Document:

Exhibit 10.1

 

EXECUTION VERSION

 

SIXTH AMENDMENT TO LOAN AND SECURITY
AGREEMENT

 

THIS SIXTH AMENDMENT
TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is dated as of May 13, 2020, by and among PLUG POWER INC.,
a Delaware corporation (“Plug Power”), EMERGENT POWER INC., a Delaware corporation (“Emergent”),
EMERGING POWER INC., a Delaware corporation (“Emerging”, and individually or collectively with Plug Power
and Emergent as the context may require, “Borrower”), and GENERATE PPL SPV I, LLC, as assignee of Generate
Lending, LLC (the “Lender”).

 

WHEREAS, Borrower and
Lender are parties to a Loan and Security Agreement dated as of March 29, 2019 (as amended by the First Amendment to Loan and Security
Agreement, dated as of March 29, 2019, the Second Amendment to Loan and Security Agreement, dated as of August 6, 2019, the Third
Amendment to Loan and Security Agreement, dated as of September 6, 2019, the Fourth Amendment to Loan and Security Agreement, dated
as of November 27, 2019, the Fifth Amendment to Loan and Security Agreement, dated as of May 6, 2020, and as further amended, restated,
amended and restated, supplemented or otherwise modified from time to time, including by this Amendment, the “Loan Agreement”),
pursuant to which Lender has made a term loan facility available to Borrower; and

 

WHEREAS, Borrower intends
to issue the Sixth Amendment Convertible Notes as defined in Section 2 below (the “Note Issuance”) and has requested
that Lender agree to modify the Loan Agreement in order to permit the Note Issuance, and Lender has agreed to amend the Loan Agreement
accordingly.

 

WHEREAS, Borrower and
Lender have agreed to modify certain provisions of the Loan Agreement as more particularly set forth in this Amendment.

 

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

 

1.       Capitalized
Terms; Effective Date. Capitalized terms used in this Amendment which are not otherwise defined herein shall have the meanings
assigned thereto in the Loan Agreement, as modified by this Amendment. Except as expressly provided to the contrary herein, all
modifications to the Loan Agreement set forth herein shall be effective as of the date of this Amendment.

 

    

     

    

 

2.             Amendment.
The Loan Agreement, including the Recitals thereto, is hereby amended as follows:

 

(a)               
Insert in Section 1.1 the following new defined terms in appropriate alphabetical order:

 

“‘Net
Cash Proceeds’ means, with respect to the Sixth Amendment Convertible Notes, the proceeds of the sale of the Sixth Amendment
Convertible Notes minus the sum of (i) all discounts and commissions of the initial purchasers of the Sixth Amendment Convertible
Notes (ii) all fees and out of pocket expenses paid in connection with the offering, issuance and sale of the Sixth Amendment Convertible
Notes and any purchases or redemptions of the Convertible Notes, (iii) all taxes paid or required to be paid on the proceeds of
the issuance of the Sixth Amendment Convertible Notes, and (iv) the aggregate amount of cash used to repurchase Convertible Notes.

 

“‘Sixth
Amendment Convertible Notes’ means the Convertible Senior Notes due 2025 issued by Plug Power that are convertible into
Common Stock, issued on or around the date hereof (or any replacement notes with respect to such notes) pursuant to the terms and
conditions of the Sixth Amendment Convertible Notes Documentation; including that (i) the Sixth Amendment Convertible Notes do
not require principal repayments or mandatory redemption prior to the stated maturity date of the Sixth Amendment Convertible Notes
(as in effect on the date initially issued) other than (a) the settlement or conversion of the Sixth Amendment Convertible Notes
with shares of Plug Power Common Stock, cash or a combination thereof at the election of Plug Power in accordance with the terms
of the Sixth Amendment Convertible Notes Documentation, (b) the required repayment of principal and interest upon any acceleration
of the Sixth Amendment Convertible Notes as a result of a Fundamental Change pursuant to the terms of the Sixth Amendment Convertible
Notes Documentation or (c) a mandatory offer to repurchase the Sixth Amendment Convertible Notes as a result of a Fundamental Change,
(ii) the Sixth Amendment Convertible Notes are unsecured, (iii) the Sixth Amendment Convertible Notes have a maturity date that
is no less than five (5) years from the date of issuance of the Sixth Amendment Convertible Notes, (iv) the interest rate applicable
to the Sixth Amendment Convertible Notes is less than or equal to 6% per annum, (v) the Net Cash Proceeds from the issuance and
sale of the Sixth Amendment Convertible Notes are not less than $50,000,000 and (vi) Convertible Notes representing an aggregate
principal amount of at least $62,500,000 are repurchased with the proceeds of the issuance and sale of the Sixth Amendment Convertible
Notes.”

