Document:

Form of Non-qualified Stock Option Agreement for Directors

 Exhibit 10.16 
 FORM OF 
 NON-QUALIFIED STOCK OPTION AGREEMENT 
 FOR INDEPENDENT DIRECTORS UNDER THE 
 PLUG POWER INC. 
 1999 STOCK OPTION AND INCENTIVE PLAN 
 Name of Optionee:
                                        
                             
 No. of Option Shares:
                                        
                       
 Option Exercise
Price per Share:
                                        
     
 Grant Date:
                                        
                                        

 Expiration Date:
                                        
                                 
 [10 years from Grant Date] 
 Pursuant to the Plug Power Inc. 1999 Stock Option and Incentive Plan as amended through the date hereof (the “Plan”), Plug Power Inc. (the “Company”) hereby grants to the Optionee named above, who is an Independent
Director of the Company, an option (the “Stock Option”) to purchase on or prior to the Expiration Date specified above all or part of the number of shares (the “Option Shares”) of Common Stock, par value $.01 per share (the
“Stock”) of the Company specified above at the Option Exercise Price per Share specified above, subject to the terms and conditions set forth herein and in the Plan. This Stock Option is not intended to be an “incentive stock
option” under Section 422 of the Internal Revenue Code of 1986, as amended. 
 1. Vesting Schedule. No portion of this Stock
Option may be exercised until such portion shall have vested. Except as set forth below, and subject to the discretion of the Administrator (as defined in Section 2 of the Plan) to accelerate the vesting schedule hereunder, this Stock Option
shall be vested and exercisable with respect to the following number of Option Shares on the dates indicated: 
  

			
	 Incremental Number of
 Option Shares Exercisable
	  	Vesting Date
		
	                     
(        %)
	  	                    
		
	                     
(        %)
	  	                    
		
	                     
(        %)
	  	                    
		
	                     
(        %)
	  	                    
		
	                     
(        %)
	  	                    

 In the event of a Covered Transaction as defined in Section 3(c) of the Plan or a Change of
Control as defined in Section 17 of the Plan, this Stock Option shall become vested and exercisable in full as of the effective date of such Covered Transaction or Change of Control, respectively, whether or not this Stock Option or any portion
thereof is vested and exercisable at such time, and may be exercised in accordance with the provisions hereof and of the Plan. 

 2. Manner of Exercise. 
 (a) The Optionee may exercise this Stock Option only in the following manner: from time to time on or prior to the Expiration Date of this Stock Option,
the Optionee may give written notice to the Administrator of his or her election to purchase some or all of the vested Option Shares purchasable at the time of such notice. This notice shall specify the number of Option Shares to be purchased.

 Payment of the purchase price for the Option Shares may be made by one or more of the following methods: (i) in cash, by certified or
bank check or other instrument acceptable to the Administrator; (ii) by the Optionee delivering (or attesting to the ownership of) shares of Stock (A) that have been purchased on the open market or (B) that have been held by the
Optionee for at least six months (or such shorter or longer period as may be determined by the Administrator) and are not then subject to restrictions under any Company plan; (iii) by the Optionee delivering to the Company a properly executed
exercise notice together with irrevocable instructions to a broker to promptly deliver to the Company cash or a check payable and acceptable to the Company to pay the option purchase price, provided that in the event the Optionee chooses to pay the
option purchase price as so provided, the Optionee and the broker shall comply with such procedures and enter into such agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment procedure; or
(iv) a combination of (i), (ii) and (iii) above. Payment instruments will be received subject to collection. 
 The delivery
of certificates representing (or transfer to the Optionee on the records of the Company or its transfer agent of) the Option Shares will be contingent upon the Company’s receipt from the Optionee of full payment for the Option Shares, as set
forth above and any agreement, statement or other evidence that the Company may require to satisfy itself that the issuance of Stock to be purchased pursuant to the exercise of Stock Options under the Plan and any subsequent resale of the shares of
Stock will be in compliance with applicable laws and regulations. In the event the Optionee chooses to pay the purchase price by previously owned shares of Stock through the attestation method, the number of shares of Stock delivered or transferred
to the Optionee upon the exercise of the Stock Option shall be net of the Shares attested to. 

