Document:

Exhibit 10.1

 

LICENSE
AGREEMENT

 

This License Agreement (“Agreement”),
effective upon on the Effective Date, is made between:

 

ExxonMobil Research and Engineering
Company (“EMRE”), a Delaware corporation, having offices at 1545 Route 22 East, Annandale, New Jersey 08801,
and

 

FuelCell Energy, Inc., (“FCE”),
a Delaware corporation, having offices at 3 Great Pasture Road, Danbury, Connecticut 06810.

 

wherein EMRE and FCE are each a “Party”
and collectively the “Parties.”

 

BACKGROUND

 

EMRE and FCE are engaged in collaborative
research and development projects to evaluate and develop new and/or improved molten carbonate fuel cells to reduce carbon dioxide
emissions as defined in the JDA.

 

EMRE desires to acquire, and FCE is willing
to grant, additional rights and licenses under FCE Information and FCE Patents, subject to the terms and conditions set forth in
this Agreement.

 

TERMS AND CONDITIONS

 

1. PAYMENT.

 

In consideration for the grants herein,
EMRE will make a one-time ten-million United States dollars ($10,000,000 USD) payment to FCE payable within fifteen (15) days of
receipt of invoice issued on or after the Effective Date of this Agreement. Payment details (i.e., bank wire transfer instructions)
shall be provided in the invoice.

 

2. GRANTS.

 

		2.1	Grants. FCE agrees to grant and hereby grants to EMRE and its Affiliates a non-exclusive,
worldwide, fully paid-up (upon payment of the amount set forth in Section 1 (Payment)), perpetual, irrevocable (subject to Section
2.5 (Vesting)), non-transferable (except pursuant to Section 5.1 (Assignment)) license and right under FCE Information and FCE
Patents, in each case, to the extent it is useful to research, develop, and commercially exploit carbonate fuel cells in applications
in which the fuel cells concentrate carbon dioxide from industrial and power sources, and for any other purpose attendant thereto
or associated therewith. Said right and license shall be sub-licensable to third parties performing work for or with EMRE or its
Affiliates (including, but not limited to, sublicensing research and development partners and entities deploying units, for or
with EMRE or its Affiliates, at sites owned or operated by entities other than EMRE or its Affiliates), but shall not otherwise
be sub-licensable.

 

		2.2	Asset Sale. Any transfer, including any sale, lease or grant of lien, of one or more of
FCE Patents and FCE Information is subject to the grants herein.

 

		2.3	No Ownership Interest. This Agreement does not provide ownership of any FCE Patents or FCE
Information, unless provided in a separate agreement (e.g., the JDA).

 

    	 	Page 1 of 5 

     

    

  

		2.4	Bankruptcy. To the extent a court of competent jurisdiction determines that this Agreement
is subject to assumption or rejection under Title 11 of the U.S. Code (the “Bankruptcy Code”):

 

(a) All rights and licenses granted
to EMRE and its Affiliates under or pursuant to this Agreement are, and will otherwise be deemed to be, for all purposes of Section
365(n) of the Bankruptcy Code, licenses of rights to “intellectual property” as defined in Section 101 of the Bankruptcy
Code.

 

(b) If a case is commenced under
the Bankruptcy Code by or against FCE and this Agreement is rejected as provided in the Bankruptcy Code, and EMRE or any of its
Affiliates elects to retain its rights hereunder as provided in the Bankruptcy Code, then EMRE and its Affiliates shall retain
all rights hereunder in perpetuity without further royalty payments of any kind and FCE (in any capacity, including debtor-in-possession)
and its successors and assigns (including, without limitations, a trustee) shall not interfere with such rights.

 

		2.5	Vesting. Upon payment of the amount set forth in Section 1 (Payment), EMRE and its Affiliates
shall be fully vested in the rights and licenses granted in Section 2.1 (Grants), and said rights and license shall be irrevocable.

 

3. PUBLICITY
and confidentiality.

 

		3.1	Agreement. The Agreement is confidential. The Parties agree, except as otherwise stated
herein, not to make any disclosure concerning the Agreement or the terms and conditions thereof to any third party, without first
obtaining the written consent of the other Party, such consent not to be unreasonably withheld. Notwithstanding the foregoing,
the Parties may disclose this Agreement or the terms and conditions thereof to Affiliates, subject to confidentiality. Further,
the Parties may disclose this Agreement or the terms and conditions thereof to third parties in connection with (1) transactions
with existing and potential investors or lenders; (2) disputes; (3) compliance requirements of governmental or regulatory authorities,
including filings required by security regulations; (4) recording rights and licenses with the United States Patent and Trademark
Office; and (5) transactions with actual and potential successors and assignees and actual and potential licensees or sublicensees,
provided to the extent possible, in each instance (1)-(5), such Party will use reasonable efforts to limit further dissemination
of such information.

