# EDGAR Filing Document

**Accession Number:** 0000886128
**File Stem:** 0001104659-26-077042
**Filing Date:** 2026-6
**Character Count:** 134479
**Document Hash:** a1ea90df935235a089461b48c0ad55cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-077042.hdr.sgml**: 20260624

**ACCESSION NUMBER**: 0001104659-26-077042

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20260622

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260624

**DATE AS OF CHANGE**: 20260624

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FUELCELL ENERGY INC
- **CENTRAL INDEX KEY:** 0000886128
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRICAL INDUSTRIAL APPARATUS [3620]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 060853042
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14204
- **FILM NUMBER:** 261112975

**BUSINESS ADDRESS:**
- **STREET 1:** 3 GREAT PASTURE ROAD
- **CITY:** DANBURY
- **STATE:** CT
- **ZIP:** 06810
- **BUSINESS PHONE:** 2038256000

**MAIL ADDRESS:**
- **STREET 1:** 3 GREAT PASTURE ROAD
- **CITY:** DANBURY
- **STATE:** CT
- **ZIP:** 06810

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ENERGY RESEARCH CORP /NY/
- **DATE OF NAME CHANGE:** 19930328

?xml version='1.0' encoding='ASCII'? FUELCELL ENERGY, INC._June 22, 2026

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

------

**FORM 8-K**

------

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of report (Date of earliest event reported): June 22, 2026**

## FUELCELL ENERGY, INC.
**(Exact Name of Registrant as Specified in its Charter)**

------

---

| | | |
|:---|:---|:---|
| **Delaware** | **1-14204** | **06-0853042** |
| **(State or Other Jurisdiction of**<br>**Incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification No.)** |
|  | **3 Great Pasture Road,**<br>**Danbury, Connecticut** | **06810** |
|  | **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (203)825-6000**

**Not Applicable**

**(Former Name or Former Address, if Changed Since Last Report)**

------

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

------

Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| Title of each class | Name of each exchange on which registered |
| Common Stock, $0.0001 par value per share<br> FCEL | The Nasdaq Stock Market LLC <br>(Nasdaq Global Market) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Explanatory Note** 

On June 22, 2026, FuelCell Energy, Inc. (the "Company") entered into a Capital Equipment Purchase Agreement (the "CEPA") with Fit Energy USA LP ("Fit"), by its general partner, Fit US Inc. Pursuant to the CEPA, the Company agreed to manufacture, sell, and deliver to Fit carbonate fuel cell block systems (each, a "Block"), with each Block having a nameplate generating capacity of 2.5 megawatts ("MW"), for a total aggregate generating capacity of up to 380 MW across four phases. The fuel cell systems are intended to supply baseload electricity for data center applications. Upon execution of the CEPA, the payment obligations with respect to the initial phase, representing a generating capacity of 30 MW in phase 0, will be effective. Thereafter, Fit will have the ability to elect, at its sole option, to proceed with the remaining phases for generating capacity of 100 MW in phase 1, generating capacity of 125 MW in phase 2 and generating capacity of an additional 125 MW in phase 3, in each case, with a milestone based payment obligation with an initial deposit due at election of each phase, upon delivery by Fit of timely election notices.

As Fit identifies project sites for the deployment of the Blocks within the United States, the parties are required to enter into a project-specific system commissioning agreement and a long-term services agreement ("LTSA"), each in prescribed forms attached to the CEPA. These LTSAs are expected to have terms of 15 to 20 years.

Either party may terminate the CEPA upon the other party's material breach, subject to customary notice and cure periods.

**Item 1.01. Entry Into a Material Definitive Agreement.**

***Warrant Agreement***

On June 22, 2026, in connection with the CEPA, the Company entered into a warrant agreement (the "Warrant Agreement") with Fit, pursuant to which the Company issued to Fit three tranches of warrants representing Fit's right to purchase up to an aggregate of 12,000,000 shares of the Company's common stock, par value $0.0001 per share (the "Common Stock") at an exercise price of $26.44 per share (the "Strike Price"). The warrants are divided into three equal tranches of 4,000,000 shares each (the "First Tranche Warrant," the "Second Tranche Warrant" and the "Third Tranche Warrant," and collectively, the "Warrants").

The Warrants are subject to performance-based vesting tied to Fit's deposits under the CEPA before they can be exercised. The First Tranche Warrant vests upon the Company's receipt of a non-refundable deposit equal to 16% of the order value for 100 MW of power generation platforms in connection with phase 1 The Second Tranche Warrant vests upon the Company's receipt of a non-refundable deposit for 125 MW of power generation platforms in connection with phase 2. The Third Tranche Warrant vests upon the Company's receipt of a non-refundable deposit for the third tranche of 125 MW of power generation platforms in connection with phase 3. Any Warrant that has not vested as of the date that is 24 months following the date of issuance will automatically terminate and be cancelled.

Each tranche of Warrants, once vested, is exercisable by Fit, in whole or in part, at any time, or from time to time, during the applicable exercise period for such Warrants, by tendering to the Company a notice of exercise and payment of the Strike Price in cash by wire transfer of immediately available funds. Each tranche of Warrants will expire 24 months following the applicable vesting date for such tranche. The Company will not issue fractional shares upon exercise of any Warrant; in lieu thereof, the Company will pay cash based on the closing sale price of the Common Stock on the applicable exercise date.

The Warrant Agreement provides the Company with a mandatory exercise right (the "Mandatory Exercise Right"), exercisable at the Company's election, to cause all outstanding vested Warrants to be exercised if the volume-weighted average price per share of Common Stock exceeds 150% of the Strike Price on each of at least 30 consecutive trading days. Upon exercise of the Mandatory Exercise Right, the Company must provide at least 15 days' prior written notice to Fit. No shares of Common Stock will be issued upon exercise of any Warrant to the extent such issuance would result in Fit beneficially owning in excess of 19.99% of the then-outstanding shares of Common Stock.

The Warrants are subject to adjustment from time to time in accordance with the provisions of the Warrant Agreement. The Warrants may not be transferred or assigned without the prior written consent of the Company, except to Affiliates (as defined in the Warrant Agreement).

The foregoing description of the Warrant Agreement does not purport to be complete and is subject to and qualified in its entirety by reference to the full text of the Warrant Agreement, a copy of which is filed as Exhibit 4.1 to this Current Report on Form 8-K and is incorporated herein by reference.

***Registration Rights Agreement***

On June 22, 2026, the Company entered into a registration rights agreement with Fit (the "Registration Rights Agreement") providing for certain resale shelf registration rights with respect to the shares of Common Stock issuable upon exercise of the Warrants held by Fit from time to time.

The Registration Rights Agreement requires the Company to file a registration statement under the Securities Act of 1933, as amended (the "Securities Act"), providing for the resale of all or part of the registrable securities held by the parties thereto as promptly as practicable, and in any event within 30 calendar days following the closing of the transactions contemplated by the CEPA, and to use commercially reasonable efforts to cause such registration statement to be declared effective within the timelines specified therein, and thereafter to keep such registration statement effective for the periods specified therein. The Registration Rights Agreement also contains customary indemnity, exculpation and contribution obligations by the Company and the other parties to the Registration Rights Agreement.

The foregoing description of the Registration Rights Agreement does not purport to be complete and is subject to and qualified in its entirety by reference to the full text of the Registration Rights Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

**Item 3.02. Unregistered Sales of Equity Securities.**

On June 22, 2026, the Company entered into the Warrant Agreement, pursuant to which it issued Warrants to purchase shares of Common Stock in a private placement in reliance on the exemption from the registration requirements of the Securities Act provided by Section 4(a)(2) of the Securities Act. The information contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

***Note Regarding Forward-Looking Statements***

Certain statements in this Current Report on Form 8-K constitute "forward-looking statements" within the meaning of the federal securities laws. These statements are based on management's current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results. Forward-looking statements include statements regarding the timing and amount of any funding, issuance of Warrants and the transactions contemplated by the CEPA. These forward-looking statements are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Actual results, levels of activity, performance, achievements and events could differ materially from those stated, anticipated or implied by such forward-looking statements. While the Company believes that its assumptions are reasonable, it is very difficult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect actual results. There are many risks and uncertainties that could cause actual results to differ materially from forward-looking statements made or implied herein including the risks discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2025 filed with the Securities and Exchange Commission ("SEC") on December 18, 2025, as well as other factors described from time to time in the Company's filings with the SEC. Such forward-looking statements are made only as of the date of this Current Report on Form 8-K. The Company undertakes no obligation to publicly update or revise any forward-looking statement because of new information, future events or otherwise, except as otherwise required by law. If it does update one or more forward-looking statements, no inference should be made that the Company will make additional updates with respect to those or other forward-looking statements.

**Item 7.01. Regulation FD Disclosure.**

On June 24, 2026, the Company issued a press release announcing the strategic agreement between the Company and Fit. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished in this Item 7.01, including Exhibit 99.1, is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section. This information will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

**Item 8.01. Other Events.**

The information set forth in the Explanatory Note of this Current Report on Form 8-K is incorporated by reference into this Item 8.01.

**Item 9.01.** **Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

---

| | |
|:---|:---|
| **ExhibitNumber** | **Description** |
| 4.1 | [Warrant Agreement, dated as of June 22, 2026, between FuelCell Energy, Inc. and Fit Energy USA LP.](fcel-20260622xex4d1.htm) |
| 10.1 | [Registration Rights Agreement, dated as of June 22, 2026, between FuelCell Energy, Inc. and Fit Energy USA LP.](fcel-20260622xex10d1.htm) |
| 99.1 | [FuelCell Energy, Inc. Press Release dated June 23, 2026.](fcel-20260622xex99d1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | FUELCELL ENERGY, INC. | FUELCELL ENERGY, INC. |
| Date: June 24, 2026 | By: | /s/ Michael S. Bishop |
|  |  | Michael S. Bishop |
|  |  | Executive Vice President, Chief Financial Officer, and Treasurer |

---

## Exhibit 4.1

**Exhibit 4.1**

THE OFFER AND SALE OF THIS SECURITY AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND THIS SECURITY AND SUCH SHARES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT; OR (B) PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

TRANSFERS, PLEDGES OR OTHER DISPOSITIONS HEREOF, OR OF ANY BENEFICIAL INTEREST HEREIN, ARE SUBJECT TO RESTRICTIONS SET FORTH IN THE WARRANT AGREEMENT REFERRED TO HEREIN. ANY PURPORTED TRANSFER, PLEDGE OR OTHER DISPOSITION IN VIOLATION OF SUCH RESTRICTIONS WILL BE VOID AND OF NO FORCE OR EFFECT.

**WARRANT AGREEMENT**

WARRANT AGREEMENT, dated as of June 22, 2026 (the "*Effective Date*"), between FuelCell Energy, Inc., a Delaware corporation, as issuer (the "*Company*"), and FIT Energy USA LP ("*FIT*"), as the initial Holder (as defined in this Warrant Agreement).

In consideration of the mutual agreements herein contained, each party to this Warrant Agreement (as defined below) agrees as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Definitions.** 

As used herein, the terms set forth below shall have the following meanings:

"*Affiliate*" with respect to any person means any other person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified person. For the purposes of this definition, "*control*" when used with respect to any person, means the power to direct the management and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise and the terms "*controlling*" and "*controlled*" have meanings correlative to the foregoing.

