PLUG POWER INC. (NASDAQ:PLUG) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers
(a)Resignation of Larry G. Garberding
On May10, 2017, Larry G. Garberding, a member of the Board of
Directors (the Board) of Plug Power Inc. (the Company) since
1997, notified the Company of his decision to retire from the
Board at the end of his current term which expires on June28,
2017. Mr.Garberding served as the chairman of the Boards Audit
Committee. As a result of his retirement, Mr.Garberding is not
standing for reelection at the Annual Meeting of Stockholders
(the Annual Meeting).
(a)Resignation of Xavier Pontone
On May10, 2017, Xavier Pontone, a member of the Board since
October2013, notified the Company that he decided to resign from
the Board, effective as of the Annual Meeting. Mr.Pontones
resignation is not due to any disagreement with the Company
regarding any matter related to the Companys operations,
policies, or practices.
(d)Appointment of Gregory Graves as a member of the Board of
Directors and Audit Committee
On May10, 2017, the Board of the Company appointed Gregory Graves
to serve as a director of the Company effective May10, 2017.
Mr.Graves was appointed to serve as a ClassIII director with a
term expiring at the annual meeting of stockholders to be held in
2017. The Board currently consists of eleven directors divided
into three classes, as follows: ClassI (term expiring 2018) –
Andrew Marsh, Gary K. Willis and Maureen O. Helmer, ClassII (term
expiring 2019) – George C. McNamee, Johannes M. Roth, Xavier
Pontone and Gregory L. Kenausis and ClassIII (term expiring 2017)
Mr.Graves, Lucas P. Schneider, Larry G. Garberding and Douglas T.
Hickey.
Currently, Mr.Graves serves as the Executive Vice President and
Chief Financial Officer (CFO) of Entegris,Inc. (Nasdaq: ENTG),
where he is responsible for all financial matters for the company
and has helped lead the company from a $300 million, low single
digit growth company in a mature industry, to a $1.2 billion,
high growth company. Entegris,Inc. is a leading global developer,
manufacturer and supplier of microcontamination control products,
specialty chemicals and advanced materials handling solutions for
manufacturing processes in the semiconductor and other
high-technology industries.
Mr.Graves has also played a key role at Entegris,Inc.
implementing investor relations strategies, highlighted by a
shift in the investor base from 2009 when the companys stock was
close to $0, to today, where the stock has climbed to $24. This
growth in market cap is a direct result of his efforts to move
the firms investor base from hedge funds, to high growth and
small cap value investors.
Mr.Graves has been named to the Companys Audit Committee. In
connection with his appointment to the Board, Mr.Graves became a
party to the Companys standard
indemnification agreement with nonemployee directors and was
granted options to purchase 69,767 shares of the Companys
common stock at an exercise price of $2.15 per share (the
closing price of the Companys common stock on the NASDAQ
Capital Market on May10, 2017, the date of grant) in accordance
with the Companys Non-Employee Director Compensation Policy.
The options become fully vested on the first anniversary of the
grant date.
A copy of the Companys press release announcing Mr.Graves
appointment to the Board of Directors of the Company is
attached hereto as Exhibit99.1.
(d)Appointment of Lucas Schneider as a member of the Corporate
Governance and Nomination Committee
Mr.Lucas has been named to the Companys Corporate Governance
and Nomination Committee.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
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ExhibitNumber |
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Title |
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99.1 |
Press Release of Plug Power Inc. dated May10, 2017 |
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. PLUG POWER INC. (NASDAQ:PLUG) Recent Trading Information
PLUG POWER INC. (NASDAQ:PLUG) closed its last trading session down -0.01 at 2.05 with 8,809,296 shares trading hands.
