PLUG Form 4: Director awarded 10,998 shares at $2.33 as compensation

Rhea-AI Filing Summary

PLUG POWER INC director George C. McNamee reported a purchase of 10,998 shares of common stock on 10/01/2025 at a reported price of $2.33 per share, recorded on a Form 4 filed with a signature dated 10/03/2025. After the transaction he is shown as beneficially owning 820,521 shares directly and 300,000 shares indirectly through the McNamee Family Irrevocable Trust of 2020, for which he serves as trustee and disclaims beneficial ownership except to the extent of his pecuniary interest. The acquisition is disclosed as compensation under the company’s Non-Employee Director Compensation Plan and was reported by an attorney-in-fact.

Positive

• Director purchase of 10,998 shares at $2.33 signals alignment with shareholders
• Clear ownership disclosure: 820,521 direct and 300,000 indirect shares reported

Negative

• None.

Insights

Corporate Governance Expert

Director acquired shares under non-employee director compensation; ownership totals disclosed.

The Form 4 shows a 10,998-share acquisition on 10/01/2025 at $2.33 per share described as compensation under the Non-Employee Director Compensation Plan, which is a routine way to compensate independent directors.

The filing also discloses 820,521 shares held directly and 300,000 indirectly via a family trust, with the reporting person disclaiming beneficial ownership of the trust holdings except for pecuniary interest; that clarifies ownership structure and potential voting influence.

Insider Transactions Analyst

Single-line Form 4 indicates a small, clearly priced acquisition by a director.

The transaction code indicates acquisition and the stated price of $2.33 per share makes the cash value of the reported purchase $25,615.34 (10,998×$2.33), recorded as director compensation rather than an open-market buy.

The Form 4 was signed by an attorney-in-fact on 10/03/2025, showing timely reporting; no derivatives or dispositions are 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
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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).

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)
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)		10,998	A	$2.33	820,521	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

Explanation of Responses:

1. Compensation awarded to directors pursuant to Plug Power Inc.'s Non-Employee Director Compensation Plan.

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.

	/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 director George C. McNamee report on Form 4?

He reported acquiring 10,998 shares on 10/01/2025 at $2.33 per share, with a signature dated 10/03/2025.

How many PLUG shares does George C. McNamee beneficially own after the transaction?

The filing shows 820,521 shares owned directly and 300,000 shares held indirectly via a family trust.

Was the share acquisition part of compensation or an open-market purchase?

The Form 4 states the shares were awarded as compensation under the company’s Non-Employee Director Compensation Plan.

Who signed the Form 4 filed for George C. McNamee?

The Form 4 was signed by Gerard L. Conway Jr., Attorney-in-Fact on 10/03/2025.

Does George C. McNamee claim beneficial ownership of the trust shares?

He disclaims beneficial ownership of the 300,000 trust shares except to the extent of his pecuniary interest as trustee.