UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d) Election of New Director
On April 29, 2024, the Board of Directors (“Board”) of FuelCell Energy, Inc. (the “Company”) increased the size of the Board to eight directors and elected a new director – Tyrone Michael Jordan – to serve on the Board effective April 29, 2024, until the annual meeting of the stockholders of the Company to be held in 2025 or until his earlier resignation or removal. In addition to his election to the Board, Mr. Jordan has been appointed, effective April 29, 2024, to serve on the Compensation and Leadership Development Committee and the Environmental, Social, Governance and Nominating Committee of the Board.
There are no arrangements or understandings between Mr. Jordan and any other person pursuant to which he was selected as a director, nor are there any transactions in which Mr. Jordan has an interest that would be reportable under Item 404(a) of Regulation S-K.
As a non-employee director, Mr. Jordan will be compensated in accordance with the Company’s compensation policies for non-employee directors, which are described in the Definitive Proxy Statement on Schedule 14A filed by the Company with the Securities and Exchange Commission (the “SEC”) on February 16, 2024.
In connection with his election to the Board, Mr. Jordan received an annual retainer for service on the Board of $50,000 and annual non-chair committee fees of $7,500 for service on the Compensation and Leadership Development Committee and $7,500 for service on the Environmental, Social, Governance and Nominating Committee.
In addition, Mr. Jordan received an award of 123,749 restricted stock units (“RSUs”) under the Company’s Fourth Amended and Restated 2018 Omnibus Incentive Plan (the “Plan”), which Plan is described in the Definitive Proxy Statement on Schedule 14A filed by the Company with the SEC on February 16, 2024, as amended and supplemented by the proxy supplement filed by the Company with the SEC on March 6, 2024. Such RSUs (i) vest on the date of the regularly scheduled annual meeting of the stockholders of the Company to be held in 2025, (ii) are to be settled in cash or in shares of the Company’s common stock, at the discretion of the Compensation and Leadership Development Committee, as the administrator under the Plan, (iii) are subject to the Plan, and (iv) are subject to the terms and conditions set forth in the Restricted Stock Unit Award Agreement pursuant to which such RSUs are granted, which is based on the form of Restricted Stock Unit Award Agreement previously approved by the Compensation Committee.
Item 7.01.Regulation FD Disclosure.
On April 29, 2024, the Company issued a press release announcing the election of Tyrone Michael Jordan to the Board. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K.
The information furnished in this Item 7.01, including Exhibit 99.1, is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. This information will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FUELCELL ENERGY, INC. | ||
Date: April 29, 2024 | By: | /s/ Michael S. Bishop |
Michael S. Bishop | ||
Executive Vice President, Chief Financial Officer, and Treasurer |
Exhibit 99.1
Tyrone Michael Jordan Appointed to FuelCell Energy’s Board of Directors
Automotive and aerospace industry executive with deep expertise in
advanced manufacturing systems, scaling manufacturing, and technology
DANBURY, Conn., April 29, 2024 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL), FuelCell Energy, Inc., announced that Tyrone Michael (“TJ”) Jordan has joined its board of directors.
Jordan’s extensive experience in operations, advanced manufacturing, commercialization, and global leadership will be a significant asset to the company’s board at a key time during the company’s ongoing growth efforts.
As the former President and Chief Operating Officer at DURA Automotive Systems, Jordan led strategic growth and operational initiatives across a global enterprise, demonstrating his ability to drive operational excellence and adapt to rapidly evolving commercial and technological advancements. Jordan spent more than two decades at General Motors, where he held various senior executive roles, including Global Executive Vice President of Operations & Customer Experience, Engineering, and New Vehicle Technologies. His international experience in Brazil, Mexico, and China, along with leadership roles in Korea, Argentina, and Europe, has equipped him with a global perspective across the industrial sector.
Jordan also served as Senior Vice President, Global Operations and Supply Chain, Aerospace Systems at United Technologies Corporation (UTC), where he was responsible for global operating and technology locations. His leadership was instrumental in the global integration of Goodrich into UTC.
FuelCell Energy CEO and President Jason Few said, “TJ brings a wealth of knowledge and experience to FuelCell Energy. His expertise in advanced manufacturing, engineering, product development, scaling manufacturing, and supply chain management will be invaluable as we continue to innovate and develop our cutting-edge products for customers around the world.”
Natica von Althann, member of the FuelCell Energy Board of Directors and Chair of its Environmental, Social, Governance and Nominating committee, commented, “FuelCell Energy is committed to providing advanced, sustainable solutions to meet growing demand for zero to low carbon energy delivery and decarbonization. TJ’s addition to the board is a testament to the company’s dedication to deepening the FuelCell Energy Board of Directors’ operational skill-base as the company scales globally.”
Jordan also serves on the Board of Directors at Oshkosh Corporation (NYSE: OSK), Axalta Coating Systems (NYSE: AXTA), and TPI Composites, Inc. (NASDAQ: TPIC), adding to the
Exhibit 99.1
manufacturing and manufacturing scale up experience he brings to the FuelCell Energy Board of Directors.
About FuelCell Energy
FuelCell Energy, Inc. is a global leader in sustainable clean energy technologies that address some of the world’s most critical challenges around energy, safety, and global urbanization. It collectively holds 531 fuel cell technology patents in the United States and globally. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers including businesses, utilities, governments, and municipalities with sustainable products and solutions. The company’s solutions are designed to enable a world empowered by clean energy, enhancing the quality of life for people around the globe. Learn more at fuelcellenergy.com.
Source: FuelCell Energy
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Document and Entity Information |
Apr. 29, 2024 |
---|---|
Cover [Abstract] | |
Entity Registrant Name | FUELCELL ENERGY, INC. |
Entity Central Index Key | 0000886128 |
Document Type | 8-K |
Document Period End Date | Apr. 29, 2024 |
Amendment Flag | false |
Entity Emerging Growth Company | false |
Entity File Number | 1-14204 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 06-0853042 |
Entity Address, Address Line One | 3 Great Pasture Road |
Entity Address, City or Town | Danbury |
Entity Address, State or Province | CT |
Entity Address, Postal Zip Code | 06810 |
City Area Code | 203 |
Local Phone Number | 825-6000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.0001 par value per share |
Security Exchange Name | NASDAQ |
Trading Symbol | FCEL |
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