# EDGAR Filing Document

**Accession Number:** 0000886128
**File Stem:** 0001104659-26-039985
**Filing Date:** 2026-4
**Character Count:** 119003
**Document Hash:** 255b670c4db61134e4854cd6c0c22a0c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-039985.hdr.sgml**: 20260406

**ACCESSION NUMBER**: 0001104659-26-039985

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260402

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Submission of Matters to a Vote of Security Holders

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260406

**DATE AS OF CHANGE**: 20260406

**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:** 26841902

**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'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 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): April 2, 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 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. ◻

---

| | |
|:---|:---|
| **Item 5.02.** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.** |

---

(e)&nbsp;&nbsp;&nbsp;&nbsp; At the 2026 Annual Meeting of Stockholders of FuelCell Energy, Inc. (the "Company") on April 2, 2026 (the "Annual Meeting"), the Company's stockholders approved (i) the amendment and restatement of the FuelCell Energy, Inc. Fifth Amended and Restated 2018 Omnibus Incentive Plan (as so amended and restated, the "Sixth Amended and Restated Incentive Plan"), and (ii) the amendment and restatement of the FuelCell Energy, Inc. 2018 Employee Stock Purchase Plan, as amended and restated (as so amended and restated, the "Amended and Restated ESPP"), both of which had previously been approved by the Company's Board of Directors (the "Board"), subject to stockholder approval. Additional information regarding the results of the Annual Meeting is set forth below under Item 5.07 of this Current Report on Form 8-K.

*Amendment and Restatement of the FuelCell Energy, Inc. Fifth Amended and Restated 2018 Omnibus Incentive Plan*

The purpose of the amendment and restatement of the Fifth Amended and Restated 2018 Omnibus Incentive Plan was to authorize the Company to issue up to 3,000,000 additional shares of the Company's common stock pursuant to awards under the Sixth Amended and Restated Incentive Plan.

Following the approval of the amendment and restatement (and therefore the Sixth Amended and Restated Incentive Plan) by the Company's stockholders at the Annual Meeting, the Sixth Amended and Restated Incentive Plan provides the Company with the authority to issue a total of 5,194,444 shares of the Company's common stock. The Sixth Amended and Restated Incentive Plan authorizes grants of stock options, stock appreciation rights, restricted stock, restricted stock units, shares, performance shares, performance units, incentive awards and dividend equivalent units to officers, other employees, directors, consultants and advisors. Up to 61,111 shares of the Company's common stock may be issued pursuant to the exercise of incentive stock options. The Board or the administrator of the Sixth Amended and Restated Incentive Plan may terminate the Sixth Amended and Restated Incentive Plan at any time. No award may be granted under the Sixth Amended and Restated Incentive Plan after the tenth anniversary of the approval of the Sixth Amended and Restated Incentive Plan by stockholders at the Annual Meeting.

The Sixth Amended and Restated Incentive Plan is described in detail in the Company's definitive proxy statement filed with the Securities and Exchange Commission ("SEC") on February 18, 2026. A copy of the Sixth Amended and Restated Incentive Plan is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. The description of the Sixth Amended and Restated Incentive Plan set forth above is qualified in its entirety by reference to such materials.

*Amendment and Restatement of the FuelCell Energy, Inc. 2018 Employee Stock Purchase Plan, as amended and restated*

The purpose of the amendment and restatement of the 2018 Employee Stock Purchase Plan, as amended and restated, was to authorize the Company to issue up to 300,000 additional shares of the Company's common stock under the Amended and Restated ESPP.

Following the approval of the amendment and restatement (and therefore the Amended and Restated ESPP) by the Company's stockholders at the Annual Meeting, the Amended and Restated ESPP provides the Company with the authority to issue a total of 300,078 shares of the Company's common stock.

The Amended and Restated ESPP limits the number of shares of the Company's common stock that any individual participant may purchase during an offering period to 1,000 shares.

The Amended and Restated ESPP, which is intended to satisfy the requirements of Section 423 of the Internal Revenue Code of 1986, as amended, allows the Company to provide eligible employees of the Company and of certain designated subsidiaries with the opportunity to voluntarily participate in the Amended and Restated ESPP, enabling such participants to purchase shares of the Company's common stock at a discount to market price at the time of such purchase. The Board may, in its sole discretion, terminate the Amended and Restated ESPP at any time. If the Board does not earlier terminate the Amended and Restated ESPP, the Amended and Restated ESPP will terminate on the date on which all shares of common stock available for issuance have been sold pursuant to purchase rights exercised under the Amended and Restated ESPP.

The Amended and Restated ESPP is described in detail in the Company's definitive proxy statement filed with the SEC on February 18, 2026. A copy of the Amended and Restated ESPP is filed as Exhibit 10.2 to this Current Report on Form 8-K and is incorporated herein by reference. The description of the Amended and Restated ESPP set forth above is qualified in its entirety by reference to such materials.

---

| | |
|:---|:---|
| **Item 5.07.** | **Submission of Matters to a Vote of Security Holders.** |

---

At the Company's Annual Meeting on April 2, 2026, five proposals were submitted to a vote of the holders of shares of common stock of the Company. The voting results with respect to those five proposals were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**(1)**  **<u>Election of eight directors to serve until the 2027 Annual Meeting of Stockholders and until their successors are duly elected and qualified.</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NAME OF DIRECTOR** | **VOTES FOR** | **VOTES AGAINST** | **ABSTENTIONS** | **BROKER NON-VOTES** |
| James H. England | 13483683 | 3604594 | 73140 | 9758552 |
| Jason Few | 16379036 | 711069 | 71312 | 9758552 |
| Matthew F. Hilzinger | 16414355 | 675930 | 71132 | 9758552 |
| Natica von Althann | 16380542 | 706392 | 74483 | 9758552 |
| Cynthia Hansen | 16425658 | 663963 | 71796 | 9758552 |
| Donna Sims Wilson | 13534641 | 3566159 | 60617 | 9758552 |
| Betsy Bingham | 16405646 | 697804 | 57967 | 9758552 |
| Tyrone Michael Jordan | 16343615 | 771774 | 46028 | 9758552 |

---

Accordingly, each of James H. England, Jason Few, Matthew F. Hilzinger, Natica von Althann, Cynthia Hansen, Donna Sims Wilson, Betsy Bingham, and Tyrone Michael Jordan have been re-elected as directors.

&nbsp;&nbsp;&nbsp;&nbsp;**(2)**  **<u>Approval, on a non-binding advisory basis, of the compensation of the Company's named executive officers as set forth in the "Executive Compensation" section of the proxy statement.</u>** 

VOTES FOR: 13,087,564

VOTES AGAINST: 3,941,931

ABSTENTIONS: 131,922

BROKER NON-VOTES: 9,758,552

Accordingly, the compensation of the Company's named executive officers as set forth in the "Executive Compensation" section of the proxy statement has been approved by the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;**(3)**  **<u>Ratification of the selection of KPMG LLP as the Company's independent registered public accounting firm for the fiscal year ending October 31, 2026.</u>** 

VOTES FOR: 22,592,473

VOTES AGAINST: 4,186,613

ABSTENTIONS: 140,883

BROKER NON-VOTES: 0

Accordingly, the selection of KPMG LLP as the Company's independent registered public accounting firm for the fiscal year ending October 31, 2026 has been ratified.

&nbsp;&nbsp;&nbsp;&nbsp;**(4)**  **<u>Approval of the amendment and restatement of the FuelCell Energy, Inc. Fifth Amended and Restated 2018 Omnibus Incentive Plan.</u>** 

VOTES FOR: 13,348,214

VOTES AGAINST: 3,743,025

ABSTENTIONS: 70,178

BROKER NON-VOTES: 9,758,552

Accordingly, the amendment and restatement of the FuelCell Energy, Inc. Fifth Amended and Restated 2018 Omnibus Incentive Plan has been approved by the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;**(5)**  **<u>Approval of the amendment and restatement of the FuelCell Energy, Inc. 2018 Employee Stock Purchase Plan, as amended and restated.</u>** 

VOTES FOR: 16,357,722

VOTES AGAINST: 759,892

ABSTENTIONS: 43,803

BROKER NON-VOTES: 9,758,552

Accordingly, the amendment and restatement of the FuelCell Energy, Inc. 2018 Employee Stock Purchase Plan, as amended and restated, has been approved by the stockholders.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits. The following exhibits are being filed herewith:

---

| | |
|:---|:---|
| **<u>Exhibit</u>**<br> **<u>Number</u>** | **<u>Description</u>** |
| [10.1](tm2611183d1_ex10-1.htm) | [FuelCell Energy, Inc. Sixth Amended and Restated 2018 Omnibus Incentive Plan, effective as of April 2, 2026.](tm2611183d1_ex10-1.htm) |
| [10.2](tm2611183d1_ex10-2.htm) | [FuelCell Energy, Inc. 2018 Employee Stock Purchase Plan, as Amended and Restated Effective as of April 2, 2026.](tm2611183d1_ex10-2.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: April 6, 2026 | By: | /s/ Michael S. Bishop |
|  |  | Michael S. Bishop |
|  |  | Executive Vice President, Chief Financial Officer, and Treasurer |

---

## Exhibit 10.1

**Exhibit 10.1**

FuelCell Energy, Inc.

Sixth Amended and Restated

2018 Omnibus Incentive Plan

Effective as of April 2, 2026

1. Purposes, History and Effective Date

(a) **Purpose.** The FuelCell Energy, Inc. 2018 Omnibus Incentive Plan has two complementary purposes:
 (i) to attract and retain outstanding individuals to serve as officers, directors, employees
 and consultants and (ii) to increase shareholder value. The Plan will provide participants
 with incentives to increase shareholder value by offering the opportunity to acquire shares
 of the Company's common stock, receive monetary payments based on the value of such
 common stock, or receive other incentive compensation, on the potentially favorable terms
 that this Plan provides.

(b) **History.** Prior to the effective date of this Plan, the Company had in effect the FuelCell Energy, Inc.
 Amended and Restated 2010 Equity Incentive Plan (the " <u>Prior Plan</u> "). Upon
 shareholder approval of this Plan, the Prior Plan terminated and no new awards could be granted
 under the Prior Plan, although awards previously granted under the Prior Plan and still outstanding
 continued to be subject to all terms and conditions of the Prior Plan.

(c) **Effective Date; Amendment and Restatement.** This Plan became effective, and Awards could be granted
 under this Plan, on and after April 5, 2018 (the " <u>Effective Date</u> "),
 the date on which the Company's shareholders approved this Plan at the annual shareholders
 meeting. This Plan was amended and restated effective as of May 8, 2020, April 8,
 2021, May 22, 2023, April 4, 2024, and April 17, 2025 and is again being amended
 and restated effective as of April 2, 2026, subject to approval by the Company's
 shareholders at the Company's 2026 annual meeting. This Plan will terminate as provided
 in Section 17.

2. Definitions

Capitalized terms used and not otherwise defined in this Plan or in any Award agreement have the following meanings:

(a) **"Act"** means
 the Securities Act of 1933, as amended from time to time. Any reference to a specific provision
 of the Act shall include any successor provision thereto.

(b) **"Administrator"** means
 the Committee; *provided* that, to the extent the Committee has delegated
 authority and responsibility as an Administrator of the Plan to one or more officers of the
 Company as permitted by Section 3(b), the term "Administrator" shall also
 mean such officer or officers.

