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PLUG > SEC Filings for PLUG > Form 8-K on 1-Apr-2013All Recent SEC Filings

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Form 8-K for PLUG POWER INC


1-Apr-2013

Entry into a Material Definitive Agreement, Financial Statements and Exhibits


Item 1.01. Entry into a Material Definitive Agreement

On January 24, 2013, Plug Power Inc. (the "Company") entered into a Purchase and Sale Agreement (the "Purchase and Sale Agreement") with 968 Albany Shaker Road Associates, LLC (the "Buyer"). The Purchase and Sale Agreement provides, among other things, for the sale by the Company to the Buyer of the Company's headquarters property located at 968 Albany Shaker Road, Latham, New York consisting of approximately 34.45 acres (the "Premises") for an aggregate purchase price of $4,500,000. The purchase price is payable as follows: a $25,000 deposit, $2,975,000 at closing and $1,500,000 with 5% annual interest over 15 years in equal monthly installments of $11,861.91.

In connection with the Purchase and Sale Agreement, the Company and the Buyer also entered into a Lease Agreement (the "Lease Agreement") on January 24, 2013 pursuant to which the Company would lease from the Buyer a portion of the Premises for a term of 15 years. The Company must provide a standby letter of credit in the amount of $500,000 for the first ten years of the Lease Agreement.

On March 13, 2013, the Company and the Buyer entered into an Amendment to Purchase and Sale Agreement (the "Amendment"). Among other things, the Amendment modifies the payment of the $4,500,000 purchase price for the Premises such that $2,725,000 is payable in cash at closing and $1,750,000 with 5% annual interest is payable over 15 years in equal monthly installments of $13,838.89.

The completion of the transactions contemplated by the Purchase and Sale Agreement and the Lease Agreement occurred on March 27, 2013.

The foregoing summary is qualified in its entirety by reference to the copies of the Purchase and Sale Agreement and the Amendment which are attached as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and incorporated herein by reference.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number                                 Title

10.1              Purchase and Sale Agreement dated as of January 24, 2013 by Plug
                  Power Inc. and 968 Albany Shaker Road Associates, LLC
10.2              Amendment to Purchase and Sale Agreement dated as of March 13,
                  2013 by Plug Power Inc. and 968 Albany Shaker Road Associates,
                  LLC


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