<SEC-DOCUMENT>0001193805-17-000715.txt : 20170428
<SEC-HEADER>0001193805-17-000715.hdr.sgml : 20170428
<ACCEPTANCE-DATETIME>20170428170615
ACCESSION NUMBER:		0001193805-17-000715
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20170427
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170428
DATE AS OF CHANGE:		20170428

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:		17796854

	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>e616083_8k-fuelcell.htm
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B>&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section&nbsp;13 or 15(d)
of the<BR>
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of report (Date of earliest event
reported): April 27, 2017</B></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FUELCELL ENERGY, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact Name of Registrant as Specified
in Charter)</B></P>

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    <TD STYLE="width: 33%">&nbsp;</TD>
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    <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><B>Delaware</B></TD>
    <TD STYLE="vertical-align: top; text-align: center"><B>1-14204</B></TD>
    <TD STYLE="vertical-align: top; text-align: center"><B>06-0853042</B></TD></TR>
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    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: center"><B>(State or Other Jurisdiction
of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: center"><B>Incorporation)</B></P></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: center"><B>(Commission</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: center"><B>File Number)</B></P></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: center"><B>(IRS Employer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: center"><B>Identification No.)</B></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="vertical-align: top; width: 33%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 34%"><B>3 Great Pasture Road,&nbsp;Danbury,&nbsp;&nbsp;Connecticut</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 33%"><B>06810</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Address of Principal Executive Offices)</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registrant&rsquo;s telephone number,
including area code: (203)&nbsp;825-6000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Former Name or Former Address, if Changed
Since Last Report)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23pt">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23pt">&nbsp;</P>

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        <P STYLE="font: 10pt Wingdings; margin: 0pt 1pt 0pt 0">&uml;</P></TD>
    <TD STYLE="vertical-align: top; width: 96%">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
</TABLE>

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    <TD STYLE="vertical-align: bottom; width: 4%">
        <P STYLE="font: 10pt Wingdings; margin: 0pt 1pt 0pt 0">&uml;</P></TD>
    <TD STYLE="vertical-align: top; width: 96%">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
</TABLE>

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    <TD STYLE="vertical-align: bottom; width: 4%">
        <P STYLE="font: 10pt Wingdings; margin: 0pt 1pt 0pt 0">&uml;</P></TD>
    <TD STYLE="vertical-align: top; width: 96%">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
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        <P STYLE="font: 10pt Wingdings; margin: 0pt 1pt 0pt 0">&uml;</P></TD>
    <TD STYLE="vertical-align: top; width: 96%">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0pt; text-align: left"><B>Item&nbsp;1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="background-color: white">Entry into a Material Definitive Agreement.</FONT></B></P>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0pt; text-align: left"><B><FONT STYLE="background-color: white">&nbsp;</FONT></B></P></TD></TR>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">On April 28, 2017, FuelCell Energy, Inc.
(&ldquo;FuelCell&rdquo;) entered into an underwriting agreement (the &ldquo;Underwriting Agreement&rdquo;) with Oppenheimer &amp;
Co. Inc. as representative of the underwriters named therein (the &ldquo;Underwriters&rdquo;), relating to an underwritten public
offering (the &ldquo;Offering&rdquo;) of FuelCell&rsquo;s <FONT STYLE="background-color: white">c</FONT>ommon stock, par value
$0.0001 per share (the &ldquo;Common Stock&rdquo;) and short-term and long-term warrants. Subject to the terms and conditions contained
in the Underwriting Agreement, the Underwriters have agreed to purchase, and the Company has agreed to sell, (i) 12,000,000 <FONT STYLE="background-color: white">shares
of Common Stock</FONT>, (ii)&nbsp;Series C warrants to purchase an aggregate of 12,000,000 shares of Common Stock and (iii)&nbsp;Series
D warrants to purchase an aggregate of 12,000,000 shares of Common Stock, at a public offering price of $1.28 per share and accompanying
warrants, less the Underwriters&rsquo; discount (the &ldquo;Offering Price&rdquo;).&nbsp; Under the terms of the Underwriting Agreement,
FuelCell has also granted the Underwriters a 30-day option to purchase up to an additional 1,800,000 shares of Common Stock, Series
C warrants to purchase up to an aggregate of 1,800,000 shares of Common Stock and Series D warrants to purchase up to an aggregate
of 1,800,000 shares of Common Stock at the Offering Price. The net proceeds to the Company from the Offering, after deducting the
Underwriters&rsquo; discount and other estimated offering expenses payable by the Company, are expected to be approximately $13,761,000,
assuming no exercise by the Underwriters of their option. The net proceeds from the Offering will be used for project development,
project financing, working capital and general corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Series C warrants have an exercise
price of $1.60 per share, are immediately exercisable and will expire on the fifth anniversary of the date of issuance.&nbsp;The
Series D warrants have an exercise price of $1.28 per share, are immediately exercisable and will expire on the first anniversary
of the date of issuance.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Certain investors in the Offering have
entered into separate leak-out agreements (a &ldquo;Leak-Out Agreement&rdquo;) with FuelCell providing that during the period beginning
on the date of the Leak-Out Agreement and ending on May 28, 2017, neither such investor nor certain of its affiliates will sell,
directly or indirectly, on any trading day more than a fixed percentage (20% in the aggregate by all such investors) of the trading
volume of the Common Stock on such day (subject to certain exceptions, including sales at a price greater than $1.61 at a time
when the offer price of the Common Stock is greater than $1.60).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Offering is expected to close on or
about May 3, 2017, subject to customary closing conditions. <FONT STYLE="background-color: white">Copies of the </FONT>Underwriting
Agreemen<FONT STYLE="background-color: white">t and the Form of Leak-Out Agreement are attached to this Current Report on Form
8-K as Exhibits 1.1, and 4.3, respectively, and are incorporated herein by reference. The forms of Series C warrant and Series
D warrant were previously filed as Exhibits 4.1 and 4.2 to the Current Report on Form 8-K filed by the Company on April 28, 2017.
The foregoing is only a brief description of the material terms of the </FONT>Underwriting Agreemen<FONT STYLE="background-color: white">t,
the Series C and Series D warrants and the Leak-Out 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 these Exhibits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Company offered and is selling the
above-described securities pursuant to a&nbsp;prospectus&nbsp;dated February 24, 2017 and a prospectus supplement&nbsp;dated April
27, 2017 (the &ldquo;Prospectus Supplement&rdquo;), pursuant to the Company&rsquo;s shelf registration statement on&nbsp;Form S-3&nbsp;(SEC
File No.&nbsp;333-215530), previously declared effective by the Securities and Exchange Commission (the &ldquo;Shelf Registration
Statement&rdquo;). This <FONT STYLE="background-color: white">Current Report on </FONT>Form 8-K is being filed in part for the
purpose of incorporating Exhibits <FONT STYLE="background-color: white">1.1 and 4.3 </FONT>by reference into the Shelf Registration
Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The legal opinion of Robinson &amp; Cole
LLP relating to the Common Stock and warrants being offered is filed as Exhibit 5.1 to this Current Report on Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>Item
8.01 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">On April 27, 2017, the Company issued a
press release announcing the Offering.&nbsp;On April 28, 2017, 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 <FONT STYLE="background-color: white">Current
Report </FONT>on Form 8-K and are incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0pt; text-align: left"><B>Item&nbsp;9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial
Statements and Exhibits.</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0pt; text-align: left">(d) Exhibits.</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>No.</U></P></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; width: 86%"><U>Description</U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">1.1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>Underwriting Agreement, dated as of April 28, 2017, between FuelCell Energy, Inc. and Oppenheimer &amp; Co. Inc., as Representative of the several Underwriters set forth therein</TD></TR>
<TR>
    <TD STYLE="text-align: center">4.3</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>Form of Leak-Out Agreement</TD></TR>
<TR>
    <TD STYLE="text-align: center">5.1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD><FONT STYLE="background-color: white">Opinion of Robinson &amp; Cole LLP</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center">23.1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD><FONT STYLE="background-color: white">Consent of Robinson &amp; Cole LLP (included in Exhibit 5.1)</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center">99.1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>Press release of FuelCell Energy, Inc., issued on April 27, 2017</TD></TR>
<TR>
    <TD STYLE="text-align: center">99.2</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>Press release of FuelCell Energy, Inc., issued on April 28, 2017</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23pt">&nbsp;</P>

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<TR>
    <TD STYLE="width: 53%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">FUELCELL ENERGY, INC.</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Date:&nbsp;&nbsp;April 28, 2017</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2px solid">/s/ Michael S. Bishop</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Michael S. Bishop</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Senior Vice President, Chief Financial&nbsp;Officer, and Treasurer</TD></TR>
</TABLE>


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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><I>Execution Version</I></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>12,000,000 Shares of Common Stock</B></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">par value $0.0001</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Series C Warrants to Purchase 12,000,000
Shares of Common Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Series D Warrants to Purchase 12,000,000
Shares of Common Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FUELCELL ENERGY, INC.<BR>
<BR>
<U>UNDERWRITING AGREEMENT</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">April 28, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oppenheimer &amp; Co. Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Representative of the several Underwriters set forth in
Schedule C&#9; c/o Oppenheimer &amp; Co. Inc.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">85 Broad Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10004</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sirs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-variant: small-caps"><I>Introduction</I></FONT>. FuelCell Energy, Inc., a Delaware corporation
(the &ldquo;<B>Company</B>&rdquo;), proposes to issue and sell to the several Underwriters (defined below), pursuant to the terms
and conditions of this Underwriting Agreement (this &ldquo;<B>Agreement</B>&rdquo;), an aggregate of (i) 12,000,000 shares of
common stock, $0.0001 par value per share (the &ldquo;<B>Common Stock</B>&rdquo;) of the Company (the &ldquo;<B>Firm Shares</B>&rdquo;)
as set forth in <U>Schedule C</U> hereto, (ii) Series C warrants to purchase 12,000,000 shares of Common Stock (the &ldquo;<B>Firm
Series C Warrants</B>&rdquo;) and (iii) Series D warrants to purchase 12,000,000 shares of Common Stock (the &ldquo;<B>Firm Series
D Warrants</B>&rdquo; and together with the Firm Series C Warrants, the &ldquo;<B>Firm Warrants</B>&rdquo;). The Company hereby
