Document:

Exhibit 4.1

 

Exhibit 4.1

 

 

 

 

EXECUTION
COPY

AMENDMENT
NO. 1 TO 

SHAREHOLDER RIGHTS AGREEMENT

This Amendment
No. 1, effective as of May 6, 2011 (the “Amendment”), amends the
Shareholder Rights Agreement, dated as of June 23, 2009 (the “Rights
Agreement”), between Plug Power Inc., a Delaware corporation (the “Company”),
and American Stock Transfer & Trust Company LLC, a New York Limited
Liability Trust Company (the “Rights Agent”).  Capitalized terms used
herein but not defined herein shall have their defined meanings set forth in
the Rights Agreement. 

WHEREAS, OGK-3 directly owns 44,626,939 shares
of Common Stock, par value $0.01 per share (the “Common Stock”), of
Plug Power;

WHEREAS, OJSC “INTER RAO UES,” an open joint stock
company organized under the laws of the Russian Federation (“INTER RAO”),
owns shares of OGK-3 representing 81.9% of the outstanding equity interests and
voting power in OGK-3;

WHEREAS, pursuant to Section 27 of the Rights
Agreement and under the circumstances specified therein, the Company and the
Rights Agent shall, if the Board of Directors of the Company so directs,
supplement or amend any provision of the Rights Agreement without the approval
of any holders of certificates representing shares of Common Stock of the
Company; 

WHEREAS, the Company now desires to amend the
Rights Agreement as set forth in this Amendment, and pursuant to Section 27 of
the Rights Agreement, the Board of Directors of the Company hereby directs that
the Rights Agreement should be amended as set forth in this Amendment; and

WHEREAS, the Board of Directors of
the Company has determined that this Amendment and the transactions
contemplated hereby are advisable and in the best interests of the Company and
the holders of Common Stock.

 

NOW,
THEREFORE, the parties hereby agree as follows:

            1.         Section
1 of the Rights Agreement is hereby amended by adding the following
definitions:

“(oo)          “INTER RAO”
shall mean OJSC “INTER RAO UES,”
an open joint stock company organized under the laws of the Russian Federation.

 

 

 

 

 

 

 

(pp)            “INTER RAO Grandfathered Percentage”
shall mean, with respect to any INTER RAO Grandfathered Person, 34.09%;
provided, however, that, in the event any INTER RAO Grandfathered Person shall
sell, transfer, or otherwise dispose of any outstanding shares of Common Stock
of the Company after the date of this Amendment, the INTER RAO Grandfathered
Percentage shall, subsequent to such sale, transfer or disposition, mean, with
respect to such INTER RAO Grandfathered Person, the lesser of (i) the INTER RAO
Grandfathered Percentage as in effect immediately prior to such sale, transfer
or disposition or (ii) the percentage of outstanding shares of Common Stock of
the Company that such INTER RAO Grandfathered Person Beneficially Owns
immediately following such sale, transfer or disposition, plus an additional 1/2%.

(qq)            “INTER RAO Grandfathered Person”
shall mean INTER RAO and any Affiliate or Associate of INTER RAO (for the
avoidance of doubt, in the case of such Affiliate or Associate, only to the
extent that such Affiliate or Associate (i) Beneficially Owns, directly and for
its own account, shares of Common Stock of the Company as of the date of this
Amendment and/or (ii) Beneficially Owns shares of the Common Stock of the
Company that are Beneficially Owned directly by and for the account of OGK-3 or
another Person, such that, as a result of the foregoing clauses (i) and (ii),
as of the date of this Amendment such Affiliate or Associate is the Beneficial
Owner of 15% or more of the shares of Common Stock of the Company then
outstanding); provided, however, that with respect to an entity
that becomes a subsidiary of INTER RAO (whether newly formed or as a result of
an acquisition by INTER RAO) or an entity of which INTER RAO otherwise becomes
the Beneficial Owner of equity interests, in either case which entity thereby
becomes an Affiliate or Associate of INTER RAO, such entity shall, upon becoming
such an Affiliate or Associate, be an INTER RAO Grandfathered Person with
respect to the shares of Common Stock of the Company that it may be deemed to
Beneficially Own immediately after becoming such an Affiliate or Associate
provided that such entity did not have Beneficial Ownership of any shares of
Common Stock of the Company immediately prior to becoming such Affiliate or
Associate of INTER RAO; provided further, however, that
OGK-3 shall not be included in the definition of “INTER RAO Grandfathered
Person”. Notwithstanding anything to the contrary provided in this Agreement,
any INTER RAO Grandfathered Person who after the date of this Amendment becomes
the Beneficial Owner of less than 15% of the shares of Common Stock of the
Company then outstanding shall cease to be an INTER RAO Grandfathered Person and
shall be subject to all of the provisions of this Agreement in the same manner
as any Person who is not and was not an INTER RAO
Grandfathered Person.  For the avoidance of doubt, an Affiliate or
Associate of INTER RAO shall cease to be an INTER RAO Grandfathered Person if,
after the date of this Amendment, such Affiliate or Associate shall (x) become
the Beneficial Owner, directly and for its own account, of shares of Common
Stock of the Company equal to or exceeding the INTER RAO Grandfathered
Percentage applicable to such INTER RAO Grandfathered Person or (y) by virtue of
being an Affiliate or Associate of INTER RAO or another Person, become the
Beneficial Owner of shares of Common Stock of the Company equal to or exceeding
the INTER RAO Grandfathered Percentage applicable to such INTER RAO Grandfathered
Person.”

