Document:

Credit Agreememt

 Exhibit 10.1.11 
 FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 
 This FIRST AMENDMENT (this “First Amendment”) to Amended and Restated Credit Agreement referred to below, is dated this 2nd day of November,
2007, effective as of September 30, 2007, is by and among StoneMor GP LLC, a Delaware limited liability company (the “General Partner”), StoneMor Partners L.P., a Delaware limited partnership (the “Partnership”), StoneMor
Operating LLC, a Delaware limited liability company (the “Operating Company”), the Subsidiaries of the Operating Company set forth on the signature page hereto (together with the Operating Company, each individually a “Borrower”
and collectively, the “Borrowers” and together with the General Partner and the Partnership, each individually a “Credit Party” and collectively, the “Credit Parties”), the lenders party hereto (the
“Lenders”), and Bank of America, N.A., a national banking association organized and existing under the laws of the United States of America, as Administrative Agent for the benefit of the Lenders (in such capacity, the “Administrative
Agent”), as Collateral Agent for the benefit of the Lenders and other Secured Creditors, as Swing Line Lender and as L/C Issuer. 
 BACKGROUND 
 A. Pursuant to that certain Amended and Restated Credit Agreement entered into on August 15, 2007 (as
amended, modified or otherwise supplemented from time to time, the “Credit Agreement”) by and among the parties hereto, the Lenders agreed, inter alia, to extend to the Borrowers a revolving credit facility and an acquisition line
in the maximum aggregate principal amount of Sixty-Five Million Dollars ($65,000,000). 
 B. The Borrowers have requested that the Lenders
make certain amendments to the Credit Agreement and the Intercreditor Agreement. 
 Now, therefore, for value received, and in consideration
of Loans made or to be made, and other credit accommodations given or to be given, to the Borrowers by the Lenders from time to time, each New Borrower and each other Credit Party hereby agrees as follows: 
 1. Definitions. 
 (a) General
Rule. Except as expressly set forth herein, all capitalized terms used and not defined herein shall have the respective meanings ascribed thereto in the Credit Agreement and the Intercreditor Agreement. 
 (b) Amended Definition. The defined term “Consolidated EBITDA” in Section 1 of the Credit Agreement is hereby amended to add a new
subsection (i) immediately after subsection (h) as follows: 
 “, and (i) for the four (4) fiscal quarters
beginning July 1, 2007 through June 30, 2008, the Michigan Due Diligence Costs not to exceed Seven Hundred Fifty Thousand Dollars ($750,000) in the aggregate,” 
 (c) Additional Definitions. The following additional definitions are hereby added to Section 1 of the Credit Agreement to read in its
entirety as follows: 

 “First Amendment” means the First Amendment to Amended and Restated Credit Agreement
dated November 2, 2007. 
 “Michigan Due Diligence Costs” means the actual costs and expenses incurred by Borrowers in
connection with the proposed acquisition of twenty-nine (29) Michigan cemeteries currently under state-ordered conservatorship. 
 2.
Amendment to Section 7.02(l). Section 7.02(l) of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 “(l) Unsecured Indebtedness of the General Partner issued solely for the purposed of financing Investments pursuant to Section 7.03(k), and any Guarantees by any Credit Party of such Indebtedness (it being agreed that such
Indebtedness may be secured by the property of Persons who are not Credit Parties (or required to be Credit Parties)); and” 
 3.
Amendment to Section 7.03(k). Section 7.03(k) of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 “(k) Investments of the General Partner in the Partnership to the extent necessary in order for the General Partner to continue to hold (in its capacity as General Partner) a two percent (2%) “Percentage Interest” (as
such term is defined in the Partnership Agreement) in the Partnership;” 
 4. Amendment to Intercreditor Agreement. The
references to the dates of the Security Agreement and the Pledge Agreement in the Intercreditor Agreement being “the date hereof” are hereby amended to be references to being dated “September 20, 2004”. 
 5. Representations and Warranties. Each Credit Party hereby represents and warrants to the Administrative Agent and the Lenders that, as to such
Credit Party: 
 (a) Representations. Each of the representations and warranties of or as to such Credit Party contained in the
Credit Agreement and the other Credit Documents are true and correct in all material respects on and as of the date hereof as if made on and as of the date hereof; 
 (b) Power and Authority. (i) Such Credit Party has the power and authority under the laws of its jurisdiction of organization and under its organizational documents to enter into and perform this First
Amendment and any other documents which the Administrative Agent requires such Credit Party to deliver hereunder (this First Amendment and any such additional documents delivered in connection with the First Amendment are herein referred to as the
“First Amendment Documents”); and (ii) all actions, corporate or otherwise, necessary or appropriate for the due execution and full performance by such Credit Party of the First Amendment Documents have been adopted and taken and,
upon their execution, the Credit Agreement, as amended by this First Amendment and the other First Amendment Documents will constitute the valid and binding obligations of such Credit Party enforceable in accordance with their respective terms,
except as such enforcement may be limited by any Debtor Relief 