 

		3.2	FCE Information. Any confidential FCE Information provided by FCE shall be subject to the
confidentiality terms of the agreement (if any) under which the information was provided.

 

WARRANTIES.

 

		4.1	Maintenance. The Parties agree that FCE is under no obligation to maintain
any FCE Patent or portion thereof or pursue issuance of any pending claims or applications included in any FCE Patent.

 

		4.2	Warranties. FCE warrants that it has the authority to grant the license
in Section 2.1 (Grants) and that there are no liens, conveyances, mortgages, assignments, encumbrances, or other agreements that
would prevent or impair the full and complete exercise of the terms of this Agreement.

 

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5. GENERAL
PROVISIONS.

 

		5.1	Assignment. This Agreement will be binding upon and inure to the benefit of the Parties
and their successors, including without limitation any successor owners of any FCE Patents or FCE Information. Subject to the terms
and conditions of this Agreement, the Agreement is assignable by a Party to any of its Affiliates, but will not otherwise be assignable,
including any assignment by operation of law, by either Party without the prior written consent of the other Party. Any and all
assignments of this Agreement or of any part thereof not made in accordance with this Article will be void.

 

		5.2	Integration. This Agreement contains the entire agreement of the Parties solely with respect
to the subject matter of this Agreement.  This Agreement supersedes any prior agreements, understandings, or negotiations,
whether written or oral solely with respect to the subject matter of this Agreement.  This Agreement can only be amended through
a written document formally executed by all Parties.

 

		5.3	Notices. All notices given under this Agreement shall be in writing and shall be deemed
to have been given if delivered to the other Party at its address set forth below or to such other address designated by said Party
in writing:

 

If to EMRE:

 

For notices
related to invoices:

 

		Attn:	Brian C. McClaine,
	 	 	R&D Planning
Manager
	 	 	brian.c.mcclaine@exxonmobil.com

 

For notices
other than invoices:

 

		Attn:	Vice President, Research & Development
	 	 	cc to Managing
Counsel, Law
	 	 	ExxonMobil
Research and Engineering Company
	 	 	1545 Route
22 East,
	 	 	Annandale,
New Jersey 08801

 

If to FCE:

 

		Attn:	President/CEO
	 	 	FuelCell Energy, Inc.
	 	 	3 Great Pasture
Road,
	 	 	Danbury, Connecticut
06810

 

Such notice shall be deemed to
be sufficiently given by the earliest of: (a) delivering the same to a reputable courier service which requires a signature upon
delivery; (b) mailing the same by registered or certified first-class mail, postage prepaid, return receipt requested; (c) sending
the same by facsimile transmission upon receipt confirmation (followed by mailing of same); (d) sending the same by electronic
mail upon receipt confirmation; or (e) actual receipt by the addressee.

 

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		5.4	Governing Law. The validity and interpretation of this Agreement, and the legal relations
of the Parties to it, will be governed by the laws of the State of New York, U.S.A., without recourse to its conflicts of law rules.

 

		5.5	Execution. This Agreement may be executed in counterparts, each of which shall be deemed
to be an original and both of which together shall constitute one and the same instrument. To evidence its execution of an original
counterpart of this Agreement, a Party may send a copy of its original signature on the execution page hereof to the other Party
by electronic transmission and such transmission shall constitute delivery of an executed copy of this Agreement to the receiving
Party as of the date of receipt thereof by the receiving Party.

 

6. DEFINITIONS.

 

		6.1	“Affiliate(s)” means any legal entity which, directly or indirectly, at the
time in question, controls, is controlled by, or is under common control with the designated Party. For the purposes of this definition,
control is defined as direct or indirect ownership of fifty (50%) or more of the voting interest or economic interest in the controlled
entity or such other relationship whereby the controlling entity determines or has the right to determine the majority of the Board
of Directors or an equivalent governing body of the controlled entity. With respect to ExxonMobil, “Affiliate(s)” shall
additionally include (i) any joint venture in which Exxon Mobil Corporation or any ExxonMobil “Affiliate” as defined
above (“the ExxonMobil Group”) is the operator and (ii) joint ventures operated by others in which any entity in the
ExxonMobil Group has an ownership or equity interest or a production sharing arrangement.

 

		6.2	“Effective Date” means the date this Agreement is signed by the later Party
to sign.

 

		6.3	“JDA” means the Joint Development Agreement between the Parties, effective April
30, 2016, bearing EMRE reference number EM09080 (“JDA”).