2.      The
last sentence of the definition of “Grandfathered Person” in Section 1(s) of the Rights
Agreement is hereby amended and restated as follows:

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“For the avoidance of doubt, an Affiliate or Associate of
OGK-3 shall cease to be a Grandfathered Person if, after the Grandfathered
Time, such Affiliate or Associate shall (x) become the Beneficial Owner,
directly and for its own account, of shares of Common Stock of the Company
equal to or exceeding the Grandfathered Percentage applicable to such
Grandfathered Person or (y) by virtue of being an Affiliate or Associate of
OGK-3 or another Person, become the Beneficial Owner of shares of Common Stock
of the Company equal to or exceeding the Grandfathered Percentage applicable to
such Grandfathered Person.”

 

   3.      The
definition of “Acquiring Person” in Section 1(a) of the Rights Agreement
is hereby amended and restated in its entirety to read as follows: 

““Acquiring Person” shall mean any Person (as such
term is hereinafter defined) who or which, together with all Affiliates (as
such term is hereinafter defined) and Associates (as such term is hereinafter
defined) of such Person, shall be the Beneficial Owner (as such term is
hereinafter defined) of 15% or more of the shares of Common Stock of the
Company then outstanding, but shall not include (i) the Company, (ii) any
Subsidiary (as such term is hereinafter defined) of the Company, (iii) any
employee benefit plan or compensation arrangement of the Company or any
Subsidiary of the Company or (iv) any Person holding shares of Common Stock of
the Company organized, appointed or established by the Company or any
Subsidiary of the Company for or pursuant to the terms of any such employee
benefit plan or compensation arrangement (the Persons described in clauses (i)
through (iv) above are referred to herein as “Exempt Persons”); provided,
however, that the term “Acquiring Person” shall not include any
Grandfathered Person or any INTER RAO Grandfathered Person, unless (A) with
respect to a Grandfathered Person, such Grandfathered Person becomes the
Beneficial Owner of a percentage of the shares of Common Stock of the Company
then outstanding equal to or exceeding the Grandfathered Percentage of such
Grandfathered Person, and (B) with respect to an INTER RAO Grandfathered Person,
such INTER RAO Grandfathered Person becomes the Beneficial Owner of a percentage
of the shares of Common Stock of the Company then outstanding equal to or
exceeding the INTER RAO Grandfathered Percentage of such INTER RAO
Grandfathered Person.  

 

 

 

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Notwithstanding the foregoing, no Person shall become an “Acquiring Person” as
the result of an acquisition by the Company of Common Stock of the Company
which, by reducing the number of shares outstanding, increases the proportionate
number of shares Beneficially Owned by such Person to 15% (or in the case of a
Grandfathered Person or INTER RAO Grandfathered Person, the Grandfathered
Percentage or INTER RAO
Grandfathered Percentage applicable to such Person) or more of the shares of
Common Stock of the Company then outstanding; provided, however,
that if a Person shall become the Beneficial Owner of 15% (or in the case of a
Grandfathered Person or INTER RAO Grandfathered Person, the Grandfathered
Percentage or INTER RAO Grandfathered Percentage applicable to such Person) or
more of the shares of Common Stock of the Company then outstanding by reason of
share purchases by the Company and shall, after such share purchases by the
Company, become the Beneficial Owner of any additional shares (other than
pursuant to a stock split, stock dividend or similar transaction) of Common
Stock of the Company and immediately thereafter be the Beneficial Owner of 15%
(or in the case of a Grandfathered Person or INTER RAO Grandfathered Person, the
Grandfathered Percentage or INTER RAO Grandfathered Percentage applicable
to such Person) or more of the shares of Common Stock of the Company then
outstanding, then such Person shall be deemed to be an “Acquiring Person.”

