Grantee: | Joycelynn Watkins-Asiyanbi |
Target Number of Restricted Stock Units “PRSUs”: | 41,341 |
Date of Grant: | September 29, 2023 |
Vesting Date: | July 5, 2027 |
CECO ENVIRONMENTAL CORP.
Performance-Based Restricted Stock Units Agreement
This PERFORMANCE-BASED RESTRICTED STOCK UNITS AGREEMENT (this “Agreement”) is made as of the date set forth above (the “Date of Grant”) by and between CECO Environmental Corp., a Delaware corporation (the “Company”), and the individual named above (the “Grantee”).
The performance period commences on the Date of Grant and ends on (and is inclusive of) the Vesting Date. If the closing price for a share of Company stock as reported on the stock exchange on which the Company’s shares are then listed equals or exceeds one of the stock prices set forth below for twenty (20) or more consecutive trading days during the performance period, then the number of PRSUs that are earned shall be as follows:
Stock Price* | % of PRSUs Earned** |
Less than $22.00 | 0% |
$22.00 | 100% |
$25.25 | 125% |
$28.50 | 150% |
$31.75 | 175% |
$35.00 | 200% |
* There is no payout interpolation between stock prices. For example, if the highest stock price during a period of twenty (20) consecutive trading days is $32.23, then 175% of the number of PRSUs shall be earned.
**Any PRSUs that do not Vest will be forfeited, including if the Grantee ceases to be continuously employed by the Company or a Subsidiary prior to the Vesting Date. To the extent that, after certifying the achievement of the applicable Performance Goals, the Committee determines that the PRSUs were not earned, the PRSUs shall be immediately forfeited. For purposes of this Agreement, “continuously employed” (or substantially similar terms) means the absence of any interruption or termination of the Grantee’s employment with the Company or a Subsidiary. Continuous employment shall not be considered interrupted or terminated in the case of transfers between locations of the Company and its Subsidiaries or authorized leaves of absences.
2
3
4
5
6
7
CECO ENVIRONMENTAL CORP.
By: /s/ Todd R. Gleason
Name: Todd R. Gleason
Title: Chief Executive Officer
Grantee Acknowledgment and Acceptance
By: /s/ Joycelynn Watkins-Asiyanbi
8