 

		6.4	“FCE Patents” means all patents and patent applications (including continuations,
continuations-in-part, or divisions thereof, including any patent resulting therefrom, and reissues, re-exams or extensions thereof,
and revisions thereof arising from oppositions, inter partes proceedings, or other patent office or judicial proceedings)
of all countries, filed on or before April 30, 2021, that is owned or controlled by FCE or its Affiliates (in the sense of having
the right to license without accounting to others).

 

		6.5	“FCE Information” means all technical information, data, know-how, expertise,
and materials (including hardware, samples, models, algorithms, and software), calculations, innovations, inventions, discoveries,
improvements, formulations, manufacturing techniques, equipment designs, methods, processes, and the like, that are owned or controlled
by FCE or its Affiliates (in the sense of having the right to license without accounting to others) and provided directly by FCE
or its Affiliates to EMRE or its Affiliates under any agreement or otherwise, on or before April 30, 2021.

 

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INTENDING TO BE LEGALLY BOUND, EMRE and
FCE have caused this Agreement to be executed by their duly authorized representatives.

 

	EXXONMOBIL RESEARCH AND ENGINEERING COMPANY	 	FUELCELL ENERGY, INC. 
	 	 	 	 	 
	By:  	/s/ Vijay Swarup	 	 	By:  	/s/ Michael S. Bishop	 
	 	 	 	 	 	 	 
	Name:  	Vijay Swarup	 	 	Name:  	Michael S. Bishop	 
	 	 	 	 	 	 	 
	Title:  	VP, Research & Development	 	 	Title:  	EVP & Chief	 
	 	 	 	 	 	 Financial Officer	 
	Date:  	June 8, 2019 	 	 	 	 	 
	 	 	 	 	Date:  	June 11, 2019	 

 

    	 	Page 5 of 5** Certain information in this exhibit
(as indicated by “[  ]”) has been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K because (i) it
is  not material and (ii) it would likely cause competitive harm if publicly disclosed. **

 

Exhibit 10.2

 

NINTH AMENDMENT TO LOAN AND SECURITY
AGREEMENT

 

THIS NINTH AMENDMENT
TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is dated this 11th day of June, 2019 (the “Ninth
Amendment Effective Date”), by and among FUELCELL ENERGY, INC. (“FuelCell”) and each of its Qualified
Subsidiaries, including VERSA POWER SYSTEMS, INC. and VERSA POWER SYSTEMS LTD. (collectively, the “Borrower”),
the several banks and other financial institutions or entities a party to this Amendment (collectively, “Lender”)
and HERCULES CAPITAL, INC., a Maryland corporation, in its capacity as administrative agent for itself and Lender (in such capacity
 “Agent”). Capitalized terms used herein without definition shall have the meanings given to them in the Loan
Agreement (as defined below).

 

BACKGROUND

 

A.            Borrower,
Agent and Lender are parties to that certain Loan and Security Agreement dated as of April 14, 2016, (as amended as of September
5, 2017, October 27, 2017, March 28, 2018, August 29, 2018, December 19, 2018, February 28, 2019, March 29, 2019 and May 8, 2019,
and as may be further amended, restated or modified from time to time, the “Loan Agreement”).

 

B.            Borrower
has requested that Agent and Lender agree to certain amendments to the Loan Agreement, and Agent and Lender have agreed to such
request, subject to the terms and conditions of this Amendment.

 

NOW, THEREFORE, in
consideration of foregoing premises and intending to be legally bound hereby, the parties hereto agree as follows:

 

TERMS

 

1.             CONFIRMATION
OF BACKGROUND. Borrower hereby ratifies, confirms and acknowledges that the statements contained in the foregoing Background
are true and complete in all respects and that the Loan Agreement (as amended by this Amendment) and all of the other Loan Documents
are valid, binding and in full force and effect as of the Ninth Amendment Effective Date and fully enforceable against Borrower
and its assets in accordance with the terms thereof.

 

2.             GENERAL
ACKNOWLEDGEMENTS. Borrower hereby acknowledges and agrees as follows:

 

(a)           As
of June 11, 2019, the Secured Obligations, including, without limitation, the Term Loan in the outstanding principal amount no
less than $20,903,331.10, plus accrued interest, fees, costs and charges are each owing to the Lender in accordance with the terms
of the Loan Documents;

 

(b)           Neither
this Amendment nor any other agreement entered in connection herewith or pursuant to the terms hereof shall be deemed or construed
to be a compromise, satisfaction, reinstatement, accord and satisfaction, novation or release of any of the Loan Documents or
any rights or obligations thereunder, or a waiver by Lender or Agent of any of its rights under the Loan Documents or at law or
in equity;

 

     

     

    

 