 

“‘Sixth
Amendment Convertible Notes Documentation’ means the Sixth Amendment Convertible Notes, that certain Indenture, dated
on or around the date hereof, between Plug Power and Wilmington Trust, National Association, dated on or around the Sixth Amendment
Effective Date, and the other definitive documentation governing the Sixth Amendment Convertible Notes.”

 

“‘Sixth
Amendment Effective Date’ means May 13, 2020.”

 

(b)               
The definition of “Fundamental Change” appearing in Section 1.1 of the Loan Agreement is hereby
amended by deleting such definition in its entirety and substituting in lieu thereof the following new definition to read in its
entirety as follows:

 

‘“Fundamental
Change” (i) in the case of the Convertible Notes, has the meaning given to it in the Indenture and (ii) in the case of
the Sixth Amendment Convertible Notes, has the meaning given to it in the Sixth Amendment Convertible Notes Documentation.”

 

(c)               
The definition of “Permitted Equity Hedge Transactions” appearing in Section 1.1 of the Loan Agreement
is hereby amended by deleting such definition in its entirety and substituting in lieu thereof the following new definition to
read in its entirety as follows:

 

““Permitted
Equity Hedge Transactions” means the following transactions executed in connection with the issuance of the Convertible
Notes and the issuance of the Sixth Amendment Convertible Notes (in each case, including any exercise of any over-allotment or
other option granted to the investment banks acting as initial purchasers of the Convertibles Notes or Sixth Amendment Convertible
Notes), in each case, consummated on or around the Sixth Amendment Effective Date:

 

    

     

    

 

(a)       one
or more call options or capped call options (or substantively equivalent derivative transaction) relating to the Common Stock (or
other securities or property following any merger event, reclassification or other change of the Common Stock), entered into between
Plug Power, as purchaser of any such option, and one or more of Morgan Stanley & Co. LLC, Barclays Capital Inc., and/or their
respective affiliates, or other leading dealers in the relevant market and settled in Common Stock, cash or any combination of
such cash or Common Stock or an amendment or modification to Plug Power’s existing capped call transactions entered into
in connection with the Convertible Notes; and

 

(b)       one
or more forward purchase contracts (or substantively equivalent derivative transaction) relating to Common Stock entered into by
Plug Power, as purchaser, and one or more financial institutions and/or their affiliates or an amendment or modification to Plug
Power’s existing forward purchase contract entered into in connection with the Convertible Notes.

 

Any reference
to “Permitted Equity Hedge Transactions” is a reference to the confirmations, agreements and other definitive documentation
executed to document the terms and conditions of the Permitted Equity Hedge Transactions (or any of them).”

 

(d)         The definition of “Permitted Indebtedness” appearing in Section 1.1 of the Loan Agreement is hereby
amended by deleting clause (xix) appearing therein in its entirety and substituting in lieu thereof the following new clause (xix)
to read in its entirety as follows:

 

“(xix)
unsecured Indebtedness evidenced by (a) the Convertible Notes, provided that the principal amount thereof permitted under this
clause (xix)(a) shall be reduced by any principal amounts prepaid with the proceeds of Sixth Amendment Convertible Notes, (b) the
Additional Convertible Notes, and (c) the Sixth Amendment Convertible Notes;”

 

(e)         Section 7.5 of the Loan Agreement is hereby amended by deleting clauses (a) and (b) appearing therein in their entirety
and substituting in lieu thereof the following new clauses (a) and (b) to read in their entirety as follows:

 

