Fuel Tech Appoints New CFO, Offers Stock Grant
Ticker: FTEK · Form: 8-K · Filed: Mar 6, 2024 · CIK: 846913
| Field | Detail |
|---|---|
| Company | Fuel Tech, Inc. (FTEK) |
| Form Type | 8-K |
| Filed Date | Mar 6, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
TL;DR
Fuel Tech got a new CFO, Michael Bodden, starting March 4th with a $325k salary + stock.
AI Summary
Fuel Tech, Inc. announced on February 29, 2024, the appointment of Mr. Michael W. R. Bodden as Chief Financial Officer, effective March 4, 2024. Mr. Bodden will receive an annual base salary of $325,000 and will be eligible for a discretionary annual bonus. He will also receive a grant of restricted stock units valued at $250,000, vesting over three years.
Why It Matters
The appointment of a new CFO is a significant leadership change that could impact the company's financial strategy and investor confidence.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategies and performance.
Key Numbers
- $325,000 — CFO Base Salary (Annual compensation for Michael Bodden)
- $250,000 — CFO Stock Grant Value (Restricted stock units vesting over three years)
Key Players & Entities
- Fuel Tech, Inc. (company) — Registrant
- Michael W. R. Bodden (person) — Appointed Chief Financial Officer
- $325,000 (dollar_amount) — Annual base salary for new CFO
- $250,000 (dollar_amount) — Value of restricted stock units granted to new CFO
- March 4, 2024 (date) — Effective date of CFO appointment
- February 29, 2024 (date) — Date of report
FAQ
What is Michael W. R. Bodden's prior experience relevant to his new role as CFO?
The filing does not provide details on Mr. Bodden's prior experience.
What are the specific performance metrics tied to the discretionary annual bonus for the new CFO?
The filing states the bonus is discretionary and does not specify performance metrics.
What is the vesting schedule for the $250,000 restricted stock units granted to Mr. Bodden?
The restricted stock units vest over three years.
Are there any severance provisions outlined for Mr. Bodden in the event of termination?
The filing does not mention any specific severance provisions.
What is the total compensation package for the new CFO, including salary, bonus potential, and stock awards?
The total compensation includes a $325,000 base salary, eligibility for a discretionary bonus, and $250,000 in restricted stock units.
Filing Stats: 568 words · 2 min read · ~2 pages · Grade level 12.1 · Accepted 2024-03-06 16:02:51
Filing Documents
- ftek20240305_8k.htm (8-K) — 29KB
- 0001437749-24-006811.txt ( ) — 157KB
- ftek-20240229.xsd (EX-101.SCH) — 3KB
- ftek-20240229_def.xml (EX-101.DEF) — 11KB
- ftek-20240229_lab.xml (EX-101.LAB) — 15KB
- ftek-20240229_pre.xml (EX-101.PRE) — 11KB
- ftek20240305_8k_htm.xml (XML) — 3KB
02
ITEM 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers On February 29, 2024, the Compensation Committee (the "Committee") of the Board of Directors of Fuel Tech, Inc. ("Fuel Tech" or the "Company") determined the number of restricted stock units to be awarded pursuant to the terms of the Company's 2023 Executive Performance RSU Award Agreement (the "2023 Agreement") entered into with each of the Company's President/Chief Executive Officer, Treasurer/Chief Financial Officer and Senior Vice President, Sales. A copy of the 2023 Agreement is attached as Exhibit 99.1 to the Company's Current Report on Form 8-K filed with the Securities Exchange Commission on May 10, 2023. The 2023 Agreement provides for four possible RSU awards: Look-Back RSUs, Total Revenue RSUs, New Business Growth RSUs and Operating Income Growth RSUs. The Committee determined that no Total Revenue RSUs, New Business Growth RSUs or Operating Income Growth RSUs would be awarded for the 2023 performance period. With respect to Look-Back RSUs, the Committee determined to award the number of RSUs set forth in the table below. Name and Title Target Look-Back RSUs Actual Look-Back RSUs Granted Vincent J. Arnone President and Chief Executive Officer 41,700 31,100 Ellen T. Albrecht Chief Financial Officer and Treasurer 16,700 12,500 William E. Cummings, Jr. Senior Vice President, Sales 12,500 9,400 All RSU grants show above will be made pursuant to the terms of the Company's standard RSU Agreement, a copy of which is attached as Exhibit 4.9 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011, as filed with the Securities Exchange Commission on March 5, 2012.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Fuel Tech, Inc. (Registrant) By: /s/ Bradley W. Johnson Bradley W. Johnson Date: March 6, 2024 Vice President, General Counsel and Secretary