  

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Law from time to time in effect which affect the enforcement of creditors’ rights in general and the availability of equitable remedies; 
 (c) No Violation. The making and performance of the First Amendment Documents will not (i) contravene, conflict with or result in a breach
or default under any material applicable law, statute, rule or regulation, or any order, writ, injunction, judgment, ruling or decree of any court, arbitrator or governmental instrumentality, (ii) taking into account such consents as have been
obtained in connection with this First Amendment, contravene, constitute a default under, conflict or be inconsistent with or result in any breach of, any of the terms, covenants, conditions or provisions of, or constitute a default under, or result
in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of any Credit Party pursuant to the terms of any material indenture, mortgage, deed of trust, loan agreement, credit agreement or
any other material agreement or instrument to which any Credit Party is a party or by which it or any of its property or assets are bound or to which it may be subject or (iii) contravene or violate any provision of the certificate of
incorporation, by-laws, certificate of partnership, partnership agreement, certificate of limited liability company, limited liability company agreement or equivalent organizational document, as the case may be, of any Credit Party; 
 (d) No Default. No Default or Event of Default has occurred and is continuing, or will exist immediately after giving effect to this First
Amendment; and 
 (e) No Material Adverse Effect. No Material Adverse Effect has occurred since August 15, 2007. 
 6. Conditions to Effectiveness of Amendment. This First Amendment shall be effective upon the Administrative Agent’s receipt of the
following, each in form and substance reasonably satisfactory to the Administrative Agent: 
 (a) First Amendment. This First
Amendment, duly executed by the Credit Parties, the Administrative Agent, the Collateral Agent and the Lenders and consented to by the Purchasers; 
 (b) Amendment to Note Purchase Agreement. The Borrowers shall deliver a duly executed parallel amendment to the Note Purchase Agreement; 
 (c) Other Fees and Expenses. Payment to the Administrative Agent and the Lenders, in immediately available funds, of all amounts necessary to reimburse the Administrative Agent and the Lenders for the
reasonable out-of-pocket fees and costs incurred by the Administrative Agent, including, without limitation, all such fees and costs incurred by the Administrative Agent’s attorneys, in connection with the preparation and execution of this
First Amendment and any other Credit Document; 
 (d) Consent and Waivers. Copies of any consents or waivers necessary in order for
the Credit Parties to comply with or perform any of its covenants, agreements or obligations contained in any agreement which are required as a result of any Credit Party’s execution of this First Amendment, if any; and 
  

