<SEC-DOCUMENT>0001193125-12-126461.txt : 20120322
<SEC-HEADER>0001193125-12-126461.hdr.sgml : 20120322
<ACCEPTANCE-DATETIME>20120322090251
ACCESSION NUMBER:		0001193125-12-126461
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20120322
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120322
DATE AS OF CHANGE:		20120322

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FUELCELL ENERGY INC
		CENTRAL INDEX KEY:			0000886128
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				060853042
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14204
		FILM NUMBER:		12707862

	BUSINESS ADDRESS:	
		STREET 1:		3 GREAT PASTURE RD
		CITY:			DANBURY
		STATE:			CT
		ZIP:			06813
		BUSINESS PHONE:		2038256000

	MAIL ADDRESS:	
		STREET 1:		3 GREAT PASTURE ROAD
		CITY:			DANBURY
		STATE:			CT
		ZIP:			06813

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ENERGY RESEARCH CORP /NY/
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d320650d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
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 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>WASHINGTON, DC 20549 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 8-K
</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Pursuant to Section&nbsp;13 or 15(d) of the </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Securities Exchange Act of
1934 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Date of report (Date of earliest event reported): March&nbsp;22, 2012 </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>FUELCELL ENERGY, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact Name of Registrant as Specified in Charter) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Delaware</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>001-14204</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>06-0853042</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State&nbsp;or&nbsp;Other&nbsp;Jurisdiction</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>of Incorporation)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Commission</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>File&nbsp;Number)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(IRS&nbsp;Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Identification&nbsp;No.)</B></FONT></P></TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>3&nbsp;Great&nbsp;Pasture&nbsp;Road,&nbsp;Danbury,&nbsp;Connecticut</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>06813</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of Principal Executive Offices)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Registrant&#146;s telephone number, including area code: (203)&nbsp;825-6000 </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Not Applicable </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>(Former Name or Former Address, if Changed Since Last Report) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Check the
appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

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<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;1.01</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Entry into a Material Definitive Agreement. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">On March&nbsp;22, 2012, FuelCell Energy, Inc. (&#147;FuelCell&#148;) entered into an underwriting agreement (the &#147;Underwriting Agreement&#148;) with Lazard Capital Markets LLC, as the sole
book-running manager, Stifel, Nicolaus&nbsp;&amp; Company, Incorporated, as the co-lead manager and FBR Capital Markets&nbsp;&amp; Co., as the co-manager (together, the &#147;Underwriters&#148;) relating to the public offering (the
&#147;Offering&#148;) of 20,000,000 shares of FuelCell&#146;s common stock, $0.0001 par value per share (the &#147;Common Stock&#148;), at a price to the public of $1.50 per share (the &#147;Offering Price&#148;), less underwriting discounts and
commissions. Under the terms of the Underwriting Agreement, FuelCell has also granted the Underwriters a 30-day option to purchase up to an additional 3,000,000 shares of Common Stock offered in the Offering to cover over-allotments, if any, at the
Offering Price. The net proceeds to the Company from the sale of the Common Stock, after deducting the Underwriters&#146; discount and commission and other estimated offering expenses payable by the Company, are expected to be approximately $28.0
million, assuming no exercise by the Underwriters of their over-allotment option. The Offering is expected to close on March&nbsp;27, 2012, subject to the satisfaction of customary closing conditions. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The net offering proceeds from this offering will be used as growth capital for market development, enabling project financing and
general corporate purposes.</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Common Stock is being offered and sold pursuant to a prospectus dated September&nbsp;21, 2010
and a prospectus supplement filed with the U.S. Securities and Exchange Commission (the &#147;SEC&#148;) on March&nbsp;22, 2012, in connection with a takedown from the Company&#146;s effective shelf registration statement on Form S-3 (File
No.&nbsp;333-164412) declared effective by the SEC on September&nbsp;21, 2010. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Underwriting Agreement contains customary
representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and the Underwriter, including for liabilities under the Securities Act of 1933, as amended, other obligations of
the parties and termination provisions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Underwriting Agreement has been filed with this report to provide investors and
security holders with information regarding its terms. It is not intended to provide any other factual information about the Company. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes
of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures exchanged
between the parties in connection with the execution of the Underwriting Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The legal opinion of Robinson&nbsp;&amp;
Cole LLP relating to the Common Stock being offered is filed as Exhibit&nbsp;5.1 to this Current Report on Form&nbsp;8-K. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
foregoing is only a brief description of the material terms of the Underwriting Agreement, does not purport to be a complete description of the rights and obligations of the parties thereunder, and is qualified in its entirety by reference to the
Underwriting Agreement that is filed as Exhibit&nbsp;1.1 to this Current Report on Form&nbsp;8-K and incorporated by reference herein. </FONT></P>

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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;8.01</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Other Events. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On
March&nbsp;21, 2012, the Company issued a press release announcing the Offering.&nbsp;On March&nbsp;22, 2012, the Company issued a press release announcing pricing of the Offering. Copies of the press releases are attached as Exhibits&nbsp;99.1 and
99.2 to this report and are incorporated by reference herein. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;9.01</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Financial Statements and Exhibits. </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)&nbsp;Exhibits </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="94%"></TD></TR>


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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;1.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Underwriting Agreement, dated as of March&nbsp;22, 2012, among FuelCell Energy, Inc., Lazard Capital Markets LLC, Stifel, Nicolaus &amp; Company, Incorporated and FBR Capital
Markets &amp; Co.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;5.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Opinion of Robinson &amp; Cole LLP</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">23.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consent of Robinson &amp; Cole LLP (included in Exhibit&nbsp;5.1)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press Release issued by FuelCell Energy, Inc. on March 21, 2012</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press Release issued by FuelCell Energy, Inc. on March 22, 2012</FONT></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">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. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">FUELCELL ENERGY, INC.</FONT></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date:&nbsp;March 22, 2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/Michael Bishop</FONT></P></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Michael Bishop</FONT></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President and Chief Financial&nbsp;Officer</FONT></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT INDEX </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">Exhibit<BR>No.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">Description</FONT></TD></TR>


<TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;1.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Underwriting Agreement, dated as of March 22, 2012, among FuelCell Energy, Inc., Lazard Capital Markets LLC, Stifel, Nicolaus &amp; Company, Incorporated and FBR Capital Markets
&amp; Co.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;5.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Opinion of Robinson &amp; Cole LLP</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">23.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consent of Robinson &amp; Cole LLP (included in Exhibit&nbsp;5.1)</FONT></TD></TR>
<TR>
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<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press Release issued by FuelCell Energy, Inc. on March 21, 2012</FONT></TD></TR>
<TR>
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<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press Release issued by FuelCell Energy, Inc. on March 22, 2012</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>d320650dex11.htm
<DESCRIPTION>EX-1.1
<TEXT>
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<TITLE>EX-1.1</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 1.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>Execution Copy </I></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>20,000,000 Shares of Common Stock </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>par value $0.0001 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>3,000,000 Over-Allotment Shares </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FUELCELL ENERGY, INC. </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>UNDERWRITING AGREEMENT </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="2">March&nbsp;22, 2012 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lazard Capital Markets LLC </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">As Representative of the several Underwriters set forth in Schedule C </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">c/o Lazard Capital Markets LLC </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">30 Rockefeller Plaza </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">New York, New York 10020 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dear Sirs:
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I>1<I>. I<SMALL>NTRODUCTION</SMALL>. </I>FuelCell Energy, Inc., a Delaware corporation (the
<B>&#147;</B><I></I><B>Company</B><I></I><B>&#148;</B>), proposes to issue and sell to the several Underwriters (defined below), pursuant to the terms and conditions of this Underwriting Agreement (this
<B>&#147;</B><I></I><B>Agreement</B><I></I><B>&#148;</B>), an aggregate of 20,000,000 shares of common stock, $0.0001 par value per share (the &#147;<B>Common Stock</B>&#148;) of the Company (the<B> &#147;</B><I></I><B>Firm
Shares</B><I></I><B>&#148;</B>) as set forth in <U>Schedule C</U> hereto. The Company hereby confirms that Lazard Capital Markets LLC (&#147;<I></I><B>LCM</B><I></I>&#148;), Stifel, Nicolaus&nbsp;&amp; Company, Incorporated
(<B>&#147;</B><B>SNC</B><B>&#148;</B>) and FBR Capital Markets&nbsp;&amp; Co. (<B>&#147;</B><B>FBR</B>&#148;, and together with LCM and SNC, the <I></I><B>&#147;</B><I></I><B>Underwriters</B><I></I>&#148;) acted as the Underwriters in accordance
with the terms and conditions hereof. LCM is acting as the representative of the Underwriters and in such capacity is hereinafter referred to as the <B>&#147;</B><B>Representative</B>.<B>&#148;</B><I> </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company also proposes to issue and sell to the several Underwriters not more than an additional 3,000,000 shares of its Common Stock
(the &#147;<B>Additional Shares</B>&#148;) if and to the extent that you, as Underwriters, shall have, severally and not jointly, determined to exercise your right to purchase such shares of Common Stock granted to the Underwriters below and in
<U>Section&nbsp;2</U> hereof. The Firm Shares and the Additional Shares are hereinafter collectively referred to as the &#147;<B>Shares</B>.&#148; The offering and sale of the Shares is hereinafter referred to as the &#147;<B>Offering</B>.&#148;
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Underwriters may exercise their over-allotment purchase right in whole or from time to time in part by giving written
notice not later than thirty (30)&nbsp;days after the date of this Agreement. Any exercise notice shall specify the number of Additional Shares to be purchased by the Underwriters and the date on which such shares are to be purchased. If any
Additional Shares are to be purchased, the number of Additional Shares to be purchased by each Underwriter shall be the number of Additional Shares which bears the same ratio to the aggregate </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
number of Additional Shares being purchased as the number of Firm Shares purchased by such Underwriter bears to the aggregate number of Firm Shares purchased from the Company by the Underwriters,
subject, however, to such adjustments to eliminate any fractional Shares as the Representative in its sole discretion shall make. Each purchase date must be at least one business day after the written notice is given and may not be earlier than the
closing date for the Firm Shares nor later than ten business days after the date of such notice. Additional Shares may be purchased hereby solely for the purpose of covering over-allotments made in connection with the offering of the Firm Shares. On
each day, if any, that Additional Shares are to be purchased (an &#147;<B>Option Closing Date</B>&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>2.
D<SMALL>ELIVERY</SMALL> <SMALL>AND</SMALL> P<SMALL>AYMENT</SMALL>.</I> On the basis of the representations, warranties and agreements of the Company herein contained, and subject to the terms and conditions set forth in this Agreement: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.1 The Company agrees to issue and sell and the Underwriters, severally and not jointly, agree to purchase from the
Company an aggregate of 20,000,000 Firm Shares at a purchase price of $1.41 per share of Common Stock (the &#147;<B>Purchase Price</B>&#148;), which represents an underwriting discount of six percent (6%)&nbsp;to the Public Offering Price (defined
below). The Company has been advised by you that you propose to make a public offering of the Shares as soon after this Agreement has become effective as in your judgment is advisable. The Company is further advised by you that the Shares are to be
offered to the public initially at $1.50 per Share (&#147;<B>Public Offering Price</B>&#148;). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.2 Payment of
the Purchase Price for, and delivery of, the Firm Shares shall be made at the time and date of closing and delivery of the documents required to be delivered to the Underwriters pursuant to <U>Sections 4</U> and <U>6</U> hereof shall be at 10:00
A.M., New York time, on March&nbsp;27, 2012 (the &#147;<B>Closing Date</B>&#148;) at the office of Patterson Belknap Webb&nbsp;&amp; Tyler LLP, 1133 Avenue of the Americas, New York, NY 10036 or at such other time and date as the Representative and
the Company determine pursuant to Rule 15c6-1(a) under the Securities Exchange Act of 1934, as amended (the &#147;<I>Exchange Act</I>&#148;), the Company shall deliver the Firm Shares, which shall be registered in the name or names and shall be in
such denominations as the Representative may request at least one (1)&nbsp;business day before the Closing Date, to the Representative, which delivery shall be made through the facilities of the Depository Trust Company&#146;s DWAC system.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3 Payment of the Purchase Price for, and delivery of, any Additional Shares shall be made at the Option
Closing Date or at such other time and date as the Representative and the Company determine pursuant to Rule 15c6-1(a) under the Exchange Act, the Company shall deliver the Additional Shares, which shall be registered in the name or names and shall
be in such denominations as the Underwriters may request at least one (1)&nbsp;business day before the Option Closing Date, to the Underwriters, which delivery shall be made through the facilities of the Depository Trust Company&#146;s DWAC system.
The Option Closing Date may be simultaneous with, but not earlier than, the Closing Date; and in the event that such time and date are simultaneous with the Closing Date, the term &#147;Closing Date&#148; shall refer to the time and date of delivery
of the Firm Shares and Additional Shares. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.4 Prior to either of the First Closing Date or the Option Closing Date,
the Company shall not, without the prior written consent of the Representative, solicit or accept offers to purchase shares of the Common Stock or securities convertible into, exchangeable or exercisable for, shares of Common Stock (other than
pursuant to the exercise of options or warrants to purchase shares of Common Stock that are outstanding at the date hereof and up to 20,000,000 shares which may be issued to POSCO Power or its affiliates (the &#147;POSCO Issuance&#148;)) otherwise
than through the Underwriters in accordance herewith. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.5 No Shares which the Company has agreed to sell
pursuant to this Agreement shall be deemed to have been purchased and paid for, or sold by the Company, until such Shares shall have been delivered to the Underwriters thereof against payment by each of the Underwriters. If the Company shall default
in its obligations to deliver any Shares to the Underwriters, the Company shall indemnify and hold each Underwriter harmless against any loss, claim, damage or expense arising from or as a result of such default by the Company in accordance with the
procedures set forth in <U>Section&nbsp;7(c)</U> herein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>3. R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL>
W<SMALL>ARRANTIES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL>.</I> The Company represents and warrants to the Underwriters, as of the date hereof and as of the closing date, and agrees with the Underwriters that: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The Company has prepared and filed in conformity with the requirements of the Securities Act of 1933, as amended (the
&#147;<B>Securities Act</B>&#148;), and published rules and regulations thereunder (the &#147;<B>Rules and Regulations</B>&#148;) adopted by the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) a &#147;shelf&#148; Registration
Statement (as hereinafter defined) on Form S-3 (File No.&nbsp;333-164412), which became effective as of September&nbsp;21, 2010 (the &#147;<B>Effective Date</B>&#148;), including a base prospectus relating to the Shares (the &#147;<B>Base
Prospectus</B>&#148;), and such amendments and supplements thereto as may have been required up to the date of this Agreement. The term &#147;<B>Registration Statement</B>&#148; as used in this Agreement means the registration statement (including
all exhibits, financial schedules and all documents and information deemed to be a part of the Registration Statement pursuant to Rule 430B of the Rules and Regulations), as amended and/or supplemented to the date of this Agreement, including the
Base Prospectus. The Registration Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use of the Prospectus has been issued by the
Commission and no proceedings for that purpose have been instituted or, to the Company&#146;s knowledge, are threatened by the Commission. The Company, if required by the Rules and Regulations of the Commission, will file the Prospectus (as defined
below), with the Commission pursuant to Rule 424(b) of the Rules and Regulations. The term &#147;<B>Prospectus</B>&#148; as used in this Agreement means the Prospectus, in the form in which it is to be filed with the Commission pursuant to Rule
424(b) of the Rules and Regulations, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
or, if the Prospectus is not to be filed with the Commission pursuant to Rule 424(b), the Prospectus in the form included as part of the Registration Statement as of the Effective Date, except
that if any revised prospectus or prospectus supplement shall be provided to the Underwriters by the Company for use in connection with the Offering which differs from the Prospectus (whether or not such revised prospectus or prospectus supplement
is required to be filed by the Company pursuant to Rule 424(b) of the Rules and Regulations), the term &#147;<B>Prospectus</B>&#148; shall refer to such revised prospectus or prospectus supplement, as the case may be, from and after the time it is
first provided to the Underwriters for such use (or in the form first made available to the Underwriters by the Company to meet requests of prospective purchasers pursuant to Rule 173 under the Securities Act) . Any preliminary prospectus or
prospectus subject to completion included in the Registration Statement or filed with the Commission pursuant to Rule 424 of the Rules and Regulations is hereafter called a &#147;<B>Preliminary Prospectus.</B>&#148; Any reference herein to the
Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item&nbsp;12 of Form S-3 which were filed under the Securities Exchange Act of
1934, as amended (the &#147;<B>Exchange Act</B>&#148;), on or before the last to occur of the Effective Date, the date of the Preliminary Prospectus, or the date of the Prospectus, and any reference herein to the terms &#147;amend,&#148;
&#147;amendment,&#148; or &#147;supplement&#148; with respect to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include (i)&nbsp;the filing of any document under the Exchange Act after the
Effective Date, the date of such Preliminary Prospectus or the date of the Prospectus, as the case may be, which is incorporated by reference and (ii)&nbsp;any such document so filed. If the Company has filed an abbreviated registration statement to
register additional securities pursuant to Rule 462(b) under the Rules and Regulations (the &#147;<B>462(b) Registration Statement</B>&#148;), then any reference herein to the Registration Statement shall also be deemed to include such 462(b)
Registration Statement. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) As of the Applicable Time (as defined below) and as of the Closing Date
and any Option Closing Date, neither (i)&nbsp;any General Use Free Writing Prospectus (as defined below) issued at or prior to the Applicable Time, and the Pricing Prospectus (as defined below) and the information included on <U>Schedule
<B>A</B></U> hereto, all considered together (collectively, the &#147;<B>General Disclosure Package</B>&#148;), (ii)&nbsp;any individual Limited Use Free Writing Prospectus (as defined below), nor (iii)&nbsp;the bona fide electronic road show (as
defined in Rule 433(h)(5) of the Rules and Regulations), if any, that has been made available without restriction to any person, when considered together with the General Disclosure Package, included or will include, any untrue statement of a
material fact or omitted or as of the Closing Date or any Option Closing Date will omit, to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;
<I>provided, however</I>, that the Company makes no representations or warranties as to information contained in or omitted from any Issuer Free Writing Prospectus, in reliance upon, and in conformity with, written information furnished to the
Company by the Representative by or on behalf of the Underwriters specifically for inclusion therein, which information the parties hereto agree is limited to the Underwriters&#146; Information (as defined in <U>Section&nbsp;16</U>). As used in this
<U>paragraph (b)</U>&nbsp;and elsewhere in this Agreement: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B><I>Applicable Time</I></B>&#148; means 8:00 A.M., New York
time, on the date of this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B><I>General Use Free Writing Prospectus</I></B>&#148; means any Issuer Free
Writing Prospectus that is identified on <U>Schedule <B>A</B></U> to this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B><I>Issuer Free Writing
Prospectus</I></B>&#148; means any &#147;<B>issuer free writing prospectus,</B>&#148; as defined in Rule 433 of the Rules and Regulations relating to the Shares in the form filed or required to be filed with the Commission or, if not required to be
filed, in the form retained in the Company&#146;s records pursuant to Rule 433(g) of the Rules and Regulations. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B><I>Limited Use Free Writing Prospectuses</I></B>&#148; means any Issuer Free Writing Prospectus that is not a General Use Free
Writing Prospectus. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B><I>Pricing Prospectus</I></B>&#148; means the Preliminary Prospectus, if any, and the Base
Prospectus, each as amended and supplemented immediately prior to the Applicable Time, including any document incorporated by reference therein and any prospectus supplement deemed to be a part thereof. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) No order preventing or suspending the use of any Preliminary Prospectus, any Issuer Free Writing Prospectus or the
Prospectus relating to the Offering has been issued by the Commission, and no proceeding for that purpose or pursuant to Section&nbsp;8A of the Securities Act has been instituted or threatened by the Commission, and each Preliminary Prospectus (if
any), at the time of filing thereof, conformed in all material respects to the requirements of the Securities Act and the Rules and Regulations, and did not contain an untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; <I>provided, however</I>, that the Company makes no representations or warranties as to information
contained in or omitted from any Preliminary Prospectus, in reliance upon, and in conformity with, written information furnished to the Company by the Representative by or on behalf of the Underwriters specifically for inclusion therein, which
information the parties hereto agree is limited to the Underwriters&#146; Information (as defined in <U>Section&nbsp;16</U>). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(d) At the time the Registration Statement became effective, at the date of this Agreement and at the Closing Date and any Option Closing Date, the Registration Statement conformed and will conform in all
material respects to the requirements of the Securities Act and the Rules and Regulations and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein not misleading; the Prospectus, at the time the Prospectus was issued and at the Closing Date and any Option Closing Date, conformed and will conform in all material respects to the requirements of the Securities Act and the
Rules and Regulations and did not and will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
light of the circumstances under which they were made, not misleading; <I>provided, however</I>, that the foregoing representations and warranties in this <U>paragraph (d)</U>&nbsp;shall not
apply to information contained in or omitted from the Registration Statement or the Prospectus in reliance upon, and in conformity with, written information furnished to the Company by the Representative by or on behalf of the Underwriters
specifically for inclusion therein, which information the parties hereto agree is limited to the Underwriters&#146; Information (as defined in <U>Section&nbsp;16</U>). </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) Each Issuer Free Writing Prospectus, if any, as of its issue date and at all subsequent times through the completion
of the public offer and sale of the Shares or until any earlier date that the Company notified or notifies the Representative as described in <U>Section&nbsp;4(e)</U>, did not, does not and will not include any information that conflicted, conflicts
or will conflict with the information contained in the Registration Statement, Pricing Prospectus or the Prospectus, including any document incorporated by reference therein and any prospectus supplement deemed to be a part thereof that has not been
superseded or modified, or includes an untrue statement of a material fact or omitted or would omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus in reliance upon, and in conformity with, written information furnished to the Company by the
Representative by or on behalf of the Underwriters specifically for inclusion therein, which information the parties hereto agree is limited to the Underwriters&#146; Information (as defined in <U>Section&nbsp;16</U>). </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) The documents incorporated by reference in the Prospectus, when they became effective or were filed with the
Commission, as the case may be, conformed in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder and none of such documents contained any
untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and any further documents
so filed and incorporated by reference in the Prospectus, when such documents become effective or are filed with the Commission, as the case may be, will conform in all material respects to the requirements of the Securities Act or the Exchange Act,
as applicable, and the rules and regulations of the Commission thereunder and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) (i) At the earliest time after the
filing of the Registration Statement that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) under the Securities Act) of the Shares and (ii)&nbsp;at the date hereof, the Company was not and is
not an &#147;ineligible issuer,&#148; as defined in Rule 405 under the Securities Act. The Company has not, directly or indirectly, distributed and will not distribute any offering material in connection with the Offering other than any Preliminary
Prospectus, the Prospectus and other materials, if any, permitted under the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">6 </FONT></P>


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Securities Act and consistent with <U>Section&nbsp;4(b)</U> below. The Company will file with the Commission all Issuer Free Writing Prospectuses (other than a &#147;road show,&#148; as described
in Rule 433(d)(8) of the Rules and Regulations), if any, in the time and manner required under Rules 163(b)(2) and 433(d) of the Rules and Regulations. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(h) The Company and each of its subsidiaries (as defined in <U>Section&nbsp;14</U>) have been duly organized and are validly existing as corporations or other legal entities in good standing (or the
foreign equivalent thereof) under the laws of their respective jurisdictions of organization. The Company and each of its subsidiaries are duly qualified to do business and are in good standing as foreign corporations or other legal entities in each
jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires such qualification and have all power and authority (corporate or other) necessary to own or hold their respective
properties and to conduct the businesses in which they are engaged, except where the failure to so qualify or have such power or authority would not (i)&nbsp;have, singly or in the aggregate, a material adverse effect on the condition (financial or
otherwise), results of operations, assets, properties, business or prospects of the Company and its subsidiaries taken as a whole, or (ii)&nbsp;impair in any material respect the ability of the Company to perform its obligations under this Agreement
or to consummate any transactions contemplated by this Agreement, the General Disclosure Package or the Prospectus (any such effect as described in clauses (i)&nbsp;or (ii), a &#147;<B>Material Adverse Effect</B>&#148;). The Company owns or
controls, directly or indirectly, only the following corporations, partnerships, limited liability partnerships, limited liability companies, associations or other entities: (i)&nbsp;FCE FuelCell Energy, Ltd., a Canadian company, (ii)&nbsp;Alliance
Star Energy, LLC, a California limited liability company, (iii)&nbsp;Alliance TST Energy, LLC, a California limited liability company, (iv)&nbsp;Bridgeport Fuel Cell Park, LLC, a Connecticut limited liability company, (v)&nbsp;DFC-ERG Milford, LLC,
a Delaware limited liability company, (vi)&nbsp;DFC-ERG CT, LLC, a Connecticut limited liability company, (vii)&nbsp;Star Energy East, LLC, a Connecticut limited liability company, (viii)&nbsp;Long Beach Clean Energy, LLC, a New York limited
liability company, (ix)&nbsp;FuelCell Energy Solutions GmbH, a German company, and (x)&nbsp;FCE Korea, Ltd., a South Korean company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(i) The Company has the full right, power and authority to enter into this Agreement, and to perform and to discharge its obligations hereunder; and this Agreement has been duly authorized, executed and
delivered by the Company, and constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as rights to indemnify hereunder may be limited by federal or state securities laws and
except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors generally and subject to general principles of equity. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(j) The Firm Shares and the Additional Shares to be issued and sold by the Company to the Underwriters hereunder have been
duly and validly authorized and, when issued and delivered by the Company against payment therefor as provided herein will conform to the description thereof contained in the General Disclosure Package and the Prospectus. There are no preemptive
rights or other rights to subscribe for or to purchase </FONT></P>
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any shares of Common Stock or shares of any other capital stock or other equity interests of the Company or any of its subsidiaries, or any agreement or arrangement between the Company and any of
the Company&#146;s stockholders or between any of the Company&#146;s subsidiaries and any of such subsidiary&#146;s stockholders, or to the Company&#146;s knowledge, between or among any of the Company&#146;s stockholders or any of its
subsidiaries&#146; stockholders, which grant special rights with respect to any shares of the Company&#146;s or any of its subsidiaries&#146; capital stock or which in any way affect any stockholder&#146;s ability or right to alienate freely or vote
such shares (other than rights which have been waived in writing in connection with the issuance and sale of the Firm Shares and the Additional Shares and the other transactions contemplated by this Agreement or otherwise satisfied). In connection
with this Offering, the Company has received a written waiver from POSCO Power (&#147;<B>POSCO</B>&#148;) of it&#146;s investor rights under that certain Securities Purchase Agreement between POSCO and the Company, dated June&nbsp;9, 2009
(&#147;<B>Posco Securities Purchase Agreement</B>&#148;). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(k) The Company has an authorized capitalization as
set forth in the Pricing Prospectus, and all of the issued shares of the Company have been duly and validly authorized and issued, are fully paid and nonassessable, have been issued in compliance with federal and state securities laws, and conform
to the description thereof contained in the General Disclosure Package and the Prospectus. As of February&nbsp;29, 2012, there were 141,049,007 shares of Common Stock, par value $0.0001, issued and outstanding, 64,020 Series B preferred shares
issued and outstanding, convertible into 5,448,512 shares of common stock and the Company&#146;s Series 1 preferred shares, issued and outstanding, which is currently convertible into 16,936,420 share of common stock and 2,970,733 shares of Common
Stock were issuable upon the exercise of all options, warrants and convertible securities outstanding as of such date. Since such date, the Company has not issued any securities, other than Common Stock of the Company issued pursuant to the exercise
of stock options previously outstanding under the Company&#146;s stock plans or the issuance of options or restricted Common Stock under the Company&#146;s stock plans. All of the stock options, warrants and other rights to purchase or exchange any
securities for shares of the Company&#146;s capital stock have been duly authorized and validly issued, and were issued in compliance with US federal and state securities laws. None of the outstanding shares of Common Stock was issued in violation
of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company. There are no authorized or outstanding shares of capital stock, options, warrants, preemptive rights, rights of first
refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any capital stock of the Company or any of its subsidiaries other than those described above or accurately described in the
General Disclosure Package. The description of the Company&#146;s stock option, stock bonus and other stock plans or arrangements, and the stock options or other rights granted thereunder, as described in the General Disclosure Package and the
Prospectus, accurately and fairly present the information required to be shown with respect to such plans, arrangements, stock options and rights. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(l) All the outstanding shares of capital stock or other equity interests of each subsidiary of the Company have been duly authorized and validly issued, are fully paid
</FONT></P>
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and nonassessable and, except to the extent set forth in the General Disclosure Package or the Prospectus, are owned by the Company directly or indirectly through one or more wholly-owned
subsidiaries, free and clear of any claim, lien, encumbrance, security interest, restriction upon voting or transfer or any other claim of any third party. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(m) The execution, delivery and performance of this Agreement by the Company, the issuance and sale of the Firm Shares or any Additional Shares by the Company and the consummation of the transactions
contemplated hereby and thereby will not (with or without notice or lapse of time or both) (i)&nbsp;conflict with or result in a breach or violation of any of the terms or provisions of, constitute a default or Debt Repayment Triggering Event (as
defined below) under, give rise to any right of termination or other right or the cancellation or acceleration of any right or obligation or loss of a benefit under, or give rise to the creation or imposition of any lien, encumbrance, security
interest, claim or charge upon any property or assets of the Company or any subsidiary pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or
by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (ii)&nbsp;result in any violation of the provisions of the charter or by-laws (or analogous
governing instruments, as applicable) of the Company or any of its subsidiaries or (iii)&nbsp;result in any violation of any law, statute, rule, regulation, judgment, order or decree of any court or governmental agency or body, domestic or foreign,
having jurisdiction over the Company or any of its subsidiaries or any of their properties or assets, except with respect to clauses (i)&nbsp;and (iii)&nbsp;above, to the extent any such conflict, breach or violation has been waived or would not
result in a Material Adverse Effect. A &#147;<B>Debt Repayment Triggering Event</B>&#148; means any event or condition that gives, or with the giving of notice or lapse of time would give the holder of any note, debenture or other evidence of
indebtedness (or any person acting on such holder&#146;s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any of its subsidiaries. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(n) No consent, approval, authorization or order of, or filing, qualification or registration with, any court or
governmental agency or body, foreign or domestic, which has not been made, obtained or taken and is not in full force and effect, is required for the execution, delivery and performance of this Agreement by the Company, the offer or sale of the
Shares or the consummation of the transactions contemplated hereby or thereby, except for the registration of the Common Stock under the Securities Act and such consents, approvals, authorizations, registrations or qualifications as may be required
under the Exchange Act and applicable state securities laws, the Financial Industry Regulatory Authority (&#147;<B>FINRA</B>&#148;) and the NASDAQ Global Market (the &#147;<B>NASDAQ GM</B>&#148;) in connection with the Offering by the Company, and
the listing of the Shares on the NASDAQ GM. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(o) KPMG, LLP, who have certified certain financial statements and
related schedules included or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus, and have audited the Company&#146;s internal control over financial reporting and management&#146;s assessment
thereof, is an independent </FONT></P>
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registered public accounting firm as required by the Securities Act and the Rules and Regulations and the Public Company Accounting Oversight Board (United States) (the &#147;<B>PCAOB</B>&#148;).
Except as pre-approved in accordance with the requirements set forth in Section&nbsp;10A of the Exchange Act, KPMG, LLP has not been engaged by the Company to perform any &#147;prohibited activities&#148; (as defined in Section&nbsp;10A of the
Exchange Act). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(p) The financial statements, together with the related notes and schedules, included or
incorporated by reference in the General Disclosure Package, the Prospectus and in the Registration Statement fairly present the financial position and the results of operations and changes in stockholders&#146; equity and cash flows of the Company
and its consolidated subsidiaries and other consolidated entities at the respective dates or for the respective periods therein specified. Such statements and related notes and schedules have been prepared in accordance with generally accepted
accounting principles in the United States (&#147;<B>GAAP</B>&#148;) applied on a consistent basis throughout the periods involved except as may be set forth in the related notes included or incorporated by reference in the General Disclosure
Package. The financial statements, together with the related notes and schedules, included or incorporated by reference in the General Disclosure Package and the Prospectus comply in all material respects with the Securities Act, the Exchange Act,
and the Rules and Regulations and the rules and regulations under the Exchange Act. No other financial statements or supporting schedules or exhibits are required by the Securities Act or the Rules and Regulations to be described, or included or
incorporated by reference in the Registration Statement, the General Disclosure Package or the Prospectus. There is no pro forma or as adjusted financial information which is required to be included in the Registration Statement, the General
Disclosure Package, or and the Prospectus or a document incorporated by reference therein in accordance with the Securities Act and the Rules and Regulations which has not been included or incorporated as so required. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(q) Neither the Company nor any of its subsidiaries has sustained, since the date of the latest audited financial
statements included or incorporated by reference in the General Disclosure Package, any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or
court or governmental action, order or decree, otherwise than as set forth or contemplated in the General Disclosure Package; and, since such date, there has not been any change in the capital stock or long-term debt of the Company or any of its
subsidiaries or any material adverse changes, or any development involving a prospective material adverse change, in or affecting the business, assets, general affairs, management, financial position, prospects, stockholders&#146; equity or results
of operations of the Company and its subsidiaries taken as a whole, otherwise than as set forth or contemplated in the General Disclosure Package. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(r) There are no legal or governmental actions, suits, claims or proceedings pending or, to the Company&#146;s knowledge, threatened or contemplated to which the Company or any of its subsidiaries is or
would be a party or of which any of their respective properties is or would be subject at law or in equity, before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or
</FONT></P>
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agency, or before or by any self-regulatory organization or other non-governmental regulatory authority which are required to be described in the Registration Statement, the General Disclosure
Package or the Prospectus or a document incorporated by reference therein and are not so described therein, or which, singly or in the aggregate, if resolved adversely to the Company or such subsidiary, would reasonably be likely to result in a
Material Adverse Effect or prevent or materially and adversely affect the ability of the Company to consummate the transactions contemplated hereby. To the Company&#146;s knowledge, no such proceedings are threatened or contemplated by governmental
authorities or threatened by other third parties. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(s) Neither the Company nor any of its subsidiaries is in
(i)&nbsp;violation of its charter or by-laws (or analogous governing instrument, as applicable), (ii)&nbsp;default in any respect, and no event has occurred which, with notice or lapse of time or both, would constitute such a default, in the due
performance or observance of any term, covenant, obligation, agreement or condition contained in any indenture, mortgage, deed of trust, bank loan or credit agreement, other evidence of indebtedness, or any license, lease, contract or other
agreement or instrument to which it is a party or by which the Company or its subsidiaries are is bound or to which any of its property or assets is subject or (iii)&nbsp;violation in any respect of any statute, law, ordinance, governmental rule,
regulation, ordinance, or court order, decree or judgment to which it or its property or assets may be subject except, in the case of clauses (ii)&nbsp;and (iii)&nbsp;of this paragraph (s), for any violations or defaults which would not, singly or
in the aggregate, have a Material Adverse Effect. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(t) The Company and each of its subsidiaries have made all
material filings, applications and submissions required by, and owns or possess all material approvals, licenses, certificates, certifications, clearances, consents, exemptions, marks, notifications, orders, authorizations and permits issued by, and
have made all material declarations and filings with, the appropriate local, state, federal or foreign regulatory agencies or bodies that are necessary or desirable for the ownership of their respective properties or the conduct of their respective
businesses as described in the General Disclosure Package and the Prospectus (collectively, the &#147;<B>Governmental Permits</B>&#148;) and is in compliance in all material respects with the terms and conditions of all such Governmental Permits,
except where any failures to possess or make the same would not, singly or in the aggregate, have a Material Adverse Effect. All such Governmental Permits are valid and in full force and effect. All such Governmental Permits are free and clear of
any restriction or condition that are in addition to, or materially different from those normally applicable to similar licenses, certificates, authorizations and permits. Neither the Company nor any of its subsidiaries has received any notice of
any proceedings relating to revocation or modification of, any such Permit, which, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Material Adverse Effect. Except as may be required under
the Securities Act and state and foreign Blue Sky laws and the rules and regulations of FINRA, no other Governmental Permits are required for the Company or any of its subsidiaries to enter into, deliver and perform this Agreement and to issue and
sell the Shares to be issued and sold by the Company hereunder. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(u) Neither the Company nor any of its subsidiaries is or, after giving
effect to the Offering and the application of the proceeds thereof as described in the General Disclosure Package and the Prospectus, will be (i)&nbsp;required to register as an &#147;investment company&#148; as defined in the Investment Company Act
of 1940, as amended (the &#147;<B>Investment Company Act</B><I>&#148;</I>), and the rules and regulations of the Commission thereunder or (ii)&nbsp;a &#147;business development company&#148; (as defined in Section&nbsp;2(a)(48) of the Investment
Company Act). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v) Neither the Company, its subsidiaries nor, to the Company&#146;s knowledge, any of the
Company&#146;s or its subsidiaries&#146; officers, directors or affiliates has taken or will take, directly or indirectly, any action designed or intended to stabilize or manipulate the price of any security of the Company, or which caused or
resulted in, or which could in the future reasonably be expected to cause or result in, stabilization or manipulation of the price of any security of the Company. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(w) The Company and each of its subsidiaries owns or possesses the right to use all patents, trademarks, trademark
registrations, service marks, service mark registrations, trade names, copyrights, licenses, inventions, software, databases, know-how, Internet domain names, trade secrets and other unpatented and/or unpatentable proprietary or confidential
information, systems or procedures, and other intellectual property (collectively, &#147;<B>Intellectual Property</B>&#148;) necessary to carry on their respective businesses as currently conducted, and as proposed to be conducted and described in
the General Disclosure Package and the Prospectus, and the Company is not aware of any claim to the contrary or any challenge by any other person to the rights of the Company and its subsidiaries with respect to the foregoing except for those that
would not reasonably be expected to have a Material Adverse Effect. The Intellectual Property licenses described in the General Disclosure Package and the Prospectus are valid, binding upon, and enforceable by or against the parties thereto in
accordance with their terms. The Company and each of its subsidiaries has complied in all material respects with, and is not in breach nor has received any asserted or threatened claim of breach of, any Intellectual Property license, and the Company
has no knowledge of any breach or anticipated breach by any other person to any Intellectual Property license. The Company&#146;s and each of its subsidiaries&#146; businesses as now conducted and as proposed to be conducted do not and will not
infringe or conflict with any valid and enforceable patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses or other Intellectual Property or franchise right of any person. Neither the Company nor any of its subsidiaries
has received notice of any claim against the Company or any of its subsidiaries alleging the infringement by the Company or any of its subsidiaries of any patent, trademark, service mark, trade name, copyright, trade secret, license in or other
intellectual property right or franchise right of any person. The Company and each of its subsidiaries has taken all reasonable steps to protect, maintain and safeguard its rights in all Intellectual Property, including the execution of appropriate
nondisclosure and confidentiality agreements. The consummation of the transactions contemplated by this Agreement will not result in the loss or impairment of or payment of any additional amounts with respect to, nor require the consent of any other
person in respect of, the Company&#146;s or any of its subsidiaries&#146; right to own, use, or hold for use any of the </FONT></P>
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Intellectual Property as owned, used or held for use in the conduct of the businesses as currently conducted. The Company and each of its subsidiaries has at all times complied in all material
respects with all applicable laws relating to privacy, data protection, and the collection and use of personal information collected, used, or held for use by the Company and any of its subsidiaries in the conduct of the Company&#146;s and its
subsidiaries businesses. No claims have been asserted or threatened against the Company or any of its subsidiaries alleging a violation of any person&#146;s privacy or personal information or data rights and, to the knowledge of the Company, the
consummation of the transactions contemplated hereby will not breach or otherwise cause any violation of any law related to privacy, data protection, or the collection and use of personal information collected, used, or held for use by the Company
or any of its subsidiaries in the conduct of the Company&#146;s or any of its subsidiaries&#146; businesses. The Company and each of its subsidiaries takes reasonable measures to ensure that such information is protected against unauthorized access,
use, modification, or other misuse. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(x) The Company and each of its subsidiaries have good, valid and
marketable title in fee simple to, or have valid rights to lease or otherwise use, all items of real or personal property which are material to the business of the Company and its subsidiaries taken as a whole, in each case free and clear of all
liens, encumbrances, security interests, claims and defects that do not, singly or in the aggregate, materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Company or any
of its subsidiaries; and all of the leases and subleases material to the business of the Company and its subsidiaries, considered as one enterprise, and under which the Company or any of its subsidiaries holds properties described in the General
Disclosure Package and the Prospectus, are in full force and effect, and neither the Company nor any subsidiary has received any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company or any
subsidiary under any of the leases or subleases mentioned above, or affecting or questioning the rights of the Company or such subsidiary to the continued possession of the leased or subleased premises under any such lease or sublease. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(y) No labor disturbance or dispute with the employees of the Company or any of the Company&#146;s subsidiaries exists,
or, to the best of the Company&#146;s knowledge, is threatened or imminent, which would reasonably be expected to result in a Material Adverse Effect. The Company is not aware of any existing or imminent labor disturbance by the employees of any of
its or its subsidiaries&#146; principal suppliers, manufacturers, customers or contractors, that singly or in the aggregate, might be expected to have a Material Adverse Effect. The Company is not aware that any key employee or significant group of
employees of the Company or any of the Company&#146;s subsidiaries plans to terminate employment with the Company or any of the Company&#146;s subsidiaries. Neither the Company nor any of its subsidiaries has engaged in any unfair labor practice;
except for matters which would not, singly or in the aggregate, result in a Material Adverse Effect, (i)&nbsp;there is (A)&nbsp;no unfair labor practice complaint pending or, to the Company&#146;s knowledge, threatened against the Company or any of
its subsidiaries before the National Labor Relations Board, and no grievance or arbitration proceeding arising out of or under collective bargaining agreements is pending or to the Company&#146;s knowledge, threatened,
</FONT></P>
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(B) no strike, labor dispute, slowdown or stoppage pending or, to the Company&#146;s knowledge, threatened against the Company or any of its subsidiaries and (C)&nbsp;no union representation
dispute currently existing concerning the employees of the Company or any of its subsidiaries and (ii)&nbsp;to the Company&#146;s knowledge, no union organizing activities are currently taking place concerning the employees of the Company or any of
its subsidiaries. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(z) No &#147;prohibited transaction&#148; (as defined in Section&nbsp;406 of the Employee
Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder (&#147;<B>ERISA</B>&#148;), or Section&nbsp;4975 of the Internal Revenue Code of 1986, as amended from time to time (the
&#147;<B>Code</B>&#148;)) has occurred or could reasonably be expected to occur with respect to any employee benefit plan of the Company or any of its subsidiaries which could, singly or in the aggregate, have a Material Adverse Effect. Each
employee benefit plan of the Company or any of its subsidiaries is in compliance in all material respects with applicable law, including ERISA and the Code. For purposes of this section, an &#147;employee benefit plan&#148; and an &#147;employee
pension benefit plan&#148; are as defined in ERISA section 3(2), and an employee welfare benefit plan as defined in ERISA section 3(1). The Company and its subsidiaries have not incurred and could not reasonably be expected to incur liability under
Title IV of ERISA with respect to the termination of, or withdrawal from, any pension plan (as defined in ERISA). Each pension plan for which the Company or any of its subsidiaries would have any liability that is intended to be qualified under
Section&nbsp;401(a) of the Code is so qualified, and, to the knowledge of the Company, nothing has occurred, whether by action or by failure to act, which could, singly or in the aggregate, cause the loss of such qualification. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(aa) The Company and its subsidiaries are and have been in compliance with all foreign, federal, state and local statute,
law (including the common law), ordinance, rule, regulation, order, judgment, decree or Governmental Permit, relating to the use, treatment, storage and disposal of hazardous or toxic substances, materials or wastes or the protection of health and
safety or the environment which are applicable to their businesses (&#147;<B>Environmental Laws</B>&#148;), except where the failure to comply would not, singly or in the aggregate, have a Material Adverse Effect. There has been no storage,
generation, transportation, handling, treatment, disposal, discharge, emission, or other release of any kind of hazardous or toxic substances, materials or wastes by, due to, or caused by the Company or any of its subsidiaries (or, to the
Company&#146;s knowledge, any other entity for whose acts or omissions the Company or any of its subsidiaries is or may otherwise be liable) upon any of the property now or previously owned, leased or operated by the Company or any of its
subsidiaries, or upon any other property, in violation of, or which would give rise to any liability under, any Environmental Law, except for any violation or liability which would not have, singly or in the aggregate with all such violations and
liabilities, a Material Adverse Effect; and there has been no disposal, discharge, emission or other release of any kind onto such property or into the environment surrounding such property of any hazardous or toxic substances, materials or wastes
with respect to which the Company has knowledge, except for any such disposal, discharge, emission, or other release of any kind which would not have, singly or in the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">14 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
aggregate with all such discharges and other releases, a Material Adverse Effect. In the ordinary course of business, the Company and its subsidiaries conduct reviews of the effect of
Environmental Laws on their businesses and assets, as part of which they identify and evaluate associated costs and liabilities (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or
compliance with Environmental Laws and Governmental Permits issued thereunder, any related constraints on operating activities and any potential liabilities to third parties). On the basis of such reviews, the Company and its subsidiaries have
reasonably concluded that such associated costs and liabilities would not have, singly or in the aggregate, a Material Adverse Effect. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(bb) The Company and its subsidiaries are in compliance in all respects with all applicable provisions of the Occupational Safety and Health Act of 1970, as amended, including all applicable regulations
thereunder, except for such noncompliance as would not, singly or in the aggregate, have a Material Adverse Effect. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(cc) The Company and its subsidiaries, each (i)&nbsp;has timely filed all necessary federal, state, local and foreign tax returns (or timely filed applicable extensions therefor) that have been required
to be filed, and all such returns were true, complete and correct, (ii)&nbsp;has paid all federal, state, local and foreign taxes, assessments, governmental or other charges that are due and payable for which it is liable, including, without
limitation, all sales and use taxes and all taxes which the Company or any of its subsidiaries is obligated to withhold from amounts owing to employees, creditors and third parties, and (iii)&nbsp;does not have any tax deficiency or claims
outstanding or assessed or, to the best of its knowledge, proposed against any of them, except those, in each of the cases described in clauses (i), (ii)&nbsp;and (iii)&nbsp;of this <U>paragraph (bb)</U>, that would not, singly or in the aggregate,
have a Material Adverse Effect. The Company and its subsidiaries, each has not engaged in any transaction which is a corporate tax shelter or which could be characterized as such by the Internal Revenue Service or any other taxing authority. The
accruals and reserves on the books and records of the Company and its subsidiaries in respect of tax liabilities for any taxable period not yet finally determined are adequate to meet any assessments and related liabilities for any such period, and
since October&nbsp;31, 2011 the Company and its subsidiaries each has not incurred any liability for taxes other than in the ordinary course. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(dd) The Company and each of its subsidiaries maintains or is covered by insurance provided by recognized, financially sound and reputable institutions with insurance policies in such amounts and covering
such risks as is adequate for the conduct of its business and the value of its properties and as is customary for companies engaged in similar businesses in similar industries. All such insurance is fully in force on the date hereof and will be
fully in force as of the Closing Date. The Company has no reason to believe that it and its subsidiaries will not be able to renew their existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar
insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect. Neither the Company nor any of its subsidiaries has been denied any material insurance policy or coverage for which it has applied.
Neither the </FONT></P>
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Company nor any of its subsidiaries insures risk of loss through any captive insurance, risk retention group, reciprocal group or by means of any fund or pool of assets specifically set aside for
contingent liabilities other than as described in the General Disclosure Package. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ee) The Company and its
subsidiaries each maintains a system of internal accounting and other controls sufficient to provide reasonable assurances that (i)&nbsp;transactions are executed in accordance with management&#146;s general or specific authorizations;
(ii)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (iii)&nbsp;access to assets is permitted only in accordance with management&#146;s
general or specific authorization; and (iv)&nbsp;the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as described in the General
Disclosure Package, since the end of the Company&#146;s most recent audited fiscal year, there has been (A)&nbsp;no material weakness in the Company&#146;s internal control over financial reporting (whether or not remediated) and (B)&nbsp;no change
in the Company&#146;s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&#146;s internal control over financial reporting. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ff) The Company has established, maintains and evaluates &#147;disclosure controls and procedures&#148; (as such term is
defined in Rule&nbsp;13a-15(e) and 15d-15(e) under the Exchange Act), which (i)&nbsp;are designed to ensure that material information relating to the Company and its subsidiaries is made known to the Company&#146;s principal executive officer and
its principal financial officer by others within those entities, particularly during the periods in which the periodic reports required under the Exchange Act are being prepared, (ii)&nbsp;have been evaluated for effectiveness as of the end of the
last fiscal period covered by the Registration Statement; and (iii)&nbsp;such disclosure controls and procedures are effective to perform the functions for which they were established. There are no significant deficiencies or material weaknesses in
the design or operation of internal controls which could adversely affect the Company&#146;s ability to record, process, summarize, or report financial data to management and the Board of Directors of the Company. The Company is not aware of any
fraud, whether or not material, that involves management or other employees who have a role in the Company&#146;s internal controls; and since the date of the most recent evaluation of such disclosure controls and procedures, there have been no
significant changes in internal controls or in other factors that could significantly affect internal controls, including any corrective actions with regard to significant deficiencies and material weaknesses. Except as set forth in the General
Disclosure Package, the Audit Committee of the Board of Directors of the Company (the &#147;<B>Audit Committee</B>&#148;) is not reviewing or investigating, and neither the Company&#146;s independent auditors nor its internal auditors have
recommended that the Audit Committee review or investigate, (iv)&nbsp;adding to, deleting, changing the application of or changing the Company&#146;s disclosure with respect to, any of the Company&#146;s material accounting policies, (v)&nbsp;any
manner which could result in a restatement of the Company&#146;s financial statements for any annual or interim period during the current or prior three fiscal years, or (iii)&nbsp;a significant deficiency, material weakness, change in internal
control over financial reporting or fraud involving management or other employees who have a significant role in the internal control over financial reporting. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">16 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(gg) Except as described in the General Disclosure Package and the
Prospectus, there are no material off-balance sheet transactions (including, without limitation, transactions related to, and the existence of, &#147;variable interest entities&#148; within the meaning of Financial Accounting Standards Board
Interpretation No.&nbsp;46), arrangements, obligations (including contingent obligations), or any other relationships with unconsolidated entities or other persons, that may have a material current or future effect on the Company&#146;s financial
condition, changes in financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(hh) The Company&#146;s Board of Directors has validly appointed an audit committee whose composition satisfies the
requirements of Rule 4350(d)(2) of the Rules of NASDAQ and Section&nbsp;10A-3 of the Exchange Act and the Board of Directors and/or the audit committee has adopted a charter that satisfies the requirements of Rule 4350(d)(1) of the Rules of NASDAQ
and Section&nbsp;10A-3 of the Exchange Act. The audit committee has reviewed the adequacy of its charter within the past twelve months. Neither the Board of Directors nor the audit committee has been informed, nor is any director of the Company
aware, of (i)&nbsp;any significant deficiencies in the design or operation of the Company&#146;s internal controls that could adversely affect the Company&#146;s ability to record, process, summarize and report financial data or any material
weakness in the Company&#146;s internal controls; or (ii)&nbsp;any fraud, whether or not material, that involves management or other employees of the Company who have a significant role in the Company&#146;s internal controls. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) The minute books of the Company and each of its subsidiaries that would be a &#147;significant subsidiary&#148;
within the meaning of Rule 1-02(w) of Regulation S-X under the Exchange Act (such a significant subsidiary of the Company, a &#147;<B>Significant Subsidiary</B>&#148;) have been made available to the Underwriters and counsel for the Underwriters,
and such books (i)&nbsp;contain a complete summary of all meetings and actions of the board of directors (including each board committee) and stockholders of the Company (or analogous governing bodies and interest holders, as applicable), and each
of its Significant Subsidiaries since the time of its respective incorporation or organization through the date of the latest meeting and action, and (ii)&nbsp;accurately in all material respects reflect all transactions referred to in such minutes.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(jj) There is no franchise, lease, contract, agreement or document required by the Securities Act or by the
Rules and Regulations to be described in the General Disclosure Package and in the Prospectus or a document incorporated by reference therein or to be filed as an exhibit to the Registration Statement or a document incorporated by reference therein
which is not described or filed therein as required; and all descriptions of any such franchises, leases, contracts, agreements or documents contained in the Registration Statement or in a document incorporated by reference therein are accurate and
complete descriptions of such documents in all material respects. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">17 </FONT></P>



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Other than as described in the General Disclosure Package, no such franchise, lease, contract or agreement has been suspended or terminated for convenience or default by the Company or any of its
subsidiaries or any of the other parties thereto, and neither the Company nor any of its subsidiaries has received notice nor does the Company have any other knowledge of any such pending or threatened suspension or termination, except for such
pending or threatened suspensions or terminations that would not, singly or in the aggregate, reasonably be expected to have a Material Adverse Effect. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(kk) No relationship, direct or indirect, exists between or among the Company and any of its subsidiaries on the one hand, and the directors, officers, stockholders (or analogous interest holders),
customers or suppliers of the Company or any of its subsidiaries or any of their affiliates on the other hand, which is required to be described in the General Disclosure Package and the Prospectus or a document incorporated by reference therein and
which is not so described. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ll) No person or entity has the right to require registration of shares of Common
Stock or other securities of the Company or any of its subsidiaries because of the filing or effectiveness of the Registration Statement or otherwise, except for persons and entities who have expressly waived such right in writing or who have been
given timely and proper written notice and have failed to exercise such right within the time or times required under the terms and conditions of such right. There are no contracts, agreements or understandings between the Company or any of its
subsidiaries and any person granting such person the right (other than (i)&nbsp;registration rights granted to POSCO under the Posco Securities Purchase Agreement, which have been satisfied to date, and (ii)&nbsp;rights which have been waived in
writing in connection with the transactions contemplated by this Agreement or otherwise satisfied) to require the Company or any of its subsidiaries to register any securities with the Commission. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(mm) Neither the Company nor any of its subsidiaries owns any &#147;margin securities&#148; as that term is defined in
Regulation U of the Board of Governors of the Federal Reserve System (the &#147;<B>Federal Reserve Board</B>&#148;), and none of the proceeds of the sale of any of the Shares will be used, directly or indirectly, for the purpose of purchasing or
carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Shares to be considered a
&#147;purpose credit&#148; within the meanings of Regulation T, U or X of the Federal Reserve Board. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(nn) At
the Applicable Time there were, and as of the Closing Date there will be, no securities of or guaranteed by the Company that are rated by a &#147;nationally recognized statistical rating organization,&#148; as that term is defined in Rule 436(g)(2)
promulgated under the Act. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(oo) Neither the Company nor any of its subsidiaries is a party to any contract,
agreement or understanding with any person (other than this Agreement) that would give rise to a valid claim against the Company or the Underwriters for a brokerage commission, finder&#146;s fee or like payment in connection with the offering and
sale of any of the Shares or any transaction contemplated by this Agreement, the Registration Statement, the General Disclosure Package or the Prospectus. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">18 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(pp) No forward-looking statement (within the meaning of Section&nbsp;27A of
the Securities Act and Section&nbsp;21E of the Exchange Act) contained in either the General Disclosure Package or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(qq) The Company is subject to and in compliance in all material respects with the reporting requirements of
Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act. The Common Stock is registered pursuant to Section&nbsp;12(b) or 12(g) of the Exchange Act and is listed on the NASDAQ GM, and the Company has taken no action designed to, or reasonably
likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common Stock from the NASDAQ GM, nor has the Company received any notification that the Commission, FINRA or the NASDAQ Stock
Market LLC is currently contemplating terminating such registration or listing. The Company has complied in all material respects with the applicable requirements of the NASDAQ GM for maintenance of inclusion of the Common Stock thereon. No consent,
approval, authorization or order of, or filing, notification or registration with, the NASDAQ GM is required for the listing and trading of the shares of Common Stock on the NASDAQ GM, except for (i)&nbsp;a Notification Form: Listing of Additional
Shares; and (ii)&nbsp;a Notification Form: Change in the Number of Shares Outstanding. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(rr) The Company has
filed in a timely manner all reports required to be filed pursuant to Sections 13(a), 13(e), 14 and 15(d) of the Exchange Act during the preceding 12 months (except to the extent that Section&nbsp;15(d) requires reports to be filed pursuant to
Sections 13(d) and 13(g) of the Exchange Act, which shall be governed by the next clause of this sentence); and the Company has filed in a timely manner all reports required to be filed pursuant to Sections 13(d) and 13(g) of the Exchange Act since
January&nbsp;1, 2004, except where the failure to timely file would not reasonably be expected singly or in the aggregate to have a Material Adverse Effect. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(ss) The Company, and to its knowledge, each of the Company&#146;s directors or officers, in their capacities as such, is, and after giving effect to the Offering will be, in compliance in all material
respects with all applicable effective provisions of the Sarbanes-Oxley Act of 2002 and any related rules and regulations promulgated by the Commission thereunder (the &#147;<B>Sarbanes-Oxley Act</B>&#148;). Each of the principal executive officer
and the principal financial officer of the Company (and each former principal executive officer of the Company and each former principal financial officer of the Company as applicable) has made all certifications required by Sections 302 and 906 of
the Sarbanes-Oxley Act with respect to all reports, schedules, forms, statements and other documents required to be filed by him or her with the Commission. For purposes of the preceding sentence, &#147;principal executive officer&#148; and
&#147;principal financial officer&#148; shall have the meanings given to such terms in the Sarbanes-Oxley Act. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">19 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(tt) The Company is, and after giving effect to the Offering will be, in
compliance with all applicable corporate governance requirements set forth in the NASDAQ Marketplace Rules. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(uu) Neither the Company nor any of its subsidiaries nor, to the Company&#146;s knowledge, any other person associated
with or acting on behalf of the Company, including without limitation any director, officer, agent or employee of the Company or any of its subsidiaries has, directly or indirectly, while acting on behalf of the Company or any of its subsidiaries
(i)&nbsp;used any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity or failed to disclose fully any contribution in violation of law, (ii)&nbsp;made any payment to any federal
or state governmental officer or official, or other person charged with similar public or quasi-public duties, other than payments required or permitted by the laws of the United States or any jurisdiction thereof, (iii)&nbsp;violated or is in
violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended or (iv)&nbsp;made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vv) Any statistical, industry-related or market-related data included or incorporated by reference in the Registration
Statement, the Prospectus or the General Disclosure Package, are based on or derived from sources that the Company reasonably and in good faith believes to be reliable and accurate, and such data agree with the sources from which they are derived.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ww) Neither the Company nor any subsidiary nor any of their affiliates (within the meaning of FINRA&#146;s
NASD Conduct Rule 2720(f)(1)) directly or indirectly controls, is controlled by, or is under common control with, or is an associated person (within the meaning of Article I, Section&nbsp;1(ee) of the By-laws of FINRA) of, any member firm of FINRA.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xx) The operations of the Company and its subsidiaries are and have been conducted at all times in compliance
in all material respects with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the USA PATRIOT Act, applicable money laundering statutes of all jurisdictions
and the applicable rules, related rules and regulations thereunder (collectively, the &#147;<B>Money Laundering Laws</B>&#148;), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator
involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending, or to the best knowledge of the Company, threatened against the Company or any of its subsidiaries. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(yy) Neither the Company nor any of its subsidiaries nor, to the Company&#146;s knowledge, any director, officer, agent,
employee or affiliate of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (&#147;<B>OFAC</B>&#148;); and the Company will not
directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
person or entity, which, to the Company&#146;s knowledge, will use such proceeds for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by
OFAC. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(zz) The Company satisfies the pre-1992 eligibility requirements for the use of a registration statement
on Form S-3 in connection with the Offering contemplated thereby (the pre-1992 eligibility requirements for the use of the registration statement on Form S-3 include (i)&nbsp;having a non-affiliate, public common equity float of at least $150
million or a non-affiliate, public common equity float of at least $100 million and annual trading volume of at least three million shares and (ii)&nbsp;having been subject to the Exchange Act reporting requirements for a period of 36 months).
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(aaa) No approval of the shareholders of the Company under the rules and regulations of Nasdaq (including Rule
5635 of the Nasdaq Global Marketplace Rules) is required for the Company to issue and deliver to the Underwriters the Shares. Any certificate signed by or on behalf of the Company and delivered to the Underwriters or to counsel for the Underwriters
shall be deemed to be a representation and warranty by the Company to the Underwriters as to the matters covered thereby. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(bbb) Neither the Company nor its subsidiaries are subject to regulation as a &#147;public utility&#148;, &#147;public service company&#148;, &#147;holding company&#148; or similar designation by any
governmental or regulatory authority, including under the Federal Power Act, as amended or any applicable state utility laws; and the Company and its subsidiaries are not required to file with any applicable state or local commissions, governmental
authorities or regulatory bodies that regulate utilities any forms, statements, reports, registrations or documents required to be filed by the Company or its subsidiaries under such applicable state or local laws to which the Company or its
subsidiaries are subject. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any certificate signed by or on behalf of the Company and delivered to the
Representative or to counsel for the Underwriters shall be deemed to be a representation and warranty by the Company to the Underwriters as to the matters covered thereby. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I></I>4<I>. F<SMALL>URTHER</SMALL> A<SMALL>GREEMENTS</SMALL> O<SMALL>F</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL>.</I> The Company agrees with the Underwriters: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Subject to the Rules and Regulations, to prepare the Rule 462(b) Registration Statement, if
necessary, in a form approved by the Representative and file such Rule 462(b) Registration Statement with the Commission on the date hereof; to prepare the Prospectus in a form approved by the Representative containing information previously omitted
at the time of effectiveness of the Registration Statement in reliance on Rules 430A, 430B and 430C of the Rules and Regulations and to file such Prospectus pursuant to Rule 424(b) of the Rules and Regulations not later than the second (2</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">nd</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;business day following the execution and delivery of this
Agreement or, if applicable, such earlier time as may be required by Rule 430A of the Rules and Regulations; to notify the Representative immediately of the Company&#146;s intention to file or prepare any supplement or amendment to the Registration
Statement or to the Prospectus in </FONT></P>
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connection with this Offering and to make no amendment or supplement to the Registration Statement, the General Disclosure Package or to the Prospectus to which the Representative shall
reasonably object by notice to the Company after a reasonable period to review; to advise the Representative, promptly after it receives notice thereof, of the time when any amendment to the Registration Statement has been filed or becomes effective
or any supplement to the General Disclosure Package or the Prospectus or any amended Prospectus has been filed and to furnish the Representative copies thereof; to file promptly all material required to be filed by the Company with the Commission
pursuant to Rule 433(d) or 163(b)(2), as the case may be, of the Rules and Regulations; to file promptly all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Sections
13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of the Prospectus and for so long as the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) of the Rules and Regulations) is required or sale of
the Shares; to advise the Representative, promptly after it receives notice thereof, of the issuance by the Commission of any stop order or of any order preventing or suspending the use of any Preliminary Prospectus, any Issuer Free Writing
Prospectus or the Prospectus, of the suspension of the qualification of the Shares for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose, or of any request by the Commission for the
amending or supplementing of the Registration Statement, the General Disclosure Package or the Prospectus or for additional information; and, in the event of the issuance of any stop order or of any order preventing or suspending the use of any
Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus or suspending any such qualification, and promptly to use its best efforts to obtain the withdrawal of such order. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The Company represents and agrees that, it has not made, and unless it obtains the prior consent of the
Representative, it will not, make any offer relating to the Shares that would constitute a &#147;free writing prospectus&#148; as defined in Rule 405 of the Rules and Regulations (each, a &#147;<B>Permitted Free Writing Prospectus</B>&#148;);
<I>provided</I> that the prior written consent of the Representative hereto shall be deemed to have been given in respect of the Issuer Free Writing Prospectus(es) included in <U>Schedule <B>A</B></U> hereto. The Company represents that it has
treated and agrees that it will treat each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, comply with the requirements of Rules 164 and 433 of the Rules and Regulations applicable to any Issuer Free Writing Prospectus,
including the requirements relating to timely filing with the Commission, legending and record keeping and will not take any action that would result in the Underwriters or the Company being required to file with the Commission pursuant to Rule
433(d) of the Rules and Regulations a free writing prospectus prepared by or on behalf of such Underwriter that such Underwriter otherwise would not have been required to file thereunder. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) If at any time when a Prospectus relating to the Shares is required to be delivered under the Securities Act, any
event occurs or condition exists as a result of which the Prospectus, as then amended or supplemented, would include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light
of the circumstances under which they were made, not </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">22 </FONT></P>



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misleading, or the Registration Statement, as then amended or supplemented, would include any untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein not misleading, or if for any other reason it is necessary at any time to amend or supplement any Registration Statement or the Prospectus to comply with the Securities Act or the Exchange Act, the Company will promptly notify the
Representative, and upon the Representative&#146;s request, the Company will promptly prepare and file with the Commission, at the Company&#146;s expense, an amendment to the Registration Statement or an amendment or supplement to the Prospectus
that corrects such statement or omission or effects such compliance and will deliver to the Underwriters, without charge, such number of copies thereof as the Underwriters may reasonably request. The Company consents to the use of the Prospectus or
any amendment or supplement thereto by the Underwriters. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) If the General Disclosure Package is being used
to solicit offers to buy the Shares at a time when the Prospectus is not yet available to prospective purchasers and any event shall occur as a result of which, in the judgment of the Company or in the reasonable opinion of the Representative, it
becomes necessary to amend or supplement the General Disclosure Package in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or to make the statements therein not conflict with the
information contained or incorporated by reference in the Registration Statement then on file and not superseded or modified, or if it is necessary at any time to amend or supplement the General Disclosure Package to comply with any law, the Company
promptly will either (i)&nbsp;prepare, file with the Commission (if required) and furnish to the Underwriters and any dealers an appropriate amendment or supplement to the General Disclosure Package or (ii)&nbsp;prepare and file with the Commission
an appropriate filing under the Exchange Act which shall be incorporated by reference in the General Disclosure Package so that the General Disclosure Package as so amended or supplemented will not, in the light of the circumstances under which they
were made, be misleading or conflict with the Registration Statement then on file, or so that the General Disclosure Package will comply with law. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(e) If at any time following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or will
conflict with the information contained in the Registration Statement, Pricing Prospectus or Prospectus, including any document incorporated by reference therein and any prospectus supplement deemed to be a part thereof and not superseded or
modified or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading, the Company has promptly notified or will promptly notify the Representative so that any use of the Issuer Free Writing Prospectus may cease until it is amended or supplemented and has promptly amended or
will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission. The foregoing sentence does not apply to statements in or omissions from any Issuer Free
Writing Prospectus in reliance upon, and in conformity with, written information </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">23 </FONT></P>



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furnished to the Company by the Representative by or on behalf of the Underwriters specifically for inclusion therein, which information the parties hereto agree is limited to the
Underwriters&#146; Information (as defined in <U>Section&nbsp;16</U>). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) To the extent not available on the
Commission&#146;s EDGAR system or any successor system, to furnish promptly to the Underwriters and to counsel for the Underwriters a signed copy of the Registration Statement as originally filed with the Commission, and of each amendment thereto
filed with the Commission, including all consents and exhibits filed therewith. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) To the extent not
available on the Commission&#146;s EDGAR system or any successor system, to deliver promptly to the Representative in New York City such number of the following documents as the Representative shall reasonably request: (i)&nbsp;conformed copies of
the Registration Statement as originally filed with the Commission (in each case excluding exhibits), (ii)&nbsp;each Preliminary Prospectus (if any), (iii)&nbsp;any Issuer Free Writing Prospectus, (iv)&nbsp;the Prospectus (the delivery of the
documents referred to in clauses (i), (ii), (iii)&nbsp;and (iv)&nbsp;of this <U>paragraph (g)</U>&nbsp;to be made not later than 10:00 A.M., New York time, on the business day following the execution and delivery of this Agreement),
(v)&nbsp;conformed copies of any amendment to the Registration Statement (excluding exhibits), (vi)&nbsp;any amendment or supplement to the General Disclosure Package or the Prospectus (the delivery of the documents referred to in clauses
(v)&nbsp;and (vi)&nbsp;of this <U>paragraph (g)</U>&nbsp;to be made not later than 10:00 A.M., New York City time, on the business day following the date of such amendment or supplement) and (vii)&nbsp;any document incorporated by reference in the
General Disclosure Package or the Prospectus (excluding exhibits thereto) (the delivery of the documents referred to in clause (vi)&nbsp;of this <U>paragraph (g)</U>&nbsp;to be made not later than 10:00 A.M., New York City time, on the business day
following the date of such document). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h) To make generally available to its stockholders as soon as
practicable, but in any event not later than eighteen (18)&nbsp;months after the effective date of each Registration Statement (as defined in Rule 158(c) of the Rules and Regulations), an earnings statement of the Company and its subsidiaries (which
need not be audited) complying with Section&nbsp;11(a) of the Securities Act and the Rules and Regulations (including, at the option of the Company, Rule 158); and, if not available on the Commission&#146;s EDGAR System or any successor system, to
furnish to its stockholders after the end of each fiscal year an annual report (including a balance sheet and statements of income, stockholders&#146; equity and cash flows of the Company and its consolidated subsidiaries certified by independent
public accountants) and after each of the first three fiscal quarters of each fiscal year (beginning with the first fiscal quarter after the effective date of such Registration Statement), consolidated summary financial information of the Company
and its subsidiaries for such quarter in reasonable detail. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) To take promptly from time to time such
actions as the Representative may reasonably request to qualify the Shares for offering and sale under the securities or blue sky laws of such jurisdictions (domestic or foreign) as the Representative may designate and to continue such
qualifications in effect, and to comply with such laws, for </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">24 </FONT></P>



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so long as required to permit the offer and sale of Shares in such jurisdictions; <I>provided </I>that the Company and its subsidiaries shall not be obligated to qualify as foreign corporations
in any jurisdiction in which they are not so qualified or to file a general consent to service of process in any jurisdiction. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(j) During the period of five (5)&nbsp;years from the date hereof, to the extent not available on the Commission&#146;s EDGAR system or any successor system, to deliver to the Underwriters, (i)&nbsp;upon
request, copies of all reports or other communications furnished generally to stockholders, and (ii)&nbsp;upon request, copies of any reports and financial statements furnished or filed with the Commission or any national securities exchange or
automatic quotation system on which the Common Stock is listed or quoted. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(k) That the Company will not, for a
period of ninety (90)&nbsp;days from the date of the Prospectus, (the &#147;<B>Lock-Up Period</B>&#148;) without the prior written consent of LCM, directly or indirectly offer, sell, assign, transfer, pledge, contract to sell, or otherwise dispose
of, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, other than (i)&nbsp;the Company&#146;s sale of the Stock hereunder (ii)&nbsp;the issuance of restricted Common Stock or options to
acquire Common Stock pursuant to the Company&#146;s employee benefit plans, qualified stock option plans or other employee compensation plans as such plans are in existence on the date hereof and described in the Prospectus and the issuance of
Common Stock pursuant to the valid exercises of options, warrants or rights outstanding on the date hereof, (iii)&nbsp;shares issued for the sole purpose of funding any cash dividends payable in respect of the Series B Preferred Shares and the
Series 1 Preferred Shares during the Lock-Up Period, (iv)&nbsp;shares issued to Enbridge, Inc. (or its affiliates) or shares issued to fund any cash payments to Enbridge, Inc. (or its affiliates), in each case for the sole purpose of paying or
settling any obligation in respect of the Series 1 Preferred Shares that is payable during the Lock-Up Period, (v)&nbsp;the POSCO issuance and (vi)&nbsp;pursuant to warrants to purchase common stock that are outstanding on the date hereof and which
have been publicly disclosed. The Company will cause each executive officer and director listed in <U>Schedule <B>B</B></U> to furnish to the Underwriters, prior to the Closing Date, a letter, substantially in the form of <U>Exhibit A</U> hereto.
The Company also agrees that during such period (other than for the sale of the Shares hereunder), the Company will not file any registration statement, preliminary prospectus or prospectus, or any amendment or supplement thereto, under the
Securities Act for any such transaction or which registers, or offers for sale, Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, except for a registration statement on Form S-8 relating to employee
benefit plans. The Company hereby agrees that (i)&nbsp;if it issues an earnings release or material news, or if a material event relating to the Company occurs, during the last seventeen (17)&nbsp;days of the Lock-Up Period, (ii)&nbsp;if prior to
the expiration of the Lock-Up Period, the Company announces that it will release earnings results during the sixteen (16)-day period beginning on the last day of the Lock-Up Period, the restrictions imposed by this <U>paragraph (k)</U>&nbsp;or the
letter shall continue to apply until the expiration of the eighteen (18)-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event; <I>provided, however</I> that such extension will not
apply if, (i)&nbsp;within three business days prior to the 15th calendar </FONT></P>
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day before the last day of the Lock-Up Period, the Company delivers a certificate, signed by the Chief Financial Officer or Chief Executive Officer of the Company, certifying on behalf of the
Company that (A)&nbsp;the Shares are &#147;actively traded securities&#148; (as defined in Regulation M), (B)&nbsp;the Company meets the applicable requirements of paragraph (a)(1) of Rule 139 under the Securities Act in the manner contemplated by
FINRA Conduct Rule 2711(f)(4), and (C)&nbsp;the provisions of FINRA Conduct Rule 2711(f)(4) are not applicable to any research reports relating to the Company published or distributed by any of the Underwriters during the 15 days before or after the
last day of the Lock-Up Period (before giving effect to such extension); or (D)&nbsp;FINRA Rule 2711 is amended to permit any of the Underwriters to publish or otherwise distribute research reports during the 15 days before or after the last day of
the Lock-Up Period (before giving effect to such extension). The Company will provide the Underwriters with prior notice of any such announcement that gives rise to an extension of the Lock-Up Period. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(l) To supply the Representative with copies of all correspondence to and from, and all documents issued to and by, the
Commission in connection with the registration of the Shares under the Securities Act or the Registration Statement, any Preliminary Prospectus or the Prospectus, or any amendment or supplement thereto or document incorporated by reference therein.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(m) Prior to the Closing Date to furnish to the Representative, as soon as they have been prepared, copies of
any unaudited interim consolidated financial statements of the Company for any periods subsequent to the periods covered by the financial statements appearing in the Registration Statement and the Prospectus. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(n) Prior to the Closing Date not to issue any press release or other communication directly or indirectly or hold any
press conference with respect to the Company, its condition, financial or otherwise, or earnings, business affairs or business prospects (except for routine oral marketing communications in the ordinary course of business and consistent with the
past practices of the Company and of which the Representative is notified), without the prior written consent of the Representative, unless in the judgment of the Company and its counsel, and after notification to the Representative, such press
release or communication is required by law or applicable stock exchange rules. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(o) Until the Representative
shall have notified the Company of the completion of the offering of the Shares, that the Company will not, and will cause its affiliated purchasers (as defined in Regulation M under the Exchange Act) not to, either alone or with one or more other
persons, bid for or purchase, for any account in which it or any of its affiliated purchasers has a beneficial interest, any Shares, or attempt to induce any person to purchase any Shares; and not to, and to cause its affiliated purchasers not to,
make bids or purchases for the purpose of creating actual, or apparent, active trading in or of raising the price of the Shares. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(p) Not to take any action prior to the Closing Date, which would require the Prospectus to be amended or supplemented pursuant to <U>Section&nbsp;4</U>. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">26 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(q) To at all times comply with all applicable provisions of the
Sarbanes-Oxley Act in effect from time to time. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(r) To apply the net proceeds from the sale of the Shares as
set forth in the Registration Statement, the General Disclosure Package and the Prospectus under the heading &#147;Use of Proceeds.&#148; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(s) To use its commercially reasonable best efforts to list, subject to notice of issuance, effect and maintain the quotation and listing of the Common Stock on the NASDAQ GM. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(t) To use its commercially reasonable best efforts to assist the Representative with any filings with FINRA and obtaining
clearance from FINRA as to the amount of compensation allowable or payable to the Underwriters. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(u) To use its
commercially reasonable best efforts to do and perform all things required to be done or performed under this Agreement by the Company prior to the Closing Date, and any Option Closing Date, and to satisfy all conditions precedent to the delivery of
the Firm Shares and Additional Shares, if any. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>5. P<SMALL>AYMENT</SMALL> <SMALL>OF</SMALL> E<SMALL>XPENSES</SMALL>.</I>
The Company agrees to pay, or reimburse if paid by the Underwriters, upon consummation of the transactions contemplated hereby: (a)&nbsp;the costs incident to the authorization, issuance, sale, preparation and delivery of the Shares to the
Underwriters and any taxes payable in that connection; (b)&nbsp;the costs incident to the registration of the Shares under the Securities Act; (c)&nbsp;the costs incident to the preparation, printing and distribution of the Registration Statement,
the Base Prospectus, any Preliminary Prospectus, any Issuer Free Writing Prospectus, the General Disclosure Package, the Prospectus, any amendments, supplements and exhibits thereto or any document incorporated by reference therein and the costs of
printing, reproducing and distributing any transaction document by mail or other means of communications; (d)&nbsp;the reasonable fees and expenses (including related fees and expenses of counsel for the Underwriters) incurred in connection with
securing any required review by FINRA of the terms of the sale of the Shares and any filings made with FINRA; (e)&nbsp;any applicable listing, quotation or other fees; (f)&nbsp;the reasonable fees and expenses (including related fees and expenses of
counsel to the Underwriters) of qualifying the Shares under the securities laws of the several jurisdictions as provided in <U>Section&nbsp;4(i)</U> and of preparing, printing and distributing wrappers, &#147;Blue Sky Memoranda&#148; and &#147;Legal
Investment Surveys&#148;; (g)&nbsp;the cost of preparing and printing stock certificates; (h)&nbsp;all fees and expenses of the registrar and transfer agent of the Shares; (i)&nbsp;the reasonable fees, disbursements and expenses of counsel to the
Underwriters; and (j)&nbsp;all other reasonable costs and expenses incident to the offering of the Shares or the performance of the obligations of the Company under this Agreement (including, without limitation, the fees and expenses of the
Company&#146;s counsel and the Company&#146;s independent accountants and the travel and other expenses incurred by Company&#146;s and Underwriters&#146; personnel in connection with any &#147;road show&#148; including, without limitation, any
expenses advanced by the Underwriters on the Company&#146;s behalf (which will be promptly reimbursed)). </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>6. C<SMALL>ONDITIONS</SMALL> <SMALL>TO</SMALL> <SMALL>THE</SMALL>
O<SMALL>BLIGATIONS</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> U<SMALL>NDERWRITERS</SMALL>, <SMALL>AND</SMALL> <SMALL>THE</SMALL> S<SMALL>ALE</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> S<SMALL>HARES</SMALL>.</I> The respective obligations of the
Underwriters hereunder, and the closing of the sale of the Shares, are subject to the accuracy, when made and as of the Applicable Time and on the Closing Date and any Option Closing Date, of the representations and warranties of the Company
contained herein, to the accuracy of the statements of the Company made in any certificates pursuant to the provisions hereof, to the performance by the Company of its obligations hereunder, and to each of the following additional terms and
conditions: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) No stop order suspending the effectiveness of the Registration Statement or any part thereof,
preventing or suspending the use of any Base Prospectus, any Preliminary Prospectus, the Prospectus or any Permitted Free Writing Prospectus or any part thereof shall have been issued and no proceedings for that purpose or pursuant to
Section&nbsp;8A under the Securities Act shall have been initiated or threatened by the Commission, and all requests for additional information on the part of the Commission (to be included or incorporated by reference in the Registration Statement
or the Prospectus or otherwise) shall have been complied with to the reasonable satisfaction of the Representative; the Rule 462(b) Registration Statement, if any, each Issuer Free Writing Prospectus, if any, and the Prospectus shall have been filed
with the Commission within the applicable time period prescribed for such filing by, and in compliance with, the Rules and Regulations and in accordance with <U>Section&nbsp;4(a)</U>, and the Rule 462(b) Registration Statement, if any, shall have
become effective immediately upon its filing with the Commission; and FINRA shall have raised no objection to the fairness and reasonableness of the terms of this Agreement or the transactions contemplated hereby. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The Representative shall not have discovered and disclosed to the Company on or prior to the Closing Date and any
Option Closing Date that the Registration Statement or any amendment or supplement thereto contains an untrue statement of a fact which, in the opinion of counsel for the Underwriters, is material or omits to state any fact which, in the opinion of
such counsel, is material and is required to be stated therein or is necessary to make the statements therein not misleading, or that the General Disclosure Package, any Issuer Free Writing Prospectus or the Prospectus or any amendment or supplement
thereto contains an untrue statement of fact which, in the opinion of such counsel, is material or omits to state any fact which, in the opinion of such counsel, is material and is necessary in order to make the statements, in the light of the
circumstances in which they were made, not misleading. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) All corporate proceedings and other legal matters
incident to the authorization, form and validity of each of this Agreement, the Shares, the Additional Shares, the Registration Statement, the General Disclosure Package, each Issuer Free Writing Prospectus, if any, and the Prospectus and all other
legal matters relating to this Agreement and the transactions contemplated hereby shall be reasonably satisfactory in all material respects to counsel for the Underwriters, and the Company shall have furnished to such counsel all documents and
information that they may reasonably request to enable them to pass upon such matters. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Robinson&nbsp;&amp; Cole LLP shall have furnished to the Representative
such counsel&#146;s written opinion and negative assurances statement, as counsel to the Company, addressed to the Underwriters and dated the Closing Date and any Option Closing Date (if such date is other than the Closing Date), in form and
substance reasonably satisfactory to the Representative. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) The Underwriters shall have received from
Proskauer Rose LLP, counsel for the Underwriters, such opinion or opinions and negative assurances statement, dated the Closing Date and any Option Closing Date (if such date is other than the Closing Date), with respect to such matters as the
Representative may reasonably require, and the Company shall have furnished to such counsel such documents as they request for enabling them to pass upon such matters. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) At the time of the execution of this Agreement, the Representative shall have received from KPMG LLP a letter,
addressed to the Underwriters, executed and dated such date, in form and substance satisfactory to the Representative (A)&nbsp;confirming that they are an independent registered accounting firm with respect to the Company and its subsidiaries within
the meaning of the Securities Act and the Rules and Regulations and PCAOB and (B)&nbsp;stating the conclusions and findings of such firm, of the type ordinarily included in accountants&#146; &#147;comfort letters&#148; to underwriters, with respect
to the financial statements and certain financial information contained or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) On the effective date of any post-effective amendment to any Registration Statement and on the Closing Date and any
Option Closing Date (if such date is other than the Closing Date), the Representative shall have received a letter (the &#147;<B>Bring-Down Letter</B>&#148;) from KPMG LLP addressed to the Underwriters and dated the Closing Date and any Option
Closing Date (if such date is other than the Closing Date) confirming, as of the date of the Bring-Down Letter (or, with respect to matters involving changes or developments since the respective dates as of which specified financial information is
given in the General Disclosure Package and the Prospectus, as the case may be, as of a date not more than three (3)&nbsp;business days prior to the date of the Bring-Down Letter), the conclusions and findings of such firm, of the type ordinarily
included in accountants&#146; &#147;comfort letters&#148; to underwriters, with respect to the financial information and other matters covered by its letter delivered to the Representative concurrently with the execution of this Agreement pursuant
to paragraph (g)&nbsp;of this <U>Section&nbsp;6</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h) The Company shall have furnished to the
Representative a certificate, dated the Closing Date and any Option Closing Date (if such date is other than the Closing Date), of its Chairman of the Board, Chief Executive Officer or its President and its Chief Financial Officer or a Vice
President of Finance, each in his capacity as an officer of the Company, stating that (i)&nbsp;such officers have carefully examined the Registration Statement, the General Disclosure Package, any Permitted Free Writing Prospectus and the Prospectus
and, in their opinion, the Registration Statement and each amendment thereto, at the Applicable Time and as of the date of this Agreement and as of </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
the Closing Date and any Option Closing Date (if such date is other than the Closing Date) did not include any untrue statement of a material fact and did not omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading, and the General Disclosure Package, as of the Applicable Time and as of the Closing Date and any Option Closing Date (if such date is other than the Closing
Date), any Permitted Free Writing Prospectus as of its date and as of the Closing Date, the Prospectus and each amendment or supplement thereto, as of the respective date thereof and as of the Closing Date and any Option Closing Date (if such date
is other than the Closing Date), did not include any untrue statement of a material fact and did not omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances in which they were made, not
misleading, (ii)&nbsp;since the effective date of the Registration Statement, no event has occurred which should have been set forth in a supplement or amendment to the Registration Statement, the General Disclosure Package or the Prospectus that
has not been so set forth therein, (iii)&nbsp;to the best of their knowledge after reasonable investigation, as of the Closing Date and any Option Closing Date (if such date is other than the Closing Date), the representations and warranties of the
Company in this Agreement are true and correct, and the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date and any Option Closing Date (if such
date is other than the Closing Date), and (iv)&nbsp;there has not been, subsequent to the date of the most recent audited financial statements included or incorporated by reference in the General Disclosure Package, any material adverse change in
the financial position or results of operations of the Company and its subsidiaries or any change or development that, singly or in the aggregate, would involve a material adverse change or a prospective material adverse change, in or affecting the
condition (financial or otherwise), results of operations, business, assets or prospects of the Company and its subsidiaries taken as a whole, except as set forth in the Prospectus. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) Since the date of the latest audited financial statements included in the General Disclosure Package or incorporated
by reference in the General Disclosure Package as of the date hereof, (i)&nbsp;neither the Company nor any of its subsidiaries shall have sustained any loss or interference with its business from fire, explosion, flood or other calamity, whether or
not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth in the General Disclosure Package, and (ii)&nbsp;there shall not have been any change in the capital stock (other than
a change in the number of outstanding shares of Common Stock due to the issuance of shares upon the exercise of outstanding options or warrants or the conversion of convertible indebtedness) or short-term or long-term debt of the Company or any of
its subsidiaries, or any change, or any development involving a prospective change, in or affecting the business, general affairs, management, financial position, stockholders&#146; equity or results of operations of the Company and its subsidiaries
otherwise than as set forth in the General Disclosure Package, the effect of which, in any such case described in clause (i)&nbsp;or (ii)&nbsp;of this <U>paragraph (i)</U>, is, in the judgment of the Representative, so material and adverse as to
make it impracticable or inadvisable to proceed with the sale or delivery of the Shares on the terms and in the manner contemplated in the General Disclosure Package. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(j) No action shall have been taken and no law, statute, rule, regulation or
order shall have been enacted, adopted or issued by any governmental agency or body which would prevent the issuance or sale of the Shares or materially and adversely affect or potentially materially and adversely affect the business or operations
of the Company or its subsidiaries and no injunction, restraining order or order of any other nature by any federal or state court of competent jurisdiction shall have been issued which would prevent the issuance or sale of the Shares or materially
and adversely affect or potentially materially and adversely affect the business or operations of the Company or its subsidiaries. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(k) Subsequent to the execution and delivery of this Agreement there shall not have occurred any of the following: (i)&nbsp;trading in securities generally on the New York Stock Exchange, NASDAQ GM or the
American Stock Exchange or in the over-the-counter market, or trading in any securities of the Company on any exchange or in the over-the-counter market, shall have been suspended or materially limited, or minimum or maximum prices or maximum range
for prices shall have been established on any such exchange or such market by the Commission, by such exchange or market or by any other regulatory body or governmental authority having jurisdiction, (ii)&nbsp;a banking moratorium shall have been
declared by Federal or state authorities or a material disruption has occurred in commercial banking or securities settlement or clearance services in the United States, (iii)&nbsp;the United States shall have become engaged in hostilities, or the
subject of an act of terrorism, or there shall have been an outbreak of or escalation in hostilities involving the United States, or there shall have been a declaration of a national emergency or war by the United States or (iv)&nbsp;there shall
have occurred such a material adverse change in general economic, political or financial conditions (or the effect of international conditions on the financial markets in the United States shall be such) as to make it, in the judgment of the
Representative, impracticable or inadvisable to proceed with the sale or delivery of the Shares on the terms and in the manner contemplated in the General Disclosure Package and the Prospectus. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(l) The Company shall have filed a Notification: Listing of Additional Shares with the NASDAQ GM and shall have received
no objection thereto from the NASDAQ GM. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(m) The Underwriters shall have not have received any unresolved
objection from the FINRA as to the fairness and reasonableness of the amount of compensation allowable or payable to the Underwriters in connection with the issuance and sale of the Shares. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(n) The Representative shall have received the written agreements, substantially in the form of <U>Exhibit A</U> hereto,
of the executive officers and directors of the Company listed in <U>Schedule <B>B</B></U> to this Agreement. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(o) The Representative shall have received the written waiver from POSCO
Power (&#147;<B>POSCO</B>&#148;) relating to its notice and participation rights arising under and pursuant to the terms of that certain Securities Purchase Agreement, dated June&nbsp;9, 2009 between POSCO and the Company. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(p) Prior to the Closing Date and any Option Closing Date (if such date is other than the Closing Date), the Company shall
have furnished to the Representative such further information, opinions, certificates (including a Secretary&#146;s Certificate), letters or such other documents as the Representative shall have reasonably requested. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with
the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Underwriters. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>7.
I<SMALL>NDEMNIFICATION</SMALL> <SMALL>AND</SMALL> C<SMALL>ONTRIBUTION</SMALL>.</I> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The Company shall
indemnify and hold harmless each Underwriter, each of its affiliates and each of its and their respective directors, officers, members, employees, representatives and agents (including, without limitation Lazard Fr&egrave;res&nbsp;&amp; Co. LLC,
(which will provide services to LCM) and its affiliates, and each of its and their respective directors, officers, members, employees, representatives and agents and each person, if any, who controls Lazard Fr&egrave;res&nbsp;&amp; Co. LLC within
the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act) and each person, if any, who controls such Underwriter within the meaning of Section&nbsp;15 of the Securities Act of or Section&nbsp;20 of the Exchange Act
(collectively, the &#147;<B>Underwriter Indemnified Parties</B>,&#148; and each a &#147;<B>Underwriter Indemnified Party</B>&#148;) against any loss, claim, damage, expense or liability whatsoever (or any action, investigation or proceeding in
respect thereof), joint or several, to which such Underwriter Indemnified Party may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, expense, liability, action, investigation or proceeding arises out of or
is based upon (A)&nbsp;any untrue statement or alleged untrue statement of a material fact contained in any Preliminary Prospectus, any Issuer Free Writing Prospectus, any &#147;issuer information&#148; filed or required to be filed pursuant to Rule
433(d) of the Rules and Regulations, any Registration Statement or the Prospectus, or in any amendment or supplement thereto or document incorporated by reference therein, (B)&nbsp;the omission or alleged omission to state in any Preliminary
Prospectus, any Issuer Free Writing Prospectus, any &#147;issuer information&#148; filed or required to be filed pursuant to Rule 433(d) of the Rules and Regulations, any Registration Statement or the Prospectus, or in any amendment or supplement
thereto or document incorporated by reference therein, a material fact required to be stated therein or necessary to make the statements therein not misleading or (C)&nbsp;any breach of the representations and warranties of the Company contained
herein, or the failure of the Company to perform its obligations hereunder or pursuant to any law, and which is included as part of or referred to in any loss, claim, damage, expense, liability, action, investigation or proceeding arising out of or
based upon matters covered by subclause (A), (B)&nbsp;or (C)&nbsp;above of this Section&nbsp;7(a) , and shall reimburse the Underwriter Indemnified Party for any legal fees or other expenses reasonably incurred by that Underwriter Indemnified Party
in </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
connection with investigating, or preparing to defend, or defending against, settling, compromising, or appearing as a third party witness in respect of, or otherwise incurred in connection with,
any such loss, claim, damage, expense, liability, action, investigation or proceeding, as such fees and expenses are incurred; <I>provided, however</I>, that the Company shall not be liable in any such case to the extent that any such loss, claim,
damage, expense or liability arises out of or is based upon an untrue statement or alleged untrue statement in, or omission or alleged omission from any Preliminary Prospectus, any Registration Statement or the Prospectus, or any such amendment or
supplement thereto, or any Issuer Free Writing Prospectus made in reliance upon and in conformity with written information furnished to the Company by the Representative by or on behalf of the Underwriters specifically for use therein, which
information the parties hereto agree is limited to the Underwriters&#146; Information (as defined in <U>Section&nbsp;16</U>). This indemnity agreement is not exclusive and will be in addition to any liability which the Company might otherwise have
and shall not limit any rights or remedies which may otherwise be available at law or in equity to each Underwriter Indemnified Party. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) Each Underwriter, severally and not jointly, shall indemnify and hold harmless the Company and its directors, its officers who signed the Registration Statement and each person, if any, who controls
the Company within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act (collectively, the &#147;<B>Company Indemnified Parties</B>,&#148; and each a &#147;<B>Company Indemnified Party</B>&#148;) against any
loss, claim, damage, expense or liability whatsoever (or any action, investigation or proceeding in respect thereof), joint or several, to which such Company Indemnified Party may become subject, under the Securities Act or otherwise, insofar as
such loss, claim, damage, expense, liability, action, investigation or proceeding arises out of or is based upon (i)&nbsp;any untrue statement or alleged untrue statement of a material fact contained in any Preliminary Prospectus, any Issuer Free
Writing Prospectus, any &#147;issuer information&#148; filed or required to be filed pursuant to Rule 433(d) of the Rules and Regulations, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, or (ii)&nbsp;the
omission or alleged omission to state in any Preliminary Prospectus, any Issuer Free Writing Prospectus, any &#147;issuer information&#148; filed or required to be filed pursuant to Rule 433(d) of the Rules and Regulations, any Registration
Statement or the Prospectus, or in any amendment or supplement thereto, a material fact required to be stated therein or necessary to make the statements therein not misleading, but in each case only to the extent that the untrue statement or
alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by the Representative by or on behalf of any Underwriter specifically for use therein, which
information the parties hereto agree is limited to the Underwriters&#146; Information as defined in <U>Section&nbsp;16</U>, and shall reimburse the Company Indemnified Party for any legal or other expenses reasonably incurred by such party in
connection with investigating or preparing to defend or defending against or appearing as third party witness in connection with any such loss, claim, damage, liability, action, investigation or proceeding, as such fees and expenses are incurred.
Notwithstanding the provisions of this <U>Section&nbsp;7(b)</U>, in no event shall any indemnity by any Underwriter under this <U>Section&nbsp;7(b)</U> exceed the total discount and commission received by such Underwriter in connection with the
Offering. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Promptly after receipt by an indemnified party under this
<U>Section&nbsp;7</U> of notice of the commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this <U>Section&nbsp;7</U>, notify such indemnifying party in writing of
the commencement of that action; <I>provided, however</I>, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have under this <U>Section&nbsp;7</U> except to the extent it has been materially
prejudiced by such failure; and, <I>provided, further</I>, that the failure to notify an indemnifying party shall not relieve it from any liability which it may have to an indemnified party otherwise than under this <U>Section&nbsp;7</U>. If any
such action shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly
notified indemnifying party, to assume the defense of such action with counsel reasonably satisfactory to the indemnified party (which counsel shall not, except with the written consent of the indemnified party, be counsel to the indemnifying
party). After notice from the indemnifying party to the indemnified party of its election to assume the defense of such action, except as provided herein, the indemnifying party shall not be liable to the indemnified party under
<U>Section&nbsp;7</U> for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense of such action other than reasonable costs of investigation; <I>provided, however</I>, that any indemnified party
shall have the right to employ separate counsel in any such action and to participate in the defense of such action but the fees and expenses of such counsel (other than reasonable costs of investigation) shall be at the expense of such indemnified
party unless (i)&nbsp;the employment thereof has been specifically authorized in writing by the Company in the case of a claim for indemnification under <U>Section&nbsp;7(a)</U> or <U>Section&nbsp;2.5</U> or LCM in the case of a claim for
indemnification under <U>Section&nbsp;7(b)</U>, (ii)&nbsp;such indemnified party shall have been advised by its counsel that there may be one or more legal defenses available to it which are different from or additional to those available to the
indemnifying party, or (iii)&nbsp;the indemnifying party has failed to assume the defense of such action and employ counsel reasonably satisfactory to the indemnified party within a reasonable period of time after notice of the commencement of the
action or the indemnifying party does not diligently defend the action after assumption of the defense, in which case, if such indemnified party notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of
the indemnifying party, the indemnifying party shall not have the right to assume the defense of (or, in the case of a failure to diligently defend the action after assumption of the defense, to continue to defend) such action on behalf of such
indemnified party and the indemnifying party shall be responsible for legal or other expenses subsequently incurred by such indemnified party in connection with the defense of such action; <I>provided, however</I>, that the indemnifying party shall
not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than
one separate firm of attorneys at any time for all such indemnified parties (in </FONT></P>
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addition to any local counsel), which firm shall be designated in writing by LCM if the indemnified parties under this <U>Section&nbsp;7</U> consist of any Underwriter Indemnified Party or by the
Company if the indemnified parties under this <U>Section&nbsp;7</U> consist of any Company Indemnified Parties. Subject to this <U>Section&nbsp;7(c)</U>, the amount payable by an indemnifying party under <U>Section&nbsp;7</U> shall include, but not
be limited to, (x)&nbsp;reasonable legal fees and expenses of counsel to the indemnified party and any other expenses in investigating, or preparing to defend or defending against, or appearing as a third party witness in respect of, or otherwise
incurred in connection with, any action, investigation, proceeding or claim, and (y)&nbsp;all amounts paid in settlement of any of the foregoing. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or
compromise or consent to the entry of judgment with respect to any pending or threatened action or any claim whatsoever, in respect of which indemnification or contribution could be sought under this <U>Section&nbsp;7</U> (whether or not the
indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i)&nbsp;includes an unconditional release of each indemnified party in form and substance reasonably satisfactory to such indemnified party
from all liability arising out of such action or claim and (ii)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. Subject to the provisions of the following
sentence, no indemnifying party shall be liable for settlement of any pending or threatened action or any claim whatsoever that is effected without its written consent (which consent shall not be unreasonably withheld or delayed), but if settled
with its written consent, if its consent has been unreasonably withheld or delayed or if there be a judgment for the plaintiff in any such matter, the indemnifying party agrees to indemnify and hold harmless any indemnified party from and against
any loss or liability by reason of such settlement or judgment. In addition, if at any time an indemnified party shall have requested that an indemnifying party reimburse the indemnified party for fees and expenses of counsel, such indemnifying
party agrees that it shall be liable for any settlement of the nature contemplated herein effected without its written consent if (i)&nbsp;such settlement is entered into more than forty-five (45)&nbsp;days after receipt by such indemnifying party
of the request for reimbursement, (ii)&nbsp;such indemnifying party shall have received notice of the terms of such settlement at least thirty (30)&nbsp;days prior to such settlement being entered into and (iii)&nbsp;such indemnifying party shall
not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) If the indemnification provided for in this <U>Section&nbsp;7</U> is unavailable or insufficient to hold harmless an
indemnified party under <U>Section&nbsp;7(a)</U> or <U>Section&nbsp;7(b)</U>, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid, payable or otherwise incurred by such indemnified party
as a result of such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof), as incurred, (i)&nbsp;in such proportion as shall be appropriate to reflect the relative benefits received by the Company
on the one hand and each of the Underwriters on the other hand from the offering of the Shares, or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;of this <U>Section&nbsp;7(d)</U> is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i)</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">35 </FONT></P>



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of this <U>Section&nbsp;7(d)</U> but also the relative fault of the Company on the one hand and the Underwriters on the other with respect to the statements, omissions, acts or failures to act
which resulted in such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof) as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand
and the Underwriters on the other with respect to such offering shall be deemed to be in the same proportion as the total net proceeds from the offering of the Shares purchased under this Agreement (before deducting expenses) received by the Company
bear to the total underwriting discount and commission received by the Underwriters in connection with the Offering, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company on the one hand and
the Underwriters on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by
the Company on the one hand or the Underwriters on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement, omission, act or failure to act; <I>provided</I>
that the parties hereto agree that the written information furnished to the Company by the Representative by or on behalf of any Underwriter for use in any Preliminary Prospectus, any Registration Statement or the Prospectus, or in any amendment or
supplement thereto, consists solely of the Underwriters&#146; Information as defined in <U>Section&nbsp;16</U>. The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this <U>Section&nbsp;7(d)</U>
were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim,
damage, expense, liability, action, investigation or proceeding referred to above in this <U>Section&nbsp;7(d)</U> shall be deemed to include, for purposes of this <U>Section&nbsp;7(d)</U>, any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating, preparing to defend or defending against or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action,
investigation or proceeding. Notwithstanding the provisions of this <U>Section&nbsp;7(d)</U>, no Underwriter shall be required to contribute any amount in excess of the total discount and commission received by such Underwriter in connection with
the Offering, less the amount of any damages which such Underwriter has otherwise paid or become liable to pay by reason of any untrue or alleged untrue statement, omission or alleged omission, act or alleged act or failure to act or alleged failure
to act. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">8. <I>T<SMALL>ERMINATION</SMALL></I><SMALL></SMALL>. The obligations of the Underwriters hereunder may be terminated by the
Representative, in its absolute discretion by notice given to the Company prior to delivery of and payment for the Shares if, prior to that time, any of the events described in <U>Sections 6(j)</U>,<U> 6(k)</U>, or <U>6(l)</U> have occurred or if
the Underwriters shall decline to purchase the Shares for any reason permitted under this Agreement. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">36 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9. <I>R<SMALL>EIMBURSEMENT</SMALL> <SMALL>OF</SMALL> U<SMALL>NDERWRITERS</SMALL>&#146;
E<SMALL>XPENSES</SMALL></I><SMALL></SMALL>. Notwithstanding anything to the contrary in this Agreement, if (a)&nbsp;this Agreement shall have been terminated pursuant to <U>Section&nbsp;8</U>, (b)&nbsp;the Company shall fail to tender the Shares for
delivery to the Underwriters for any reason not permitted under this Agreement, (c)&nbsp;the Underwriters shall decline to purchase the Shares for any reason permitted under this Agreement or (d)&nbsp;the sale of the Shares is not consummated
because any condition to the obligations of the Underwriters set forth herein is not satisfied or because of the refusal, inability or failure on the part of the Company to perform any agreement herein or to satisfy any condition or to comply with
the provisions hereof, then, in addition to the payment of out-of-pocket expenses in accordance with <U>Section&nbsp;5</U>, the Company shall reimburse the Underwriters for the fees and expenses of the Underwriters&#146; counsel and for such other
accountable out-of-pocket expenses as shall have been reasonably incurred by them in connection with this Agreement and the proposed purchase of the Shares, and upon demand the Company shall pay the full amount thereof to the Representative on
behalf of the Underwriters. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">10. <I>A<SMALL>BSENCE</SMALL> <SMALL>OF</SMALL> F<SMALL>IDUCIARY</SMALL>
R<SMALL>ELATIONSHIP</SMALL></I><SMALL></SMALL>. The Company acknowledges and agrees that: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Each
Underwriter&#146;s responsibility to the Company is solely contractual in nature, each Underwriter has been retained solely to act as an underwriter in connection with the Offering and no fiduciary, advisory or agency relationship between the
Company and such Underwriter has been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether LCM, SNC, FBR or Lazard Fr&egrave;res&nbsp;&amp; Co. LLC has advised or is advising the Company on other
matters; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) the price of the Shares set forth in this Agreement was established by the Company following
discussions and arms-length negotiations with the Representative, and the Company is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement;
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) it has been advised that LCM, SNC FBR and Lazard Fr&egrave;res&nbsp;&amp; Co. LLC and each of their
affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Company and that the Underwriters have no obligation to disclose such interests and transactions to the Company by virtue of any
fiduciary, advisory or agency relationship; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) it waives, to the fullest extent permitted by law, any
claims it may have against the Underwriters for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that the Underwriters shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary duty
claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including stockholders, employees or creditors of the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">11. <I>S<SMALL>UCCESSORS</SMALL>; P<SMALL>ERSONS</SMALL> E<SMALL>NTITLED</SMALL> <SMALL>TO</SMALL> B<SMALL>ENEFIT</SMALL> <SMALL>OF</SMALL> A<SMALL>GREEMENT</SMALL></I><SMALL></SMALL>. This Agreement
shall inure to the benefit of and be binding upon the several Underwriters, the Company, and their respective successors and assigns. This Agreement shall also inure to the benefit of Lazard </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">37 </FONT></P>



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Fr&egrave;res&nbsp;&amp; Co. LLC, and each of its successors and assigns, which shall be third party beneficiaries hereof. Notwithstanding the foregoing, the determination as to whether any
condition in <U>Section&nbsp;6</U> hereof shall have been satisfied, and the waiver of any condition in <U>Section&nbsp;6</U> hereof, may be made by the Representative in its sole discretion, and any such determination or waiver shall be binding on
each of the Underwriters and shall not require the consent of any Underwriter. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, other than the persons mentioned in the preceding sentences, any
legal or equitable right, remedy or claim under or in respect of this Agreement, or any provisions herein contained, this Agreement and all conditions and provisions hereof being intended to be and being for the sole and exclusive benefit of such
persons and for the benefit of no other person; except that the representations, warranties, covenants, agreements and indemnities of the Company contained in this Agreement shall also be for the benefit of the Underwriter Indemnified Parties and
the several indemnities of the Underwriters shall be for the benefit of the Company Indemnified Parties. It is understood that each Underwriter&#146;s responsibility to the Company is solely contractual in nature and the Underwriters do not owe the
Company, or any other party, any fiduciary duty as a result of this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">12. <I>S<SMALL>URVIVAL</SMALL>
<SMALL>OF</SMALL> I<SMALL>NDEMNITIES</SMALL>, R<SMALL>EPRESENTATIONS</SMALL>, W<SMALL>ARRANTIES</SMALL>, <SMALL>ETC</SMALL></I><SMALL></SMALL>. The respective indemnities, covenants, agreements, representations, warranties and other statements of
the Company and the several Underwriters, as set forth in this Agreement or made by them respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation made by or on behalf of any Underwriter, the
Company or any person controlling any of them and shall survive delivery of and payment for the Shares. Notwithstanding any termination of this Agreement, including without limitation any termination pursuant to <U>Section&nbsp;8</U>, the indemnity
and contribution and reimbursement agreements contained in <U>Sections 7</U> and <U>9</U> and the representations and warranties set forth in this Agreement shall not terminate and shall remain in full force and effect at all times. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">13. <I>N<SMALL>OTICES</SMALL></I><SMALL></SMALL>. All statements, requests, notices and agreements hereunder shall be in writing, and:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) if to the Representative, shall be delivered or sent by mail, facsimile transmission or email to Lazard
Capital Markets LLC, 30 Rockefeller Plaza, New York, New York 10020, <U>Attention</U>: General Counsel, Fax: 212-830-3615; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) if to the Company, shall be delivered or sent by mail, facsimile transmission or email to: FuelCell Energy, Inc., 3 Great Pastures Road, Danbury, CT 06813, <U>Attention</U>: Ross Levine, Esq.,
Corporate Legal, Fax: (203)&nbsp;825-6069; with copies to (i)&nbsp;Patterson Belknap Webb&nbsp;&amp; Tyler LLP, 1133 Avenue of the Americas, New York, NY 10036, <U>Attention</U>: Peter Schaeffer, Esq., Fax: 212-336-1244, and
(ii)&nbsp;Robinson&nbsp;&amp; Cole LLP, 1055 Washington Boulevard, Stamford, CT 06901, <U>Attention</U>: Richard A. Krantz, Facsimile No.: (203)&nbsp;462-7599; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>provided, however</I>, that any notice to the Underwriters pursuant to <U>Section&nbsp;7</U> shall be delivered or sent by mail or facsimile transmission to the Representative at its address set forth
in its acceptance communication to the Representative, which address will be supplied to any other </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">38 </FONT></P>



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party hereto by the Representative upon request. Any such statements, requests, notices or agreements shall take effect at the time of receipt thereof, except that any such statement, request,
notice or agreement delivered or sent by email shall take effect at the time of confirmation of receipt thereof by the recipient thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">14. <I>D<SMALL>EFINITION</SMALL> <SMALL>OF</SMALL> C<SMALL>ERTAIN</SMALL> T<SMALL>ERMS</SMALL>.</I> For purposes of this Agreement, (a)&nbsp;&#147;<B>business day</B>&#148; means any day on which the New
York Stock Exchange, Inc. is open for trading, (b)&nbsp;&#147;<B>knowledge</B>&#148; means the knowledge of the directors and officers of the Company after reasonable inquiry and (c)&nbsp;&#147;<B>subsidiary</B>&#148; has the meaning set forth in
Rule 405 of the Rules and Regulations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">15. <I>G<SMALL>OVERNING</SMALL> L<SMALL>AW</SMALL>, A<SMALL>GENT</SMALL>
<SMALL>FOR</SMALL> S<SMALL>ERVICE</SMALL> <SMALL>AND</SMALL> J<SMALL>URISDICTION</SMALL></I><SMALL></SMALL>. <B>This Agreement shall be governed by and construed in accordance with the laws of the State of New York, including without limitation
Section&nbsp;5-1401 of the New York General Obligations Law. </B>No legal proceeding may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United
States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and the Company and the Underwriters each hereby consent to the jurisdiction of such courts and personal service
with respect thereto. The Company and the Underwriters each hereby waive all right to trial by jury in any legal proceeding (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement. The Company agrees
that a final judgment in any such legal proceeding brought in any such court shall be conclusive and binding upon the Company and the Underwriters and may be enforced in any other courts in the jurisdiction of which the Company is or may be subject,
by suit upon such judgment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">16. <I>U<SMALL>NDERWRITERS</SMALL>&#146; <SMALL>INFORMATION</SMALL>.</I> The parties hereto
acknowledge and agree that, for all purposes of this Agreement, the &#147;Underwriters&#146; Information&#148; consists solely of the following information in the Prospectus: (i)&nbsp;the last paragraph on the front cover page concerning the terms
of the offering; and (ii)&nbsp;the statements concerning the Underwriters contained in the first paragraph, concerning the Underwriters and Lazard Fr&egrave;res&nbsp;&amp; Co. LLC in the seventh paragraph and concerning stabilization by the
Underwriters in the tenth paragraph, in each case under the heading &#147;Underwriting.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">17. <I>P<SMALL>ARTIAL</SMALL>
U<SMALL>NENFORCEABILITY</SMALL>.</I> The invalidity or unenforceability of any section, paragraph, clause or provision of this Agreement shall not affect the validity or enforceability of any other section, paragraph, clause or provision hereof. If
any section, paragraph, clause or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and
enforceable. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">18. <I>G<SMALL>ENERAL</SMALL>.</I> This Agreement constitutes the entire agreement of the parties to this
Agreement and supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. In this Agreement, the masculine, feminine and neuter genders and the singular and
the plural include one another. The section headings in this Agreement are for the convenience of the parties only and will not affect the construction or interpretation of this Agreement. This Agreement may be amended or modified, and the
observance of any term of this Agreement may be waived, only by a writing signed by the Company and the Representative. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">39 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">19. <I>R<SMALL>ESEARCH</SMALL> A<SMALL>NALYST</SMALL>
I<SMALL>NDEPENDENCE</SMALL></I><SMALL></SMALL>. The Company acknowledges that each Underwriter&#146;s research analysts and research departments are required to be independent from its investment banking division and are subject to certain
regulations and internal policies, and that such Underwriter&#146;s research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to the Company and/or the offering that differ from
the views of their investment banking division. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against either Underwriter with respect to any conflict of interest that may arise
from the fact that the views expressed by its independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Company by such Underwriter&#146;s investment banking division.
The Company acknowledges that each Underwriter is a full service securities firm and as such from time to time, subject to applicable securities laws, rules and regulations, may effect transactions for its own account or the account of its customers
and hold long or short positions in debt or equity securities of the Company; provided, however, that nothing in this <U>Section&nbsp;20</U> shall relieve either Underwriter of any responsibility or liability it may otherwise bear in connection with
activities in violation of applicable securities laws, rules or regulations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">20. <I>D<SMALL>EFAULTING</SMALL>
U<SMALL>NDERWRITERS</SMALL></I><SMALL></SMALL>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If, on the Closing Date or an Option Closing Date, as the case may be, any
one or more of the Underwriters shall fail or refuse to purchase Securities that it has or they have agreed to purchase hereunder on such date, and the aggregate number of such Securities which such defaulting Underwriter or Underwriters agreed but
failed or refused to purchase is not more than one-tenth of the aggregate number of such Securities to be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the number of Firm Shares set forth
opposite their respective names in Schedule C bears to the aggregate number of Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as you may specify, to purchase the Securities which such
defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date; provided that in no event shall the number of such Securities that any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant
to this <U>Section&nbsp;20</U> by an amount in excess of one-ninth of such number of Securities without the written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Firm Shares
and the aggregate number of Firm Shares with respect to which such default occurs is more than one-tenth of the aggregate number of Firm Shares to be purchased on such date, and arrangements satisfactory to you and the Company for the purchase of
such Firm Shares are not made within thirty-six (36)&nbsp;hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the Company. In any such case either you or the Company shall have
the right to postpone the Closing Date, but in no event for longer than seven (7)&nbsp;days, in order that the required changes, if any, in the Registration Statement, in the Pricing Prospectus, in the Prospectus or in any other documents or
arrangements may be effected. If, on an Option Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Additional Shares </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">40 </FONT></P>



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and the aggregate number of Additional Shares with respect to which such default occurs is more than one-tenth of the aggregate number of Additional Shares to be purchased on such Option Closing
Date, the non-defaulting Underwriters shall have the option to (i)&nbsp;terminate their obligation hereunder to purchase the Additional Shares to be sold on such Option Closing Date or (i)&nbsp;purchase not less than the number of Additional Shares
that such non-defaulting Underwriters would have been obligated to purchase in the absence of such default. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such
Underwriter under this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">21. <I>C<SMALL>OUNTERPARTS</SMALL></I><SMALL></SMALL>. This Agreement may be signed in any
number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument and such signatures may be delivered by facsimile. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">41 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the foregoing is in accordance with your understanding of the agreement between the
Company and the Underwriters, kindly indicate your acceptance in the space provided for that purpose below. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">FUELCELL ENERGY, INC.</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Arthur A. Bottone</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name: Arthur A. Bottone</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title: President and CEO</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Confirmed as of the date </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">first above written, on </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">behalf of itself and the </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Underwriters set forth in </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Schedule C hereto:
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">LAZARD CAPITAL MARKETS LLC</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Andy Laszlo</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name: Andy Laszlo</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title: Managing Director</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[<I>Signature Page to FuelCell Energy Underwriting Agreement &#150; March 2012</I>] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">42 </FONT></P>


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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>d320650dex51.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 5.1 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


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<TD WIDTH="77%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="21%"></TD></TR>


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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Robinson &amp; Cole LLP</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1055&nbsp;Washington&nbsp;Boulevard</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Stamford, CT 06901-2249</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Main (203) 462-7500</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fax (203) 462-7599</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">March 22, 2012 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">FuelCell Energy, Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 Great Pasture Road
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Danbury, Connecticut </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies and
Gentlemen:</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have acted as counsel to FuelCell Energy, Inc., a Delaware corporation (the &#147;Company&#148;), in connection
with the public offering by the Company of shares of the Company&#146;s common stock, $0.0001 par value per share (the &#147;Securities&#148;). The Securities have been registered pursuant to a Registration Statement on Form&nbsp;S-3 (Registration
Number 333-164412) (the &#147;Registration Statement&#148;) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), and a related prospectus, dated as of September 21, 2010 (the &#147;Prospectus&#148;), and a prospectus
supplement, dated as of March 22, 2012 (the &#147;Prospectus Supplement&#148;). The Securities are to be issued pursuant to the Underwriting Agreement, dated as of March 22, 2012 (the &#147;Underwriting Agreement&#148;), with Lazard Capital Markets
LLC as the sole book-running manager, Stifel, Nicolaus &amp; Company, Incorporated as the co-lead manager and FBR Capital Markets &amp; Co. as the co-manager for the offering. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In connection with this opinion, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals and the conformity to original documents of all documents
submitted to us as certified or photostatic copies. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Based upon the foregoing, we are of the opinion that the Securities, when
issued and delivered in the manner and on the terms described in the Underwriting Agreement, will be validly issued, fully paid and non-assessable. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We hereby consent to the reference to this firm under the caption &#147;Legal Matters&#148; in the Prospectus and the Prospectus Supplement. This consent is not to be construed as an admission that we are
a party whose consent is required to be filed with the Registration Statement under the provisions of the Securities Act or the rules&nbsp;and regulations of the Securities and Exchange Commission promulgated thereunder. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Robinson &amp; Cole, LLP
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Richard A. Krantz </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Richard A.
Krantz </FONT></P>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>d320650dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 99.1 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px">


<IMG SRC="g320650image001.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>FOR IMMEDIATE DISTRIBUTION </U></B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FuelCell Energy Announces Proposed Public Offering of Common Stock </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Danbury, CT &#150; March&nbsp;21, 2012</B> &#150; FuelCell Energy, Inc. (NASDAQ: FCEL) a leading manufacturer of ultra-clean, efficient and reliable fuel cell power plants, announced today its
intention to offer shares of common stock in an underwritten public offering. The Company also expects to grant the underwriters a 30-day option to purchase additional shares of common stock offered in the public offering to cover over-allotments,
if any. The Company intends to use the proceeds from this offering for growth capital and general corporate purposes. While the offering is expected to price before 9:30 am EST on March&nbsp;22, 2012, the offering is subject to market conditions,
and there can be no assurance as to whether or when the offering may be completed, or as to the actual size of the offering. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lazard Capital
Markets LLC is acting as the sole book-running manager for the offering. Stifel Nicolaus Weisel is acting as the co-lead manager and FBR Capital Markets&nbsp;&amp; Co. is acting as the co-manager for the offering. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company intends to offer and sell these securities pursuant to the Company&#146;s existing shelf registration statement initially
filed with the Securities and Exchange Commission on January&nbsp;20, 2010, which was declared effective on September&nbsp;21, 2010. A prospectus supplement describing the terms of the offering will be filed with the Securities and Exchange
Commission and will form a part of the effective registration statement. When available, copies of the preliminary prospectus supplement, the final prospectus supplement and accompanying base prospectus related to this offering may be obtained from
the Securities and Exchange Commission&#146;s website at http://www.sec.gov or from Lazard Capital Markets LLC, 30 Rockefeller Plaza, 60</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> Floor, New York, NY 10020 or via telephone at (800)&nbsp;542-0970. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This press release does not constitute an offer to sell or the solicitation of offers to buy any securities of FuelCell Energy, and shall not constitute
an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>About FuelCell Energy </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px;"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Direct FuelCell<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</SUP></FONT> power plants are generating ultra-clean, efficient
and reliable power at more than 50 locations worldwide.&nbsp;With over 180 megawatts of power generation capacity installed or in backlog, FuelCell Energy is a global leader in providing ultra-clean baseload distributed generation to utilities,
industrial operations, universities, municipal water treatment facilities, government installations and other customers around the world.&nbsp;The Company&#146;s power plants have generated more than one billion kilowatt hours of ultra-clean power
using a variety of fuels including renewable biogas from wastewater treatment and food processing, as well as clean natural gas.&nbsp;For more information please visit our website at <U>www.fuelcellenergy.com</U>. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>This news release contains forward-looking statements, including statements regarding the Company&#146;s
plans and expectations regarding the continuing development, commercialization and financing of its fuel cell technology and business plans. All forward-looking statements are subject to risks and uncertainties that could cause actual results to
differ materially from those projected. Factors that could cause such a difference include, without limitation, general risks associated with product development, manufacturing, changes in the regulatory environment, customer strategies, potential
volatility of energy prices, rapid technological change, competition, and the Company&#146;s ability to achieve its sales plans and cost reduction targets, as well as other risks set forth in the Company&#146;s filings with the Securities and
Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to
reflect any change in the Company&#146;s expectations or any change in events, conditions or circumstances on which any such statement is based. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Direct FuelCell, DFC, DFC/T, DFC-H2 and FuelCell Energy, Inc. are all registered trademarks of FuelCell Energy, Inc. DFC-ERG is a registered trademark jointly owned by Enbridge, Inc. and FuelCell Energy,
Inc. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">FuelCell Energy, Inc.</FONT></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Contact:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kurt Goddard, Vice President Investor Relations</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">203-830-7494</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">ir@fce.com</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"># # # </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">P<SMALL>AGE</SMALL> 2 </FONT></P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>d320650dex992.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 99.2 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px">


<IMG SRC="g320650image001.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>FOR IMMEDIATE DISTRIBUTION </U></B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FuelCell Energy Prices $30 Million </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Public Offering of Common Stock </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Danbury, CT &#150; March&nbsp;22, 2012</B> &#150;
FuelCell Energy, Inc. (NASDAQ: FCEL) a leading manufacturer of ultra-clean, efficient and reliable fuel cell power plants, announced today that it has priced an underwritten public offering of 20,000,000 shares of its common stock at a price to the
public of $1.50 per share for gross proceeds of approximately $30.0 million. The net proceeds from the sale of the shares, after deducting the underwriters&#146; discounts and other estimated offering expenses payable by us, will be approximately
$28.0 million. FuelCell has also granted the underwriters a 30-day option to purchase up to an additional 3,000,000 shares of common stock offered in the public offering to cover over-allotments, if any, which would result in additional gross
proceeds of approximately $4.5 million if exercised in full. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">FuelCell Energy intends to use the net proceeds from this offering for growth
capital and general corporate purposes. The offering is expected to close on or about March&nbsp;27, 2012, subject to the satisfaction of customary closing conditions. Lazard Capital Markets LLC is acting as the sole book-running manager for the
offering. Stifel Nicolaus Weisel is acting as the co-lead manager and FBR Capital Markets&nbsp;&amp; Co. is acting as the co-manager for the offering. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px;padding-bottom:0px;"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A shelf registration statement relating to the above-described securities was previously filed with and declared effective by the Securities and Exchange Commission. A preliminary prospectus supplement
related to the offering was filed with the Securities and Exchange Commission. The securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. When available,
copies of the final prospectus supplement together with the base prospectus relating to this offering can be obtained at the Securities and Exchange Commission&#146;s website http://www.sec.gov. or from Lazard Capital Markets LLC, 30 Rockefeller
Plaza, 60</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> Floor, New York, NY 10020 or via telephone at
(800)&nbsp;542-0970. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This press release does not constitute an offer to sell or the solicitation of offers to buy any securities of FuelCell
Energy, and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such
state or jurisdiction. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>About FuelCell Energy </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px;"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Direct FuelCell<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</SUP></FONT> power plants are generating ultra-clean, efficient
and reliable power at more than 50 locations worldwide.&nbsp;With over 180 megawatts of power generation capacity installed or in backlog, FuelCell Energy is a global leader in providing ultra-clean baseload distributed generation to utilities,
industrial operations, universities, municipal water treatment facilities, government installations and other customers around the world.&nbsp;The Company&#146;s power plants have generated more than one billion kilowatt hours of ultra-clean power
using a variety of fuels including renewable biogas from wastewater treatment and food processing, as well as clean natural gas.&nbsp;For more information please visit our website at www.fuelcellenergy.com </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>This news release contains forward-looking statements, including statements regarding the Company&#146;s
plans and expectations regarding the continuing development, commercialization and financing of its fuel cell technology and business plans. All forward-looking statements are subject to risks and uncertainties that could cause actual results to
differ materially from those projected. Factors that could cause such a difference include, without limitation, general risks associated with product development, manufacturing, changes in the regulatory environment, customer strategies, potential
volatility of energy prices, rapid technological change, competition, and the Company&#146;s ability to achieve its sales plans and cost reduction targets, as well as other risks set forth in the Company&#146;s filings with the Securities and
Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to
reflect any change in the Company&#146;s expectations or any change in events, conditions or circumstances on which any such statement is based. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Direct FuelCell, DFC, DFC/T, DFC-H2 and FuelCell Energy, Inc. are all registered trademarks of FuelCell Energy, Inc. DFC-ERG is a registered trademark jointly owned by Enbridge, Inc. and FuelCell Energy,
Inc. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">FuelCell Energy, Inc.</FONT></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Contact:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kurt Goddard, Vice President Investor Relations</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">203-830-7494</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">ir@fce.com</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"># # # </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">P<SMALL>AGE</SMALL> 2 </FONT></P>

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<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g320650image001.jpg
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