"*Aggregate Strike Price*" means, with respect to the Exercise of any Warrant, an amount equal to the product of (a) the number of Underlying Shares of such Warrant that are being so Exercised; and (b) the Strike Price on the Exercise Date for such Exercise.

"*Authorized Denomination*" means, with respect to a Warrant, either (a) such Warrant in its entirety, representing all of the Underlying Shares thereof; or (b) any portion of such Warrant that represents a whole number of the Underlying Shares thereof.

"*Block Systems*" means power generation platforms manufactured by the Company.

"*Business Day*" means any day other than a Saturday, a Sunday or any day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed.

"*Certificate*" means any Electronic Certificate or Physical Certificate.

"*Close of Business*" means 5:00 p.m., New York City time.

 

------

"*Commercial Agreement*" means that certain Capital Equipment Purchase Agreement, dated as of the date hereof, between the Company and FIT.

"*Common Stock*" means the common stock, $0.0001 par value per share, of the Company, subject to Section 13.

"*Company*" means FuelCell Energy, Inc., a Delaware corporation.

"*Effective Date*" means the date first set forth above.

"*Electronic Certificate*" means any electronic book entry maintained by the Company in the Register that represents one (1) or more Warrants.

"*Exchange Act*" means the U.S. Securities Exchange Act of 1934, as amended.

"*Exercise*" means a Mandatory Exercise or an Optional Exercise. The terms "*Exercised*" and "*Exercisable*" will have a meaning correlative to the foregoing.

"*Exercise Date*" means, with respect to an Optional Exercise, the first Business Day on which the requirements set forth in <u>Section 5(a)</u> for such Optional Exercise are satisfied, and with respect to a Mandatory Exercise, an Exercise Date designated with respect to any Warrant pursuant to <u>Section 6</u>.

"*Exercise Period*" means (a) with respect to any First Tranche Warrant, the First Tranche Exercise Period; (b) with respect to any Second Tranche Warrant, the Second Tranche Exercise Period; and (c) with respect to any Third Tranche Warrant, the Third Tranche Exercise Period.

"*Exercise Period Expiration Date*" means (a) with respect to any First Tranche Warrant, the date that is twenty-four (24) months following the First Tranche Vesting Date; (b) with respect to any Second Tranche Warrant, the date that is twenty-four (24) months following the Second Tranche Vesting Date; and (c) with respect to any Third Tranche Warrant, the date that is twenty-four (24) months following the Third Tranche Vesting Date; provided, however, that if any such date is not a Business Day, the Exercise Period Expiration Date shall be the immediately following Business Day.

"*First Tranche Deposit*" means the payment by the Holder (or its Affiliates) of a non-refundable deposit equal to sixteen percent (16%) of the order value for the initial 100 MW of Block Systems pursuant to the Commercial Agreement.

"*First Tranche Exercise Period*" means the period from, and including, the First Tranche Vesting Date to, and including, the Exercise Period Expiration Date applicable to the First Tranche Warrants.

"*First Tranche Vesting Date*" means the date on which the First Tranche Vesting Event occurs.

"*First Tranche Vesting Event*" means the Company's receipt of the First Tranche Deposit.

"*First Tranche Warrants*" has the meaning set forth in <u>Section 3(a)</u>.

"*Fundamental Transaction*" shall have the meaning specified in <u>Section 13(a)</u>.

"*Holder*" means a person in whose name any Warrant is registered on the Register.

"*Initial Issue Date*" means the Effective Date.

 

------

"*Last Reported Sale Price*" of the Common Stock for any Trading Day means the closing sale price per share (or, if no closing sale price is reported, the average of the last bid price and the last ask price per share or, if more than one in either case, the average of the average last bid prices and the average last ask prices per share) of the Common Stock on such Trading Day as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is then listed. If the Common Stock is not listed on a U.S. national or regional securities exchange on such Trading Day, then the Last Reported Sale Price will be the last quoted bid price per share of Common Stock on such Trading Day in the over-the-counter market as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock is not so quoted on such Trading Day, then the Last Reported Sale Price will be the average of the mid-point of the last bid price and the last ask price per share of Common Stock on such Trading Day from each of at least three nationally recognized independent investment banking firms the Company selects.

"*Mandatory Exercise*" has the meaning set forth in <u>Section 6(a)</u>.

"*Mandatory Exercise Condition*" has the meaning set forth in <u>Section 6(a)</u>.

"*Mandatory Exercise Date*" means an Exercise Date designated with respect to any Warrant pursuant to <u>Section 6(a)</u>.

"*Mandatory Exercise Notice*" has the meaning set forth in <u>Section 6(b)</u>.

"*Mandatory Exercise Notice Date*" means, with respect to a Mandatory Exercise, the date on which the Company sends the Mandatory Exercise Notice for such Mandatory Exercise pursuant to <u>Section 6(b)</u>.

"*Mandatory Exercise Right*" has the meaning set forth in <u>Section 6(a)</u>.

"*Market Disruption Event*" means, with respect to any date, the occurrence or existence, during the one-half hour period ending at the scheduled close of trading on such date on the principal U.S. national or regional securities exchange or other market on which the Common Stock is listed for trading or trades, of any material suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock.

"*Optional Exercise*" means the exercise of any Warrant other than a Mandatory Exercise.

"*Optional Exercise Date*" means, with respect to the Optional Exercise of any Warrant, the first Business Day on which the requirements set forth in <u>Section 5(a)</u> for such Optional Exercise are satisfied.

"*Permitted Transferee*" means, with respect to any Holder: (a) any Affiliate of such Holder; (b) any limited partner, member, stockholder or other direct or indirect equity holder of such Holder, in connection with a distribution in-kind of securities by such Holder (including upon dissolution or liquidation of such Holder or any fund of which such Holder is an Affiliate); or (c) any successor entity resulting from a merger, consolidation, reorganization or similar transaction involving such Holder in which substantially all of the assets of such Holder are transferred to such successor; provided, that in each case any such Permitted Transferee agrees in writing to be bound by the terms of this Warrant Agreement.

"*Person*" or "*person*" means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof.

"*Physical Certificate*" means any certificate (other than an Electronic Certificate), which may be

 

------

represented in .pdf format only, representing any Warrants, which certificate is substantially in the form set forth in Exhibit A, registered in the name of the Holder of such Warrants and duly executed by the Company.

"*Register*" has the meaning set forth in <u>Section 3(e)</u>.

"*Registration Rights Agreement*" means that certain registration rights agreement dated the date hereof between the Company and FIT, as may be amended from time to time.

"*Second Tranche Deposit*" means the payment by the Holder (or its Affiliates) of a non-refundable deposit for the second tranche of 125 MW of Block Systems pursuant to the Commercial Agreement.

"*Second Tranche Exercise Period*" means the period from, and including, the Second Tranche Vesting Date to, and including, the Exercise Period Expiration Date applicable to the Second Tranche Warrants.

"*Second Tranche Vesting Date*" means the date on which the Second Tranche Vesting Event occurs.

"*Second Tranche Vesting Event*" means the Company's receipt of the Second Tranche Deposit.

"*Second Tranche Warrants*" has the meaning set forth in <u>Section 3(a)</u>.

"*Securities Act*" means the U.S. Securities Act of 1933, as amended.

"*Strike Price*" initially means $26.44 per share; provided, however, that the Strike Price is subject to adjustment pursuant to <u>Section 13</u>. Each reference in this Warrant Agreement or any Certificate to the Strike Price as of a particular date without setting forth a particular time on such date will be deemed to be a reference to the Strike Price immediately after the Close of Business on such date.

"*Third Tranche Deposit*" means the payment by the Holder (or its Affiliates) of a non-refundable deposit for the third tranche of 125 MW of Block Systems pursuant to the Commercial Agreement.

"*Third Tranche Exercise Period*" means the period from, and including, the Third Tranche Vesting Date to, and including, the Exercise Period Expiration Date applicable to the Third Tranche Warrants.

"*Third Tranche Vesting Date*" means the date on which the Third Tranche Vesting Event occurs.

"*Third Tranche Vesting Event*" means the Company's receipt of the Third Tranche Deposit.

"*Third Tranche Warrants*" has the meaning set forth in <u>Section 3(a)</u>.

"*Trading Day*" means any day on which (a) trading in the Common Stock generally occurs on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded; and (b) there is no Market Disruption Event. If the Common Stock is not so listed or traded, then "*Trading Day*" means a Business Day.

"*Underlying Shares*" initially means, with respect to any Warrant, that number of shares of Common Stock identified as the initial number of "Underlying Shares" in the Certificate representing such Warrant, subject to Vesting thereof; provided, however, that (a) the number of Underlying Shares of each Warrant will be subject to adjustment pursuant to <u>Section 13</u>, and (b) upon the Exercise of any Warrant (or any portion thereof representing less than all of the Underlying Shares thereof), the number of Underlying Shares of such Warrant will be reduced, effective as of the time such Warrant ceases to be outstanding, by the number of

 

------

Underlying Shares so Exercised.

"*Valuation Price*" means, with respect to the Exercise of any Warrant, the Last Reported Sale Price per share of Common Stock on the Exercise Date for such Exercise (or, if such Exercise Date is not a Trading Day, the immediately preceding Trading Day).

"*Vested*" means, with respect to any Warrant, that the applicable Vesting Event for such Warrant has occurred, and "*Vesting*" shall have a correlative meaning.

"*Vesting Event*" means (a) with respect to the First Tranche Warrants, the First Tranche Vesting Event; (b) with respect to the Second Tranche Warrants, the Second Tranche Vesting Event; and (c) with respect to the Third Tranche Warrants, the Third Tranche Vesting Event.

"*VWAP*" means, for the Common Stock for any Trading Day, the per share volume-weighted average price of the Common Stock as displayed under the heading "Bloomberg VWAP" on Bloomberg page "FCEL AQR" (or, if such page is not available, its equivalent successor page) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or, if such volume-weighted average price is unavailable, the market value of one share of Common Stock on such Trading Day as determined, using a volume-weighted average price method, by a nationally recognized independent investment banking firm retained for this purpose by the Company).

"*Warrant*" means each warrant issued by the Company pursuant to, and having the terms, and conferring to the Holders thereof the rights, set forth in, this Warrant Agreement. Subject to the terms of this Warrant Agreement, each Warrant will be Exercisable for shares of Common Stock based on the number of Vested Underlying Shares of such Warrant and the Strike Price.

"*Warrant Agreement*" means this Warrant Agreement, as amended or supplemented from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Rules of Construction.** 

For purposes of this Warrant Agreement: (a) "or" is not exclusive; (b) "including" means "including without limitation"; (c) "will" expresses a command; (d) the "average" of a set of numerical values refers to the arithmetic average of such numerical values; (e) words in the singular include the plural and in the plural include the singular, unless the context requires otherwise; (f) "herein," "hereof" and other words of similar import refer to this Warrant Agreement as a whole and not to any particular section or other subdivision of this Warrant Agreement, unless the context requires otherwise; (g) references to currency mean the lawful currency of the United States of America, unless the context requires otherwise; and (h) the exhibits and schedules to this Warrant Agreement are deemed to form part of this Warrant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **The Warrants.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)***Original Issuance of Warrants***. On the Initial Issue Date, there will be originally issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A Warrant having an initial aggregate of four million (4,000,000) Underlying Shares vesting on the First Tranche Vesting Date (the "*First Tranche Warrant* ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A Warrant having an initial aggregate of four million (4,000,000) Underlying Shares vesting on the Second Tranche Vesting Date (the "*Second* 

 

------

*Tranche Warrant*"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A Warrant having an initial aggregate of four million (4,000,000) Underlying Shares vesting on the Third Tranche Vesting Date (the "*Third Tranche Warrant* ").

For the avoidance of doubt, the number of Underlying Shares of each of the First Tranche Warrant, Second Tranche Warrant and Third Tranche Warrant is subject to adjustment pursuant to <u>Section 13</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)***Form, Dating and Denominations***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Form and Date of Electronic Certificates Representing Warrants*. Each book entry Electronic Certificate representing any Warrant will be deemed to (1) be substantially in the form set forth in <u>Exhibit A</u>; (2) bear the legends required by <u>Section 3(d)</u> and may bear notations, legends or endorsements required by law, stock exchange rule or usage; and (3) be dated as of the date it is executed by the Company pursuant to the registration of the electronic book entry representing such Electronic Certificate in the name of the applicable Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Certificates*. Each Warrant will be originally issued initially in the form of one or more Physical Certificates or Electronic Certificates, in the form of an electronic entry on a Company ledger maintained for such purpose. Electronic Certificates may be exchanged for Physical Certificates, and Physical Certificates may be exchanged for Electronic Certificates, upon request by the Holder thereof pursuant to customary procedures. The Warrants are not eligible for deposit with The Depository Trust Company or any similar depositary and shall not be issued in global or bearer form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Electronic Certificates; Interpretation*. For purposes of this Warrant Agreement, (1) each Electronic Certificate will be deemed to include the text of the form of Electronic Certificate set forth in <u>Exhibit A</u>; (2) any legend, registration number or other notation that is required to be included on a Certificate will be deemed to be affixed to any Certificate notwithstanding that such Certificate may be in a form that does not permit affixing legends thereto (and references herein to such Certificates "bearing" a legend or similar terms will be deemed to be satisfied by this clause (2)); (3) any reference in this Warrant Agreement to the "delivery" of any Certificate will be deemed to be satisfied upon the registration of the electronic book entry representing such Certificate in the name of the applicable Holder; and (4) such Certificates will be deemed to be executed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *No Bearer Certificates*. The Warrants will be issued only in registered form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Registration and Tranche Numbers*. Each Physical Certificate representing any Warrant will bear (1) a unique registration number that is not affixed to any other Physical Certificate representing any other outstanding Warrant; and (2) an indication whether the Warrant(s) represented by such Physical Certificate constitute First Tranche Warrants, Second Tranche Warrants, or Third Tranche Warrants. Each Electronic Certificate representing any Warrant will bear a book entry indication designating whether the Warrant(s) represented by such Electronic Certificate constitute First Tranche Warrants, Second Tranche

 

------

Warrants, or Third Tranche Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)***Legends***. Each Certificate representing any Warrant (and the Underlying Shares issuable thereon) shall bear the following legends; provided that, such Warrant or any such shares need not bear such a legend if the Company determines, in its reasonable discretion, that the same need not bear such a legend:

"THE OFFER AND SALE OF THIS SECURITY AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND THIS SECURITY AND SUCH SHARES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT; OR (B) PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT."

"TRANSFERS, PLEDGES OR OTHER DISPOSITIONS HEREOF, OR OF ANY BENEFICIAL INTEREST HEREIN, ARE SUBJECT TO RESTRICTIONS SET FORTH IN THE WARRANT AGREEMENT REFERRED TO HEREIN. ANY PURPORTED TRANSFER, PLEDGE OR OTHER DISPOSITION IN VIOLATION OF SUCH RESTRICTIONS WILL BE VOID AND OF NO FORCE OR EFFECT."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)***Maintenance of the Register***. The Company will keep, or cause there to be kept, a record (the "*Register*") of the names and addresses of the Holders, the number of Warrants (and the respective numbers of Underlying Shares thereof) held by each Holder and the transfer, exchange and Exercise of the Warrants. Absent manifest error, the entries in the Register will be conclusive and the Company may treat each Person whose name is recorded as a Holder in the Register as a Holder for all purposes. The Register will be in written form or in any form capable of being converted into written form reasonably promptly. The Company will provide a copy of the Register to any Holder upon its request as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)***Warrant Agent***. The Company may, by written notice to the Holder, appoint an agent for the purpose of maintaining the Warrant Register referred to in <u>Section 3(d)</u> above, issuing the Common Stock or other securities then issuable upon the exercise of any Warrant, exchanging this Warrant, replacing this Warrant, or any or all of the foregoing. Thereafter, any such registration, issuance, exchange, or replacement, as the case may be, shall be made at the office of such agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)***Outstanding Warrants***. A Warrant will cease to be outstanding upon the earliest to occur of (i) the Exercise of such Warrant, (ii) the expiration of the applicable Exercise Period for such Warrant, or (iii) the cancellation of such Warrant in accordance with this Warrant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Vesting of Warrants.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)***Vesting Generally*.** Each Warrant shall become Vested and Exercisable only upon the occurrence of the applicable Vesting Event for such Warrant. Until a Warrant becomes Vested, such Warrant shall not be Exercisable by the Holder thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)***First Tranche Vesting***. The First Tranche Warrant shall vest and become Exercisable upon the Company's receipt of the First Tranche Deposit. The Company shall notify the Holder in writing within five (5) Business Days following the First Tranche Vesting Date, specifying the First Tranche Vesting Date and confirming that the First Tranche Warrant has become Vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)***Second Tranche Vesting***. The Second Tranche Warrant shall vest and become

 

------

Exercisable upon the Company's receipt of the Second Tranche Deposit. The Company shall notify the Holder in writing within five (5) Business Days following the Second Tranche Vesting Date, specifying the Second Tranche Vesting Date and confirming that the Second Tranche Warrant has become Vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)***Third Tranche Vesting***. The Third Tranche Warrant shall vest and become Exercisable upon the Company's receipt of the Third Tranche Deposit. The Company shall notify the Holder in writing within five (5) Business Days following the Third Tranche Vesting Date, specifying the Third Tranche Vesting Date and confirming that the Third Tranche Warrant has become Vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)***Unvested Warrants***. Any Warrant that has not Vested as of the date that is twenty four (24) months following the Initial Issue Date shall automatically terminate and be cancelled without any action required by any party, and shall thereafter not be Exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Exercise of Warrants.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)****Exercise at the Option of the Holders.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Exercise Right; When Warrants May Be Submitted for Optional Exercise*. Subject to <u>Section 4</u>, each Holder of any Vested Warrants will have the right to submit all, or any Authorized Denomination, of such Warrants for Optional Exercise at any time during the applicable Exercise Period for such Warrants; provided, however, that, notwithstanding anything to the contrary in this Warrant Agreement, Warrants that are subject to Mandatory Exercise may not be submitted for Optional Exercise after the Close of Business on the Business Day immediately before the related Mandatory Exercise Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Surrender and Payment*. The purchase rights represented by a Vested Warrant are exercisable by the Holder in whole or in part, at any time, or from time to time, during the applicable Exercise Period, by the surrender of such Warrant (or portion thereof in an Authorized Denomination) and delivery of a Notice of Exercise annexed hereto as <u>Exhibit B</u> duly completed and executed on behalf of the Holder, at the office of the Company (or such other office or agency of the Company as it may designate by notice in writing to the Holder at the address of the Holder appearing on the Register), upon payment of the Strike Price in cash by wire transfer of immediately available funds. Such payment will be deemed to have been made on the date such Aggregate Strike Price is actually received by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Exercises of Warrants Not In Authorized Denominations Prohibited*. Notwithstanding anything to the contrary in this Warrant Agreement, in no event will any Holder be entitled to Exercise any Warrant other than in an Authorized Denomination thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)***Effectiveness of Exercise***. A Warrant shall be deemed to have been exercised immediately prior to the Close of Business on the Exercise Date, and the person entitled to receive the shares of Common Stock issuable upon such exercise shall be treated for all purposes as the holder of record of such shares as of the Close of Business on such Exercise Date. As promptly as practicable on or after such date and in any event within five (5) Business Days thereafter, the Company, at its expense, shall issue and deliver to the person or persons entitled to receive the same the number of shares of Common Stock issuable upon such exercise by registering such shares in book-entry form in

 

------

the name of such person or persons. In the event that a Warrant is exercised in part, the Company at its expense will execute and deliver a new Certificate of like tenor representing a Warrant exercisable for the number of shares for which such Warrant may then be exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***Expiration of Exercise Period***. Subject to <u>Section 6</u>, if any Warrant is outstanding and not Exercised as of immediately before the Close of Business on the applicable Exercise Period Expiration Date for such Warrant, such Warrant shall automatically expire and cease to be outstanding and Exercisable as of immediately after the Close of Business on such Exercise Period Expiration Date without any action on the part of any party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Mandatory Exercise at the Company's Election.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)***Mandatory Exercise Right***. Subject to the provisions of this <u>Section 6</u>, the Company will have the right (the "*Mandatory Exercise Right*"), exercisable at its election, to designate a Business Day as an Exercise Date for the exercise (such an exercise, a "*Mandatory Exercise*") of all, outstanding Vested Warrants, but only if the following condition is satisfied (the "*Mandatory Exercise Condition*"): the VWAP per share of Common Stock exceeds one hundred fifty percent (150%) of the Strike Price then in effect on each of at least thirty (30) consecutive Trading Days ending on, and including, the Trading Day immediately before the Mandatory Exercise Notice Date for such Mandatory Exercise. Upon the Company's exercise of the Mandatory Exercise Right, all outstanding Vested Warrants shall be subject to and must be exercised pursuant to such Mandatory Exercise. For the avoidance of doubt, the Company may not exercise the Mandatory Exercise Right with respect to fewer than all outstanding Vested Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Mandatory Exercise Notice***. To exercise its Mandatory Exercise Right with respect to any Warrants, the Company must send to each Holder of such Warrants a written notice of such exercise (a "*Mandatory Exercise Notice*"). Such Mandatory Exercise Notice must state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that the Company has exercised its Mandatory Exercise Right to cause the Mandatory Exercise of the Warrants, including reasonable support for the Company's determination that the Mandatory Exercise Right has become exercisable pursuant to the terms of this Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Mandatory Exercise Date for such Mandatory Exercise, which date shall be the date that is fifteen (15) Business Days after the Mandatory Exercise Notice Date, and the date scheduled for the settlement of such Mandatory Exercise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that Warrants subject to Mandatory Exercise may be Exercised earlier at the option of the Holders thereof pursuant to an Optional Exercise at any time before the Close of Business on the Business Day immediately before the Mandatory Exercise Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Strike Price in effect on the Mandatory Exercise Notice Date for such Mandatory Exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)***Mandatory Exercise Procedures***. If the Company duly exercises its Mandatory Exercise Right in accordance with this <u>Section 6</u> with respect to any Warrant, then (i) the Mandatory Exercise of such Warrant will occur automatically and without the need for any action on the part of the Holder(s) thereof; and (ii) the Holder shall pay to the Company the Aggregate Strike Price for the Underlying Shares being Exercised in cash by wire transfer of immediately available funds on or before the Mandatory Exercise Date, and the shares of Common Stock due upon such Mandatory

