Jason Few - 05 Dec 2025 Form 4 Insider Report for FUELCELL ENERGY INC (FCEL)

Role: CEO, Director
Signature: /s/ Michael S. Bishop, as Power of Attorney
Issuer symbol: FCEL
Transactions as of: 05 Dec 2025
Net transactions value: -$25,688
Form type: 4
Filing time: 09 Dec 2025, 17:38:52 UTC
Previous filing: 01 Dec 2025
Next filing: 15 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Few Jason	CEO, Director	C/O FUELCELL ENERGY, INC., 3 GREAT PASTURE ROAD, DANBURY	/s/ Michael S. Bishop, as Power of Attorney	09 Dec 2025	0001408158

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	FCEL	Common Stock	Options Exercise	$0	+4,654	+13%	$0.000000	41,385	05 Dec 2025	Direct	F1, F2
transaction	FCEL	Common Stock	Tax liability	$12,212	-1,459	-3.5%	$8.37	39,926	05 Dec 2025	Direct	F3
transaction	FCEL	Common Stock	Options Exercise	$0	+5,135	+13%	$0.000000	45,061	05 Dec 2025	Direct	F1, F4
transaction	FCEL	Common Stock	Tax liability	$13,476	-1,610	-3.6%	$8.37	43,451	05 Dec 2025	Direct	F5

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	-4,654	-100%	$0.000000	0	05 Dec 2025	Common Stock	4,654		Direct	F1, F2, F6
transaction	FCEL	Employee Performance Share Unit	Options Exercise	$0	-5,135	-100%	$0.000000	0	05 Dec 2025	Common Stock	5,135		Direct	F1, F4, F7

* 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	Represents shares withheld to satisfy tax obligations upon the vesting of restricted stock units.
F4	Shares were issued in settlement of earned performance share units.
F5	Represents shares withheld to satisfy tax obligations upon the vesting of performance share units.
F6	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.
F7	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 5,135 shares.