[Form 4] Plug Power Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing – Plug Power Inc. (PLUG)

Director Kavita Mahtani received an equity award of 15,101 common shares on 07/01/2025 under Plug Power’s Non-Employee Director Compensation Plan. The shares were acquired at a stated price of $1.49 per share and are held directly. Following the grant, Mahtani’s total beneficial ownership increased to 132,282 common shares. No derivative securities were reported, and there were no dispositions. The transaction was filed individually by the reporting person and signed on 07/03/2025.

Insider acquisitions—even routine director grants—can be viewed as a modest vote of confidence, but the absolute size (≈$22,500 market value) is immaterial relative to Plug Power’s market capitalization and daily trading volume. Investors typically monitor cumulative insider activity rather than isolated awards when assessing sentiment.

Positive

• Director insider acquisition: 15,101 common shares awarded, signaling alignment of interests and incremental insider confidence.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine director equity grant; positive signal but too small for valuation impact.

The filing records a standard non-cash compensation grant—15,101 common shares worth roughly $22k—to Director Kavita Mahtani. Her ownership rises to 132k shares. Such awards align director incentives with shareholders and avoid dilution concerns because the amount is negligible against PLUG’s ~600 m share count. While insider accumulation generally reads positively, the scale and routine nature limit market impact. No sales, option exercises, or derivative positions were disclosed, so there are no red flags.

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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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^*

Mahtani Kavita

(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)
07/01/2025

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	07/01/2025		A(1)		15,101	A	$1.49	132,282	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	07/03/2025
	** 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

How many Plug Power (PLUG) shares did Director Kavita Mahtani acquire?

She received 15,101 common shares on 07/01/2025.

What price was assigned to the shares in the Form 4 filing?

The stated price for the acquired shares was $1.49 per share.

What is Kavita Mahtani’s total Plug Power shareholding after the transaction?

Her beneficial ownership increased to 132,282 common shares.

Was the transaction a purchase or an equity award?

It was an equity award under the Non-Employee Director Compensation Plan (coded "A").

Does the Form 4 report any derivative securities or sales?

No, the filing shows no derivative positions and no share sales.