(c)           Except
as specifically provided herein, neither this Amendment nor any other agreement executed in connection herewith or pursuant to
the terms hereof, nor any actions taken pursuant to this Amendment or such other agreement shall be deemed to cure or waive any
events of default which may exist, or hereafter exist, under the Loan Documents, or of any rights or remedies in connection therewith
or with respect thereto, it being the intention of the parties hereto that, except as otherwise set forth herein, the obligations
of Borrower with respect to the Loan Documents are and shall remain in full force and effect;

 

(d)           Except
as specifically provided herein, all liens, security interests, rights and remedies granted to the Agent in the Loan Documents
are hereby renewed, confirmed and continued, and shall also secure the performance by Borrower of its obligations hereunder; and

 

(e)           Borrower
acknowledges and agrees that it does not have any defense, set-off, counterclaim or challenge against the payment of any sums
owing under the Loan Documents, or the enforcement of any of the terms or conditions thereof.

 

3.             AMENDMENTS
TO THE LOAN AGREEMENT. The Loan Agreement shall be amended as follows, effective as of the Ninth Amendment Effective Date:

 

(a)           New
Definitions. The following definitions are added to Section 1.1 of the Loan Agreement in their proper alphabetical order:

 

“Ninth
Amendment” means that certain Ninth Amendment to Loan and Security Agreement dated as of the Ninth Amendment Effective Date,
among Borrowers, Agent and Lender.

 

“Ninth
Amendment Effective Date” means June 11, 2019.

 

4.             AMENDMENT PERIOD.
The period from and after the Ninth Amendment Effective Date through the earlier of (i) August 9, 2019 and (ii) the occurrence
of any Event of Default under this Amendment shall be known as the “Amendment Period.”

 

5.             COVENANTS.

 

(a)           Borrower shall, by
no later than June 11, 2019, pay Lender One Million Four Hundred Thousand Dollars ($1,400,000) (the “June 11 Payment”)
via wire transfer of immediately available funds, which amount shall be applied towards the outstanding balance of the Secured
Obligations in accordance with the terms of the Loan Agreement.

 

(b)           Borrower shall, by
no later than June 26, 2019, cause Lender to receive Six Million Dollars ($6,000,000) (the “$6 Million Payment”)
via wire transfer of immediately available funds, which amount shall be applied towards the outstanding balance of the Secured
Obligations in accordance with the terms of the Loan Agreement. Subject to Subsection 5(g) below, Borrower shall direct
Exxon (as hereinafter defined) to pay the $6 Million Payment directly to Lender from the Exxon Payment (as hereinafter defined)
pursuant to an invoice in the form attached hereto as Exhibit A (the “Exxon Invoice”). Borrower
hereby covenants and agrees not to provide Exxon with any payment instructions with respect to the $6 Million Payment which differ
from those set forth in the Exxon Invoice.

 

    -1-

     

    

 

(c)           On
each of July 1, 2019 and August 1, 2019, Borrower shall pay to Lender, via wire transfer of immediately available funds, interest-only
payments on the outstanding principal balance of the Secured Obligations at the Term Loan Interest Rate.

 

(d)           Borrower hereby agrees
that interest at the default rate (as set forth in Section 2.4 of the Loan Agreement) (the “Default Interest”)
shall accrue from June 3, 2019 and be due and payable, subject to the terms hereof; provided, however, that in the
event that all of the Secured Obligations are paid in full on or prior to the last day of the Amendment Period, Lender hereby
agrees to fully and unconditionally waive its right to payment of accrued and unpaid Default Interest. The amounts of the interest-only
payments due as described in this Subsection (d) shall be calculated at the Term Loan Interest Rate, not at the rate of
Default Interest.

 

(e)           In the event that
all of the Secured Obligations are paid in full on or prior to the last date of the Amendment Period, Lender hereby agrees to
fully and unconditionally waive payment of the Prepayment Charge.

 

(f)            Effective
immediately after the execution of this Amendment by Borrower, Agent and Lender, FuelCell will execute that certain License Agreement
of even date herewith (the “Exxon Agreement”) between FuelCell and ExxonMobile Research and Engineering Company
(“Exxon”). Pursuant to the Exxon Agreement, FuelCell will grant a license to Exxon with respect to certain
intellectual property and Exxon will make a payment of $10,000,000 (the “Exxon Payment”), all as more particularly
described in the Exxon Agreement. Each of Borrower, Agent and Lender hereby acknowledges and agrees that in accordance with the
Loan Agreement the liens, security interests, rights and remedies granted to the Agent in the Loan Documents shall extend to,
and include, a security interest in and lien on the Exxon Payment. Notwithstanding anything contained herein or in the Loan Agreement
to the contrary, FuelCell hereby absolutely and irrevocably transfers, outright and not as security, all legal and equitable interests
and rights of any nature in and to $6,000,000 of the Exxon Payment (the “$6 Million Portion”), without any
reservation of rights or property interests of any nature being retained by FuelCell in such portion. It is understood and agreed
that (i) the $6 Million Portion shall not constitute “property of the estate” within the meaning of and under Section
541 of Title 11 of the U.S. Code, 11 USC 101 et seq., as may be amended, (ii) the remaining $4,000,000 of the Exxon Payment
(the “Remaining Portion”) may be used by Borrower for the satisfaction of Borrower’s obligations incurred
in the ordinary course of business, and (iii) notwithstanding anything to the contrary herein, in the Loan Agreement (including,
without limitation, Section 7.12 thereof), or in any other Loan Document, the Remaining Portion shall not be subject to any Account
Control Agreements.

