FUEL TECH, INC. — Director's Dealing 2007

Mar 14, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FUEL TECH, INC. (FTEK)
CIK: 0000846913
Period of Report: 2006-12-31

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-12-31	Units	$	A	876	Acquired		Common (876)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4650000	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

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.