Document:

Exhibit

FUEL TECH, INC.

2020 Corporate Incentive Plan

1.    THE PLAN

1.1    Objectives.  This Corporate Incentive Plan of Fuel Tech, Inc. a Delaware corporation (the “Company”) is designed to provide Eligible Employees with an annual cash bonus incentive based on both Company financial results and, to the extent and in the manner set forth in Sections 3 and 4 below, the applicable Eligible Employee’s overall job performance contribution to achieving those results.  Capitalized terms not otherwise defined herein shall have the meanings set forth in Section 4 of this Incentive Plan.

1.2    General.  The Incentive Plan is an annual bonus plan commencing January 1, 2020, with payouts based on the Company’s financial performance in 2020.  For Eligible Employees, this Incentive Plan supersedes and replaces all prior annual bonus incentive compensation programs for all regular, full-time and part-time U.S. or Canadian based employees of the Company.

2.    ELIGIBILITY

2.1    Eligible Employees.  Except as provided in Section 2.2 and subject to Section 5.5, Eligible Employees must be employed on the last day of a fiscal year (December 31) in order to be eligible for a payout under the Incentive Plan based on that fiscal year’s performance.  No amounts will be deemed earned or payable under the Incentive Plan by any employee whose employment with the Company ends on or before the close of business on the last day of the fiscal year.  An Eligible Employee deemed to be eligible for a payout in accordance with the provisions of the Incentive Plan for a given fiscal year, need not be employed on the day of a bonus payout under this Incentive Plan for such fiscal year in order to be eligible for the payout.

2.2    Involuntary Termination of Employment.  Notwithstanding the preceding paragraph, if, during a fiscal year in which the Incentive Plan is in effect, an Eligible Employee’s employment with the Company is involuntarily terminated: (a) not for cause by the Company, or (b) on account of the Eligible Employee’s death, or (c) on account of the Eligible Employee’s Disability, then to the extent and at the time the Company determines there shall be a payout for that fiscal year under the Incentive Plan, the affected Eligible Employee shall be eligible for a pro rata Incentive Plan payment (or, in the case of death, to that employee’s estate) in accordance with the applicable calculations of Section 3, “Incentive Plan Payouts” and subject to all the other provisions of the Incentive Plan. Such pro rata payment shall equal the payout amount for the affected Eligible Employee determined in accordance with Section 3 below; provided, however, that only the normal employee wages paid to the affected employee (as determined by the Company in its sole discretion and excluding bonuses, allowances, paid leave, vacation or severance payments) through that Eligible Employee’s separation date from the Company shall be used in such pro rata allocations. 

3.    INCENTIVE PLAN PAYOUTS

3.1    Incentive Pool Funding.  

3.1.1    Payout Threshold and Funding Cap. 

(a)    Notwithstanding anything to the contrary contained in this Incentive Plan, no Incentive Plan payout will be made to any Eligible Employee unless the Company has achieved the established minimum threshold of Operating Income of $250,000. Accordingly, if the Company fails to achieve the established minimum threshold of Operating Income, there is no payout under the Incentive Plan of any kind, regardless of the Company’s financial performance or the Eligible Employee’s achievement of his or her personal performance goals.

(b)    Notwithstanding anything to the contrary contained in this Incentive Plan, the maximum amount that may be funded into the Incentive Pool pursuant to Section 3.1.2 below is $3 million.  

3.1.2    Funding Based on Company Performance.  

(a)    Subject to Section 5.5, the Company will set aside a percentage of Operating Income in an Incentive Pool to provide for bonus payments under this Incentive Plan based on the amount of Operating Income earned by the Company in 2020.  The percentage of Operating Income that is set aside based on the Company’s financial performance shall be determined by the Committee after consideration of the recommendations of the Company’s Chief Executive Officer.

(b)    Once the Company’s minimum threshold of Operating Income is met (as described in Section 3.1.1 above), the percentage of Operating Income set aside in the Incentive Pool will be 25% of all Operating Income.