In addition, notwithstanding the foregoing, and
notwithstanding anything to the contrary provided in the Agreement including
without limitation in Sections 1(kk), 3(a) or 27, a Person shall not be an
“Acquiring Person” if the Board of Directors of the Company determines at any
time that a Person who would otherwise be an “Acquiring Person,” has become
such without intending to become an “Acquiring Person,” and such Person divests
as promptly as practicable (or within such period of time as the Board of
Directors of the Company determines is reasonable) a sufficient number of
shares of Common Stock of the Company so that such Person would no longer be an
“Acquiring Person,” as defined pursuant to the foregoing provisions of this
Section 1(a).”

  4.       Section
3(a) of the Rights Agreement is hereby amended and restated in its entirety to
read as follows: 

“From the date hereof until the earlier of (i) the Close of Business on the
tenth calendar day after the Stock Acquisition Date or (ii) the Close of
Business on the tenth Business Day (or such later calendar day, if any, as the
Board of Directors of the Company may determine in its sole discretion) after
the date a tender or exchange offer by any Person, other than an Exempt Person,
is first published or sent or given within the meaning of Rule 14d-4(a) of the
Exchange Act, or any successor rule, if, upon consummation thereof, such Person
could become the Beneficial Owner of 15% (or in the case of a Grandfathered
Person or INTER RAO Grandfathered Person, the Grandfathered Percentage or INTER RAO Grandfathered Percentage
applicable to such Person) or more of the shares of Common Stock of the Company
then outstanding (including any such date which is after the date of this
Agreement and prior to the issuance of the Rights) (the earliest of such dates
being herein referred to as the “Distribution Date”), (x) the Rights
will be evidenced (subject to the provisions of Section 3(b) hereof) by
the certificates for the Common Stock of the Company registered in the names of
the holders of the Common Stock of the Company (which certificates for Common
Stock of the Company shall be deemed also to be certificates for Rights) and
not by separate certificates, and (y) the Rights will be transferable only in
connection with the transfer of the underlying shares of Common Stock of the
Company.  As soon as practicable after the Distribution Date, the Rights Agent
will, at the Company’s expense send, by first-class, insured, postage prepaid
mail, to each record holder of the Common Stock of the Company as of the Close
of Business on the Distribution Date, at the address of such holder shown on
the records of the Company, one or more certificates, in substantially the form
of Exhibit B hereto (the “Right Certificates”), evidencing
one Right for each share of Common Stock of the Company so held, subject to
adjustment as provided herein.  In the event that an adjustment in the number
of Rights per share of Common Stock of the Company has been made pursuant to
Section 11(o) hereof, the Company may make the necessary and appropriate
rounding adjustments (in accordance with Section 14(a) hereof) at the time of distribution
of the Right Certificates, so that Right Certificates representing only whole
numbers of Rights are distributed and cash is paid in lieu of any fractional
Rights.  As of and after the Close of Business on the Distribution Date, the
Rights will be evidenced solely by such Right Certificates.”

 

 

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5.   Except as
expressly set forth herein, this Amendment shall not by implication or
otherwise alter, modify, amend or in any way affect any of the terms,
conditions, obligations, covenants or agreements contained in the Rights
Agreement, all of which are ratified and affirmed in all respects and shall
continue in full force and effect and shall be otherwise unaffected.

6.   This
Amendment shall be governed by and construed in accordance with the laws of the
State of Delaware, United States of America, applicable to contracts made and
to be performed entirely within such State, without regard to conflict-of-law
principles. 

7.   This
Amendment may be executed in any number of counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts
shall together constitute but one and the same instrument. A signature to this
Amendment transmitted electronically shall have the same authority, effect, and
enforceability as an original signature.

[The
remainder of this page has been intentionally left blank]

 

 

 

 

 

 

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IN WITNESS WHEREOF, the parties have caused this Amendment
  to be duly executed as of the day and year first above written.