“(a) the
conversion of Indebtedness into (i) Common Stock, cash or any combination thereof as and when required pursuant to the terms of
the Convertible Notes Documentation or the purchase or exchange of such Indebtedness for Common Stock, cash, or any combination
thereof provided that, to the extent the cash consideration per $1,000 principal amount of Convertible Notes in respect of such
purchase or exchange exceeds $1,000, Borrower shall only be permitted to use proceeds from the sale of the Sixth Amendment Convertible
Notes to finance such excess, (ii) Common Stock, cash or any combination thereof as and when required pursuant to the Sixth Amendment
Convertible Notes Documentation, and (iii) Common Stock, or, solely with respect to fractional shares, cash or a combination of
cash and Common Stock, in each case as and when required pursuant to the terms of the Additional Convertible Notes Documentation,
(b) (i) the required repayment of principal and interest upon any acceleration of the Convertible Notes pursuant to the terms of
the Convertible Notes Documentation, (ii) the required repayment of principal and interest upon any acceleration of the Sixth Amendment
Convertible Notes pursuant to the terms of the Sixth Amendment Convertible Notes Documentation, (iii) the repurchase of the Convertible
Notes in connection with a Fundamental Change or the redemption of the Convertible Notes as and when required pursuant to the Convertible
Notes Documentation, (iv) the repurchase of the Sixth Amendment Convertible Notes in connection with a Fundamental Change or the
redemption of the Sixth Amendment Convertible Notes as and when required pursuant to the Sixth Amendment Convertible Notes Documentation
as and when required pursuant to the Sixth Amendment Convertible Notes Documentation, so long as concurrently with an such required
repayment, repurchase or redemption described in this clause (b)(i) through (iv), all of the Secured Obligations hereunder are
indefeasibly paid in full in cash, and (v) the required payment of interest with respect to the Additional Convertible Notes, in
each case under this clause (b)(v), (x) as and when required pursuant
to the Additional Convertible Notes Documentation and (y) so long as no Event of Default has occurred and is continuing,”

 

    

     

    

 

(f)          Section 7.7 of the Loan Agreement is hereby amended by deleting such Section in its entirety and substituting in
lieu thereof the following new Section to read in its entirety as follows:

 

“7.7Investments.
Borrower shall not directly or indirectly acquire or own, or make any Investment in or to any Person, or permit any of its Subsidiaries
so to do, other than (i) Permitted Investments, (ii) to the extent the Convertible Notes constitute capital stock or equity interests
and their repurchase or redemption constitutes an Investment, the acquisition of Convertible Notes in accordance with the Convertible
Notes Documentation or with the proceeds of Sixth Amendment Convertible Notes, (iii) to the extent the Additional Convertible Notes
constitute capital stock or equity interests and their redemption constitutes an Investment, the redemption of Additional Convertible
Notes in accordance with the Additional Convertible Notes Documentation, and (iv) to the extent the Sixth Amendment Convertible
Notes constitute capital stock or equity interests and their repurchase or redemption constitutes an Investment, the acquisition
of Sixth Amendment Convertible Notes in accordance with the Sixth Amendment Convertible Notes Documentation”.

 

(g)         Section 7.8 of the Loan Agreement is hereby amended by deleting clause (a)(iv) appearing in therein in its entirety and
substituting in lieu thereof the following new clause (a)(iv) to read in its entirety as follows:

 

“(iv) (1)
to the extent the Convertible Notes constitute capital stock or equity interests, the payment or delivery of Common Stock, cash
or a combination of cash and Common Stock, in each case, in connection with the settlement or conversion of the Convertible Notes
and the repurchase or redemption of the Convertible Notes as and when required pursuant to the Convertible Notes Documentation
as in effect on the Closing Date or with the proceeds of Sixth Amendment Convertible Notes or (2) to the extent the Additional
Convertible Notes constitute capital stock or equity interests, the payment or delivery of Common Stock, or, solely with respect
to fractional shares, cash or a combination of cash and Common Stock, in each case, in connection with the settlement or conversion
of the Additional Convertible Notes and the redemption of the Additional Convertible Notes as and when required pursuant to the
Additional Convertible Notes Documentation as in effect on the Third Amendment Effective Date, or (3) to the extent the Sixth Amendment
Convertible Notes constitute capital stock or equity interests, the payment or delivery of Common Stock, cash or a combination
of cash and Common Stock, in each case, in connection with the settlement or conversion of the Sixth Amendment Convertible Notes
and the repurchase or redemption of the Sixth Amendment Convertible Notes as and when required pursuant to the Sixth Amendment
Convertible Notes Documentation as in effect on the Sixth Amendment Effective Date”