(c) **"Affiliate"** has
 the meaning ascribed to such term in Rule 12b-2 under the Exchange Act. Notwithstanding
 the foregoing, for purposes of determining those individuals to whom an Option or a Stock
 Appreciation Right may be granted, the term "Affiliate" means any entity that,
 directly or through one or more intermediaries, is controlled by or is under common control
 with, the Company within the meaning of Code Sections 414(b) or (c); *provided* that,
 in applying such provisions, the phrase "at least 20%" shall be used in place
 of "at least 80%" each place it appears therein.

(d) **"Award"** means
 a grant of Options, Stock Appreciation Rights, Performance Shares, Performance Units, Stock,
 Restricted Stock, Restricted Stock Units, an Incentive Award, Dividend Equivalent Units or
 any other type of award permitted under this Plan. Any Award granted under this Plan shall
 be provided or made in such manner and at such time as complies with the applicable requirements
 of Code Section 409A to avoid a plan failure described in Code Section 409A(a)(1),
 including, without limitation, deferring payment to a specified employee or until a specified
 distribution event, as provided in Code Section 409A(a)(2), and the provisions of Code
 Section 409A are incorporated into this Plan to the extent necessary for any Award that
 is subject to Code Section 409A to comply therewith.

(e) **"Beneficial Owner"** means a Person, with respect to any securities which:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Such
 Person or any of such Person's Affiliates has the right to acquire (whether such right
 is exercisable immediately or only after the passage of time) pursuant to any agreement,
 arrangement or understanding, or upon the exercise of conversion rights, exchange rights,
 rights, warrants or options or otherwise; provided, however, that a Person shall not be deemed
 the Beneficial Owner of, or to beneficially own, securities tendered pursuant to a tender
 or exchange offer made by or on behalf of such Person or any of such Person's Affiliates
 until such tendered securities are accepted for purchase;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Such
 Person or any of such Person's Affiliates, directly or indirectly, has the right to
 vote or dispose of or has "beneficial ownership" of (as determined pursuant to
 Rule 13d-3 of the General Rules and Regulations under the Act), including pursuant
 to any agreement, arrangement or understanding; provided, however, that a Person shall not
 be deemed the Beneficial Owner of, or to beneficially own, any security under this clause
 (ii) as a result of an agreement, arrangement or understanding to vote such security
 if the agreement, arrangement or understanding: (A) arises solely from a revocable proxy
 or consent given to such Person in response to a public proxy or consent solicitation made
 pursuant to, and in accordance with, the applicable rules and regulations under the
 Act and (B) is not also then reportable on a Schedule 13D under the Act (or any
 comparable or successor report); or

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Are
 beneficially owned, directly or indirectly, by any other Person with which such Person or
 any of such Person's Affiliates has any agreement, arrangement or understanding for
 the purpose of acquiring, holding, voting (except pursuant to a revocable proxy as described
 in clause (ii) above) or disposing of any voting securities of the Company.

(f) **"Board"** means
 the Board of Directors of the Company.

(g) **"Cause"** has
 the meaning given in a Participant's employment, retention, change of control, severance
 or similar agreement with the Company or any Affiliate, or if no such agreement is in effect,
 then (i) if the determination of Cause is being made prior to a Change of Control, Cause
 has the meaning given in the Company's employment policies as in effect at the time
 of the determination or (ii) if the determination of Cause is being made following a
 Change of Control, Cause has the meaning given in the Company's employment policies
 as in effect immediately prior to the Change of Control.

(h) **"Change of Control"** means, unless specified otherwise in an Award agreement, the occurrence
 of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 Person (other than (A) the Company or any of its subsidiaries, (B) a trustee or
 other fiduciary holding securities under any employee benefit plan of the Company or any
 of its subsidiaries, (C) an underwriter temporarily holding securities pursuant to an
 offering of such securities or (D) a corporation owned, directly or indirectly, by the
 shareholders of the Company in substantially the same proportions as their ownership of stock
 in the Company (" <u>Excluded Persons</u> ")) is or becomes the Beneficial Owner,
 directly or indirectly, of securities of the Company (not including in the securities beneficially
 owned by such Person any securities acquired directly from the Company or its Affiliates
 after the Effective Date, pursuant to express authorization by the Board that refers to this
 exception) representing 50% or more of either the then outstanding shares of common stock
 of the Company or the combined voting power of the Company's then outstanding voting
 securities; or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 following individuals cease for any reason to constitute a majority of the number of directors
 of the Company then serving: (A) individuals who, on the Effective Date, constituted
 the Board and (B) any new director (other than a director whose initial assumption of
 office is in connection with an actual or threatened election contest, including but not
 limited to a consent solicitation, relating to the election of directors of the Company,
 as such terms are used in Rule 14a-11 of Regulation 14A under the Act) whose appointment
 or election by the Board or nomination for election by the Company's shareholders was
 approved by a vote of at least two-thirds (2/3) of the directors then still in office who
 either were directors on the Effective Date, or whose appointment, election or nomination
 for election was previously so approved (collectively the " <u>Continuing Directors</u> ");
 provided, however, that individuals who are appointed to the Board pursuant to or in accordance
 with the terms of an agreement relating to a merger, consolidation, or share exchange involving
 the Company (or any direct or indirect subsidiary of the Company) shall not be Continuing
 Directors for purposes of this Agreement until after such individuals are first nominated
 for election by a vote of at least two-thirds (2/3) of the then Continuing Directors and
 are thereafter elected as directors by the shareholders of the Company at a meeting of shareholders
 held following consummation of such merger, consolidation or share exchange; and, provided
 further, that in the event the failure of any such persons appointed to the Board to be Continuing
 Directors results in a Change of Control, the subsequent qualification of such persons as
 Continuing Directors shall not alter the fact that a Change of Control occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 consummation of a merger, consolidation or share exchange of the Company with any other corporation
 or the issuance of voting securities of the Company in connection with a merger, consolidation
 or share exchange of the Company (or any direct or indirect subsidiary of the Company), in
 each case, which requires approval of the shareholders of the Company, other than (A) a
 merger, consolidation or share exchange which would result in the voting securities of the
 Company outstanding immediately prior to such merger, consolidation or share exchange continuing
 to represent (either by remaining outstanding or by being converted into voting securities
 of the surviving entity or any parent thereof) at least 50% of the combined voting power
 of the voting securities of the Company or such surviving entity or any parent thereof outstanding
 immediately after such merger, consolidation or share exchange, or (B) a merger, consolidation
 or share exchange effected to implement a recapitalization of the Company (or similar transaction)
 in which no Person (other than an Excluded Person) is or becomes the Beneficial Owner, directly
 or indirectly, of securities of the Company (not including in the securities beneficially
 owned by such Person any securities acquired directly from the Company or its Affiliates
 after the Effective Date, pursuant to express authorization by the Board that refers to this
 exception) representing 50% or more of either the then outstanding shares of common stock
 of the Company or the combined voting power of the Company's then outstanding voting
 securities; or

&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 consummation of a plan of complete liquidation or dissolution of the Company or a sale or
 disposition by the Company of all or substantially all of the Company's assets (in
 one transaction or a series of related transactions within any period of 24 consecutive months),
 in each case, which requires approval of the shareholders of the Company, other than a sale
 or disposition by the Company of all or substantially all of the Company's assets to
 an entity at least 75% of the combined voting power of the voting securities of which are
 owned by Persons in substantially the same proportions as their ownership of the Company
 immediately prior to such sale.

Notwithstanding the foregoing, no "Change of Control" shall be deemed to have occurred if there is consummated any transaction or series of integrated transactions immediately following which the record holders of the common stock of the Company immediately prior to such transaction or series of transactions continue to own, directly or indirectly, in the same proportions as their ownership in the Company, an entity that owns all or substantially all of the assets or voting securities of the Company immediately following such transaction or series of transactions.

Notwithstanding the foregoing, if an Award is considered deferred compensation subject to the provisions of Code Section 409A, and if a payment under such Award is triggered upon a "Change of Control," then the foregoing definition shall be deemed amended as necessary to comply with Code Section 409A.

(i) **"Code"** means
 the Internal Revenue Code of 1986, as amended. Any reference to a specific provision of the
 Code includes any successor provision and the regulations promulgated under such provision.

(j) **"Committee"** means
 the Compensation and Leadership Development Committee of the Board, any successor committee
 thereto, and subcommittee thereof, or such other committee of the Board that is designated
 by the Board with the same or similar authority. The Committee shall consist only of not
 fewer than two Directors, each of whom is a "non-employee director" within the
 meaning of Rule 16b-3 promulgated under the Exchange Act.

(k) **"Company"** means
 FuelCell Energy, Inc., a Delaware corporation, or any successor thereto.

(l) **"Director"** means
 a member of the Board.

(m) **"Disability"** means,
 unless otherwise determined by the Committee in the applicable Award agreement, a finding
 of disability under the Company's long-term disability plan. Notwithstanding the foregoing,
 for Awards that are subject to Section 409A of the Code, Disability shall mean that
 a Participant is disabled under Section 409A(a)(2)(C)(i) or (ii) of the Code.

(n) **"Dividend Equivalent Unit"** means the right to receive a payment, in cash or Shares,
 equal to the cash dividends or other cash distributions paid with respect to a Share.

(o) **"Effective Date"** shall have the meaning provided in Section 1(c).

(p) **"Exchange Act"** means the Securities Exchange Act of 1934, as amended. Any reference
 to a specific provision of the Exchange Act includes any successor provision and the regulations
 and rules promulgated under such provision.

(q) **"Fair Market Value"** means, per Share on a particular date, (i) if the Shares
 are listed on a national securities exchange, the last sales price on that date on the national
 securities exchange on which the Stock is then traded, or if no sales of Stock occur on such
 date, then on the last preceding date on which there was a sale on such exchange; or (ii) if
 the Shares are not listed on a national securities exchange, but are traded in an over-the-counter
 market, the last sales price (or, if there is no last sales price reported, the average of
 the closing bid and asked prices) for the Shares on that date, or on the last preceding date
 on which there was a sale of Shares on that market; or (iii) if the Shares are neither
 listed on a national securities exchange nor traded in an over-the-counter market, the price
 determined by the Administrator, in its discretion. Notwithstanding the foregoing, in the
 case of the sale of Shares, the actual sale price shall be the Fair Market Value of such
 Shares.

(r) **"Incentive Award"** means the right to receive a cash payment to the extent Performance
 Goals are achieved (or other requirements are met), and shall include "Annual Incentive
 Awards" as described in Section 10 and "Long-Term Incentive Awards"
 as described in Section 11.

(s) **"Non-Employee Director"** means a Director who is not also an employee of the Company or its
 Subsidiaries.

(t) **"Option"** means
 the right to purchase Shares at a stated price for a specified period of time.

(u) **"Participant"** means
 an individual selected by the Administrator to receive an Award.

(v) **"Performance Goals"** means any goals the Administrator establishes pursuant to an Award.
 The Performance Goals may include a threshold level of performance below which no payment
 will be made (or no vesting will occur), levels of performance at which specified payments
 will be paid (or specified vesting will occur), and a maximum level of performance above
 which no additional payment will be made (or at which full vesting will occur).

(w) **"Performance Shares"** means the right to receive Shares to the extent Performance Goals
 are achieved (or other requirements are met).

