Document:

Separation and Release Agreement by and between Dave Neumann and Plug Power

 Exhibit 10.2 
 SEPARATION AGREEMENT AND GENERAL RELEASE 
 This Separation Agreement and General Release (this
“Agreement”) is made and entered into as of the Agreement Date (as defined in Section 13 below) by and between Plug Power Inc. (“Employer”) and David A. Neumann (“Employee”). 
 A. Employee has resigned from his positions as an employee and officer of Employer as of June 30, 2006 (the “Termination Date”).

 B. Employee currently holds (i) options to acquire 116,979 shares of Employer’s common stock, of which 60,312 are vested (the
“Vested Options”) and 56,667 are unvested (the “Unvested Options”) as of the Termination Date and (ii) a restricted stock award for 21,000 shares of Employer’s common stock, none of which are vested as of
the Termination Date (the “Unvested Restricted Stock”). 
 C. Employee and Employer have agreed to enter into this Agreement
to describe their respective rights and obligations from and after the Termination Date. 
 NOW, THEREFORE, in consideration of the foregoing
premises and the covenants and agreements herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 
 1. Termination. 
 (a) The parties hereto agree that Employee’s employment with Employer shall cease effective as of the
Termination Date. Effective as of the Termination Date, the Employee further resigns from any and all offices or other positions he holds with Employer and Employer’s affiliates or benefits plans. 
 (b) Employee will be entitled to receive his salary and participate in the Employer’s employee benefits plans through the Termination Date.

 (c) On the first regular payroll date following the Termination Date, Employer will pay Employee for all accrued but unpaid salary and
accrued but unused vacation time. Except as provided hereinbelow, Employee’s rights to participate in Employer’s employee benefits plans and perquisites will terminate on or after the Termination Date in accordance with the terms of such
plans or perquisites. 
 2. Separation Payments and Benefits. In consideration of Employee’s agreements hereunder, and subject to
Section 6 below, Employer will provide Employee, on the later of the Termination Date or the Agreement Date (the “Effective Date”), or such later date as is specified below, with the following separation payments and benefits:

 (a) A lump sum payment equal to $192,250 (the “Severance Payment”). The Severance Payment will be paid to
Employee on January 2, 2007 (the “Severance Payment Date”). 

 (b) Acceleration of vesting in all remaining Unvested Options and Unvested Restricted
Stock. 
 (c) An extension, until 24 months following the Termination Date, in which to exercise any Vested Options, including
those described in Section 2(b) above, with respect to which the exercise price is equal to or greater than the fair market value of Employer’s common stock as of the Effective Date. An extension, until December 31, 2006, in which to
exercise any Vested Options, including those described in Section 2(b) above, with respect to which the exercise price is less than the fair market value of Employer’s common stock as of the Effective Date. The fair market value of
Employer’s common stock as of the Effective Date shall equal the closing sale price of Employer’s common stock on the NASDAQ National Market on the Effective Date, or if the Effective Date is not a trading day, the immediately preceding
trading day. 
 (d) A grant of 15,000 shares of unrestricted common stock under the Plug Power Inc. 1999 Stock Option and
Incentive Plan in respect of past services and for the consideration received by Employer pursuant to this Agreement. This grant shall be made on the Severance Payment Date. 
 (e) Continuation for a period of 12 months following the Termination Date of Employee’s group health, dental and life insurance
coverage in effect on the Termination Date as if Employee remained an active employee; provided that if such coverage may not be continued under Employer’s current health, dental and life insurance policies without amending such policies or
increasing Employer’s payments made for such coverage, then (i) with respect to health or dental insurance, Employer shall notify Employee in advance of the Termination Date of such fact, Employee will elect COBRA coverage and Employer
will pay all COBRA premiums (less the amount Employee would have been required to pay for such insurance if he had remained as an active employee) on behalf of Employee and (ii) with respect to life insurance, Employer shall pay Employee, on
the Severance Payment Date, an amount equal to the premiums Employer would have paid for such life insurance had Employee remained as an active employee for twelve months after the Termination Date. 
 3. Post-Termination Consulting. 
 (a)
Employee hereby agrees to provide non-exclusive consulting services to Employer from the Termination Date through December 31, 2006 (the “Consulting Period”). 
 (b) As a consultant to Employer, Employee agrees upon request from Employer to assist with respect to transitional matters that may arise in connection
with termination of Employee’s employment, to respond to requests for assistance or information concerning business matters with which Employee became familiar while employed, and to provide assistance with respect to the preparation of the
Employer’s financial statements and 

 Quarterly Reports on Form 10-Q for the fiscal quarters ended June 30, 2006 and September 30, 2006 and related
matters (the “Consulting Services”); provided, however, that Employer shall not request Employee to provide more than 80 hours per month during July and August 2006 or more than 10 hours per month during any other month.