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 (e) Other Documents and Actions. Such additional agreements, instruments, documents, writings and
actions as the Administrative Agent may reasonably request. 
 7. No Waiver; Ratification. The execution, delivery and performance of
this First Amendment shall not (a) operate as a waiver of any right, power or remedy of the Lenders under the Credit Agreement, any Credit Document or any First Amendment Document and the agreements and documents executed in connection
therewith or (b) constitute a waiver of any provision thereof. Except as expressly modified hereby, all terms, conditions and provisions of the Credit Agreement and the other Credit Documents shall remain in full force and effect and are hereby
ratified and confirmed by the Credit Parties. Nothing contained herein constitutes an agreement or obligation by the Administrative Agent or the Lenders to grant any further amendments to any of the Credit Documents. 
 8. Acknowledgments. To induce the Administrative Agent and the Lenders to enter into this First Amendment, the Credit Parties acknowledge, agree,
warrant, and represent that: 
 (a) Acknowledgment of Obligations; Collateral; Waiver of Claims. (i) The Credit Documents are
valid and enforceable against, and all of the terms and conditions of the Credit Documents are binding on, the Credit Parties, except as such enforcement may be limited by any Debtor Relief Law from time to time in effect which affect the
enforcement of creditors’ rights in general and the availability of equitable remedies; (ii) the liens and security interests granted to the Administrative Agent, on behalf of the Lenders, by the Credit Parties pursuant to the Credit
Documents are valid, legal and binding, properly recorded or filed and first priority perfected liens and security interests subject only to Permitted Encumbrances, and such liens and security interests will continue to secure all Loans and other
Obligations; and (iii) the Credit Parties hereby waive any and all defenses, set-offs and counterclaims which they, whether jointly or severally, may have or claim to have against the Administrative Agent and the Lenders as of the date hereof.

 (b) No Waiver of Existing Defaults. Nothing in this First Amendment nor any communication between the Administrative Agent, any
Lender, any Credit Party or any of their respective officers, agents, employees or representatives shall be deemed to constitute a waiver of (i) any Default or Event of Default arising as a result of the foregoing representation proving to be
false or incorrect in any material respect; or (ii) any rights or remedies which the Administrative Agent or the Lenders have against any Credit Party under the Credit Agreement or any other Credit Document and/or applicable law, with respect
to any such Default or Event of Default arising as a result of the foregoing representation proving to be false or incorrect in any material respect. 
 9. Binding Effect. This First Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 
 10. Governing Law. This First Amendment shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania without
reference to the choice of law doctrine of the Commonwealth of Pennsylvania. 
  

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 11. Headings. The headings of the sections of this First Amendment are inserted for convenience
only and shall not be deemed to constitute a part of this First Amendment. 
 12. Counterparts. This First Amendment may be executed
in any number of counterparts with the same affect as if all of the signatures on such counterparts appeared on one document and each counterpart shall be deemed an original. 
 13. Consent to First Amendment to the Amended and Restated Note Purchase Agreement. To the extent that consent of the Lenders is required, the
Lenders consent to the First Amendment to the Amended and Restated Note Purchase Agreement dated as of the dated hereof, by and among the Credit Parties and the Purchasers. 
 [Remainder of page intentionally left blank] 
  

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 The Lenders hereby and acknowledge and agree to this First Amendment to Amended and Restated Credit
Agreement as of the date first above written. 
  

			
	 BANK OF AMERICA, N.A.

		
	By:	 	 
		 	Kenneth G. Wood, Senior Vice President
		
		 	SOVEREIGN BANK, as a Lender
		
	By:	 	 
		 	Karl F. Schultz, Vice President
		
		 	COMMERCE BANK, N.A., as a Lender
		
	By:	 	 
		 	Peter L. Davis, Senior Vice President

  
 First Amendment to Amended
and Restated Credit Agreement 
 Lenders Signature Page 
  

 S-1 

 This First Amendment to Amended and Restated Credit Agreement is hereby delivered, acknowledged and
agreed to as of the date first above written. 
  