(x) **"Performance Unit"** means the right to receive a cash payment and/or Shares valued in relation
 to a unit that has a designated dollar value or the value of which is equal to the Fair Market
 Value of one or more Shares, to the extent Performance Goals are achieved (or other requirements
 are met).

(y) **"Person"** means
 any individual, firm, partnership, corporation or other entity, including any successor (by
 merger or otherwise) of such entity, or a group of any of the foregoing acting in concert.

(z) **"Plan"** means
 this FuelCell Energy, Inc. 2018 Omnibus Incentive Plan, as it may be amended from time
 to time.

(aa) **"Restricted Stock"** means Shares that are subject to a risk of forfeiture or restrictions
 on transfer, or both a risk of forfeiture and restrictions on transfer, which may lapse upon
 the achievement or partial achievement of Performance Goals or upon the completion of a period
 of service, or both.

(bb) **"Restricted Stock Unit"** means the right to receive a cash payment and/or Shares the value
 of which is equal to the Fair Market Value of one Share.

(cc) **"Section 16 Participants"** means Participants who are subject to the provisions of Section 16
 of the Exchange Act.

(dd) **"Share"** means
 a share of Stock.

(ee) **"Stock"** means
 the Common Stock of the Company, par value $0.0001 per share.

(ff) **"Stock Appreciation Right" or "SAR"** means the right to receive a cash
 payment, and/or Shares with a Fair Market Value, equal to the appreciation of the Fair Market
 Value of a Share during a specified period of time.

(gg) **"Subsidiary"** means
 any corporation, limited liability company or other limited liability entity in an unbroken
 chain of entities beginning with the Company if each of the entities (other than the last
 entities in the chain) owns the stock or equity interest possessing more than 50% of the
 total combined voting power of all classes of stock or other equity interests in one of the
 other entities in the chain.

3. Administration

(a) **Administration.** In addition to the authority specifically granted to the Administrator in this Plan,
 the Administrator has full discretionary authority to administer this Plan, including but
 not limited to the authority to: (i) interpret the provisions of this Plan or any agreement
 covering an Award; (ii) prescribe, amend and rescind rules and regulations relating
 to this Plan; (iii) correct any defect, supply any omission, or reconcile any inconsistency
 in the Plan, any Award or any agreement covering an Award in the manner and to the extent
 it deems desirable to carry this Plan or such Award into effect; and (iv) make all other
 determinations necessary or advisable for the administration of this Plan. Notwithstanding
 any provision of the Plan to the contrary, the Administrator shall have the discretion to
 accelerate or shorten the vesting, restriction period or performance period of an Award,
 in connection with a Participant's death, Disability, retirement or termination of
 employment or service with the Company for any reason. All Administrator determinations shall
 be made in the sole discretion of the Administrator and are final and binding on all interested
 parties.

(b) **Delegation to Other Committees or Officers.** To the extent applicable law permits, the Board may
 delegate to another committee of the Board, or the Committee may delegate to one or more
 officers of the Company, any or all of their respective authority and responsibility as an
 Administrator of the Plan; *provided* that no such delegation is permitted
 with respect to Stock-based Awards made to Section 16 Participants at the time any such
 delegated authority or responsibility is exercised unless the delegation is to another committee
 of the Board consisting entirely of Non-Employee Directors. If the Board or the Committee
 has made such a delegation, then all references to the Administrator in this Plan include
 such other committee or one or more officers to the extent of such delegation.

(c) **No Liability; Indemnification.** No member of the Board or the Committee, and no officer or
 member of any other committee to whom a delegation under Section 3(b) has been
 made, will be liable for any act done, or determination made, by the individual in good faith
 with respect to the Plan or any Award. The Company will indemnify and hold harmless each
 such individual as to any acts or omissions, or determinations made, in each case done or
 made in good faith, with respect to this Plan or any Award to the maximum extent that the
 law and the Company's By-Laws permit.

4. Eligibility

The Administrator may designate any of the following as a Participant from time to time, to the extent of the Administrator's authority: any officer or other employee of the Company or its Affiliates; any individual that the Company or an Affiliate has engaged to become an officer or employee; any consultant or advisor who provides services to the Company or its Affiliates; or any Director, including a Non-Employee Director. The Administrator's designation of, or granting of an Award to, a Participant will not require the Administrator to designate such individual as a Participant or grant an Award to such individual at any future time. The Administrator's granting of a particular type of Award to a Participant will not require the Administrator to grant any other type of Award to such individual.

5. Types of Awards; Award Agreements

Subject to the terms of this Plan, the Administrator may grant any type of Award to any Participant it selects, but only employees of the Company or a Subsidiary may receive grants of incentive stock options within the meaning of Code Section 422. Awards may be granted alone or in addition to, in tandem with, or (subject to the prohibition on repricing set forth in Section 17(e)) in substitution for any other Award (or any other award granted under another plan of the Company or any Affiliate, including the plan of an acquired entity). Each Award shall be evidenced by an Award agreement, which may include such other provisions (whether or not applicable to the Award granted to any other Participant) as the Administrator determines appropriate to the extent not otherwise prohibited by the terms of the Plan.

6. Shares Reserved under this Plan

(a) **Plan Reserve.** Subject to adjustment as provided in Section 19, an aggregate of 5,194,444 Shares,
 are reserved for issuance under this Plan; *provided* that only 61,111 of
 such Shares may be issued pursuant to the exercise of incentive stock options. The Shares
 reserved for issuance may be either authorized and unissued Shares or Shares reacquired at
 any time and now or hereafter held as treasury stock.

(b) **Depletion of Reserve.** The aggregate number of Shares reserved under Section 6(a) shall
 be depleted on the date of grant of an Award by the maximum number of Shares, if any, that
 may be issuable under an Award as determined at the time of grant. For the avoidance of doubt,
 awards that may only be settled in cash (determined at the time of grant) shall not deplete
 the share reserve.

(c) **Replenishment of Shares Under this Plan.** If (i) an Award lapses, expires, terminates or is cancelled
 without the issuance of Shares under the Award (whether due currently or on a deferred basis),
 (ii) it is determined during or at the conclusion of the term of an Award that all or
 some portion of the Shares with respect to which the Award was granted will not be issuable
 on the basis that the conditions for such issuance will not be satisfied, (iii) Shares
 are forfeited under an Award, (iv) Shares are issued under any Award and the Company
 subsequently reacquires them pursuant to rights reserved upon the issuance of the Shares,
 or (v) an Award or a portion thereof is settled in Cash, then such Shares shall be recredited
 to the Plan's reserve and may again be used for new Awards under this Plan, but Shares
 recredited to the Plan's reserve pursuant to clause (iv) may not be issued pursuant
 to incentive stock options. Notwithstanding the foregoing, in no event shall the following
 Shares be recredited to the Plan's reserve: (i) Shares purchased by the Company
 using proceeds from Option exercises; (ii) Shares tendered or withheld in payment of
 the exercise price of an Option or as a result of the net settlement of an outstanding Stock
 Appreciation Right; or (iii) Shares tendered or withheld to satisfy federal, state or
 local tax withholding obligations.

(d) **Director Award Limit.** In no event shall the aggregate grant date value (determined in accordance
 with generally accepted accounting principles) of all Awards granted to a Non-Employee Director
 in a fiscal year of the Company, taken together with any cash fees paid during a calendar
 year to the Non-Employee Director, exceed $250,000; *provided, however*, that such
 limit shall be doubled with respect to the first year during which the Non-Employee Director
 first serves on the Board.

7. Options

(a) **Terms.** Subject to the terms of this Plan, the Administrator will determine all terms and conditions
 of each Option, including but not limited to: (i) whether the Option is an "incentive
 stock option" which meets the requirements of Code Section 422, or a "nonqualified
 stock option" which does not meet the requirements of Code Section 422; (ii) the
 grant date, which may not be any day prior to the date that the Administrator approves the
 grant; (iii) the number of Shares subject to the Option; (iv) the exercise price,
 which may never be less than the Fair Market Value of the Shares subject to the Option as
 determined on the date of grant; (v) the terms and conditions of vesting and exercise;
 (vi) the term, except that an Option must terminate no later than 10 years after the
 date of grant; and (vii) the manner of payment of the exercise price.

(b) **Incentive Stock Options.** The terms of any incentive stock option should comply with the provisions
 of Code Section 422 except to the extent the Administrator determines otherwise. If
 an Option that is intended to be an incentive stock option fails to meet the requirements
 thereof, the Option shall automatically be treated as a nonqualified stock option to the
 extent of such failure.

(c) **Exercise.** To the extent permitted by the Administrator, and subject to such procedures as the Administrator
 may specify, the payment of the exercise price of Options may be made by (w) delivery
 of cash or other Shares or other securities of the Company (including by attestation) having
 a then Fair Market Value equal to the purchase price of such Shares, (x) by delivery
 (including by fax) to the Company or its designated agent of an executed irrevocable option
 exercise form together with irrevocable instructions to a broker-dealer to sell or margin
 a sufficient portion of the Shares and deliver the sale or margin loan proceeds directly
 to the Company to pay for the exercise price, (y) by surrendering the right to receive
 Shares otherwise deliverable to the Participant upon exercise of the Award having a Fair
 Market Value at the time of exercise equal to the total exercise price, or (z) by any
 combination of (w), (x) and/or (y).

(d) **No Rights as Shareholder.** Except to the extent otherwise set forth in an Award agreement,
 a Participant shall have no rights as a holder of Stock as a result of the grant of an Option
 until the Option is exercised, the exercise price and applicable withholding taxes are paid
 and the Shares subject to the Option are issued thereunder.

8. Stock Appreciation Rights

(a) **Terms.** Subject to the terms of this Plan, the Administrator will determine all terms and conditions
 of each SAR, including but not limited to: (i) whether the SAR is granted independently
 of an Option or in tandem with an Option; (ii) the grant date, which may not be any
 day prior to the date that the Administrator approves the grant; (iii) the number of
 Shares to which the SAR relates; (iv) the grant price, which may never be less than
 the Fair Market Value of the Shares subject to the SAR as determined on the date of grant;
 (v) the terms and conditions of exercise or maturity, including vesting; (vi) the
 term, *provided* that an SAR must terminate no later than 10 years after the
 date of grant; and (vii) whether the SAR will be settled in cash, Shares or a combination
 thereof.

(b) **Tandem SARs.** If an SAR is granted in relation to an Option, then unless otherwise determined
 by the Administrator, the SAR shall be exercisable or shall mature at the same time or times,
 on the same conditions and to the extent and in the proportion, that the related Option is
 exercisable and may be exercised or mature for all or part of the Shares subject to the related
 Option. Upon exercise of any number of SARs, the number of Shares subject to the related
 Option shall be reduced accordingly and such Option may not be exercised with respect to
 that number of Shares. The exercise of any number of Options that relate to an SAR shall
 likewise result in an equivalent reduction in the number of Shares covered by the related
 SAR.

9. Performance and Stock Awards

Subject to the terms of this Plan, the Administrator will determine all terms and conditions of each award of Shares, Restricted Stock, Restricted Stock Units, Performance Shares or Performance Units, including but not limited to: (a) the number of Shares and/or units to which such Award relates; (b) whether, as a condition for the Participant to realize all or a portion of the benefit provided under the Award, one or more Performance Goals must be achieved during such period as the Administrator specifies; (c) the length of the vesting and/or performance period and, if different, the date on which payment of the benefit provided under the Award will be made; (d) with respect to Performance Units, whether to measure the value of each unit in relation to a designated dollar value or the Fair Market Value of one or more Shares; (e) with respect to Restricted Stock Units and Performance Units, whether to settle such Awards in cash, in Shares (including Restricted Stock), or in a combination of cash and Shares; (f) whether dividends will be paid on Restricted Stock or Performance Shares, *provided, however,* that any dividends paid on Restricted Stock or Performance Shares will be accumulated and paid if and only to the same extent as the Restricted Stock or Performance Shares vest.

