Joshua Dolger - Dec 5, 2025 Form 4 Insider Report for FUELCELL ENERGY INC (FCEL)

Role: General Counsel & Corp Sec
Signature: /s/ Michael S. Bishop, as Power of Attorney
Stock symbol: FCEL
Transactions as of: Dec 5, 2025
Transactions value $: -$4,495
Form type: 4
Date filed: 12/9/2025, 05:36 PM
Previous filing: Dec 1, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Dolger Joshua	General Counsel & Corp Sec	C/O FUELCELL ENERGY, INC., 3 GREAT PASTURE ROAD, DANBURY	/s/ Michael S. Bishop, as Power of Attorney	2025-12-09	0001868593

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	FCEL	Common Stock	Options Exercise	$0	+813	+17.89%	$0.00	5.36K	Dec 5, 2025	Direct	F1, F2, F3
transaction	FCEL	Common Stock	Tax liability	-$2.13K	-255	-4.76%	$8.37	5.1K	Dec 5, 2025	Direct	F3, F4
transaction	FCEL	Common Stock	Options Exercise	$0	+898	+17.6%	$0.00	6K	Dec 5, 2025	Direct	F1, F3, F5
transaction	FCEL	Common Stock	Tax liability	-$2.36K	-282	-4.7%	$8.37	5.72K	Dec 5, 2025	Direct	F3, F6

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	FCEL	Employee Restricted Stock Unit	Options Exercise	$0	-813	-100%	$0.00	0	Dec 5, 2025	Common Stock	813		Direct	F1, F2, F7
transaction	FCEL	Employee Performance Share Unit	Options Exercise	$0	-898	-100%	$0.00	0	Dec 5, 2025	Common Stock	898		Direct	F1, F5, F8

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Reflects the 1-for-30 reverse stock split effected by the Issuer on November 8, 2024.
F2	Restricted stock units were converted into common stock on a one-for-one basis.
F3	Includes 305 shares purchased by the reporting person under the FuelCell Energy, Inc. Employee Stock Purchase Plan.
F4	Represents shares withheld to satisfy tax obligations upon the vesting of restricted stock units.
F5	Shares were issued in settlement of earned performance share units.
F6	Represents shares withheld to satisfy tax obligations upon the vesting of performance share units.
F7	On December 05, 2022, the reporting person was granted restricted stock units, which vested 1/3 on each of the first, second and third anniversaries of the date of grant, subject to continued employment.
F8	On December 05, 2022, the reporting person was granted performance shares which were based on performance over the three-year performance period ended October 31, 2025, subject to continued employment until the third anniversary of the grant date December 5, 2025. The performance goal was the TSR of the Company relative to the TSR of the Russell 2000 during the performance period. The Compensation and Leadership Development Committee certified achievement at 36.77% of the target number previously reported (as adjusted to reflect the 1-for-30 reverse stock split effected by the Issuer on November 8, 2024), resulting in the award of 898 shares.