confirms that Oppenheimer &amp; Co. Inc. (&ldquo;<B>OpCo</B>&rdquo;) and Craig-Hallum Capital Group LLC (&ldquo;<B>Craig-Hallum</B>&rdquo;,
and together with OpCo, the &ldquo;<B>Underwriters</B>&rdquo;) acted as the Underwriters in accordance with the terms and conditions
hereof. OpCo is acting as the representative of the Underwriters and in such capacity is hereinafter referred to as the &ldquo;<B>Representative</B>.&rdquo;
The Company also proposes to issue and sell to the several Underwriters not more than (i) an additional 1,800,000 shares of its
Common Stock (the &ldquo;<B>Additional Shares</B>&rdquo;), (ii) Series C warrants to purchase up to an aggregate of 1,800,000
shares of Common Stock (the &ldquo;<B>Additional Series C Warrants</B>&rdquo; and together with the Firm Series C Warrants, the
&ldquo;<B>Series C Warrants</B>&rdquo;) and (iii) Series D warrants to purchase up to an aggregate of 1,800,000 shares of Common
Stock (the &ldquo;<B>Additional Series D Warrants</B>&rdquo; and together with the Firm Series D Warrants, the &ldquo;<B>Series
D Warrants</B>&rdquo;; the Additional Series D Warrants taken together with the Additional Series C Warrants are referred to herein
as the &ldquo;<B>Additional Warrants</B>&rdquo;) 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
2</U> hereof. The Firm Shares and the Additional Shares are hereinafter collectively referred to as the &ldquo;<B>Shares</B>.&rdquo;
The Firm Warrants and the Additional Warrants are hereinafter collectively referred to as the &ldquo;<B>Warrants</B>.&rdquo; The
aggregate number of shares of Common Stock issuable upon exercise of the Warrants is hereinafter referred to as the &ldquo;<B>Warrant
Stock</B>.&rdquo; The offering and sale of the Shares is hereinafter referred to as the &ldquo;<B>Offering</B>.&rdquo;</P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Underwriters may
exercise their purchase right in whole or from time to time in part by giving written notice not later than thirty (30) days after
the date of this Agreement. Any exercise notice shall specify the number of Additional Shares and Additional Warrants to be purchased
by the Underwriters and the date on which such shares are to be purchased. If any Additional Shares or Additional Warrants are
to be purchased, the number of Additional Shares or Additional Warrants to be purchased by each Underwriter shall be the number
of Additional Shares or Additional Warrants which bears the same ratio to the aggregate number of Additional Shares or Additional
Warrants being purchased as the number of Firm Shares or Firm Warrants purchased by such Underwriter bears to the aggregate number
of Firm Shares or Firm Warrants purchased from the Company by the Underwriters, subject, however, to such adjustments to eliminate
any fractional Shares or Warrants 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 or Firm Warrants
nor later than ten business days after the date of such notice. On each day, if any, that Additional Shares or Additional Warrants
are to be purchased (an &ldquo;<B>Option Closing Date</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Delivery and Payment. <FONT STYLE="font-style: normal; font-variant: normal">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="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company agrees to issue and sell and the Underwriters, severally and not jointly, agree to purchase from the
Company an aggregate of 12,000,000 Firm Shares, Series C Warrants to purchase 12,000,000 shares of Common Stock and Series D Warrants
to purchase 12,000,000 shares of Common Stock at a purchase price of $1.1968 per share of Common Stock and accompanying Firm Warrants
(the &ldquo;<B>Purchase Price</B>&rdquo;), which represents an underwriting discount of 6.5 percent 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 and Warrants 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 $1.2800 per Share and accompanying Warrant (&ldquo;<B>Public Offering Price</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Payment of the Purchase Price for, and delivery of, the Firm Shares and Firm Warrants 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 May 3, 2017 (the &ldquo;<B>Closing Date</B>&rdquo;) at the office of Patterson
Belknap Webb &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 &ldquo;<I>Exchange
Act</I>&rdquo;)<FONT STYLE="color: black">, the Company shall deliver the Firm Shares and the Firm Warrants, which shall be registered
in the name or names and shall be in such denominations as the Representative may request at least one (1) business day before
the Closing Date, to the Representative, which delivery shall be made through the facilities of the Depository Trust Company. The
Company, in the event the Representative elects to have the Underwriters take delivery of definitive certificates for the Warrants
instead of delivery through the facilities of DTC, shall make certificates for the Warrants, as applicable, available to the Representative
for examination on behalf of the Underwriters in New York, New York at least one (1) full business day prior to the Closing Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Payment of the Purchase Price for, and delivery of, any Additional Shares or Additional Warrants 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 and Additional Warrants, which shall be registered in the
name or names and shall be in such denominations as the Underwriters may request at least one (1) business day before the Option
Closing Date, to the Underwriters, which delivery shall be made through the facilities of the Depository Trust Company. The Company,
in the event the Representative elects to have the Underwriters take delivery of definitive certificates for the Additional Warrants
instead of delivery through the facilities of DTC, shall make certificates for the Additional Warrants, as applicable, available
to the Representative for examination on behalf of the Underwriters in New York, New York at least one (1) full business day prior
to the Closing Date. 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 &ldquo;Closing Date&rdquo; shall refer to the time and
date of delivery of the Firm Shares and Additional Shares and the Firm Warrants and the Additional Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Prior to either of the 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 as of the date hereof) otherwise than through the Underwriters in accordance herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>No Shares or Warrants 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 and Warrants 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 or Warrants
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 7(c)</U> herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-variant: small-caps"><I>Representations and Warranties of the Company</I></FONT>. 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:</P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company has prepared and filed in conformity with the requirements of the Securities Act of 1933, as amended
(the &ldquo;<B>Securities Act</B>&rdquo;), and published rules and regulations thereunder (the &ldquo;<B>Rules and Regulations</B>&rdquo;)
adopted by the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) a &ldquo;shelf&rdquo; Registration Statement
(as hereinafter defined) on Form S-3 (File No. 333-215530), which became effective as of February 24, 2017 (the &ldquo;<B>Effective
Date</B>&rdquo;), including a base prospectus relating to the Shares (the &ldquo;<B>Base Prospectus</B>&rdquo;), and such amendments
and supplements thereto as may have been required up to the date of this Agreement. The term &ldquo;<B>Registration Statement</B>&rdquo;
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&rsquo;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 &ldquo;<B>Prospectus</B>&rdquo;
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, 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 &ldquo;<B>Prospectus</B>&rdquo; 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 &ldquo;<B>Preliminary Prospectus.</B>&rdquo;
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 12 of Form S-3 which were filed under the Securities Exchange
Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), 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 &ldquo;amend,&rdquo; &ldquo;amendment,&rdquo;
or &ldquo;supplement&rdquo; with respect to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed
to refer to and include (i) 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) 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 &ldquo;<B>462(b) Registration Statement</B>&rdquo;), then any reference herein to the Registration
Statement shall also be deemed to include such 462(b) Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>As of the Applicable Time (as defined below) and as of the Closing Date and any Option Closing Date, neither (i)
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 <FONT STYLE="text-transform: uppercase">A</FONT></U> hereto, all
considered together (collectively, the &ldquo;<B>General Disclosure Package</B>&rdquo;), (ii) any individual Limited Use Free Writing
Prospectus (as defined below), nor (iii) 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&rsquo; Information (as defined in <U>Section 16</U>). As used in this <U>paragraph
(b)</U> and elsewhere in this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B><I>Applicable Time</I></B>&rdquo;
means 8:30 A.M., New York time, on the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B><I>General Use Free
Writing Prospectus</I></B>&rdquo; means any Issuer Free Writing Prospectus that is identified on <U>Schedule <FONT STYLE="text-transform: uppercase">A</FONT></U>
to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B><I>Issuer Free Writing
Prospectus</I></B>&rdquo; means any &ldquo;<B>issuer free writing prospectus,</B>&rdquo; as defined in Rule 433 of the Rules and
Regulations relating to the Shares and Warrants 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&rsquo;s records pursuant to Rule 433(g) of the Rules and Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B><I>Limited Use Free
Writing Prospectuses</I></B>&rdquo; means any Issuer Free Writing Prospectus that is not a General Use Free Writing Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B><I>Pricing Prospectus</I></B>&rdquo;
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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
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&rsquo;
Information (as defined in <U>Section 16</U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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 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> 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&rsquo;
Information (as defined in <U>Section 16</U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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 and the Warrants or until any earlier date that the Company notified or notifies the
Representative as described in <U>Section 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&rsquo;
Information (as defined in <U>Section 16</U>).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>(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 the Warrants and (ii)
at the date hereof, the Company was not and is not an &ldquo;ineligible issuer,&rdquo; 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 Securities
Act and consistent with <U>Section 4(b)</U> below. The Company will file with the Commission all Issuer Free Writing Prospectuses
(other than a &ldquo;road show,&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company and each of its subsidiaries (as defined in <U>Section 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) 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) 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) or (ii), a &ldquo;<B>Material Adverse Effect</B>&rdquo;). The Company owns or controls, directly or
indirectly, only the following corporations, partnerships, limited liability partnerships, limited liability companies, associations
or other entities: (i) Broad Street Fuel Cell, LLC, a Connecticut limited liability company, (ii) Cedar Creek Fuel Cell, LLC, a
New York limited liability company, (iii) Central CA Fuel Cell 1, LLC, a Delaware limited liability company, (iv) Central CT Fuel
Cell 1, LLC, a Connecticut limited liability company, (v) DFC ERG CT, LLC, a Connecticut limited liability company, (vi) Eastern
Connecticut Fuel Cell Properties, LLC, a Connecticut limited liability company, (vii) EPCAL Fuel Cell Park, LLC, a New York limited
liability company, (viii) Farmingdale Fuel Cell, LLC, a New York limited liability company, (ix) FCE FuelCell Energy Ltd., a Canadian
company, (x) FCE Korea Ltd., a South Korean company, (xi) FuelCell Energy Finance, LLC, a Connecticut limited liability company,
(xii) FuelCell Energy Solutions GmbH, a German company, (xiii) Groton Fuel Cell 1, LLC, a Connecticut limited liability company,
(xiv) Long Beach Trigen, LLC, a Delaware limited liability company, (xv) Montville Fuel Cell Park, LLC, a Connecticut limited liability
