4?

The Form 4 states the shares underlying the option vest in three equal annual installments following the grant date, subject to continued service.

What is Gerard L. Conway Jr.'s role at Plug Power as listed on the filing?

He is listed as General Counsel, Corporate Secretary, and Executive Vice President and the Form 4 was filed by one reporting person.

How many derivative securities does Gerard L. Conway Jr. beneficially own after the grant?

Following the reported transaction, he beneficially owns 1,000,000 stock options on a direct basis.