Industrials & Aerospace

Plug Power Executive Compensation (FY25)

Name: Plug Power (PLUG) executive compensation
Creator: Velarion
License: https://intel.velarion.ai/terms

PLUG · Executive and director compensation, fiscal 2022 to 2025

Chief executive, fiscal 2025

◇

Jose Luis Crespo

Latest say-on-pay support

June 11, 2026

Chief executive pay ratio

◇

To the median employee

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Data as of November 6, 2026Latest filing (8-K): June 15, 2026

13 filings cited on this page

Method: intel.velarion.ai/methodology

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Published by Velarion Company Intelligence

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244 figures on this page: 235 cited to the filing that reported them, 9 calculated from figures it prints. See the citations

What changed from fiscal 2024 to fiscal 2025

The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.

Chief executive total compensation — Jose Luis Crespo: $1,642,720 → $2,618,833 (59.4% higher)

Say-on-pay support: 79.8% → 67.6% (12.2 points lower)

CEO pay ratio: 34:1 → 72:1 (111.8% higher)

Frequently asked questions

Answers drawn from the data on this page.

Who is Plug Power's chief executive and what were they paid?

Jose Luis Crespo was paid $2,618,833 in total compensation as Chief Executive Officer and President for fiscal 2025. Crespo's total was 59.4% higher than the $1,642,720 reported for fiscal 2024.

What was Plug Power's say-on-pay result?

Shareholders supported the say-on-pay proposal with 67.6% of votes cast for or against in favor at the meeting held June 11, 2026 for fiscal 2025.

Which companies are in Plug Power's peer group?

Companies named in the disclosed peer group include Bloom Energy, Chart Industries, Enphase Energy, First Solar and FuelCell Energy, among others.

What is Plug Power's chief executive pay ratio?

The company reported a chief executive pay ratio of 72:1 for fiscal 2025, against median employee compensation of $61,068.

Executive compensation

Every element reported for each named executive officer, by fiscal year.

Fiscal 2022

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Andrew Marsh President, Chief Executive President	◇	—	—	—	—	—	◇	◇
Paul Middleton Chief Financial Officer and Executive Vice President	◇	—	—	—	—	—	◇	◇
Gerard Conway General Counsel, Corporate Secretary and Executive Vice President	◇	—	—	—	—	—	◇	◇
Sanjay Shrestha President	◇	—	—	—	—	—	◇	◇

Fiscal 2023

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Andrew Marsh President and Chief Executive Officer	◇	—	—	◇	—	—	◇	◇
Gerard Conway General Counsel, Corporate Secretary and Executive Vice President	◇	◇	—	◇	—	—	◇	◇
Jose Luis Crespo General Manager, Applications and Electrolyzers and Executive Vice President	◇	—	—	◇	—	—	◇	◇
Paul Middleton Chief Financial Officer and Executive Vice President	◇	—	—	◇	—	—	◇	◇
Sanjay Shrestha General Manager, Energy Solutions, Chief Strategy Officer, and Executive Vice President	◇	—	—	◇	—	—	◇	◇

Fiscal 2024

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Paul Middleton Chief Financial Officer and Executive Vice President	◇	◇	◇	◇	—	—	◇	◇
Sanjay Shrestha President	◇	◇	—	◇	—	—	◇	◇
Andrew Marsh Chief Executive Officer	◇	—	—	◇	—	—	◇	— not reconciled
Dean Fullerton Chief Operating Officer	◇	◇	—	◇	—	—	◇	◇
Gerard Conway General Counsel, Corporate Secretary and Executive Vice President	◇	◇	◇	◇	—	—	◇	◇
Jose Luis Crespo Chief Executive Officer and President	◇	◇	◇	◇	—	—	◇	◇

Fiscal 2025

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Andrew Marsh Non-Executive Chairman and Former Executive Chairman and Chief Executive Officer Departed during or after this year	◇	—	—	◇	◇	—	◇	◇
Paul Middleton Chief Financial Officer and Executive Vice President	◇	◇	—	—	◇	—	◇	◇
Dean Fullerton Chief Operating Officer	◇	◇	—	◇	◇	—	◇	◇
Jose Luis Crespo Chief Executive Officer and President	◇	◇	—	◇	◇	—	◇	◇
Benjamin Haycraft Chief Strategy Officer and General Manager EMEA Region	◇	◇	◇	◇	◇	—	◇	◇

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.

