PLUG POWER INC

On March 3, 2025, the Company announced the 2025 Restructuring Plan designed to reduce its annual operational expenses. Part of the Company’s cost-reduction initiative included strategic workforce adjustments (the “Workforce Adjustment Plan”). As a result of the Workforce Adjustment Plan, the Company expects to reduce its current workforce by more than 500 full-time employees. In connection with the Workforce Adjustment Plan, the Company has incurred $15.9 million in termination costs, including severance and employee benefit arrangements. The Company also expects to incur additional charges between $1.4 million and $3.0 million for termination costs in the second half of 2025 as the Company finalizes the restructuring plan and negotiations with relevant European works council(s) in compliance with applicable regulations relevant to foreign jurisdictions. The actual charge that the Company expects to incur and the timing thereof are subject to a number of assumptions, including local law and consultation requirements in various jurisdictions, and may differ from current expectations and such differences may be material. The Company may also incur charges and expenditures not currently contemplated due to unanticipated events that may occur in connection with the Workforce Adjustment Plan. The Company anticipates completing its restructuring activities in the second half of 2025.

Item 5.02: Departure of Directors and Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On May 12, 2025, Martin D. Hull notified the Company’s Board of Directors that he would be retiring during 2025. In connection with this transition, he will step down as Controller and Chief Accounting Officer of the Company, effective as of May 12, 2025, and assume the role of Vice President, Finance. Paul Middleton, the Company’s Chief Financial Officer, will assume the role of Chief Accounting Officer and the Company is working on promoting someone internally to Corporate Controller.

On March 13, 2025, Jose Luis Crespo, the Company’s Chief Revenue Officer, adopted a new stock trading plan established pursuant to Rule 10b5-1 of the Exchange Act (the “New Plan”), which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), and which provides for (1) the sale of 37,300 shares of the Company’s common stock on June 11, 2025 and (2) the purchase of 37,300 shares of the Company’s common stock from December 15, 2025 through March 11, 2026. The New Plan was adopted during an open insider trading window. There were no other Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements adopted, terminated, or modified by the Company’s directors or executive officers during the three months ended March 31, 2025.