			
	Credit Parties
		
		 	STONEMOR GP LLC
		
	By:	 	 
		 	Paul Waimberg, Vice President of Finance
		
		 	STONEMOR PARTNERS L.P.
		 	By:  STONEMOR GP LLC
		 	        its General Partner
		
	By:	 	 
		 	Paul Waimberg, Vice President of Finance
		
		 	STONEMOR OPERATING LLC
		
	By:	 	 
		 	Paul Waimberg, Vice President of Finance

  
 First Amendment to Amended
and Restated Credit Agreement 
 Credit Parties Signature Page 
  

 S-2 

 Additional Credit Parties 
 Alleghany Memorial Park LLC 
 Alleghany Memorial Park Subsidiary, Inc. 
 Altavista Memorial Park LLC 
 Altavista Memorial Park Subsidiary, Inc.

 Arlington Development Company 
 Augusta Memorial Park Perpetual
Care Company 
 Bedford County Memorial Park LLC 
 Bedford County
Memorial Park Subsidiary LLC 
 Bethel Cemetery Association 
 Beth
Israel Cemetery Association of Woodbridge, New Jersey 
 Birchlawn Burial Park LLC 
 Birchlawn Burial Park Subsidiary, Inc. 
 Blue Ridge Memorial Gardens LLC 
 Blue Ridge Memorial Gardens Subsidiary LLC 
 Butler County Memorial Park LLC

 Butler County Memorial Park Subsidiary, Inc. 
 Cedar Hill
Funeral Home, Inc. 
 Cemetery Investments LLC 
 Cemetery
Investments Subsidiary, Inc. 
 Cemetery Management Services, L.L.C. 
 Cemetery Management Services of Mid-Atlantic States, L.L.C. 
 Cemetery Management Services of Ohio, L.L.C. 
 Cemetery Management Services of Pennsylvania, L.L.C. 
 Chartiers Cemetery LLC

 Chartiers Cemetery Subsidiary LLC 
 Clover Leaf Park Cemetery
Association 
 CMS West LLC 
 CMS West Subsidiary LLC 

Columbia Memorial Park LLC 
 Columbia Memorial Park Subsidiary, Inc.

 The Coraopolis Cemetery LLC 
 The Coraopolis Cemetery
Subsidiary LLC 
 Cornerstone Family Insurance Services, Inc. 
 Cornerstone Family Services of New Jersey, Inc. 
 Cornerstone Family Services of West Virginia LLC 
 Cornerstone Family Services of West Virginia Subsidiary, Inc. 
 Cornerstone
Funeral and Cremation Services LLC 
 Covenant Acquisition LLC 
 Covenant Acquisition Subsidiary, Inc. 
 Crown Hill Cemetery Association 
 Eloise B. Kyper Funeral Home, Inc. 
 Glen Haven Memorial Park LLC 
 Glen Haven Memorial Park Subsidiary, Inc. 
 Green Lawn Memorial Park LLC

 Green Lawn Memorial Park Subsidiary LLC 
  

			
	By:	 	 
	Paul Waimberg, as Vice President of Finance for each of the above-named Credit Parties

  

 First Amendment to Amended and Restated Credit Agreement 
 Additional Credit Parties Signature Page 
 S-3 

 Henlopen Memorial Park LLC 
 Henlopen Memorial Park Subsidiary, Inc. 
 Henry Memorial Park LLC 
 Henry Memorial Park Subsidiary, Inc. 
 J.V. Walker LLC 
 J.V. Walker Subsidiary LLC 
 Juniata Memorial Park LLC 
 Juniata Memorial Park Subsidiary LLC 
 KIRIS LLC 
 KIRIS Subsidiary, Inc. 
 Lakewood/Hamilton Cemetery LLC 
 Lakewood/Hamilton Cemetery Subsidiary, Inc. 
 Lakewood Memory Gardens South LLC 
 Lakewood Memory Gardens South Subsidiary, Inc. 
 Laurel Hill Memorial Park LLC