 

------

Exercise will be registered in the name of, and delivered to, the Holder(s) of such Warrant as of the Close of Business on the related Mandatory Exercise Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Limitation on Exercise Right.** 

Notwithstanding anything to the contrary in this Warrant Agreement, no shares of Common Stock will be issued or delivered upon Exercise of any Warrant of any Holder, and no Warrant of any Holder will be Exercisable, in each case to the extent, and only to the extent, that such issuance, delivery, Exercise or exercisability would result in such Holder, or a "person" or "group" (within the meaning of Section 13(d)(3) of the Exchange Act) that includes such Holder, beneficially owning, after giving effect to the issuance of the shares of Common Stock to be issued upon such Exercise, in excess of nineteen and ninety-nine hundredths percent (19.99%) of the then-outstanding shares of Common Stock as so increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **No Fractional Shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)***No Fractional Shares Issued***. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of any Warrant. In lieu of any fractional share to which the Holder would otherwise be entitled, the Company shall pay cash based on the Valuation Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)***Method of Payment***. The Company will pay all cash amounts, if any, due on any Warrant of any Holder by check mailed to the address of such Holder set forth in the Register; *provided*, *however*, that the Company will instead pay such cash amounts by wire transfer of immediately available funds to the account of such Holder within the United States specified in a written request of such Holder delivered to the Company no later than the Close of Business on the date that is ten (10) Business Days immediately before the date such payment is due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Rights of Stockholders.** 

Subject to the first sentence of <u>Section 5(b)</u>, the Holder shall not be entitled to vote or receive dividends or be deemed the holder of Common Stock or any other securities of the Company that may at any time be issuable on the exercise of any Warrant for any purpose, nor shall anything contained herein be construed to confer upon the Holder, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of par value, or change of stock to no par value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until such Warrant shall have been exercised as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Transfer of Warrant.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)***Limitations on Transfer***. This Warrant may not be transferred or assigned without the prior written consent of the Company, provided that the Holder may assign this Warrant without consent to any Permitted Transferee. In no event may this Warrant be transferred or assigned without compliance with the Securities Act and state securities laws by the transferor and the transferee (including the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, if such are requested by the Company). Subject to the foregoing provisions, this Warrant may be transferred by the Holder executing an assignment in the form annexed hereto and delivery in the same manner as a negotiable instrument transferable by endorsement and delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)***Exchange of Warrant Upon a Transfer***. If this Warrant is held as a Physical Certificate, upon such deemed surrender and, if required, such payment, the Company shall execute

 

------

and deliver a new Physical or Electronic Certificate of Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and, if a Physical Certificate, shall issue to the assignor a new Physical Certificate evidencing the portion of this Warrant not so assigned, and the existing Physical Certificate shall be deemed cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall be deemed to surrender this Warrant to the Company at the time the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for Underlying Shares without having a new Warrant issued. This Warrant may be divided or combined with other Warrants upon presentation hereof at the office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 10(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a Certificate representing the new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial Issue Date of this Warrant and shall be identical with this Warrant except as to the number of Underlying Shares issuable pursuant thereto. Upon satisfaction of the requirements of this Warrant Agreement to effect a transfer or exchange of any Warrant, the Company will cause such transfer or exchange to be effected as soon as reasonably practicable but in no event later than the fifth (5th) Business Day after the date of such satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Reservation of Stock.** 

The Company covenants that during the period any Warrant is outstanding and Exercisable, the Company will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of Common Stock upon the Vesting and exercise of all Warrants then outstanding. The Company further covenants that all shares that may be issued upon the exercise of rights represented by any Warrant, all as set forth herein, will be duly authorized, validly issued, fully paid and nonassessable and shall be free from all preemptive rights, taxes, liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously or otherwise specified herein). The Company agrees that its issuance of any Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates or registering book-entry shares to execute and issue the necessary certificates or register the necessary book-entry shares for shares of Common Stock upon the exercise of any Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Notices.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)***Corporate Events.*** In case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall take a record of the holders of its Common Stock (or other stock or securities at the time receivable upon the exercise of any Warrant) for the purpose of entitling them to receive any dividend or other distribution, or any right to subscribe for or purchase any shares of stock of any class or any other securities, or to receive any other right, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) of any capital reorganization of the Company, any reclassification of the capital stock of the Company, any consolidation or merger of the Company with or into another corporation, or any conveyance of all or substantially all of the assets of the Company to another corporation, or

 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) of any voluntary dissolution, liquidation or winding-up of the Company,

then, and in each such case, the Company will promptly send notice to the Holder(s) specifying, as the case may be, (A) the date on which a record is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character of such dividend, distribution or right, or (B) the date on which such reorganization, reclassification, consolidation, merger, conveyance, dissolution, liquidation or winding-up is to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock (or such stock or securities at the time receivable upon the exercise of any Warrant) shall be entitled to exchange their shares of Common Stock (or such other stock or securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, conveyance, dissolution, liquidation or winding-up. Such notice shall be mailed at least fifteen (15) days prior to the date therein specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)***Form of Notices.*** All notices or communications required to be made to a Holder pursuant to this Warrant Agreement must be made in writing and will be deemed to be duly sent or given in writing if (1) mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery, to its address shown on the Register; or (2) transmitted by electronic transmission or other similar means of unsecured electronic communication to the electronic address of such Holder shown on the Register, provided receipt of such electronic transmission or communication is acknowledged. The failure to send a notice or communication to a Holder, or any defect in such notice or communication, will not affect its sufficiency with respect to any other Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)***Notice Effectiveness.*** If a notice or communication is mailed or sent in the manner provided in <u>Section 12(b)</u> within the time prescribed, it will be deemed to have been duly given, whether or not the addressee receives it (except to the extent, but only to the extent, acknowledgement of receipt is expressly required by <u>Section 12(b)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Adjustments.** 

The Strike Price and the number of shares purchasable hereunder are subject to adjustment from time to time as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Merger, Sale of Assets, etc.*** If at any time while this Warrant, or any portion hereof, is outstanding and unexpired there shall be (i) a reorganization (other than a combination, reclassification, exchange or subdivision of shares otherwise provided for herein), (ii) a merger or consolidation of the Company with or into another corporation in which the Company is not the surviving entity, or a reverse triangular merger in which the Company is the surviving entity but the shares of the Company's capital stock outstanding immediately prior to the merger are converted by virtue of the merger into other property, whether in the form of securities, cash, or otherwise, or (iii) a sale or transfer of the Company's properties and assets as, or substantially as, an entirety to any other person (any such event in (i), (ii) and (iii) whereby any Person or "group" acquires more than 50% of the voting power of the capital stock of the Company or the Company effects any sale to another Person of all or substantially all of its assets in one or a series of related transactions (except, in each case, for any such transaction in which the stockholders of the Company immediately prior to such transaction maintain, in substantially the same proportions, the voting power of such Person immediately after the transaction), a "*Fundamental Transaction*"), then, (A) if such transaction does not constitute a Fundamental Transaction and the Company's Common Stock is converted into, or is exchanged for, or represents solely the right to receive, other securities, cash or other property, or any combination of

 

------

the foregoing, the consideration due upon Exercise of any Warrant will be determined in the same manner as if each reference to any number of shares of Common Stock in this Warrant Agreement were instead a reference to the same amount of securities, cash or other property, (B) if such transaction constitutes a Fundamental Transaction, the Holder's Vested Warrants shall be deemed to be automatically exercised immediately prior to such Fundamental Transaction, and the Holder shall have the right to receive, upon the closing of the Fundamental Transaction, the same amount and kind of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction assuming it were the holder of the number of Underlying Shares then issuable upon exercise in full of this Warrant immediately prior to such Fundamental Transaction (and after giving effect to the deemed payment of the Aggregate Strike Price), without regard to any limitations on exercise contained herein (the "*Alternate Consideration*"). If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon the deemed exercise of this Warrant in connection with such Fundamental Transaction. Any Warrants that are not Vested at the time of the consummation of such Fundamental Transaction will be automatically cancelled in connection with the consummation of the Fundamental Transaction, will cease to be outstanding thereafter and will not receive any consideration in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)***Reclassification, etc****.* If the Company, at any time while any Warrant, or any portion hereof, remains outstanding and unexpired, by reclassification of securities or otherwise, shall change any of the securities as to which purchase rights under such Warrant exist into the same or a different number of securities of any other class or classes, such Warrant shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities that were subject to the purchase rights under such Warrant immediately prior to such reclassification or other change and the Strike Price therefor shall be appropriately adjusted, all subject to further adjustment as provided in this <u>Section 13</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)***Split, Subdivision or Combination of Shares****.* If the Company, at any time while any Warrant, or any portion hereof, remains outstanding and unexpired, shall split, subdivide or combine the securities as to which purchase rights under such Warrant exist, into a different number of securities of the same class, the Strike Price for such securities shall be proportionately decreased in the case of a split or subdivision or proportionately increased in the case of a combination, with a corresponding adjustment to the number of Underlying Shares of each Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)***Adjustments for Dividends in Stock or Other Securities or Property****.* If while any Warrant, or any portion hereof, remains outstanding and unexpired, the holders of the securities as to which purchase rights under such Warrant exist at the time shall have received, or, on or after the record date fixed for the determination of eligible stockholders, shall have become entitled to receive, without payment therefor, other or additional stock or other securities or property (other than cash) of the Company by way of dividend, then and in each case, such Warrant shall represent the right to acquire, in addition to the number of shares of the security receivable upon exercise of such Warrant, and without payment of any additional consideration therefor, the amount of such other or additional stock or other securities or property (other than cash) of the Company that such holder would hold on the date of such exercise had it been the holder of record of the security receivable upon exercise of such Warrant on the date hereof and had thereafter, during the period from the date hereof to and including the date of such exercise, retained such shares and/or all other additional stock available by it as aforesaid during such period, giving effect to all adjustments called for during such period by the provisions of this <u>Section 13</u>.

 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)***Certificate as to Adjustments****.* Upon the occurrence of each adjustment or readjustment pursuant to this <u>Section 13</u>, the Company at its expense shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish to each Holder of any Warrant, upon written request, a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based. The Company shall, upon the written request, at any time, of any such Holder, furnish or cause to be furnished to such Holder a like certificate setting forth: (i) such adjustments and readjustments; (ii) the Strike Price at the time in effect; and (iii) the number of Underlying Shares and the amount, if any, of other property that at the time would be received upon the exercise of such Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)***No Impairment****.* The Company will not, by any voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this <u>Section 13</u> and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder of any Warrant against impairment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **&nbsp;&nbsp;&nbsp;&nbsp; Registration Rights.** 

The Underlying Shares issued upon exercise of this Warrant shall benefit from certain resale shelf registration rights as set forth in the Registration Rights Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Governing Law.** 

This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware.

 

------

IN WITNESS WHEREOF, FUELCELL ENERGY, INC. and FIT ENERGY USA LP have caused this Warrant Agreement to be executed by their respective officers thereunto duly authorized as of the date first written above.

