Document:

EX-10.1

 Exhibit 10.1 

Amendment No. 1 
 to

 Warrant Agreement 

WHEREAS, CECO Environmental Corp. (the “Company”) previously entered into a warrant agreement, dated as of December 28, 2006
(the “Warrant Agreement”), with Can-Med Technology, Inc. d/b/a Green Diamond Oil Corp. (“Can-Med”); 
 WHEREAS, Can-Med
has previously assigned its rights under the Warrant Agreement to Icarus Investment Corp. (“Icarus”); and 
 WHEREAS, the Company
and Icarus desire to amend the Warrant Agreement (the “Amendment”) to provide for the cashless exercise by Icarus (or its successors or assignees) of the warrants (the “Warrants”) issued pursuant thereto. 

NOW, THEREFORE, BE IT RESOLVED, that Section 4 of the Warrant Agreement is hereby replaced in its entirety, pursuant to Section 18
thereof, with the following: 
 “4. Exercise of Warrant. 

4.1. Cash Exercise. The Warrants initially are exercisable at the product of (i) the Exercise Price multiplied by (ii) the
number of shares of Common Stock purchased (subject to adjustment as provided in Section 11 hereof), as set forth in Section 8 hereof payable by wire transfer or certified or official bank check in United States dollars. The product of the
number of Warrants exercised at any one time multiplied by the Exercise Price shall be referred to as the “Purchase Price.” 

4.2. Cashless Exercise. The Warrants may also be exercised, in whole or in part, at such time by means of a “cashless
exercise” in which the Holder (as defined below) shall be entitled to receive the number of Warrant Shares (as defined below) (subject to adjustment as provided in Section 11 hereof) equal to the quotient obtained by dividing [(A-B) (X)]
by (A), where: 
 (A) = the average VWAP for the five (5) Trading Day period immediately preceding the date on which Holder elects to
exercise the Warrants by means of a “cashless exercise,” as determined by the Company; 
 (B) = the Exercise Price; and 

(X) = the number of Warrant Shares that would be issuable upon exercise of the Warrants in accordance with the terms of the Warrants if such
exercise were by means of a cash exercise rather than a cashless exercise. 
 “VWAP” means, for any date, the price determined by
the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading
Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the OTC Bulletin Board is not a Trading Market, the
volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, or (c) if the Common Stock is 

 
not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets” published by Pink OTC Markets, Inc. (or a
similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported. 

“Trading Day” means a day on which the principal Trading Market is open for trading. 

“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the
date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing). 

4.3 Mechanics of Exercise. Upon surrender of a Warrant Certificate with the annexed Form of Election to Purchase duly executed,
together with payment of the Purchase Price (in the case of a cash exercise) for the shares of Common Stock purchased at the Company’s principal offices located at 4625 Red Bank Road, Cincinnati, OH 45227, the registered holder of a Warrant
Certificate (“Holder” or “Holders”) shall be entitled to receive a certificate or certificates for the shares of Common Stock so purchased. The purchase rights represented by each Warrant Certificate are exercisable at the option
of the Holder thereof, in whole or in part (but not as to fractional shares of the Common Stock). In the case of the purchase of less than all the shares of Common Stock purchasable under any Warrant Certificate, the Company shall cancel said
Warrant Certificate upon the surrender thereof and shall execute and deliver a new Warrant Certificate of like tenor for the balance of the shares of Common Stock purchasable thereunder.” 

FURTHER RESOLVED, that the Form of Election to Purchase annexed to the Warrant Agreement is hereby replaced in its entirety by the Form of
Election to Purchase annexed hereto; 
 FURTHER RESOLVED, that, except as provided in this Amendment, no other amendments shall be deemed to
have been made hereby to the Warrant Agreement and that the obligations of the parties and the terms under the Warrant Agreement shall apply to the terms of this Amendment; and 

FURTHER RESOLVED, that this Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes be
deemed to be an original, and such counterparts shall together constitute but one and the same instrument. 
 [Signature page
follows.] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to the Warrant Agreement to be
duly executed, as of the 7th day of December 2016. 
  

			
	CECO ENVIRONMENTAL CORP.
		
	By:	 	/s/ Jeff Lang
	Name:	 	Jeff Lang
	Title:	 	CEO & President

 
			
	
	ICARUS INVESTMENT CORP.
		
	By:	 	/s/ Jason DeZwirek
	Name:	 	Jason DeZwirek
	Title:	 	Authorized Officer

 EXHIBIT A 

ELECTION TO PURCHASE PURSUANT TO THE WARRANT AGREEMENT 

The undersigned hereby irrevocably elects to exercise the right, represented by a Warrant Certificate No. 12-31-06-1, to purchase shares of Common Stock
(as defined in the Warrant Agreement described below) and herewith tenders in payment for such securities 

[            ] a wire transfer or a certified or official bank check payable in United States
dollars to the order of CECO Environmental Corp., a Delaware corporation (the “Company”), in the amount of $            pursuant to Section 4.1 of the Warrant Agreement; or

 [            ] the cancellation of such number of Warrant Shares as is necessary, in
accordance with the formula set forth in Section 4.2 of the Warrant Agreement, to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in Section 4.2
of the Warrant Agreement, 
 all in accordance with the terms of the Warrant Agreement dated as of December 28, 2006 between the Company and Icarus
Investment Corp. (as assignee of Can-Med Technology, Inc. d/b/a Green Diamond Oil Corp.). The undersigned requests that a certificate for such securities be registered in the name of the undersigned, and if said number of shares of Common Stock
shall not be all the shares of Common Stock purchasable hereunder, that a new Warrant Certificate for the balance of the shares of Common Stock purchasable under the within Warrant Certificate be registered in the name of the undersigned warrant
holder or his assignee as below indicated and delivered to the address stated below. 
  

