On February 28, 2020, James M. Pach, Vice President, Treasurer and Controller and Principal Financial Officer of Fuel Tech, Inc. (“Company” or “Registrant”), resigned from employment with the Registrant effective March 13, 2020 to pursue another opportunity.

In anticipation of Mr. Pach’s resignation, with effect on March 14, 2020, the Board of Directors of the Company (the “Board”) on March 5, 2020 appointed Ellen T. Albrecht, age 47, to serve in an interim capacity as Acting Treasurer and Controller and Principal Financial Officer of the Company. In connection with her appointment, Ms. Albrecht is not expected to receive any additional compensation at this time for her interim role.>Prior to the time of her aforementioned appointment, Ms. Albrecht served as the Company’s Vice President, Operations Planning and Control since May 2012; and also previously served as the Company’s acting Treasurer and Chief Financial Officer from March 2010 to July 2010; Vice President, Controller since January 2007; Controller since February 2004; Accounting Manager since May 2000; Senior Accountant since May 1998; and Accountant since July 1996.

Ms. Albrecht is a party to an employment agreement with the Company effective as of July 8, 1996. The agreement is for an indefinite term, and also includes provisions for disclosure and assignment of inventions to the Company, protection of the Company’s proprietary data, covenants against certain competition and arbitration of disputes. The employment agreement is for a term of employment “at will” and does not provide for severance payments. There are no family relationships between Ms. Albrecht and any directors or officers of the Company. There have been no transactions nor are there any proposed transactions between the Company and Ms. Albrecht that would require disclosure to Item 404(a) of Regulation S-K.

NOTE REGARDING FORWARD LOOKING STATEMENTS

This filing contains “forward-looking statements” as defined in Section 21E of the Securities Exchange Act of 1934, as amended, which are made to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect Fuel Tech’s current expectations regarding future growth, results of operations, cash flows, performance and business prospects, and opportunities, as well as assumptions made by, and information currently available to, our management. Fuel Tech has tried to identify forward-looking statements by using words such as “anticipate,” “believe,” “plan,” “expect,” “estimate,” “intend,” “will,” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to Fuel Tech and are subject to various risks, uncertainties, and other factors, including, but not limited to, those discussed in Fuel Tech’s Annual Report on Form 10-K in Item 1A under the caption “Risk Factors,” which could cause Fuel Tech’s actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Fuel Tech undertakes no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in Fuel Tech’s filings with the Securities and Exchange Commission.

About FUEL TECH, INC. (NASDAQ:FTEK)

Fuel Tech, Inc. is a technology company. The Company is engaged in the development, commercialization and application of technologies for air pollution control, process optimization, combustion efficiency and engineering services. It operates through three segments: Air Pollution Control technology, FUEL CHEM technology and Fuel Conversion. The Air Pollution Control technology segment includes technologies to manage nitrogen oxides (NOx) emissions in flue gas from boilers, incinerators, furnaces and other stationary combustion sources. The FUEL CHEM technology segment uses chemical processes in combination with computational fluid dynamics (CFD) and chemical kinetics modeling (CKM) boiler modeling, for the control of slagging, fouling, corrosion, opacity and other sulfur trioxide-related issues in furnaces and boilers through the addition of chemicals into the furnace. The Fuel Conversion segment represents the CARBONITE fuel conversion process and technology.