company, (xvi) New Britan Renewable Energy, LLC, a Delaware limited liability company, (xvii) Riverside Fuel Cell, LLC, a Delaware
limited liability company, (xviii) Setauket Fuel Cell Park, LLC, a New York limited liability company, (xix) SoCal Fuel Cell 1,
LLC, a Delaware limited liability company, (xx) SRJFC, LLC, a Delaware limited liability company, (xxi) TRS Fuel Cell, LLC, a Connecticut
limited liability company, (xxii) UCI Fuel Cell, LLC, a Delaware limited liability company, (xxiii) Versa Power Systems Ltd., a
Canadian company, (xxiv) Versa Power Systems, Inc., a Delaware corporation, (xxv) Waterbury Renewable Energy, LLC, a Delaware limited
liability company and (xxvi) Yaphank Fuel Cell Park, LLC, a New York limited liability company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The terms of the Series C Warrants are as set forth in the General Disclosure Package, and are in the form of <U>Exhibit
B</U> hereto. The terms of the Series D Warrants are as set forth in the General Disclosure Package, and are in the form of <U>Exhibit
C</U> hereto. The Warrants have been duly authorized by the Company and, upon their execution and delivery will be valid and binding
obligations of the Company enforceable against it in accordance with their terms, except as limited by general equitable principles
and applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other laws of general application
affecting enforcement of creditors&rsquo; rights generally.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The 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 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&rsquo;s stockholders or between
any of the Company&rsquo;s subsidiaries and any of such subsidiary&rsquo;s stockholders, or to the Company&rsquo;s knowledge, between
or among any of the Company&rsquo;s stockholders or any of its subsidiaries&rsquo; stockholders, which grant special rights with
respect to any shares of the Company&rsquo;s or any of its subsidiaries&rsquo; capital stock or which in any way affect any stockholder&rsquo;s
ability or right to alienate freely or vote such shares (other than rights which have been waived in writing in connection with
the <FONT STYLE="color: black">issuance and sale of the Shares and the Warrants and the other </FONT>transactions contemplated
by this Agreement or otherwise satisfied)<FONT STYLE="color: black">. The Warrant Stock has been duly and validly authorized and
reserved for issuance pursuant to the terms of the Warrants, and when issued by the Company upon valid exercise of the Warrants
and payment of the exercise price, will be duly and validly issued, fully paid and nonassessable and free of any preemptive rights,
rights of first refusal, registration rights or similar rights and will conform to the description thereof contained in the Prospectus
or the General Disclosure Package in all material respects. In connection with this Offering, the Company has received a written
waiver from </FONT>POSCO Power (&ldquo;<B>POSCO</B>&rdquo;) of its investor rights under that certain Securities Purchase Agreement
between POSCO and the Company, dated April 30, 2012 (&ldquo;<B>POSCO Securities Purchase Agreement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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.&nbsp; As of April 21, 2017, there were (a) 47,444,426 shares of Common Stock, par value $0.0001, issued and outstanding,
(b) 64,020 Series B preferred shares issued and outstanding, convertible into 454,043 shares of common stock, (c) 1,000,000 shares
of the Company&rsquo;s subsidiary, FuelCell Energy, Ltd.&rsquo;s, Series 1 preferred shares, issued and outstanding, which would
require 15,166 shares of the Company&rsquo;s common stock to settle the outstanding principal and accrued and unpaid dividends,
and (d) &nbsp;8,164,968 shares of Common Stock issuable upon the exercise of all options, warrants and convertible securities outstanding
as of such date, excluding any shares that could be used to satisfy interest amounts due on convertible securities if not paid
in cash. Since such date, the Company has not issued any securities, other than (i) Common Stock of the Company issued pursuant
to the exercise of stock options previously outstanding under the Company&rsquo;s stock plans or (ii) the issuance of options or
restricted Common Stock under the Company&rsquo;s stock plans.&nbsp; All of the stock options, warrants and other rights to purchase
or exchange any securities for shares of the Company&rsquo;s capital stock have been duly authorized and validly issued, and were
issued in compliance with US federal and state securities laws.&nbsp; 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.&nbsp; 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.&nbsp; The description of the Company&rsquo;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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The execution, delivery and performance of this Agreement, the Warrants by the Company, the issuance and sale of
the Shares and the Warrant Stock 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) 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) 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) 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) and (iii) above, to the extent any such conflict, breach or violation has been waived or would not result in a Material Adverse
Effect. A &ldquo;<B>Debt Repayment Triggering Event</B>&rdquo; 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&rsquo;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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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 and Warrants 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 (&ldquo;<B>FINRA</B>&rdquo;) and the NASDAQ Global
Market (the &ldquo;<B>NASDAQ GM</B>&rdquo;) in connection with the Offering by the Company, and the listing of the Shares and the
Warrant Stock on the NASDAQ GM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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&rsquo;s internal
control over financial reporting and management&rsquo;s assessment thereof, is an independent 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 &ldquo;<B>PCAOB</B>&rdquo;). Except as pre-approved in accordance with the requirements set forth in Section 10A of the Exchange
Act, KPMG LLP has not been engaged by the Company to perform any &ldquo;prohibited activities&rdquo; (as defined in Section 10A
of the Exchange Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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&rsquo; 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 (&ldquo;<B>GAAP</B>&rdquo;)
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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&rsquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>There are no legal or governmental actions, suits, claims or proceedings pending or, to the Company&rsquo;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 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&rsquo;s knowledge,
no such proceedings are threatened or contemplated by governmental authorities or threatened by other third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Neither the Company nor any of its subsidiaries is in (i) violation of its charter or by-laws (or analogous governing
instrument, as applicable), (ii) 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) 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) and (iii) of this paragraph (t), for any violations or defaults which would not, singly or in the aggregate,
have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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 <FONT STYLE="color: black">that</FONT> 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 &ldquo;<B>Governmental Permits</B>&rdquo;) 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 and Warrants to be issued and sold by the Company hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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) required to register as an
&ldquo;investment company&rdquo; as defined in the Investment Company Act of 1940, as amended (the &ldquo;<B>Investment Company
Act</B><I>&rdquo;</I>), and the rules and regulations of the Commission thereunder or (ii)&nbsp;a &ldquo;business development company&rdquo;
(as defined in Section&nbsp;2(a)(48) of the Investment Company Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(w)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Neither the Company, its subsidiaries nor, to the Company&rsquo;s knowledge, any of the Company&rsquo;s or its subsidiaries&rsquo;
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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, &ldquo;<B>Intellectual Property</B>&rdquo;) 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&rsquo;s and each of its subsidiaries&rsquo; 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&rsquo;s or any of its subsidiaries&rsquo; right to own, use, or hold for use any of the 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&rsquo;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&rsquo;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&rsquo;s or any of its subsidiaries&rsquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(y)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(z)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>No labor disturbance or dispute with the employees of the Company or any of the Company&rsquo;s subsidiaries exists,
or, to the best of the Company&rsquo;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&rsquo; 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&rsquo;s subsidiaries plans to terminate employment with the Company or any of the Company&rsquo;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) there is (A) no unfair labor practice complaint
pending or, to the Company&rsquo;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&rsquo;s knowledge, threatened, (B) no strike, labor dispute, slowdown or stoppage pending or, to the Company&rsquo;s
knowledge, threatened against the Company or any of its subsidiaries and (C) no union representation dispute currently existing
concerning the employees of the Company or any of its subsidiaries and (ii) to the Company&rsquo;s knowledge, no union organizing
activities are currently taking place concerning the employees of the Company or any of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(aa)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>No &ldquo;prohibited transaction&rdquo; (as defined in Section 406 of the Employee Retirement Income Security Act
of 1974, as amended, including the regulations and published interpretations thereunder (&ldquo;<B>ERISA</B>&rdquo;), or Section
4975 of the Internal Revenue Code of 1986, as amended from time to time (the &ldquo;<B>Code</B>&rdquo;)) 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 &ldquo;employee
benefit plan&rdquo; and an &ldquo;employee pension benefit plan&rdquo; 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 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(bb)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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 (&ldquo;<B>Environmental Laws</B>&rdquo;), 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&rsquo;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 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(cc)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(dd)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company and its subsidiaries, each (i) 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) 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) 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) and (iii) of this <U>paragraph (dd)</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 in the last three
years, the Company and its subsidiaries each has not incurred any liability for taxes other than in the ordinary course.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(ee)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(ff)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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&rsquo;s general or specific
authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP
and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management&rsquo;s general
or specific authorization; and (iv) 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&rsquo;s most recent audited fiscal year, there has been (A) no material weakness in the Company&rsquo;s internal
control over financial reporting (whether or not remediated) and (B)&nbsp;no change in the Company&rsquo;s internal control over
financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control
over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(gg)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company has established, maintains and evaluates &ldquo;disclosure controls and procedures&rdquo; (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&rsquo;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) have been evaluated for effectiveness as of the end of the last fiscal period covered