		
   

  				PLUG POWER INC. 
	
   

  				 
	
  Attest:

  				 
	
   

  				 
	
  
	/s/ Gerard L. Conway, Jr.              
	
  			
	By: /s/ Andrew Marsh                                
			
			
	
  
	Name: Gerard L. Conway, Jr.

  				Name: Andrew Marsh
	
  
	Title:    General Counsel

  				Title: President and Chief Executive Officer
	
     

  				 
	
   

  				 
	
   

  				 
	
   

  				 
	
   

  				 AMERICAN STOCK TRANSFER & TRUST COMPANY LLC, as
  Rights Agent
	
   

  				 
	
   

  				 
	
  Attest:

  				 
	
   

  				 
	
  
	/s/ Cindy Armenia                   
	 

  				By: /s/ Isaac J. Kagan                    
			
			
	
  
	Name: Cindy Armenia
	Name: Isaac J. Kagan
	
  
	Title:  
  	Assistant Vice President

  				Title: Vice President
	
   

  				 

 

 

 

 

 

 

[Signature Page to
Amendment No. 1 to Shareholder Rights Agreement]Exhibit 10.1

 

Exhibit 10.1

 

EXECUTION COPY

Standstill and Support Agreement

This STANDSTILL AND SUPPORT AGREEMENT, dated as
of May 6, 2011 (this “Agreement”), is by and between Plug Power Inc.,
a Delaware corporation (“Plug Power”), OJSC “INTER RAO UES,” an open joint
stock company organized under the laws of the Russian Federation (“INTER RAO”),
and OJSC “Third Generation Company of the Wholesale Electricity Market,” an
open joint stock company organized under the laws of the Russian Federation (“OGK-3”
and together with INTER RAO, the “Stockholders”).

WHEREAS, OGK-3 directly owns 44,626,939 shares
of Common Stock, par value $0.01 per share (the “Common Stock”), of Plug
Power.

WHEREAS, INTER RAO owns shares of OGK-3
representing 81.9% of the outstanding equity interests and voting power in
OGK-3.

WHEREAS, contemporaneously with the execution
of this Agreement, Plug Power has entered into Amendment No. 1 (the “Amendment”)
to that certain Shareholder Rights Agreement, dated as of June 23, 2009,
between Plug Power and American Stock Transfer & Trust Company LLC, a New
York Limited Liability Trust Company (as amended, the “Rights Agreement”).

WHEREAS, the Board of Directors of Plug Power
(the “Board”) has determined that this Agreement, the Amendment and the
transactions contemplated hereby and thereby and related hereto are advisable
and in the best interests of Plug Power and the holders of Common Stock.

NOW, THEREFORE, in consideration of the mutual
covenants and agreements contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto hereby agree as follows:

Section
1.          Voting Support; Grant of Irrevocable Proxy.

(a)         Stockholder Meetings.  (i) During the period commencing on the
date of this Agreement and ending upon the election of directors at Plug
Power’s annual meeting of stockholders to be held in 2016 (the “Support
Period”), each Stockholder shall cause all shares (the “Shares”) of
Common Stock Beneficially Owned by it and/or its Affiliates or Associates (as
such terms are defined in the Rights Agreement), as of the record date for any
annual or special meeting of stockholders of Plug Power (or consent in lieu
thereof) and at any adjournments or postponements thereof, (A) to be present
(either in person or by proxy) for quorum purposes, (B) with respect to the
election of directors, to be voted in accordance with the recommendation of the
Board and withheld from any nominee that is not recommended by the Board, and
(C) with respect to each other matter brought before such meeting, to be voted
at least seven (7) days prior to the date of such meeting. 

 

 

 

 

 

 

(ii)        Notwithstanding Section 1(a)(i) hereof, each Stockholder shall
cause all shares of Common Stock Beneficially Owned by it and/or its Affiliates
or Associates, as of the record date for the 2011 annual meeting of the
stockholders of Plug Power (or any consent in lieu thereof) and at any
adjournments or postponements thereof (the “2011 Annual Meeting”), (A)
to be present (in person or by proxy) for quorum purposes, (B) to be voted in
favor of the nominees for election as Directors of the Board and withheld from
any nominee that is not recommended by the Board, (C) to be voted in favor of
each other matter brought before such meeting upon the recommendation of the
Board and set forth in Plug Power’s definitive proxy statement relating to such
meeting, and (D) to be voted against any proposal made by a stockholder that is
not recommended by the Board.

