How does the reverse stock split affect the FuelCell Energy (FCEL) share figures in this Form 4?

A 1-for-30 reverse stock split by FuelCell Energy on November 8, 2024, is reflected in the reported share amounts. The footnote explains that the RSU and share figures shown already incorporate the effects of this reverse split on the company’s capital structure.

Director at FuelCell Energy (NASDAQ: FCEL) exercises 23,859 RSUs

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

FuelCell Energy director Natica von Althann exercised restricted stock units into common shares. On April 21, 2026, 23,859 Director Restricted Stock Units converted on a one-for-one basis into 23,859 shares of Common Stock at a stated price of $0.00 per share.

After this compensation-related conversion, von Althann directly holds 23,988 shares of FuelCell Energy common stock. The RSUs vested and were settled in shares, with no open-market purchases or sales reported in this filing.

Insider Trade Summary

23,859 shares exercised/converted

Mixed 2 txns

Insider von Althann Natica

Role null

Type	Security	Shares	Price	Value
Exercise	Director Restricted Stock Unit	23,859	$0.00	--
Exercise	Common Stock	23,859	$0.00	--

Holdings After Transaction: Director Restricted Stock Unit — 0 shares (Direct, null); Common Stock — 23,988 shares (Direct, null)

Footnotes (1)

Restricted stock units (RSUs") were converted into common stock on a one-for-one basis. Reflects the 1-for-30 reverse stock split effected by the Issuer on November 8, 2024. These RSUs (i) vested on April 21, 2026, and (ii) were settled in shares of the Company's common stock.

Key Figures

RSUs converted: 23,859 units Common shares received: 23,859 shares Exercise price: $0.00 per share +2 more

5 metrics

RSUs converted 23,859 units Director Restricted Stock Units converted into common stock on April 21, 2026

Common shares received 23,859 shares Common Stock issued upon one-for-one RSU conversion

Exercise price $0.00 per share Stated price for RSU-to-share conversion

Shares held after transaction 23,988 shares Total direct common stock holdings after RSU conversion

Reverse stock split ratio 1-for-30 Reverse stock split effected on November 8, 2024

Key Terms

Restricted stock units (RSUs), Director Restricted Stock Unit, reverse stock split, Exercise or conversion of derivative security

4 terms

Restricted stock units (RSUs) financial

"Restricted stock units (RSUs") were converted into common stock on a one-for-one basis."

Restricted stock units (RSUs) are a type of company promise to give employees shares of stock in the future, usually after certain conditions like working for a set time. They are like a gift promised today that you receive later, which can become valuable if the company's stock price goes up. RSUs matter because they are a way companies reward employees and can be a significant part of compensation.

Director Restricted Stock Unit financial

"security_title": "Director Restricted Stock Unit""

reverse stock split financial

"Reflects the 1-for-30 reverse stock split effected by the Issuer on November 8, 2024."

A reverse stock split is when a company reduces the number of its shares outstanding, making each share more valuable. For example, if you own 100 shares worth $1 each, a 1-for-10 reverse split would turn your 100 shares into 10 shares worth $10 each. Companies often do this to boost their stock price and appear more stable to investors.

Exercise or conversion of derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

Form 4 Insider Transactions: What Each Field Means →

04/22/2026 - 06:48 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

von Althann Natica

(Last)

(First)

(Middle)

C/O FUELCELL ENERGY, INC

3 GREAT PASTURE ROAD

(Street)

DANBURY

CONNECTICUT

06810

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
FUELCELL ENERGY INC [ FCEL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/21/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/21/2026		M		23,859	A	$0⁽¹⁾	23,988⁽²⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Director Restricted Stock Unit	⁽¹⁾	04/21/2026		M			23,859	⁽³⁾	⁽³⁾	Common Stock	23,859	$0	0	D

Explanation of Responses:

1. Restricted stock units (RSUs") were converted into common stock on a one-for-one basis.

2. Reflects the 1-for-30 reverse stock split effected by the Issuer on November 8, 2024.

3. These RSUs (i) vested on April 21, 2026, and (ii) were settled in shares of the Company's common stock.

	/s/ Michael S. Bishop, As Power of Attorney	04/22/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did FuelCell Energy (FCEL) director Natica von Althann report?

Natica von Althann reported exercising 23,859 Director Restricted Stock Units into common stock. The RSUs converted on a one-for-one basis at a stated price of $0.00 per share, reflecting a compensation-related equity settlement rather than an open-market trade.

How many FuelCell Energy (FCEL) shares does Natica von Althann hold after this Form 4?

Following the RSU conversion, Natica von Althann directly holds 23,988 shares of FuelCell Energy common stock. This total reflects the addition of 23,859 shares from vested Director Restricted Stock Units, with no reported sales reducing the new position.

Were any FuelCell Energy (FCEL) shares sold in Natica von Althann’s latest Form 4?

No shares were sold in this Form 4. The filing shows only the exercise and conversion of 23,859 Director Restricted Stock Units into common stock, with no open-market sales or tax-withholding dispositions reported alongside the RSU settlement.

What is the nature of the 23,859 Director Restricted Stock Units reported for FuelCell Energy (FCEL)?

The 23,859 units are Director Restricted Stock Units that vested and were settled in common stock on a one-for-one basis. According to the footnotes, these RSUs converted into shares of FuelCell Energy common stock as part of director compensation on April 21, 2026.