[Form 4] Plug Power Inc. Insider Trading Activity

Rhea-AI Filing Summary

Plug Power Inc. (PLUG) – Form 4 filing dated 07/24/25

Director George C. McNamee reported routine board compensation awards effected on 07/03/25:

• 76,531 restricted shares granted at $0 cost; they vest in full on the earlier of the first anniversary of grant or the next annual meeting (>50 weeks after the prior meeting).
• 76,531 stock options with a $1.47 exercise price, same vesting schedule, expiring 07/03/35.

Following these grants, McNamee’s direct holdings rise to 809,523 common shares. He also reports indirect ownership of 300,000 shares held by the McNamee Family Irrevocable Trust, disclaimed except for pecuniary interest.

No open-market purchases or sales occurred; transactions are non-cash equity incentives under the 2021 Stock Option & Incentive Plan for non-employee directors. The filing signals continued insider alignment but does not provide information on company operations, earnings or guidance.

Insights

Securities Analyst

TL;DR: Routine director equity grant; mildly positive alignment, limited market impact.

The award enlarges McNamee’s stake by 76.5k shares and adds an equal number of at-the-money options, bringing total direct ownership to ~0.4% of PLUG’s 201 mn shares outstanding. Because the acquisition is compensation-based rather than a cash purchase, it offers limited signaling value but does reinforce long-term incentives at a low $1.47 strike (≈60% below current price if PLUG is trading near $3–4). Dilution is immaterial given plan size. Overall impact on valuation or sentiment is neutral; investors should focus on forthcoming operational updates and liquidity runway rather than this filing.

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
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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^*

MCNAMEE GEORGE C

(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	809,523	D
Common Stock								300,000	I	See Footnote(2)

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)(3)	$1.47	07/03/2025		A		76,531		(4)	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. Shares held by The McNamee Family Irrevocable Trust of 2020, for which the Reporting Person serves as trustee. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

3. 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.

4. 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).
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FAQ

How many Plug Power shares did Director George C. McNamee receive on 07/03/25?

76,531 restricted shares plus options on an additional 76,531 shares.

What is the exercise price of McNamee’s new Plug Power options?

The options carry a $1.47 exercise price and expire on 07/03/2035.

How many Plug Power shares does McNamee own after the transaction?

He now holds 809,523 shares directly and 300,000 shares indirectly via a family trust.

When do the newly granted Plug Power shares and options vest?

They vest fully on the earlier of the first anniversary of grant or the next annual meeting at least 50 weeks after the prior one.

Did McNamee purchase Plug Power shares with cash?

No. The shares and options were granted as director compensation; no open-market purchase occurred.