10. Annual Incentive Awards

Subject to the terms of this Plan, the Administrator will determine all terms and conditions of an Annual Incentive Award, including but not limited to the Performance Goals, performance period, the potential amount payable and the timing of payment; provided that the Administrator must require that payment of all or any portion of the amount subject to the Annual Incentive Award is contingent on the achievement or partial achievement of one or more Performance Goals during the period the Administrator specifies, although the Administrator may specify that all or a portion of the Performance Goals subject to an Award are deemed achieved upon a Participant's death, Disability, retirement, or such other circumstances as the Administrator may specify, if applicable; and *provided further* that any performance period applicable to an Annual Incentive Award must relate to a period of at least one year. Notwithstanding the foregoing, nothing hereunder shall preclude or limit the Company or the Administrator from granting annual incentive awards that are solely payable in cash outside of the terms of the Plan.

11. Long-Term Incentive Awards

Subject to the terms of this Plan, the Administrator will determine all terms and conditions of a Long-Term Incentive Award, including but not limited to the Performance Goals, performance period (which must be more than one year), the potential amount payable, and the timing of payment; *provided* that the Administrator must require that payment of all or any portion of the amount subject to the Long-Term Incentive Award is contingent on the achievement or partial achievement of one or more Performance Goals during the period the Administrator specifies, although the Administrator may specify that all or a portion of the Performance Goals subject to an Award are deemed achieved upon a Participant's death, Disability, retirement, or such other circumstances as the Administrator may specify, if applicable, or such other circumstances as the Administrator may specify. Notwithstanding the foregoing, nothing hereunder shall preclude or limit the Company or the Administrator from granting long-term incentive awards that are solely payable in cash outside of the terms of the Plan.

12. Dividend Equivalent Units

Subject to the terms of this Plan, the Administrator will determine all terms and conditions of each award of Dividend Equivalent Units, including but not limited to whether: (a) such Award will be granted in tandem with another Award; (b) payment of the Award will be made concurrently with dividend payments or credited to an account for the Participant which provides for the deferral of such amounts until a stated time; (c) the Award will be settled in cash or Shares; and (d) as a condition for the Participant to realize all or a portion of the benefit provided under the Award, one or more Performance Goals must be achieved during such period as the Administrator specifies; *provided* that Dividend Equivalent Units may not be granted in connection with an Option or Stock Appreciation Right; and *provided further* that no Dividend Equivalent Unit granted in tandem with another Award shall include vesting provisions more favorable to the Participant than the vesting provisions, if any, to which the tandem Award is subject; and *provided further* that no Dividend Equivalent Unit relating to another Award shall provide for payment with respect to such other Award prior to its vesting.

13. Other Stock-Based Awards

Subject to the terms of this Plan, the Administrator may grant to a Participant shares of unrestricted Stock as replacement for other compensation to which the Participant is entitled, such as in payment of director fees, in lieu of cash compensation, in exchange for cancellation of a compensation right, or as a bonus.

14. Minimum Vesting Periods

Notwithstanding any provision of the Plan to the contrary, all Awards shall have a minimum vesting period of one year from the date of grant, provided that Awards with respect to up to 5% of the total number of Shares reserved pursuant to Section 6(a) shall not be subject to such minimum vesting period. For purposes of Awards granted to Non-Employee Directors, "one year" may mean the period of time from one annual shareholders meeting to the next annual shareholders meeting, provided that such period of time is not less than 50 weeks.

15. Transferability

Awards are not transferable other than by will or the laws of descent and distribution, unless and to the extent the Administrator allows a Participant to: (a) designate in writing a beneficiary to exercise the Award or receive payment under the Award after the Participant's death; (b) transfer an Award to the former spouse of the Participant as required by a domestic relations order incident to a divorce; or (c) transfer an Award; provided, however, that with respect to clause (c) above the Participant may not receive consideration for such a transfer of an Award.

16. Termination of Employment

(a) **Effect of Termination on Awards.** Except as otherwise provided in any Award or employment
 agreement or as determined by the Committee at the time of such termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon termination of employment or service for Cause, Participant shall forfeit all outstanding Awards immediately upon such termination. For the avoidance of doubt, Participant will be prohibited from exercising any Stock Options or SARs on his or her termination date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If Participant's employment or service terminates by reason of Participant's death or Disability (at a time when Participant could not have been terminated for Cause), Participant shall forfeit the unvested portion of any Award, and any vested Options or SARs shall remain exercisable until the earlier of the Award's original expiration date or 12 months from the date of Participant's termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If Participant's employment or service terminates for any reason other than Cause, death or Disability (at a time when Participant could not have been terminated for Cause), then Participant shall forfeit the unvested portion of any Award, and any vested Options or SARs shall remain exercisable until the earlier of the Award's original expiration date or three months from the date of Participant's termination.

(b) **Definition of Termination.** Unless determined otherwise by the Administrator or set forth in
 an Award agreement, for purposes of the Plan and all Awards, the following rules shall
 apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A Participant who transfers employment between the Company and its Affiliates, or between Affiliates, will not be considered to have terminated employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A Participant who ceases to be a Non-Employee Director because he or she becomes an employee of the Company or an Affiliate shall not be considered to have ceased service as a Director with respect to any Award until such Participant's termination of employment with the Company and its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A Participant who ceases to be employed by the Company or an Affiliate and immediately thereafter becomes a Non-Employee Director, a non-employee director of an Affiliate, or a consultant to the Company or any Affiliate shall not be considered to have terminated employment until such Participant's service as a director of, or consultant to, the Company and its Affiliates has ceased; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) A Participant employed by an Affiliate will be considered to have terminated employment when such entity ceases to be an Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) A Participant's authorized leave of absence shall not constitute termination of employment. However, if a leave of absence exceeds 90 days, vesting of any outstanding Awards under this Plan may be suspended until Participant returns to work, as determined by the Administrator.

Notwithstanding the foregoing, for purposes of an Award that is subject to Code Section 409A, if a Participant's termination of employment or service triggers the payment of compensation under such Award, then the Participant will be deemed to have terminated employment or service upon his or her "separation from service" within the meaning of Code Section 409A. Notwithstanding any other provision in this Plan or an Award to the contrary, if any Participant is a "specified employee" within the meaning of Code Section 409A as of the date of his or her "separation from service" within the meaning of Code Section 409A, then, to the extent required by Code Section 409A, any payment made to the Participant on account of such separation from service shall not be made before a date that is six months after the date of the separation from service.

17. Termination and Amendment of Plan; Amendment, Modification or Cancellation of Awards

(a) **Term of Plan.** Unless the Board earlier terminates this Plan pursuant to Section 17(b),
 this Plan will terminate upon the date that is 10 years from the date of its most recent
 approval by the Company's shareholders.

(b) **Termination and Amendment.** The Board or the Administrator may amend, alter, suspend, discontinue
 or terminate this Plan at any time, subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Board must approve any amendment of this Plan to the extent the Company determines such approval is required by: (A) prior action of the Board, (B) applicable corporate law or (C) any other applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Shareholders must approve any amendment of this Plan to the extent the Company determines such approval is required by: (A) Section 16 of the Exchange Act, (B) the Code, (C) the listing requirements of any principal securities exchange or market on which the Shares are then traded or (D) any other applicable law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Shareholders must approve any of the following Plan amendments: (A) an amendment to materially increase any number of Shares specified in Section 6(a) (except as permitted by Section 19), or (B) an amendment that would diminish the protections afforded by Section 17(e).

(c) **Amendment, Modification, Cancellation and Disgorgement of Awards.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as provided in Section 17(e) and subject to the requirements of this Plan, the Administrator may modify, amend or cancel any Award; *provided* that, except as otherwise provided in the Plan or the Award agreement, any modification or amendment that materially diminishes the rights of the Participant, or the cancellation of an Award, shall be effective only if agreed to by the Participant or any other person(s) as may then have an interest in such Award, but the Administrator need not obtain Participant (or other interested party) consent for the modification, amendment or cancellation of an Award pursuant to the provisions of subsection (ii) or Section 19 or as follows: (A) to the extent the Administrator deems such action necessary to comply with any applicable law or the listing requirements of any principal securities exchange or market on which the Shares are then traded; (B) to the extent the Administrator deems necessary to preserve favorable accounting or tax treatment of any Award for the Company; or (C) to the extent the Administrator determines that such action does not materially and adversely affect the value of an Award or that such action is in the best interest of the affected Participant (or any other person(s) as may then have an interest in the Award). Notwithstanding the foregoing, unless determined otherwise by the Administrator, any such amendment shall be made in a manner that will enable an Award intended to be exempt from Code Section 409A to continue to be so exempt, or to enable an Award intended to comply with Code Section 409A to continue to so comply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything to the contrary in an Award agreement, the Administrator shall have full power and authority to terminate or cause the Participant to forfeit the Award, and require the Participant to disgorge to the Company any gains attributable to the Award, if the Participant engages in any action constituting, as determined by the Administrator in its discretion, Cause for termination, or a breach of any Award agreement or any other agreement between the Participant and the Company or an Affiliate concerning non-competition, non-solicitation, confidentiality, trade secrets, intellectual property, non-disparagement or similar obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any Awards granted pursuant to this Plan, and any Stock issued or cash paid pursuant to an Award, shall be subject to any recoupment or clawback policy that is adopted by, or any recoupment or similar requirement otherwise made applicable by law, regulation or listing standards to, the Company from time to time.

(d) **Survival of Authority and Awards.** Notwithstanding the foregoing, the authority of the Board
 and the Administrator under this Section 17 and to otherwise administer the Plan with
 respect to then-outstanding Awards will extend beyond the date of this Plan's termination.
 In addition, termination of this Plan will not affect the rights of Participants with respect
 to Awards previously granted to them, and all unexpired Awards will continue in force and
 effect after termination of this Plan except as they may lapse or be terminated by their
 own terms and conditions.

(e) **Repricing and Backdating Prohibited.** Notwithstanding anything in this Plan to the contrary,
 and except for the adjustments provided for in Section 19, neither the Administrator
 nor any other person may (i) amend the terms of outstanding Options or SARs to reduce
 the exercise or grant price of such outstanding Options or SARs; (ii) cancel outstanding
 Options or SARs in exchange for Options or SARs with an exercise or grant price that is less
 than the exercise or grant price of the original Options or SARs; or (iii) cancel outstanding
 Options or SARs with an exercise or grant price above the current Fair Market Value of a
 Share in exchange for cash or other securities. In addition, the Administrator may not make
 a grant of an Option or SAR with a grant date that is effective prior to the date the Administrator
 takes action to approve such Award.

(f) **Foreign Participation.** To assure the viability of Awards granted to Participants employed
 or residing in foreign countries, the Administrator may provide for such special terms as
 it may consider necessary or appropriate to accommodate differences in local law, tax policy,
 accounting or custom. Moreover, the Administrator may approve such supplements to, or amendments,
 restatements or alternative versions of, this Plan as it determines is necessary or appropriate
 for such purposes. Any such amendment, restatement or alternative versions that the Administrator
 approves for purposes of using this Plan in a foreign country will not affect the terms of
 this Plan for any other country. In addition, all such supplements, amendments, restatements
 or alternative versions must comply with the provisions of Section 17(b)(ii).