---

| | |
|:---|:---|
|  | **FUELCELL ENERGY, INC.** |
| By:  | /s/ Jason Few  |
| Name: | Jason Few |
| Title: | President & Chief Executive Officer |
|  | **FIT ENERGY USA LP** |
| By: | /s/ Sam Pai |
| Name: | Sam Pai |
| Title: | President |

---

[*Signature Page to Warrant Agreement*]

------

**EXHIBIT A**

**FORM OF WARRANT**

THE OFFER AND SALE OF THIS SECURITY AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND THIS SECURITY AND SUCH SHARES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT; OR (B) PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT."

"TRANSFERS, PLEDGES OR OTHER DISPOSITIONS HEREOF, OR OF ANY BENEFICIAL INTEREST HEREIN, ARE SUBJECT TO RESTRICTIONS SET FORTH IN THE WARRANT AGREEMENT REFERRED TO HEREIN. ANY PURPORTED TRANSFER, PLEDGE OR OTHER DISPOSITION IN VIOLATION OF SUCH RESTRICTIONS WILL BE VOID AND OF NO FORCE OR EFFECT.

**FuelCell Energy, Inc.**

**Warrants**

Certificate No. [___]

FuelCell Energy, Inc., a Delaware corporation (the "*Company*"), certifies that [___] is the registered owner of the Warrant represented by this certificate (this "*Certificate*"). The initial number of Underlying Shares of the Warrant represented by this Certificate is [___] shares of Common Stock, which number is subject to adjustment as provided in the Warrant Agreement referred to below. This Warrant represents a [First]/[Second]/[Third] Tranche Warrant (as defined in the Warrant Agreement).

The terms of the Warrants are set forth in the Warrant Agreement, dated as of June 22, 2026, between the Company and FIT Energy USA LP (the "*Warrant Agreement*"). Capitalized terms used in this Certificate without definition have the respective meanings ascribed to them in the Warrant Agreement.

Additional terms of this Certificate are set forth on the other side of this Certificate.

[***The Remainder of This Page Intentionally Left Blank; Signature Page Follows***]

 

------

IN WITNESS WHEREOF, FuelCell Energy, Inc. has caused this instrument to be duly executed as of the date set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FUELCELL ENERGY, INC.** |
| By:  |  |
| Name: |  |
| Title: |  |
| Date: |  |

---

 

------

**FuelCell Energy, Inc.**

**Warrant**

This Certificate represents a duly issued and outstanding Warrant having an initial number of Underlying Shares as set forth on the face of this Certificate. Certain terms of the Warrants are summarized below. Notwithstanding anything to the contrary in this Certificate, to the extent that any provision of this Certificate conflicts with the provisions of the Warrant Agreement, the provisions of the of the Warrant Agreement will control. This Warrant represents a [First]/[Second]/[Third] Tranche Warrant (as defined in the Warrant Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Method of Payment.** Cash amounts due on the Warrant represented by this Certificate will be paid in the manner set forth in <u>Section 8(b)</u> of the Warrant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Persons Deemed Owners.** The Person in whose name this Certificate is registered will be treated as the owner of the Warrant represented by this Certificate for all purposes, subject to <u>Section 3(e)</u> of the Warrant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Transfers and Exchanges.** All Warrants will be in registered form. Subject to the terms of the Warrant Agreement, the Holder of the Warrant represented by this Certificate may transfer or exchange such Warrant by presenting this Certificate to the Company and delivering any required documentation or other materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Exercise Rights.** The Warrant will be Exercisable in the manner, and subject to the terms, set forth in the Warrant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**Abbreviations.** Customary abbreviations may be used in the name of a Holder or its assignee, such as TEN COM (tenants in common), TEN ENT (tenants by the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (custodian), and U/G/M/A (Uniform Gift to Minors Act).

\* \* \*

To request a copy of the Warrant Agreement, which the Company will provide to any Holder at no charge, please send a written request to the following address:

**FuelCell Energy, Inc.**

3 Great Pasture Road,

Danbury, Connecticut

Attention: Amanda Schreiber

 

------

#### EXHIBIT B

#### NOTICE OF EXERCISE
To: FUELCELL ENERGY, INC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The undersigned hereby elects to purchase &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Common Stock of FuelCell Energy, Inc. (the "*Company*"), pursuant to the terms of the Warrant Agreement, dated as of June 22, 2026, between the Company and FIT Energy USA LP (the "*Warrant Agreement*"), and tenders herewith payment of the Aggregate Strike Price for such shares in full by wire transfer of immediately available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please issue a certificate or certificates representing said shares of Common Stock in the name of the undersigned or in such other name as is specified below:

&nbsp;&nbsp;&nbsp;&nbsp;

  <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Name)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please issue a new Warrant for the unexercised portion of the attached Warrant in the name of the undersigned or in such other name as is specified below.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Name) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Date) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Signature) |

---

B

 

------

## Exhibit 10.1

**Exhibit 10.1**

**REGISTRATION RIGHTS AGREEMENT**

by and among

FuelCell Energy, Inc.,

AND

THE OTHER HOLDERS FROM TIME TO TIME PARTIES <br>HERETO

Dated as of June 22, 2026

------

**TABLE OF CONTENTS**

**PAGE**

#### <sup>Article I. DEFINITIONS</sup> 1
<sup>Section 1.01 Definitions.</sup>[1](#_Toc233090118)

#### <sup>Article II. REGISTRATION RIGHTS</sup> 3
<sup>Section 2.01 Resale Shelf Registration.</sup>[3](#_Toc233090120)

<sup>Section 2.02 Registration Procedures.</sup>[4](#_Toc233090121)

<sup>Section 2.03 Registration Expenses.</sup>[7](#_Toc233090122)

<sup>Section 2.04 Indemnification.</sup>[7](#_Toc233090123)

<sup>Section 2.05 1934 Act Reports.</sup>[9](#_Toc233090124)

<sup>Section 2.06 Blackout Periods.</sup>[9](#_Toc233090125)

<sup>Section 2.07 Participation in Registrations.</sup>[10](#_Toc233090126)

<sup>Section 2.08 Rule 144.</sup>[10](#_Toc233090127)

<sup>Section 2.09 Further Assurance.</sup>[10](#_Toc233090128)

#### <sup>Article III. MISCELLANEOUS</sup> 10
<sup>Section 3.01 Notices.</sup>[10](#_Toc233090130)

[Section 3.02](#_Toc233090131) [Binding Effect; Benefits; Entire Agreement.](#_Toc233090131)[11](#_Toc233090131)

<sup>Section 3.03 No Waiver.</sup>[11](#_Toc233090132)

<sup>Section 3.04 Amendment.</sup>[11](#_Toc233090133)

<sup>Section 3.05 Assignability.</sup>[11](#_Toc233090134)

<sup>Section 3.06 Survival.</sup>[12](#_Toc233090135)

<sup>Section 3.07 Applicable Law.</sup>[12](#_Toc233090136)

<sup>Section 3.08 Specific Performance.</sup>[12](#_Toc233090137)

<sup>Section 3.09 Severability.</sup>[12](#_Toc233090138)

[Section 3.10](#_Toc233090139) [Section and Other Headings; Interpretation.](#_Toc233090139)[13](#_Toc233090139)

<sup>Section 3.11 Counterparts.</sup>[13](#_Toc233090140)

------

**REGISTRATION RIGHTS AGREEMENT**

![Graphic](fcel-20260622xex10d1001.jpg)

This REGISTRATION RIGHTS AGREEMENT (this "<u>A</u>g<u>reement</u>"), dated as of June 22, 2026, is by and among (i) FuelCell Energy, Inc., a Delaware corporation ("<u>Company</u>") and the Holders (as defined herein) party hereto for which an authorized signatory has provided a signature across from such Holder's name on <u>Schedule A</u> hereto (each a "<u>Party</u>" and, collectively, the "<u>Parties</u>").

WHEREAS, the Company has entered into that certain Warrant Agreement (the "<u>Warrant A</u>g<u>reement</u>") with FIT Energy USA LP, a Delaware limited partnership ("<u>FIT</u>") and the Holders, dated the date hereof, and has agreed to provide the Holders with certain resale shelf registration rights with respect to the Registrable Securities (as hereinafter defined) received by the Holders pursuant to the Warrant Agreement; and

NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto mutually agree as follows:

#### Article I. <br> DEFINITIONS
Section 1.01Definitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The following terms, as used herein, have the following meanings:

"<u>1933 Act</u>" means the Securities Act of 1933, as amended.

"<u>1934 Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>Affiliate</u>" of any specified Person means any other Person directly or indirectly controlling, controlled by or under direct or indirect common control with such specified Person. For the purposes of this definitions "control" when used with respect to any Person means the power to direct the management and policies of such Persons directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing; <u>provided,</u> that (i) "Affiliate" shall not include any portfolio company of any specified Person and (ii) with respect to the Company, "Affiliates" means the Company and any Person that is controlled, directly or indirectly, by the Company.

![Graphic](fcel-20260622xex10d1001.jpg)

"<u>Business Day</u>" means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in the City of New York are authorized or obligated by law or executive order to close.

"<u>Commission</u>" means the U. S. Securities and Exchange Commission.

"<u>Common Stock</u>" means the shares of common stock, par value $0.0001 per share, of the Company (NASDAQ:FCEL).

------

"<u>Holder</u>" means any holder from time to time of Registrable Securities that is a Party to this Agreement.

"<u>Joinder A</u>g<u>reement</u>" means a joinder agreement to this Agreement, a form of which is attached hereto as <u>Exhibit A</u>.

"<u>Permitted Transferee</u>" means, with respect to any Holder: (a) any Affiliate of such Holder; (b) any limited partner, member, stockholder or other direct or indirect equity holder of such Holder, in connection with a distribution in-kind of securities by such Holder (including upon dissolution or liquidation of such Holder or any fund of which such Holder is an Affiliate); or (c) any successor entity resulting from a merger, consolidation, reorganization or similar transaction involving such Holder in which substantially all of the assets of such Holder are transferred to such successor.

"<u>Person</u>" means an individual, a corporation, a partnership, limited liability entity, an association, a trust or any other entity or organization, including a government, a political subdivision or an agency or instrumentality thereof.

"<u>Re</u>g<u>istrable Securities</u>" means (i) the Common Stock issuable to a Holder upon exercise of a Warrant received by such Holder pursuant to the Warrant Agreement and (ii) any other common securities issued and issuable therefor or with respect thereto, whether by way of stock split, stock dividend, reclassification, subdivision or reorganization, recapitalization, merger, consolidation, distribution or similar event (it being understood that, for purposes of this Agreement, a Person shall be deemed to be a Holder of Registrable Securities whenever such Person in its sole discretion has the right to then acquire or obtain from the Company any Registrable Securities, whether or not such acquisition or other transfer has actually been effected). As to any particular Registrable Securities, such securities shall cease to constitute Registrable Securities when (1) a registration statement with respect to the offering of such securities by the Holder thereof shall have been declared effective under the 1933 Act and such securities shall have been sold, transferred or disposed of pursuant to such registration statement, (2) such securities have been sold pursuant to a Rule 144 Transfer, (3) such securities shall have been repurchased by the Company or ceased to be outstanding, (4) such securities shall have been otherwise transferred by such Holder to an entity or Person that is not a Permitted Transferee of such Holder, new certificates for such securities not bearing (or book-entry positions not subject to) a 1933 Act legend restricting further transfer shall have been delivered by the Company and subsequent disposition of them shall not require registration or qualification of them under the 1933 Act or any state securities or blue sky law then in effect or (5) such Holder is able to dispose of all of its Registrable Securities pursuant to Rule 144 without volume limitation or other restrictions on transfer thereunder and without the requirement for the Company to be in compliance with Rule 144(c)(1).

