FUEL TECH, INC. — Director's Dealing 2007

Jul 25, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FUEL TECH, INC. (FTEK)
CIK: 0000846913
Period of Report: 2007-07-06

Reporting Person: BAILEY RALPH E (Director, Executive Chairman, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-07-06	Common Stock	G	87600	$35.33	Disposed	4562400	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option	$1.531	2008-07-17	Common (10000)	10000	Direct
Option	$2.125	2009-06-28	Common (10000)	10000	Direct
Option	$2.344	2010-06-26	Common (10000)	10000	Direct
Option	$3.595	2011-06-13	Common (10000)	10000	Direct
Option	$6.265	2012-06-06	Common (10000)	10000	Direct
Option	$4.195	2013-05-29	Common (10000)	10000	Direct
Option	$4.565	2014-06-03	Common (10000)	10000	Direct
Option	$5.995	2015-06-03	Common (10000)	10000	Direct
Warrant	$1.75	2008-04-30	Common (76478)	76478	Direct
Option	$15.95	2016-06-02	Common (10000)	10000	Direct
Units	$		Common (397)	37948	Direct

Footnotes

F1: Held 100% by a family limited liability company the interests in which Company are owned 50% by the reporting person and 50% by the spouse of the reporting person. The reporting person holds 100% of the voting power over these Fuel Tech shares.

F2: Share equivalent units under Directors Deferred Compensation Plan issuable after retirement.

F3: Gift of securities to educational institution