FUEL TECH, INC. — Director's Dealing 2003

Dec 11, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FUEL TECH N V (FTEK)
CIK: 0000846913
Period of Report: 2003-12-09

Reporting Person: GRINNELL CHARLES W (Director, Vice President)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
1998-08-10	Stock Option	$1.563	A	25000	Acquired	2008-08-10	Common (25000)	Direct
2000-08-02	Stock Option	$2.0625	A	25000	Acquired	2010-08-02	Common (25000)	Direct
2001-02-22	Stock Option	$1.50	A	20000	Acquired	2011-02-22	Common (20000)	Direct
2002-02-28	Stock Option	$5.98	A	15000	Acquired	2012-02-28	Common (15000)	Direct
2003-12-09	Stock Option	$3.80	A	15000	Acquired	2013-12-09	Common (15000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	26089	Direct