Document:

Indemnification Agreement

 EXHIBIT 10.55 
  
 INDEMNIFICATION AGREEMENT 
  
 THIS AGREEMENT (the “Agreement”) is made and entered into as of November 30, 2004 between CECO Environmental Corp., a Delaware corporation
(“the Company”), and Marshall J. Morris (“Indemnitee”). 
  
 WITNESSETH THAT: 
  
 WHEREAS,
Indemnitee has served as an officer of the Company and has tendered his resignation, effective as of the date hereof; 
  
 WHEREAS, Indemnitee has agreed to cooperate in the Company’s transition to a new Chief Financial Officer upon the reasonable request of the Company,
as deemed reasonable by Employee; 
  
 WHEREAS, both the Company
and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies in today’s environment; 
  
 WHEREAS, the Certificate of Incorporation of the Company (the “Charter”) and the by-laws of the Company (the
“By-laws”) require the Company to indemnify its directors and officers to the fullest extent permitted by law, and Indemnitee had agreed to serve as an officer of the Company in part in reliance on such Charter and By-Laws; 
  
 WHEREAS, in recognition of Indemnitee’s need for protection against
personal liability and Indemnitee’s reliance on the provisions of the Charter and By-laws requiring indemnification under certain circumstances, and in part to provide Indemnitee with specific contractual assurance that the protection promised
by the Charter and the By-laws will be available, the Company wishes to provide in this Agreement for the indemnification of, and the advancement of, expenses to Indemnitee to the fullest extent permitted by law; 
  
 NOW THEREFORE, in consideration of Indemnitee’s cooperation with the
Company in its transition to a new Chief Financial Officer as described above, the parties hereto agree as follows: 
  
 1. Indemnity of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the full extent authorized or permitted by the
provisions of Section 145 of the Delaware General Corporation Law, as amended, as such may be amended from time to time, and Article XIV of the Bylaws, as such may be amended. In furtherance of the foregoing indemnification, and without limiting the
generality thereof: 
  
 (a) Proceedings Other Than
Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section l(a) 
  

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 if, by reason of his Corporate Status (as hereinafter defined), he is, or is threatened to be made, a party to or
participant in any Proceeding (as hereinafter defined) other than a Proceeding by or in the right of the Company. Pursuant to this Section 1(a), Indemnitee shall be indemnified against all Expenses (as hereinafter defined), judgments, penalties,
fines and amounts paid in settlement actually and reasonably incurred by him, or on his behalf, in connection with such Proceeding or any claim, issue or matter therein, if he acted in good faith and in a manner he reasonably believed to be in or
not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe his conduct was unlawful. 
  
 (b) Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(b) if,
by reason of his Corporate Status, he is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company. Pursuant to this Section 1(b), Indemnitee shall be indemnified against all Expenses
actually and reasonably incurred by him, or on his behalf, in connection with such Proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company; provided, however, if
applicable law so provides, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged to be liable to the Company unless and to the extent that
the Court of Chancery of the State of Delaware shall determine that such indemnification may be made. 
  
 (c) Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to the
extent that Indemnitee is, by reason of his Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, he shall be indemnified to the maximum extent permitted by law against all Expenses actually and reasonably
incurred by him or on his behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the
Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the
termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice (provided that a claim dismissed without prejudice is not refiled prior to the expiration of the statute of limitations with respect to such
claim), shall be deemed to be a successful result as to such claim, issue or matter. 
  
 2. Contribution in the Event of Joint Liability. 
  
 (a) Whether or not the indemnification provided in Section 1 hereof is available, in respect of any threatened, pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee
(or would be if joined in such action, suit or proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such action, suit or proceeding without requiring Indemnitee to contribute to such payment
and the Company hereby waives and relinquishes any right of contribution it may have against Indemnitee. The Company shall not enter into any settlement of any action, suit or proceeding in which the Company is jointly liable with Indemnitee (or
would be if joined in such action, suit or proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee. 
  