By way of illustration, if the Company earned $1.0  million in Operating Income in fiscal 2020, the amount of Operating Income funded into the Incentive Pool would equal $250,000

By way of further illustration, if the Company earned $100,000 in Operating Income in fiscal 2020, no amount would be funded into the Incentive Pool because the $250,000 payout threshold described in Section 3.1.1 above would not have been met.

3.2    Incentive Pool Allocation.  The Incentive Pool shall be allocated among Eligible Employees in the manner set forth set forth below:

B  x  C x  D
Payout    =    A    x           E

“A” equals the total amount of the Incentive Pool.

“B” equals the Eligible Employee’s Base W-2 Wages (as defined in Section 4).

“C” equals the Eligible Employee’s Target Bonus Factor (as defined in Section 4).  

“D” equals the Eligible Employee’s Realization Percentage (as defined in Section 4).

“E” equals the aggregate total sum reached by adding together the products obtained by multiplying (a) the Base W-2 Wages of each Eligible Employee times (b) such Eligible Employee’s respective Target Bonus Factor times (c) such Eligible Employee’s respective Realization Percentage.

4.    DEFINITIONS

“Operating Income” – means Operating Income before the impact of incentive pay (but including adjustments to reflect the payment of sales commissions), as determined by the Company, in its sole discretion.  

“Base W-2 Wages” – means, with respect to each Eligible Employee, such Eligible Employee’s respective normal W-2 base wages paid in 2020 (excluding overtime or other compensation including, without limitation, bonuses, allowances, paid leave, or vacation).

“China/Pacific Rim Group” – means each United States employee of the Company or its People’s Republic of China subsidiary whom the Company selects to be members of that group. 

“Incentive Plan” or “CIP” – means the 2020 Corporate Incentive Plan of Fuel Tech, Inc., as amended from time to time.

“Committee” – means the Compensation Committee of the Company’s Board of Directors or such other committee as may from time to time succeed to or perform the functions of that Committee.

"Disability” – means that an applicable Eligible Employee, after exhausting any applicable leave available under the Company's policies, is unable because of physical or mental condition to perform the essential functions of the Employee's position, with or without a reasonable accommodation. 
    
“Eligible Employee” – means, subject to the employee non-eligibility exceptions stated below, each regular, full-time and part-time U.S. or Canadian based employee of the Company. Notwithstanding the foregoing, the following employees of the Company are not eligible to participate in the Incentive Plan: (a) each employee of the Company or its subsidiaries who is designated by the Company to be a member of one of the following groups: the Sales Group, the China/Pacific Rim Group or the Europe/Western Asia Group; and (b) any employee who has agreed to ineligibility via a separate written agreement with the Company. 

“Europe/Western Asia Group” – means each United States employee of the Company or any of the Company’s European subsidiaries whom the Company selects to be a member of that group.

“Individual Objectives” means the individual performance objectives established for applicable Eligible Employee (including the weighting given to the realization of each Individual Objective in the determination of such Eligible Employee’s “Realization Percentage” (as defined in Section 4 below)) and communicated to the applicable Eligible Employee no later than April 15, 2020.  

“Realization Percentage” – means a percentage representing the extent to which, if any, an applicable Eligible Employee has achieved his or her Individual Objectives for 2020, as determined by the Company in its sole and absolute discretion and communicated to such Eligible Employee after December 31, 2020; provided, however, that notwithstanding anything to the contrary contained herein, with respect to any Eligible Employee that is serving as an executive vice president, senior vice president or has been designated as the Company’s Principal Executive Officer or Principal Financial Officer (as defined under the Securities Exchange Act of 1934, as amended), such Eligible Employee’s Realization Percentage will automatically and without further action by the Company equal 100%.

“Sales Group” – means the Senior Vice President, Sales, the National Sales Manager, APC Sales and each United States employee of the Company whom the Company selects to participate in the Company’s then current FUEL CHEM Employee Commission Plan, APC Employee Commission Plan, Aftermarket Commission Plan and Business Development Commission Plan. 

“Target Bonus Factor” – means a percentage assigned to each Eligible Employee on the basis of such Eligible Employee’s job level and contribution as determined by the Company in its sole and absolute discretion.  Each Eligible Employee’s Target Bonus Factor shall be communicated to such employee no later than April 15, 2020.

