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19 Mar 2010 Register / Login F F F
22 Jun 2009

Plug shareholders reject stock option, incentive plan

The Business Review (Albany)


Shareholders on Wednesday rejected Plug Power Inc.’s stock option and incentive plan for the 2009 year.

The Latham, N.Y. company (Nasdaq: PLUG) said it did not get the required number of votes at the annual general meeting to pass the stock and incentive package. Its largest shareholder, Third Generation Company of the Wholesale Electricity Market, was present at the meeting by proxy but did not vote on the proposal, Plug Power officials said in a statement.

The Russian conglomerate controls 44,626,939 shares, or 34.7 percent of the total shares outstanding, according to its most recent filing. The company bought its shares last December from Smart Hydrogen Inc. another Russian company.

Plug’s shareholders re-elected three incumbent directors, CEO Andy Marsh, Maureen Helmer and Gary Willis in the meeting.

Plug Power convened its general meeting on May 20, when it did not get enough representation to hold the annual vote.

The company’s shares closed at 94 cents Wednesday on Nasdaq.




http://www.bizjournals.com/albany/stories/2009/06/15/daily29.html

Source: The Business Review (Albany)

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