by the Registration Statement; and (iii) 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&rsquo;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&rsquo;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 &ldquo;<B>Audit
Committee</B>&rdquo;) is not reviewing or investigating, and neither the Company&rsquo;s independent auditors nor its internal
auditors have recommended that the Audit Committee review or investigate, (iv) adding to, deleting, changing the application of
or changing the Company&rsquo;s disclosure with respect to, any of the Company&rsquo;s material accounting policies, (v) any manner
which could result in a restatement of the Company&rsquo;s financial statements for any annual or interim period during the current
or prior three fiscal years, or (iii) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(hh)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT>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, &ldquo;variable interest entities&rdquo;
within the meaning of Financial Accounting Standards Board Interpretation No. 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&rsquo;s financial condition, changes in financial condition, results of operations, liquidity, capital expenditures,
capital resources, or significant components of revenues or expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company&rsquo;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 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 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) any significant deficiencies in the
design or operation of the Company&rsquo;s internal controls that could adversely affect the Company&rsquo;s ability to record,
process, summarize and report financial data or any material weakness in the Company&rsquo;s internal controls; or (ii) any fraud,
whether or not material, that involves management or other employees of the Company who have a significant role in the Company&rsquo;s
internal controls.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(jj)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The minute books of the Company and each of its subsidiaries that would be a &ldquo;significant subsidiary&rdquo;
within the meaning of Rule 1-02(w) of Regulation S-X under the Exchange Act (such a significant subsidiary of the Company, a &ldquo;<B>Significant
Subsidiary</B>&rdquo;) have been made available to the Underwriters and counsel for the Underwriters, and such books (i) 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) accurately in
all material respects reflect all transactions referred to in such minutes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(kk)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(ll)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(mm)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>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) registration rights granted to POSCO under the POSCO Securities Purchase Agreement, which have been satisfied to date,
and (ii) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(nn)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT>Neither the Company nor any of its subsidiaries owns any &ldquo;margin securities&rdquo; as that term is defined
in Regulation U of the Board of Governors of the Federal Reserve System (the &ldquo;<B>Federal Reserve Board</B>&rdquo;), 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 &ldquo;purpose credit&rdquo;
within the meanings of Regulation T, U or X of the Federal Reserve Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(oo)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT>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 &ldquo;nationally recognized statistical rating organization,&rdquo; as that term is defined in Rule
436(g)(2) promulgated under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(pp)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>&nbsp;</FONT>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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(qq)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(rr)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company is subject to and in compliance in all material respects with the reporting requirements of Section 13
or Section 15(d) of the Exchange Act. The Common Stock is registered pursuant to Section 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) a Notification Form: Listing of Additional Shares; and (ii) a Notification Form: Change in the Number of Shares Outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(ss)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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 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 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(tt)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company, and to its knowledge, each of the Company&rsquo;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 &ldquo;<B>Sarbanes-Oxley
Act</B>&rdquo;). 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, &ldquo;principal executive
officer&rdquo; and &ldquo;principal financial officer&rdquo; shall have the meanings given to such terms in the Sarbanes-Oxley
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(uu)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT></FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(vv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT>Neither the Company nor any of its subsidiaries nor, to the Company&rsquo;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) 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) 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) violated or is in violation of any provision of the U.S. Foreign Corrupt
Practices Act of 1977, as amended or (iv) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(ww)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT></FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(xx)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Neither the Company nor any subsidiary nor any of their affiliates (within the meaning of FINRA&rsquo;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 1(ee) of the By-laws of FINRA) of, any member firm of FINRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(yy)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT></FONT>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 &ldquo;<B>Money Laundering Laws</B>&rdquo;), 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(zz)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT>Neither the Company nor any of its subsidiaries nor, to the Company&rsquo;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 (&ldquo;<B>OFAC</B>&rdquo;); 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 person or entity, which, to the Company&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(aaa)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT></FONT>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 and Warrants.
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(bbb)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT></FONT>Neither the Company nor its subsidiaries are subject to regulation as a &ldquo;public utility&rdquo;, &ldquo;public
service company&rdquo;, &ldquo;holding company&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-variant: small-caps"><I>Further Agreements of the Company</I></FONT>. The Company agrees with
the Underwriters:</P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>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<SUP>nd</SUP>) 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&rsquo;s intention to file or prepare any supplement or amendment to the
Registration Statement or to the Prospectus in 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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 &ldquo;free writing prospectus&rdquo; as defined in
Rule 405 of the Rules and Regulations (each, a &ldquo;<B>Permitted Free Writing Prospectus</B>&rdquo;); <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 <FONT STYLE="text-transform: uppercase">A</FONT></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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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 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&rsquo;s
request, the Company will promptly prepare and file with the Commission, at the Company&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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) 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) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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 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&rsquo; Information (as defined in <U>Section 16</U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 24 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To the extent not available on the Commission&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To the extent not available on the Commission&rsquo;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) each Preliminary
Prospectus (if any), (iii) any Issuer Free Writing Prospectus, (iv) the Prospectus (the delivery of the documents referred to in
clauses (i), (ii), (iii) and (iv) of this <U>paragraph (g)</U> 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) conformed copies of any amendment to the Registration Statement
(excluding exhibits), (vi) any amendment or supplement to the General Disclosure Package or the Prospectus (the delivery of the
documents referred to in clauses (v) and (vi) of this <U>paragraph (g)</U> 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) 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) of this <U>paragraph (g)</U> to be made not later than 10:00 A.M., New York City time, on the business day following
the date of such document).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To make generally available to its stockholders as soon as practicable, but in any event not later than eighteen
(18) 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 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&rsquo;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&rsquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 25 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>During the period of five (5) years from the date hereof, to the extent not available on the Commission&rsquo;s EDGAR
system or any successor system, to deliver to the Underwriters, (i) upon request, copies of all reports or other communications
furnished generally to stockholders, and (ii) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>That the Company will not, for a period of sixty (60) days from the date of the Prospectus, (the &ldquo;<B>Lock-Up
Period</B>&rdquo;) without the prior written consent of OpCo, 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) the Company&rsquo;s sale of the Shares and Warrants hereunder, (ii) the issuance of restricted
Common Stock or options to acquire Common Stock pursuant to the Company&rsquo;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 and
(iii) 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 <FONT STYLE="text-transform: uppercase">B</FONT></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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Until the Representative shall have notified the Company of the completion of the offering of the Shares and the
Warrants, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To maintain, at its expense, a registrar and transfer agent for the Shares and Warrant Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Not to take any action prior to the Closing Date, which would require the Prospectus to be amended or supplemented
pursuant to <U>Section 4</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To at all times comply with all applicable provisions of the Sarbanes-Oxley Act in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To reserve and keep available for the exercise of the Warrants such number of authorized but unissued shares of Common
Stock as are sufficient to permit the exercise in full of the Warrants for the Warrant Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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 &ldquo;Use of Proceeds.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To use its commercially reasonable best efforts to list, subject to notice of issuance, effect and maintain the quotation
and listing of the Common (including the Shares and Warrant Stock) on the NASDAQ GM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(w)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-variant: small-caps"><I>Payment of Expenses</I></FONT>. The Company agrees to pay, or reimburse
if paid by the Underwriters, upon consummation of the transactions contemplated hereby: (a) 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) the costs
incident to the registration of the Shares under the Securities Act; (c) 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) 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) any applicable
listing, quotation or other fees; (f) 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 4(i)</U>
and of preparing, printing and distributing wrappers, &ldquo;Blue Sky Memoranda&rdquo; and &ldquo;Legal Investment Surveys&rdquo;;
(g) the cost of preparing and printing stock certificates and the warrants; (h) all fees and expenses of the registrar and transfer
agent of the Shares and the Warrant Stock; (i) the reasonable fees, disbursements and expenses of counsel to the Underwriters;
and (j) all other reasonable costs and expenses incident to the offering of the Shares and the Warrants or the performance of
the obligations of the Company under this Agreement (including, without limitation, the fees and expenses of the Company&rsquo;s
counsel and the Company&rsquo;s independent accountants and the travel and other expenses incurred by Company&rsquo;s and Underwriters&rsquo;
personnel in connection with any &ldquo;road show&rdquo; including, without limitation, any expenses advanced by the Underwriters
on the Company&rsquo;s behalf (which will be promptly reimbursed)).</P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-variant: small-caps"><I>Conditions to the Obligations of the Underwriters, and the Sale of the
Shares</I></FONT>. 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:</P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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 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 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>All corporate proceedings and other legal matters incident to the authorization, form and validity of each of this
Agreement, the Shares, the Warrants, the Warrant Stock, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Robinson &amp; Cole LLP shall have furnished to the Representative such counsel&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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) 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) stating the conclusions and findings of such firm, of the type ordinarily included
in accountants&rsquo; &ldquo;comfort letters&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 29 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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 &ldquo;<B>Bring-Down
Letter</B>&rdquo;) 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) 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&rsquo; &ldquo;comfort letters&rdquo;
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) of this <U>Section 6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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)
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 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) 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) 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) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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) 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) 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&rsquo;
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) or (ii) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Subsequent to the execution and delivery of this Agreement there shall not have occurred any of the following: (i)
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) 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) 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) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company shall have filed a Notification: Listing of Additional Shares with the NASDAQ GM covering the Shares
and Warrant Stock and shall have received no objection thereto from the NASDAQ GM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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 <FONT STYLE="text-transform: uppercase">B</FONT></U>
to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Representative shall have received the written waiver from POSCO Power (&ldquo;<B>POSCO</B>&rdquo;) relating
to its notice and participation rights arising under and pursuant to the terms of that certain Securities Purchase Agreement, dated
April 30, 2012 between POSCO and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The
Representative shall have received the Firm Warrants and any Additional Warrants, substantially in the form of <U>Exhibit
B</U>, at least one (1) full business day prior to the Closing Date and any Option Closing Date (if such date is other than
the Closing Date), provided that the Representative elects to have the Underwriters take delivery of definitive certificates
for the Firm Warrants and any Additional Warrants instead of delivery through the facilities of DTC pursuant to Sections 2.2
and 2.3 of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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&rsquo;s Certificate),
letters or such other documents as the Representative shall have reasonably requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Indemnification and Contribution.</P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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, and each person, if any, who controls such Underwriter
within the meaning of Section 15 of the Securities Act of or Section 20 of the Exchange Act (collectively, the &ldquo;<B>Underwriter
Indemnified Parties</B>,&rdquo; and each a &ldquo;<B>Underwriter Indemnified Party</B>&rdquo;) 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) any untrue statement or alleged untrue statement
of a material fact contained in any Preliminary Prospectus, any Issuer Free Writing Prospectus, any &ldquo;issuer information&rdquo;
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) the omission or alleged omission to
state in any Preliminary Prospectus, any Issuer Free Writing Prospectus, any &ldquo;issuer information&rdquo; 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) 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) or (C) above of this Section 7(a), and shall reimburse the Underwriter Indemnified Party
for any legal fees or other expenses reasonably incurred by that Underwriter Indemnified Party in 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&rsquo; Information (as defined in <U>Section 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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
15 of the Securities Act or Section 20 of the Exchange Act (collectively, the &ldquo;<B>Company Indemnified Parties</B>,&rdquo;
and each a &ldquo;<B>Company Indemnified Party</B>&rdquo;) 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) any untrue statement or alleged untrue statement of a material fact contained
in any Preliminary Prospectus, any Issuer Free Writing Prospectus, any &ldquo;issuer information&rdquo; 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) the omission or alleged omission to state in any Preliminary Prospectus, any Issuer Free Writing Prospectus,
any &ldquo;issuer information&rdquo; 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&rsquo; Information as defined in <U>Section 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 7(b)</U>, in no event
shall any indemnity by any Underwriter under this <U>Section 7(b)</U> exceed the total discount and commission received by such
Underwriter in connection with the Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Promptly after receipt by an indemnified party under this <U>Section 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
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 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 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 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">counsel (other than reasonable
costs of investigation) shall be at the expense of such indemnified party unless (i) the employment thereof has been specifically
authorized in writing by the Company in the case of a claim for indemnification under <U>Section 7(a)</U> or <U>Section 2.5</U>
or OpCo in the case of a claim for indemnification under <U>Section 7(b)</U>, (ii) 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) 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 addition to any local counsel), which firm shall be designated in writing by OpCo if the indemnified
parties under this <U>Section 7</U> consist of any Underwriter Indemnified Party or by the Company if the indemnified parties
under this <U>Section 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 7</U> shall include, but not be limited to, (x) 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) 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) 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) 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) such settlement is entered into more than forty-five (45) days
after receipt by such indemnifying party of the request for reimbursement, (ii) such indemnifying party shall have received notice
of the terms of such settlement at least thirty (30) days prior to such settlement being entered into and (iii) such indemnifying
party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>If the indemnification provided for in this <U>Section 7</U> is unavailable or insufficient to hold harmless an indemnified
party under <U>Section 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) 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 and the Warrants, or (ii) if the allocation provided by clause (i) of this <U>Section
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) of this <U>Section 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 and the Warrants 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&rsquo; Information as defined in <U>Section 16</U>.
The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this <U>Section 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 7(d)</U> shall be deemed to include, for purposes
of this <U>Section 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 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
11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Termination. <I STYLE="font-style: normal; font-weight: normal">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(i)</U>, <U>6(j)</U>, or <U>6(k)</U> have occurred or if the Underwriters shall decline to purchase
the Shares for any reason permitted under this Agreement.</I></P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-variant: small-caps"><I>Reimbursement of Underwriters&rsquo; Expenses</I></FONT>. Notwithstanding
anything to the contrary in this Agreement, if (a) this Agreement shall have been terminated pursuant to <FONT STYLE="font-weight: normal"><U>Section
8</U></FONT>, (b) the Company shall fail to tender the Shares for delivery to the Underwriters for any reason not permitted under
this Agreement, (c) the Underwriters shall decline to purchase the Shares for any reason permitted under this Agreement or (d)
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 5</U>, the Company shall reimburse the Underwriters for the fees and expenses of the Underwriters&rsquo; 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.</P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></FONT><FONT STYLE="font-variant: small-caps"><I>Absence of Fiduciary Relationship</I></FONT>. The Company acknowledges
and agrees that:</P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Each Underwriter&rsquo;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 any underwriter or any of its affiliates has advised or is advising the Company on other matters;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>it has been advised that each of the underwriters and their respective 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-variant: small-caps"><I>Successors; Persons Entitled to Benefit of Agreement</I></FONT>. This
Agreement shall inure to the benefit of and be binding upon the several Underwriters, the Company, and their respective successors
and assigns. Notwithstanding the foregoing, the determination as to whether any condition in <U>Section 6</U> hereof shall have
been satisfied, and the waiver of any condition in <U>Section 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&rsquo;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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-variant: small-caps"><I>Survival of Indemnities, Representations, Warranties, etc</I></FONT>.
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 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.</P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-variant: small-caps"><I>Notices</I></FONT>. All statements, requests, notices and agreements hereunder
shall be in writing, and:</P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>if to the Representatives, shall be delivered or sent by mail, facsimile transmission or email to c/o Oppenheimer
&amp; Co. Inc., 85 Broad Street, New York, NY 10004 Attention: Equity Capital Markets, with a copy to 85 Broad Street, New York,
NY 10004 Attention: General Counsel; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>if to the Company, shall be delivered or sent by mail, facsimile transmission or email to: FuelCell Energy, Inc.,
3 Great Pasture Road, Danbury, CT 06813, <U>Attention</U>: Henry Sire, Esq., Corporate Legal, Fax: (203) 825-6069; with copies
to (i) Patterson Belknap Webb &amp; Tyler LLP, 1133 Avenue of the Americas, New York, NY 10036, <U>Attention</U>: Peter Schaeffer,
Esq., Fax: (212) 336-1244, and (ii) Robinson &amp; Cole LLP, 666 Third Avenue, New York, NY 10017, <U>Attention</U>: Richard A.
Krantz, Fax: (212) 451-2999;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>provided, however</I>, that any notice
to the Underwriters pursuant to <U>Section 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 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-variant: small-caps"><I>Definition of Certain Terms</I></FONT>. For purposes of this Agreement,
(a) &ldquo;<B>business day</B>&rdquo; means any day on which the New York Stock Exchange, Inc. is open for trading, (b) &ldquo;<B>knowledge</B>&rdquo;
means the knowledge of the directors and officers of the Company after reasonable inquiry and (c) &ldquo;<B>subsidiary</B>&rdquo;
has the meaning set forth in Rule 405 of the Rules and Regulations.</P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-variant: small-caps"><I>Governing Law, Agent for Service and Jurisdiction</I></FONT>. <B>This
Agreement shall be governed by and construed in accordance with the laws of the State of New York, including without limitation
Section 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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-variant: small-caps"><I>Underwriters&rsquo; information</I></FONT>. The parties hereto acknowledge
and agree that, for all purposes of this Agreement, the &ldquo;Underwriters&rsquo; Information&rdquo; consists solely of the following
information in the Prospectus: (i) the last paragraph on the front cover page concerning the terms of the offering; and (ii) the
statements concerning the Underwriters contained in the first paragraph, concerning the terms of the Offering and the selling
concession amount in the fourth paragraph and concerning stabilization by the Underwriters in the eleventh paragraph, in each
case under the heading &ldquo;Underwriting.&rdquo;</P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-variant: small-caps"><I>Partial Unenforceability</I></FONT>. 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.</P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-variant: small-caps"><I>General</I></FONT>. 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.</P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; font-variant: normal">19.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> Research Analyst Independence. <FONT STYLE="font-style: normal; font-variant: normal">The Company acknowledges that
each Underwriter&rsquo;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&rsquo;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&rsquo;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 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="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; font-variant: normal"></FONT></P>

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<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; font-variant: normal"></FONT></P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">20.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Defaulting Underwriters.</P>

<P STYLE="font: italic small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 Shares
or Warrants that it has or they have agreed to purchase hereunder on such date, and the aggregate number of such Shares or Warrants
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 Shares or Warrants 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 Shares or Warrants 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 Shares or Warrants that any Underwriter has agreed to purchase pursuant to this
Agreement be increased pursuant to this <U>Section 20</U> by an amount in excess of one-ninth of such number of Shares or Warrants
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) 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) 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 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) terminate their
obligation hereunder to purchase the Additional Shares to be sold on such Option Closing Date or (ii) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">21.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-variant: small-caps"><I>Counterparts</I></FONT>. 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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">[Signature
Page Follows]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">FUELCELL ENERGY, INC.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 2px solid">/s/ Arthur A. Bottone</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Arthur A. Bottone</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;President and Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Confirmed as of the date<BR>
first above written, on<BR>
behalf of itself and the<BR>
Underwriters set forth in<BR>
Schedule C hereto:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">OPPENHEIMER &amp; CO.
INC.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 2px solid">/s/ Eric Helenek</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;Eric Helenek</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;Managing Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><I>[Signature Page to FuelCell Energy Underwriting Agreement]</I></P><P STYLE="margin: 0pt 0"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><U>Schedule
A</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">General Use Free Writing Prospectuses</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><U>Schedule
B</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">List of officers and directors subject
to <U>Section 4</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Board of Directors </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Arthur A. Bottone</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">James H. England</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Matthew F. Hilzinger</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John A. Rolls</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Natica von Althann</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Christopher S. Sotos</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Togo Dennis West, Jr.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Non-Director Executives</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael S. Bishop</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Anthony F. Rauseo</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jennifer Arasimowicz</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">SCHEDULE
C</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; border: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="text-transform: uppercase">Underwriter</FONT></TD>
    <TD STYLE="width: 38%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="text-transform: uppercase">Number of FIRM SHARES AND FIRM WARRANTS To Be Purchased</FONT></TD>
    <TD STYLE="width: 41%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="text-transform: uppercase">NUMBER OF ADDITIONAL SHARES AND ADDITIONAL WARRANTS TO BE PURCHASED</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="text-transform: uppercase">OPPENHEIMER &amp; CO. INC.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">10,200,000
        shares of Common stock</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">series
        c warrants to purchase 10,200,000 shares of Common stock</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">series
        d warrants to purchase 10,200,000 shares of Common stock</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">1,530,000
        shares of Common stock</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">series
        c warrants to purchase 1,530,000 shares of Common stock</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">series
        d warrants to purchase 1,530,000 shares of Common stock</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="text-transform: uppercase">CRAIG-HALLUM CAPITAL GROUP LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">1,800,000
        shares of Common stock</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">series
        c warrants to purchase 1,800,000 shares of Common stock</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">series
        d warrants to purchase 1,800,000 shares of Common stock</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">270,000
        shares of Common stock</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">series
        c warrants to purchase 270,000 shares of Common stock</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">series
        d warrants to purchase 270,000 shares of Common stock</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="text-transform: uppercase">TOTAl</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">12,000,000
        shares of Common stock</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">series
        c warrants to purchase 12,000,000 shares of Common stock</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">series
        d warrants to purchase 12,000,000 shares of Common stock</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">1,800,000
        shares of Common stock</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">series
        c warrants to purchase 1,800,000 shares of Common stock</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">series
        d warrants to purchase 1,800,000 shares of Common stock</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Exhibit
A</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form of Lock Up Agreement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">April __, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oppenheimer &amp; Co. Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[&bull;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[&bull;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o Oppenheimer &amp; Co. Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">85 Broad Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10004</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">Re:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>FuelCell Energy, Inc. Offering of Common
Stock</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Dear Sirs:</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt">In order to induce
Oppenheimer &amp; Co. Inc. (&ldquo;<B>OpCo</B>&rdquo;) and certain other underwriters (OpCo together with such other underwriters,
the &ldquo;<B>Underwriters</B>&rdquo;) to enter into a certain underwriting agreement with FuelCell Energy, Inc., a Delaware corporation
(the &ldquo;<B>Company</B>&rdquo;), with respect to the public offering (the &ldquo;<B>Offering</B>&rdquo;) of shares of the Company&rsquo;s
Common Stock, par value $0.0001 per share (&ldquo;<B>Common Stock</B>&rdquo;) and Warrants, the undersigned hereby agrees that
for a period of sixty (60) days following the date of this Agreement (the &ldquo;<B>lock-up period</B>&rdquo;), the undersigned
will not, without the prior written consent of OpCo, directly or indirectly, (i)&nbsp;offer, sell, assign, transfer, pledge, contract
to sell, or otherwise dispose of, or announce the intention to otherwise dispose of, any shares of Common Stock or any securities
convertible into or exercisable or exchangeable for Common Stock (including, without limitation, shares of Common Stock or any
such securities which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations promulgated
under the Securities Act of 1933, as the same may be amended or supplemented from time to time (such shares or securities, the
&ldquo;<B>Beneficially Owned Shares</B>&rdquo;)), (ii) enter into any swap, hedge or other agreement or arrangement that transfers
in whole or in part, the economic risk of ownership of any Beneficially Owned Shares, Common Stock or securities convertible into
or exercisable or exchangeable for Common Stock, or (iii)&nbsp;engage in any short selling of any Beneficially Owned Shares, Common
Stock or securities convertible into or exercisable or exchangeable for Common Stock.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"> </P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt">Notwithstanding the
foregoing, the undersigned may sell or otherwise transfer shares of Common Stock or Beneficially Owned Shares (i)&nbsp;as a <I>bona
fide </I>gift or gifts or pledge, provided that the undersigned provides prior written notice of such gift or gifts or pledge to
OpCo and the donee or donees or pledgee or pledgees (as the case may be) thereof agree to be bound by the restrictions set forth
herein, (ii)&nbsp;either during the undersigned&rsquo;s lifetime or on death by will or intestacy to the undersigned&rsquo;s immediate
family or to a trust, the beneficiaries of which are exclusively the undersigned and a member or members of the undersigned&rsquo;s
immediate family, provided that the transferee thereof agrees to be bound by the restrictions set forth herein, or (iii) to pay
for the tax liability arising from the vesting of restricted stock by netting a portion of such restricted stock in accordance
with the existing practices of the Company, (iv) pursuant to any 10b-5(1) trading plans in effect as of the date of the Offering
or (v)&nbsp;with the prior written consent of OpCo in its sole discretion. In addition, if the undersigned is a partnership, limited
liability company, trust, corporation or similar entity, it may distribute the Common Stock or Beneficially Owned Shares to its
partners, members or stockholders; provided, however, that in each such case, prior to any such transfer, each transferee shall
execute a duplicate form of this letter agreement or execute an agreement, reasonably satisfactory to OpCo, pursuant to which each
transferee shall agree to receive and hold such Common Stock or Beneficially Owned Shares subject to the provisions hereof, and
there shall be no further transfer except in accordance with the provisions hereof. For the purposes of this paragraph, &ldquo;<B>immediate
family</B>&rdquo; shall mean spouse, domestic partner, lineal descendant (including adopted children), father, mother, brother
or sister of the transferor.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt">In addition, the undersigned
hereby waives, from the date hereof until the expiration of the lock-up period, any and all rights, if any, to request or demand
registration pursuant to the Securities Act of 1933, as amended, of any shares of Common Stock or securities convertible into or
exercisable or exchangeable for Common Stock that are registered in the name of the undersigned or that are Beneficially Owned
Shares. In order to enable the aforesaid covenants to be enforced, the undersigned hereby consents to the placing of legends and/or
stop-transfer orders with the transfer agent of the Common Stock with respect to any shares of Common Stock, securities convertible
into or exercisable or exchangeable for Common Stock or Beneficially Owned Shares owned by the undersigned.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt"></P>

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<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">[Signatory]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 4%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 46%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 2px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 2px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director/ Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FuelCell Energy, Inc.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form of Series C Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form of Series D Warrants</B></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LEAK-OUT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; text-indent: 2.5in">April 27, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This agreement (the
&ldquo;<B>Leak-Out Agreement</B>&rdquo;) is being delivered to you in connection with an understanding by and among FuelCell Energy,
Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), and the person or persons named on the signature pages hereto
(collectively, the &ldquo;<B>Holder</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is hereby
made to (a) the Preliminary Prospectus Supplement, dated April 27, 2017, of the Company relating to the sale by the Company of
(i) shares of its Common Stock, par value $0.0001 per share (the &ldquo;<B>Shares</B>&rdquo;), (ii) Series C Warrants to purchase
Common Stock (the &ldquo;<B>Series C Warrants</B>&rdquo;) and (iii) Series D Warrants to purchase Common Stock (the &ldquo;<B>Series
D Warrants</B>&rdquo; and, together with the Series C Warrants, the &ldquo;<B>Warrants</B>&rdquo;), and (b) the Company&rsquo;s
registration statement on Form S-3 (File No. 333-215530) (the &ldquo;<B>Registration Statement</B>&rdquo;). The Shares and the
Warrants are hereinafter referred to as the &ldquo;<B>Securities</B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Holder agrees solely
with the Company that from the date hereof (the &ldquo;<B>Effective Date</B>&rdquo;) and ending on May 28, 2017 (such period, the
&ldquo;<B>Restricted Period</B>&rdquo;), neither the Holder, nor any Affiliate of such Holder which (x) purchased any of the Securities,
(y) has or shares discretion relating to such Holder&rsquo;s investments or trading or information concerning such Holder&rsquo;s
investments, including in respect of the Securities, or (z) is subject to such Holder&rsquo;s review or input concerning such Affiliate&rsquo;s
investments or trading (together, the &ldquo;<B>Holder&rsquo;s Trading Affiliates</B>&rdquo;), collectively, shall sell, dispose
of or otherwise transfer, directly or indirectly, (including, without limitation, any sales, short sales, swaps or any derivative
transactions that would be equivalent to any sales or short positions) on any day on which the Nasdaq Global Market is open for
trading (a &ldquo;<B>Trading Day</B>&rdquo;) during the Restricted Period (any such date, a &ldquo;<B>Date of Determination</B>&rdquo;),
Shares or the shares of the Company&rsquo;s Common Stock underlying any of the Warrants (the &ldquo;<B>Warrant Shares</B>&rdquo;),
in an amount more than four percent (4%) of the trading volume of Common Stock as reported by Bloomberg, LP for the applicable
Date of Determination (the &ldquo;<B>Leak-Out Percentage</B>&rdquo;); <I>provided</I>, that the foregoing restrictions shall not
apply to any sales by the Holder or any of the Holder&rsquo;s Trading Affiliates at a price greater than $1.61 at a time when the
offer price of the Common Stock as reported by Bloomberg L.P. during regular market hours or after-market hours, as applicable,
is greater than $1.60 (in each case, as adjusted for stock splits, stock dividends, stock combinations, recapitalizations or other
similar events occurring after the date hereof); provided, further, any shares of Common Stock not purchased pursuant to the Prospectus
Supplement (whether purchased before or after the offering) shall not be subject to this Leak-Out Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything
herein to the contrary, during the Restricted Period, the Holder may, directly or indirectly, sell or transfer all, or any part,
of the Shares or the Warrant Shares (the &ldquo;<B>Restricted Securities</B>&rdquo;) to any Person (an &ldquo;<B>Assignee</B>&rdquo;)
in a transaction which does not need to be reported on the Nasdaq consolidated tape, without complying with (or otherwise be limited
by) the restrictions set forth in this Leak-Out Agreement; <I>provided</I>, that as a condition to any such sale or transfer an
authorized signatory of the Company and such Assignee duly execute and deliver a leak-out agreement in the form of this Leak-Out
Agreement (an &ldquo;<B>Assignee Agreement</B>&rdquo;, and each such transfer a &ldquo;<B>Permitted Transfer</B>&rdquo;), <I>provided
further</I> that the Leak-Out Percentage as to such Assignee and the Leak-Out Percentage of the assignor shall be proportionally
adjusted based on the original Leak-Out Percentage of the Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any notices, consents,
waivers or other communications required or permitted to be given under the terms of this Leak-Out Agreement must be in writing
and shall be sent by mail, facsimile transmission or email to: (a) FuelCell Energy, Inc., 3 Great Pasture Road, Danbury, CT 06813,
Attention: Henry Sire, Esq., Corporate Legal, Fax: (203) 825-6069; with copies to (i) Patterson Belknap Webb &amp; Tyler LLP, 1133
Avenue of the Americas, New York, NY 10036, Attention: Peter Schaeffer, Esq., Fax: (212) 336-1244, and (ii) Robinson &amp; Cole
LLP, 666 Third Avenue, New York, NY 10017, Attention: Richard A. Krantz, Fax: (212) 451-2999 or (b) the Holder at the address set
forth below its signature below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Leak-Out Agreement
constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior negotiations,
letters and understandings relating to the subject matter hereof and are fully binding on the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Leak-Out Agreement
may be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to be an original, and all such
counterparts shall constitute one and the same instrument. This Leak-Out Agreement may be executed and accepted by facsimile or
PDF signature and any such signature shall be of the same force and effect as an original signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms of this Leak-Out
Agreement shall be binding upon and shall inure to the benefit of each of the parties hereto and their respective successors and
assigns and shall not be for the benefit of, or be enforceable by, any other person or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Leak-Out Agreement
may not be amended or modified except in writing signed by each of the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement shall
be governed by and construed in accordance with the laws of the State of New York, including without limitation Section 5-1401
of the New York General Obligations Law. Each party consents to the jurisdiction of 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, and the parties
each hereby consent to personal service with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each party hereto acknowledges
that, in view of the uniqueness of the transactions contemplated by this Leak-Out Agreement, the Company may not have an adequate
remedy at law for money damages in the event that this Leak-Out Agreement has not been performed in accordance with its terms,
and therefore agrees that the Company shall be entitled to seek specific enforcement of the terms hereof in addition to any other
remedy it may seek, at law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Without implication
that the contrary would otherwise be true, the Company acknowledges and agrees that this Leak-Out Agreement is a separate agreement
that is solely between the Company and the undersigned and not between or among any other person or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[The obligations of
the Holder under this Leak-Out Agreement are several and not joint with the obligations of any other holder of any of the Securities
(each, an &ldquo;<B>Other Holder</B>&rdquo;). Nothing contained in this Leak-Out Agreement, and no action taken by the Holder pursuant
hereto, shall be deemed to constitute the Holder and any Other Holders as a partnership, an association, a joint venture or any
other kind of entity, or create a presumption that the Holder and any Other Holders are in any way acting in concert or as a group
with respect to such obligations or the transactions contemplated by this Leak-Out Agreement and the Company acknowledges that
the Holder and the Other Holders are not acting in concert or as a group with respect to such obligations or the transactions contemplated
by this Leak-Out Agreement or any other agreement. The Holder shall be entitled to independently protect and enforce its rights,
including, without limitation, the rights arising out of this Leak-Out Agreement, and it shall not be necessary for any Other Holder
o be joined as an additional party in any proceeding for such purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company hereby represents and warrants
as of the date hereof and covenants and agrees from and after the date hereof that none of the terms offered to any Other Holder
with respect to any restrictions on the sale of Securities substantially in the form of this Leak-Out Agreement (or any amendment,
modification, waiver or release thereof) (each a &ldquo;<B>Leak Out Document</B>&rdquo;), is or will be more favorable to such
Other Holder than those of the Holder and this Agreement.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[The remainder of the page is intentionally
left blank]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to FCEL Leak-Out Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto have caused this Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="text-transform: uppercase"><B>FuelCell
Energy, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">By: _____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Name:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Title:</P>
