[Form 4] Plug Power Inc. Insider Trading Activity

Rhea-AI Filing Summary

MillerKnoll, Inc. (MLKN) – Form 4 filing for Chief Strategy & Technology Officer Megan C. Lyon, dated 07/24/2025.

On 07/22/2025 Lyon converted 35,376 restricted stock units (RSUs) into common shares (Transaction Code “M”) at a stated price of $0.00, increasing her direct common-stock holdings to 74,371.33 shares immediately after the conversions. To satisfy withholding obligations, she disposed of 10,499.198 shares at $19.50 per share (Transaction Code “F”), leaving 63,872.13 shares held directly.

Following the transactions, Lyon retains 53,931 unvested RSUs (down from 59,176). Of these, 30,131 RSUs represent her fiscal 2024 annual incentive bonus (cliff-vest 07/22/2025) and 5,245 RSUs follow a 33%/33%/34% annual vest schedule through 2027.

Net result: Lyon’s equity exposure increased by ~24.9 k shares; all sales were automatic tax-withholding sales rather than open-market disposals. No other insider or company-level financial data is included.

Positive

• Net acquisition of approximately 24,877 common shares by a C-suite executive increases insider ownership and aligns incentives.

Negative

• Disposition of 10,499 shares at $19.50 (tax-withholding) represents dilution of the initial RSU conversion, though routine.

Insights

Equity Compensation Analyst

TL;DR: Executive net adds 24.9 k MLKN shares; disposals were tax-withholding—impact neutral.

The Form 4 shows standard RSU settlement activity. Lyon converted 35,376 RSUs, then sold 10,499 shares to cover taxes at $19.50, a routine price-and-sell mechanism set by the company. Her direct ownership rose 64% to 63,872 shares, signalling continued alignment with shareholders. RSU balance declines appropriately to 53,931, maintaining long-term incentives. Because no discretionary market sale occurred, the filing does not suggest bearish insider sentiment. Material impact on MLKN’s float is de minimis.

Portfolio Risk Manager

TL;DR: Routine compensation settlement; no valuation signal, not market-moving.

Transaction codes “M” and “F” indicate option/RSU conversion and tax-withholding sell-to-cover, respectively. The $205 k gross market value sold (10,499 × $19.50) is immaterial versus MLKN’s average daily volume, so liquidity or sentiment impact is negligible. Net share accumulation by a C-suite member can be viewed as slightly reassuring, yet lacks predictive power absent open-market buys. I classify the disclosure as non-impactful from a risk-assessment standpoint.

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
Estimated average burden
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).

1. Name and Address of Reporting Person^*

Kenausis Gregory

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/03/2025

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
Common Stock	07/03/2025		A		76,531(1)	A	$0.00	443,523	D

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)(2)	$1.47	07/03/2025		A		76,531		(3)	07/03/2035	Common Stock	76,531	$0	76,531	D

Explanation of Responses:

1. Consists of a restricted stock award made pursuant to the Plug Power Inc. 2021 Stock Option and Incentive Plan, as amended, in accordance with the Non-Employee Director Compensation Plan. The restricted stock shall vest in full on the earlier of (i) first anniversary of the grant date or (ii) the date of the next annual meeting which is at least fifty (50) weeks after the immediately preceding year's annual meeting.

2. Stock option granted pursuant to the Plug Power Inc. 2021 Stock Option and Incentive Plan, as amended, in accordance with the Non-Employee Director Compensation Plan.

3. The options shall vest in full on the earlier of (i) first anniversary of the grant date or (ii) the date of the next annual meeting which is at least fifty (50) weeks after the immediately preceding year's annual meeting.

	/s/ Gerard L. Conway Jr., Attorney-in-Fact	07/24/2025
	** 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.
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FAQ

How many MLKN shares did Megan Lyon acquire on 07/22/2025?

35,376 shares were received through RSU conversion (Transaction Code “M”).

How many MLKN shares were sold to cover taxes?

A total of 10,499.198 shares were automatically sold at $19.50 each (Transaction Code “F”).

What is Megan Lyon’s current direct ownership in MLKN?

Post-transaction, she directly owns 63,872.13 common shares.

How many restricted stock units does the executive still hold?

She retains 53,931 unvested RSUs after the settlements.

Do these transactions indicate insider bullishness or bearishness?

The filing appears neutral; acquisitions were RSU settlements and sales were mandatory for tax withholding.