 

    

     

    

 

(h)         Section 7.8 of the Loan Agreement is hereby further amended by deleting clause (b)(ii) appearing in therein in its entirety
and substituting in lieu thereof the following new clause (b)(ii) to read in its entirety as follows:

 

“(ii) subject
to the terms and conditions set forth in Section 7.5(a), Borrower may make any cash payments required by (1) each of the Convertible
Notes Documentation and Sixth Amendment Notes Documentation, and (2) to the extent the conversion of fractional shares referenced
therein and permitted thereby could be deemed a cash distribution, the Additional Convertible Notes Documentation, and”

 

(i)Section
7.17 of the Loan Agreement is hereby amended by deleting the parenthetical appearing therein in its entirety and substituting
in lieu thereof the following new parenthetical to read in its entirety as follows:

 

“(including
for the avoidance of doubt, the Convertible Notes Documentation, the Additional Convertible Notes Documentation or the Sixth Amendment
Notes Documentation)”

 

3.             Conditions
to Effectiveness. This Amendment shall become effective upon the prior or concurrent satisfaction of each of the conditions
specified below:

 

(a)          Borrower
and Lender shall have each received one or more counterparts of this Amendment, duly executed, completed and delivered by Borrower
and Lender;

 

(b)          After
giving effect to this Amendment, the representations and warranties of Borrower set forth in this Amendment and the other Loan
Documents shall be true and correct in all material respects with the same effect as though made on and as of such date, except
to the extent such representations and warranties expressly relate to a specific earlier date, in which case such representations
and warranties shall be true and correct in all material respects as of such earlier date;

 

(c)          After
giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing or shall be caused by the
transactions contemplated by this Amendment.

 

4.             Additional
Convertible Notes Consent. Effective upon the Sixth Amendment Effective Date, the Lender consents to the amendment of the Additional
Convertible Notes Documentation (i) solely to the extent necessary to permit under the terms of the Additional Convertible Notes
Documentation the issuance of the Sixth Amendment Convertible Notes and the performance by Plug Power of its obligations under
the Sixth Amendment Convertible Notes Documentation and (ii) to amend the definition of “Conversion Rate”, as defined
in the Additional Convertible Notes Documentation.

 

5.             Post-Closing
Covenant. Borrower shall deliver to Lender within two Business Days of the Sixth Amendment Effective Date true, correct and
complete copies of all of the Sixth Amendment Convertible Notes Documentation and any related agreements, documents and instruments.
Borrower shall pay all promptly invoiced fees and expenses of Lender required to be paid pursuant to Section 11.10 of the Loan
Agreement and incurred in connection with the negotiation, preparation, execution and delivery of this Amendment and the Loan Document
(including, without limitation, the fees and expenses of counsel to Lender) within two (2) Business Days of receiving an invoice
with respect to such fees and expenses.

 

    

     

    

 

6.       No
Other Modifications; Reaffirmation by the Borrower. Except as expressly modified hereby, the terms of the Loan Agreement shall
remain in full force and effect in all respects, and Borrower hereby reaffirms its obligations under the Loan Agreement, as modified
by this Amendment, and under each of the other Loan Documents to which it is a party.

 

7.       References.
All references in the Loan Agreement to “this Agreement,” “herein,” “hereunder” or other words
of similar import, and all references to the Loan Agreement in the other Loan Documents, or any other document or instrument that
refers to the Loan Agreement, shall be deemed to be references to the Loan Agreement as amended by this Amendment.

 

8.       Applicable
Law. THIS AMENDMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS.

 

9.       Counterparts;
Electronic Delivery. This Amendment may be executed in one or more counterparts (all counterparts together reflecting the signature
of all parties) each of which shall be deemed an original, and all of which together shall constitute one and the same instrument.
Delivery by any party to this Amendment of its signatures hereon through facsimile or other electronic image file (including .pdf)
(i) may be relied upon as if this Amendment were physically delivered with an original hand-written signature of such party,
and (ii) shall be binding on such party for all purposes.

 

10.     Successors.
This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

11.     Final
Agreements. This Amendment represents the final agreement of Borrower and Lender with respect to the subject matter hereof,
and may not be contradicted, modified or supplemented in any way by evidence of any prior or contemporaneous written or oral agreements
of Borrower and Lender.

