Attached files
file | filename |
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10-Q - FORM 10-Q - FUELCELL ENERGY INC | c18579e10vq.htm |
EX-32.2 - EX-32.2 - FUELCELL ENERGY INC | c18579exv32w2.htm |
EX-31.1 - EX-31.1 - FUELCELL ENERGY INC | c18579exv31w1.htm |
EX-32.1 - EX-32.1 - FUELCELL ENERGY INC | c18579exv32w1.htm |
EX-31.2 - EX-31.2 - FUELCELL ENERGY INC | c18579exv31w2.htm |
EX-10.75 - EX-10.75 - FUELCELL ENERGY INC | c18579exv10w75.htm |
EX-10.70 - EX-10.70 - FUELCELL ENERGY INC | c18579exv10w70.htm |
Exhibit 10.80
FUELCELL ENERGY, INC.
3 Great Pasture Road
Danbury, Connecticut
3 Great Pasture Road
Danbury, Connecticut
February 8, 2011
Joseph G. Mahler
Dear Joe,
FuelCell Energy, Inc. (the Company) values and appreciates the contributions you have made and
continue to make to the progress and success of the Company.
Accordingly, the Compensation Committee of the Board of Directors of the Company has determined
that all outstanding stock options and restricted stock awards that have been granted to you as of
the date hereof shall accelerate and immediately vest upon a Change of Control (as defined below).
In addition, all future stock options and restricted stock awards granted to you by the Company
shall also accelerate and immediately vest upon a Change of Control.
For purposes of this agreement, a Change of Control shall be deemed to have occurred if the
transaction is of a nature that would be required to be reported in response to Item 1(a) of the
Current Report on Form 8-K, as in effect on January 1, 2003, pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 (the Exchange Act); provided that, without limitation, such a
Change of Control shall be deemed to have occurred if: (i) a third Person, including a group as
such term is used in Section 13(d)(3) of the Exchange Act, other than the trustee of any employee
benefit plan of the Company, becomes the beneficial owner, directly or indirectly, of 35% or more
of the combined voting power of the Companys outstanding voting securities ordinarily having the
right to vote for the election of directors of the Company; (ii) during any period of twenty-four
(24) consecutive months individuals who, at the beginning of such consecutive twenty-four (24)
month period, constitute the Board of Directors of the Company (the Board) cease for any reason
(other than retirement upon reaching normal retirement age, disability, or death) to constitute at
least a majority of the Board; provided that any person becoming a director subsequent to the date
hereof whose election, or nomination for election by the Companys shareholders, was approved by a
vote of at least three quarters of the directors comprising the Incumbent Board shall be, for
purposes of this Agreement, considered as though such person were a member of the Incumbent Board;
or (iii) the Company shall cease to be a publicly owned company having its outstanding Common Stock
listed on the New York Stock Exchange or quoted in the NASDAQ National or Small Cap Market System,
except where the delisting is related to a private purchase of the Companys stock by a group
consisting of the Companys current officers.
For these purposes, a Change of Control also shall not be deemed to have occurred where, with
respect to any transaction otherwise constituting a Change of Control, you are reasonably
expected to maintain your existing position as Executive Vice-President and CFO with the Company.
For these purposes, Incumbent Board means the Board as in existence twenty-four (24) months prior
to the date the action is being considered. Notwithstanding the foregoing, if the Incumbent Board
specifically determines that any transaction does not constitute a Change of Control for purposes
of this Agreement, such determination shall be conclusive and binding.
Please sign below on the enclosed copy of this letter, whereupon it will be a binding agreement
between us.
Very truly yours, | ||||||
/s/ Darrell Bradford
|
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VP Human Resources | ||||||
AGREED AND ACCEPTED: |
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/s/ Joseph G. Mahler
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