On October 4, 2026, FuelCell Energy, Inc. (the "Company") determined that Michael S. Bishop will end his service as Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer) of the Company effective as of October 6, 2026, and, as mutually agreed, thereafter will continue to be employed by the Company for an additional six (6) month period as Senior Advisor to the Chief Executive Officer, effective October 7, 2026, through and including April 6, 2027.

On October 7, 2026, the Company and Mr. Bishop entered into an executive transition and separation agreement (the "Transition Agreement") providing that, effective October 6, 2026 (the "Transition Date"), Mr. Bishop will cease to serve as Executive Vice President, Chief Financial Officer and Treasurer and will thereafter (beginning on October 7, 2026) serve as Senior Advisor to the Chief Executive Officer for a six (6) month period (the "Transition Period") ending April 6, 2027 (the "Separation Date") during which time he will receive an annualized base salary of $461,591.00 paid in weekly installments during the Transition Period. As the Board of Directors has deemed Mr. Bishop's separation as an executive officer to be a termination without cause, following the Transition Period, Mr. Bishop will be eligible for the termination benefits provided in his amended and restated employment agreement, effective as of June 4, 2025 (the "Bishop Employment Agreement"). Accordingly, pursuant to the Transition Agreement, at the end of the Transition Period, Mr. Bishop will receive (1) a severance payment of $461,591.00, representing 12 months of annual base salary under the Bishop Employment Agreement, to be paid in installments over a 12-month period; (2) eligibility to earn a pro rata portion of his outstanding performance stock units based on actual performance achieved following the end of the applicable performance period; (3) accelerated vesting of his 68,518 outstanding unvested time-vesting restricted stock units; (4) eligibility for his fiscal year 2026 Management Incentive Plan award based on actual performance results for the fiscal year; and (5) subject to certain conditions, reimbursement or payment by the Company of the premium for continued medical, dental and vision benefits under COBRA for up to 12 months from the Separation Date. The vesting of Mr. Bishop's outstanding unvested time-vesting restricted stock units will also accelerate if his employment or service with the Company terminates prior to the Separation Date. Other than the continued eligibility to earn a pro rata portion of the outstanding performance stock units and accelerated vesting of the time-vesting restricted stock units referenced above, all other unearned performance stock units and any other outstanding unvested or unearned equity-based awards held by Mr. Bishop as of the Separation Date will be forfeited. Pursuant to the Transition Agreement, during the Transition Period, Mr. Bishop will be eligible to receive a pro-rated performance bonus for his employment (not to exceed 100% of his performance target) but will not be eligible to participate in the Company's Long Term Incentive Plan, 2018 Omnibus Incentive Plan, or any successor plan, or to receive other equity awards during the Transition Period.

Mr. Bishop's benefits under the Transition Agreement are contingent on his providing and not revoking a release of claims and on his continued compliance with the covenants in the Agreement for Assignment, Confidentiality, Non-Competition and Non-Solicitation between Mr. Bishop and the Company.

The foregoing description of the Transition Agreement is a summary only and is qualified in its entirety by the terms of the Transition Agreement itself, which is filed herewith as Exhibit 10.1 and incorporated herein by reference.

On October 4, 2026, the Board of Directors (the "Board") of the Company appointed Matthew Latino to serve as the Company's Executive Vice President, Chief Financial Officer and Treasurer effective as of October 7, 2026. In these capacities, he will serve as the Company's Principal Financial Officer and Principal Accounting Officer.

Mr. Latino, age 41, previously served, from November 2025 to June 2026, as Senior Vice President, Finance & Segment Chief Financial Officer - Measurement & Control Solutions ("MCS") at Xylem Inc. (NYSE: XYL), the largest global water technology provider operating in public utility, industrial, commercial, agricultural and residential settings. Prior to that time, Mr. Latino served, from June 2024 to November 2025, as Vice President, Finance & Segment Chief Financial Officer - Americas & MCS; from June 2022 to June 2024, as Vice President, Finance & Segment Chief Financial Officer - Americas, MCS & Applied Water Systems ("AWS"); from January 2022 to June 2022, as Vice President, Finance & Segment Chief Financial Officer - Americas Commercial Teams & AWS; and from July 2012 to January 2022, in positions of increasing responsibility, including Vice President, Investor Relations, and various accounting and finance roles. In these roles at Xylem Inc., Mr. Latino was responsible for finance, accounting, strategic planning, budgeting, forecasting, SEC and management reporting, internal controls, executing and leading the investor relations program including all earnings and investor days, and various other finance activities. Before joining Xylem Inc., Mr. Latino served as an Audit Senior at Deloitte & Touche LLP from September 2008 to June 2012.