5.    OTHER CONDITIONS

5.1    No Alienation of Awards.  Payouts under this Incentive Plan may not be assigned or alienated, except that payouts earned and payable may be assigned under the laws of descent and distribution of the employee’s domicile.

5.2    No Right of Employment.  Neither the Incentive Plan nor any action taken under the Incentive Plan shall be construed, expressly or by implication, as either giving to any participant the right to be retained in the employ of the Company or any affiliate, or altering or limiting the employment-at-will relationship between the Company and any employee.

5.3    Taxes, Withholding.  The Company (or any subsidiary or affiliate of the Company) shall have the right to deduct from any payout under the Incentive Plan any applicable federal, state or local taxes or other amounts required by applicable law, rule, or regulation to be withheld with respect to such payment.

5.4    Code Section 409A.  The Incentive Plan is intended to be exempt from or comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

5.5    Administration.  The Incentive Plan shall be administered by or under the authority of the Committee which shall have the full discretionary power to administer and interpret this Incentive Plan and to establish rules for its administration.  Notwithstanding anything to the contrary contained herein, the authority of the Committee under this Section 5.5 shall include, without limitation, the right at any time during the pendency of the Incentive Plan to amend or cancel the Incentive Plan, in whole or in part, to change the criteria for Eligible Employees, to change the incentive pool funding metrics or payout percentages and any other change the Committee determines advisable in its sole and absolute discretion.  Any and all such actions shall not be subject to challenge by any Eligible Employee.5.6    Effectiveness.  The Incentive Plan will not be deemed effective for any fiscal year until such time, if any, as the determination of the Incentive Plan financial performance metrics and Incentive Pool allocations contemplated by Section 3 above have been released for communication to Incentive Plan participants, which date shall be no later than March 31st of each fiscal year.

6.    RESERVATION OF RIGHTS; GOVERNING LAW; CONTRACT DISCLAIMER.

6.1    FOR UNITED STATES-BASED ELIGIBLE EMPLOYEES:  The Company reserves the right to amend or cancel the Incentive Plan in whole or in part (including, without limitation, to change the criteria for Eligible Employees, to change the incentive pool funding metrics or payout percentages and any other change the Company determines advisable in its sole and absolute discretion) at any time without notice.  There can be no guaranty that the Incentive Plan will be in effect in any subsequent fiscal year. The Company also reserves the right to decide all questions and issues arising under the Incentive Plan and its decisions are final.  The Incentive Plan shall be construed in accordance with and governed by the laws of the State of Illinois.  The Incentive Plan is a statement of the Company’s intentions and does not constitute a guarantee that any particular Incentive Plan payment amount will be paid.  It does not create a contractual relationship or any contractually enforceable rights between the Company or its wholly owned subsidiaries and the employee.

6.2    FOR ELIGIBLE EMPLOYEES BASED OUTSIDE THE UNITED STATES:  This Incentive Plan is only valid for the year 2020. As indicated above, the Company reserves the right in its sole discretion to adopt or not adopt a new incentive plan in 2020, but, if adopted, with features, terms and conditions to be communicated to non-U.S. based Eligible Employees by March 31, 2021.  However, there is no guarantee that in 2021 or in subsequent years an Incentive Plan or similar plan shall be adopted.  The Company also reserves the right to decide all questions and issues arising under the Incentive Plan and its decisions are final.  The Incentive Plan shall be construed in accordance with and governed by the laws applicable to the affected Eligible Employee’s place of work.  The adoption of this Incentive Plan for 2020 does not constitute a guaranty that any particular Incentive Plan payout amount will be paid even if incentive compensation has previously consistently been granted for a certain period of time.  It does not create a contractual relationship or any contractually enforceable rights between the Company and any Eligible Employee.