 

[Remainder of page intentionally blank;
signature pages follow.]

 

    

     

    

 

IN WITNESS WHEREOF,
Borrower and Lender have caused this Amendment to be duly executed by their duly authorized officers, under seal, all as of the
date first above written.

 

	 	BORROWER:
	 	 
	 	PLUG
    POWER INC.
	 	 
	 	 
	 	By:	/s/ Paul B. Middleton
	 	Name:	 Paul B. Middleton
	 	Title:	 Chief Financial Officer
	 	 
	 	EMERGING
    POWER INC.
	 	 
	 	 
	 	By: 	/s/ Paul B. Middleton
	 	Name:	 Paul B. Middleton
	 	Title:	 Treasurer
	 	 
	 	EMERGENT
    POWER INC.
	 	 
	 	 
	 	By:	 /s/ Paul B. Middleton
	 	Name:	 Paul B. Middleton
	 	Title: 	Treasurer

 

[Signatures continue on following page.]

 

SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

SIGNATURE PAGE

 

    

     

    

 

	 	LENDER:
	 	 
	 	GENERATE
    PPL SPV I, LLC,
	 	a
    Delaware limited liability company
	 	 
	 	 
	 	By: 	/s/ Jigar Shah
	 	Name:	Jigar Shah
	 	Title:	Manager

 

SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

SIGNATURE PAGEExhibit 10.2

 

EXECUTION VERSION

 

PLUG POWER INC.

 

Amendment No. 1 to Senior Convertible
Note due 2023 and Related Note Purchase Agreement Consent

 

THIS AMENDMENT NO. 1 (this “AMENDMENT
AND CONSENT”) TO THE 7.50% SENIOR CONVERTIBLE NOTE DUE 2023 (the “Note”) issued to HT Investments
MA LLC (the “Holder”) on September 6, 2019 by PLUG POWER INC., a Delaware corporation (“Plug
Power”), and the related consent provided hereunder pursuant to that certain NOTE PURCHASE AGREEMENT (the “Note
Purchase Agreement”), dated September 6, 2019, by and between Plug Power and the Holder, is dated as of May 13, 2020
(the “Effective Date”);

 

WHEREAS the Holder holds all of the Note
and constitutes the Required Holders under the Note Purchase Agreement;

 

WHEREAS, Plug Power intends to (i) issue
New Convertible Notes (as defined below), (ii) repurchase, redeem or otherwise acquire and cancel Existing Convertible Notes (as
defined below), (iii) enter into New Permitted Equity Hedge Transactions (as defined below) and (iv) unwind or extend Existing
Permitted Equity Hedge Transactions (as defined below);

 

WHEREAS, pursuant to Section 10(D) of the
Note, Plug Power is not permitted to incur Indebtedness other than the Note and other Permitted Indebtedness;

 

WHEREAS, pursuant to Section 4(o) of the
Note Purchase Agreement, so long as any of the Note is outstanding, Plug Power is not permitted to redeem any of its securities
without the prior express written consent of the Holder (except as otherwise set forth in the Note Purchase Agreement);

 

WHEREAS, Plug Power and Holder each desire
to make certain amendments to the Note and the Note Purchase Agreement to permit the Transactions and Holder wishes to consent
to the Transactions.

 

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

 

1.                 
Capitalized Terms; Effective Date. Capitalized terms used in this Amendment and Consent which are not otherwise defined
herein shall have the meanings assigned thereto in the Note Purchase Agreement, or if not defined therein, in the Note, in each
case as modified by this Amendment and Consent. Except as expressly provided to the contrary herein, all modifications to the Note
and the Note Purchase Agreement set forth herein shall be effective as of the Effective Date.

