<SEC-DOCUMENT>0001104659-21-153919.txt : 20211228
<SEC-HEADER>0001104659-21-153919.hdr.sgml : 20211228
<ACCEPTANCE-DATETIME>20211228160243
ACCESSION NUMBER:		0001104659-21-153919
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210922
FILED AS OF DATE:		20211228
DATE AS OF CHANGE:		20211228

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Crespo Jose Luis
		CENTRAL INDEX KEY:			0001893770

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34392
		FILM NUMBER:		211525002

	MAIL ADDRESS:	
		STREET 1:		C/O PLUG POWER INC.
		STREET 2:		968 ALBANY SHAKER ROAD
		CITY:			LATHAM
		STATE:			NY
		ZIP:			12110

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PLUG POWER INC
		CENTRAL INDEX KEY:			0001093691
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL INDUSTRIAL APPARATUS [3620]
		IRS NUMBER:				223672377
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		968 ALBANY-SHAKER ROAD
		CITY:			LATHAM
		STATE:			NY
		ZIP:			12110
		BUSINESS PHONE:		5187827700

	MAIL ADDRESS:	
		STREET 1:		968 ALBANY-SHAKER ROAD
		CITY:			LATHAM
		STATE:			NY
		ZIP:			12110
</SEC-HEADER>
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<SEQUENCE>1
<FILENAME>tm2136435-2_3seq1.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
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<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2021-09-22</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001093691</issuerCik>
        <issuerName>PLUG POWER INC</issuerName>
        <issuerTradingSymbol>PLUG</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001893770</rptOwnerCik>
            <rptOwnerName>Crespo Jose Luis</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O PLUG POWER INC.,</rptOwnerStreet1>
            <rptOwnerStreet2>968 ALBANY-SHAKER ROAD</rptOwnerStreet2>
            <rptOwnerCity>LATHAM</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>12110</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>GM, MATL Handling, Key Accts</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>346610</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>37781</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>401(k) Plan</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.96</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <value>2028-08-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>66668</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.23</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F5"/>
            </exerciseDate>
            <expirationDate>
                <value>2029-08-19</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>66667</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.62</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F6"/>
            </exerciseDate>
            <expirationDate>
                <value>2029-08-19</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>66667</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>13.20</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F7"/>
            </exerciseDate>
            <expirationDate>
                <value>2030-09-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>175000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Performance Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>26.92</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F8"/>
                <footnoteId id="F9"/>
            </exerciseDate>
            <expirationDate>
                <value>2031-09-22</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1300000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The 346,610 shares consist of restricted stock awards made pursuant to Plug Power's 2011 Stock Option and Incentive Plan (the &quot;2011 Plan&quot;). The shares of restricted stock vest in three substantially equal annual installments beginning on the first anniversary of the applicable grant date set forth in footnote (2). Of the 346,610 shares, 163,276 shares have vested and 183,334 shares remain unvested.</footnote>
        <footnote id="F2">Includes (A) a restricted stock award on August 28, 2018 in the amount of 200,000 shares, which are fully vested and of which the Reporting Person holds 66,522 shares; (B) a restricted stock award on August 19, 2019 in the amount of 200,000 shares, of which the Reporting Person holds 133,188 shares, of which 66,521 shares have vested with the remaining 66,667 shares of restricted stock scheduled to vest on August 19, 2022; and (C) a restricted stock award on September 28, 2020 in the amount of 175,000 shares, of which the Reporting Person holds 146,900 shares, of which 30,233 shares have vested with the remaining 116,667 shares of restricted stock scheduled to vest in substantially equal annual installments on September 28, 2022 and September 28, 2023.</footnote>
        <footnote id="F3">The Reporting Person holds 37,781 shares of common stock in Plug Power Inc.'s 401(k) plan. The information in this report is based on a plan statement as of December 6, 2021.</footnote>
        <footnote id="F4">Awarded pursuant to the 2011 Plan. This option is fully vested and exercisable as of the date hereof.</footnote>
        <footnote id="F5">Awarded pursuant to the 2011 Plan. This option was originally granted with the right to purchase 100,000 shares. The shares underlying this option vests and becomes exercisable in three equal annual installments beginning August 19, 2020.</footnote>
        <footnote id="F6">Awarded pursuant to the 2011 Plan. This option was originally granted with the right to purchase 100,000 shares. The shares underlying this option vests and becomes exercisable in three equal annual installments beginning August 19, 2020.</footnote>
        <footnote id="F7">Awarded pursuant to the 2011 Plan. The shares underlying this option vests and becomes exercisable in three equal annual installments beginning September 28, 2021.</footnote>
        <footnote id="F8">Awarded pursuant to the Plug Power Inc. 2021 Stock Option and Incentive Plan. Up to one-third (1/3) of the shares underlying the performance stock options will vest and become exercisable on each of the first three anniversaries of the grant date, provided that the daily volume weighted average price of the Issuer's common stock during any 30 consecutive trading day period in the three year performance period following the grant date of the stock options (&quot;VWAP&quot;) equals or exceeds certain levels. 25% of the shares underlying the performance stock options will be deemed to have satisfied the performance-based vesting and will be eligible to vest over time if the VWAP equals $35; an additional 25% of the shares underlying the options will be deemed to have satisfied the performance-based vesting and will be eligible to vest over time if the VWAP equals $50;</footnote>
        <footnote id="F9">and the remaining 50% of the shares underlying the options will be deemed to have satisfied the performance-based vesting and will be eligible to vest over time if the VWAP equals or exceeds $100. If the VWAP falls between two of the stock price hurdles, an incremental number of shares underlying the options will become exercisable based on linear interpolation in $1 increments. Failure to achieve any of the stock price hurdles applicable to a performance stock option during the three-year performance period will result in applicable options being un-exercisable. The performance-based stock options have a maximum term of seven years from the grant date.</footnote>
    </footnotes>

