Summary by Futu AI
On July 29, 2024, Plug Power Inc. announced the appointment of Dean C. Fullerton as the new Chief Operating Officer. Fullerton, with over 30 years of experience in supply chain and logistics, previously held leadership roles at Amazon.com, Inc., The Gap, Inc., Tompkins Associates, and United Parcel Service, Inc. His compensation includes a $550,000 annual base salary, potential cash incentives, a $275,000 sign-on bonus, and 1,000,000 stock options with vesting conditions. The options have an exercise price of $2.47 and vest over three years, with half contingent on the company's stock reaching a certain price by April 30, 2025. Fullerton's employment agreement also outlines severance benefits and participation in the company's bonus and benefits plans, with his 2024 bonus guaranteed at his base salary amount.