(b)        Grant of Irrevocable Proxy.

(i)         Each Stockholder hereby irrevocably grants to, and appoints, Plug Power,
and any individuals designated in writing by Plug Power, and each of them
individually, as such Stockholder’s proxy and attorney-in-fact (with full power
of substitution and re-substitution), for and in the name, place and stead of such
Stockholder, to vote the Shares, to instruct nominees or record holders to vote
the Shares, or grant a consent or approval in respect of the Shares for the
matters set forth in Section 1(a).  This proxy shall be effective with respect
to any Stockholder if, at any annual or special meeting of the stockholders of
Plug Power during the Support Period (or any consent in lieu thereof) and at
any adjournments or postponements of any such meetings, such Stockholder (A)
fails to appear or otherwise fails to cause the Shares to be counted as present
for purposes of calculating a quorum, or (B) fails to vote the Shares in
accordance with Section 1(a), in each case at least seven (7) days prior to the
date of such stockholders’ meeting (or within seven (7) days following the
record date for any consent in lieu of such stockholders’ meeting); provided,
however, that such Stockholder may vote the Shares in person at such
meeting notwithstanding the prior execution and delivery of such proxy by the
individuals designated by Plug Power pursuant to this paragraph. Each
Stockholder understands and acknowledges that Plug Power is entering into this
Agreement in reliance upon such Stockholder’s grant of this irrevocable proxy.

(ii)         Each Stockholder represents that any proxies heretofore given in respect
of the Shares that may still be in effect are not irrevocable, and that any
such proxies are hereby revoked.

(iii)        Each Stockholder hereby affirms that the irrevocable proxy set forth in
this Section 1(b) is given in connection with the execution of this Agreement
and the transactions contemplated hereby, and that such irrevocable proxy is
given to secure the performance of the duties of such Stockholder under this
Agreement.  Each Stockholder hereby further affirms that the irrevocable proxy
is coupled with an interest and, until the expiration of the Support Period,
may under no circumstances be revoked.  Each Stockholder hereby ratifies and
confirms all actions that the proxies appointed hereunder may lawfully do or
cause to be done in accordance with this Agreement.  Such irrevocable proxy is
executed and intended to be irrevocable in accordance with the provisions of
Delaware General Corporation Law.  

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Section
2.           Additional Director. 
The Stockholders and Plug Power agree that as soon as practicable following the
final adjournment of the 2011 Annual Meeting (and in no event later than June
30, 2011) but subject to this Section 2, the Board will increase the size of the
Board to seven (7) members and (i) appoint a designee of INTER RAO to fill the
newly created directorship on the Board as a Class II director, whose term shall
expire at Plug Power’s 2013 annual meeting of stockholders, and (ii) appoint a
designee of INTER RAO to fill the newly created directorship on the
Board as a Class III director, whose term shall expire at Plug Power’s 2014
annual meeting of stockholders (the individuals named in the foregoing clauses
(i) and (ii), the “INTER RAO Designees”).  Plug Power agrees
that (x) upon expiration of the term of the Class II INTER RAO Designee, the
Board shall re-nominate the individual serving as such Class II INTER RAO
Designee (or another individual designated by INTER RAO to serve as such Class
II INTER RAO Designee), but only if as of the date the Board makes its
nomination decisions the Stockholders beneficially own shares of Common Stock
representing at least 20% of the total outstanding shares of Common Stock, and
(y) upon expiration of the term of the Class III INTER RAO Designee, the Board
shall re-nominate the individual serving as such Class III INTER RAO Designee
(or another individual designated by INTER RAO
to serve as such Class III INTER RAO Designee), provided that in the case of
clause (y) the Board shall not be required to make such re-nomination if as of
the date the Board makes its nomination decisions either (A) (i) the
Stockholders beneficially own shares of Common Stock representing at least 10%
but less than 20% of the total outstanding shares of Common Stock and (ii) there
is at least one INTER RAO Designee then serving on the Board (other than such
Class III INTER RAO Designee) or INTER RAO has the right to have at least one
INTER RAO Designee serving on the Board (other than such Class III INTER RAO
Designee) or (B) the Stockholders beneficially own shares of Common Stock
representing less than 10% of the total outstanding shares of Common Stock. 
At such time as the INTER RAO Designees shall become directors of Plug Power,
they shall agree in writing to be bound by the terms and conditions of all Plug
Power policies applicable to directors.  Notwithstanding the foregoing, a
proposed INTER RAO Designee shall be subject to satisfaction of the criteria for
Board membership established by the Plug Power Corporate Governance Guidelines,
including the director qualification criteria thereof, as determined in the
reasonable and good faith discretion of the Corporate Governance and Nominating
Committee and the Board in the same manner as the Corporate Governance and
Nominating Committee and the Board would consider any candidate for Board
membership.  The Stockholders acknowledge and agree that for the first year
of service as directors of Plug Power the INTER RAO Designees shall not be
entitled to any compensation, regardless of form or amount, or expense
reimbursement for such service, and INTER RAO shall cause such INTER RAO
designees to waive, in writing, any entitlement thereto prior to such INTER RAO Designees’ appointment
or election to the Board.