Fuel Tech, Inc. 2020 Corporate Incentive Plan
Effective January 1, 2020
Fuel Tech, Inc. 
Confidential         1Exhibit

Exhibit 4.15

DESCRIPTION OF SEALED AIR CORPORATION COMMON STOCK

The following description of our common stock, which is registered under Section 12(b) of the Securities Exchange Act of 1934, as amended, is a summary and is qualified in its entirety by reference to our amended and restated certificate of incorporation (the “Certificate of Incorporation”) and our amended and restated by-laws (the “By-laws”), which are incorporated by reference as exhibits to the Annual Report on Form 10-K of which this exhibit is a part.  We encourage you to read the Certificate of Incorporation and By-laws, as well as applicable provisions of the General Corporation Law of the State of Delaware, as amended  (the “DGCL”), for more information.

References herein to “we,” “our,” “us,” the “Company” or “Sealed Air” refers to Sealed Air Corporation, a Delaware corporation.

Authorized Shares

We are authorized to issue up to 400,000,000 shares of common stock, par value $0.10 per share. There were 154,670,740 shares of our common stock issued and outstanding as of February 21, 2020.  We are authorized to issue up to 50,000,000 shares of preferred stock, par value $0.10 per share. No shares of our preferred stock were issued and outstanding as of February 21, 2020.

Listing

Our outstanding shares of common stock are listed on the New York Stock Exchange under the symbol “SEE.”  Any additional common stock we issue will also be listed on the New York Stock Exchange.

Dividends

Dividends on shares of common stock may be declared by our Board of Directors (the “Board”) from the surplus or net profits of the Company to the extent such funds are legally available for the payment of dividends. We are incorporated in Delaware and are governed by Delaware law. Delaware law allows a corporation to pay dividends only out of surplus, as determined under Delaware law, or, if no such surplus exists, out of the corporation’s net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year (provided that such payment will not reduce capital below the amount of capital represented by all classes of shares having a preference upon the distribution of assets).

Voting Rights

Each share of common stock is entitled to one vote on all matters submitted to a vote of stockholders. The holders of shares of our common stock do not have cumulative voting rights. In other words, a holder of a single share of common stock cannot cast more than one vote for each position to be filled on our Board. A consequence of not having cumulative voting rights is that the holders of a majority of the shares of common stock entitled to vote in the election of directors can elect all directors standing for election, which means that the holders of the remaining shares will not be able to elect any directors.

Liquidation and Other Rights

In the event of any liquidation, holders of common stock will be entitled to share on a pro rata basis in all of the remaining assets and funds available for distribution under such liquidation, subject to the payment in full of all claims of creditors and prior rights of any class or series of preferred stock then outstanding. The rights of holders of common stock may only be modified by a vote of a majority of the shares outstanding or through the issuance of preferred stock as authorized in the Certificate of Incorporation. 

The shares of common stock have no preemptive, conversion or similar rights. The shares of common stock also have no redemption rights. The issued and outstanding shares of our common stock are fully paid and non-assessable. This means the full purchase price for the outstanding shares of our common stock has been paid and the holders of such shares will not be assessed any additional amounts for such shares. Any additional shares of common stock that we may issue in the future will also be fully paid and non-assessable.  Our common stock is not subject to any provision discriminating against any existing or prospective holder of the Company’s common stock as a result of such holder owning a substantial amount of common stock.

Transfer Agent and Registrar

The transfer agent and registrar for our common stock is Broadridge.
Anti-takeover Effects of Our Certificate of Incorporation and By-laws and Delaware Law
Some provisions of our Certificate of Incorporation and By-laws and of Delaware law may be deemed to have an anti-takeover effect and may delay or prevent a tender offer or takeover attempt that a stockholder might consider in its best interest, including those attempts that might result in a premium over the market price for the shares held by stockholders.
 
