FUEL TECH, INC. : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)
September 25, 2020 at 02:34 am IST
Share
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(a) On September 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 his September 30, 2020
retirement from employment with the Registrant. In anticipation of
Mr. Grigonis' retirement, on September 24, 2020, the Board of Directors of
the Registrant elected Bradley W. Johnson as Vice President, General
Counsel and Secretary of the Registrant to succeed Mr. Grigonis to be
effective on October 1, 2020.
(b) There is no family relationship between Mr. 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 on October 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 to
Mr. 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 of Fuel Tech, Inc., dated September 24, 2020
Fuel Tech, Inc. is a technology company, which is engaged in the development, commercialization and application of proprietary technologies for air pollution control, process optimization, water treatment and advanced engineering services. It has two segments: Air Pollution Control technology and FUEL CHEM technology. The Air Pollution Control technology segment includes technologies to reduce oxides of nitrogen (NOx) emissions in flue gas generated by the firing of natural gas or coal from boilers, incinerators, furnaces and other stationary combustion sources. These include NOxOUT and HERT Selective Non-Catalytic Reduction (SNCR) systems, and Selective Catalytic Reduction (SCR) systems. The FUEL CHEM technology segment uses chemical processes in combination with advanced computational fluid dynamics and chemical kinetics modeling boiler modeling for the control of slagging, fouling, corrosion, opacity and other sulfur trioxide-related issues in coal-fired furnaces and boilers.