Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (a) OnSeptember 24, 2020 ,Fuel Tech, Inc. ("Fuel Tech" or the "Registrant") issued the press release attached as Exhibit 99.1 to this Report announcing that with respect to the appointment and departure of principal officers,Albert G. Grigonis , the Registrant's Senior Vice President, General Counsel and Secretary, previously announced hisSeptember 30, 2020 retirement from employment with the Registrant. In anticipation ofMr. Grigonis' retirement, onSeptember 24, 2020 , the Board of Directors of the Registrant electedBradley W. Johnson as Vice President, General Counsel and Secretary of the Registrant to succeedMr. Grigonis to be effective onOctober 1, 2020 . (b) There is no family relationship betweenMr. Johnson and any director, executive officer, or person nominated or chosen by the Registrant to become a director or executive officer. (c) Mr. Johnson, age 55, was formerly Assistant General Counsel of the Registrant. (d) As compensation from the Registrant commencing onOctober 1, 2020 ,Mr. Johnson will receive an annual base salary of$240,000 which shall be subject to the Company's current 10% annual base salary reduction program for its officers, resulting in an actual net annual base salary of$216,000 dollars , and a Target Participation Percentage of 30% of net annual base salary in Registrant's Corporate Incentive Plan.Mr. Johnson participates in benefit and welfare programs offered by Registrant. In addition, prior to his election as an officer of Registrant, during his employment with Registrant,Mr. Johnson was awarded seven restricted stock unit (RSU) awards by the Registrant for shares in Registrant's common stock with RSU grant prices ranging from$0.965 to$6.14 to acquire a total of 139,500 shares of such stock. (e) Other than as stated above, there is no arrangement or understanding as toMr. Johnson's employment with the Registrant, or its directors or officers. Upon commencement of employment with the Registrant,Mr. Johnson entered into the Registrant's standard form of employment agreement which covered the above elements of compensation, established employment with the Registrant, and provided for the protection of the Registrant's intellectual and other property and for the assignment of inventions to the Registrant. Item 9.01 Financial Statements and Exhibits (d) Exhibits 99.1 Press Release ofFuel Tech, Inc. , datedSeptember 24, 2020
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