 (c) It is intended and agreed by and between the parties that while providing Consulting Services, Employee is, and shall at all times be
and remain, an independent contractor. Employee understands and agrees that during the Consulting Period, Employee is not an employee of Employer and shall not be treated as an employee for any purpose. Employee understands and agrees that as an
independent contractor, Employee is required to pay and is solely liable for, all applicable taxes, including, without limitation, federal income tax and state income tax on remuneration Employee receives in exchange for the Consulting Services and
Employee may be required to pay quarterly estimated income taxes. For each of July and August, Employer shall pay Employee a monthly retainer of $20,000 for provision of Consulting Services. For each subsequent month, Employer shall pay Employee a
monthly retainer of $2,500 for provision of Consulting Services. The retainer for each month will be paid to Employee within one week of the first day of such month. Employer shall promptly reimburse Employee for all reasonable disbursements
incurred by Employee in connection with providing Consulting Services, subject to approval and documentation in accordance with applicable policies as may be in effect from time to time. Nothing in this Agreement or otherwise shall be construed as
identifying Employee as an employee, agent or legal representative of any of Employer during the Consulting Period for any purpose whatsoever. Employee will not be authorized to transact business, incur obligations, sell goods, receive payments,
solicit orders or assign or create any obligation of any kind, express or implied, on behalf of any of Employer, or to bind in any way whatsoever, or to make any promise, warranty or representation on behalf of any of Employer with respect to any
matter, except as expressly authorized in writing by Employer. Employee shall not use any of Employer’s trade names, trademarks, service names or servicemarks without the prior written approval of Employer. 
 During the Consulting Period, Employee shall be free to pursue other business opportunities or employment (except to the extent that such other business
opportunities or employment violates Employee’s obligations hereunder); provided, however, that Employee shall remain available to provide and shall provide, on reasonable notice, Consulting Services to Employer. 
 4. General Release. 
 (a) Employee,
for himself, his agents, legal representatives, assigns, heirs, distributees, devisees, legatees, administrators, personal representatives and executors (collectively, the “Releasing Parties”), hereby release and discharge Employer
and its present and past subsidiaries and affiliates, its and their respective successors and assigns, and the present and past shareholders, officers, directors, employees, agents and representatives of each of the foregoing (collectively, the
“Released Parties”), from any and all claims, demands, actions, liabilities and other claims for relief and remuneration whatsoever, whether known or unknown, from the beginning of the world to the date Employee signs this
Agreement, including, 

 without limitation, any claims arising out of or relating to Employee’s employment with and termination of
employment from Employer, any claims for discrimination or retaliation under any federal, state or local fair employment practices laws, including, Title VII of the Civil Rights Act of 1964 (as amended by the Civil Rights Act of 1991), the Family
and Medical Leave Act, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the New York State Human Rights Law (Article 15 of the New York State Executive Law), and any claims under any tort or contract (express or
implied) theory, and any of the claims, matters and issues which could have been asserted by the Releasing Parties against the Released Parties in any legal, administrative or other proceeding in any jurisdiction, provided that the Releasing
Parties do not release potential claims for failure of the Released Parties to comply with the terms of this Agreement and applicable law relating to Employee’s benefits, including without limitation, vested balances in the Employer’s
Section 401(k) retirement savings plan. 
 (b) Employee further agrees not to assert any claim released hereby against any Released
Party in any lawsuit and shall not seek or accept any damages or relief with respect to any claims released by the language above. 
 (c)
Nothing contained in this Agreement shall be construed as an admission of wrongdoing or liability whatsoever by any Released Party against Employee. 
 5. Restrictive Covenants. 
 (a) Employee acknowledges that, during his employment, Employee learned of
and had access to confidential information regarding Employer, including without limitation confidential or secret plans, programs, documents, agreements, formulae, models or other material relating to the business, services or activities of
Employer and trade secrets, market reports, customer investigations, customer lists and other similar information that is proprietary information of Employer (collectively referred to as “Confidential Information”). Employee
acknowledges that such Confidential Information is a special, valuable and unique asset of Employer. Employee acknowledges that all records, files, materials and Confidential Information obtained by Employee are confidential and proprietary and
shall remain the exclusive property of Employer. Employee shall not at any time, for any reason, except for the benefit of Employer, use for his own benefit or the benefit of any person or entity with which he may be associated or, subject to the
following sentence, disclose any such Confidential Information to any person, firm, corporation, association or other entity for any reason or purpose whatsoever without the prior written consent of the Chief Executive Officer of Employer.
Notwithstanding the foregoing, the Employee may disclose such information if such disclosure is required by law or applicable court order or directive from any other tribunal and then only with as much prior written notice to Employer as is
practical under the circumstances. Notwithstanding anything contained herein to the contrary, Confidential Information shall not include any information known to the Employee prior to his employment with Employer, any information in the public
domain and any information recognized as standard industry practice. 
 (b) Employee will promptly deliver to Employer all documents and
materials in his possession of any nature pertaining to Employer which contain any such information and Employee will not take with him any documents or materials or copies thereof containing any 