 

     

     

    

 

2.                 
Defined Terms. For purposes of this Amendment and Consent:

 

(a)       “New
Convertible Notes” means up to $287.5 million aggregate principal amount of convertible senior notes issued by Plug Power
on or prior to May 26, 2020; provided that to the extent any portion of such amount will be issued pursuant to a greenshoe option,
such portion may be issued after May 26, 2020; provided further that that such notes shall not have (i) a final maturity date,
amortization payment, sinking fund, mandatory redemption or other repurchase obligation or put right at the option of the lender
or holder of such Indebtedness earlier than one hundred eighty-one (181) days following the Maturity Date under the Note (other
than mandatory redemptions, repurchase obligations or put rights in connection with a change of control or fundamental change (it
being understood that a holder’s option to convert any such notes into equity interests of Plug Power (and cash in lieu of
fractional shares) and/or cash (in an amount determined by reference to the price of such equity interests shall not be considered
a mandatory redemption, repurchase obligation or put right), (ii) any covenants that are more restrictive on Plug Power in any
material respect than the covenants set forth in the Note or (iii) any other material terms (other than conversion premium and
 “make-whole” conversion rate adjustments) more favorable to the holder of such New Convertible Notes than the analogous
material terms in the Note are to the Holder, including applicable interest rates;

 

(b)       “Existing
Convertible Notes” means Plug Power’s 5.5% Convertible Senior Notes due March 15, 2023 in aggregate principal amount
of $100.0 million;

 

(c)       “Existing
Permitted Equity Hedge Transactions” means (i) the Base Call Option Transaction, dated March 22, 2018 entered into between
Plug Power and Barclays Bank PLC, through its agent Barclays Capital Inc., (ii) the Base Call Option Transaction, dated March 22,
2018 entered into between Plug Power and Morgan Stanley & Co. LLC and (iii) the Forward Stock Purchase Transaction, dated March
22, 2018, between Plug Power and Morgan Stanley & Co. LLC; and

 

(d)       “New
Permitted Equity Hedge Transactions” means the following transactions executed substantially concurrently and in connection
with the issuance of the New Convertible Notes: (i) one or more call options or capped call options (or substantively equivalent
derivative transaction) relating to the Common Stock of Plug Power, purchased by Plug Power; and (ii) one or more forward purchase
contracts (or substantively equivalent derivative transaction), relating to Common Stock of Plug Power entered into by Plug Power,
as purchaser, and one or more financial institutions and/or their affiliates.

 

3.                 
Note Amendment. Subject to the terms of this Amendment and Consent, the Holder, in its own capacity and its capacity
as the Required Holders, agrees that the Note is amended to:

 

(a) add the following definitions
to Section 1 of the Note in alphabetical order:

 

“Existing
Convertible Notes” means the Company’s 5.5% Convertible Senior Notes due March 15, 2023 in aggregate principal
amount of one hundred million ($100,000,000).

 

    2 

     

    

 

“New Convertible Notes”
means a new series of the Company’s convertible senior notes in aggregate principal amount not to exceed two hundred eighty-seven
million, five hundred thousand dollars ($287,500,000) to be issued by the Company on or prior to May 26, 2020 substantially concurrently
with and in connection with the repurchase, redemption or acquisition and cancelation of not less than sixty-two and one half percent
(62.5%) of the Existing Convertible Notes; provided that to the extent any portion of such amount will be issued pursuant
to a greenshoe option, such portion may be issued after May 26, 2020; provided that such New Convertible Notes may not have
(i) a final maturity date, amortization payment, sinking fund, mandatory redemption or other repurchase obligation or put right
at the option of the lender or holder of such Indebtedness earlier than one hundred eighty-one (181) days following the Maturity
Date under the Note (other than mandatory redemptions, repurchase obligations or put rights in connection with a change of control
or fundamental change (it being understood that a holder’s option to convert any such New Convertible Notes into equity interests
of the Company (and cash in lieu of fractional shares) and/or cash (in an amount determined by reference to the price of such equity
interests shall not be considered a mandatory redemption, repurchase obligation or put right), (ii) any covenants that are more
restrictive on the Company in any material respect than the covenants set forth in the Note or (iii) any other material terms (other
than conversion premium and “make-whole” conversion rate adjustments) more favorable to the holder of such New Convertible
Notes than the analogous material terms in the Note are to the Holder, including applicable interest rates.

 

(b) replace
the definition of “Conversion Rate” in its entirety with the following:

 

“Conversion
Rate” initially means 400.0000 shares of Common Stock per $1,000
Principal Amount of Notes; provided, that for purposes of Section 9(F) (including the definition of Conversion Price thereunder),
both initially and as of as of May 13, 2020, “Conversion Rate” shall mean 387.5969 shares of Common Stock per $1,000
Principal Amount of Notes, provided, further, that in each case the applicable Conversion Rate is subject to separate adjustment
of such amounts pursuant to Section 9; and provided, further, that whenever this Note refers to the Conversion Rate as of
a particular date without setting forth a particular time on such date, such reference will be deemed to be to the Conversion Rate
immediately after the Close of Business on such date.