</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&ldquo;HOLDER&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________ </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By: ____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Name:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Title:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Address for Notice:</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse; margin-top: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 69%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robinson &amp; Cole LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 31%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1055 Washington Boulevard</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stamford, CT 06901-2249</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Main (203) 462-7500</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fax (203) 462-7599</P></TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 28, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FuelCell Energy, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3 Great Pasture Way</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Danbury, Connecticut</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:<FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16pt">We have acted as counsel to FuelCell
Energy, Inc., a Delaware corporation (the &ldquo;Company&rdquo;), in connection with the public offering by the Company of
shares of the Company&rsquo;s common stock, $0.0001 par value per share (the &ldquo;Shares&rdquo;), and Series C and Series D
Warrants (collectively with the &ldquo;Shares&rdquo;, the &ldquo;Securities&rdquo;). The Securities have been registered pursuant to a Registration
Statement on Form&nbsp;S-3 (Registration Number 333-215530) (the &ldquo;Registration Statement&rdquo;) under the Securities
Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and a related prospectus, dated as of February 24, 2017
(the &ldquo;Prospectus&rdquo;), and a prospectus supplement, dated as of April 28, 2017 (the &ldquo;Prospectus
Supplement&rdquo;). The Securities are to be issued pursuant to the Underwriting Agreement, dated as of April 28, 2017 (the
&ldquo;Underwriting Agreement&rdquo;), with Oppenheimer &amp; Co. Inc. as the sole book-running manager, and Craig-Hallum
Capital Group LLC, as co-manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16pt">Based upon the foregoing, we are of the opinion
that (i) the Shares, 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 and (ii) the Warrants, when issued and delivered in the manner and on the terms described
in the Underwriting Agreement, will be valid and binding obligations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16pt">We hereby consent to the reference to this
firm under the caption &ldquo;Legal Matters&rdquo; in 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robinson &amp; Cole, <FONT STYLE="font-variant: small-caps">LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Richard A. Krantz</P>

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<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>e616083_ex99-1.htm
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>FOR IMMEDIATE RELEASE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FuelCell Energy Announces Proposed Public
Offering of Common Stock and Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>DANBURY, CT &ndash; April 27, 2017 --</B> FuelCell Energy,
Inc. (Nasdaq: FCEL), a global leader in delivering clean, innovative and affordable fuel cell solutions for the supply, recovery
and storage of energy, today announced its intention to offer shares of common stock and Series C and Series D warrants to purchase
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 and warrants offered in the public offering. The Series C warrants are expected to be
immediately exercisable and have a term of five years. The Series D warrants are expected to be immediately exercisable and have
a term of one year. 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. The Company intends to use the proceeds from this offering for project
development, project financing, working capital and general corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oppenheimer &amp; Co. Inc. is acting as the sole book-running
manager for the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company intends to offer and sell these securities pursuant
to the Company&rsquo;s existing shelf registration statement initially filed with the Securities and Exchange Commission on January
12, 2017, which was declared effective on February 24, 2017. 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&rsquo;s website at http://www.sec.gov or from Oppenheimer
&amp; Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th&nbsp;Floor, New York, New York 10004, by telephone
at 212-667-8563, or by e-mail at&nbsp;EquityProspectus@opco.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cautionary Language</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This news release contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation,
FuelCell&rsquo;s expectations regarding the sale of shares of its common stock and warrants in the proposed public offering, its
use of the proceeds from the proposed offering and other statements that are not purely statements of historical fact. These forward-looking
statements are made on the basis of the current beliefs, expectations and assumptions of the management of FuelCell and are subject
to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements.
All such forward-looking statements speak only as of the date they are made, and FuelCell undertakes no obligation to update or
revise these statements, whether as a result of new information, future events or otherwise. Although FuelCell believes that the
expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties
that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For
a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking
statements, as well as risks relating to the business of FuelCell in general, see the risk disclosures in FuelCell&rsquo;s filings
with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>About FuelCell Energy</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FuelCell Energy (NASDAQ: FCEL) delivers efficient, affordable
and clean solutions for the supply, recovery and storage of energy. We design, manufacture, undertake project development, install,
operate and maintain megawatt-scale fuel cell systems, serving utilities, industrial and large municipal power users with solutions
that include both utility-scale and on-site power generation, carbon capture, local hydrogen production for transportation and
industry, and long duration energy storage. With SureSource&trade; installations on three continents and millions of megawatt hours
of ultra-clean power produced, FuelCell Energy is a global leader with environmentally responsible power solutions. Visit us online
at www.fuelcellenergy.com and follow us on Twitter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SureSource, SureSource 1500, SureSource 3000, SureSource 4000,
SureSource Recovery, SureSource Capture, SureSource Hydrogen, SureSource Storage, SureSource Service, SureSource Capital, FuelCell
Energy, and FuelCell Energy logo are all trademarks of FuelCell Energy, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; font-size: 10pt"><B>Contact:</B></TD>
    <TD STYLE="width: 86%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
FuelCell Energy, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kurt Goddard, Vice President Investor Relations<BR>
203-830-7494</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ir@fce.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Source: FuelCell Energy</B></P></TD></TR>
</TABLE>
<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"># # # #</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>6
<FILENAME>e616083_ex99-2.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>FOR IMMEDIATE RELEASE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FuelCell Energy Prices $15.4 Million
Public Offering of Common Stock and Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>DANBURY, CT &ndash; April 28, 2017 --</B> FuelCell Energy,
Inc. (Nasdaq: FCEL), a global leader in delivering clean, innovative and affordable fuel cell solutions for the supply, recovery
and storage of energy, announced today that it has priced an underwritten public offering of (i) 12,000,000 shares of its common
stock, (ii) Series C warrants to purchase 12,000,000 shares of its common stock and (iii) Series D warrants to purchase 12,000,000
shares of its common stock, for gross proceeds of approximately $15.4 million, at a public offering price of $1.28 per share and
accompanying warrants. The Series C warrants have an exercise price of $1.60 per share, are immediately exercisable and will expire
on the fifth anniversary of the date of issuance. The Series D warrants have an exercise price of $1.28 per share, are immediately
exercisable and will expire on the first anniversary of the date of issuance. FuelCell has also granted the underwriters a 30-day
option to purchase (i) up to an additional 1,800,000 shares of common stock, (ii) Series C warrants to purchase up to an aggregate
of 1,800,000 shares of common stock and (iii) Series D warrants to purchase up to an aggregate of 1,800,000 shares of common stock.
If the underwriters&rsquo; 30-day option is exercised in full, it would result in additional gross proceeds of approximately $2.3
million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FuelCell Energy intends to use the net proceeds from this offering
for project development, project financing, working capital and general corporate purposes. The offering is expected to close on
or about May 3, 2017, subject to the satisfaction of customary closing conditions. Oppenheimer &amp; Co. Inc. is acting as the
sole book-running manager for the offering. Craig-Hallum Capital Group LLC is acting as the co-manager for the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A shelf registration statement relating to the above-described
securities was previously filed with and declared effective by the U.S. 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&rsquo;s website at http://www.sec.gov or from Oppenheimer &amp; Co. Inc., Attention: Syndicate Prospectus
Department, 85 Broad Street, 26th Floor, New York, New York 10004, by telephone at 212-667-8563, or by e-mail at EquityProspectus@opco.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Cautionary Language</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This news release contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation,
FuelCell&rsquo;s expectations regarding completion of the public offering, its use of the proceeds from the proposed offering and
other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the
current beliefs, expectations and assumptions of the management of FuelCell and are subject to significant risks and uncertainty.
Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements
speak only as of the date they are made, and FuelCell undertakes no obligation to update or revise these statements, whether as
a result of new information, future events or otherwise. Although FuelCell believes that the expectations reflected in these forward-looking
statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially
from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties
that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to
the business of FuelCell in general, see the risk disclosures in FuelCell&rsquo;s filings with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>About FuelCell Energy</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FuelCell Energy (NASDAQ: FCEL) delivers efficient, affordable
and clean solutions for the supply, recovery and storage of energy. We design, manufacture, undertake project development, install,
operate and maintain megawatt-scale fuel cell systems, serving utilities, industrial and large municipal power users with solutions
that include both utility-scale and on-site power generation, carbon capture, local hydrogen production for transportation and
industry, and long duration energy storage. With SureSource&trade; installations on three continents and millions of megawatt hours
of ultra-clean power produced, FuelCell Energy is a global leader with environmentally responsible power solutions. Visit us online
at www.fuelcellenergy.com and follow us on Twitter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SureSource, SureSource 1500, SureSource 3000, SureSource 4000,
SureSource Recovery, SureSource Capture, SureSource Hydrogen, SureSource Storage, SureSource Service, SureSource Capital, FuelCell
Energy, and FuelCell Energy logo are all trademarks of FuelCell Energy, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; font-size: 10pt"><B>Contact:</B></TD>
    <TD STYLE="width: 86%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
FuelCell Energy, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kurt Goddard, Vice President Investor Relations<BR>
203-830-7494</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ir@fce.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Source: FuelCell Energy</B></P></TD></TR>
</TABLE>
<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"># # # #</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