 Laurel Hill Memorial Park Subsidiary, Inc. 
 Laurelwood
Cemetery LLC 
 Laurelwood Cemetery Subsidiary LLC 
 Laurelwood
Holding Company 
 Legacy Estates, Inc. 
 Locustwood Cemetery
Association 
 Loewen [Virginia] LLC 
 Loewen [Virginia]
Subsidiary, Inc. 
 Lorraine Park Cemetery LLC 
 Lorraine Park
Cemetery Subsidiary, Inc. 
 Melrose Land LLC 
 Melrose Land
Subsidiary LLC 
 Modern Park Development LLC 
 Modern Park
Development Subsidiary, Inc. 
 Morris Cemetery Perpetual Care Company 
 Mount Lebanon Cemetery LLC 
 Mount Lebanon Cemetery Subsidiary LLC 
 Mt. Airy Cemetery LLC 
 Mt. Airy Cemetery Subsidiary LLC 
 Oak Hill Cemetery LLC 
 Oak Hill Cemetery Subsidiary, Inc. 
 Osiris Holding Finance Company 
 Osiris Holding of Maryland LLC 
 Osiris Holding of Maryland Subsidiary, Inc. 
 Osiris Holding of Pennsylvania LLC 
 Osiris Holding of Pennsylvania Subsidiary LLC 
 Osiris Holding of Rhode Island
LLC 
 Osiris Holding of Rhode Island Subsidiary, Inc. 
 Osiris
Management, Inc. 
 Osiris Telemarketing Corp. 
  

			
	By:	 	 
	Paul Waimberg, as Vice President of Finance for each of the above-named Credit Parties

  

 First Amendment to Amended and Restated Credit Agreement 
 Additional Credit Parties Signature Page 
 S-4 

 Perpetual Gardens.Com, Inc. 
 The Prospect Cemetery LLC 
 The Prospect Cemetery Subsidiary LLC 
 Prospect Hill Cemetery LLC 
 Prospect Hill Cemetery Subsidiary LLC 
 PVD Acquisitions LLC 
 PVD Acquisitions Subsidiary, Inc. 
 Riverside Cemetery LLC 
 Riverside Cemetery Subsidiary LLC 
 Riverview Memorial Gardens LLC 
 Riverview Memorial Gardens Subsidiary LLC

 Rockbridge Memorial Gardens LLC 
 Rockbridge Memorial Gardens
Subsidiary Company 
 Rolling Green Memorial Park LLC 
 Rolling
Green Memorial Park Subsidiary LLC 
 Rose Lawn Cemeteries LLC 
 Rose Lawn Cemeteries Subsidiary, Incorporated 
 Roselawn Development LLC 
 Roselawn Development Subsidiary Corporation 
 Russell Memorial Cemetery LLC 
 Russell Memorial Cemetery Subsidiary, Inc. 
 Shenandoah Memorial Park LLC

 Shenandoah Memorial Park Subsidiary, Inc. 
 Southern Memorial
Sales LLC 
 Southern Memorial Sales Subsidiary, Inc. 
 Springhill
Memory Gardens LLC 
 Springhill Memory Gardens Subsidiary, Inc. 
 Star City Memorial Sales LLC 
 Star City Memorial Sales Subsidiary, Inc. 
 Stephen R. Haky Funeral Home, Inc. 
 Stitham LLC 
 Stitham Subsidiary, Incorporated 
 StoneMor Alabama LLC 
 StoneMor Alabama Subsidiary, Inc. 
 StoneMor Colorado LLC 
 StoneMor Colorado Subsidiary LLC 
 StoneMor Georgia LLC 
 StoneMor Georgia Subsidiary, Inc. 
 StoneMor Illinois LLC 
 StoneMor Illinois Subsidiary LLC 
 StoneMor Indiana LLC 
 StoneMor Indiana Subsidiary LLC 
 StoneMor Kansas LLC 
 StoneMor Kansas Subsidiary LLC 
 StoneMor Kentucky LLC 
 StoneMor Kentucky Subsidiary LLC 
  

			
	By:	 	 
	Paul Waimberg, as Vice President of Finance for each of the above-named Credit Parties

  

 First Amendment to Amended and Restated Credit Agreement 
 Additional Credit Parties Signature Page 
 S-5 

