[Form 4] Ceco Environmental Corp Insider Trading Activity

Rhea-AI Filing Summary

Peter K. Johansson, SVP & Chief Financial Officer of CECO Environmental Corp (CECO), reported a Form 4 disclosing a small disposition and continued substantial holdings. The filing shows a sale of 2,302 shares of Common Stock on 08/15/2025 at $44.61 per share, identified as withholding to cover taxes related to RSU vesting. After that transaction the reporting person beneficially owned 59,620 shares, including 47,247 performance-based restricted stock units that convert to common stock on July 5, 2027 if employment and stock-price conditions are met.

Positive

• Substantial ongoing ownership: Reporting person beneficially owns 59,620 shares following the transaction, maintaining alignment with shareholders.
• Long-term performance incentives: 47,247 performance-based RSUs remain outstanding and convert to common stock only if service and stock-price conditions are met by July 5, 2027.

Negative

• Disposition of shares: 2,302 shares were disposed of on 08/15/2025 at $44.61 per share (reported as tax withholding).

Insights

Corporate Governance Expert

TL;DR: Routine tax-withholding sale tied to RSU vesting; significant remaining stake and long-dated performance RSUs maintain alignment with shareholders.

The Form 4 reports a transaction coded as withholding (F) for 2,302 shares at $44.61 on 08/15/2025 to satisfy tax liabilities from RSU vesting. Such dispositions to satisfy taxes are common and do not necessarily reflect a change in conviction. The reporting person still beneficially owns 59,620 shares and holds 47,247 performance-based RSUs that only convert if service and specified price targets are met by July 5, 2027, preserving long-term alignment. Impact rating: 0 (neutral).

Securities Analyst

TL;DR: Insider sold a small number of shares for tax purposes; ownership and contingent RSUs represent material exposure to company equity.

The sale of 2,302 shares at $44.61 is explicitly described as net-share withholding to cover taxes on vested RSUs, not an open-market disposition for cash. Post-transaction beneficial ownership is 59,620 shares, and 47,247 performance RSUs remain outstanding and contingent on targets through July 5, 2027. Investors should note the distinction between withholding dispositions and discretionary sales when interpreting insider activity. Impact rating: 0 (neutral).

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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)
08/15/2025

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	08/15/2025		F(1)		2,302	D	$44.61	59,620(2)	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	(3)							(4)	(4)	Common Stock	47,247		47,247	D

Explanation of Responses:

1. Reflects shares withheld for net settlement to cover the tax liability for the vesting of restricted stock units.

2. Includes 415 shares acquired under the CECO Environmental Corp. 2020 Employee Stock Purchase Plan.

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

4. 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	08/19/2025
	** 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 (CECO) insider Peter Johansson report on the Form 4?

The Form 4 reports a disposition of 2,302 common shares on 08/15/2025 at $44.61 per share, recorded as withholding to cover taxes from RSU vesting; post-transaction beneficial ownership is 59,620 shares.

Why were 2,302 CECO shares sold by the reporting person?

The filing explains the 2,302 shares reflect net-share withholding to satisfy the tax liability arising from the vesting of restricted stock units.

How many performance-based RSUs does the reporting person hold and when do they convert?

The reporting person holds 47,247 performance-based restricted stock units that will convert to common stock on July 5, 2027 if employment continues and stock-price targets are achieved.

Does the Form 4 indicate an open-market sale or compensation withholding?

The transaction is coded F and explained as shares withheld for net settlement to cover taxes related to RSU vesting, not an open-market discretionary sale.

Are there any indirect ownership interests noted by the reporting person?

The Form 4 lists the ownership form for the reported shares as Direct (D); no indirect ownership details are provided in the filing.