 such information except those documents and material which are relevant to his position for protecting the terms of this
Agreement. Employer and Employee agree that the terms of this Agreement shall be maintained as confidential thereby, and that neither party shall disclose the terms hereof, except to their respective attorneys, accountants (who shall not themselves
disclose the terms hereof) and advisors and as required by applicable law or applicable court order. Notwithstanding the foregoing sentence, Employee may disclose the terms of Section 5 hereof, or any part thereof, to an employer or potential
employer, business partner or prospective business partner. 
 (c) Employee and Employer acknowledge that Employer, at considerable expense,
has developed valuable goodwill, going concern value, customer and client relationships and confidential information that are valuable property rights of Employer and that Employee’s position with Employer is such that Employee has had access
to and knowledge concerning such rights which, if used for other than the benefit of Employer, could significantly injure Employer. Accordingly, Employee covenants that, through one (1) year following the Termination Date (the
“Restricted Period”), Employee shall not, directly or indirectly, individually or on behalf of any other person, without the prior express written consent of Employer, work for, consult with, provide any services to or provide
information to any firm, entity or person in the business of manufacturing PEM fuel cells for any application or fuel reforming processing systems designed for automotive or distributed generating applications. 
 (d) Employee agrees that, during the Restricted Period, Employee will not knowingly, directly or indirectly, solicit any person who is employed or
retained by Employer, to terminate such person’s employment or retention by Employer or its affiliates for the purpose of becoming employed or retained by Employee or any other person. 
 (e) Employee covenants and agrees not to take any action or make any statement that may reasonably be construed as detrimental to Employer or its
personnel or publish any communication that may reasonably be construed to be disparaging of the Employer, its business practices or personnel. 
 (f) Employee acknowledges and agrees that he continues to be bound by the terms of the Plug Power LLC Employee Patent and Confidential Information Agreement he entered into with Employer’s predecessor on December 22, 1997.

 (g) Employee covenants, agrees and recognizes that because the breach or threatened breach of any of the covenants and agreements set
forth in this Section 5 will result in immediate and irreparable injury to Employer, Employer shall be entitled to an injunction restraining Employee from any violation of this Section 5 to the fullest extent allowed by law. Employee
further covenants, agrees and recognizes that in the event of a violation of any of the covenants and agreements set forth in this Section 5, Employer shall be entitled to receive all such amounts to which Employer would be entitled as damages
under law or at equity. 
 (h) Employee expressly acknowledges and agrees that (i) the covenants and agreements set forth in this
Section 5 are reasonable and are necessary to protect the legitimate business and competitive interests of Employer and (ii) each of the covenants and agreements set 