18. Taxes

(a) **Withholding.** In
 the event the Company or one of its Affiliates is required to withhold any Federal, state
 or local taxes or other amounts in respect of any income recognized by a Participant as a
 result of the grant, vesting, payment or settlement of an Award or disposition of any Shares
 acquired under an Award, the Company may deduct (or require an Affiliate to deduct) from
 any payments of any kind otherwise due the Participant cash, or with the consent of the Administrator,
 Shares otherwise deliverable or vesting under an Award, to satisfy such tax or other obligations.
 Alternatively, the Company or its Affiliate may require such Participant to pay to the Company
 or its Affiliate, in cash, promptly on demand, or make other arrangements satisfactory to
 the Company or its Affiliate regarding the payment to the Company or its Affiliate of the
 aggregate amount of any such taxes and other amounts. If Shares are deliverable upon exercise
 or payment of an Award, then the Administrator may permit a Participant to satisfy all or
 a portion of the Federal, state and local withholding tax obligations arising in connection
 with such Award by electing to (i) have the Company or its Affiliate withhold Shares
 otherwise issuable under the Award, (ii) tender back Shares received in connection with
 such Award or (iii) deliver other previously owned Shares, in each case having a Fair
 Market Value equal to the amount to be withheld; *provided* that the amount
 to be withheld in Shares may not exceed the total maximum statutory tax withholding obligations
 associated with the transaction to the extent needed for the Company and its Affiliates to
 avoid an accounting charge. If an election is provided, the election must be made on or before
 the date as of which the amount of tax to be withheld is determined and otherwise as the
 Administrator requires. In any case, the Company and its Affiliates may defer making payment
 or delivery under any Award if any such tax may be pending unless and until indemnified to
 its satisfaction.

(b) **No Guarantee of Tax Treatment.** Notwithstanding any provisions of this Plan to the contrary,
 the Company does not guarantee to any Participant or any other Person with an interest in
 an Award that (i) any Award intended to be exempt from Code Section 409A shall
 be so exempt, (ii) any Award intended to comply with Code Section 409A or Code
 Section 422 shall so comply, or (iii) any Award shall otherwise receive a specific
 tax treatment under any other applicable tax law, nor in any such case will the Company or
 any Affiliate be required to indemnify, defend or hold harmless any individual with respect
 to the tax consequences of any Award.

19. Adjustment and Change of Control Provisions

(a) **Adjustment of Shares.** If (i) the Company shall at any time be involved in a merger or
 other transaction in which the Shares are changed or exchanged; (ii) the Company shall
 subdivide or combine the Shares or the Company shall declare a dividend payable in Shares,
 other securities (other than stock purchase rights issued pursuant to a shareholder rights
 agreement) or other property; (iii) the Company shall effect a cash dividend the amount
 of which, on a per Share basis, exceeds 10% of the Fair Market Value of a Share at the time
 the dividend is declared, or the Company shall effect any other dividend or other distribution
 on the Shares in the form of cash, or a repurchase of Shares, that the Board determines by
 resolution is special or extraordinary in nature or that is in connection with a transaction
 that the Company characterizes publicly as a recapitalization or reorganization involving
 the Shares; or (iv) any other event shall occur, which, in the case of this clause (iv),
 in the judgment of the Administrator necessitates an adjustment to prevent dilution or enlargement
 of the benefits or potential benefits intended to be made available under this Plan, then
 the Administrator shall, in such manner as it may deem equitable to prevent dilution or enlargement
 of the benefits or potential benefits intended to be made available under this Plan, adjust
 any or all of: (A) the number and type of Shares subject to this Plan (including the
 number and type of Shares described in Sections 6(a) and (c)) and which may after
 the event be made the subject of Awards; (B) the number and type of Shares subject to
 outstanding Awards; (C) the grant, purchase, or exercise price with respect to any Award;
 and (D) the Performance Goals of an Award. In any such case, the Administrator may also
 (or in lieu of the foregoing) make provision for a cash payment to the holder of an outstanding
 Award in exchange for the cancellation of all or a portion of the Award (without the consent
 of the holder of an Award) in an amount determined by the Administrator effective at such
 time as the Administrator specifies (which may be the time such transaction or event is effective).
 However, in each case, with respect to Awards of incentive stock options, no such adjustment
 may be authorized to the extent that such authority would cause this Plan to violate Code
 Section 422(b). Further, the number of Shares subject to any Award payable or denominated
 in Shares must always be a whole number. In any event, previously granted Options or SARs
 are subject to only such adjustments as are necessary to maintain the relative proportionate
 interest the Options and SARs represented immediately prior to any such event and to preserve,
 without exceeding, the value of such Options or SARs.

Without limitation, in the event of any reorganization, merger, consolidation, combination or other similar corporate transaction or event, whether or not constituting a Change of Control (other than any such transaction in which the Company is the continuing corporation and in which the outstanding Stock is not being converted into or exchanged for different securities, cash or other property, or any combination thereof), the Administrator may substitute, on an equitable basis as the Administrator determines, for each Share then subject to an Award and the Shares subject to this Plan (if the Plan will continue in effect), the number and kind of shares of stock, other securities, cash or other property to which holders of Stock are or will be entitled in respect of each Share pursuant to the transaction.

Notwithstanding the foregoing, in the case of a stock dividend (other than a stock dividend declared in lieu of an ordinary cash dividend) or subdivision or combination of the Shares (including a reverse stock split), if no action is taken by the Administrator, adjustments contemplated by this subsection that are proportionate shall nevertheless automatically be made as of the date of such stock dividend or subdivision or combination of the Shares.

(b) **Issuance or Assumption.** Notwithstanding any other provision of this Plan, and without affecting
 the number of Shares otherwise reserved or available under this Plan, in connection with
 any merger, consolidation, acquisition of property or stock or reorganization, the Administrator
 may authorize the issuance or assumption of awards under this Plan upon such terms and conditions
 as it may deem appropriate.

(c) **Effect of Change of Control.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon a Change of Control, if the successor or surviving corporation (or parent thereof) so agrees, then, without the consent of any Participant (or other person with rights in an Award), some or all outstanding Awards may be assumed, or replaced with the same type of award with similar terms and conditions, by the successor or surviving corporation (or parent thereof) in the Change of Control transaction. If applicable, each Award which is assumed by the successor or surviving corporation (or parent thereof) shall be appropriately adjusted, immediately after such Change of Control, to apply to the number and class of securities which would have been issuable to the Participant upon the consummation of such Change of Control had the Award been exercised, vested or earned immediately prior to such Change of Control, and such other appropriate adjustments in the terms and conditions of the Award shall be made. Upon the Participant's termination of employment (A) by the successor or surviving corporation without Cause, (B) by reason of death or Disability, or (C) by the Participant for "good reason," as defined in any employment, retention, change of control, severance or similar agreement between the Participant and the Company or any Affiliate, if any, in any case within 24 months following the Change of Control, all of the Participant's Awards that are in effect as of the date of such termination shall be vested in full or deemed earned in full (assuming target performance goals provided under such Award were met, if applicable) effective on the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent the purchaser, successor or surviving entity (or parent thereof) in the Change of Control transaction does not assume the Awards or issue replacement awards as provided in clause (i) (including, for the avoidance of doubt, by reason of Participant's termination of employment in connection with the Change of Control), then immediately prior to the date of the Change of Control:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each
 Option or SAR that is then held by a Participant who is employed by or in the service of
 the Company or an Affiliate shall become immediately and fully vested, and, unless otherwise
 determined by the Board or Administrator, all Options and SARs shall be cancelled on the
 date of the Change of Control in exchange for a cash payment equal to the excess of the Change
 of Control Price (as defined below) of the Shares covered by the Option or SAR that is so
 cancelled over the purchase or grant price of such Shares under the Award; *provided, however,* that all Options and SARs that have a purchase or grant price that is less
 than the Change of Control Price shall be cancelled for no consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Restricted
 Stock, Restricted Stock Units and Deferred Stock Rights (that are not Performance Awards)
 that are not then vested shall vest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) All
 Performance Awards that are earned but not yet paid shall be paid, and all Performance Awards
 for which the performance period has not expired shall be cancelled in exchange for a cash
 payment equal to the amount that would have been due under such Award(s), valued at either
 (i) based on the level of achievement of the Performance Goals that had been met on
 the date immediately prior to the date of the Change in Control or (ii) assuming that
 the target Performance Goals had been met at the time of such Change of Control, but prorated
 based on the elapsed portion of the performance period as of the date of the Change of Control,
 whichever shall result in the greater amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) All
 Dividend Equivalent Units that are not vested shall vest (to the same extent as the Award
 granted in tandem with the Dividend Equivalent Unit, if applicable) and be paid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) All
 other Awards that are not vested shall vest and if an amount is payable under such vested
 Award, such amount shall be paid in cash based on the value of the Award.

"Change of Control Price" shall mean the per share price paid or deemed paid in the Change of Control transaction, as determined by the Administrator. For purposes of this clause (ii), if the value of an Award is based on the Fair Market Value of a Share, Fair Market Value shall be deemed to mean the Change of Control Price.

(d) **Parachute Payment Limitation.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as may be set forth in a written agreement by and between the Company and the holder of an Award, in the event that the Company's auditors determine that any payment or transfer by the Company under this Plan to or for the benefit of a Participant (a "Payment") would be nondeductible by the Company for federal income tax purposes because of the provisions concerning "excess parachute payments" in Code Section 280G, then the aggregate present value of all Payments shall be reduced (but not below zero) to the Reduced Amount; *provided* that the foregoing reduction in the Payments shall not apply if the After-Tax Value to the Participant of the Payments prior to reduction in accordance herewith is greater than the After-Tax Value to the Participant if the Payments are reduced in accordance herewith. For purposes of this Section 19(d), the "Reduced Amount" shall be the amount, expressed as a present value, which maximizes the aggregate present value of the Payments without causing any Payment to be nondeductible by the Company because of Code Section 280G. For purposes of determining the After-Tax Value of the Payments, the Participant shall be deemed to pay federal income taxes and employment taxes at the highest marginal rate of federal income and employment taxation in the calendar year in which the Payments are to be made and state and local income taxes at the highest marginal rates of taxation in the state and locality of the Participant's domicile for income tax purposes on the date the Payments are to be made, net of the maximum reduction in federal income taxes that may be obtained from deduction of such state and local taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Company's auditors determine that any Payment would be nondeductible by the Company because of Code Section 280G, then the Company shall promptly give the Participant notice to that effect and a copy of the detailed calculation thereof and of the Reduced Amount and the After-Tax Value. If the present value of all Payments must be reduced under paragraph (i) to the Reduced Amount, then any such payment or benefit shall be reduced or eliminated by applying the following principles, in order: (1) the payment or benefit with the higher ratio of the parachute payment value to present economic value (determined using reasonable actuarial assumptions) shall be reduced or eliminated before a payment or benefit with a lower ratio; (2) the payment or benefit with the later possible payment date shall be reduced or eliminated before a payment or benefit with an earlier payment date; and (3) cash payments shall be reduced prior to non-cash benefits; *provided* that if the foregoing order of reduction or elimination would violate Section 409A of the Code, then the reduction shall be made pro rata among the payment or benefits (on the basis of the relative present value of the parachute payments). For purposes of this Section 19(d), present value shall be determined in accordance with Code Section 280G(d)(4). All determinations made by the Company's auditors under this Section 19(d) shall be binding upon the Company and the Participant and shall be made within 60 days of the date when a Payment becomes payable or transferable. As promptly as practicable following such determination hereunder, the Company shall pay or transfer to or for the benefit of the Participant such amounts as are then due to him or her under this Plan and shall promptly pay or transfer to or for the benefit of the Participant in the future such amounts as become due to him or her under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) As a result of uncertainty in the application of Code Section 280G at the time of an initial determination by the Company's auditors hereunder, it is possible that Payments will have been made by the Company that should not have been made (an "Overpayment") or that additional Payments that will not have been made by the Company could have been made (an "Underpayment"), consistent in each case with the calculation of the Reduced Amount hereunder. In the event that the Company's auditors, based upon the assertion of a deficiency by the Internal Revenue Service against the Company or the Participant that the auditors believe has a high probability of success, determine that an Overpayment has been made, such Overpayment shall be treated for all purposes as a loan to the Participant which he or she shall repay to the Company, together with interest at the applicable federal rate provided in Code Section 7872(f)(2); *provided* that no amount shall be payable by the Participant to the Company if and to the extent that such payment would not reduce the amount subject to taxation under Code Section 4999. In the event that the auditors determine that an Underpayment has occurred, such Underpayment shall promptly be paid or transferred by the Company to or for the benefit of the Participant, together with interest at the applicable federal rate provided in Code Section 7872(f)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For purposes of this Section 19(d), the term "Company" shall include affiliated corporations to the extent determined by the Company's auditors in accordance with Code Section 280G(d)(5).

