exercise price and the Warrant Shares issuable upon exercise of the Warrant are subject to customary antidilution adjustments.

The foregoing summary is qualified in its entirety by reference to the Warrant, which is filed as Exhibit4.1 hereto and is incorporated herein by reference.

Transaction Agreement

The Transaction Agreement sets forth certain governance arrangements and provisions relating to Walmart’s equity interest in the Company, including customary registration rights, and includes customary representations and warranties and covenants of the Company and Walmart.

The Transaction Agreement contains certain restrictions on Walmart’s ability to transfer the Warrant and Warrant Shares. The Transaction Agreement also contains certain customary standstill restrictions that remain in effect during the period from the execution of the Transaction Agreement until such time as Walmart owns less than 10% of the outstanding shares of Common Stock (the “Standstill Period”). During the Standstill Period, Walmart and its affiliates will be required to vote all of their shares of Common Stock in excess of 14.9% of the Company’s outstanding shares of Common Stock in accordance with the recommendation of the Company’s Board of Directors.

The issuance of the Warrant and the exercise thereof by Walmart with respect to Warrant Shares representing more than 19.9% of the shares of Common Stock outstanding as of the date of issuance of the Warrant, or approximately 44,725,343 shares of Common Stock, is subject to the prior approval of the Company’s stockholders, as required under the rulesof The Nasdaq Stock Market (the “Stockholder Approval”). to the Transaction Agreement, no later than the Company’s 2018 Annual Meeting of Stockholders, the Company will convene and hold a meeting of its stockholders (the “Stockholder Meeting”) to consider and vote on the Stockholder Approval.

The issuance of the Warrant and of Warrant Shares, which are subject to the terms and conditions set forth in the Transaction Agreement and the Warrant, have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on the exemption from registration provided by Section4(a)(2)of the Securities Act and rulesand regulations of the U.S. Securities and Exchange Commission (the “SEC”) promulgated thereunder. The Warrant was issued only to Walmart in connection with the transactions contemplated by the Transaction Agreement. This current report on Form8-K does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful.

The foregoing summary is qualified in its entirety by reference to the Transaction Agreement, which is filed as Exhibit10.1 hereto and is incorporated herein by reference.

Item 3.02. Unregistered Sales of Equity Securities.

See disclosures under Item 1.01 of this Form8-K.

Item 3.03. Material Modification to Rights of Security Holders.

In connection with and prior to entering into the Transaction Agreement, on July20, 2017, the Company and Broadridge Corporate Issuer Solutions,Inc., as rights agent (“Broadridge”), entered into an Amendment No.8 (the “Amendment”) to Shareholders Rights Agreement, dated as of June23, 2009 (as amended by Amendment No.1 to Shareholder Rights Agreement, dated as of May6, 2011, Amendment No.2 to Shareholder Rights Agreement, dated March16, 2012, Amendment No.3 to Shareholder Rights Agreement, dated March23, 2012, Amendment No.4 to Shareholder Rights Agreement dated February11, 2013, Amendment No.5 to Shareholder Rights Agreement, dated May8, 2013, Amendment No.6 to the Shareholder Rights Agreement dated December19, 2016 and Amendment No.7 to the Shareholder Rights Agreement dated April4, 2017, the “Rights Agreement”), between the Company and Broadridge. The Amendment amends the definition of “Acquiring Person” to allow Walmart and its affiliates or associates to acquire the Warrant and the Warrant Shares without triggering the rights under the Rights Agreement. If Walmart becomes the beneficial owner of 15% or more of the shares of Common Stock and at such time Walmart is or is deemed to be the beneficial owner of any shares of Common Stock other than by virtue of owning the Warrant and the Warrant Shares (including as a result of any adjustments to any of the terms of the Warrant, including, without limitation, the exercise price of the Warrant or the number of Warrant Shares), as well as any shares of Common Stock acquired by Walmart under certain exceptions in the Transaction Agreement, then Walmart will be deemed an “Acquiring Person” under the Rights Agreement.

The foregoing summary is qualified in its entirety by reference to the Amendment, which is filed as Exhibit4.2 hereto and is incorporated herein by reference.

Item 8.01. Other Events.

On July21, 2017, the Company issued a press release with respect to the transactions described above, which is attached hereto as Exhibit99.1. The Company also intends to hold a conference call with investors with respect to the transactions described above during which it will discuss the materials that are attached as Exhibit 99.2 hereto. The press release attached hereto as Exhibit99.1 and the investor presentation attached hereto as Exhibit 99.2 are incorporated herein by reference.

Additional Information about the Transactions and Where to Find It

This communication is being made in respect of the transactions between the Company and Walmart, and the related issuance of a Warrant, described herein. The issuance of the Warrant, and the exercise thereof, with respect to Warrant Shares representing more than 19.9% of the Company’s Common Stock outstanding as of the date of issuance of such Warrant will be submitted to the Company’s stockholders for the Stockholder Approval. The Company intends to file with the SEC a proxy statement for the Stockholder Meeting (the “Proxy Statement”) that will include a proposal relating to the Stockholder Approval. This communication does not constitute a solicitation of any vote or proxy from any of the Company’s stockholders. Investors

are urged to read the Proxy Statement carefully and in its entirety when it becomes available and any other relevant documents or materials filed or to be filed with the SEC or incorporated by reference in the Proxy Statement, because they will contain important information about the transactions between the Company and Walmart, the issuance of the Warrant and the proposal relating to the Stockholder Approval. The Proxy Statement will be mailed to the Company’s stockholders. In addition, the Proxy Statement and other documents will be available free of charge at the SEC’s internet website, www.sec.gov. When available, the Proxy Statement and other pertinent documents may also be obtained free of charge at the Investor Relations section of the Company’s website, www.plugpower.com, or by directing a written request to Plug Power Media& Investor Relations, 968 Albany Shaker Road, Latham, New York 12110 or at tel: (518) 738-0269 or email: [email protected].

The Company and its directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the Company’s stockholders in favor of the Stockholder Approval. Information about the Company’s directors and executive officers is included in the Company’s Annual Report on Form10-K for the year ended December31, 2016 filed with the SEC on March10, 2017 and in its definitive proxy statement on Schedule 14A filed with the SEC on May23, 2017. Additional information regarding these persons and their interests in the transactions will be included in the Proxy Statement when it is filed with the SEC. These documents can be obtained free of charge from the sources indicated above.

Item 9.01. Financial Statements and Exhibits

d) Exhibits.

to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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PLUG POWER INC Exhibit
EX-4.1 2 a17-17176_1ex4d1.htm EX-4.1 Exhibit 4.1   EXECUTION COPY   WARRANT TO PURCHASE COMMON STOCK   THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,…
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About PLUG POWER INC. (NASDAQ:PLUG)

Plug Power Inc. is a provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used for the industrial off-road market and the stationary power market. The Company’s product line includes GenKey, GenDrive, GenFuel, GenCare and ReliOn. GenKey offers solutions to customers transitioning their material handling vehicles to fuel cell power. GenDrive is a hydrogen fueled proton exchange membrane (PEM) fuel cell system. It provides power to material handling vehicles. GenFuel is a hydrogen fueling delivery system. It is designed to allow customers to refuel its GenDrive units for productivity. GenCare is an ongoing maintenance program for both the GenDrive fuel cells and GenFuel products. ReliOn is a stationary fuel cell solution. It provides scalable, modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation and utility sectors.