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<SEC-DOCUMENT>0000950123-11-014681.txt : 20110216
<SEC-HEADER>0000950123-11-014681.hdr.sgml : 20110216
<ACCEPTANCE-DATETIME>20110216155013
ACCESSION NUMBER:		0000950123-11-014681
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110215
ITEM INFORMATION:		Entry into a Material Definitive Agreement
FILED AS OF DATE:		20110216
DATE AS OF CHANGE:		20110216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FUEL TECH, INC.
		CENTRAL INDEX KEY:			0000846913
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFYING EQUIP [3564]
		IRS NUMBER:				205657551
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33059
		FILM NUMBER:		11617515

	BUSINESS ADDRESS:	
		STREET 1:		27601 BELLA VISTA PARKWAY
		CITY:			WARRENVILLE
		STATE:			IL
		ZIP:			60555
		BUSINESS PHONE:		6308454433

	MAIL ADDRESS:	
		STREET 1:		27601 BELLA VISTA PARKWAY
		CITY:			WARRENVILLE
		STATE:			IL
		ZIP:			60555

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FUEL TECH N V
		DATE OF NAME CHANGE:	19930510
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>y89724e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of The Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): February&nbsp;15, 2011</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>FUEL TECH, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">
(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B><BR>
(State or other jurisdiction <BR>
of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>001-33059</B><BR>
(Commission<BR>
File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>20-5657551</B><BR>
(IRS Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>Fuel Tech, Inc.<BR>

27601 Bella Vista Parkway<BR>

Warrenville, IL 60555-1617<BR>

630-845-4500</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>(Address and telephone number of principal executive offices)</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>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 provision:</B></DIV>

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    <TD>&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</TD>
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</TABLE>
</DIV>

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    <TD>&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</TD>
</TR>
</TABLE>
</DIV>

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<TR>
    <TD valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
</TD>
</TR>
</TABLE>
</DIV>

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    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</TD>
</TR>
</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">