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 (b) Without diminishing or impairing the obligations of the Company set forth in the preceding
subparagraph, if, for any reason, Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee
(or would be if joined in such action, suit or proceeding), the Company shall contribute to the amount of expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable
by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or
proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction from which such action, suit or proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary
to conform to law, be further adjusted by reference to the relative fault of the Company and all officers, directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such action, suit
or proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the events that resulted in such expenses, judgments, fines or settlement amounts, as well as any other equitable considerations which the Law may require to be
considered. The relative fault of the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and
Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and
the degree to which their conduct is active or passive. 
  
 (c)
The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by officers, directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.

  
 3. Advancement of Expenses. Notwithstanding any other
provision of this Agreement, the Company shall advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within ten (10) days after the receipt by the Company of a
statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee
and shall include or be preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such Expenses. Any advances
and undertakings to repay pursuant to this Section 3 shall be unsecured and interest free. Notwithstanding the foregoing, the obligation of the Company to advance Expenses pursuant to this Section 3 shall be subject to the condition that, if, when
and to the extent that the Company determines that Indemnitee would not be permitted to be indemnified under applicable law, the Company shall be entitled to be reimbursed, within thirty (30) days of such determination, by Indemnitee (who hereby
agrees to reimburse the Company) for all such amounts theretofore paid; provided, however, that if Indemnitee has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure a determination that Indemnitee
should be indemnified under applicable law, any 
  

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 determination made by the Company that Indemnitee would not be permitted to be indemnified under applicable law shall not
be binding and Indemnitee shall not be required to reimburse the Company for any advance of Expenses until a final judicial determination is made with respect thereto (and as to which all rights of appeal therefrom have been exhausted or lapsed) or
such legal proceedings are dismissed and are not refiled prior to the expiration of the statute of limitations with respect to such claim. 
  
 4. Procedures and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for Indemnitee
rights of indemnity that are as favorable as may be permitted under the Law and public policy of the State of Delaware. Accordingly, the parties agree that the following procedures and presumptions shall apply in the event of any question as to
whether Indemnitee is entitled to indemnification under this Agreement: 
  
 (a) To obtain indemnification (including, but not limited to, the advancement of Expenses and contribution by the Company) under this Agreement, Indemnitee shall submit to the Company a written request, including
therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall,
promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification. 
  
 (b) Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 4(a) hereof, a determination, if required by
applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following three methods, which shall be at the election of Indemnitee: (1) by a majority vote of the Disinterested Directors, even
though less than a quorum, (2) by Independent Counsel in a written opinion or (3) by the stockholders. 
  
 (c) If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 4(b) hereof, the Independent Counsel
shall be selected as provided in this Section 4(c). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee requests that such selection be made by the Board of Directors). Indemnitee or the Company, as the case may be, may,
within 10 days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the
ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 11 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion.
Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is
withdrawn or a court has determined that such objection is without merit. If, within 20 days after submission by Indemnitee of a written request for indemnification pursuant to Section 4(a) hereof, no Independent Counsel shall have been selected and
not objected to, either the Company or Indemnitee may petition the Court of Chancery of the State of Delaware or other court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the
other’s selection of Independent Counsel and/or for the appointment as 
  

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 Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the
person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 4(b) hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such
Independent Counsel in connection with acting pursuant to Section 4(b) hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section 4(c), regardless of the manner in which such Independent Counsel was
selected or appointed. 
  
 (d) In making a determination with
respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption shall have
the burden of proof and the burden of persuasion by clear and convincing evidence. 
  
 (e) Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to
Indemnitee by the officers of the Enterprise (as hereinafter defined) in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent
certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be
imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not the foregoing provisions of this Section 4(e) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted
in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing
evidence. 
  
 (f) If the person, persons or entity empowered or
selected under Section 4 to determine whether Indemnitee is entitled to indemnification shall not have made a determination within ninety (90) days after receipt by the Company of the request therefor, the requisite determination of entitlement to
indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such 90 day period may be extended for a reasonable time, not to exceed an
additional thirty (30) days, if the person, persons or entity making such determination with respect to entitlement to indemnification in good faith requires such additional time to obtain or evaluate documentation and/or information relating
thereto; and provided, further, that the foregoing provisions of this Section 4(g) shall not apply if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 4(b) of this Agreement and if (A) within
thirty (30) days after receipt by the Company of the request for such determination, the Board of Directors or the Disinterested Directors, if appropriate, resolve to submit such determination to the stockholders for their consideration at an annual
meeting thereof to be held within seventy five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within thirty (30) 
  

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 days after such receipt for the purpose of making such determination, such meeting is held for such purpose within
forty-five (45) days after having been so called and such determination is made thereat. 
  