    <remarks>Exhibit 24 - Power of Attorney</remarks>

    <ownerSignature>
        <signatureName>/s/ Gerard L. Conway, Jr., Attorney-in-Fact</signatureName>
        <signatureDate>2021-12-28</signatureDate>
    </ownerSignature>
</ownershipDocument>
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<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>tm2136435d2_ex24.htm
<DESCRIPTION>EXHIBIT 24
<TEXT>
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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin-top: 0pt; margin-bottom: 0pt"><B>Exhibit 24</B></P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>LIMITED POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned hereby constitutes and appoints
Gerard L. Conway, Jr. and Andrew Marsh with full power of substitution, the undersigned&#8217;s true and lawful attorney-in-fact to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 64pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Complete
and execute for and on behalf of the undersigned, in the undersigned&#8217;s capacity as an officer, director and/or ten percent (10%)
shareholder of Plug Power Inc., a Delaware corporation (the &#8220;<B>Company</B>&#8221;) any Form ID and any and all instruments, certificates
and documents required to be executed on behalf of the undersigned as an individual or on behalf of the undersigned&#8217;s company or
partnership, as the case may be, pursuant to Section 13 and Section 16 of the Securities Exchange Act of 1934, as amended (the &#8220;<B>Exchange
Act</B>&#8221;), or the rules and regulations thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Do
and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such
Form ID or instruments, certificates or documents required to be filed pursuant to Sections 13 and 16 of the Exchange Act or the rules
or regulations thereunder and timely file such forms with the United States Securities and Exchange Commission and any stock exchange
or similar authority; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take
any other action of any type whatsoever in connection with the foregoing which, in the opinion of such attorney-in-fact, may be of benefit
to, in the best interest of, or legally required by, the undersigned, it being understood that the documents executed by such attorney-in-fact
on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as such
attorney-in-fact may approve in such attorney-in-fact&#8217;s discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned hereby grants
to such attorney-in-fact full power and authority to do and perform any and every act which is necessary, proper or desirable to be done
in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could
do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact,
or such attorney-in-fact&#8217;s substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney
and the rights and powers herein granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned acknowledges
that the foregoing attorney-in-fact, in serving in such capacity at the request of the undersigned, is not assuming, nor is the Company
assuming, any of the undersigned&#8217;s responsibilities to comply with Section 13 or Section 16 of the Exchange Act or the rules or
regulations thereunder. The undersigned hereby agrees to indemnify the attorney-in-fact and the Company from and against any demand, damage,
loss, cost or expense arising from any false or misleading information provided by the undersigned to the attorney-in fact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Power of Attorney shall
remain in full force and effect until the undersigned is no longer required to file any instruments, certificates and documents pursuant
to Section 13 and 16 of the Exchange Act or the rules or regulations thereunder with respect to the undersigned&#8217;s holdings of and
transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing
attorney-in-fact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned
has caused this Power of Attorney to be executed as of November 8, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Jose Luis Crespo</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Jose Luis Crespo</TD></TR>
  </TABLE>




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