 

(g)           Immediately after
the execution of this Amendment, Borrower shall deliver a fully executed copy of the Exxon Agreement to Exxon and to Lender and
submit the Exxon Invoice to Exxon and provide to Lender written confirmation of the transmission of the Exxon Invoice.

 

    -2-

     

    

 

(h)           Solely for informational
purposes and not as a covenant of performance, beginning within five (5) business days of the Ninth Amendment Effective Date,
Borrower shall provide to Agent a weekly cash flow forecast throughout the Amendment Period (the “Forecast”).
Borrower shall also provide weekly updates of actual results compared to the Forecast, which updates will, among other things,
reflect any material changes in the operation of the Borrower’s business.

 

(i)            From and after the
Ninth Amendment Effective Date, Borrower shall manage its assets in the ordinary course of business. In the event Borrower enters
into any transactions outside of the ordinary course of business which involves, includes, or relates to the Collateral, including
without limitation, with respect to the sale, lease, license, pledge, assignment, transfer or other disposition of the Collateral,
which does not result in the satisfaction of the Secured Obligations in full, Borrower shall not enter into same without the prior
written consent of Agent, which consent shall not be unreasonably withheld; provided, however, that, notwithstanding
the foregoing, Borrower shall be permitted to settle, compromise, or resolve any claims or disputes between Borrower and POSCO
Energy Co., Ltd. without obtaining the prior written consent of Agent; provided, further, that, in the event of
such settlement, compromise, or resolution, Borrower shall inform Agent of the same.

 

(j)            Solely for informational
purposes and not as a covenant of performance, Borrower shall provide to Agent, on a daily basis, a report of Borrower’s
cash usage, which shall include a daily balance of all of Borrower’s bank and investment accounts and a reconciliation of
all cash received and debts paid.

 

(k)           From the Ninth Amendment
Effective Date through the end of the Amendment Period, Agent hereby waives Borrower’s compliance with the financial reporting
covenants set forth in Section 7.1(b) and (d) of the Loan Agreement and the Minimum Unrestricted Cash Balance covenant set forth
in Section 8.2 of the Loan Agreement. Notwithstanding Section 7.12 of the Loan Agreement, Agent and Lender each agree that Borrower
shall be permitted to use and maintain one or more Deposit Accounts that are not subject to any Account Control Agreements solely
for the purpose of Borrower’s receipt and use of the Remaining Portion.

 

(l)            From the Ninth Amendment
Effective Date through the end of the Amendment Period, Agent hereby acknowledges that Borrower shall not be required to make,
nor be deemed to have made or continue to make any prior, representations or warranties set forth in Sections 5.4 and 5.6 of the
Loan Agreement.

 

(m)          Agent shall provide
JPMorgan Chase Bank, N.A. (“JP Morgan”) with written notice terminating the Shifting Control Notices dated
May 6, 2019 that were sent with respect to account numbers [  ], [  ], [  ] (each held in the name of Versa Power
Systems Ltd.) and account numbers [  ] and [  ] (each held in the name of FuelCell) (collectively, the “JPMC
Accounts”).  Within one (1) business day of the Ninth Amendment Effective Date, Borrower and, if applicable, Agent,
shall execute and deliver to JPMorgan new Account Control Agreements regarding the JPMC Accounts and shall execute and deliver
to JPMorgan such documents as may be required by JPMorgan to terminate the existing Account Control Agreements covering the JPMC
Accounts.

 

    -3-

     

    

 

(n)           Immediately
after the execution and delivery of the new Account Control Agreements regarding the JPMC Accounts described in Section 5(m)
above, Borrower shall transfer all unrestricted Cash (other than the Remaining Portion) to one or more accounts subject to
such Account Control Agreements in favor of Agent.

