PLUG Form 4: Director Granted 13,948 Shares, Ownership 673,857

Rhea-AI Filing Summary

Gary K. Willis, a director of Plug Power Inc. (PLUG), acquired 13,948 shares of the company's common stock on 10/01/2025 at a price of $2.33 per share. After this transaction, Mr. Willis beneficially owned 673,857 shares. The filing states the acquisition was compensation awarded to directors under Plug Power's Non-Employee Director Compensation Plan.

The transaction was reported on Form 4 and executed via attorney-in-fact signature. The disclosure lists the acquisition as a non-derivative purchase and identifies the reporting person as filing individually. No additional sales, option exercises, or derivative activity are disclosed in this filing.

Positive

• Director compensation awarded in equity can help align director incentives with shareholders
• Reported beneficial ownership of 673,857 shares provides transparency on insider holdings

Negative

• None.

Insights

Corporate Governance Analyst

Director received stock as compensation under the director plan.

The Form 4 shows 13,948 shares were issued to Gary K. Willis as director compensation under the company's Non-Employee Director Compensation Plan, indicating routine equity pay for board service. This is a standard governance practice to align directors' interests with shareholders without the filing indicating any unusual governance change.

The filing lists the ownership after the grant as 673,857 shares, which quantifies the director's total reported stake.

Equity Trading Analyst

Small open-market-equivalent equity grant of 13,948 shares at $2.33.

The reported per-share price is $2.33 and the transaction type is a non-derivative acquisition, consistent with an equity compensation issuance rather than a market buy. The size of the grant relative to total reported ownership (673,857 shares) is modest and does not indicate a material change in ownership percentage.

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^*

WILLIS GARY K

(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)
10/01/2025

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	10/01/2025		A(1)		13,948	A	$2.33	673,857	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. Compensation awarded to directors pursuant to Plug Power Inc.'s Non-Employee Director Compensation Plan.

	/s/ Gerard L. Conway Jr., Attorney-in-Fact	10/03/2025
	** 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 Plug Power director Gary K. Willis report on Form 4 (PLUG)?

Mr. Willis reported acquiring 13,948 shares of Plug Power common stock on 10/01/2025 at $2.33 per share and now beneficially owning 673,857 shares.

Why were the shares issued to Gary K. Willis?

The Form 4 states the shares were compensation awarded to directors pursuant to Plug Power Inc.'s Non-Employee Director Compensation Plan.

Is the transaction a market purchase or equity compensation?

The filing identifies the transaction as a non-derivative acquisition and explains it was director compensation, indicating an equity grant rather than an open-market purchase.

How much did the acquisition cost per share?

The reported price per share for the acquisition was $2.33.

Who signed the Form 4 filing?

The form is signed by Gerard L. Conway Jr., Attorney-in-Fact on behalf of the reporting person.