 forth in this Section 5 is separately and independently given, and each such covenant and agreement is intended to
be enforceable separately and independently of the other such covenants and agreements, including without limitation enforcement by injunction. In the event that any provision or portion of a provision of this Agreement shall be held invalid or
unenforceable by a court of competent jurisdiction by reason of the geographic or business scope or the duration, or for any other reason, then the court may amend or modify that provision or portion of a provision to the extent necessary to render
it enforceable or, if not susceptible to amendment or modification, strike only that provision or portion of a provision as is determined to be void or invalid from this Agreement, and this Agreement shall remain in full force and effect in all
other respects. 
 6. Voluntary Agreement. Employee acknowledges and states that he has read this Agreement, that he has had
opportunity to, and has been advised, orally and in writing hereby, to consult with legal counsel prior to executing this Agreement, that he understands the legal effect and binding nature of this Agreement and that he is acting voluntarily and with
full knowledge of his actions in executing this Agreement. 
 7. Taxes. The Employer shall undertake such tax withholding and
reporting as it deems applicable in respect of the payments and benefits set forth herein. All payments and benefits provided to Employee under this Agreement shall be reduced by any withholding Employer determines are required. The Employee
expressly agrees that he is solely responsible for all tax liabilities and consequences to him, which may result from his receipt of money or benefits under this Agreement, and he agrees that the Employer shall bear absolutely no responsibility for
such liabilities or consequences. The Employee indemnifies and holds the Employer harmless from any such tax liabilities or consequences. Further, the Employee agrees that, except as stated herein, the Employer shall not be required to pay any
further sum to him as part of this settlement, for any reason, including, but not limited to whether the tax liabilities and consequences to him are ultimately assessed in a fashion he does not presently anticipate. 
 8. Governing Law. This Agreement and any dispute or controversy arising out of the actions contemplated by this Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of New York, without giving effect to its conflict or choice of law provisions that would apply the law of any other jurisdiction. 
 9. Miscellaneous. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to
in writing signed by the parties hereto. No waiver by any party hereto at any time of any breach by any other party hereto of, or compliance with, any condition or provisions of this Agreement to be performed by such other party shall be deemed a
waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by any party
which are not set forth expressly in this Agreement. Headings in this Agreement are for convenience only and shall not be used to interpret or construe its provisions. This Agreement may be executed in counterparts, each of which shall be deemed to
be an original but all of which together will constitute one and the same instrument. This Agreement constitutes the entire agreement among the parties hereto regarding the subject matter hereof; provided that except as 

 expressly modified herein, this Agreement shall not supersede the Plan or other terms and conditions pursuant to which
Employer granted options and shares of restricted stock to Employee. This Agreement shall supersede, among other things, the Executive Severance Agreement, dated as of January 20, 2004, by and between Employer and Employee. This Agreement shall
inure to the benefit of and be binding upon the parties hereto and their respective heirs, successors and assigns. 
 10. Legal
Expenses. In the event of a breach of this Agreement by either party, including a failure to timely pay all sums due to Employee, the successful party in any action brought to seek remedy for the alleged breach shall be entitled to reimbursement
for all of his or its legal expenses incurred, including all reasonable legal fees and disbursements. 
 11. Arbitration. Except for
equitable actions in a court of competent jurisdiction to enforce Section 5 herein, in the event of a dispute under this Agreement, the same shall be submitted to binding arbitration in Albany, New York to be conducted before the American
Arbitration Association (“AAA”) and the award of the arbitrator(s) shall be binding and enforceable and may be entered in any court of competent jurisdiction. All the parties irrevocably consent to the jurisdiction of the federal and state
courts situated in the State of New York, County of Albany, in connection with a dispute under this Agreement and all the parties hereto waive any claim that such tribunal is an inconvenient forum. In the event that an arbitration proceeding is
brought by any party to enforce the terms hereof each party to such arbitration shall bear its own costs and fees relating thereto, except as provided in Section 10 above. 
 12. Death/Disability. In the event of the death or disability of Employee at any time the obligations of Employer, including the obligations to
make timely payments to Employee or his heirs, successors or assigns shall not be affected in any way but shall remain binding obligations hereunder. 
 13. REVIEW/REVOCATION. EMPLOYEE IS HEREBY ADVISED TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS AGREEMENT. EMPLOYEE UNDERSTANDS THAT IF HE DOES NOT SIGN AND RETURN THIS AGREEMENT TO THE UNDERSIGNED
REPRESENTATIVE OF EMPLOYER WITHIN TWENTY-ONE (21) DAYS, THE OFFER OF THIS AGREEMENT WILL EXPIRE. EMPLOYEE HAS SEVEN (7) DAYS FROM THE DATE HE SIGNS THIS AGREEMENT TO REVOKE HIS ACCEPTANCE. TO REVOKE, EMPLOYEE MUST DELIVER A WRITTEN NOTICE
OF REVOCATION TO THE UNDERSIGNED WITHIN SEVEN (7) DAYS AFTER HE SIGNS THIS AGREEMENT. THIS AGREEMENT WILL NOT BECOME EFFECTIVE UNTIL THE DATE ON WHICH THAT SEVEN DAY REVOCATION PERIOD EXPIRES (THE “AGREEMENT DATE”). 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above
written. 
  

							
	EMPLOYEE	 		 	PLUG POWER INC.
				
