Plug Power Inc - Current report filing (8-K)
06 Agosto 2008 - 7:50PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
_______________________________
FORM 8-K
|
Pursuant to Section 13 or
15(d) of the
Securities Exchange Act of
1934
|
Date of Report (Date of earliest event
reported):
July 31, 2008
(Exact name of
registrant as specified in charter)
|
Delaware
|
|
0-27527
|
|
22-3672377
|
|
|
|
|
|
(State or
Other
|
|
(Commission File
Number)
|
|
(IRS
Employer
|
Jurisdiction
|
|
|
|
Identification
No.)
|
of
Incorporation)
|
|
|
|
|
|
968 Albany Shaker Road, Latham, New
York
|
|
12110
|
(Address of Principal
Executive Offices) (Zip Code)
|
(518)
782-7700
(Registrant's telephone
number, including area code)
|
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (
see
General Instruction A.2. below):
-
Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
-
Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
-
Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17
CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or
Principal Officers; Election of Directors; Appointment of Principal Officers;
Compensatory Arrangements of Certain Officers.
On July 31, 2008, the Board of Directors
of the Company, per the recommendation of the Compensation Committee, approved
the Plug Power Amended Executive Incentive Plan (the "Plan") which replaces the
Plug Power Executive Incentive Plan that was adopted on February 15, 2007. Under
the Plan, based on and subject to achievement of Company and individual
strategic objectives that are to be established, annual cash incentive awards
would be made to executive officers of the Company who have been employed by the
Company for at least four months during a fiscal year and who are employed by
the Company at the time such incentive compensation awards are actually
paid.
The target cash incentive awards to
participants under the Plan are based on a percentage of base salary and are
established by a Plan budget prepared on an annual basis by the Company's human
resources department, subject to review and approval by the Compensation
Committee. Plan participants will generally be eligible to receive between 10%
and 30% of their base salary as cash incentive awards under the Plan.
Eligibility for incentive awards, and the determination of the percentage of
each Plan participant's base salary that will be paid out as incentive awards
under the Plan, will be determined by the Compensation Committee based upon the
achievement of a combination of goals spanning the following categories: Company
financial performance, Company strategic performance, and individual strategic
objectives performance. The Company's financial and strategic goals for the
remainder of 2008 will include: (i) a number GenDrive orders; (ii) a number
GenCore orders; and (iii) net cash used in operating expenses. The financial and
strategic goals that will determine the amount of a Plan participant's cash
incentive award under the Plan, and the weight to be placed on each individual
goal in determining the amount of such awards will be dependent upon each Plan
participant's position with the Company and will be proposed by the Company's
human resources department on an annual basis and reviewed and approved by the
Compensation Committee. The cash incentive awards payable under the Plan will be
paid on an annual basis.
For the portion of the target cash
inventive awards attributable to each performance component, the target bonus
under the Plan will be earned if the stated objectives are met. For performance
below the objectives, the employee may earn a portion of the target bonus at
certain thresholds. For performance exceeding the objectives, payments in excess
of the target bonus may also be earned.
The foregoing summary is qualified in its
entirety by reference to the copy of the Plan, which is attached as
Exhibit 10.1
to this Current Report on Form 8-K and incorporated herein by
reference.
2
Item 9.01 Financial Statements and
Exhibits.
(d) Exhibits.
Exhibit
Number
|
|
Title
|
|
|
|
10.1
|
|
Plug Power Amended
Executive Incentive Plan
|
3
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.
Date: August 6, 2008 By:
/s/ Andrew Marsh
Andrew Marsh Chief
Executive Officer
4
Grafico Azioni Plug Power (NASDAQ:PLUG)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Plug Power (NASDAQ:PLUG)
Storico
Da Lug 2023 a Lug 2024