 StoneMor Michigan LLC 
 StoneMor Michigan Subsidiary LLC 
 StoneMor Missouri LLC 
 StoneMor Missouri Subsidiary LLC 
 StoneMor North Carolina LLC 
 StoneMor North Carolina Funeral Services, Inc. 
 StoneMor North Carolina Subsidiary LLC 
 StoneMor Oregon LLC 
 StoneMor Oregon Subsidiary LLC 
 StoneMor Pennsylvania LLC 
 StoneMor Pennsylvania Subsidiary LLC 

StoneMor Washington, Inc. 
 StoneMor Washington Subsidiary LLC 

Sunset Memorial Gardens LLC 
 Sunset Memorial Gardens Subsidiary, Inc.

 Sunset Memorial Park LLC 
 Sunset Memorial Park Subsidiary,
Inc. 
 Temple Hill LLC 
 Temple Hill Subsidiary Corporation

 Tioga County Memorial Gardens LLC 
 Tioga County Memorial
Gardens Subsidiary LLC 
 Tri-County Memorial Gardens LLC 
 Tri-County Memorial Gardens Subsidiary LLC 
 Twin Hills Memorial Park and Mausoleum LLC 
 Twin Hills Memorial Park and Mausoleum Subsidiary LLC 
 The Valhalla Cemetery
Company LLC 
 The Valhalla Cemetery Subsidiary Corporation 
 Virginia Memorial Service LLC 
 Virginia Memorial Service Subsidiary Corporation 
 WNCI LLC 
 W N C Subsidiary, Inc. 
 Westminster Cemetery LLC 
 Westminster Cemetery Subsidiary LLC 
 Wicomico Memorial Parks LLC 
 Wicomico Memorial Parks Subsidiary, Inc. 
 Willowbrook Management Corp. 
 Woodlawn Memorial Gardens LLC 
 Woodlawn Memorial Gardens Subsidiary LLC 
 Woodlawn Memorial Park LLC 
 Woodlawn Memorial Park Subsidiary LLC 
  

			
	By:	 	 
		 	Paul Waimberg, as Vice President of Finance for each of the above-named Credit Parties

  

 First Amendment to Amended and Restated Credit Agreement 
 Additional Credit Parties Signature Page 
 S-6Restricted Stock Award Agreement of Thomas J. Flaherty dated July 2, 2007

 EXHIBIT 10.39 
 RESTRICTED STOCK AWARD AGREEMENT 
 THIS RESTRICTED STOCK AWARD AGREEMENT (the
“Agreement”) is made and entered into as of July 2, 2007, by and between CECO Environmental Corp., a Delaware corporation (the “Company”), and Thomas J. Flaherty (the “Participant”) relating to
the grant and issuance of shares of Common Stock of the Company under the CECO Environmental Corp. 2007 Equity Incentive Plan (the “Plan”). 
 Statement of Purpose 
 WHEREAS, the Company desires to grant to the Participant, and the Participant
accepts the grant of, 2,000 shares of Common Stock (the “Shares”); 
 WHEREAS, the Company has duly made all determinations
necessary or appropriate in connection with the grant of the Shares hereunder. 
 NOW, THEREFORE, in consideration of the premises and the
mutual covenants herein contained, the parties hereto hereby agree as follows: 
 1. Definitions. Unless otherwise defined
herein, capitalized terms in this Agreement shall have the same meaning as defined in the Plan. 
 2. Grant, Vesting and Settlement of
Restricted Shares 
 (a) Grant. As of July 2, 2007, the Company hereby grants and issues to the Participant, and the
Participant hereby accepts the grant of the Shares in such number as is specified in attached Exhibit A. Concurrent with the execution and delivery of the Agreement, the Company will cause the stock certificates representing the Shares to be issued
in Participant’s name. To the extent the Participant hereby acquires the Shares and the Shares are not fully vested as of the date hereof, such Shares shall constitute “Restricted Shares” and shall be subject to all of the
restrictions described herein. Stock certificates representing Restricted Shares shall be held by the Company until such time as the Shares vest. 
 (b) Vesting and Settlement. The Restricted Shares shall cease to constitute Restricted Shares, and shall become unrestricted Shares, pursuant to the vesting schedule attached as Exhibit A. 
 3. Restriction on Transfer; Legend. Restricted Shares or any interest therein may not be directly or indirectly sold, transferred, pledged,
hypothecated, or otherwise disposed of. The Restricted Share certificates shall bear the following legend: 
 The shares
represented by this certificate are subject to restrictions on transfer and may not be sold, exchanged, transferred, pledged, hypothecated or otherwise disposed of except in accordance with and subject to all of the terms and conditions of a
Restricted Stock Award Agreement dated as of July 2, 2007, a copy of which the Company shall furnish to the holder of this certificate upon request and without charge. 