"<u>Rule 144</u>" means Rule 144 under the 1933 Act (or any successor Rule).

"<u>Rule 144 Transfer</u>" means any transfer for value conducted in accordance with Rule 144 (or any successor rule promulgated thereafter by the Commission).

------

"<u>Warrant</u>" means each warrant issued by the Company pursuant to, and having the terms, and conferring to the holders thereof the rights set forth in, the Warrant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The following terms are defined in the respective Sections set opposite each such term below

**Term** **Section**

AdviceSection 2.02

AgreementPreamble

Blackout PeriodSection 2.06

CompanyPreamble

Filing DeadlineSection 2.01 (a)

Opt-Out RequestSection 3.01

Shelf RegistrationSection 2.01 (a)

Shelf Registration StatementSection 2.01 (a)

#### Article II. <br> REGISTRATION RIGHTS
Section 2.01Resale Shelf Registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company shall use its commercially reasonable efforts to file as promptly as practicable following, and in any event within 30 calendar days of, the date of the closing of the transactions contemplated by the Commercial Agreement (the "<u>Filing Deadline</u>"), a registration statement on Form S-3 to register for resale from time to time the Registrable Securities of the Holders then outstanding on a delayed or continuous basis pursuant to Rule 415 under the 1933 Act or any successor rule thereto (such shelf registration, a "<u>Shelf Re</u>g<u>istration</u>," and such registration statement, a "<u>Shelf Re</u>g<u>istration Statement</u>"), (ii) to cause the Commission to declare such registration statement effective as soon as practicable thereafter, and in any event by the earlier of (A) 60 calendar days after filing if the Commission notifies the Company that it will "review" such Shelf Registration Statement or (B) 5 Business Days after receiving notice from the Commission that such Shelf Registration Statement will not be "reviewed" or will not be subject to further review and (iii) to maintain the effectiveness of such registration statement in accordance with clause (b) of this <u>Section 2.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Company shall use its commercially reasonable efforts to keep any Shelf Registration Statement continuously effective under the 1933 Act (including, if necessary, by renewing or refiling a Shelf Registration Statement prior to expiration of the existing Shelf Registration Statement or by filing with the Commission a post-effective amendment or a supplement to the Shelf Registration Statement or any document incorporated therein by reference or by filing any other required document or otherwise supplementing or amending the Shelf Registration Statement, if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the 1933 Act, the 1934 Act, any state securities or blue sky laws, or any rules and regulations thereunder) in order to permit the prospectus forming a part thereof to be usable by Holders, as to such Registrable Securities, until the date as of which such securities cease to be Registrable Securities.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In the event that Form S-3 is not available for the registration of the resale of Registrable Securities hereunder, the Company shall (i) register the resale of the Registrable Securities on a continuous basis on another appropriate form reasonably acceptable to the Holders, including a Form S-1, and (ii) undertake to register the Registrable Securities on Form S-3 promptly after such form is available <u>provided</u>, that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding anything contained herein, in the event that the Commission requires the Company to reduce the number of Registrable Securities to be included in a Shelf Registration Statement in order to allow the Company to rely on Rule 415 with respect to such Shelf Registration Statement, then the Company shall reduce the number of Registrable Securities to be included in such Shelf Registration Statement to the maximum number of securities as is permitted to be registered by the Commission. In the event of any reduction in Registrable Securities pursuant to this paragraph, the Company shall use its commercially reasonable efforts to file one or more additional Shelf Registration Statements so as to cover all of the Registrable Securities not covered by such initial Shelf Registration Statement until such time as all Registrable Securities have been included in Shelf Registration Statements that have been declared effective and the prospectuses contained therein are available for use by the Holders, in each case as soon as practicable (taking into account any position of the staff of the Commission with respect to the date on which the Commission will permit such additional Shelf Registration Statement(s) to be filed and the rules and regulations of the Commission).

Section 2.02Registration Procedures. With respect to any registration which includes Registrable Securities held by a Holder, the Company will, subject to Section 2.01, promptly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)prepare and file with the Commission a registration statement on the appropriate form prescribed by the Commission and use its commercially reasonable efforts to cause such registration statement to become effective as soon as practicable thereafter and to be maintained in effect in accordance with the terms of this Agreement; <u>provided</u>, <u>further</u>, that before filing a registration statement or prospectus or any amendments or supplements thereto (excluding any filings required to be made pursuant to the 1934 Act in the reasonable determination of the Company), the Company will furnish to the Holders covered by such registration statement copies of or drafts of all such documents proposed to be filed, at least five (5) Business Days prior to the filing thereof, which documents will be subject to the reasonable review of such Holders and their counsel. Each Holder will have the opportunity to object to any information pertaining to such Holder that is contained therein and the Company will make the corrections reasonably requested by such Holder with respect to such information two (2) Business Days prior to filing any registration statement or amendment thereto or any prospectus or any supplement thereto; <u>provided</u>, <u>however</u>, that the Company will not include on any registration statement or amendment thereto (excluding any filings required to be made pursuant to the 1934 Act in the reasonable determination of the Company) or any prospectus or any supplement thereto any Holder that objects in writing one (1) Business Days prior to such filing to its inclusion in such filing or to any description of it therein. In no event shall any Holder be identified as a statutory underwriter in the registration statement unless in response to a comment or request from the staff of the Commission or another regulatory agency; <u>provided</u>, <u>however</u>, that if the Commission requests that a Holder be

------

identified as a statutory underwriter in the registration statement, such Holder will have an opportunity to withdraw from the registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)prepare and file with the Commission such amendments and post-effective amendments to such registration statement and any documents required to be incorporated by reference therein as may be necessary to keep the registration statement effective; cause the prospectus to be supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the 1933 Act; and comply with the provisions of the 1933 Act applicable to it with respect to the disposition of all Registrable Securities covered by such registration statement during the applicable period in accordance with the intended methods of disposition by the sellers thereof set forth in such registration statement or supplement to the prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)furnish to such Holder, without charge, such number of conformed copies of the registration statement and any post-effective amendment thereto, as such Holder may reasonably request, and such number of copies of the prospectus (including each preliminary prospectus) and any amendments or supplements thereto, and any documents incorporated by reference therein as the Holder may reasonably request in order to facilitate the disposition of the securities being sold by such Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)promptly notify such Holder, at any time when a prospectus relating thereto is required to be delivered under the 1933 Act, when the Company becomes aware of the happening of any event as a result of which the prospectus included in such registration statement (as then in effect) contains any untrue statement of material fact or omits to state a material fact necessary to make the statements therein (in the case of the prospectus or any preliminary prospectus, in light of the circumstances under which they were made) not misleading and, as promptly as practicable thereafter, prepare and file with the Commission and furnish a supplement or amendment to such prospectus so that, as thereafter delivered to the investors of such securities, such prospectus will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)provide and cause to be maintained a transfer agent and registrar for all such Registrable Securities not later than the effective date of the registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)use its commercially reasonable efforts to cause all securities included in such registration statement to be listed, by the date of the first sale of securities pursuant to such registration statement, on any national securities exchange, quotation system or other market on which the Common Stock is then listed or proposed to be listed by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)make generally available to its security holders an earnings statement, which need not be audited, satisfying the provisions of Section 11(a) of the 1933 Act as soon as reasonably practicable after the end of the twelve (12)-month period beginning with the first month of the Company's first fiscal quarter commencing after the effective date of the registration statement, which statement shall cover said twelve (12)-month period;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)after the filing of a registration statement, (i) promptly notify each Holder covered by such registration statement of any stop order issued or, to the Company's knowledge, threatened by the Commission and of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction and (ii) take all reasonable actions to obtain the withdrawal of any order suspending the effectiveness of the registration statement or the qualification of any Registrable Securities at the earliest possible moment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if requested by such Holder, promptly incorporate in a prospectus supplement or post-effective amendment such information as such Holder reasonably requests to be included therein; and make all required filings of such prospectus supplement or post-effective amendment as soon as practicable after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)on or prior to the date on which the registration statement is declared effective, use its commercially reasonable efforts to register or qualify, and cooperate with such Holder and their counsel in connection with the registration or qualification of, the securities covered by the registration statement for offer and sale under the securities or blue sky laws of each state and other jurisdiction of the United States as such Holder requests in writing, to use its commercially reasonable efforts to keep each such registration or qualification effective, including through new filings, or amendments or renewals, do any and all other acts or things necessary or advisable to enable the disposition in all such jurisdictions of the Registrable Securities covered by the applicable registration statement; provided that the Company will not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to general service of process in any such jurisdiction where it is not then otherwise subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)cooperate with such Holder if any, to facilitate the timely preparation and delivery of certificates or DRS or other book-entry statements (in each case not bearing any restrictive legends) representing securities to be sold under the registration statement, and enable such securities to be in such denominations and registered in such names as such Holder may request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)to the extent the Company is a well-known seasoned issuer (within the meaning of Rule 405 under the 1933 Act), if the Company does not pay the filing fee covering Registrable Securities at the time the automatic shelf registration statement is filed, the Company agrees to pay such fee at such time or times as the Registrable Securities are to be sold; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)otherwise use its commercially reasonable efforts to take or cause to be taken all other actions necessary or reasonably advisable to effect the registration of such Registrable Securities contemplated by this Agreement.

The Holders, upon receipt of any notice from the Company of the happening of any event of the kind described in <u>Section 2.02(d</u>) will forthwith discontinue disposition of the securities until the Holders' receipt of the copies of the supplemented or amended prospectus contemplated by <u>Section 2.02(d</u>) or until it is advised in writing (the "<u>Advice</u>") by the Company that the use of the prospectus may be resumed, and has received copies of any additional or supplemental filings which are incorporated by reference in the prospectus, and, if so directed by the Company, each

------

Holder will deliver to the Company (at the Company's sole expense) all copies, other than permanent file copies then in such Holder's possession, of the prospectus covering such securities current at the time of receipt of such notice.

Section 2.03Registration Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the case of any registration hereunder, the Company shall bear all expenses incident to the Company's performance of or compliance with this Agreement, including all Commission and stock exchange filing fees and expenses, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger, telephone and delivery expenses, fees and disbursements of counsel for the Company and all independent certified public accountants. The Holders shall bear their own expenses in connection with such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The obligation of the Company to bear the expenses described in Section 2.03(a) shall apply irrespective of whether a registration, once properly demanded, if applicable, becomes effective, is withdrawn or suspended or revoked, or is converted to another form of registration and irrespective of when any of the foregoing shall occur.