(e) **Certain Modifications.** Notwithstanding anything contained in this Section 19, the Board
 may, in its sole and absolute discretion, amend, modify or rescind the provisions of this
 Section 19 if it determines that the operation of this Section 19 may prevent a
 transaction in which the Company, a Subsidiary or any Affiliate is a party from receiving
 desired tax treatment, including without limitation requiring that each Participant receive
 a replacement or substitute Award issued by the surviving or acquiring corporation.

20. Miscellaneous

(a) **Code Section 409A.** Any Award granted under this Plan shall be provided or made in
 such manner and at such time as complies with the applicable requirements of Code Section 409A
 to avoid a plan failure described in Code Section 409A(a)(1), including, without limitation,
 deferring payment to a specified employee or until a specified distribution event, as provided
 in Code Section 409A(a)(2), and the provisions of Code Section 409A are incorporated
 into this Plan to the extent necessary for any Award that is subject to Code Section 409A
 to comply therewith.

(b) **No Right to Employment.** The issuance of an Award shall not confer upon a Participant
 any right with respect to continued employment or service with the Company or any Affiliate,
 or the right to continue as a Director.

(c) **No Fractional Shares.** No fractional Shares or other securities may be issued or delivered
 pursuant to this Plan, and the Administrator may determine whether cash, other securities
 or other property will be paid or transferred in lieu of any fractional Shares or other securities,
 or whether such fractional Shares or other securities or any rights to fractional Shares
 or other securities will be canceled, terminated or otherwise eliminated.

(d) **Unfunded Plan; Awards Not Includable for Benefits Purposes.** This Plan is unfunded and does
 not create, and should not be construed to create, a trust or separate fund with respect
 to this Plan's benefits. This Plan does not establish any fiduciary relationship between
 the Company and any Participant or other person. To the extent any person holds any rights
 by virtue of an Award granted under this Plan, such rights are no greater than the rights
 of the Company's general unsecured creditors. Income recognized by a Participant pursuant
 to an Award shall not be included in the determination of benefits under any employee pension
 benefit plan (as such term is defined in Section 3(2) of the Employee Retirement
 Income Security Act of 1974, as amended) or group insurance or other benefit plans applicable
 to the Participant which are maintained by the Company or any Affiliate, except as may be
 provided under the terms of such plans or determined by resolution of the Board.

(e) **Requirements of Law and Securities Exchange.** The granting of Awards and the issuance of Shares
 in connection with an Award are subject to all applicable laws, rules and regulations
 and to such approvals by any governmental agencies or national securities exchanges as may
 be required. Notwithstanding any other provision of this Plan or any award agreement, the
 Company has no liability to deliver any Shares under this Plan or make any payment unless
 such delivery or payment would comply with all applicable laws and the applicable requirements
 of any securities exchange or similar entity, and unless and until the Participant has taken
 all actions required by the Company in connection therewith. The Company may impose such
 restrictions on any Shares issued under the Plan as the Company determines necessary or desirable
 to comply with all applicable laws, rules and regulations or the requirements of any
 national securities exchanges.

(f) **Governing Law; Venue.** This Plan, and all agreements under this Plan, will be construed in
 accordance with and governed by the laws of the State of Delaware, without reference to any
 conflict of law principles. Any legal action or proceeding with respect to this Plan, any
 Award or any award agreement, or for recognition and enforcement of any judgment in respect
 of this Plan, any Award or any award agreement, may only be brought and determined in a court
 sitting in Fairfield County, CT.

(g) **Limitations on Actions.** Any legal action or proceeding with respect to this Plan, any Award
 or any award agreement, must be brought within one year (365 days) after the day the
 complaining party first knew or should have known of the events giving rise to the complaint.

(h) **Construction.** Whenever
 any words are used herein in the masculine, they shall be construed as though they were used
 in the feminine in all cases where they would so apply; and wherever any words are used in
 the singular or plural, they shall be construed as though they were used in the plural or
 singular, as the case may be, in all cases where they would so apply. Titles of sections
 are for general information only, and this Plan is not to be construed with reference to
 such titles. The title, label or characterization of an Award in an award agreement or in
 the Company's public filings or other disclosures shall not be determinative as to
 which specific Award type is represented by the award agreement. Instead, the Administrator
 may determine which specific type(s) of Award(s) is (are) represented by any award
 agreement, at the time such Award is granted or at any time thereafter.

(i) **Severability.** If
 any provision of this Plan or any award agreement or any Award (a) is or becomes or
 is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any person
 or Award, or (b) would cause this Plan, any award agreement or any Award to violate
 or be disqualified under any law the Administrator deems applicable, then such provision
 should be construed or deemed amended to conform to applicable laws, or if it cannot be so
 construed or deemed amended without, in the determination of the Administrator, materially
 altering the intent of this Plan, award agreement or Award, then such provision should be
 stricken as to such jurisdiction, person or Award, and the remainder of this Plan, such award
 agreement and such Award will remain in full force and effect.

## Exhibit 10.2

**Exhibit 10.2**

FuelCell Energy, Inc.

2018 Employee Stock Purchase Plan

As Amended and Restated Effective as of April 2, 2026

------

1. Purpose

The FuelCell Energy, Inc. 2018 Employee Stock Purchase Plan (the "<u>Plan</u>") provides a method whereby employees of FuelCell Energy, Inc. (the "<u>Company</u>") and participating subsidiaries will have an opportunity to acquire a proprietary interest in the Company through the purchase of shares of the Company's $.0001 par value common stock (the "<u>Common Stock</u>"). The Company intends that the Plan qualify as an "employee stock purchase plan" under Section 423 of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"). The provisions of the Plan shall, accordingly, be construed so as to extend and limit participation in a manner consistent with the requirements of that Section of the Code.

2. Eligible Employees

(a) All
 employees of the Company or any of its participating subsidiaries shall be eligible to receive
 options under this Plan to purchase the Company's Common Stock (" <u>eligible employees</u> "). Persons who become eligible employees after the administrative deadline
 to elect participation in an Offering Period (as provided under Section 6) shall be
 eligible to participate in the Plan on the first day of the next succeeding Offering Period
 on which options are granted to eligible employees under the Plan. In no event may an employee
 be granted an option if such employee, immediately after the option is granted, owns stock
 possessing five percent (5%) or more of the total combined voting power or value of all classes
 of stock of the Company or of its parent corporation or subsidiary corporation as the terms
 "parent corporation" and "subsidiary corporation" are defined in
 Section 424(e) and (f) of the Code. For purposes of determining stock ownership
 under this paragraph, the rules of Section 424(d) of the Code shall apply
 and stock which the employee may purchase under outstanding options shall be treated as stock
 owned by the employee.

(b) For
 the purpose of this Plan, the Committee may determine, in its discretion, in advance of any
 Offering Period, that any or all of the following groups of employees shall be ineligible
 to participate in the Offering Period: (i) employees whose customary employment is for
 not more than twenty (20) hours per week, (ii) employees whose customary employment
 is for not more than five (5) months in any calendar year, or (iii) employees who
 have been employed less than two (2) years (or, in each case, such lesser number of
 hours or period as specified by the Committee).

(c) Notwithstanding
 the foregoing, employees of the Company or a participating subsidiary who are citizens or
 residents of a foreign jurisdiction (without regard to whether they are also citizens of
 the United States or resident aliens within the meaning of Code Section 7701(b)(1)(A))
 shall not be considered eligible employees for an Offering Period if (i) the grant of
 a purchase right under the Plan to such citizen or resident is prohibited under the laws
 of such jurisdiction or (ii) compliance with the laws of the foreign jurisdiction would
 cause the Plan or Offering Period to violate the requirements of Code Section 423.

3. Stock Subject to the Plan

The stock subject to the options granted hereunder shall be shares of the Company's authorized but unissued Common Stock or shares of Common Stock reacquired by the Company, including shares purchased in the open market. The aggregate number of shares which may be issued pursuant to the Plan is 300,078, subject to increase or decrease by reason of stock split-ups, reclassifications, stock dividends, changes in par value and the like. If the number of shares of Common Stock reserved and available for any Offering Period (as defined hereto) is insufficient to satisfy all purchase requirements for that Offering Period, the reserved and available shares for that Offering Period shall be apportioned among participating employees in proportion to their options. If any option granted under the Plan shall expire or terminate for any reason without having been exercised in full or shall cease for any reason to be exercisable in whole or in part, the unpurchased shares subject thereto shall again be available under the Plan.

4. Offering Periods and Stock Options

(a) The
 Plan shall be implemented through a series of " <u>Offering Periods</u>." An Offering
 Period shall mean the period of time (up to a maximum of twenty-seven (27) months) determined
 by the Committee during which payroll deductions are accumulated for each participating employee.
 Offering Periods will initially commence on the first business day coincident with or immediately
 following January 1 and July 1 of each year and end on the last business day coincident
 with or immediately prior to June 30 or December 31 next following the commencement
 date; provided that the Committee, in its sole discretion may change the duration and/or
 start and end dates of any future Offering Period. Each Offering Period includes only regular
 paydays falling within it.

(b) On
 the first business day of each Offering Period, the Company will grant to each eligible employee
 who is then a participant in the Plan an option to purchase on the last day of such Offering
 Period at the Option Exercise Price, as provided in this paragraph (b), that number of full
 shares of Common Stock reserved for the purpose of the Plan as his or her accumulated payroll
 deductions on the last day of the Offering Period (including any amount carried forward pursuant
 to Article 8 hereof) will pay for at the Option Exercise Price; provided that such employee
 remains eligible to participate in the Plan throughout such Offering Period in accordance
 with the terms of the Plan. The " <u>Option Exercise Price</u> " for each Offering
 Period shall be the lesser of (i) eighty-five percent (85%) of the Fair Market Value
 of the Common Stock on the first business day of the Offering Period, or (ii) eighty-five
 percent (85%) of the Fair Market Value of the Common Stock on the last business day of the
 Offering Period, in either case rounded up to avoid impermissible trading fractions.