 (g) Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon
reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel,
member of the Board of Directors or stockholder of the Company shall act reasonably and in good faith in making a determination regarding the Indemnitee’s entitlement to indemnification under this Agreement. Any costs or expenses (including
attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to
indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. 
  
 (h) The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense,
delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement
of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such action, suit or proceeding. Anyone seeking to overcome this
presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. 
  
 5. Remedies of Indemnitee. 
  
 (a) In the event that (i) a determination is made pursuant to Section 4 of this Agreement that Indemnitee is not entitled to indemnification under this
Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 3 of this Agreement, (iii) no determination of entitlement to indemnification is made pursuant to Section 4(b) of this Agreement within 105 days after receipt by the
Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within ten (10) days after receipt by the Company of a written request therefor or (v) payment of indemnification is not made within
ten (10) days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section 6 of this Agreement, Indemnitee shall be entitled to an adjudication in an
appropriate court of the State of Delaware, or in any other court of competent jurisdiction, of his entitlement to such indemnification. Indemnitee shall commence such proceeding seeking an adjudication within 180 days following the date on which
Indemnitee first has the right to commence such proceeding pursuant to this Section 5(a). The Company shall not oppose Indemnitee’s right to seek any such adjudication. 
  
 (b) In the event that a determination shall have been made pursuant to Section 4(b) of this Agreement that Indemnitee is
not entitled to indemnification, any judicial 
  

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 proceeding commenced pursuant to this Section 5 shall be conducted in all respects as a de novo trial on the merits, and
Indemnitee shall not be prejudiced by reason of the adverse determination under Section 4(b). 
  
 (c) If a determination shall have been made pursuant to Section 4(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding
commenced pursuant to this Section 5, absent a prohibition of such indemnification under applicable law. 
  
 (d) In the event that Indemnitee, pursuant to this Section 5, seeks a judicial adjudication of his rights under, or to recover damages for breach of,
this Agreement, or to recover under any directors’ and officers’ liability insurance policies maintained by the Company, the Company shall pay on his behalf, in advance, any and all expenses (of the types described in the definition of
Expenses in Section 11 of this Agreement) actually and reasonably incurred by him in such judicial adjudication, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance
recovery. 
  
 (e) The Company shall be precluded from asserting
in any judicial proceeding commenced pursuant to this Section 5 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the provisions of
this Agreement. 
  
 6. Non-Exclusivity; Survival of Rights;
Insurance; Subrogation. 
  
 (a) The rights of
indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the certificate of incorporation of the Company, the Bylaws, any agreement, a vote
of stockholders, a resolution of directors or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted
by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the Law, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the
Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or
remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 
  
 (b) To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents
or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in
accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under such policy or policies. 
  

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 (c) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of
such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to
enforce such rights. 
  
 (d) The Company shall not be liable
under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise. 
  
 7. Exception to Right of Indemnification. Notwithstanding any other
provision of this Agreement, Indemnitee shall not be entitled to indemnification under this Agreement with respect to any Proceeding brought by Indemnitee, or any claim therein, unless (a) the bringing of such Proceeding or making of such claim
shall have been approved by the Board of Directors of the Company or (b) such Proceeding is being brought by Indemnitee to assert, interpret or enforce his rights under this Agreement. 
  
 8. Duration of Agreement. All agreements and obligations of the Company contained herein shall continue during the
period Indemnitee is an officer or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall
continue thereafter so long as Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section 5 hereof) by reason of his Corporate Status, whether or not he is acting or serving in any such capacity at the time any
liability or expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any
direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives. 
  
 9. Security. To the extent requested by Indemnitee and approved by the
Board of Directors of the Company, the Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such
security, once provided to Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee. 
  
 10. Enforcement. 
  
 (a) The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby in order to induce
Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as an officer or director of the Company. 
  

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 (b) This Agreement constitutes the entire agreement between the parties hereto with respect to the
subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof. 
  
