[Form 4] Plug Power Inc. Insider Trading Activity

Rhea-AI Filing Summary

Plug Power Inc. insider grant details: Chief Revenue Officer Jose Luis Crespo 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. The option grant has an exercise/issuance date of 09/04/2025, becomes exercisable in installments and expires on 09/04/2035.

The grant was made under Plug Power's 2021 Stock Option and Incentive Plan, as amended. The underlying shares vest in three equal annual installments following the grant date, subject to Crespo's continued service. The Form 4 was signed by an attorney-in-fact on 09/08/2025 and shows 1,000,000 derivative securities beneficially owned following the transaction, held directly.

Insights

Compensation & Corporate Governance Analyst

TL;DR: A senior executive received a sizable 10-year option grant with multi-year vesting, tying potential upside to long-term equity performance.

The award of 1,000,000 stock options to the Chief Revenue Officer under the company's 2021 plan is a standard mechanism to align executive incentives with shareholder value over time. The $1.44 exercise price and a 2035 expiration create a long runway for performance realization while the three-year vesting schedule conditions benefit on continued service. For governance reviewers, the grant size, vesting schedule, and plan authorization are the primary factors to assess relative to peer practice and dilution limits.

Securities/Fiduciary Risk Analyst

TL;DR: The Form 4 discloses a material insider derivative position but shows no sales or transfers; compliance filing appears routine.

The filing documents a grant (transaction code A) with no immediate sale or disposition. The Form 4 reports 1,000,000 underlying shares beneficially owned following the grant and indicates direct ownership. The signature by an attorney-in-fact on 09/08/2025 completes the Section 16 disclosure. From a compliance perspective, there are no reportable dispositions or suspicious timing issues in the disclosed record itself.

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^*

Crespo Jose Luis

(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 Revenue 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.