SEC Contract Filing

Filing Date: 2023-12-15

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2332894d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><B>FuelCell Energy,
Inc.</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><B>THIRD AMENDED
AND RESTATED 2018 OMNIBuS INCENTIVE PLAN</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><B>PERFORMANCE
SHARE Award</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><B>(RELATIVE TSR)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Dear _________,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">You have been granted an award (an &ldquo;<U>Award</U>&rdquo;)
of performance shares of FuelCell Energy, Inc., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), which are subject to the terms
of the FuelCell Energy, Inc. 2018 Omnibus Incentive Plan (as amended and restated, the &ldquo;<U>Plan</U>&rdquo;) and this Performance
Share Award Agreement (this &ldquo;<U>Agreement</U>&rdquo;). Capitalized terms used but not defined in this Agreement shall have the meanings
set forth in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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 <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grant Date:</FONT></TD>
 <TD STYLE="width: 5%">&nbsp;</TD>
 <TD STYLE="width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">______________, 20__</FONT></TD></TR>
 <TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD></TR>
 <TR STYLE="vertical-align: top">
 <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Performance Shares:</FONT></TD>
 <TD>&nbsp;</TD>
 <TD>Target Performance Shares: ________ &nbsp; Maximum Performance Shares: 200% of Target &nbsp;</TD></TR>
 <TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD></TR>
 <TR STYLE="vertical-align: top">
 <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Performance Period:</FONT></TD>
 <TD>&nbsp;</TD>
 <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 1, 2023 through October 31, 2026</FONT></TD></TR>
 <TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD></TR>
 <TR STYLE="vertical-align: top">
 <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Performance Vesting for Performance Shares:</FONT></TD>
 <TD>&nbsp;</TD>
 <TD>The performance metric that will determine the number of Performance Shares you earn will be the Company&rsquo;s total shareholder
return (&ldquo;<U>TSR</U>&rdquo;) over the performance period specified above (the &ldquo;<U>Performance Period</U>&rdquo;) relative
to the Russell 2000 index composite TSR (&ldquo;<U>Relative TSR</U>&rdquo;).&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD></TR>
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 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>The Company&rsquo;s TSR is calculated by subtracting the Beginning Stock Price from the Ending Stock Price (as each term is defined below) for the Performance Period, adding any dividends during the period, and then dividing the result by the Beginning Stock Price.</TD></TR>
<TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD></TR>
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 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD> &ldquo;<U>Beginning Stock Price</U>&rdquo; shall mean the average closing price of the Company&rsquo;s common stock over the 20 consecutive trading days immediately prior to October 31, 2023.</TD></TR>
<TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD> &ldquo;<U>Ending Stock Price</U>&rdquo;
shall mean the average closing price of the Company&rsquo;s common stock over the 20 consecutive trading days ending on October 31, 2026.</TD></TR>
<TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD></TR>
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 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>The number of Performance Shares earned
will be as follows:</TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left; width: 67%">100% plus or minus 0.5x the difference between the Company&rsquo;s
TSR and the Russell 2000 index composite TSR</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left; width: 67%">Payout is capped at 200% of the target number of Performance
Shares</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: