FuelCell Energy extends CT assistance agreement target to Oct 2024, updates job targets

FUELCELL ENERGY INC

Third Amendment extends Phase 1 Target Date to October 31, 2024 from prior date.
Company must retain 538 full-time positions in CT for 24 consecutive months by that date.
Failure results in penalty of $14,225 per job below 538, applied to loan balance.
If company retains 538 and creates 91 additional jobs (total 629), it may receive $2M credit on $10M loan.
Loan originated in 2015 with $10M disbursement for manufacturing expansion in Torrington, CT.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

FUELCELL ENERGY INC amended Third Amendment to Assistance Agreement with State of Connecticut (effective 2023-05-24).

Action: amendment
Agreement: credit facility
Counterparty: State of Connecticut
Effective: 2023-05-24

Exact text from the filing

In April 2023, the Company signed a Third Amendment to the Assistance Agreement (the “Third Amendment”). The Third Amendment was approved by the State of Connecticut Office of Attorney General on May 18, 2023, and the State of Connecticut Office of Attorney General released, and the Company received, the countersigned Third Amendment on May 24, 2023, at which time the Third Amendment became effective.

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Source: SEC EDGAR

accession 0001558370-23-010617

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