	 /s/ David A. Newmann
	 		 		 	 /s/ Roger B. Saillant

	David A. Neumann	 		 	Name:	 	Roger B. Saillant
		 		 	Title:	 	President and CEO
				
	Date:    May 25, 2006	 		 	Date:	 	May 25, 2006Executive Severance Agreement and between Mark Sperry and Plug Power Inc

 Exhibit 10.7 
 EXECUTIVE SEVERANCE AGREEMENT 
 AGREEMENT made as of this 29th day of August, 2002 by and between
Plug Power Inc., a Delaware corporation with its principal place of business in Latham, New York (the “Company”), and Mark Sperry (the “Executive”). 
 1. Purpose. The Company considers it essential to the best interests of its stockholders to promote and preserve the continuous employment of key management personnel. The Board of Directors of the Company (the
“Board”) recognizes, however, that, as is the case with many publicly held corporations, the possibility of a Change in Control (as defined in Section 2 hereof) exists and that such possibility, and the uncertainty and questions which
it may raise among management, may result in the departure or distraction of management personnel to the detriment of the Company and its stockholders. Therefore, the Board has determined that appropriate steps should be taken to reinforce and
encourage the continued attention and dedication of members of the Company’s management, including the Executive, to their assigned duties without distraction in the face of potentially disturbing circumstances arising from the possibility of a
Change in Control. Nothing in this Agreement shall be construed as creating an express or implied contract of employment and, except as otherwise agreed in writing between the Executive and the Company, the Executive shall not have any right to be
retained in the employ of the Company. 
 2. Change in Control. A “Change in Control” shall be deemed to have occurred in
any one of the following events: 
 (a) any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its
subsidiaries), together with all Affiliates and Associates (as such terms are hereinafter defined) of such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of
securities of the Company representing 25% or more of the then outstanding shares of common stock of the Company (the “Stock”) (other than as a result of an acquisition of securities directly from the Company); or 
 (b) persons who, as of the Effective Date, constitute the Company’s Board of Directors (the “Incumbent Directors”) cease for any reason,
including, without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the Board, provided that any person becoming a director of the Company subsequent to the Effective Date
shall be considered an Incumbent Director if such person’s election was approved by or such person was nominated for election by either (i) a vote of at least a majority of the Incumbent Directors or (ii) a vote of at least a majority
of the Incumbent Directors who are members of a nominating committee comprised, in the majority, of Incumbent Directors; but provided further, that any such person whose initial assumption of office is in connection with an actual or threatened
election contest relating to the election of members of the Board of 

 Directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than
the Board, including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation, shall not be considered an Incumbent Director; or 
 (b) Upon (A) the consummation of any consolidation or merger of the Company where the shareholders of the Company, immediately prior to the
consolidation or merger, did not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 of the Exchange Act), directly or indirectly, shares representing in the aggregate more than 50% of the voting
shares of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), (B) the consummation of any sale, lease, exchange or other transfer (in one transaction or a series of
transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company or (C) the completion of a liquidation or dissolution that has been approved by the stockholders of the Company .

 Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred for purposes of the foregoing clause
(a) solely as the result of an acquisition of securities by the Company which, by reducing the number of shares of Stock outstanding, increases the proportionate number of shares of Stock beneficially owned by any person to 25% or more of the
shares of Stock then outstanding; provided, however, that if any such person shall at any time following such acquisition of securities by the Company become the beneficial owner of any additional shares of Stock (other than pursuant to a stock
split, stock dividend, or similar transaction) and such person immediately thereafter is the beneficial owner of 25% or more of the shares of Stock then outstanding, then a “Change in Control” shall be deemed to have occurred for purposes
of the foregoing clause (a). 
 (c) For purposes of this Agreement, “Affiliate” and “Associate” shall have the respective
meanings ascribed to such terms in Rule 12b-2 of the Exchange Act, as in effect on the date of this Agreement; provided, however, that no person who is a director or officer of the Company shall be deemed an Affiliate or an Associate
of any other director or officer of the Company solely as a result of his position as director or officer of the Company. 
 3.
Terminating Event. A “Terminating Event” shall mean any of the events provided in this Section 3 occurring subsequent to a Change in Control as defined in Section 2: 
 (a) termination by the Company of the employment of the Executive with the Company for any reason other than (A) a willful act of dishonesty by the
Executive with respect to any matter involving the Company or any subsidiary or affiliate, or (B) conviction of the Executive of a crime involving moral turpitude, or (C) the gross or willful failure by the Executive to substantially
perform the Executive’s duties with the Company (other than any such failure after the Executive gives notice of termination for “Good Reason”), which failure is not cured within 30 days after a written demand for substantial
performance is received by the Executive from the Board of Directors of the Company which specifically identifies the manner in which the Board of Directors believes the Executive has not substantially performed the Executive’s duties, or
(D) the failure by the Executive to perform his full-time duties with the 
  