Section
3.          Standstill Arrangements. 
During the Support Period, none of the Stockholders nor any of their Affiliates
or Associates will, without the written consent of the Board, directly or
indirectly:

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(a)         acquire or agree, offer, seek or propose to acquire, or cause to be
acquired, ownership (including, but not limited to Beneficial Ownership), or
arrange, or in any way participate in, any financings for the acquisition, of
any of the assets or businesses of Plug Power or any of its subsidiaries or of
any Common Stock or other securities of Plug Power or any of its subsidiaries,
or any rights or options to acquire any such ownership (including from a third
party) (other than acquisitions by any Stockholder or its Affiliates or
Associates, in each case which is an INTER RAO Grandfathered Person or a
Grandfathered Person (as such terms are defined in the Rights Agreement) at the
time of such acquisition, that do not result in such Stockholder, Affiliates or
Associates owning shares of Common Stock of Plug Power that equal or exceed the
Grandfathered Percentage or INTER RAO Grandfathered Percentage (as such terms
are defined in the Rights Agreement) applicable to such person);

(b)          form, join, become a member of or in any way participate in a “group”
within the meaning of Section 13(d)(3) of  the Securities Exchange Act of 1934,
as amended (the “Exchange Act”) (other than any “group'” to the extent
such “group” could be deemed to exist among parties consisting solely of the
Stockholders and/or their Affiliates or Associates), with respect to any equity
securities of Plug Power;

(c)          solicit proxies or consents for the voting of any voting or other
securities of Plug Power in connection with any “election contest,” or
otherwise become a “participant,” directly or indirectly, in any “solicitation”
of “proxies” or consents to vote in connection with any “election contest” or
exempt solicitation under Rule 14a-2(b)(1) under the Exchange Act relating to
an “election contest” involving Plug Power (all terms used in this subsection
(c) and defined in Regulation 14A under the Exchange Act having the meanings
assigned to them therein);

(d)          nominate or propose any persons as a director of Plug Power other than
nominations made in a non-public manner pursuant to and in compliance with the
policy relating to the consideration of director candidates recommended by
security holders established from time to time by Plug Power’s Corporate
Governance and Nominating Committee; or

(e)          except as otherwise expressly provided herein, (i) announce an intention
to do, (ii) enter into any discussions, negotiations, arrangements or
understandings with any third party with respect to, (iii) publicly disclose
any intention, plan or arrangement inconsistent with, or (iv) provide any
advice or assistance to any other person, entity or group in connection with,
any of the foregoing.

The Stockholders shall not request Plug Power (or its
directors, officers, employees or agents), directly or indirectly, to amend or
waive any provision of this Section 3 (including this sentence).

Section
4.           Affiliate Transfers.  In the
event that at any time after the date hereof any Affiliate or Associate of
either Stockholder acquires Beneficial Ownership of any shares of Common Stock,
such Affiliate or Associate shall, automatically and without further action by
any party, become a party to and bound by the terms of this Agreement as a
“Stockholder” hereunder.

Section
5.           Press Releases; Schedule 13D. 
The press release with respect to the execution of this Agreement shall
be a press release to be reasonably agreed upon by Plug Power and the
Stockholders. 

                       
(b)          Promptly following execution of
this Agreement, OGK-3 shall amend its Schedule 13D filed with the Securities
and Exchange Commission to amend Item 4 to provide that OGK-3 no longer has a
present intent to sell all or a portion of the Shares.