<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;1 &#151; Registrant&#146;s Business and Operations</B>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;1.01</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Entry into a Material Definitive Agreement</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A. On February&nbsp;15, 2011, the Compensation and Nominating Committee (the &#147;Committee&#148;) of the
Board of Directors of Fuel Tech, Inc. (the &#147;Registrant&#148; or &#147;Fuel Tech&#148;) adopted Fuel Tech&#146;s 2011
Executive Officer Incentive Plan (the &#147;EOIP&#148;), including establishing the financial performance
threshold for payout and the percentage of the incentive pool to be paid out to participants in the
EOIP for 2011.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">B. Participation in the EOIP is limited to Fuel Tech&#146;s Chief Executive Officer, Executive Vice
President, Worldwide Operations, Executive Vice President, Marketing and Sales, and Chief Financial
Officer (each a &#147;Participant&#148;). The Committee, in its business discretion, may subjectively decide to designate additional
full-time senior management employees to be Participants in the EOIP after consideration of the
recommendations of Fuel Tech&#146;s Chief Executive Officer.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">C. The 2011 EOIP is structured as follows:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>2011 EOIP payouts are based on Fuel Tech&#146;s performance for three
critical financial metrics &#151; adjusted EBITDA (Adjusted EBITDA),
Revenues and bookings for sales in Fuel Tech&#146;s APC line of business
(Bookings), as those terms are described below. An &#147;Incentive Pool&#148;
may be created dependent on Fuel Tech&#146;s financial performance
pertaining to all or some of those metrics during the fiscal year. If
the Incentive Pool is created, each Participant will be
awarded his designated portion of the Incentive Pool by March&nbsp;31,
2012.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under the 2011 EOIP, a percentage of Adjusted EBITDA may be set aside
in the Incentive Pool with respect to each fiscal year to provide for
bonus payments based on performance in the following three categories:
(i)&nbsp;Adjusted EBITDA, (ii)&nbsp;Revenue and (iii)&nbsp;APC Bookings. &#147;Adjusted
EBITDA&#148; refers to earnings before interest expense, taxes,
depreciation and amortization, profit sharing contributions, legal
expenses out of the ordinary course of Fuel Tech&#146;s business and
incentive play (excluding sales commissions), &#147;Revenue&#148; refers to
net sales, and &#147;APC Bookings&#148; refers to revenue from the sale of
equipment or services in Fuel Tech&#146;s APC line of business to which
Fuel Tech has a contractual right pursuant to a purchase agreement
executed after January&nbsp;1, 2011.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No amounts will be payable under the 2011 EOIP unless Fuel Tech
achieves the established minimum threshold of Adjusted EBITDA for
2011. Accordingly, if Fuel Tech&#146;s financial performance for 2011 falls
below the established minimum threshold of Adjusted EBITDA, there will
be no payout under the 2011 EOIP of any kind, regardless of the annual
Revenue or APC Bookings achieved. If Fuel Tech&#146;s minimum threshold of
Adjusted EBITDA is met, however, the percentage of Adjusted EBITDA set
aside in the Incentive Pool rises pro rata incrementally based on
actual combined performance for the Adjusted EBITDA, Revenues, and APC Bookings
financial metrics up to an upper limit cap.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For 2011, the minimum performance thresholds for Adjusted EBITDA,
Revenue and APC Bookings were set at $10.5&nbsp;million, $85&nbsp;million and
$50&nbsp;million, respectively. If the Adjusted EBITDA performance
threshold is met, 0.75% of Adjusted EBITDA will be funded into the
Incentive Pool; assuming Fuel Tech achieved two of the three
performance thresholds, 1.25% of Adjusted EBITDA will be funded into
the Incentive Pool; and, assuming Fuel Tech achieves all three
performance thresholds, 1.75% of Adjusted EBITDA will be funded into
the Incentive Pool.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the minimum thresholds above are met, the percentage of Adjusted
EBITDA funded into the Incentive Pool for the Adjusted EBITDA metric
will rise incrementally at a rate equal to 0.1250% for each additional
$500,000 in Adjusted EBITDA, subject to an overall cap of 2.25%; the
percentage of Adjusted EBITDA funded into the Incentive Pool for
Revenue will rise incrementally at a rate equal to 0.0625% for each
additional $2.5&nbsp;million in Revenue, subject to an overall cap of 1.0%;
and the percentage of Adjusted EBITDA funded into the Incentive Pool
for APC Bookings will rise incrementally at a rate equal to 0.0625% for
each additional $2.5&nbsp;million in APC Bookings, subject to an overall cap of
1.0%. Accordingly, the highest possible funding percentage for the
Incentive Pool under the 2011 EOIP is 4.25% of Adjusted EBITDA.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the performance thresholds under the 2011 EOIP are met, the
Incentive Pool will be divided in accordance with the following
participation percentages: 40% of the Incentive Pool being awarded to
the Chief Executive Officer; 20% to the Executive Vice President,
Worldwide Operations; 20% to the Executive Vice President, Marketing
and Sales; and 20% to the Chief Financial Officer. Douglas G. Bailey
is the Registrant&#146;s Chief Executive Officer; Vincent J. Arnone is the
Registrant&#146;s Executive Vice President, Worldwide Operations, Robert E.
Puissant is the Registrant&#146;s Executive Vice President, Marketing and
Sales; and David S. Collins is the Registrant&#146;s Chief Financial
Officer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Both the payout vesting and allocation percentages for each Participant under the 2011 EOIP are formulaic, and do not involve any
subjective evaluation of the performance of the Participants or other exercise of discretion by the Committee.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">D. The actual amounts of fiscal 2011 cash bonuses earned, if any, for the Participants in the
EOIP will be reported in the Registrant&#146;s proxy statement for its 2012 Annual Meeting of
Stockholders.</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>Fuel Tech, Inc.</B><BR>
(Registrant)<BR>
<BR></TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">Date: February&nbsp;16, 2011<BR><br></TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ David S. Collins
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">David S. Collins&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice President,<br>
Chief Financial Officer
and Treasurer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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