Size of Board and Vacancies.  The number of directors on our Board will be fixed exclusively by our Board. Newly created directorships resulting from any increase in our authorized number of directors and vacancies will be filled by a majority of our directors then in office, though less than a quorum, or by a sole remaining director. A vacancy shall be deemed to exist in the case of death, removal or resignation of any director, or if stockholders fail at any meeting of stockholders at which directors are to be elected to elect the number of directors then constituting the whole Board. 
Requirements for Advance Notification of Stockholder Nominations and Proposals.  Our By-laws establish advance notice procedures with respect to stockholder proposals and nomination of candidates for election as directors other than nominations made by or at the direction of our Board. 
No Cumulative Voting.  Our Certificate of Incorporation and By-laws do not provide for cumulative voting in the election of directors.
Undesignated Preferred Stock.  The authorization in our Certificate of Incorporation of undesignated preferred stock makes it possible for our Board to issue our preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of us. The provision in our Certificate of Incorporation authorizing such preferred stock may have the effect of deferring hostile takeovers or delaying changes of control of our management.
Delaware Anti-takeover Law.  We are subject to Section 203 of the DGCL an anti-takeover law. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a business combination with an interested stockholder for a period of three years following the date such person becomes an interested stockholder, unless the business combination or the transaction in which such person becomes an interested stockholder is approved in a prescribed manner. Generally, a “business combination” includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. Generally, an “interested stockholder” is a person that, together with affiliates and associates, owns, or within three years prior to the determination of interested stockholder status did own, 15% or more of a corporation’s voting stock. The existence of this provision may have an anti-takeover effect with respect to transactions not approved in advance by our Board and the anti-takeover effect includes discouraging attempts that might result in a premium over the market price for the shares of our common stock.
Limitation on Liability of Directors and Indemnification of Directors and Officers
Section 145 of the DGCL provides that: (1) under certain circumstances a corporation may indemnify a director or officer made party to, or threatened to be made party to, any civil, criminal, administrative or investigative action, suit or proceeding (other than an action by or in the right of the corporation) because such person is or was a director, officer, employee or agent of the corporation, or because such person is or was so serving another enterprise at the request of the corporation, against expenses, judgments, fines and amounts paid in settlement reasonably incurred by such person in connection with such action, suit or proceeding, if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to criminal cases, had no reasonable cause to believe such person’s conduct was unlawful; (2) under certain circumstances a corporation may indemnify a director or officer made party to, or threatened to be made party to, any action or suit by or in the right of the corporation for judgment in favor of the corporation because such person is or was a director, officer, employee or agent of the corporation, or because such person is or was so serving another enterprise at the request of the corporation, against expenses reasonably incurred by such person in connection with the defense or settlement of such action or suit if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation; and (3) a present or former director or officer shall be indemnified by the corporation against expenses reasonably incurred by such person in connection with and to the extent that such person has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in the preceding clauses, or in defense of any claim, issue or matter therein.

Our Certificate of Incorporation and By-laws provide that, to the fullest extent legally permitted by the DGCL, we will indemnify and hold harmless any person who was or is a party or is threatened to be made a party to or is involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he or a person of whom he is the legal representative, is or was a director, officer, employee or agent of the Company, or is or was serving at the request of the Company or for its benefit as a director, officer employee or agent of another corporation, or as its representative in a partnership, joint venture, trust or other enterprise, from and against any and all expenses, liabilities and losses (including without limitation attorney’s fees, judgments, fines and amounts paid or to be paid in settlement) actually and reasonably incurred or suffered by such person in connection therewith.
Our Certificate of Incorporation eliminates the liability of directors for monetary damages for breach of fiduciary duty as directors, except for liability (1) for any breach of the director’s duty of loyalty to the Company or its stockholders, (2) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (3) under Section 174 of the DGCL, or (4) for any transaction from which the director derived an improper personal benefit. The DGCL and our By-Laws permit the purchase by the Company of insurance for indemnification of directors and officers. We currently maintain directors and officers liability insurance.

Other Features of Our Certificate of Incorporation and By-Laws
    
Proxy Access.  Our By-laws permit a stockholder, or a group of up to 20 stockholders, owning 3% or more of our outstanding common stock continuously for at least three years, to nominate and include in our annual meeting proxy materials director candidates to occupy up to two or 20% of our board seats (whichever is greater), provided that such stockholders or group of stockholders satisfies the requirements set forth in the By-laws.
Special Meetings.  Special meetings of the stockholders may be called by the chair of the Board, by the chief executive officer or by resolution of the Board and, subject to the procedures set forth in our By-laws, shall be called by the chief executive officer or the secretary at the request in writing of stockholders owning a majority of the voting power of the then outstanding voting stock of the Company.

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