 

    3 

     

    

 

(c) replace
the definition of “Permitted Indebtedness” in its entirety with the following:

 

“Permitted
Indebtedness” means (A) Indebtedness evidenced by the Notes; (B) the Generate Loan Agreement or any extensions,
refinancings and renewals thereof, provided that the amount incurred in reliance on this clause (B) and clause (W), taken
together, shall not exceed $200,000,000 in the aggregate at any one time outstanding; (C) Indebtedness (other than the
Generate Loan Agreement) deemed to be disclosed pursuant to the Note Purchase Agreement, as in effect as of the Issue Date
(including all other Indebtedness accrued in the balance sheet included in the Company’s Quarterly Report on Form 10-Q
for the quarter ended June 30, 2019); (D) Indebtedness of Subsidiaries that are organized under the laws of a jurisdiction
outside of the United States and not guaranteed by, or secured by a lien on assets of, the Company; (E) Indebtedness to trade
creditors incurred in the ordinary course of business, including Indebtedness incurred in the ordinary course of business
with corporate credit cards; (F) Indebtedness that also constitutes an investment, including, without limitation, (i) notes
receivable of, or prepaid royalties and other credit extensions to, customers and suppliers who are not Affiliates, in the
ordinary course of business, provided that this subparagraph (i) shall not apply to investments of the Company in any of its
Subsidiaries (other than ServiceCo, provided that any such investments in ServiceCo shall be solely in accordance with the
Master Agreement); (ii) loans involving the net transfer on a substantially contemporaneous basis of cash proceeds to
employees, officers or directors relating to the purchase of capital stock of the Company pursuant to employee stock purchase
plans or other similar agreements approved by the Company’s Board of Directors; and (iii) travel advances and employee
relocation loans and other employee loans and advances in the ordinary course of business; (G) reimbursement obligations in
connection with letters of credit issued for the account of the Company or any of its Subsidiaries to support obligations of
the Company or such Subsidiary under a Project Financing Agreement; (H) intercompany Indebtedness; (I) guarantees of
Indebtedness of a the Company or any of its Subsidiaries by the Company or any other Subsidiary, provided such Indebtedness
so guaranteed was otherwise permitted to be incurred hereunder; (J) Indebtedness incurred or owed by the Borrower or any SPE
pursuant to Project Financing Agreements, to the extent constituting Indebtedness under GAAP, to finance or refinance the
acquisition, development, construction, and operation of Projects; (K) Indebtedness owed to any Person (including obligations
in respect of letters of credit for the benefit of such Person) providing workers’ compensation, health, disability or
other employee benefits or property, casualty, liability insurance, self-insurance, pursuant to reimbursement or
indemnification obligations to such Person, in each case incurred in the ordinary course of business or consistent with past
practice; (L) Indebtedness in respect of or guarantee of performance bonds, bid bonds, appeal bonds, surety bonds,
performance and completion guarantees, workers’ compensation claims, letters of credit, bank guarantees and
banker’s acceptances, warehouse receipts or similar instruments and similar obligations (other than in respect of other
Indebtedness for borrowed money) including, without limitation, those incurred to secure health, safety and environmental
obligations, in each case (a) provided in the ordinary course of business or consistent with past practice and (b) to the
extent arising in a Project, recourse for, and any pledge of security granted in connection therein is limited solely to, the
assets of such Project; (M) Indebtedness in respect of treasury, depositary, cash management and netting services, automatic
clearinghouse arrangements, overdraft protections and similar arrangements or otherwise in connection with securities
accounts and deposit accounts, in each case, in the ordinary course of business; (N) Indebtedness consisting of the financing
of insurance premiums in the ordinary course of business; (O) endorsement of instruments or other payment items for deposit
in the ordinary course of business; (P) all lease obligations associated with any Project incurred in connection with a
sale-leaseback transaction entered into in respect of such Project as long as such obligations meet the requirements
hereunder applicable to a Project Financing Agreement; (Q) other Indebtedness in amounts and on terms approved by Holder in
writing in its reasonable discretion; (R) extensions, refinancings and renewals of any items of Permitted Indebtedness,
provided that the principal amount is not increased (other than for accrued interest and fees, if any) or the terms modified
to impose materially more burdensome terms upon the Company or its Subsidiaries, as the case may be; (S) unsecured
Indebtedness evidenced by the Existing Convertible Notes and New Convertible Notes; (T) to the extent constituting
Indebtedness and otherwise permitted hereunder, accrued but unpaid dividends pursuant to Series E Repurchases; (U) to the
extent constituting Indebtedness and otherwise permitted hereunder, the Company’s obligations under and in connection
with the Master Lease Agreement, dated as of June 3, 2016, between Generate Capital, Inc. (collectively with its successors
and assigns) and Plug Power (collectively with its successors and assigns), as modified or replaced from time to time, and
any rental schedules from time to time executed in connection therewith; (V) the Series C Obligations and Series E
Obligations; and (W) up to two hundred million dollars ($200,000,000) in the aggregate, of secured Indebtedness of the
Company (and any extensions, refinancings and renewals thereof pursuant to clause (R)).”

