[Form 4] Ceco Environmental Corp Insider Trading Activity

Rhea-AI Filing Summary

CECO Environmental (CECO) – Form 4 filed 06/30/2025.

Chief Administrative & Legal Officer Joycelynn Watkins-Asiyanbi reported an internal equity-compensation event dated 06/27/2025. To settle payroll taxes on vested restricted stock units, 1,554 common shares were automatically withheld (Transaction Code F) at $29.60 per share. The reporting person now holds 73,178 CECO common shares directly.

She also retains 41,341 performance-based RSUs that may convert one-for-one into common stock on 07/05/2027, contingent on continued employment and achievement of stock-price hurdles. Because the shares were surrendered to the issuer for tax purposes rather than sold in the open market, the filing is generally viewed as routine and has limited impact on trading supply. The sizeable remaining equity stake keeps the officer economically aligned with shareholders.

Positive

• Insider retains 73,178 common shares, indicating continued exposure to CECO’s equity performance.
• 41,341 performance-based RSUs align executive incentives with long-term share-price appreciation and shareholder value.

Negative

• Potential future dilution if 41,341 RSUs convert in 2027.
• 1,554 shares removed from insider ownership, though the amount is immaterial and not an open-market sale.

Insights

Financial Analyst

TL;DR: Routine tax-withholding; minimal market impact, insider maintains sizeable stake.

The Form 4 shows a standard F-code transaction—shares forfeited to cover tax on RSU vesting, not an open-market sale. Only 1,554 shares (<1 % of insider’s holdings) were involved, worth about $46k. Post-transaction ownership of 73k shares plus 41k RSUs reflects continued confidence and incentive alignment. No change in fundamentals or outlook; dilution from RSU conversion is several years out and already reflected in fully diluted counts. Overall impact: neutral.

Corporate Governance Expert

TL;DR: Compensation-related share withholding; governance norms intact.

The filing complies with Section 16 and shows transparent disclosure of equity-plan mechanics. Performance-based RSUs expiring in 2027 tie rewards to multi-year share-price targets, supporting pay-for-performance principles. Because surrendered shares return to the treasury, immediate dilution or market supply is negligible. No red flags concerning insider confidence or unusual selling behavior. Impact on governance perception: neutral to mildly positive.

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^*

Watkins-Asiyanbi Joycelynn

(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)
	See Remarks.

3. Date of Earliest Transaction (Month/Day/Year)
06/27/2025

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	06/27/2025		F(1)		1,554	D	$29.6	73,178	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	(2)							(3)	(3)	Common Stock	41,341		41,341	D

Explanation of Responses:

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

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

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.

Remarks:

Title: Chief Administrative and Legal Officer

	/s/ Joycelynn Watkins-Asiyanbi	06/30/2025
	** 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

Why did CECO's officer dispose of 1,554 shares?

The shares were withheld to pay taxes due on vested restricted stock units (Transaction Code F).

How many CECO shares does Joycelynn Watkins-Asiyanbi own after the filing?

She directly owns 73,178 common shares and 41,341 performance-based RSUs.

What price was assigned to the withheld CECO shares?

The shares were valued at $29.60 each for tax-settlement purposes.

When can the 41,341 RSUs convert to CECO common stock?

Conversion is scheduled for July 5, 2027, contingent on employment and stock-price targets.

Does this Form 4 indicate open-market selling pressure on CECO stock?

No. Code F signifies shares surrendered back to the company, not sold into the market.

Will the RSU conversion dilute existing shareholders?

Yes, but only if performance targets are met in 2027; dilution impact is already reflected in diluted share counts.