 When the restrictions on any Shares lapse, the Corporation shall cause a replacement stock certificate
for those Shares, without the legend referred to above, to be issued and delivered to Participant as soon as practicable. 
 4. Tax
Consequences. The Company shall not be liable or responsible in any way for any and all tax (including any withholding tax) consequences relating to the Shares, and the Participant agrees to undertake to determine, and be responsible for,
any and all tax (including any withholding tax) consequences to himself or herself with respect to the Shares. Notwithstanding any other provision of this Agreement, the Shares, shall not be released to the Participant unless, the Participant shall
have paid to the Company, or made arrangements satisfactory to the Company regarding the payment of, any Federal, state, local or foreign taxes of any kind required by law to be withheld with respect to the grant of the Shares or the lapse of
restrictions otherwise imposed by this Agreement. 
 5. Section 83(b) Election. The Participant understands that
Section 83 of the Code may tax as compensation income the difference between the amount paid for the Restricted Shares, if any, and the fair market value of the Restricted Shares as of the date any restrictions on the Restricted Shares lapse in
the absence of an election under Section 83(b) of the Code. In this context, “restriction” means the forfeitability of the Restricted Shares pursuant to the terms of this Agreement. In the event the Common Shares are registered under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), “restriction” with respect to the officers, directors, and 10% stockholders may also mean the six-month period after the acquisition of the Restricted Shares
during which sales of certain securities by such officers, directors, and ten percent (10%) stockholders would give rise to liability under Section 16(b) of the Exchange Act. The Participant understands that he may elect to be taxed at the
time the Participant receives the Restricted Shares and while the Restricted Shares are subjected to restrictions rather than waiting to be taxed on the Restricted Shares when and as the restrictions lapse. The Participant realizes that he may
choose this tax treatment by filing an election under Section 83(b) of the Code with the Internal Revenue Service within thirty (30) days from the date hereof and by filing a copy of such election with his tax return for the tax year in
which the Restricted Shares were subjected to the restrictions. THE PARTICIPANT ACKNOWLEDGES THAT IT IS THE PARTICIPANT’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO TIMELY FILE THE ELECTION UNDER SECTION 83(B) OF THE CODE. A COPY OF SUCH
ELECTION MUST BE FILED WITH THE COMPANY. THE PARTICIPANT ACKNOWLEDGES THAT HE SHALL CONSULT HIS OWN TAX ADVISERS REGARDING THE ADVISABILITY OR NON-ADVISABILITY OF MAKING THE ELECTION UNDER SECTION 83(B) OF THE CODE AND ACKNOWLEDGES THAT HE SHALL NOT
RELY ON THE COMPANY OR ITS ADVISERS FOR SUCH ADVICE. 
 6. Voting. Participant shall have the rights and privileges of a
stockholder of the Company as to the Shares, including the right to receive dividends and the right to vote such Shares. 
 7.
Intentionally omitted. 
  

