FuelCell Energy (FCEL) director receives 17,424 deferred stock units as board compensation

Rhea-AI Filing Summary

HILZINGER MATTHEW F reported acquisition or exercise transactions in this Form 4 filing.

FuelCell Energy Inc. director Matthew F. Hilzinger received a grant of 17,424 Deferred Common Stock Units. These units were awarded at no cash cost to him under the company’s Directors Deferred Compensation Plan.

The units are linked one-for-one to shares of common stock and are payable in shares only when he separates from service as a director. After this award, he directly holds 49,533 Deferred Common Stock Units in total.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider HILZINGER MATTHEW F

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Common Stock Units	17,424	$0.00	--

Holdings After Transaction: Deferred Common Stock Units — 49,533 shares (Direct)

Footnotes (1)

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Key Figures

Deferred Units Granted: 17,424 units Total Deferred Units After Grant: 49,533 units Grant Price per Unit: $0.0000 per unit +1 more

4 metrics

Deferred Units Granted 17,424 units Grant of Deferred Common Stock Units on April 8, 2026

Total Deferred Units After Grant 49,533 units Director’s total Deferred Common Stock Units following transaction

Grant Price per Unit $0.0000 per unit Stated transaction price for Deferred Common Stock Units

Underlying Common Stock Ratio 1 share per unit One share of common stock for each Deferred Common Stock Unit

Key Terms

Deferred Common Stock Units, Directors Deferred Compensation Plan, separation from service

3 terms

Deferred Common Stock Units financial

"Deferred common stock units issued to the reporting person pursuant to the FuelCell Energy, Inc. Directors Deferred Compensation Plan."

Directors Deferred Compensation Plan financial

"issued to the reporting person pursuant to the FuelCell Energy, Inc. Directors Deferred Compensation Plan."

separation from service financial

"payable to the reporting person ... upon separation from service as a director."

Form 4 Insider Transactions: What Each Field Means →

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^*

HILZINGER MATTHEW F

(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)
04/08/2026

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)
			Code	V	Amount	(A) or (D)	Price

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Common Stock Units	(1)	04/08/2026		A		17,424		(1)	(1)	Common Stock	17,424	$0	49,533	D

Explanation of Responses:

1. Deferred common stock units issued to the reporting person pursuant to the FuelCell Energy, Inc. Directors Deferred Compensation Plan. In accordance with elections made by the reporting person under the Directors Deferred Compensation Plan, the shares of common stock underlying the common stock units are payable to the reporting person, on a one-for-one basis (i.e., one share of common stock for each common stock unit), upon separation from service as a director.

	/s/ Michael S. Bishop, As Power of Attorney	04/10/2026
	** 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)

FAQ

What insider transaction did FuelCell Energy (FCEL) report for Matthew F. Hilzinger?

FuelCell Energy reported that director Matthew F. Hilzinger received 17,424 Deferred Common Stock Units. These were granted as part of director compensation and carry no cash exercise price, representing additional equity-based pay rather than an open-market share purchase or sale.

What are Deferred Common Stock Units in the FuelCell Energy (FCEL) filing?

Deferred Common Stock Units are equity awards tied one-for-one to common shares. For FuelCell Energy directors, these units are credited now but settle in actual common stock only when the director separates from board service, deferring receipt of shares and related value.

When will Matthew Hilzinger receive FuelCell Energy (FCEL) shares from this Form 4 award?

The underlying common shares are payable to Matthew Hilzinger upon his separation from service as a director. At that time, he receives one share of FuelCell Energy common stock for each Deferred Common Stock Unit credited under the Directors Deferred Compensation Plan.

How many Deferred Common Stock Units does Matthew Hilzinger hold after this FCEL transaction?

After receiving 17,424 additional Deferred Common Stock Units, Matthew Hilzinger holds 49,533 such units in total. Each unit corresponds to one share of FuelCell Energy common stock, to be delivered when he leaves the board, according to the plan’s terms.

Was this FuelCell Energy (FCEL) Form 4 a stock purchase or sale by the director?

No, the Form 4 reflects a grant of Deferred Common Stock Units, not an open-market trade. The units were awarded as director compensation at a stated price of $0.0000 per unit, with settlement in common shares deferred until board service ends.