 11. Definitions. For purposes of this Agreement: 
  
 (a) “Corporate Status” describes the status of a person who is or was a director, officer, employee, agent or
fiduciary of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving at the express written request of the Company. 
  
 (b) “Disinterested Director” means a director of the Company who
is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. 
  
 (c) “Enterprise” shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
that Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary. 
  
 (d) “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees,
travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to
prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding. 
  
 (e) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under
similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the
applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the
reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

  
 (f) “Proceeding” includes any threatened, pending
or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise
and whether civil, criminal, administrative or investigative, in which Indemnitee was, is or will be involved as a party or otherwise, by reason of the fact that Indemnitee 
  

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 is or was an officer or director of the Company, by reason of any action taken by him or of any inaction on his part
while acting as an officer or director of the Company, or by reason of the fact that he is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust or
other Enterprise; in each case whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement; including one pending on or before the date
of this Agreement, but excluding one initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce his rights under this Agreement. 
  
 12. Severability. If any provision or provisions of this Agreement shall be held by a court of competent jurisdiction to be invalid, void, illegal
or otherwise unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any section of this Agreement containing any such
provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; and (b) to the
fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or
unenforceable) shall be construed so as to give effect to the intent manifested thereby. Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted by
applicable laws. In the event any provision hereof conflicts with any applicable law, such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict. 
  
 13. Modification and Waiver. No supplement, modification, termination
or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or
not similar) nor shall such waiver constitute a continuing waiver. 
  
 14. Notice By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any
Proceeding or matter which may be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to
the extent that such failure or delay materially prejudices the Company. 
  
 15. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom
said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed: 
  
 (a) If to Indemnitee, to the address set forth below Indemnitee signature
hereto. 
  

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	 	(b)	If to the Company, to: 

  

	 	    	Phillip DeZwirek 

	 	    	CECO Environmental Corp. 

	 	    	505 University Avenue 

	 	    	Suite 1400 

	 	    	Toronto, Ontario, Canada M5G 1X3 

  
 or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. 
  
 16. Identical Counterparts. This Agreement may be executed in one or
more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to
be produced to evidence the existence of this Agreement. 
  
 17.
Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
  
 18. Governing Law. The parties agree that this Agreement shall be
governed by, and construed and enforced in accordance with, the laws of the State of Delaware without application of the conflict of laws principles thereof. 
  
 19. Gender. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and year first
above written. 
  

			
	COMPANY:
	
	CECO ENVIRONMENTAL CORP.
		
	By:	 	 /s/ Richard J. Blum

	Title:	 	President
	
	INDEMNITEE
	
	 /s/ Marshall J. Morris

	Marshall J. Morris
	
	Mailing Address:
	1406 Apple Farm Lane
	Cincinnati, OH 45230
	(513) 232-4510
	FAX:
(    )            -            

  
  

 12Eleventh Amendment to Credit Agreement dated December 30, 2004

 EXHIBIT 10.56 
  
 ELEVENTH AMENDMENT TO CREDIT AGREEMENT 
  
 This ELEVENTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made as of the 31ST day of December, 2004 by and
among CECO GROUP, INC., CECO FILTERS, INC., AIR PURATOR CORPORATION, NEW BUSCH CO., INC., THE KIRK & BLUM MANUFACTURING COMPANY, KBD/TECHNIC, INC. and CECO ABATEMENT SYSTEMS, INC. (the “Borrowers”), and FIFTH THIRD BANK (“Fifth
Third”), individually and as agent (in such capacity, the “Agent”) and PNC BANK, NATIONAL ASSOCIATION (“PNC”) individually, and JPMORGAN CHASE BANK, N.A. (“JPMC”), individually, successor by merger to Bank One, NA,
Main Office Columbus (“Bank One”) (PNC, Fifth Third and Bank One or JPMC, and their respective predecessors, successors and assigns, collectively, the “Banks”). 
  