4

 

 

Section 6.         General Provisions.   Each of the Stockholders hereby represents to Plug Power, and Plug Power
hereby represents to each of the Stockholders, that:

 

(i)            such party has all requisite corporate, limited partnership, limited
liability company or other, as applicable, authority and power to execute and
deliver this Agreement and to consummate the transactions contemplated hereby;

(ii)           the execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby have been duly and validly authorized by all
required action on the part of such party and no other proceedings on the part
of such party are necessary to authorize the execution and delivery of this
Agreement or to consummate the transactions contemplated hereby;

(iii)          this Agreement has been duly and validly executed and delivered by such
party and constitutes the valid and binding obligation of such party
enforceable against such party in accordance with its terms; and

(iv)          this Agreement will not result in a violation on its part of any terms
or provisions of any agreements to which such person is a party or by which
such party may otherwise be bound or of any law, rule, license, regulation,
judgment, order or decree governing or affecting such party (it being
understood that each party makes no representation as to whether this Agreement
will result in any such violation on the part of the other parties hereto).

(b)         OGK-3 hereby represents to Plug Power that OGK-3 Beneficially Owns 44,626,939
shares of Common Stock and possesses sole voting power with respect to all such
shares.  The Stockholders represent and warrant that no Stockholder is a party
to any agreement, arrangement or understanding with any third party other than
Plug Power with respect to the securities, management or control of Plug Power,
except as expressly contemplated by this Agreement.

(c)          INTER RAO hereby represents to Plug Power that: (i) it is the
direct owner of shares of OGK-3 representing approximately 81.9% of the
outstanding equity interests and voting power in OGK-3; and (ii) except for the
44,626,939 shares of Common Stock Beneficially Owned directly by OGK-3, neither
INTER RAO
nor any of its Affiliates or Associates Beneficially Own or could be deemed to
Beneficially Own any shares of Common Stock of Plug Power.

(d)          Each party agrees and acknowledges that it will be impossible to measure
in money damages the harm that would be suffered by either party if the other
party fails to comply with any of its obligations hereunder and that in the
event of any such failure, the aggrieved party will be irreparably damaged and
will not have an adequate remedy at law.  Any such aggrieved party shall, in
addition to any other remedy to which it may be entitled at law or in equity,
be entitled to injunctive relief, including specific performance, to enforce
the provisions of this Agreement.  If any action should be brought in equity to
enforce any of the provisions of this Agreement, none of the parties hereto
shall raise the defense that there is an adequate remedy at law.  Any
requirements for the securing or posting of any bond with such remedy are
hereby waived.

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(e)           The parties hereto acknowledge, warrant and represent that they have
carefully read this Agreement, understand it, have consulted with and received
the advice of counsel regarding this Agreement, agree with its terms, and
freely, voluntarily and knowingly execute it.

(f)            This Agreement shall be binding upon and inure to the benefit of and be
enforceable by the parties hereto and their respective successors, personal
representatives and assigns. 

(g)           This Agreement contains the entire agreement between the parties with
respect to the subject matter hereof and supersedes all prior and contemplated
arrangements and understandings with respect thereto.

(h)           This Agreement may be signed in counterparts, each of which shall
constitute an original and all of which together shall constitute one and the
same agreement.  This Agreement may be executed by facsimile or electronic
(pdf) signature and a facsimile or electronic (pdf) signature shall constitute
an original for all purposes.

(i)            All notices and other communications required or permitted hereunder
shall be effective upon receipt and shall be in writing and may be delivered in
person, by telecopy, express delivery service or U.S. mail, in which event it
may be mailed by first-class, certified or registered, postage prepaid,
addressed to the party to be notified at the respective addresses set forth
below, or at such other addresses which may hereinafter be designated in
writing:     

	
		if to Plug Power:
	

Plug Power Inc.

		
	
		 
	

968 Albany Shaker Road

		
	
		 
	

Latham, New York 12110

		
	
		 
	

Attention: Gerard L. Conway, Jr.

		
	
		 
	

                  General Counsel

		
	
		 
	

                                                            

		
	
		with a copies to:
	

Goodwin
Procter LLP

		
	
		 
	

Exchange
Place

		
	
		 
	

Boston,
Massachusetts 02109

		
	
		 
	

Attention:    Robert P. Whalen, Jr.

