Fuelcell Energy Inc 8-K, filed May 27, 2021
Fuelcell Energy Inc (FCEL)
About this 8-K
Fuelcell Energy Inc filed this 8-K on May 27, 2021, reporting on events of May 24, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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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 May 24, 2021, the Board of Directors (“Board”) of FuelCell Energy, Inc. (the “Company”) increased the size of the Board to six directors and elected a new director – Cynthia Hansen – to serve on the Board effective May 25, 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. Hansen has been appointed, effective May 25, 2021, to serve on the Executive Committee, Audit and Finance Committee, Nominating and Corporate Governance Committee and Compensation Committee.
There are no arrangements or understanding between Ms. Hansen and any other person pursuant to which she was selected as a director, nor are there any transactions in which Ms. Hansen has an interest that would be reportable under Item 404(a) of Regulation S-K.
As a non-employee director, Ms. Hansen will be compensated in accordance with the Company’s compensation policies for non-employee directors, which are described in the Company’s proxy statements filed with the Securities and Exchange Commission.
In connection with her election to the Board, Ms. Hansen received a pro-rated annual retainer for service on the Board of $45,833 and pro-rated annual non-chair committee fees of $9,167 for the Audit and Finance Committee and $6,875 for each of the Compensation and Nominating and Corporate Governance Committees. The retainer and fees may be paid in cash or common stock of the Company at the election of Ms. Hansen.
In addition, Ms. Hansen received an award of 8,165 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 Securities and Exchange Commission 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. Hansen 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 May 27, 2021, the Company issued a press release announcing the election of Cynthia Hansen 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. | |
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Date: May 27, 2021 | By: | /s/ Michael S. Bishop |
| | Michael S. Bishop |
| | Executive Vice President, Chief Financial Officer and Treasurer |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Cynthia Hansen Appointed to FuelCell Energy’s Board of Directors
| ● | 20+ Years of Experience as a Leader in the Energy Industry |
| ● | Leading Enbridge Energy Transition Net Zero GHG By 2050 |
| ● | Deep Expertise in Hydrogen, Hydrogen Transportation, and Hydrogen Storage |
| ● | Extensive Background in Developing Strategic Pathways to Decarbonization |
DANBURY, CT – May 27, 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 Cynthia Hansen to serve as a new independent director, effective May 25, 2021. Ms. Hansen is currently Executive Vice President and President, Gas Distribution and Storage at Enbridge, Inc. Cynthia is responsible for the overall leadership and operations of Ontario based Enbridge Gas Inc., which followed the amalgamation of Enbridge Gas Distribution and Union Gas, as well as Gazifère, and serves the Gatineau region of Quebec. Cynthia is also Executive Sponsor for Asset and Work Management Transformation across Enbridge working with other business unit leaders, and co-chair of the Diversity and Inclusion Steering Committee. She brings to the Board extensive experience in hydrogen, hydrogen transportation, and hydrogen energy storage in addition to operating a vast energy distribution network.
Cynthia has more than 20 years of experience working in operational, financial and safety leadership roles within Enbridge, including as President, Enbridge Gas Distribution and Senior Vice President, Operations within Liquids Pipelines. Prior to joining Enbridge, she worked as a Principal for PricewaterhouseCoopers.
Cynthia was named one of Canada’s Most Powerful Women: Top 100 by the Women’s Executive Network, as well as a WXN Hall of Fame member, and was recognized as a Canadian Business Leader by Catalyst Canada.
Cynthia serves on the boards of Energir Inc., the Ontario Energy Association and the Canadian Gas Association. In the past, she has served on the boards of the Canadian Energy Council, the Canadian Energy Pipelines Association, the Alberta Chamber of Resources, the Edmonton Symphony Orchestra, the University of Alberta School of Business Advisory Council and NorQuest College, among others.
Ms. Hansen’s appointment expands the Board to six directors, five of whom are independent. She will be a member of the Board’s Executive, Nominating and Corporate Governance, Audit and Finance, and Compensation Committees.
“Cynthia will contribute both an operational and infrastructure perspective to our board, which is essential as we further our efforts to lead in the energy transition” said James England, Chairman of the Board.
“Cynthia is an accomplished leader with over twenty years driving improvements and innovation within Enbridge,” said Jason Few, President, Chief Executive Officer and Chief Commercial Officer of FuelCell Energy. “As we continue to drive FuelCell Energy with focus on operational effectiveness, commercial success, and meaningful growth, Cynthia’s deep expertise in distributed energy greatly enhances the strategic insight on our board.” “In addition, Cynthia’s work leading the energy transition for the largest mid-stream company in North America provides the FuelCell Energy Board and management team forward insight on the infrastructure required to leverage our platforms across the energy transition to hydrogen, hydrogen storage, carbon capture, carbon transportation and sequestration and operational excellence.”
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
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