(c) In
 the event of an increase or decrease in the number of outstanding shares of Common Stock
 through stock split-ups, reclassifications, stock dividends, changes in par value and the
 like, an appropriate adjustment shall be made in the number of shares and Option Exercise
 Price per share provided for under the Plan, either by a proportionate increase in the number
 of shares and proportionate decrease in the Option Exercise Price per share, or by a proportionate
 decrease in the number of shares and a proportionate increase in the Option Exercise Price
 per share, as may be required to enable an eligible employee who is then a participant in
 the Plan to acquire on the last day of the Offering Period that number of full shares of
 Common Stock as his or her accumulated payroll deductions on such date will pay for at the
 Option Exercise Price, as so adjusted.

(d) For
 purposes of this Plan, the term " <u>Fair Market Value</u> " means per share of
 Common Stock on a particular date, (i) if the shares are listed on a national securities
 exchange, the last sales price on that date on the national securities exchange on which
 the Common Stock is then traded, or if no sales of Common Stock occur on such date, then
 on the last preceding date on which there was a sale on such exchange; or (ii) if the
 shares are not listed on a national securities exchange, but are traded in an over-the-counter
 market, the last sales price (or, if there is no last sales price reported, the average of
 the closing bid and asked prices) for the shares on that date, or on the last preceding date
 on which there was a sale of shares on that market; or (iii) if the shares are neither
 listed on a national securities exchange nor traded in an over-the-counter market, the price
 determined by the Committee, in its discretion.

(e) For
 purposes of this Plan the term " <u>business day</u> " as used herein means a day
 on which there is trading on the national securities exchange on which the Common Stock is
 listed or on Nasdaq, whichever is applicable pursuant to the preceding paragraph.

(f) No
 employee shall be granted an option which permits his or her rights to purchase Common Stock
 under the Plan and any similar plans of the Company or any parent or participating subsidiary
 corporations to accrue at a rate which exceeds $25,000 of fair market value of such stock
 (determined at the time such option is granted) for each calendar year in which such option
 is outstanding at any time. The purpose of the limitation in the preceding sentence is to
 comply with and shall be construed in accordance with Section 423(b)(8) of the
 Code. If the participant's accumulated payroll deductions on the last day of the Offering
 Period would otherwise enable the participant to purchase Common Stock in excess of the Section 423(b)(8) limitation
 described in this paragraph, the excess of the amount of the accumulated payroll deductions
 over the aggregate purchase price of the shares actually purchased shall be promptly refunded
 to the participant by the Company, without interest.

(g) Unless
 otherwise specified by the Committee, each Offering Period to eligible employees shall be
 deemed a separate offering, even if the dates and other terms of any other Offering Period(s) are
 identical, and the provisions of the Plan will separating apply to each offering. To the
 extent permitted by Treasury Regulation Section 1.423-2(a)(1), the terms of each separate
 offering need not be identical, provided that, the terms of the Plan and an offering together
 satisfy Treasury Regulation Sections 1.423-2(a)(2) and (a)(3). Except for differences
 that are otherwise consistent with Code Section 423(b)(5), all eligible employees who
 participate in the Plan shall have the same rights and privileges under the Plan.

5. Exercise of Option

Each eligible employee who continues to be a participant in the Plan on the last day of an Offering Period shall be deemed to have exercised his or her option on such date and shall be deemed to have purchased from the Company such number of full shares of Common Stock reserved for the purpose of the Plan as his or her accumulated payroll deductions on such date, plus any amount carried forward pursuant to Article 8 hereof, will pay for at the Option Exercise Price, but in no event may an employee purchase shares of Common Stock in excess of 1,000 shares of Common Stock in any single Offering Period. If a participant is not an eligible employee on the last day of an Offering Period and throughout an Offering Period, he or she shall not be entitled to exercise his or her option. All options issued under the Plan shall, unless exercised as set forth herein, expire at the end of the Offering Period during which such options were issued.

6. Authorization for Entering Plan

(a) An
 eligible employee may enter the Plan by timely enrolling online with the third-party plan
 administrator designated by the Committee (the " <u>Plan Administrator</u> "):

&nbsp;&nbsp;&nbsp;&nbsp;(i) stating
 the amount to be deducted regularly from his or her pay; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) authorizing
 the purchase of stock for him or her in each Offering Period in accordance with the terms
 of the Plan.

Such authorization must be completed by the deadline established by the Plan Administrator (or the Committee), follow any other procedures for enrollment in the Plan as may be established by the Plan Administrator (or the Committee), and shall take effect only if the employee is an eligible employee on the first business day of such Offering Period. An eligible employee who does not timely submit or properly complete the enrollment forms, in accordance with the procedures established by the Plan Administrator (or the Committee) shall not participate in the Plan for that Offering Period, but shall be eligible to elect to participate in the Plan for any subsequent Offering Period, provided he is an eligible employee at such time and timely completes the enrollment forms.

(b) The
 Company will accumulate and hold for the eligible employee's account the amounts deducted
 from his or her pay. No interest will be paid thereon. Participating employees may not make
 any separate cash payments into their account.

(c) Unless
 an eligible employee files a new Authorization or withdraws from the Plan, his or her deductions
 and purchases under the Authorization he or she has on file under the Plan will continue
 in effect for subsequent Offering Periods as long as the Plan remains in effect. An eligible
 employee may increase or decrease the amount of his or her payroll deductions as of the first
 day of the next succeeding Offering Period, except as provided in Section 9 below, by
 changing his or her authorized deduction online with the Plan Administrator (or the Committee)
 before the deadline established by the Plan Administrator (or the Committee) for the next
 succeeding Offering Period.

7. Maximum Amount of Payroll Deductions

An eligible employee may authorize payroll deductions in any whole dollar amount up to, but not more than, fifteen percent (15%) of his or her base pay; provided, however, that the minimum deduction in respect of any payroll period shall be five dollars ($5); and provided further that the maximum amount shall be reduced to meet the requirements of Section 4(f) hereof. Base pay means base salary or regular straight-time earnings (if hourly paid) and shall exclude all other payments including commissions, overtime, bonuses, shift differential and other special payments.

8. Unused Payroll Deductions

Only full shares of Common Stock may be purchased. Any balance remaining in an eligible employee's account after a purchase and at the end of an Offering Period will be reported to the employee. The eligible employee may elect to carry forward to the next Offering Period such balance solely to the extent such balance represents a fractional share of Common Stock or receive a refund of such excess in a single cash payment without interest. An employee's election to receive a refund will not have any effect on the employee's participation in the Plan and will not be governed by the provisions of Section 10.

9. Change in Payroll Deductions

Any eligible employee may decrease his or her payroll deductions no more than one (1) time during an Offering Period subject to the limitations set forth in Section 7 hereof, in accordance with procedures established by the Plan Administrator (or the Committee). Any such change shall become effective as soon as reasonably practicable following the Plan Administrator's (or the Committee's) receipt of such change request. An eligible employee who decreases his or her payroll deductions to zero during the course of an Offering Period may still remain a participant during the Offering Period so long as the eligible employee does not make a withdrawal pursuant to Section 10(a) hereof. A participant's decrease in payroll deductions to zero shall have no effect on his or her eligibility to participate in any subsequent Offering Period, provided he is still an eligible employee at such time. In order to resume participation in a subsequent Offering Period, such individual must reenroll in the Plan in accordance with the requirements herein for participation and by the deadline for the next Offering Period.

10. Withdrawal from the Plan

(a) An
 employee may withdraw from the Plan and withdraw all but not less than all of the payroll
 deductions credited to his or her account under the Plan at a time and in a manner that is
 in accordance with the procedures established by the Plan Administrator (or the Committee)
 from time to time. In which event the Company will promptly refund without interest the entire
 balance of such employee's deductions not theretofore used to purchase Common Stock
 under the Plan.

(b) If
 employee withdraws from the Plan, the employee's rights under the Plan will be terminated
 and no further payroll deductions will be made. To reenter, such an employee must file a
 new Authorization within a reasonable period of time, as designated by the Plan Administrator
 (or the Committee), prior to the start of the next Offering Period. Such Authorization will
 become effective at the beginning of the next Offering Period provided that he or she is
 an eligible employee on the first business day of the Offering Period.

11. Issuance of Stock

Shares of Common Stock issued to participants will be delivered as soon as practicable after each Offering Period. Common Stock purchased under the Plan will be issued only in the name of the employee, or, if the employee's Authorization so specifies, in the name of the employee and another person of legal age as joint tenants with rights of survivorship.

The Committee may permit or require that Common Stock acquired pursuant to a purchase under the Plan be deposited directly with a broker designated by the Committee or to another designated agent of the Committee, and may utilize electronic or automated methods of share transfer.

12. No Transfer or Assignment of Employee's Rights

Neither payroll deductions credited to an employee's account nor any rights with regard to the exercise of an option or to receive stock under the Plan may be assigned, transferred, pledged, or otherwise disposed of in any way by the employee. Any such attempted assignment, transfer, pledge, or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw funds in accordance with Article 10. Any option granted to an eligible employee may be exercised only by him or her, except as provided in Article 13 in the event of an employee's death.

13. Termination of Employee's Rights

(a) Except
 as set forth in the last paragraph of this Article 13, an eligible employee's
 rights under the Plan will automatically terminate when he or she ceases to be an employee
 because of retirement, resignation, lay-off, discharge, death, change of status, failure
 to remain in the customary employ of the Company for greater than twenty (20) hours per week,
 cessation of his or her subsidiary to be a subsidiary or a participating subsidiary, or for
 any other reason. A Withdrawal Notice will be considered as having been received from the
 employee on the day his or her employment ceases, and all payroll deductions not used to
 purchase Common Stock will be refunded.

(b) If
 an employee's payroll deductions are interrupted by any legal process, a Withdrawal
 Notice will be considered as having been received from him or her on the day the interruption
 occurs.

(c) Upon
 termination of the participating employee's employment because of death (provided that
 death occurs within three (3) months of the purchase date for the Offering Period),
 the employee's beneficiary (as defined in Article 14) shall have the right to
 elect, by written notice given to the Treasurer of the Company prior to the expiration of
 the thirty (30) day period commencing with the date of the death of the employee, either
 (i) to withdraw, without interest, all of the payroll deductions credited to the employee's
 account under the Plan, or (ii) to exercise the employee's option for the purchase
 of shares of Common Stock on the last day of the related Offering Period for the purchase
 of that number of full shares of Common Stock reserved for the purpose of the Plan which
 the accumulated payroll deductions in the employee's account at the date of the employee's
 death will purchase at the applicable Option Exercise Price (subject to the maximum number
 set forth in Article 5), and any excess in such account will be returned to said beneficiary.
 In the event that no such written notice of election shall be duly received by the Treasurer
 of the Company, the beneficiary shall automatically be deemed to have elected to withdraw
 the payroll deductions credited to the employee's account at the date of the employee's
 death and the same will be paid promptly to said beneficiary, without interest.