 

    4 

     

    

 

4.                 
Right to Participate. Plug Power shall undertake to provide the Holder with as much advance written notice as reasonably
practicable of any proposed offering of New Convertible Notes and the terms of such offering, and the Holder shall have a right
to purchase, or to designate an Affiliate of the Holder to purchase, if such Holder or Affiliate, as the case may be, is a “qualified
institutional buyer” as defined in Rule 144A under the Securities Act of 1933, as amended, up to thirty percent (30%) of
the New Convertible Notes sold in such offering on terms that are no worse to the Holder than any other investor in the New Convertible
Notes (including, for the avoidance of doubt, with respect to offering price).

 

5.                 
Holder’s Consent. Subject to the terms of this Consent and Amendment, the Holder hereby consents to Plug Power
(i) repurchasing, redeeming or otherwise acquiring and cancelling not less than sixty-two and one half percent (62.5%) of the Existing
Convertible Notes substantially concurrently and in connection with the issuance of New Convertible Notes, (ii) entering into the
New Permitted Equity Hedge Transactions substantially concurrently and in connection with the issuance of New Convertible Notes
and (iii) extending or unwinding the Existing Permitted Equity Hedge Transactions substantially concurrently and in connection
with the issuance of New Convertible Notes or the repurchase, redemption or acquisition and cancellation of Existing Convertible
Notes.

 

6.                 
Holder’s Representation and Warranty. Holder hereby represents and warrants to Plug Power that, as of the Effective
Date, it holds all of the Note and constitutes the Required Holders under the Note Purchase Agreement.

 

    5 

     

    

 

7.                 
Continued Validity of Agreement.  Except as specifically amended hereby, each of the Note and the Note
Purchase Agreement shall continue in full force and effect as originally constituted and is ratified and affirmed by the parties
hereto.

 

8.                 
Successors and Assigns.  Except as otherwise provided herein, the terms and conditions of this Amendment
and Consent shall inure to the benefit of and be binding upon the respective successors and permitted assigns of the parties.

 

9.                 
Governing Law.  The internal law of the State of New York shall govern and be used to construe this Amendment
and Consent.

 

10.             
Counterparts.   This Amendment and Consent may be executed in two or more identical counterparts, all of
which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party
and delivered to the other party. In the event that any signature is delivered by facsimile transmission or by an e-mail which
contains a portable document format (.pdf) file of an executed signature page, such signature page shall create a valid and binding
obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature
page were an original thereof.

 

[Signature Pages Follow]

 

    6 

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed this Amendment and Consent to be effective as of the date first written above.

 

	 	HT INVESTMENTS MA LLC.
	 	 	 
	 	By:	/s/ Eric Helenek
	 	Name:	Eric Helenek 
	 	Title:	Authorized Signatory

 

[Signature Page to Amendment No. 1 to Senior Convertible Note due 2023 and Related NPA Consent]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed this Amendment and Consent to be effective as of the date first written above.

 

	 	PLUG POWER INC.
	 	 
	 	By:	/s/ Paul B. Middleton
	 	Name:	Paul B. Middleton
	 	Title:	Chief Financial Officer

 

[Signature Page to Amendment No. 1 to Senior Convertible Note due 2023 and Related NPA Consent]

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