UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) Departure of Dirk Ole Hoefelmann
On April 1, 2023, Plug Power Inc. (the “Company”) and Dirk Ole Hoefelmann mutually agreed that Mr. Hoefelmann would resign as General Manager, Electrolyzers and Executive Vice President of the Company effective immediately to pursue other interests. Mr. Hoefelmann’s resignation was not the result of a disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Sanjay K. Shrestha, the General Manager, Energy Solutions, Chief Strategy Officer, and Executive Vice President of the Company, in addition to his current responsibilities, will take over the responsibilities of Mr. Hoefelmann.
In connection with Mr. Hoefelmann’s resignation, the Company and Mr. Hoefelmann entered into a Separation Agreement effective April 1, 2023 (the “Effective Date”), pursuant to which, and subject to a general release of claims in favor of the Company, Mr. Hoefelmann will be entitled to receive the following severance benefits: (i) a lump sum payment equal to fifty-two (52) weeks of his base salary ($400,000.12), less applicable withholdings and deductions; (ii) any earned annual performance bonus for the fiscal year ended December 31, 2022; (iii) all vested stock options and awards, which shall be exercisable for 12 months following the Effective Date, with all unvested stock options and awards being forfeited; and (iv) a lump sum payment equal to twelve (12) times the Company's share of the monthly health insurance premium for the health, dental and vision insurance plans ($24,477.23).
In connection with Mr. Hoefelmann’s resignation, he has agreed to comply with certain post-employment restrictive covenants, including covenants not to compete with the Company or solicit the Company’s customers or employees for one year following his separation from service with the Company.
The foregoing summary of the Separation Agreement is subject to and qualified in its entirety by reference to the text of the Separation Agreement, which will be filed as an exhibit to the Company's next Quarterly Report on Form 10-Q.
SIGNATURE
Pursuant 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.
| Plug Power Inc. | ||
| Date: April 4, 2023 | By: | /s/ Paul Middleton |
| Name: Paul Middleton | ||
| Title: Chief Financial Officer | ||