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).
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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 August 13, 2021, the Board of Directors (“Board”) of FuelCell Energy, Inc. (the “Company”) increased the size of the Board to seven directors and elected a new director – Donna Sims Wilson – to serve on the Board effective August 13, 2021, until the annual meeting of the stockholders of the Company to be held in 2022 or until her earlier resignation or removal. In addition to her election to the Board, Ms. Sims Wilson has been appointed, effective August 13, 2021, to serve on the Audit and Finance Committee and the Nominating and Corporate Governance Committee.
There are no arrangements or understandings between Ms. Sims Wilson and any other person pursuant to which she was selected as a director, nor are there any transactions in which Ms. Sims Wilson has an interest that would be reportable under Item 404(a) of Regulation S-K.
As a non-employee director, Ms. Sims Wilson 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 19, 2021.
In connection with her election to the Board, Ms. Sims Wilson received a pro-rated annual retainer for service on the Board of $33,333 and pro-rated annual non-chair committee fees of $6,667 for the Audit and Finance Committee and $5,000 for the Nominating and Corporate Governance Committee. The retainer and fees may be paid in cash or common stock of the Company at the election of Ms. Sims Wilson.
In addition, Ms. Sims Wilson received an award of 8,143 restricted stock units (“RSUs”) under the Company’s Second 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 19, 2021. Such RSUs (i) vest on the date of the regularly scheduled annual meeting of the stockholders of the Company to be held in 2022, (ii) are to be settled in cash or in shares of the Company’s common stock, at the discretion of the Compensation 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, which is included as Exhibit 10.1 hereto.
The foregoing summary of the RSUs granted to Ms. Sims Wilson does not purport to be complete and is qualified in its entirety by reference to the full text of the form of Restricted Stock Unit Award Agreement, a copy of which is included as Exhibit 10.1 hereto and incorporated herein by reference.
Item 7.01.Regulation FD Disclosure.
On August 16, 2021, the Company issued a press release announcing the appointment of Donna Sims Wilson 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: August 16, 2021 | By: | /s/ Michael S. Bishop |
Michael S. Bishop | ||
Executive Vice President, Chief Financial Officer and Treasurer |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Donna Sims Wilson Appointed to FuelCell Energy’s Board of Directors
● | 37+ Years of Experience as a Leader in investment banking, finance, asset management and business development |
● | Proven track record of executing on business extension and commercialization of new products and ideas |
● | Extensive governance experience, including with the Export Import Bank of the United States and the Fannie Mae Advisory Council |
● | Strong advocate of Diversity, Equity and Inclusion |
DANBURY, CT – August 13, 2021 – FuelCell Energy, Inc. (Nasdaq: FCEL) -- a global leader in fuel cell technology with a purpose of utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy— today announced that its Board of Directors has appointed Donna Sims Wilson to serve as a new independent director, effective August 13, 2021. Ms. Sims Wilson is currently Chief Operating Officer of Kah Capital Management, an alternative asset management firm, where she serves on the Management Committee, the Investment and Risk Management Committee, and is Chairman of the Valuation Committee. Donna is an advocate of diversity, equity and inclusion initiatives, and she helps businesses break down demographic, social and geographic barriers to achieve expanded levels of success. Additionally, Donna brings extensive corporate governance experience through her international corporate board service, leadership positions with numerous not for profit boards and working closely with institutional investors and analysts.
Previously, Donna co-founded the National Association of Securities Professionals (NASP) Africa Financial Summit in 2015. With subsequent funding from USAID, Mobilizing Institutional Investors to Develop Africa’s Infrastructure (MiDA) was born and has since executed over $1 billion in African infrastructure investments from U.S. institutions. Donna’s leadership in ideating and launching these successful endeavors served as a precursor to her participation in leading a delegation of U.S. pension funds and foundations to the 2018 G20 Buenos Aires summit to educate global institutional investors on how to generate safe, risk-adjusted returns by investing in African infrastructure. Donna also previously served as Chair for the Export Import Bank of the United States on the Sub-Saharan African Advisory Board.
Donna is a frequent speaker at financial service industry events, has testified before the U.S. Congress on laws relating to diversity, and has appeared on CNBC’s Squawk Box and C-SPAN discussing issues of diversity, equity and how diverse populations are faring in the economic recovery. She was named One of the Most Powerful Women in Business by Black Enterprise Magazine and received NASP’s coveted Joyce Johnson Award in 2010.
Donna received her Bachelor of Arts in Political Science from Yale University.
Ms. Sims Wilson’s appointment expands the Board to seven directors, six of whom are independent. She will be a member of the Board’s Nominating and Corporate Governance and Audit and Finance Committees.
“Donna will add breadth to the Board’s strategic and oversight roles in multiple areas that are essential as we move FuelCell Energy forward, including new product commercial launches, navigating anticipated further global business expansion, and leadership in our ESG efforts overall,” said James England, Chairman of the Board.
“Donna brings more than three and a half decades of financial industry experience, an essential aspect to FuelCell Energy’s business model,” said Jason Few, President, Chief Executive Officer and Chief Commercial Officer of FuelCell Energy. “Donna has a proven track record of growing firms through the launch of business extensions, new products, and mergers and acquisitions. These experiences, along with her extensive history with international markets, working with legislators around the world, and securing financing through the EXIM Bank and the USTDA among others, make Donna a tremendous addition to FuelCell Energy.”
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ: FCEL) FuelCell Energy 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. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers worldwide with sustainable products and solutions for businesses, utilities, governments and municipalities. Our solutions are designed to enable a world empowered by clean energy, enhancing the quality of life for people around the globe. We target large-scale power users with our megawatt-class installations globally, and currently offer sub-megawatt solutions for smaller power consumers in Europe. To provide a frame of reference, one megawatt is adequate to continually power approximately 1,000 average sized U.S. homes. We develop turn-key distributed power generation solutions and operate and provide comprehensive service for the life of the power plant. Our fuel cell solution is a clean, efficient alternative to traditional combustion-based power generation, and is complementary to an energy mix consisting of intermittent sources of energy, such as solar and wind turbines. Our customer base includes utility companies, municipalities, universities, hospitals, government entities/military bases and a variety of industrial and commercial enterprises. Our leading geographic markets are currently the United States and South Korea, and we are pursuing opportunities in other countries around the world. FuelCell Energy, based in Connecticut, was founded in 1969.
SureSource, SureSource 1500, SureSource 3000, SureSource 4000, SureSource Recovery, SureSource Capture, SureSource Hydrogen, SureSource Storage, SureSource Service, SureSource Treatment, SureSource Capital, FuelCell Energy, and FuelCell Energy logo are all trademarks of FuelCell Energy, Inc.
Contact:
FuelCell Energy, Inc.
ir@fce.com
203.205.2491
Source: FuelCell Energy
# # #
Document and Entity Information |
Aug. 13, 2021 |
---|---|
Cover [Abstract] | |
Entity Registrant Name | FUELCELL ENERGY, INC. |
Entity Central Index Key | 0000886128 |
Document Type | 8-K |
Document Period End Date | Aug. 13, 2021 |
Amendment Flag | false |
Trading Symbol | FCEL |
Title of 12(b) Security | Common Stock, $0.0001 par value per share |
Security Exchange Name | NASDAQ |
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 |
Security12b Title | Common Stock, $0.0001 par value per share |
Trading Symbol | FCEL |
Security Exchange Name | NASDAQ |
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