Fiscal 2025

Officer	Award	Grant date	Threshold units	Target units	Units granted	Maximum units	Exercise price	Grant date fair value
Andrew J. Marsh	OPTION	◇	—	—	◇	—	◇	◇
Andrew J. Marsh	OPTION	◇	—	—	◇	—	◇	◇
Benjamin Haycraft	RSU	◇	—	—	◇	—	—	◇
Benjamin Haycraft	OPTION	◇	—	—	◇	—	◇	◇
Dean C. Fullerton	OPTION	◇	—	—	◇	—	◇	◇
Dean C. Fullerton	OPTION	◇	—	—	◇	—	◇	◇
Jose Luis Crespo	OPTION	◇	—	—	◇	—	◇	◇
Jose Luis Crespo	OPTION	◇	—	—	◇	—	◇	◇

Fiscal 2023, 2024 are included in the PDF.

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.

As disclosed at fiscal 2025 year end

Officer	Award	Unvested units	Market value of unvested units	Exercise price	Expires
Andrew Marsh	Option	◇	—	◇	9/4/35
	Option	◇	—	◇	4/26/31
	Option	◇	—	◇	5/18/30
Benjamin Haycraft	Option	◇	—	◇	9/4/35
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
Dean Fullerton	Option	◇	—	◇	9/4/35
	Option	◇	—	◇	7/31/34
Jose Luis Crespo	Option	◇	—	◇	9/4/35
	Option	◇	—	◇	4/26/31
	Option	◇	—	◇	5/18/30
Paul Middleton	RSU	◇	◇	—	—
	Option	◇	—	◇	4/26/31
	Option	◇	—	◇	5/18/30

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.

Jose Luis Crespo

Chief Executive Officer and President · Employment agreement · dated March 2, 2026

Severance multiple	◇
Severance base	◇
Change-in-control multiple	◇
Benefits continuation on change in control	◇
Benefits continuation	◇
Clawback	◇

Benjamin Haycraft

Chief Strategy Officer and General Manager EMEA Region · Terms as described in the company’s compensation discussion

Severance cash amount

◇

Dean Fullerton

Chief Operating Officer · Employment agreement

Severance multiple	◇
Severance base	◇

Paul Middleton

Chief Financial Officer and Executive Vice President · Employment agreement

Severance multiple	◇
Severance base	◇

Director compensation

What each non-employee director was paid.

Fiscal 2025

Director	Fees earned in cash	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
George C. McNamee Lead independent director	◇	◇	◇	—	—	—	◇
Gary K. Willis	◇	◇	◇	—	—	—	◇
Maureen O. Helmer	◇	◇	◇	—	—	—	◇
Gregory L. Kenausis	◇	◇	◇	—	—	—	◇
Mark J. Bonney	◇	◇	◇	—	—	—	◇
Kavita Mahtani	◇	◇	◇	—	—	—	◇
Colin Angle	◇	◇	◇	—	—	—	◇
Patrick Joggerst	◇	◇	◇	—	—	—	◇

Earlier years are included in the PDF.

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.

Board cash retainer	◇
Board equity retainer	◇
Total board retainer	◇
Board chair premium	◇
Audit committee chair	◇
Audit committee member	◇
Compensation committee chair	◇
Compensation committee member	◇
Nominating and governance chair	◇
Nominating and governance member	◇

Stock ownership guideline: In February 2026, the Company amended the Director Compensation Policy to provide that a director who meets the applicable stock ownership guideline may elect to receive up to 100% of his or her annual retainers in cash.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.

Fiscal 2025

Bloom Energy BE
Chart Industries GTLS
Enphase Energy ENPH
First Solar FSLR
FuelCell Energy FCEL
SolarEdge Technologies SEDG
SunPower SPWR
Sunrun RUN
Wolfspeed WOLF

Say-on-pay history

Shareholder support for the compensation program, by year.