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 Company by reason of his death or disability; provided, however, that a Terminating Event shall not be deemed to have
occurred pursuant to this Section 3(a) solely as a result of the Executive being an employee of any direct or indirect successor to the business or assets of the Company, rather than continuing as an employee of the Company following a Change
in Control. For purposes of clauses (A) and (C) of this Section 3(a), no act, or failure to act, on the Executive’s part shall be deemed “willful” unless done, or omitted to be done, by the Executive without reasonable
belief that the Executive’s act, or failure to act, was in the best interests of the Company and its subsidiaries and affiliates. For purposes of clause (D) of this Section 3(a), Section 6 and Section 8(b) hereof,
“disability” shall mean the Executive’s incapacity due to physical or mental illness which has caused the Executive to be absent from the full-time performance of his duties with the Company for a period of six (6) consecutive
months if the Company shall have given the Executive a Notice of Termination and, within thirty (30) days after such Notice of Termination is given, the Executive shall not have returned to the full-time performance of his duties. 

(b) termination by the Executive of the Executive’s employment with the Company for “Good Reason.” “Good Reason” shall mean
the occurrence of any of the following events: 
 (i) a material adverse change, not consented to by the Executive, in the nature or scope of
the Executive’s responsibilities, authorities, powers, functions or duties from the responsibilities, authorities, powers, functions or duties exercised by the Executive immediately prior to the Change in Control; or 
 (ii) a reduction in the Executive’s annual base salary as in effect on the date hereof or as the same may be increased from time to time hereafter;
or 
 (iii) unless otherwise consented to by the Executive, the relocation of the Company’s offices at which the Executive is
principally employed immediately prior to the date of a Change in Control (the “Current Offices”) to any other location more than fifty (50) miles from the Current Offices, or the requirement by the Company for the Executive to be
based anywhere other than the Current Offices, except for required travel on the Company’s business to an extent substantially consistent with the Executive’s business travel obligations immediately prior to the Change in Control; or

 (iv) the failure by the Company to pay to the Executive any portion of his compensation or to pay to the Executive any portion of an
installment of deferred compensation under any deferred compensation program of the Company within fifteen (15) days of the date such compensation is due without prior written consent of the Executive; or 
 (v) the failure by the Company to obtain an effective agreement from any successor to assume and agree to perform this Agreement, as required by
Section 18. 
  

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 4. Severance Payment. In the event a Terminating Event occurs within twenty-four (24) months after
a Change in Control, 
 (a) the Company shall pay to the Executive an amount equal to the sum of (i) the Executive’s average annual
base salary over the three (3) fiscal years immediately prior to the Terminating Event (or the Executive’s annual base salary in effect immediately prior to the Change in Control, if higher) and (ii) the Executive’s average
annual bonus over the three (3) fiscal years immediately prior to the Change in Control (or the Executive’s annual bonus for the last fiscal year immediately prior to the Change in Control, if higher), payable in one lump-sum payment no
later than five (5) days following the Date of Termination; and 
 (b) the Executive shall continue to vest in Executive’s options,
in accordance with the governing stock options and all of the terms of those plans shall continue to be in effect, as though Executive had remained an active employee, for twelve (12) months; and 
 (c) the Company shall, regardless of whether the Company is unable to utilize Company-related benefit plans, continue to provide to the Executive certain
benefits, including, without limitation, health, dental and life insurance on the same terms and conditions as though the Executive had remained an active employee, for twelve (12) months; and 
 (d) the Company shall provide COBRA benefits to the Executive following the end of the period referred to in Section 4(b) above, such benefits to be
determined as though the Executive’s employment had terminated at the end of such period; and 
 (e) the Company shall pay to the
Executive all reasonable legal and arbitration fees and expenses incurred by the Executive in obtaining or enforcing any right or benefit provided by this Agreement, except in cases involving frivolous or bad faith litigation. 
 5. Additional Limitation. 
 (a)
Anything in this Agreement to the contrary notwithstanding, in the event that any compensation, payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the
terms of this Agreement or otherwise (the “Severance Payments”), would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), the following provisions shall apply:

