[Form 4] CECO ENVIRONMENTAL CORP Insider Trading Activity

Rhea-AI Filing Summary

Peter K. Johansson, SVP and Chief Financial Officer of CECO Environmental Corp (CECO), reported transactions on Form 4. The filing shows a disposition of 59,620 shares of CECO common stock on 09/12/2025. The filing also reports performance-based restricted stock units: 30,000 RSUs granted on 09/12/2025 that convert to common stock on 09/12/2029 if employment continues and stock-price targets are met, and 47,247 RSUs that convert on 07/05/2027 under similar performance conditions. The Form 4 is signed by an attorney-in-fact on behalf of Mr. Johansson on 09/16/2025. The filing documents insider sale activity and outstanding contingent equity awards; no exercise prices or cash consideration for the 59,620-share disposition are provided in the form.

Positive

• Transparent reporting of both the disposition and the performance-based restricted stock units with conversion dates and conditions
• Significant retained contingent equity: 77,247 RSUs that convert to common stock if performance and employment conditions are met, aligning executive incentives with shareholder value

Negative

• Disposition of 59,620 shares reported on 09/12/2025, reducing immediate insider-owned common stock
• Sale price and plan context not disclosed in the filing, limiting insight into whether the sale was pre-arranged or opportunistic

Insights

Securities Analyst

TL;DR: Insider sold 59,620 shares while retaining significant performance-based RSUs totaling 77,247 shares.

The Form 4 discloses a routine insider disposition of 59,620 common shares and contemporaneous grant/reporting of performance-based restricted stock units totaling 77,247 shares. The RSUs are contingent on continued employment and achievement of stock-price targets, with staggered conversion dates in 2027 and 2029. The filing does not disclose sale price or whether the disposition was part of a pre-arranged plan. From an investor-monitoring perspective, this is material for tracking insider ownership and potential dilution from contingent awards, but the filing lacks price and motive details, limiting further inference.

Corporate Governance Expert

TL;DR: Disclosure is standard: documents both a share disposal and performance-based equity awards with explicit vesting conditions.

The Form 4 properly reports a disposition and performance-based restricted stock units, including conversion conditions and dates. The reporting person is identified as SVP and CFO and the form is executed by an attorney-in-fact, which is acceptable. The filing is informational regarding potential future dilution from awards and confirms compliance with Section 16 reporting; it does not reveal whether the disposition follows an insider trading policy or Rule 10b5-1 plan, so governance context is incomplete in the filing itself.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Johansson Peter K.

(Last) (First) (Middle)

5080 SPECTRUM DRIVE

SUITE 800E

(Street)

ADDISON TX 75001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CECO ENVIRONMENTAL CORP [ CECO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								59,620	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	09/12/2025		A		30,000		(2)	(2)	Common Stock	30,000	$0	30,000	D
Restricted Stock Units	(1)							(3)	(3)	Common Stock	47,247		47,247	D

Explanation of Responses:

1. Represents performance-based restricted stock units. Each restricted stock unit represents a contingent right to receive one share of the Company's stock.

2. Conversion of restricted stock units to the Company's common stock will occur on September 12, 2029 assuming the reporting person is still employed by the Company and if the shares of the Company's common stock have achieved certain stock price targets over the course of the performance period.

3. Conversion of restricted stock units to the Company's common stock will occur on July 5, 2027 assuming the reporting person is still employed by the Company and if the shares of the Company's common stock have achieved certain stock price targets over the course of the performance period.

	/s/ Kiril Kovachev as Attorney-in-Fact for Peter Johansson	09/16/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did CECO insider Peter Johansson report on Form 4?

The filing reports a disposition of 59,620 common shares on 09/12/2025 and grants/holdings of performance-based restricted stock units totaling 77,247 RSUs with conversion dates in 2027 and 2029.

When do the reported RSUs convert to CECO common stock?

The filing states 47,247 RSUs convert on 07/05/2027 and 30,000 RSUs convert on 09/12/2029, subject to continued employment and achieving stock-price targets.

Does the Form 4 disclose the sale price for the 59,620 shares?

No. The filing shows the 59,620 shares were disposed but does not provide the sale price or cash consideration in the disclosed fields.

Who signed the Form 4 for Peter Johansson?

The Form 4 is signed by Kiril Kovachev as Attorney-in-Fact for Peter Johansson on 09/16/2025.

Are the reported RSUs time- or performance-based?

The filing describes the awards as performance-based restricted stock units, contingent on stock-price targets and continued employment.