Year	Meeting	Support	Votes for	Votes against	Abstentions
2025	June 11, 2026	=	◇	◇	◇
2024	July 3, 2025	=	◇	◇	◇
2023	June 5, 2024	=	◇	◇	◇
2022	June 27, 2023	=	◇	◇	◇
2021	June 30, 2022	=	◇	◇	◇
2020	July 30, 2021	=	◇	◇	◇
2019	June 5, 2020	=	◇	◇	◇
2018	May 9, 2019	=	◇	◇	◇
2017	May 16, 2018	=	◇	◇	◇

Chief executive pay ratio

As calculated and reported by the company.

Ratio

◇

Median employee compensation

◇

Chief executive total compensation

◇

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”

- Jose Luis Crespo (Chief Executive Officer and President), FY2025 total compensation $2,618,833 (base salary $397,471) [exec_comp, SEC accession 0001104659-26-052851, filed 2026-04-30]

See a complete sample report

What this page does not include

Everything above is a fact Plug Power disclosed, and it is free. Everything below is our analysis of those facts, and it is not.

Peer benchmarking

Where Plug Power sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.

Executive Compensation Report — $500

Written compensation analysis

A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.

Executive Compensation Report — $500

Board and governance analysis

Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.

Board Governance Report — $500

Realizable pay

What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.

Velarion Intelligence

Say-on-pay responsiveness

Plug Power recorded a low support level. The responsiveness analysis covers what the company said it would do, what it did, and how that compares with the companies that recovered their vote.

Responsiveness analysis

Adviser switching and vote outcomes

Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.

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Multiple companies at once

Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.

Velarion Intelligence

Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.

244 figures on this page: 235 cited to the filing that reported them, 9 calculated from figures it prints.

235 cited to the filing

9 calculated from the filing

Documents cited

8-K, filed June 15, 2026
0001104659-26-074022
Proposal 3 - Non-binding, Advisory Vote on Named Executive Officer Compensation For Against Abstain Broker Non-Votes
DEF 14A, filed April 30, 2026
0001104659-26-052851
Pay Ratio Disclosure
Filing, filed April 30, 2026
EX-10, filed March 2, 2026
0001104659-26-022286
EX-10.3
8-K, filed July 9, 2025
0001104659-25-066527
Proposal 7 - Non-binding, Advisory Vote on Named Executive Officer Compensation For Against Abstain Broker Non-Votes
DEF 14A, filed June 9, 2025
0001104659-25-057632
8-K, filed June 7, 2024
0001104659-24-069339
8-K, filed June 29, 2023
0001104659-23-076297
8-K, filed July 1, 2022
0001104659-22-076545
Item 5.07 Submission of Matters to a Vote of Security Holders
8-K, filed August 4, 2021
0001193125-21-236315
8-K, filed June 9, 2020
0001104659-20-071381
Item 5.07 Submission of Matters to a Vote of Security Holders
8-K, filed May 15, 2019
0001104659-19-029757
Item 5.07 Submission of Matters to a Vote of Security Holders
8-K, filed May 22, 2018
0001104659-18-035073

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Velarion, “Plug Power executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/PLUG (accessed 2026).

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The Plug Power brief, $500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.

From $500 for the board report; $900 for both.

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13 filings cited on this page

Method: intel.velarion.ai/methodology

A report that fails to generate is refunded in full

Published by Velarion Company Intelligence

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Industrials & Aerospace rankings

Chief executive pay — Industrials & Aerospace CEO pay ratio — Industrials & Aerospace Say-on-pay support — Industrials & Aerospace

Peers Plug Power discloses

The companies named in PLUG's own disclosed peer group.

Bloom Energy Chart Industries Enphase Energy First Solar FuelCell Energy SolarEdge Technologies SunPower Sunrun Wolfspeed

Terms on this page

Say-on-Pay Vote CEO Pay Ratio Median Employee Compensation All companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data

APA

Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854

BibTeX

@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}