 

(o)           Borrower
shall keep Agent informed of the status of all discussions and/or negotiations regarding any direct or indirect third-party loans,
other than in the ordinary course of business, or equity contributions (each a “Capital Transaction”) and shall
provide Agent with copies of any and all term sheets, documents, or agreements evidencing or related to such Capital Transaction(s),
as Agent shall request from time to time. Borrower hereby confirms, acknowledges, and agrees that the net proceeds received from
any Capital Transaction shall be paid to Lender and applied towards the outstanding balance of the Secured Obligations in accordance
with terms of the Loan Agreement.

 

6.             LENDER’S
FEES AND EXPENSES. All of Agent’s and Lender’s reasonable fees and expenses incurred through the Ninth Amendment
Effective Date, including, without limitation, the fees and expenses of Agent’s and Lender’s counsel incurred in the
preparation, negotiation and closing of the transactions contemplated under this Amendment, disbursements, expenses, appraisal
costs, field audit fees and all fees related to filings, recording of documents and searches, whether or not the transactions
contemplated hereunder are consummated shall be due and payable by Borrower at the end of the Amendment Period; provided,
however, that, immediately after the payment of the $6 Million Portion of the Exxon Payment to Lender, Borrower shall pay
up to $100,000 on account of Agent’s and Lender’s reasonable fees and expenses incurred through the Ninth Amendment
Effective Date, with the amount of such fees and expenses in excess of $100,000 to be paid at the end of the Amendment Period.

 

7.             CONDITIONS.
Without in any manner limiting the other requirements contained herein, Lender’s agreement to enter into this Amendment
is expressly contingent upon satisfaction, as determined by Lender, of each of the following:

 

(a)           This
Amendment shall have been executed and delivered by each of Borrower, Agent and Lender;

 

(b)           Borrower
and Agent shall have delivered to each other such other documents and completed such other matters as they mutually may reasonably
deem necessary or appropriate to implement the terms of this Amendment; and

 

(c)           Borrower
shall have delivered to Agent a true, accurate and complete list of all bank, brokerage, or other investment or operating accounts
owned, managed, or maintained by the Borrower and the balances of such accounts as of the date hereof.

 

8.             ADDITIONAL
DOCUMENTS AND FUTURE ACTIONS. Borrower will, at its sole cost, take such actions and provide Agent from time to time with
such agreements, financing statements and additional instruments, documents or information as Agent may in its discretion deem
reasonably necessary or advisable to perfect, protect, maintain or enforce the security interests in the Collateral, to permit
Agent to protect or enforce its interest in the Collateral, or to carry out the terms of this Agreement.

 

    -4-

     

    

 

9.             REPRESENTATIONS
AND WARRANTIES. Except as otherwise noted or stated in this Amendment, in consideration of the agreements of the Agent and
Lender set forth herein, Borrower does hereby represent and warrant as follows, which representations and warranties shall survive
until all Secured Obligations and all other obligations of the Borrower to Agent and Lender are paid and satisfied in full:

 

(a)           The
Borrower has the corporate power and authority to execute and deliver this Amendment, and the performance by the Borrower of its
obligations hereunder have been duly authorized by all requisite corporate action by Borrower;

 

(b)           The
execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under this Amendment are
the binding obligations of the Borrower, enforceable against it in accordance with its terms;

 

(c)           As
of the Ninth Amendment Effective Date, Borrower has no defenses against the payment of the Secured Obligations. Borrower acknowledges
and agrees that Agent and Lender have acted in good faith and have conducted in a commercially reasonable manner its relationship
with Borrower in connection with this Amendment and the Loan Documents; and

 

(d)           There
exist no outstanding liens, judgments, pending suits or other pending legal proceedings that would adversely affect the ability
of Borrower to perform its obligations under the Loan Documents (as amended hereby).

 

10.           EVENT
OF DEFAULT UNDER LOAN AGREEMENT. Any failure by Borrower to timely perform any obligation under this Amendment shall constitute
an Event of Default under the Loan Agreement. Upon any failure by Borrower to timely perform any obligation under this Amendment,
Agent shall be permitted to issue a notice of default with respect to such an Event of Default and any other defaults that may
exist, whether arising prior to the Ninth Amendment Effective Date or otherwise.

 

11.           RELEASE
AND INDEMNIFICATION. In order to induce Agent and Lender to enter into this Amendment, Borrower does hereby agree as follows:

 

(a)           Release.
Borrower hereby fully, finally and forever acquit, quitclaim, release and discharge Agent and Lender and their respective officers,
directors, employees, agents, professionals, successors and assigns of and from any and all obligations, claims, liabilities,
damages, demands, debts, liens, deficiencies or cause or causes of action to, of or for the benefit (whether directly or indirectly)
of Borrower, at law or in equity, known or unknown, contingent or otherwise, whether asserted or unasserted, whether now known
or hereafter discovered, whether statutory, in contract or in tort, as well as any other kind or character of action now held,
owned or possessed (whether directly or indirectly) by Borrower on account of, arising out of, related to or concerning, whether
directly or indirectly, proximately or remotely (i) the negotiation, review, preparation or documentation of the Loan Documents
or any other documents or agreements executed in connection therewith, (ii) the administration of the Loan Documents, (iii) the
enforcement, protection or preservation of Agent’s and Lender’s rights under the Loan Documents, or any other documents
or agreements executed in connection therewith, (iv) the negotiation, review, preparation and documentation of this Amendment
or any other documents or agreements executed in connection herewith, and/or (iv) any action or inaction by Agent or Lender in
connection with any such documents, instruments and agreements (the “Released Claims”).