 (i) If the Severance Payments, reduced by the sum of (A) the Excise Tax and (B) the total of the Federal, state, and local
income and employment taxes payable by the Executive on the amount of the Severance Payments which are in excess of the Threshold Amount (as defined below), are greater than or equal to the Threshold Amount, the Executive shall be entitled to the
full benefits payable under this Agreement. 
 (ii) If the Threshold Amount is less than (A) the Severance Payments, but greater than
(B) the Severance Payments reduced by the sum of (1) the Excise Tax and (2) the total of the Federal, state, and local income and employment taxes on the amount of the 
  

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 Severance Payments which are in excess of the Threshold Amount, then the benefits payable under this Agreement shall be
reduced (but not below zero) to the extent necessary so that the maximum Severance Payments shall not exceed the Threshold Amount. To the extent that there is more than one method of reducing the payments to bring them within the Threshold Amount,
the Executive shall determine which method shall be followed; provided that if the Executive fails to make such determination within 45 days after the Company has sent the Executive written notice of the need for such reduction, the Company may
determine the amount of such reduction in its sole discretion. 
 For the purposes of this Section 5, “Threshold Amount” shall
mean three (3) times the Executive’s “base amount” within the meaning of Section 280G(b)(3) of the Code and the regulations promulgated thereunder less one dollar ($1.00); and “Excise Tax” shall mean the excise tax
imposed by Section 4999 of the Code, and any interest or penalties incurred by the Executive with respect to such excise tax. 
 (b) The
determination as to which of the alternative provisions of Section 5(a) shall apply to the Executive shall be made by a nationally recognized accounting firm selected by the Executive (the “Accounting Firm”), which shall provide
detailed supporting calculations both to the Company and the Executive within fifteen (15) business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. For purposes
of determining which of the alternative provisions of Section 5(a) shall apply, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in
which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in the state and locality of the Executive’s residence on the Date of Termination, net of the maximum reduction in
federal income taxes which could be obtained from deduction of such state and local taxes. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. The Company shall bear the costs of the Accounting Firm in
connection with such firm’s services provided hereunder. 
 6. Term. This Agreement shall take effect on the date first set forth
above and shall terminate upon the earlier of (a) the termination by the Company of the employment of the Executive because of (A) a willful act of dishonesty by the Executive with respect to any matter involving the Company or any
subsidiary or affiliate, or (B) conviction of the Executive of a crime involving moral turpitude, or (C) the gross or willful failure by the Executive to substantially perform the Executive’s duties with the Company, or (D) the
failure by the Executive to perform his full-time duties with the Company by reason of his death or disability (as defined in Section 3(a)), (b) the resignation or termination of the Executive for any reason prior to a Change in Control,
(c) the termination of the Executive’s employment with the Company after a Change in Control for any reason other than the occurrence of any of the events enumerated in Section 3(b)(i)-(v) or Section 3(c) of this Agreement,
or (d) the date which is twenty-four (24) months after a Change in Control if the Executive is still employed by the Company. 
 7.
Withholding. All payments made by the Company under this Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law. 
  