			
	Dated:	 	
		
	Signature:	 	   

(Signature must conform in all respects to name of holder as specified on the face of the Warrant Certificate.) 

 

			
	Address:	 	   

	
	
	   

	
	   

 Insert Social Security or Other Identifying Number of Holder: 

 

			
	Signature Guaranteed:	  	 

 (Signature must be guaranteed by a bank, savings and loan association, stockbroker, or credit union with membership in an
approved signature guaranty Medallion Program pursuant to Securities Exchange Act of 1934 Rule 17Ad-15.)EX-10.1

 Exhibit 10.1 

Side Letter To 

Executive Employment Agreement 

A. Stillwater Mining Company (“Employer”) and Michael J. McMullen (“Executive”) are parties to an Executive
Employment Agreement dated as of March 25, 2016 (the “Agreement). 
 B. Employer wishes to update the side letter previously into
between Employer and Executive to reflect the move of the company’s headquarters to Colorado. 
 Agreement 

In consideration of the foregoing recitals and the covenants and promises contained in this Side Letter, and for other good and valuable
consideration, the receipt and sufficiency of which are acknowledged, Employer and Executive agree that notwithstanding Section 5.7 of the Agreement and in addition to the benefits provided therein, Employer agrees to provide Executive with the
following relocation benefits: 
 Section 1.1 Additional Reimbursements. 

a. In lieu of reimbursement under Employer’s relocation policy for the cost of selling his home in Perth, Australia, Employer will
pay Executive a maximum amount of $400,000 to account for Executive’s loss (if any) relating to the sale of Executive’s personal residence in Denver, Colorado, USA following Executive’s separation from service with Employer. The
amount of loss (if any) will be calculated relative to Executive’s initial purchase price for the personal residence. Reimbursement will be made no later than the end of the calendar year following the calendar year in which Executive separates
from service. 
 b. In the event that Executive’s personal residence in Denver, Colorado, USA is not sold after being listed with
a realtor for 6 months, then Employer will purchase such personal residence at its then fair market value (determined as the average of two independent appraisals, one obtained by Executive and one by Employer), and Employer will in addition pay
Executive the amount of loss (if any) calculated as described in the previous paragraph (a) no later than the end of the calendar year following the calendar year in which Executive separates from service. 

c. Except as provided above, Executive is entitled to additional relocation benefits in accordance with Employer’s relocation
policy. 
 Section 1.2 Miscellaneous Provisions. 

a. The Employer shall be entitled to withhold from any amounts payable under this Side Letter or otherwise, an amount sufficient to
satisfy all foreign, federal, state and local income and employment tax withholding requirements with respect to any and all amounts paid to Executive by Employer. 

b. Any dispute arising out of or relating to this Side Letter will be settled by binding arbitration as provided in the Agreement. 

c. This Agreement shall be governed by the laws of the State of Colorado. 

d. The intent of the parties is that payments and benefits under this Agreement (including all attachments, exhibits and annexes) be
exempt from or comply with Section 409A of the Internal Revenue Code of 1986, to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and be administered to be in compliance
therewith. Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Code Section 409A, Executive shall not be considered to have terminated employment
with the Employer for purposes of this Agreement, and no payment shall be due to Executive under this Agreement, until Executive would be considered to have incurred a “separation from service” from the Employer within the meaning of Code
Section 409A. Each amount to be paid or benefit to be provided to Executive pursuant to this Agreement that constitutes deferred compensation subject to Code Section 409A shall be construed as a separate identified payment for purposes of
Code Section 409A. Notwithstanding anything to the contrary in this Agreement, to the extent that any payments to be made to the Executive upon his or her separation from service would result in the imposition of any individual penalty tax
imposed under Code Section 409A by reason of Executive’s status as a “specified employee,” the payment shall instead be made on the first business day after the earlier of (i) the date that is six months following such

 
separation from service and (ii) Executive’s death. To the extent that the Agreement provides for the reimbursement of specified expenses incurred by the Executive, such reimbursement
shall be made in accordance with the provisions of the Agreement, but in no event later than the last day of the Executive’s taxable year following the taxable year in which the expense was incurred. The amount of expenses eligible for
reimbursement or in-kind benefits provided by the Employer in any taxable year of the Executive shall not affect the amount of expenses or in-kind benefits to be reimbursed or provided in any other year (except in the case of maximum benefits to be
provided under a medical reimbursement arrangement, if applicable). 
 The parties have executed this Side Letter on the date set forth
below, to be effective as the Effective Date of the Agreement. 
  

	
	EMPLOYER:
	
	Stillwater Mining Company
	
	/s/ Brian Schweitzer
	Brian Schweitzer
	Chairman of the Board
	
	EXECUTIVE:
	
	/s/ Michael J. McMullen
	 Michael J. McMullen

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