 BACKGROUND 
  
 A. PNC (then as Agent) the Banks and the Borrowers are parties to a Credit Agreement dated as of December 7, 1999 (“Credit Agreement”) as
amended by Amendment to Credit Agreement, dated as of March 28, 2000, by Second Amendment to Credit Agreement dated as of November 10, 2000, by Third Amendment to Credit Agreement dated as of March 30, 2001, by Fourth Amendment to Credit Agreement
dated as of August 20, 2001, by Fifth Amendment to Credit Agreement dated as of March 27, 2002, by Sixth Amendment to Credit Agreement dated as of May 14, 2002, by Seventh Amendment to Credit Agreement dated as of November 13, 2002 and by Eighth
Amendment to Credit Agreement dated as of November 13, 2003. 
  
 B. The Banks by separate Intercreditor Agreement, dated as of November 13, 2003 (“Intercreditor Agreement”), agreed to modify their positions so that from and after that date Fifth Third was solely responsible for the
Revolving Credit Commitment and had no interest in the Term Loans (then and now, only Term Loan A) and PNC and Bank One, NA owned, on an equal basis, the Term Loan and Fifth Third Bank became Agent for all purposes under the Credit Agreement, except
for being the mortgagee, pledgee or secured party under existing mortgages, pledges or security agreements, given to secure the Loans made pursuant to the Amended Credit Agreement, for which purpose PNC remains agent for the Banks. 
  
 C. Fifth Third (as Agent), the Banks and Borrowers further amended the
Credit Agreement by Ninth Amendment to Credit Agreement dated as of June 29, 2004 and by Tenth Amendment to Credit Agreement dated as of November     , 2004 (the Credit Agreement as amended as set forth in Recital A and
this Recital C, the “Amended Credit Agreement”). 
  
 D. JPMC has become successor by merger to Bank One, NA. 
  
 E. Borrowers and Guarantors wish to amend the Amended Credit Agreement on the terms and conditions set forth herein. 

 NOW, THEREFORE, in consideration of the foregoing and for good and valuable consideration, the legality
and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
  
 1. Definitions. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Amended
Credit Agreement. 
  
 2. Amendments to Credit
Agreement. 
  
 (a) Beginning at the end of the fiscal
quarter ending December 31, 2004, Section 6.1(a) Leverage Ratio of the Credit Agreement, as previously modified in paragraph 2(m) of the Third Amendment to Credit Agreement, paragraph 2(h) of the Fourth Amendment to Credit Agreement,
paragraph 2(a) of the Fifth Amendment to Credit Agreement, paragraph 2(a) of the Sixth Amendment to Credit Agreement, paragraph 2(b) of the Seventh Amendment to Credit Agreement and paragraph 2(d) of the Eighth Amendment to Credit Agreement, shall
be modified as follows: 
  
 (a) Leverage Ratio. Permit the
Leverage Ratio, as of the end of the fiscal quarter ending on the dates specified below, for the prior four consecutive fiscal quarters, to equal or exceed the amount set forth opposite such period: 
  

			
	 Last Day of Fiscal Quarter

	  	Leverage Ratio Must Not
Be Greater Than

	 December 31, 2004
	  	3.50 to 1
	 March 31, 2005 through Termination
	  	3.20 to 1

  
 (b) Beginning
with the fiscal quarter ending December 31, 2004, Section 6.1(b) of the Credit Agreement, as previously modified in paragraph 2(n) of the Third Amendment to Credit Agreement, paragraph 2(i) of the Fourth Amendment to Credit Agreement, paragraph 2(b)
of the Sixth Amendment to Credit Agreement, paragraph 2(c) of the Seventh Amendment to Credit Agreement and paragraph 2(e) of the Eighth Amendment to Credit Agreement, shall be as follows: 
  
 (b) Fixed Charge Coverage Ratio. Permit the Fixed Charge Coverage
Ratio (i) for the four consecutive fiscal quarter period ending December 31, 2004, to be less than 0.65 to 1; and (ii) for each four consecutive calendar quarter period ending on each March 31, June 30, September 30 and December 31 thereafter
through the Termination Date to be less than 1 to 1; 
  

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 (c) Beginning with the four consecutive fiscal quarter period ending March 31, 2004, Section
6.1(c) of the Credit Agreement, as previously modified in paragraph 2(o) of the Third Amendment to Credit Agreement, paragraph 2(j) of the Fourth Amendment to Credit Agreement, paragraph 2(b) of the Fifth Amendment to Credit Agreement, paragraph
2(c) of the Sixth Amendment to Credit Agreement, paragraph 2(d) of the Seventh Amendment to Credit Agreement and paragraph 2(f) of the Eight Amendment to Credit Agreement, shall be modified as follows: 
  