 

    -5-

     

    

 

Borrower acknowledges
having read and understood and hereby waives the benefits of Section 1542 of the California Civil Code, which provides as follows
(and hereby waives the benefits of any similar law of the state that may be applicable):

 

“A general release does not extend
to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which
if known by him or her must have materially affected his or her settlement with the debtor.”

 

(b)           Covenant
Not to Litigate. In addition to the release contained in Subsection 11(a) above, and not in limitation thereof, Borrower
does hereby agree that it will never prosecute, nor voluntarily aid in the prosecution of, any action or proceeding relating to
the Released Claims, whether by claim, counterclaim or otherwise.

 

(c)           Transfer
of Claims. If, and to the extent that, any of the Released Claims are, for any reason whatsoever, not fully, finally and forever
released and discharged pursuant to the terms of Subsection 11(a) above, Borrower does hereby absolutely and unconditionally
grant, sell, bargain, transfer, assign and convey to Agent all of the Released Claims and any proceeds, settlements and distributions
relating thereto.

 

(d)           Indemnification.
Borrower expressly agrees to indemnify and hold harmless Agent and Lender and their respective officers, directors, employees,
agents, successors and assigns, of and from any and all obligations, losses, claims, damages, liabilities, demands, debts, liens,
costs and expenses of Agent and Lender and/or its officers, directors, employees, agents, successors and assigns that may be asserted
by, or may arise out of, whether directly or indirectly, proximately or remotely, any investigation, litigation, or other proceedings
initiated, undertaken or joined in by Borrower or any other third party (including, without limitation, any employee, agent, personal
representative, heir, executor, successor or assign of any Borrower) in connection with (i) the negotiation, review, preparation
or documentation of the Loan Documents or any other documents or agreements executed in connection with the Secured Obligations,
or any of them, (ii) the administration of the Loan Documents, (iii) the enforcement, protection or preservation of Agent’s
or Lender’s rights under the Loan Documents or any other documents or agreements executed in connection with the Lender
Indebtedness, or any of them, (iv) the validity, perfection or enforceability of the Loan Documents, (v) the negotiation, review,
preparation and documentation of this Amendment or any other documents or agreements executed in connection herewith, and/or (vi)
any action or inaction by Lender or Agent in connection with any of the foregoing.

 

    -6-

     

    

 

Borrower acknowledges
that the foregoing provisions of Section 11(a) are intended to be a general release with respect to the matters described
therein. Borrower does hereby expressly acknowledge and agree that the waivers and releases contained in this Amendment shall not
be construed as an admission of and/or the existence of any claims of Borrower against Agent or Lender. Borrower does hereby acknowledge
and agree that the value to Borrower of this Agreement and of the covenants and agreements on the part of Lender contained in this
Agreement substantially and materially exceeds any and all value of any kind or nature whatsoever of any known claims or liabilities
waived or released by Borrower hereunder.

 

12.           NO
COURSE OF DEALING. Borrower does hereby acknowledge and agree that effective as of the Ninth Amendment Effective Date any
waiver or implied waiver by Agent or Lender of any obligation or covenant of Borrower under the Loan Documents is expressly terminated
and rescinded (except as expressly provided herein to the contrary) and that Borrower is obligated to, and are expected by Agent
and Lender to, strictly perform and comply with all of such obligations and covenants as provided in the Loan Documents.

 

13.           WAIVERS.
In connection with any proceedings hereunder or in connection with any of the Secured Obligations, including, without limitation,
any action by Agent in replevin, foreclosure, or other court process or in connection with any other action related to the Secured
Obligations or the transactions contemplated hereunder, Borrower waives:

 

(a)           all
procedural errors, defects and imperfections in such proceedings;

 

(b)           all
benefits under any present or future laws exempting any property, real or personal, or any part of any proceeds thereof from attachment,
levy or sale under execution, or providing for any stay of execution to be issued on any judgment recovered in connection with
the Secured Obligations or in any replevin or foreclosure proceeding, or otherwise providing for any valuation, appraisal or exemption;

 

