Item 5.02 Compensatory Arrangements of Certain Officers.
On June 21, 2012, Plug Power Inc. (the “Company”) executed an Execute Employment Agreement (the “Agreement”) with Gerard A. Anderson that replaces the Severance Agreement executed July 12, 2007 and the Executive Severance Agreement, executed July 9, 2007.
This Agreement increases Mr. Anderson’s annual base salary from $225,000 to $330,000.
This Agreement also provides that, among other things, if the Company terminates his employment without cause (a “Terminating Event”), he will be entitled to (1) receive a lump sum payment equal to the sum of (i) two times his annual base salary in effect immediately prior to the Terminating Event and (ii) his annual bonus for the fiscal year immediately prior to the Terminating Event, and (2) accelerate vesting in his options by twelve (12) months following the Terminating Event.
This Agreement also provides that if a Terminating Event occurs within twelve (12) months after a change in control of the Company, Mr. Anderson will be entitled to (1) receive a lump sum payment equal to the sum of (i) two times his average annual base salary over the three fiscal years prior to the Terminating Event and (ii) two times his average annual bonus over the three fiscal years prior to the change in control, (2) accelerate vesting in his options for twelve (12) months following the Terminating Event, and (3) receive benefits, including health, dental and life insurance for twelve (12) months following the Terminating Event.
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