FUEL TECH, INC. — Director's Dealing 2008

May 2, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FUEL TECH, INC. (FTEK)
CIK: 0000846913
Period of Report: 2008-04-30

Reporting Person: BAILEY RALPH E (Director, Exec Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-04-30	Common Stock	A	76478	$1.75	Acquired	111478	Indirect
2008-04-30	Common Stock	D	5498	$24.34	Disposed	105980	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-04-30	Warrants	$1.75	M	76478	Disposed	2008-04-30	Common (76478)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	50000	Indirect
Common Stock	4562400	Indirect

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 reoprting person. The reporting person holds 100% of the voting power over these Fuel Tech shares.

F2: Net Issue exercise of warrants expiring 04/30/2008