 (b) Certificates for the shares of Stock purchased upon exercise of this Stock Option shall be issued and
delivered (or, if such shares are uncertificated, such shares shall be transferred on the records of the Company or its transfer agent) to the Optionee upon compliance to the satisfaction of the Administrator with all requirements under applicable
laws or regulations in connection with such issuance and with the requirements hereof and of the Plan. The determination of the Administrator as to such compliance shall be final and binding on the Optionee. The Optionee shall not be deemed to be
the holder of, or to have any of the rights of a holder with respect to, any shares of Stock subject to this Stock Option unless and until this Stock Option shall have been exercised pursuant to the terms hereof, the Company shall have issued and
delivered or transferred the shares to the Optionee, and the Optionee’s name shall have been entered as the stockholder of record on the books of the Company. Thereupon, the Optionee shall have full voting, dividend and other ownership rights
with respect to such shares of Stock. 
 (c) The minimum number of shares with respect to which this Stock Option may be exercised at any one
time shall be 100 shares, unless the number of shares with respect to which this Stock Option is being exercised is the total number of shares subject to exercise under this Stock Option at the time. 
 (d) Notwithstanding any other provision hereof or of the Plan, no portion of this Stock Option shall be exercisable after the Expiration Date hereof.

 3. Termination as Director. If the Optionee ceases to be a Director of the Company, the period within which to exercise this Stock
Option may be subject to earlier termination as set forth below. 
 (a) Termination for Cause. If the Optionee ceases
to be a Director for Cause (as defined in the Plan), this Stock Option shall terminate immediately and be of no further force and effect. 
 (b) Other Termination. If the Optionee ceases to be a Director for any reason other than Cause, this Stock Option may only be exercised by the Optionee to the extent exercisable on the date Optionee ceases to be a Director. Such
exercisable portion of this Stock Option may be exercised until the Expiration Date. Any portion of this Stock Option that is not exercisable at such time shall terminate immediately and be of no further force and effect. 
 (c) The Administrator’s determination of the reason for termination of the Optionee’s directorship shall be conclusive and binding on the
Optionee and his or her representatives or legatees. 
 4. Incorporation of Plan. Notwithstanding anything herein to the contrary,
this Stock Option shall be subject to and governed by all the terms and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized terms in this Agreement shall have the meaning
specified in the Plan, unless a different meaning is specified herein. 
 Transferability. This Agreement is personal to the Optionee,
is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of 

 descent and distribution. This Stock Option is exercisable, during the Optionee’s lifetime, only by the Optionee,
and thereafter, only by the Optionee’s legal representative or legatee. Notwithstanding the foregoing, the Optionee may transfer this Stock Option by gift or domestic relations order to members of his immediate family, to trusts for the benefit
of such family members, or to partnerships in which such family members are the only partners, provided that the transferee agrees in writing with the Company to be bound by all of the terms and conditions of the Plan and this Stock Option.

 3. Miscellaneous. 
 (a)
Notice hereunder shall be given to the Company at its principal place of business, and shall be given to the Optionee at the address set forth below, or in either case at such other address as one party may subsequently furnish to the other party in
writing. 
 (b) This Stock Option does not confer upon the Optionee any rights with respect to continuance as a Director of the Company.

 (c) Pursuant to Section 15 of the Plan, the Administrator may at any time amend or cancel any outstanding portion of this Stock
Option, but no such action may be taken which adversely affects the Optionee’s rights under this Agreement without the Optionee’s consent. 
 [NEXT PAGE IS SIGNATURE PAGE] 

			
	 PLUG POWER INC.

		
	 By:
	 	  

	 Title:
	 	

 The foregoing Agreement is hereby accepted and the terms and conditions
thereof hereby agreed to by the undersigned. 
  

							
	Date:	 	  
	 		 	  

		 		 		 	Optionee’s Signature
				
		 		 		 	Optionee’s name and address:Form of Restricted Stock Agreement

 Exhibit 10.17 
 RESTRICTED STOCK AWARD AGREEMENT 
 UNDER THE PLUG POWER INC. 
 1999 STOCK OPTION AND INCENTIVE PLAN 
 Name of Grantee:
                                        
                     
 No. of Shares:
                                        
                     
 Grant Date:
                                        
                     
 Final Acceptance Date:
                                        