14. Designation of Beneficiary

A participating employee may file a written designation of a beneficiary who is to receive any Common Stock and/or cash in case of his or her death. Such designation of beneficiary may be changed by the employee at any time by written notice. Upon the death of a participating employee and upon receipt by the Company of proof of the identity and existence at the employee's death of a beneficiary validly designated by him or her under the Plan, the Company shall deliver such Common Stock and/or cash to such beneficiary. In the event of the death of a participating employee and in the absence of a beneficiary validly designated under the Plan who is living at the time of such employee's death, the Company shall deliver such Common Stock and/or cash to the executor or administrator of the estate of the employee, or if, to the knowledge of the Company, no such executor or administrator has been appointed, the Company, in the discretion of the Committee, may deliver such Common Stock and/or cash to the spouse or to any one or more dependents of the employee as the Committee may designate. No beneficiary shall, prior to the death of the employee by whom he or she has been designated, acquire any interest in the Common Stock or cash credited to the employee under the Plan.

15. Termination and Amendments to Plan

(a) The
 Plan may be terminated at any time by the Committee, but such termination shall not affect
 options then outstanding under the Plan. Notwithstanding the foregoing, it will terminate
 when all of the shares of Common Stock reserved for the purposes of the Plan have been purchased.
 Upon such termination or any other termination of the Plan, all payroll deductions not used
 to purchase Common Stock will be refunded to the affected eligible employee as soon as reasonably
 practicable.

(b) The
 Board of Directors reserves the right to amend the Plan from time to time in any respect;
 provided, however, that no amendment shall be effective without stockholder approval if the
 amendment would (a) except as provided in Articles 3, 4, 23 and 24, increase the aggregate
 number of shares of Common Stock to be offered under the Plan, (b) change the class
 of employees eligible to receive options under the Plan, if such action would be treated
 as the adoption of a new plan for purposes of Section 423(b) of the Code, (c) cause
 Rule 16b-3 under the Securities Exchange Act of 1934, or a successor rule, to become
 inapplicable to the Plan or (d) otherwise require shareholder approval to comply with
 Section 423 of the Code.

16. Limitations of Sale of Stock Purchased Under the Plan

The Plan is intended to provide shares of Common Stock for investment and not for resale. The Company does not, however, intend to restrict or influence any employee in the conduct of his or her own affairs. Employees, therefore, may sell Common Stock purchased under the Plan at any time, subject to compliance with any applicable federal or state securities laws and subject to any restrictions imposed under Article 26 hereof to ensure that tax withholding obligations are satisfied. THE EMPLOYEE ASSUMES THE RISK OF ANY MARKET FLUCTUATIONS IN THE PRICE OF THE STOCK.

17. Company's Payment of Expenses Related to Plan

Unless otherwise determined by the Committee, the Company will bear all costs of administering and carrying out the Plan. Notwithstanding the foregoing, unless otherwise determined by the Committee, when any Common Stock in a participating employee's account with the Plan Administrator is sold or the participating employee ceases to be an employee of the Company or a participating subsidiary, the individual is responsible for payment of any commissions, service charges or other costs or fees incurred on account of such sale or ongoing administration of his or her account with the Plan Administrator.

18. Participating Subsidiaries

The term "<u>participating subsidiaries</u>" shall mean any subsidiary of the Company that is designated by the Committee (as defined in Article 19) to participate in the Plan. The Committee shall have the power to make such designation before or after the Plan is approved by the shareholders.

19. Administration of the Plan

(a) The
 Plan shall be administered by a committee (the " <u>Committee</u> ") which shall
 be the Compensation and Leadership Development Committee of the Board of Directors or another
 committee appointed by the Board of Directors. The Committee shall consist of not less than
 two members of the Company's Board of Directors, all of whom shall qualify as non-employee
 directors within the meaning of Rule 16b-3 under the Securities Exchange Act of 1934
 or any successor rule. The Board of Directors may from time to time remove members from,
 or add members to, the Committee. Vacancies on the Committee, howsoever caused, shall be
 filled by the Board of Directors. No member of the Committee shall be eligible to participate
 in the Plan while serving as a member of the Committee. In the event the Board of Directors
 fails to appoint or refrains from appointing a Committee, the Board of Directors shall have
 all power and authority to administer the Plan. In such event, the word "Committee"
 wherever used herein shall be deemed to mean the Board of Directors. Notwithstanding the
 foregoing, the Committee may delegate to one or more individuals (including, for the avoidance
 of doubt, any third-party service provider) any or all of its respective authority, duties
 and functions hereunder relating to the operation and administration of the Plan.

(b) The
 Committee shall select one of its members as chairman, and shall hold meetings at such times
 and places as it may determine. Acts by a majority of the Committee, or acts reduced to or
 approved in writing by a majority of the members of the Committee, shall be the valid acts
 of the Committee.

(c) The
 interpretation and construction by the Committee of any provisions of the Plan or of any
 option granted under it shall be final. The Committee may from time to time adopt such rules and
 regulations for carrying out the Plan as it may deem best. With respect to persons subject
 to Section 16 of the Securities and Exchange Act of 1934, as amended, transactions under
 the Plan are intended to comply with all applicable conditions of Rule 16b-3 or its
 successors under said Act. To the extent any provision of the Plan or action by the Committee
 fails to so comply, it shall be deemed null and void, to the extent permitted by law and
 deemed advisable by that Committee.

(d) Periodically,
 the Committee or its designee shall prepare and distribute to each participating employee
 in the Plan a report containing the amount of the participating employee's accumulated
 payroll deductions as of the last day of the Offering Period, the Option Exercise Price for
 such Offering Period, the number of shares of Common Stock purchased by the participating
 employee with the participating employee's accumulated payroll deductions, and the
 amount of any unused payroll deductions either to be carried forward to the next Offering
 Period, or returned to the participating employee without interest.

(e) No
 member of the Board of Directors or the Committee shall be liable for any action or determination
 made in good faith with respect to the Plan or any option granted under it. The Company shall
 indemnify each member of the Board of Directors and the Committee to the fullest extent permitted
 by law with respect to any claim, loss, damage or expense (including counsel fees) arising
 in connection with their responsibilities under this Plan.

20. Optionees Not Shareholders

Neither the granting of an option to an eligible employee nor the deductions from his or her pay shall constitute such employee a stockholder of the Company with respect to the shares covered by such option until such shares of Common Stock have been purchased by and issued to him or her under the Plan.

21. Application of Funds

The proceeds received by the Company from the sale of Common Stock pursuant to options granted under the Plan may be used for any corporate purposes, and the Company shall not be obligated to segregate participating employees' payroll deductions.

22. Governmental Regulation

(a) The
 Company's obligation to sell and deliver shares of the Company's Common Stock
 under this Plan is subject to the approval of any governmental authority required in connection
 with the authorization, issuance or sale of such stock.

(b) In
 this regard, the Board of Directors may, in its discretion, require as a condition to the
 exercise of any option that a Registration Statement under the Securities Act of 1933, as
 amended, with respect to the shares of Common Stock reserved for issuance upon exercise of
 the option shall be effective.

(c) The
 Plan shall be construed in accordance with and governed by the laws of the State of Delaware,
 without reference to any conflict of law principles thereof. Any legal action or proceeding
 with respect to this Plan must be brought within one year (365 days) after the day the complaining
 party first knew or should have known of the events giving rise to the complaint.

23. Effect of Changes of Common Stock

If the Company should subdivide or reclassify the Common Stock which has been or may be optioned under the Plan, or should declare thereon any dividend payable in shares of such Common Stock, or should take any other action of a similar nature affecting such Common Stock, then the number and class of shares of Common Stock which may thereafter be optioned (in the aggregate and to any individual participating employee) shall be adjusted accordingly.

24. Merger or Consolidation

In the event of a corporate transaction, the Board of Directors (or the Committee) may provide for any of, or a combination of any of, the following: (a) each purchase right shall be assumed or an equivalent purchase right shall be substituted by the successor entity or parent or subsidiary of such successor entity, (b) a date selected by the Board of Directors (or the Committee) on or before the date of consummation of such corporate transaction shall be treated as a purchase date and all outstanding purchase rights shall be exercised on such date, (c) all outstanding purchase rights shall terminate and the accumulated payroll deductions will be refunded to each Participant upon or immediately prior to the corporate transaction, or (d) outstanding purchase rights shall continue unchanged. For purposes of the Plan, a "corporate transaction" shall have the meaning given to it in The FuelCell Energy, Inc. 2018 Omnibus Incentive Plan, as amended from time to time, or any successor plan thereto. Notwithstanding the foregoing, no corporate transaction shall be deemed to have occurred unless the transaction also meets the definition of a "corporate transaction" described in Treasury Regulation Section 1.424-1(a)(3).

25. Notice to Company of Disqualifying Disposition

By electing to participate in the Plan, each participant agrees to promptly give to the Company notice in writing of any Common Stock disposed of within two years after the first day of the Offering Period on which the related option was granted showing the number of such shares disposed of. Each participant further agrees to provide any information about such a transfer as may be requested by the Company or any subsidiary corporation in order to assist it in complying with the tax laws. Such dispositions generally are treated as "disqualifying dispositions" under Sections 421 and 424 of the Code, which have certain tax consequences to participants and to the Company and its participating subsidiaries.

26. Withholding of Additional Federal Income Tax

By electing to participate in the Plan, each participant acknowledges that the Company and its participating subsidiaries are required to withhold taxes with respect to the amounts deducted from the participant's compensation and accumulated for the benefit of the participant under the Plan, and each participant agrees that the Company and its participating subsidiaries may deduct additional amounts from the participant's compensation, when amounts are added to the participant's account, used to purchase Common Stock or refunded, in order to satisfy such withholding obligations. Each participant further acknowledges that when Common Stock is purchased under the Plan the Company and its participating subsidiaries may be required to withhold taxes with respect to all or a portion of the difference between the fair market value of the Common Stock purchased and its purchase price, and each participant agrees that such taxes may be withheld from compensation otherwise payable to such participant. It is intended that tax withholding will be accomplished in such a manner that the full amount of payroll deductions elected by the participant under the Plan will be used to purchase Common Stock. However, if amounts sufficient to satisfy applicable tax withholding obligations have not been withheld from compensation otherwise payable to any participant, then, notwithstanding any other provision of the Plan, the Company may withhold such taxes from the participant's accumulated payroll deductions and apply the net amount to the purchase of Common Stock, unless the participant pays to the Company, prior to the exercise date, an amount sufficient to satisfy such obligations. Each participant further acknowledges that the Company and its participating subsidiaries may be required to withhold taxes in connection with the disposition of stock acquired under the Plan and agrees that the Company or any participating subsidiary may take whatever action it considers appropriate to satisfy such withholding requirements, including deducting from compensation otherwise payable to such participant an amount sufficient to satisfy such withholding requirements or conditioning any disposition of Common Stock by the participant upon the payment to the Company or such subsidiary of an amount sufficient to satisfy such withholding requirements.

27. Effective Date

This Plan originally became effective on April 5, 2018 (the "<u>Effective Date</u>"), the date on which the Company's shareholders approved this Plan at the 2018 annual shareholders meeting. This Plan was amended and restated effective as of May 22, 2023, the date on which the Company's shareholders approved such amendment and restatement at the 2023 annual shareholders meeting. This Plan is again being amended and restated effective as of April 2, 2026, subject to approval by the Company's shareholders at the Company's 2026 annual shareholders meeting.