Section 2.04Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Indemnification by the Company</u>. The Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, each Holder, its officers, directors, employees, stockholders, members, general and limited partners, Affiliates and agents and each Person who controls (within the meaning of the 1933 Act or the 1934 Act) the Holder, including any general partner or manager of any thereof, against all losses, claims, damages, Actions, liabilities and expenses (including reasonable counsel fees and disbursements) arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in or incorporated by reference in any registration statement, prospectus or preliminary prospectus, or any amendment thereof or supplement thereto, any "issuer free writing prospectus" (as defined in Rule 433 under the 1933 Act), any written communication undertaken in reliance on either Section 5(d) of, or Rule 163B under, the 1933 Act, in an offering of Registrable Securities in which such Holder participates, or in any document incorporated by reference therein or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of the prospectus or any preliminary prospectus, in light of the circumstances under which they were made) not misleading, (ii) any untrue statement or alleged untrue statement of a material fact in the information conveyed to any purchaser at the time of the sale to such purchaser, or the omission or alleged omission to state therein a material fact required to be stated therein, or (iii) any violation by the Company of any federal, state, common or other law, rule or regulation applicable to the Company in connection with such registration, including the 1933 Act, any state securities or "blue sky" laws or any rule or regulation thereunder in connection with such registration, except in each case insofar as the same are made in reliance on and in strict conformity with any information with respect to such Holder furnished in writing to the Company by such Holder expressly for use therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Indemnification by the Holders</u>. In connection with any registration statement in which a Holder is participating, each such Holder will furnish to the Company in writing such information with respect to such Holder as the Company reasonably requests for use in connection

------

with any registration statement or prospectus covering the Registrable Securities of such Holder and to the extent permitted by law agrees to indemnify and hold harmless the Company, its directors, officers and agents and each Person who controls (within the meaning of the 1933 Act or the 1934 Act) the Company and any other Holder, against any losses, claims, damages, liabilities and expenses arising out of or based upon any untrue statement of a material fact or any omission to state a material fact required to be stated therein or necessary to make the statements in the registration statement or prospectus or preliminary prospectus (in the case of the prospectus or preliminary prospectus, in light of the circumstances under which they were made) not misleading, to the extent, but only to the extent, that such untrue statement or omission is made in reliance on and in conformity with the written information or signed affidavit with respect to such Holder so furnished in writing by such Holder expressly for use in the registration statement or prospectus; <u>provided</u>, <u>however</u>, that the obligation to indemnify shall be several, not joint and several, among such Holders and the liability of each such Holder shall be in proportion to and limited to the net amount (after deducting underwriters' discounts and commissions) received by such Holder from the sale of Registrable Securities pursuant to a registration statement in accordance with the terms of this Agreement. The Company and the Holders hereby acknowledge and agree that, unless otherwise expressly agreed to in writing by the applicable Holders, the only information furnished or to be furnished to the Company for use in any registration statement or prospectus relating to the Registrable Securities or in any amendment, supplement or preliminary materials associated therewith are statements specifically relating to (a) the beneficial ownership of Registrable Securities by such Holder and its Affiliates and (b) the name and address of such Holder.

![Graphic](fcel-20260622xex10d1003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Conduct of Indemnification Proceedings</u>. Any Person entitled to indemnification hereunder will (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) unless in such indemnified party's reasonable judgment there may be one or more legal or equitable defenses available to such indemnified party which are in addition to or may conflict with those available to the indemnifying party with respect to such claim or unless such representation would present a conflict of interest, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. The failure to so notify the indemnifying party shall not relieve the indemnifying party from any liability hereunder with respect to the action, except to the extent that such indemnifying party is materially prejudiced by the failure to give such notice; <u>provided</u>, <u>however</u>, that any such failure shall not relieve the indemnifying party from any other liability which it may have to any other party. No indemnifying party in the defense of any such claim or litigation, shall, except with the written consent of such indemnified party, which consent shall not be unreasonably withheld, conditioned or delayed, consent to entry of any judgment or enter into any settlement unless such judgment or settlement (i) includes as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation and (ii) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of such indemnified party An indemnifying party shall not be liable under this <u>Section 2.04</u> to any indemnified party regarding any settlement or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent is consented to by such indemnifying party, which consent shall not be unreasonably withheld, conditioned or delayed. An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay

------

the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim.

![Graphic](fcel-20260622xex10d1004.jpg)

![Graphic](fcel-20260622xex10d1004.jpg)

![Graphic](fcel-20260622xex10d1004.jpg)

![Graphic](fcel-20260622xex10d1004.jpg)

![Graphic](fcel-20260622xex10d1004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Contribution</u>. If for any reason the indemnification provided for in <u>Section 2.04(a)</u> and <u>Section 2.04(b)</u>, is unavailable to an indemnified party as contemplated by <u>Section 2.04(a)</u> and <u>Section 2.04(b)</u>, then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by the indemnified party and the indemnifying party, but also the relative fault of the indemnified party and the indemnifying party, as well as any other relevant equitable considerations. In no event shall the liability of any selling Holder be greater in amount than the amount of the gross proceeds received by such Holder upon such sale or the amount for which such indemnifying party would have been obligated to pay by way of indemnification if the indemnification provided in <u>Section 2.04(b)</u> had been available. No Person guilty (as determined in a final non-appealable judgement) of fraudulent misrepresentation (within the meaning of the 1933 Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

Section 2.051934 Act Reports. The Company agrees that it shall use commercially reasonable efforts to file all reports required to be filed by it pursuant to the 1934 Act to the extent the Company is required to file such reports. Notwithstanding the foregoing, the Company may deregister any class of its equity securities under Section 12 of the 1934 Act or suspend its duty to file reports with respect to any class of its securities pursuant to Section 15(d) of the 1934 Act if it is then permitted to do so pursuant to the 1934 Act and rules and regulations thereunder.

Section 2.06Blackout Periods. Upon giving written notice to the Holders of Registrable Securities (which notice shall not, without the prior written consent of any Holder, disclose to such Holder any material non-public information), the Company shall be entitled to delay or suspend the filing or effectiveness of any registration statement or any amendment thereto or suspend the Holders, use of any prospectus or any supplement thereto if the Company determines in good faith in its sole discretion that the filing or maintenance of a registration statement would, if not so deferred, (a) require the Company to disclose material information that would not otherwise be required to be disclosed at that time and that the accuracy of such information has yet to be determined by the Company or is the subject of an ongoing investigation or inquiry or (b) materially adversely interfere with, or jeopardize the success of, any pending or proposed material transaction, including any material debt or equity financing, any material acquisition or disposition, any material recapitalization or reorganization or any other material transaction, whether due to commercial reasons, a desire to avoid premature disclosure of information or any other reason, in each case as certified in a certificate of the Chief Executive Officer or Chief Financial Officer of the Company <u>provided</u>, <u>further</u>, that (i) the Company may not delay the filing or effectiveness of, or suspend, any registration statement for longer than forty-five (45) consecutive calendar days (such period, a "<u>Blackout Period</u>") or in excess of ninety (90) days in any 12-month period, and (ii) the Company may not file any registration statement during a Blackout Period (other than on Form S-4 or Form S-8 or any similar successor forms or another form used for a purpose similar to the intended use for such forms).

------

Section 2.07Participation in Registrations. No Holder may participate in any registration hereunder unless such Holder (a) agrees to sell its securities on the basis provided the "Plan of Distribution," and (b) completes and executes all questionnaires and other documents customarily required under the terms of such registration and provides such written information concerning itself as may be required for registration, including for inclusion in any registration statement; <u>provided</u> that such Holder shall be required to complete and execute such documents and provide such written information only to the extent the Holders of a majority of Registrable Securities participating in such registration shall also be required to complete and execute such documents and provide such written information.

Section 2.08Rule 144. The Company will use commercially reasonable efforts to take such action as any Holder may reasonably request to make available adequate current public information with respect to the Company meeting the current public information requirements of Rule 144(c) under the 1933 Act, and shall use commercially reasonable efforts to take such further action as any Holder may reasonably request to the extent required to enable such Holder to sell Registrable Securities without registration under the 1933 Act within the limitation of the exemptions provided by (i) Rule 144, as such Rule may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the Commission. Promptly upon request, the Company shall deliver to any Holder a written statement as to whether it has complied with such requirements and any other documents reasonably requested to remove restrictive legends or sell shares under Rule 144. Notwithstanding the foregoing, nothing in this <u>Section 2.08</u> shall be deemed to require the Company to register any of its securities pursuant to the 1934 Act. If the Common Stock held by any Holder are, in the opinion of counsel to the Company, eligible for removal of the restrictive legend for Rule 144 Transfers, pursuant to an effective registration statement or otherwise, then at Holder's request, the Company shall request its transfer agent to remove any remaining restrictive legend set forth on such securities, provided that the Company and its transfer agent have timely received from Holder and any broker-dealer in custody of such securities customary representation and other documentation reasonably acceptable to the Company and the transfer agent in connection therewith. The Company shall bear all reasonable fees and expenses, including any legal opinion fees, transfer agent fees, and other out-of-pocket costs, incurred in connection with the removal of such legends.

Section 2.09Further Assurance. Each Holder hereby agrees to take any and all reasonable actions required to be taken hereunder to ensure the performance by it of its obligations pursuant to this Agreement.

#### Article III. <br> MISCELLANEOUS
Section 3.01Notices. All notices, consents, requests and other communications to any party hereunder shall be in writing (including email, facsimile or similar writing) and shall be given to such party at its address, email or facsimile number set forth on <u>Schedule A</u> hereof or in the relevant Joinder Agreement or such other address, email address or facsimile number as such party may hereafter specify in writing to the General Counsel of the Company for the purpose by notice to the party sending such communication. Each such notice, request or other communication shall be effective (i) if given by email or facsimile, when such message is transmitted to the address or number specified on the signature pages to this Agreement or any Joinder Agreement, (ii) if

------

delivered by overnight courier, the earlier of the first Business Day following the date sent by such overnight courier or upon receipt, (iii) if given by mail, three (3) Business Days after such communication is deposited in the mails registered or certified, return receipt requested, with postage prepaid, addressed as aforesaid, or (iv) if given by any other means, when delivered at the address specified on the signature pages to this Agreement or any Joinder Agreement. Each Holder shall have the right, at any time and from time to time, to elect to not receive any notice that the Company or any other Holders otherwise are required to deliver pursuant to this Agreement by delivering to the Company a written statement signed by such Holder that it does not want to receive any notices hereunder (an "<u>Opt-Out Request</u>"); in which case and notwithstanding anything to the contrary in this Agreement the Company and other Holders shall not be required to, and shall not, deliver any notice or other information required to be provided to Holders hereunder to the extent that the Company or such other Holders reasonably expect would result in a Holder acquiring material non-public information. An Opt-Out Request may state a date on which it expires or, if no such date is specified, shall remain in effect indefinitely. A Holder who previously has given the Company an Opt-Out Request may revoke such request at any time, and there shall be no limit on the ability of a Holder to issue and revoke subsequent Opt-Out Requests; <u>provided</u> that each Holder shall use commercially reasonable efforts to minimize the administrative burden on the Company arising in connection with any such Opt-Out Requests.