                     
 Pursuant to
the Plug Power Inc. 1999 Stock Option and Incentive Plan as amended through the date hereof (the “Plan”), Plug Power Inc. (the “Company”) hereby grants a Restricted Stock Award (an “Award”) to the Grantee named above.
Upon acceptance of this Award, the Grantee shall receive the number of shares of Common Stock, par value $0.01 per share (the “Stock”) of the Company specified above, subject to the restrictions and conditions set forth herein and in the
Plan. 
 1. Acceptance of Award. The Grantee shall have no rights with respect to this Award unless he or she shall have accepted this
Award prior to the close of business on the Final Acceptance Date specified above by (i) signing and delivering to the Company a copy of this Award Agreement, and (ii) delivering to the Company a stock power endorsed in blank. Upon
acceptance of this Award by the Grantee, the shares of Restricted Stock so accepted shall be issued and held by the Company or its transfer agent (in certificated or book entry form), and the Grantee’s name shall be entered as the stockholder
of record on the books of the Company. Thereupon, the Grantee shall have all the rights of a shareholder with respect to such shares, including voting and dividend rights, subject, however, to the restrictions and conditions specified in
Paragraph 2 below. 
 2. Restrictions and Conditions. 
 (a) Any certificates or book entries for the shares of Restricted Stock granted herein shall bear an appropriate legend, as determined by the
Administrator in its sole discretion, to the effect that such shares are subject to restrictions as set forth herein and in the Plan. 
 (b)
Shares of Restricted Stock granted herein may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of by the Grantee prior to vesting. 
 (c) If the Grantee’s employment with the Company and its Subsidiaries is voluntarily or involuntarily terminated for any reason (except as set forth in Section 3(b) below) prior to vesting of shares of
Restricted Stock granted herein, all shares of Restricted Stock shall immediately and automatically be forfeited and returned to the Company. 
 3. Vesting of Restricted Stock. 
 (a) The restrictions and conditions in Paragraph 2 of this Agreement shall lapse on
the Vesting Date or Dates specified in the following schedule so long as the Grantee 

 remains an employee of the Company or a Subsidiary on such Dates. If a series of Vesting Dates is specified, then the
restrictions and conditions in Paragraph 2 shall lapse only with respect to the number of shares of Restricted Stock specified as vested on such date. 
  

			
	 Number of Shares Vested
	  	Vesting Date
	                     
(        %)
	  	                    

 Subsequent to such Vesting Date or Dates, the shares of Stock on which all restrictions and
conditions have lapsed shall no longer be deemed Restricted Stock. The Administrator may at any time accelerate the vesting schedule specified in this Paragraph 3. 
 (b) The restrictions and conditions in Paragraph 2 shall lapse with respect to all of the shares of Restricted Stock granted herein upon the termination of Grantee’s employment with the Company and its
Subsidiaries by reason of (i) Grantee’s death, or (ii) Grantee’s disability (within the meaning of Section 22(e)(3) of the Code). The Administrator’s determination of the reason for termination of the Grantee’s
employment shall be conclusive and binding on the Grantee and his or her representatives or legatees. 
 4. Dividends. Dividends on
Shares of Restricted Stock shall be paid currently to the Grantee. 
 5. Incorporation of Plan. Notwithstanding anything herein to the
contrary, this Agreement shall be subject to and governed by all the terms and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized terms in this Agreement shall have the meaning
specified in the Plan, unless a different meaning is specified herein. 
 6. Transferability. This Agreement is personal to the
Grantee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution. 
 7. Tax Withholding. The Grantee shall, not later than the date as of which the receipt of this Award becomes a taxable event for Federal income tax purposes, pay to the Company or make arrangements satisfactory
to the Administrator for payment of any Federal, state, and local taxes required by law to be withheld on account of such taxable event. 
 8. Election Under Section 83(b). The Grantee and the Company hereby agree that the Grantee may, within 30 days following the acceptance of this Award as provided in Paragraph 1 hereof, file with the Internal Revenue Service and
the Company an election under Section 83(b) of the Internal Revenue Code. In the event the Grantee makes such an election, he or she agrees to provide a copy of the election to the Company. 
 9. No Obligation to Continue Employment. Neither the Company nor any Subsidiary is obligated by or as a result of the Plan or this Agreement to
continue the Grantee in employment and neither the Plan nor this Agreement shall interfere in any way with the right of the Company or any Subsidiary to terminate the employment of the Grantee at any time. 

 10. Notices. Notices hereunder shall be mailed or delivered to the Company at its principal place
of business and shall be mailed or delivered to the Grantee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing. 
  

			
	 PLUG POWER INC.

		
	 By:
	 	  

	 Title:
	 	

 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the
undersigned. 
  

							
	Dated:	 	  
	 		 	  

		 		 		 	Grantee’s Signature
				
		 		 		 	Grantee’s name and address:

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