Plug Power Inc. Enters into New Executive Employment Agreement with CFO Paul B. Middleton

Plug Power Inc. recently disclosed in an 8-K filing with the Securities and Exchange Commission that on November 19, 2024, the Company entered into a new Executive Employment Agreement with Paul B. Middleton, the current Chief Financial Officer and Executive Vice President. This agreement aims to retain and motivate Mr. Middleton through a critical period for the company.

As part of the agreement, the Board of Directors granted a retention award to Mr. Middleton in the form of 1,302,084 restricted shares of the Company’s common stock. These shares will vest in three equal annual installments on the anniversaries of the grant date. In the event of certain terminations, the shares will become fully vested.

The initial term of the Employment Agreement is until November 19, 2026, with a provision for extension by mutual agreement for an additional year. Mr. Middleton’s annual base salary is set at $600,000, subject to potential upward adjustments. Additionally, he will be eligible for incentive compensation and participation in the annual bonus program.

Mr. Middleton is also entitled to an annual equity grant of restricted shares, with the Company providing him an award of restricted stock in 2025. This stock will vest in three installments, subject to continued employment and the Company’s equity compensation plan’s provisions.

In case of termination under certain circumstances, including termination without Cause or termination due to a Change in Control, Mr. Middleton stands to receive severance packages comprising of cash payments, stock option exercises, and health insurance benefits as outlined in the Employment Agreement.

The details provided in the 8-K filing concluded by stating that the aforementioned summary is not exhaustive and is subject to the full terms of the Employment Agreement. The agreement itself will be filed as an exhibit to Plug Power Inc.’s Annual Report on Form 10-K for the year ending December 31, 2024.

The report was signed by Andrew J. Marsh, the Chief Executive Officer of Plug Power Inc., on November 25, 2024.

This news has attracted attention as it signals the company’s focus on retaining key executives and ensuring stability during crucial business phases.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Plug Power’s 8K filing here.

About Plug Power

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.