Section 3.02Binding Effect; Benefits; Entire Agreement. This Agreement shall be binding upon and inure to the benefit of the parties to this Agreement and their respective successors and permitted assigns. Nothing in this Agreement, express or implied, is intended or shall be construed to give any Person other than the parties to this Agreement or their respective successors or permitted assigns any legal or equitable right, remedy or claim under or in respect of any agreement or any provision contained herein. This Agreement and the other agreements referred to in this Agreement embody the complete agreement and understanding among the parties to this Agreement with respect to the subject matter of this Agreement and supersedes and preempts any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter of this Agreement in any way.

Section 3.03No Waiver. No action taken pursuant to this Agreement, including any investigation by or on behalf of any party, shall be deemed to constitute a waiver by the party taking such action of compliance with any representations, warranties, covenants or agreements contained herein. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any preceding or succeeding breach and no failure by any party to exercise any right or privilege hereunder shall be deemed a waiver of such party's rights or privileges hereunder or shall be deemed a waiver of such party's rights to exercise the same at any subsequent time or times hereunder.

Section 3.04Amendment. This Agreement may not be amended, restated or modified, or any provision waived, in any respect except by a written instrument executed by the Company and Holders that beneficially own a majority of Registrable Securities hereunder.

Section 3.05Assignability. This Agreement and the rights and obligations of any Holder hereunder may be assigned or transferred, in whole or in part, to any Permitted Transferee of such Holder, provided that such Permitted Transferee executes and delivers a Joinder Agreement in the form attached hereto as Exhibit A, agreeing to be bound by the terms and

------

conditions of this Agreement as a "Holder". Any such permitted assignment or transfer shall not be deemed to terminate or otherwise affect any rights or obligations under this Agreement, and all references herein to the "Holder" shall be deemed to include such permitted assigns.

Section 3.06TERMINATION; Survival. Except for Section 2.04 of this Agreement, which shall survive any such termination, (i) this Agreement shall terminate, with respect to any Holder, automatically when such Holder no longer holds any Registrable Securities, and (ii) this Agreement shall terminate as to all Parties when no Holder holds any Registrable Securities.

Section 3.07APplicable Law. This Agreement and all disputes or controversies arising out of or relating to this Agreement or the transactions contemplated hereby shall be governed by, and construed in accordance with, the internal laws of the State of Delaware, without regard to the laws of any other jurisdiction that might be applied because of the conflicts of laws principles of the State of Delaware. Each of the parties irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Court of Chancery of the State of Delaware or, solely if such court does not have subject matter jurisdiction, the Superior Court of the State of Delaware (Complex Commercial Division), or if subject matter jurisdiction over the applicable matter is vested exclusively in the federal courts of the United States of America, the Federal court of the United States of America sitting in the district of Delaware, and any appellate court from any thereof, with regard to any such action or proceeding arising out of or relating to this Agreement and the transactions contemplated hereby (and agrees not to commence any action, suit or proceeding relating thereto except in such courts). Each of the parties further agrees to accept service of process in any manner permitted by such court. Each of the parties hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby, (a) any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason other than the failure lawfully to serve process, (b) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such court (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) to the fullest extent permitted by law, that (i) the suit, action or proceeding in any such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts.

Section 3.08Specific Performance. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions to prevent breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof in any state or federal court (this being in addition to any other remedy to which they are entitled at law or in equity), and each party hereto agrees to waive in any action for such enforcement the defense that a remedy at law would be adequate.

Section 3.09Severability. If any provision of this Agreement is declared by any court of competent jurisdiction to be illegal, void or unenforceable, all other provisions of the Agreement will not be affected and will remain in full force and effect.

------

Section 3.10Section and Other Headings; Interpretation. The section and other headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. Whenever the words "include," "includes" or "including" are used in this Agreement, they shall be deemed to be followed by the words "without limitation". The term "or" is not exclusive and shall have the meaning represented by the term "and/or". The word "extent" in the phrase "to the extent" shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply "if". Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms.

Section 3.11Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. A facsimile, Portable Document Format (PDF) or other reproduction of this Agreement may be executed by one or more parties hereto, and an executed copy of this Agreement may be delivered by one or more parties hereto by facsimile, PDF or similar instantaneous electronic transmission device pursuant to which the signature of or on behalf of such party can be seen, and such execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any party hereto, all parties hereto agree to execute an original of this Agreement as well as any facsimile, PDF or other reproduction hereof.

[*Signature Pages Follow*]

------

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.

**FUELCELL ENERGY, INC.**

By: <u>/s/ Jason Few</u><br> Name: Jason Few<br> Title: President & Chief Executive

Officer

[*Signature Page to Registration Rights Agreement*]

------

**Schedule A**

---

| | | | |
|:---|:---|:---|:---|
| **Holder** | **Address** | **Signature of Authorized Signatory** | **Name/Title** |
| FIT ENERGY USA LP | 701 Pk Commerce Blvd, Boca Raton, FL 33487 | /s/ Sam Pai | General Partner |

---

[Signatures and Notice Information]

------

**EXHIBIT A**

#### SIGNATURE PAGE AND JOINDER AGREEMENT TO REGISTRATION RIGHTS AGREEMENT
By executing and delivering this Signature Page and Joinder Agreement, the undersigned hereby agrees, to (i) become a party to that certain Registration Rights Agreement, dated as of the date hereof (as amended, modified or supplemented from time to time in accordance with the terms thereof, the "<u>Registration Rights Agreement</u>"), by and among FuelCell Energy, Inc., a Delaware corporation, and the other parties thereto and (ii) be deemed to be and be bound as a Holder (as defined in the Registration Rights Agreement) with such rights (and related obligations and liabilities) in respect of the Registrable Securities (as defined in the Registration Rights Agreement) being acquired by the undersigned in connection with the execution of this Signature Page and Joinder Agreement and subject to the terms and conditions of the Registration Rights Agreement as if an original party thereto.

By: <u>/s/ Sam Pai</u><br> Name: Sam Pai<br> Title: General Partner

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice Address:

FIT ENERGY USA LP

701 Pk Commerce Blvd

Boca Raton, FL 33487

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email:

------

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](fcel-20260622xex99d1002.jpg)

**FOR IMMEDIATE RELEASE**

**FuelCell Energy and Fit Energy Announce Strategic Agreement** <br>**for up to 380 MW of Clean Power for Data Centers** 

*Initial 30 MW delivery is expected to begin this year.*

Danbury, Conn., and Boca Raton, Fla., June 23, 2026 (GLOBE NEWSWIRE) – FuelCell Energy, Inc. (Nasdaq: FCEL), a clean energy technology company that manufactures utility scale power solutions, and Fit Energy USA LP ("Fit Energy"), a developer of reliable power solutions to support advanced computing infrastructure and artificial intelligence, today announced a strategic agreement for up to 380 megawatts (MW) of clean, baseload on-site power for data centers using FuelCell Energy's utility-scale fuel cell technology. The agreement includes an immediate deposit for an initial 30 MW of power scheduled to begin delivery later this year.

"We are pleased to partner with Fit Energy on its development plans. We've engaged with a diverse range of prospective customers across the digital infrastructure landscape, and Fit Energy has distinguished itself through its commitment to 'energy as a service' power solutions that support both communities and the environment," said Jason Few, President and CEO of FuelCell Energy. He added, "This agreement further validates our decision to scale our operations to 500 MW, preserving our ability to serve a broad and growing pipeline of customers."

Joel Leonoff, CEO of Fit Energy, added, "Today's announcement marks a critical step in building the power foundation required for the next generation of AI infrastructure. FuelCell Energy's technology aligns with our growth objectives and our goal of delivering behind-the-meter power solutions to data centers at gigawatt scale."

Under the arrangement, Fit Energy will be eligible to receive warrants tied to future deployment milestones of up to 380 MW. The warrant structure is designed to align long-term value creation with successful project execution and customer deployment.

Canaccord Genuity served as a financial advisor to FuelCell Energy Inc. on certain aspects of this transaction.

**About Fit Energy** 

Fit Energy is an energy infrastructure company focused on long-term ownership of generation assets formed to deliver near-term, scaled energy solutions for the digital economy. The platform is designed to serve large power requirements through a hybrid model supporting behind-the-meter, microgrid and grid-connected structures ranging from fuel cell technology to natural gas turbines. Learn more about Fit Energy at www.Fitenergygroup.com.

**About FuelCell Energy**

FuelCell Energy, Inc. (Nasdaq: FCEL) is an American clean energy technology company delivering continuous, scalable baseload power for mission critical applications globally. The company's fuel cell systems generate electricity directly at the point of use, enabling reliable, low emissions power for data centers, industrial facilities, utilities, and

------

distributed generation customers. FuelCell Energy delivers commercially proven, modular, utility-scale systems—backed by global fuel cell deployments approaching one gigawatt. Learn more at www.fuelcellenergy.com.

**Cautionary Language**

*This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or our future financial performance that involve certain contingencies and uncertainties. The forward-looking statements include, without limitation, statements with respect to the Company's anticipated financial results and statements regarding the Company's plans and expectations regarding the continuing development, commercialization and financing of its current and future fuel cell technologies, the Company's business plans and strategies, the Company's plan to reduce operating costs, the capabilities of the Company's products, the Company's potential sales pipeline, opportunities, and partners, and the markets in which the Company expects to operate. Projected and estimated numbers contained herein are not forecasts and may not reflect actual results. These forward-looking statements are not guarantees of future performance, and all forward-looking statements are subject to risks and uncertainties, known and unknown, that could cause actual results and future events to differ materially from those projected. Factors that could cause such a difference include, without limitation: general risks associated with product development and manufacturing; general economic conditions; changes in interest rates, which may impact project financing; supply chain disruptions; changes in the utility regulatory environment; changes in the utility industry and the markets for distributed generation, distributed hydrogen, and fuel cell power plants configured for carbon capture or carbon separation; potential volatility of commodity prices that may adversely affect our projects; availability of government subsidies and economic incentives for alternative energy technologies; our ability to remain in compliance with U.S. federal and state and foreign government laws and regulations; our ability to maintain compliance with the listing rules of The Nasdaq Stock Market; rapid technological change; competition; the risk that our bid awards will not convert to contracts or that our contracts will not convert to revenue; market acceptance of our products; changes in accounting policies or practices adopted voluntarily or as required by accounting principles generally accepted in the United States; factors affecting our liquidity position and financial condition; government appropriations; the ability of the government and third parties to terminate their development contracts at any time; the ability of the government to exercise "march-in" rights with respect to certain of our patents; our ability to successfully market and sell our products internationally; delays in our timeline for bringing commercially viable products to market; our ability to develop additional commercially viable products in the future; our ability to implement our strategy; our ability to reduce our levelized cost of energy and deliver on our cost reduction strategy generally; our ability to protect our intellectual property; litigation and other proceedings; the risk that commercialization of our new products will not occur when anticipated or, if it does, that we will not have adequate capacity to satisfy demand; our need for and the availability of additional financing; our ability to generate positive cash flow from operations; our ability to service our long-term debt; our ability to increase the output and longevity of our platforms and to meet the performance requirements of our contracts; our ability to expand our customer base and maintain relationships with our largest customers and strategic business allies; and our ability to reduce operating costs, as well as other risks set forth in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2025. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement contained herein to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.*

------

**FuelCell Energy Contacts**<br>Media Relations: kblomquist@fce.com<br>Investor Relations: ir@fce.com

**Fit Energy Media Contact** <br>Zenergy Communications <br>media@zenergycom.com

------