[Form 4] Plug Power Inc. Insider Trading Activity

Rhea-AI Filing Summary

Dean Fullerton, Chief Operating Officer of Plug Power Inc. (PLUG) was awarded a stock option on 09/04/2025 to purchase 1,000,000 shares of Common Stock at an exercise price of $1.44 per share. The award was made under Plug Power's 2021 Stock Option and Incentive Plan, as amended. The option vests in three equal annual installments following the grant date, subject to the reporting person’s continued service, and expires on 09/04/2035. The Form 4 was signed by an attorney-in-fact on 09/08/2025 and reports 1,000,000 shares beneficially owned following the grant.

Positive

• Clear disclosure of a 1,000,000-share option grant with exercise price of $1.44 and expiration 09/04/2035
• Vesting schedule provided: shares vest in three equal annual installments, tying awards to continued service
• Award governed by company plan: granted under Plug Power Inc.'s 2021 Stock Option and Incentive Plan, as amended

Negative

• None.

Insights

Securities Analyst

TL;DR: A 1,000,000-share option grant to the COO is a sizeable insider award that locks in multi-year vesting.

The award is explicitly described: a stock option for 1,000,000 shares at a $1.44 exercise price, granted under the company's 2021 plan with three equal annual vesting installments and a 2035 expiration. This is a direct beneficial holding reported on Form 4 and indicates compensation or retention alignment via time-based vesting. The filing provides clear mechanics and timing but does not disclose additional performance conditions, total outstanding shares, or the award's value relative to existing equity, so its market or dilution impact cannot be quantified from this document alone.

Corporate Governance Expert

TL;DR: The grant follows standard equity compensation practice with time-based vesting; documentation on plan authority and vesting schedule is provided.

The Form 4 states the grant is pursuant to the 2021 Stock Option and Incentive Plan, and the vesting schedule is time-based: three equal annual installments post-grant, contingent on continued service. The filing includes the reporting person’s title (Chief Operating Officer) and an attorney-in-fact signature, meeting disclosure formalities. The document does not include committee approvals, grant rationale, or whether the award was subject to performance criteria, so governance context is limited to what is explicitly reported.

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).

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^*

Fullerton Dean

(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)
	Chief Operating Officer

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., Attorney-in-Fact	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 did Dean Fullerton (PLUG) receive on 09/04/2025?

He was awarded a stock option to purchase 1,000,000 shares of Plug Power common stock at an exercise price of $1.44 per share.

When do the options granted to Dean Fullerton vest and expire?

The options vest in three equal annual installments following the grant date and expire on 09/04/2035.

Under what plan was the option award granted?

The award was granted pursuant to Plug Power Inc.’s 2021 Stock Option and Incentive Plan, as amended.

How many shares does Dean Fullerton beneficially own following the reported transaction?

The Form 4 reports 1,000,000 shares beneficially owned following the reported transaction.

Who signed the Form 4 and when was it filed?

The Form 4 shows a signature by an attorney-in-fact, Gerard L. Conway, Jr., dated 09/08/2025.