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Plug Power Executive Compensation (FY25)

PLUG · Executive and director compensation, fiscal 2023 to 2025

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Data as of September 7, 2026Latest filing (8-K): June 15, 2026
13 filings cited on this page
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Plug Power brief$1,500Get the executive brief
223 figures on this page: 214 cited to the filing that reported them, 9 calculated from figures it prints. See the citations
Chief executive, fiscal 2025
◇
Jose Luis Crespo
Latest say-on-pay support
=
June 11, 2026
Chief executive pay ratio
◇
To the median employee
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 of record: Andrew Marsh → Jose Luis Crespo
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.
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 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Andrew Marsh
President, Chief Executive Officer and Director
◇——◇——◇◇
Gerard Conway
General Counsel, Corporate Secretary and Executive Vice President
◇◇—◇——◇◇
Sanjay Shrestha
General Manager, Energy Solutions, Chief Strategy Officer, and Executive Vice President
◇——◇——◇◇
Paul Middleton
Chief Financial Officer and Executive Vice President
◇——◇——◇◇
Jose Luis Crespo
General Manager, Applications and Executive Vice President
◇——◇——◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Paul Middleton
Chief Financial Officer, Chief Accounting Officer and Executive Vice President
◇◇◇◇——◇◇
Sanjay Shrestha
President
◇◇—◇——◇◇
Andrew Marsh
Chief Executive Officer
◇——◇——◇◇
Dean Fullerton
Chief Operating Officer
◇◇—◇——◇◇
Gerard Conway
General Counsel, Corporate Secretary and Executive Vice President
◇◇◇◇——◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Andrew Marsh
Non-Executive Chairman and Former Chief Executive Officer
Departed during or after this year
◇——◇◇—◇◇
Paul Middleton
Chief Financial Officer, Chief Accounting 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
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Andrew J. MarshOPTION◇——◇—◇◇
Andrew J. MarshOPTION◇——◇—◇◇
Benjamin HaycraftOPTION◇——◇—◇◇
Benjamin HaycraftRSU———◇——◇
Dean C. FullertonOPTION◇——◇—◇◇
Dean C. FullertonOPTION◇——◇—◇◇
Jose Luis CrespoOPTION◇——◇—◇◇
Jose Luis CrespoOPTION◇——◇—◇◇
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
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Andrew MarshOption◇—◇4/26/31
Option◇—◇9/4/35
Option◇—◇5/18/30
Benjamin HaycraftRSU◇◇——
Option◇—◇9/4/35
RSU◇◇——
Jose Luis CrespoOption◇—◇5/18/30
Option◇—◇4/26/31
Option◇—◇9/4/35
Paul MiddletonOption◇—◇4/26/31
RSU◇◇——
Option◇—◇5/18/30
Dean FullertonOption◇—◇7/31/34
Option◇—◇9/4/35
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◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Clawback◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
George C. McNamee
Board chair · Lead independent director
◇◇◇———◇
Gary K. Willis
◇◇◇———◇
Maureen O. Helmer
◇◇◇———◇
Gregory L. Kenausis
◇◇◇———◇
Mark J. Bonney
◇◇◇———◇
Kavita Mahtani
◇◇◇———◇
Patrick Joggerst
◇◇◇———◇
Colin Angle
◇◇◇———◇
Jose Luis Crespo and Andrew J. Marsh served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
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◇
Equity is delivered as Options/Restricted Stock.

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.
YearMeetingSupportVotes forVotes againstAbstentions
2025June 11, 2026=◇◇◇
2024July 3, 2025=◇◇◇
2023June 5, 2024=◇◇◇
2022June 27, 2023=◇◇◇
2021June 30, 2022=◇◇◇
2020July 30, 2021=◇◇◇
2019June 5, 2020=◇◇◇
2018May 9, 2019=◇◇◇
2017May 16, 2018=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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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 — $1,500
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 — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
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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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
223 figures on this page: 214 cited to the filing that reported them, 9 calculated from figures it prints.
214 cited to the filing
9 calculated from the filing

Documents cited

  1. 0001104659-26-074022
  2. 0001104659-26-052851
    2025 Summary Compensation Table · COMMITTEES AND MEETINGS OF THE BOARD OF DIRECTORS · Grants of Plan-Based Awards · Non-Employee Director Compensation Table · and 3 more sections
  3. 0001104659-26-022286
    EX-10.3
  4. 0001104659-25-066527
  5. 0001104659-25-057632
  6. 0001104659-24-069339
  7. 0001104659-24-052996
    2023 Summary Compensation Table · Summary Compensation Table
  8. 0001104659-23-076297
  9. 0001104659-22-076545
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001193125-21-236315
  11. 0001104659-20-071381
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001104659-19-029757
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001104659-18-035073
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Plug Power executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/PLUG (accessed 2026).
Short form: data: Velarion

The Plug Power brief, $1,500

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 $1,200 for the board report; $2,400 for both.
Get the executive briefGet the board briefNo account needed.
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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Peers Plug Power discloses

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

Bloom EnergyChart IndustriesEnphase EnergyFirst SolarFuelCell EnergySolarEdge TechnologiesSunPowerSunrunWolfspeed

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll 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}
}
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