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 8. Termination. This Agreement shall only be terminated, modified or amended upon written
mutual agreement of the Company and the Participant. 
 9. Notices. Any notice given hereunder must be in writing and shall be
deemed given when either personally delivered or placed in the United States mail by registered or certified mail, return receipt requested, postage prepaid, addressed to the parties to whom such notice is being given at the following addresses:

  

			
	As to the Company:	  	CECO Environmental Corp.
		  	 3120 Forrer Street
 Cincinnati, OH
45209

		  	Attn: Chief Financial Officer
		
	As to Participant:	  	last address shown on the books of the Company

 10. Remedies. Each of the parties to this Agreement will be entitled to enforce its
rights under this Agreement specifically, to recover damages by reason of any breach of any provisions of this Agreement and to exercise all other rights existing in its favor. Participant agrees and acknowledges that money damages will not be an
adequate remedy for any breach of the provisions of this Agreement and the Company shall be entitled to specific performance and/or injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement. 
 11. Gifts. Nothing contained in this Agreement shall be construed or interpreted so as to authorize or permit Participant to transfer the
Restricted Shares by gift to any person or entity. 
 12. Entire Agreement. The Plan and this Agreement contains the entire
understanding and agreement by and between the parties hereto relating to the subject matter hereof and all prior or contemporaneous oral or written agreements or instruments are superseded hereby. No amendment to or modification of this Agreement
shall be effective unless the same is in writing and signed by all parties hereto. No waiver by any party of any breach by the other of any provision of this Agreement shall be deemed to be a waiver of any other breaches thereof or the waiver of any
such or other provision of this Agreement. Subject to the restrictions on assignment and transfer set forth hereinabove, this Agreement shall be binding upon and inure to the benefit of the parties hereto, their estates, personal representatives,
successors and assigns. 
 13. Severability. If any provision of this Agreement is declared invalid or unenforceable as a
matter of law, such invalidity or unenforceability shall not affect or impair the validity or enforceability of any other provisions of this Agreement or the remainder of this Agreement as a whole. 
 14. Applicable Law. If any question arises at any time as to the validity, construction, interpretation or performance of this Agreement
the laws of the State of Delaware shall govern and control. The parties hereto hereby acknowledge that venue is proper in Hamilton County, Ohio. 
  

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 15. Construction. Paragraph headings and subheadings have been inserted herein for
convenience only and shall not be deemed to have any legal effect whatever in the interpretation of this Agreement. As used herein, the singular shall include the plural and the plural and singular. The word “any” means one or more or all,
and the conjunction “or” includes both the conjunctive and disjunctive. 
 16. Execution. This Agreement may be
executed in multiple originals, each of which shall be deemed to be an original hereof. 
 IN WITNESS WHEREOF, the Company and Participant
have caused the execution of this Agreement under seal as of the date hereof, each intending to be legally bound hereby 
  

			
	CECO ENVIRONMENTAL CORP.
		
	By:	 	 /s/ Dennis W. Blazer

		
	Its:	 	CFO
	
	 /s/ Thomas J. Flaherty

	Thomas J. Flaherty

  

 4 

 EXHIBIT A 
 CECO Environmental Corporation Restricted Stock Award Agreement 
 Thomas J. Flaherty 
 Vesting of Restricted Stock 
  

	1.	Number of Restricted Shares 

 The number of
Shares granted under the Agreement shall be a total of 2,000 Restricted Shares. 
  

	2.	Vesting of Restricted Shares 

 (a) Subject to
Subsection (b) below, 2,000 Restricted Shares shall become earned and vested according to the following schedule: 
  

			
	 Number of 2,000 Restricted Shares
 that Become Vested and Earned
	  	 Vesting Date

	 2,000
	  	July 2, 2008

 (b) Notwithstanding anything to the contrary in this Section 2, if Participant ceases to be a
member of the Board of Directors of the Company prior to the above vesting date for any or no reason, then Participant shall have no further rights with respect to such unvested Restricted Shares, except that (i) if Participant ceases to be a
director due to death or Disability, then the Compensation Committee may in its sole discretion cause any unvested Restricted Shares to vest. In addition, upon the occurrence of Change in Control, the Board may in its sole discretion cause any
unvested Restricted Shares to vest.

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