Plug Power Insider Sells 10,972 Shares Under 10b5-1 Plan

Rhea-AI Filing Summary

Benjamin Haycraft, CSO & GM of EMEA at Plug Power, reported a sale of 10,972 shares of PLUG common stock on 09/16/2025 at $1.59 per share, leaving him with 477,583 shares beneficially owned. The filing states the sale was executed under a Rule 10b5-1 trading plan adopted on June 13, 2025. The Form 4 is signed by an attorney-in-fact on behalf of the reporting person.

Insights

Corporate Governance Expert

TL;DR: Routine insider sale executed under a pre-established 10b5-1 plan, indicating planned liquidity rather than ad hoc trading.

The transaction is documented as a sale of 10,972 shares at $1.59 on 09/16/2025 and is explicitly tied to a 10b5-1 plan adopted 06/13/2025. Use of a 10b5-1 plan typically signals that trades were pre-authorized, which supports compliance with insider trading rules and reduces the likelihood the sale was based on material nonpublic information. The filing shows the reporting person retains substantial ownership (477,583 shares), and the Form 4 was executed by an attorney-in-fact, which is common for administrative completion of Section 16 reporting.

Securities Analyst

TL;DR: Small, disclosed insider sale with pre-clearance; disclosure is transparent but provides limited insight into company fundamentals.

The sale of 10,972 shares at $1.59 is a specific, disclosed disposition on 09/16/2025. The report’s reference to a 10b5-1 plan (adopted 06/13/2025) indicates the transaction followed a pre-approved trading schedule. From an investor-impact perspective, the filing provides clear transactional detail but no new financial performance data; therefore it is a routine disclosure rather than a material corporate development.

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^*

Haycraft Benjamin

(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)
	CSO & GM of EMEA Region

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2025

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	09/16/2025		S(1)		10,972	D	$1.59	477,583	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

Explanation of Responses:

1. These sales were effected by the Reporting Person pursuant to a Rule 10b5-1 trading plan adopted on June 13, 2025.

	/s/ Gerard L. Conway, Jr., Attorney-in-Fact	09/18/2025
	** 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.