Exhibit 10.1


 


AMENDMENT NO. 3 to
JOINT DEVELOPMENT AGREEMENT 


Between


FUELCELL ENERGY, INC.


and


EXXONMOBIL TECHNOLOGY AND ENGINEERING COMPANY


 


ExxonMobil Technology and
Engineering Company (“ExxonMobil”) and FuelCell Energy, Inc. (“FCE”) are Parties to the Joint Development Agreement
with an Effective Date of October 31, 2019 and an ExxonMobil Agreement No. LAW-2019-3608 (“Agreement”).


 


WHEREAS, the Agreement was
amended on October 31, 2021 and on April 30, 2022, to extend the term of the Agreement and enable the Parties to further evaluate the
incorporation of design improvements in the current fuel cell design; and,


 


WHEREAS, the Parties now wish
to further amend the Agreement to i) allow for continuation of research that would enable the Parties to finalize data collection in support
of the project gate decision to use the developed technology in an FCE fuel cell module demonstration for capturing carbon at ExxonMobil’s
Rotterdam facility, ii) allow for the continuation of the development, engineering and mechanical derisking of the Generation 2 Technology
fuel cell module prototype, and iii) allow for studying the manufacturing scale-up and cost reduction of a commercial Generation 2 Technology
fuel cell carbon capture facility.


 


To accomplish this, effective December 1, 2022,
the Parties hereby agree as follows:


 


		1.	Article 12.01 Term. shall be deleted in its entirety and replaced with the following:



 


12.01       Term.
Unless sooner terminated in accordance with this Article, this Agreement will continue in full force and effect beginning on the Effective
Date and ending forty-six (46) months thereafter on August 31, 2023 (“Term”).


 


		2.	Article 10.01 Project Costs, a) shall be deleted in its entirety
and replaced with the following:



 


10.01 Project Costs


 


a)            ExxonMobil
will reimburse FCE for Research Costs (i.e., cumulative FTE Costs and Direct Costs) for each Project subject to total caps set forth
herein and in the relevant Project Description. Research Costs of FCE paid for by ExxonMobil will be limted to FTE Costs for time
actually spent on the Program and Direct Costs actually incurred and approved in advance by the Steering Committee. The cumulative
Research Costs for the Program will not exceed sixty million United States dollars ($60,000,000.00) over the Term of the Agreement
(“Total Research Cost”). ExxonMobil will reimburse FCE for Research Costs after receipt of invoices on a monthly basis.
Invoices for Direct Costs will be supported by relevant third party invoices received by FCE documenting such costs. Materials shall
be invoiced as incurred and subject to a thirty percent (30%) service fee. All such payments will be made after ExxonMobil’s
receipt of invoices in accordance with invocing procedures specficied in Paragraphs 10.01(b)-(e) and in Paragraph 10.04
(Invoices).


 






     


     


    

 


Except as modified herein, all provisions of the
Agreement remain unchanged.


 


This Amendment may be executed
in counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same instrument.
Where provided for in applicable law, this Amendment may be executed and delivered electronically. If executing this Amendment using a
handwritten signature, a Party may deliver a copy of such signature via electronic transmission and may provide the other Party a duplicate
original so each Party retains an original for its records.


 


Each Party has caused this Amendment to be signed
by its authorized representative.


 


	FUELCELL ENERGY, INC.	 	EXXONMOBIL TECHNOLOGY AND ENGINEERING COMPANY
	 	 	 
	By:	/s/ Jason Few	 	By:	/s/ Prasanna V. Joshi
	 	 	 	 	 
	Name:	Jason Few	 	Name:	Prasanna V. Joshi
	 	 	 	 	 
	Title:	President and CEO	 	Title:	Vice President - Low Carbon Solutions
	 	 	 	 	 
	Date:	December 6, 2022	 	Date:	December 19, 2022


 






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