Summary by Moomoo AI
On May 9, 2024, Plug Power Inc. announced that its Compensation Committee had approved retention awards for key employees, including top executives, to encourage their continued service during a pivotal time for the company. The recipients of the retention awards include Chief Financial Officer Paul B. Middleton, General Counsel Gerard L. Conway, Jr., and General Manager Jose Luis Crespo, each receiving a total award value of $440,000, split into 25% cash and 75% restricted stock. The restricted stock vests in increments over a year, starting from the date of issue. Additionally, the company entered into a Relocation and Retention Agreement with Sanjay K. Shrestha, General Manager and Chief Strategy Officer, on May 10, 2024. This agreement includes a one-time relocation payment of $575,000 and an equal retention payment, both contingent upon Shrestha's relocation to within 30 miles of the company's headquarters by December 31, 2024, and subject to repayment conditions based on the duration of his continued employment.