 (c) Interest Coverage Ratio. Permit the Interest Coverage Ratio, as
of the end of each four consecutive fiscal quarter period ending on the dates specified below, to be less than the amount set forth opposite such period: 
  

			
	 Last Day of Fiscal Quarter

	  	Interest Coverage Ratio
Must Not Be Less Than

	 December 31, 2004
	  	1.70 to 1
	 March 31, 2005 through Termination
	  	2.10 to 1

  
 3. Fee for
Failure to Pay Term Loans. If Borrowers have failed to pay the entire principal balance of the Term Loans (now only Term Loan A) and all interest and other charges thereon on or before July 1, 2005, Borrowers shall pay on July 1, 2005, to (i)
PNC, a fee in the amount of amount of $30,000, and (ii) JPMC, a fee in the amount of $30,000. 
  
 4. Amendment Fees. Upon execution of this Amendment, Borrowers shall pay to: (i) Fifth Third, an Amendment Fee in the amount of $10,000; (ii) PNC, an Amendment Fee in the amount of $2,500; and (iii)
JPMC, an Amendment Fee in the amount of $2,500. 
  
 5.
Amendment to the Loan Documents. All references to the Credit Agreement in the Loan Documents and in any documents executed in connection therewith shall be deemed to refer to the Credit Agreement as amended by this Amendment and all prior
amendments to the Credit Agreement. 
  
 6. Ratification
of the Loan Documents. Notwithstanding anything to the contrary herein contained or any claims of the parties to the contrary, the Agent, the Banks and the Borrowers agree that the Loan Documents and each of the documents executed in connection
therewith are in full force and effect and each such document shall remain in full force and effect, as further amended by this Amendment, and each of the Borrowers hereby ratifies and confirms its obligations thereunder. 
  
 7. Representations and Warranties. 
  
 (a) Each Borrower hereby certifies that (i) the representations and
warranties of such Borrower in the Credit Agreement as previously amended and as amended herein, are true and correct in all material respects as of the date hereof, as if made on the date hereof, provided that, for purposes of this Amendment, only:
(x) the representations and warranties made in Section 3.1(a) and (b) and 3.21 of the Amended Credit Agreement shall relate to the most recent financial statements of the type referred to therein which have been given by the Borrowers to the Banks
(but the foregoing shall not be a waiver of any Default or Event of Default based on any representation or warranty made by the Borrowers in the Credit Agreement or any amendment thereof, prior to this Amendment, being untrue at the time made, or
for any breach of any covenant contained in the Credit Agreement, as amended prior to the date of this Amendment); (y) the representations and warranties made in Section 3.1(c) of the Amended Credit Agreement shall be made as of the date of this
Amendment and not as of the Closing Date; and (z) the representations and warranties made in Section 3.2 of the Amended Credit Agreement shall refer to Material Adverse Effect since the last audited consolidated financial statements of the Borrowers
provided to the Banks by the Borrowers, 

  

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instead of since September 30, 1999 (but the foregoing shall not be a waiver of any Default or Event of Default based on any representation or warranty made
by the Borrowers in the Credit Agreement or any amendment thereof, prior to this Amendment, being untrue at the time made, or for any breach of any covenant contained in the Credit Agreement, as amended prior to the date of this Amendment); and (ii)
no Event of Default and no event which could become an Event of Default with the passage of time or the giving of notice, or both, under the Credit Agreement or the other Loan Documents exists on the date hereof. 
  
 (b) Each Borrower further represents that it has all the requisite
power and authority to enter into and to perform its obligations under this Amendment, and that the execution, delivery and performance of this Amendment have been duly authorized by all requisite action and will not violate or constitute a default
under any provision of any applicable law, rule, regulation, order, writ, judgment, injunction, decree, determination or award presently in effect or of the Articles of Incorporation or by-laws of such Borrower, or of any indenture, note, loan or
credit agreement, license or any other agreement, lease or instrument to which such Borrower is a party or by which such Borrower or any of its properties are bound. 
  