		
	
		 
	

                  James A. Matarese

		
	
		 
	

 

		
	
		 
	

                                                

		
	
		if to the Stockholders:
	

INTER RAO UES

		
	
		 
	

12 Krasnopresnenskaya
nab.

		
	
		 
	

Moscow,
123610 Russian Federation

		
	
		 
	

Attention: Evgeny Rasskazov

		
	
		 
	

 

		
	
		 
	

 

		
	
		with a copy to: 
	

Allen & Overy
Legal Services

		
	 	

9 Dmitrovsky
pereulok

		

                                                                             

6

 

 

 

 

 

 

Moscow,
107031 Russian Federation

Attention:
Anton Konnov

 

(j)           This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Delaware, United States of America,
without regard to any conflict of laws provisions thereof.  Each
party, on behalf of itself and its Affiliates and Associates, hereby irrevocably
and unconditionally consents to the exclusive jurisdiction of the courts in the
State of Delaware and/or the courts of the United States of America located in
the State of Delaware for any action, suit or proceeding arising out of or
relating to this Agreement or the transactions contemplated hereby, and agrees
not to commence any action, suit or proceeding related thereto except in such
courts.  Each party, on behalf of itself and its
Affiliates and Associates, hereby irrevocably and unconditionally waives any
objection to the laying of venue of any action, suit or proceeding arising out
of this Agreement or the transactions contemplated hereby, in the courts in the
State of Delaware and/or the courts of the United States of America located in
the State of Delaware, and hereby further irrevocably and unconditionally
waives and agrees not to plead or claim in any such court that any such action,
suit or proceeding in any such court has been brought in any inconvenient
forum.  Each of the parties further agrees that service of any process,
summons, notice, or document by U.S. registered mail (with respect to any
address in the United States of America) or by a recognized international
express courier service, including, without limitation, International Federal
Express (with respect to any address outside of the United States of America)
to such party’s then current address for notice pursuant to Section 6(i) hereof
shall be effective service of process for any action, suit, or proceeding
brought against it in such court.  Each of the parties hereto agrees that its
submission to jurisdiction and its consent to service of process in the manner
described above is made for the express benefit of the other parties hereto.

(k)          No failure or delay of any party in exercising any right or remedy
hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right or power, or any abandonment or discontinuance of
steps to enforce such right or power, or any course of conduct, preclude any
other or further exercise thereof or the exercise of any other right or power. 
The rights and remedies of the parties hereunder are cumulative and are not
exclusive of any rights or remedies which they would otherwise have hereunder. 
Any agreement on the part of any of the parties to any such waiver shall be
valid only if set forth in a written instrument executed and delivered by a
duly authorized officer on behalf of such party.

(l)            If any term, provision, covenant or restriction of this Agreement is
held by a court of competent jurisdiction to be invalid, void or unenforceable,
the remainder of the terms, provisions, covenants and restrictions of this
Agreement shall remain in full force and effect and shall in no way be
affected, impaired or invalidated.  It is hereby stipulated and declared to be
the intention of the parties that the parties would have executed the remaining
terms, provisions, covenants and restrictions without including any of such
which may be hereafter declared invalid, void or unenforceable.  In addition,
the parties agree to use their best efforts to agree upon and substitute a
valid and enforceable term, provision, covenant or restriction for any such
that is held invalid, void or unenforceable by a court of competent jurisdiction. 

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK]

 

7

 

 

 

 

 

 

            IN WITNESS WHEREOF, each of the parties hereto
has executed this Standstill and Support Agreement, or caused the same to be
executed by its duly authorized representative as of the date first above written.

 

		

PLUG POWER INC.

			
	

 

			
	

 

			
	

By:
/s/ Andrew Marsh                               

			
	

Name: Andrew Marsh

			
	

Title: President and Chief
Executive Officer

			
	

 

			
	

 

			
	

 

			
	

OJSC “INTER RAO UES”

			
	

 

			
	

By:
/s/ Ilnar I. Mirsiyapov

			
	

Name: 
Ilnar I. Mirsiyapov

			
	

Title:
Member of the Management Board, Head of strategy and investments

			
	

 

			
	

 

			
	

OJSC
“Third Generation Company of the Wholesale Electricity Market”

			
	

 

			
	

By:
/s/ Alexander E. Nikulov

			
	

Name:
Alexander E. Nikulov

			
	

Title:
Acting Chief Executive Officer

			

 

 

 

 

 

 

 

 

 

[Signature Page to
Standstill and Support Agreement]

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