(c)           all
rights to inquisition on any real estate, which real estate may be levied upon pursuant to a judgment obtained in connection with
any of the Secured Obligations and sold upon any writ of execution issued thereon in whole or in part, in any order desired by
Agent or Lender;

 

(d)           presentment
for payment, demand, notice of demand, notice of non-payment, protest and notice of protest of any of the Secured Obligations;

 

(e)           any
requirement for bonds, security or sureties required by statute, court rule or otherwise;

 

(f)            any
demand for possession of any Collateral prior to commencement of any suit;

 

(g)           any
right to require or participate in the marshalling of any Borrower’s assets; and

 

(h)           all
rights to claim or recover attorneys’ fees and costs in the event that Borrower is successful in any action to remove, suspend
or enforce a judgment entered by confession.

 

    -7-

     

    

 

14.           WAIVER
OF RIGHTS UNDER THE UCC. Borrower hereby waives and renounces Borrower’s:

 

(a)           rights
under Section 9-611 of the UCC to notification of time and place of any public sale;

 

(b)           rights
under Section 9-620 of the UCC to notification of Agent’s or Lender’s proposal to retain any Collateral in
satisfaction of the Secured Obligations; and

 

(c)           rights
under Section 9-623 of the UCC to redeem any Collateral by tendering fulfillment of all obligations secured by such Collateral.

 

Borrower further agree
that disposition of any Collateral by Agent or Lender at any auction performed by a duly licensed auctioneer regularly engaged
in the sale by auction is a sale in conformity with reasonably commercial practices and disposition of collateral at such an auction
is a commercially reasonable disposition in accordance with Section 9-627 of the UCC.

 

15.           TIME
OF ESSENCE. Time is of the essence with respect to the performance of this Amendment.

 

16.           INCONSISTENCIES.
To the extent of any inconsistency between the terms and conditions of this Amendment and the terms and conditions of the Loan
Documents, the terms and conditions of this Amendment shall prevail. All terms and conditions of the Loan Documents not inconsistent
herewith shall remain in full force and effect and are hereby ratified and confirmed by Borrower. On June 4, 2019, Borrower received
a communication from Agent (the “June 4 Letter”) asserting positions that are the subject of disagreement between
Borrower, on the one hand, and Agent and Lender, on the other hand. To the extent of any inconsistency between the terms and conditions
of this Amendment and the matters described in the June 4 Letter, the terms and conditions of this Amendment shall prevail.

 

17.           BINDING
EFFECT. This Amendment and all rights and powers granted hereby will bind and inure to the benefit of the parties hereto and
their respective permitted successors and assigns.

 

18.           INCORPORATION
BY REFERENCE. The provisions of Section 11 of the Loan Agreement shall be deemed incorporated by reference herein, mutatis
mutandis.

 

19.           HEADINGS.
The headings of the Articles, Sections, paragraphs and clauses of this Amendment are inserted for convenience only and shall not
be deemed to constitute a part of this Amendment.

 

20.           ENTIRE
AGREEMENT. This Amendment constitutes the entire agreement among the parties hereto concerning the subject matter set forth
herein and supersedes all prior or contemporaneous oral and/or written agreements and representations not contained herein concerning
the subject matter of this Amendment.

 

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK]

 

    -8-

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Amendment to be executed the day and year first above written.

 

	 	BORROWERS:
	 	 
	 	FuelCell Energy, Inc.
	 	 
	 	Signature:	/s/
    Michael S. Bishop                       	 
	 	Print Name:	Michael S. Bishop
	 	Title:	Executive Vice President, Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	Versa Power Systems, Inc.	 
	 	 	 	 
	 	Signature:	/s/ Michael S. Bishop	 
	 	Print Name:	Michael S. Bishop
	 	Title:	Executive Vice President, Chief Financial Officer
	 	 	 
	 	 	 	 
	 	Versa Power Systems Ltd.
	 	 	 	 
	 	Signature:	/s/ Michael S. Bishop	 
	 	Print Name:  	Michael S. Bishop
	 	Title:	Executive Vice President, Chief Financial Officer

 

     

     

    

 

	 	AGENT:
	 	 
	 	HERCULES CAPITAL INC.
	 	 
	 	Signature:	/s/ Jennifer Choe	 
	 	Print Name:  	Jennifer Choe	 
	 	Title:	Assistant General Counsel
	 	 	 	 
	 	 	 	 
	 	LENDER:	 
	 	 	 
	 	HERCULES FUNDING II, LLC	 
	 	 	 	 
	 	Signature:	/s/ Jennifer Choe	 
	 	Print Name:	Jennifer Choe	 
	 	Title:	Assistant General Counsel

 

     

     

    

 

Exhibit A

 

Form of Exxon Invoice

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