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 8. Notice and Date of Termination; Disputes; Etc. 
 (a) Notice of Termination. After a Change in Control and during the term of this Agreement, any purported termination of the Executive’s
employment (other than by reason of death) shall be communicated by written Notice of Termination from one party hereto to the other party hereto in accordance with this Section 8. For purposes of this Agreement, a “Notice of
Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and the Date of Termination. Further, a Notice of Termination pursuant to one or more of clauses (A) through (C) of
Section 3(a) hereof is required to include a copy of a resolution duly adopted by the affirmative vote of not less than two-thirds (2/3) of the entire membership of the Board at a meeting of the Board (after reasonable notice to the
Executive and an opportunity for the Executive, accompanied by the Executive’s counsel, to be heard before the Board) finding that, in the good faith opinion of the Board, the termination met the criteria set forth in one or more of clauses
(A) through (C) of Section 3(a) hereof. 
 (b) Date of Termination. “Date of Termination”, with respect to
any purported termination of the Executive’s employment after a Change in Control and during the term of this Agreement, shall mean (i) if the Executive’s employment is terminated for disability, thirty (30) days after Notice of
Termination is given (provided that the Executive shall not have returned to the full-time performance of the Executive’s duties during such 30-day period) and (ii) if the Executive’s employment is terminated for any other reason, the
date specified in the Notice of Termination. In the case of a termination by the Company other than a termination pursuant to one or more of clauses (A) through (C) of Section 3(a) (which may be effective immediately), the Date of
Termination shall not be less than 30 days after the Notice of Termination is given. In the case of a termination by the Executive, the Date of Termination shall not be less than fifteen (15) days from the date such Notice of Termination is
given. Notwithstanding Section 3(a) of this Agreement, in the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a
Terminating Event for purposes of Section 3(a) of this Agreement. 
 (c) No Mitigation. The Company agrees that, if the
Executive’s employment by the Company is terminated during the term of this Agreement, the Executive is not required to seek other employment or to attempt in any way to reduce any amounts payable to the Executive by the Company pursuant to
Sections 4(a) and (b) hereof. Further, the amount of any payment provided for in this Agreement shall not be reduced by any compensation earned by the Executive as the result of employment by another employer, by retirement benefits, by offset
against any amount claimed to be owed by the Executive to the Company or otherwise. 
 (d) Settlement and Arbitration of Disputes. Any
controversy or claim arising out of or relating to this Agreement or the breach thereof shall be settled exclusively by arbitration in accordance with the laws of the state of New York by three arbitrators, one of whom shall be appointed by the
Company, one by the Executive and the third by the first two arbitrators. If the first two arbitrators cannot agree on the appointment of a third arbitrator, then the third arbitrator shall be appointed by the American Arbitration Association in the
City of Albany. Such arbitration shall be conducted in the City of Boston in accordance with the rules of the American Arbitration Association for commercial arbitrations, except with respect to the selection of arbitrators which shall be as
provided in this Section 8(d). Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 
  

 6 

 9. Successor to Executive. This Agreement shall inure to the benefit of and be enforceable by the
Executive’s personal representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of the Executive’s death after a Terminating Event but prior to the completion by the Company of all payments due him
under Section 4(a) and (b) of this Agreement, the Company shall continue such payments to the Executive’s beneficiary designated in writing to the Company prior to his death (or to his estate, if the Executive fails to make such
designation). 
 10. Enforceability. If any portion or provision of this Agreement shall to any extent be declared illegal or
unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected
thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 
 11.
Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party
of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 
 12. Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by registered or certified mail, postage
prepaid, to the Executive at the last address the Executive has filed in writing with the Company, or to the Company at its main office, attention of the Board of Directors. 
 13. Effect on Other Plans. An election by the Executive to resign after a Change in Control under the provisions of this Agreement shall not be
deemed a voluntary termination of employment by the Executive for the purpose of interpreting the provisions of any of the Company’s benefit plans, programs or policies. Nothing in this Agreement shall be construed to limit the rights of the
Executive under the Company’s benefit plans, programs or policies except as otherwise provided in Section 5 hereof, and except that the Executive shall have no rights to any severance benefits under any severance pay plan. 
  

 7 

 14. No Offset. The Company’s obligation to make the payments provided for in this Agreement
and otherwise perform its obligations hereunder shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company or any of its Affiliates may have against the
Executive or others whether by reason of the Executive’s breach of this Agreement, subsequent employment of the Executive, or otherwise. 
 15. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes in all respects all prior agreements between the parties concerning such subject
matter. 
 16. Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly
authorized representative of the Company. 
 17. Governing Law. This is a New York contract and shall be construed under and be
governed in all respects by the laws of the state of New York. 
 18. Obligations of Successors. The Company shall require any
successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform if no such succession had taken place. 
 19. Confidential Information. The
Executive shall never use, publish or disclose in a manner adverse to the Company’s interests, any proprietary or confidential information relating to (a) the business, operations or properties of the Company or any subsidiary or other
affiliate of the Company, or (b) any materials, processes, business practices, technology, know-how, research, programs, customer lists, customer requirements or other information used in the manufacture, sale or marketing of any of the
respective products or services of the Company or any subsidiary or other affiliate of the Company; provided, however, that no breach or alleged breach of this Section 19 shall entitle the Company to fail to comply fully and in a
timely manner with any other provision hereof. Nothing in this Agreement shall preclude the Company from seeking money damages, or equitable relief by injunction or otherwise without the necessity of proving actual damage to the Company, for any
breach by the Executive hereunder. 
  

 8 

 IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Company by its duly
authorized officer, and by the Executive, as of the date first above written. 
  

			
	PLUG POWER INC.
		
	By:	 	 /s/ Roger B. Saillant

		 	Roger B. Saillant
		 	President and CEO
	
	 /s/ Mark Sperry

	Name:	 	Mark Sperry
	Title:	 	Chief Marketing Officer

  

 9

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