 (c) Each Borrower also further represents that its obligation to repay the Loans, together with all interest accrued
thereon, is absolute and unconditional, and there exists no right of set off or recoupment, counterclaim or defense of any nature whatsoever to payment of the Loans, and each Borrower further represents that the Agents and Banks have fully performed
all of their respective obligations under the Loan Documents through the date of this Amendment. 
  
 (d) Each Borrower also further represents that there have been no changes to the Articles of Incorporation, by-laws or other organizational
documents of each such Borrower since the most recent date true and correct copies thereof were delivered to the Agent. 
  
 8. Conditions Precedent. The effectiveness of the amendments and waivers set forth herein are subject to the fulfillment, to the
satisfaction of the Banks and their counsel, of the following conditions precedent: 
  
 (a) The Borrowers shall have delivered to the Banks the following, all of which shall be in form and substance satisfactory to the
Banks and shall be duly completed and executed: 
  
 (i) This Amendment and the consents of the Guarantor and the Subordinated Creditors as attached hereto; and 
  
 (ii) Such additional documents, certificates and information as the Banks may require pursuant to the terms hereof or otherwise reasonably
request. 
  
 (b) After giving effect to
the amendments and waivers contained herein, the representations and warranties set forth in the Amended Credit Agreement shall be true and correct on and as of the date hereof. 
  
 (c) After giving effect to the amendments and waivers contained herein, no Event of Default
hereunder, and no event which, with the passage of time or the giving of notice, or 

  

 4 

 
both, would become such an Event of Default shall have occurred and be continuing as of the date hereof. 
  
 (d) The Borrowers shall have paid the Amendment Fees
which are due upon execution of this Amendment as provided in paragraph 4 above and the reasonable fees and disbursements of the Banks’ counsel incurred in connection with this Amendment. 
  
 9. No Waiver. Except as expressly provided herein, this
Amendment and anything contained herein or provided for herein does not and shall not be deemed to constitute a waiver by the Agent or the Banks of any Event of Default, or of any event which with the passage of time or the giving of notice or both
would constitute an Event of Default, nor does it obligate the Agent or the Banks to agree to any further modifications to the Amended Credit Agreement or any other Loan Document or constitute a waiver of any of the Agent’s or the Banks’
other rights or remedies. 
  
 10. Waiver and
Release. The Borrowers each on behalf of themselves, their agents, employees, officers, directors, successors and assigns, do hereby waive and release Agent and Banks, their agents, employees, officers, directors, affiliates, parents, successors
and assigns, from any claims arising from or related to administration of the Amended Credit Agreement and the Loan Documents and any course of dealing among the parties not in compliance with those agreements from the inception of the Credit
Agreement whether known or unknown through the date of execution and delivery of this Amendment. 
  
 11. Effective Date. The parties hereto agree that this Amendment shall for all purposes be deemed to be effective as of the date set forth
in the first paragraph of this Amendment (the “effective date”) and for all purposes the Amended Credit Agreement shall be deemed to have been amended as of such date to reflect the amendments to the Credit Agreement set forth in herein,
even though this Amendment is executed after such date. 
  

 5 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first above
written. 
  

			
	 CECO GROUP, INC.

		
	 By:
	 	 /s/ Dennis W. Blazer

	 Name:
	 	 Dennis W. Blazer

	 Title:
	 	 Chief Financial Officer

	
	 CECO FILTERS, INC.

		
	 By:
	 	 /s/ Dennis W. Blazer

	 Name:
	 	 Dennis W. Blazer

	 Title:
	 	 Treasurer

	
	 AIR PURATOR CORPORATION

		
	 By:
	 	 /s/ Dennis W. Blazer

	 Name:
	 	 Dennis W. Blazer

	 Title:
	 	 President

	
	 NEW BUSCH CO., INC.

		
	 By:
	 	 /s/ Dennis W. Blazer

	 Name:
	 	 Dennis W. Blazer

	 Title:
	 	 Treasurer

	
	THE KIRK & BLUM MANUFACTURING COMPANY
		
	 By:
	 	 /s/ Dennis W. Blazer

	 Name:
	 	 Dennis W. Blazer

	 Title:
	 	 Treasurer

  

 6 

			
	 KBD/TECHNIC, INC.

