#: Plug Power CEO makes more than $36 million from stock trades

The maker of hydrogen and fuel cell systems
PLUG,
+4.99%
said the purchase was part of the “exercise or conversion of derivative security exempted pursuant to Rule 16b-3,” which relates to trades by company insiders taking part in an employee benefit plan.

On the same day, Marsh sold 573,268 shares of Plug stock in the open market, at a weighted average price of $65.8171. The company said the shares were sold as part of a “pre-established” trading plan. (See below for the trade details.)

The cost of the stock purchases was about $1.65 million and the proceeds from the stock sales totaled about $37.73 million, netting Marsh about $36.08 million.

After the trades, Marsh owned 748,680 shares of Plug Power, representing about 0.2% of the shares outstanding.

Plug Power’s stock charged 4.4% higher in afternoon trading Friday, reversing an earlier loss of as much as 1.6%. It has rocketed more than fourfold (up 344.4%) over the past three months, while the S&P 500 index
SPX,
-0.30%
has advanced 11.5%.

Plug Power said Friday that it will provide a business update on Jan. 26 in a call scheduled for 8:30 a.m. Eastern. Marsh will discuss preliminary results for 2020 and outline the company’s plans for 2021.

Details of Marsh’s trades on Jan. 19:

• Buys 106,600 shares at $6.1000

• Buys 466,668 shares at $2.1400

• Sells 13,482 shares at $62.6504

• Sells 49,918 shares at $63.9660

• Sells 156,051 shares at $64.8196

• Sells 114,120 shares at $65.6612

• Sells 132,753 shares at $66.5801

• Sells 101,766 shares at $67.7270

• Sells 5,178 shares at $68.3109

For reference, Plug Power shares closed at $66.47 on Jan. 19.