Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
(a) On June 2, 2022, the Board of Directors ("Board") of Fuel Tech, Inc.
("Fuel Tech" or the "Registrant") appointed Ellen T. Albrecht to the position of
Vice President, Chief Financial Officer and Treasurer. Prior to this
appointment, Ms. Albrecht served Fuel Tech as Acting Treasurer and Controller
and Principal Financial Officer since March, 2020; Vice President, Operations
Planning and Control since June 2012; acting Treasurer and Chief Financial
Officer since July 2010; Vice President and Controller since January 2007;
Controller since February 2004; Accounting Manager since June 2000; Senior
Accountant since May 1998; and Accountant since July 1996.
(b) Effective June 1, 2022, Ms. Albrecht will receive an annual base salary
of $250,000 which shall be subject to Fuel Tech's ongoing 10% base salary
reduction program for its officers, resulting in an actual net annual base
salary of $225,000 dollars, and a target participation percentage of 30% of net
annual base salary in Registrant's 2022 Corporate Incentive Plan and 2022
Current Objectives Plan. Ms. Albrecht participates in benefit and welfare
programs offered by Registrant.
(c) There is no family relationship between Ms. Albrecht and any director,
executive officer, or person nominated or chosen by the Registrant to become a
director or executive officer.
(d) Other than as stated above, there is no arrangement or understanding as
to Ms. Albrecht's employment with the Registrant, or its directors or officers.
Upon commencement of employment with the Registrant, Ms. Albrecht entered into
the Registrant's standard form of employment agreement which established
employment with the Registrant as at-will, and provided for the protection of
the Registrant's intellectual property and other confidential information. Ms.
Albrecht is not entitled to any payments upon severance.
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