		
	 By:
	 	 /s/ Dennis W. Blazer

	 Name:
	 	 Dennis W. Blazer

	 Title:
	 	 Treasurer

	
	 CECO ABATEMENT SYSTEMS, INC.

		
	 By:
	 	 /s/ Dennis W. Blazer

	 Name:
	 	 Dennis W. Blazer

	 Title:
	 	 Treasurer

	
	PNC BANK, NATIONAL ASSOCIATION, as a Bank
		
	 By:
	 	 /s/ William C. Miles

	 Name:
	 	 William C. Miles

	 Title:
	 	 Vice President

	
	 FIFTH THIRD BANK, as Agent and as a Bank

		
	 By:
	 	 /s/ Donald K. Mitchell

	 Name:
	 	 Donald K. Mitchell

	 Title:
	 	 Vice President

	
	 JPMORGAN CHASE BANK, N. A., as a Bank

		
	 By:
	 	 /s/ Jeffrey C. Nicholson

	 Name:
	 	 Jeffrey C. Nicholson

	 Title:
	 	 First Vice President

  

 7 

 GUARANTOR’S CONSENT 
  
 By Corporate Guaranty, dated December 7, 1999 (the “Guaranty”), the undersigned (the “Guarantor”)
guaranteed to the Agent and the Banks, subject to the terms and conditions set forth therein, the prompt payment and performance of all of the Obligations (as defined therein). The Guarantor consents to the Borrowers’ execution of the foregoing
Ninth Amendment to Credit Agreement and to all documents referred to therein. The Guarantor hereby acknowledges and agrees that the Guaranty remains unaltered and in full force and effect and is hereby ratified and confirmed in all respects.

  

			
	 CECO ENVIRONMENTAL CORP.

		
	 By:
	 	 /s/ Phillip DeZwirek

	 Name:
	 	 Phillip DeZwirek

	 Title:
	 	 Chairman and Chief Executive Officer

  

 8 

 SUBORDINATED CREDITOR’S CONSENT 
  
 The undersigned (the “Subordinated Creditor”) is a party to the Subordination Agreement with the Agent and the
Banks and other subordinated creditors, dated December 7, 1999 (the “Subordination Agreement”). The Subordinated Creditor consents to the Borrowers’ execution of the foregoing Ninth Amendment to Credit Agreement and to all documents
referred to therein. The Subordinated Creditor hereby acknowledges and agrees that the Subordination Agreement remains unaltered and in full force and effect and is hereby ratified and confirmed in all respects. 
  

			
	 GREEN DIAMOND OIL CORP.

		
	 By:
	 	 /s/ Phillip DeZwirek

	 Name:
	 	 Phillip DeZwirek

	 Title
	 	 

  

 9 

 SUBORDINATED CREDITOR’S CONSENT 
  
 The undersigned (the “Subordinated Creditor”) is a party to the Subordination Agreement with the Agent and the
Banks and other subordinated creditors, dated December 7, 1999 (the “Subordination Agreement”). The Subordinated Creditor consents to the Borrowers’ execution of the foregoing Ninth Amendment to Credit Agreement and to all documents
referred to therein. The Subordinated Creditor hereby acknowledges and agrees that the Subordination Agreement remains unaltered and in full force and effect and is hereby ratified and confirmed in all respects. 
  

			
	 ICS TRUSTEE SERVICES, LTD.

		
	 By:
	 	 
	 Name:
	 	 
	 Title
	 	 

  

 10 

 SUBORDINATED CREDITOR’S CONSENT 
  
 The undersigned (the “Subordinated Creditor”) is a party to the Subordination Agreement with the Agent and the
Banks and other subordinated creditors, dated December 7, 1999 (the “Subordination Agreement”). The Subordinated Creditor consents to the Borrowers’ execution of the foregoing Ninth Amendment to Credit Agreement and to all documents
referred to therein. The Subordinated Creditor hereby acknowledges and agrees that the Subordination Agreement remains unaltered and in full force and effect and is hereby ratified and confirmed in all respects. 
  

	
	 HARVEY SANDLER

	
	 

  

 11

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