Document:

Amended and Restated Revolving Credit Note

 EXHIBIT 10.49 
  
 AMENDED AND RESTATED REVOLVING CREDIT NOTE 
  

			
	 $10,000,000.00
	  	Cincinnati, Ohio     
	 	  	November 10, 2004

  
 FOR VALUE RECEIVED,
the undersigned (collectively, the “Borrowers”), hereby promise, jointly and severally, to pay to the order of Fifth Third Bank (the “Bank”), at its office at Fifth Third Center, MD 109052, Cincinnati, Ohio 45263, on the
Termination Date (as defined in the Agreement referred to below), the lesser of the principal sum of Ten Million Dollars ($10,000,000.00) and the aggregate unpaid principal amount of the Revolving Credit Loan made by the Bank to the Borrowers
pursuant to Section 2.1 of the Credit Agreement dated as of December 7, 1999, as subsequently amended, among the Borrowers and the banks party thereto (as amended, supplemented or otherwise modified form time to time (including hereafter modified),
the “Agreement”), in lawful money of the United States of America in immediately available funds, and to pay interest from the date of disbursement thereof on such principal amount from time to time outstanding, in like funds, at said
office, at a rate or rates per annum and payable ion the dates determined pursuant to the Agreement. 
  
 The holder of this Note is authorized to endorse on a schedule attached hereto and made a part hereof or on a continuation thereof which shall be attached
hereto and made a part hereof all borrowings evidenced by this Note, the length of each interest period with respect thereto and all payments and repayments of the principal hereof and interest hereon and the respective dates thereof, or to
otherwise record such information in its internal records, and any such endorsement or recordation shall constitute prima facie evidence of the accuracy of the information so recorded; provided, however, that the failure of the
holder hereof to make any such endorsement or recordation or any error in such endorsement or recordation shall not in any manner affect the obligations of the Borrowers to make payment of principal and interest in accordance with the terms of this
Note and the Agreement. 
  
 This Amended and Restated Revolving
Credit Note amends, consolidates, replaces and restates the three Revolving Credit Notes, each dated on or about December 7, 1999, and each in the original maximum amount of $3,333,333.00 from Borrowers (except CECO Abatement Systems, Inc., who
became one of Borrowers pursuant to the Fourth Amendment to Credit Agreement, dated as of August 20, 2001) to Bank, PNC Bank, National Association (“PNC”) and Bank One, N.A. (“Bank One”). The Revolving Credit Notes from Borrowers
to PNC and Bank One were previously assigned by PNC and Bank One to Bank pursuant to that certain Intercreditor Agreement dated as of November 13, 2003. For all purposes of the Agreement, this Note is the Revolving Credit Note(s) and the loan
evidence by this Note is the Revolving Credit Loan(s). This Note replaces the prior three Revolving Credit Notes and is entitled to all of the benefits of the prior three Revolving Credit Notes, all of the collateral therefore and all rights and
benefits of the prior three Revolving Credit Notes under the Agreement (as previously amended and as hereinafter amended). 
  

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 This Note is the Revolving Credit Note referred to in, evidences indebtedness incurred under, and is
entitled to the benefits of the Agreement. The Agreement, among other things, contains provisions for the acceleration of the maturity hereof upon the happening of certain events, for a higher rate of interest on past due amounts and for the
amendment or waiver of certain provisions of the Agreement, all upon the terms and conditions therein specified. 
  
 The Borrowers hereby waive diligence, presentment, demand, protest, and notice of any kind whatsoever. The nonexercise by the holder of any of its rights
hereunder in any particular instance shall not constitute a waiver thereof in that or any subsequent instance. 
  
 This Note shall be construed and interpretated in accordance with and governed by the laws of the State of Ohio. Capitalized terms not otherwise defined
herein shall have the meanings set forth in the Agreement. 
  

			
	CECO GROUP, INC.
		
	By:	 	 /s/ Marshall J. Morris

	Name:	 	Marshall J. Morris
	Title:	 	CFO
	
	CECO FILTERS, INC.
		
	By:	 	 /s/ Marshall J. Morris

	Name:	 	Marshall J. Morris
	Title:	 	Treasurer
	
	AIR PURATOR CORPORATIOIN
		
	By:	 	 /s/ Marshall J. Morris

	Name:	 	Marshall J. Morris
	Title:	 	President
	
	NEW BUSH CO. INC.
		
	By:	 	 /s/ Marshall J. Morris

	Name:	 	Marshall J. Morris
	Title:	 	Treasurer
	
	THE KIRK & BLUM MANUFACTURING COMPANY
		
	By:	 	 /s/ Marshall J. Morris

	Name:	 	Marshall J. Morris
	Title:	 	Treasurer

  

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	KBD/TECHNIC, INC.
		
	By:	 	 /s/ Marshall J. Morris

	Name:	 	Marshall J. Morris
	Title:	 	Treasurer
	
	CECO ABATEMENT SYSTEMS, INC.
		
	By:	 	 /s/ Marshall J. Morris

	Name:	 	Marshall J. Morris
	Title:	 	Treasurer

  

 3Incentive Stock Option Agreement

 EXHIBIT 10.50 
  
 INCENTIVE STOCK OPTION AGREEMENT 
  
 CECO ENVIRONMENTAL CORP. 
 1997 STOCK OPTION PLAN 
  
 THIS AGREEMENT is dated
and made effective as of December 13, 2004 (“Effective Date”) by and between CECO ENVIRONMENTAL CORP., a Delaware corporation (the “Company”), and DENNIS W. BLAZER (“Optionee”). 
  
 WITNESSETH: 
  
 WHEREAS, Optionee on the date hereof is an officer of the Company or one of its Subsidiaries; and 
  
 WHEREAS, the Company desires to grant an incentive stock option to Optionee
to purchase shares of the Company’s Common Stock pursuant to the Company’s 1997 Stock Option Plan, as amended (the “Plan”); and 
  
 WHEREAS, the Board of Directors of the Company has authorized the grant of an incentive stock option to Optionee and has determined that, on the Effective
Date, the Fair Market Value of Option Stock of the Company is $3.35 per share. 
  
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained, the parties hereto agree as follows: 
  
 1. Grant of Option. The Company hereby grants to Optionee as of the Effective Date the right and option (the
“Option”) to purchase as many as fifty thousand (50,000) shares of Option Stock (“Shares”) at an exercise price of $3.35 per share on the terms and conditions set forth herein and subject to the terms and conditions
of the Plan. This Option is intended to qualify as an “incentive stock option” within the meaning of Section 422, or any successor provision, of the Internal Revenue Code of 1986, as amended (the “Code”), and the
regulations thereunder. 
  
 All capitalized terms not defined in
this Agreement shall have the meaning set forth in the Plan. 
  
 2. Duration and Exercisability. 
  
 a.
Vesting/Exercise Period. The Option shall become exercisable as to portions of the Shares as follows: (i) the Option shall not be exercisable with respect to any of the Shares until December 13, 2005 (the “First Vesting
Date”); (ii) if Optionee has continuously provided services to the Company or any Subsidiary or Parent of the Company from the Effective Date through the First Vesting Date and has not been Terminated (as hereafter defined) on or before the
First Vesting Date, then on the First Vesting Date the Option shall become exercisable as to twenty-five percent (25%) of the Shares (12,500 Shares); and (iii) thereafter, provided that Optionee continuously provides services to the Company or any
Subsidiary of the Company and is not 
  

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 Terminated, upon each of the three successive anniversaries of the First Vesting Date, the Option shall become
exercisable as to an additional twenty-five percent (25%) of the Shares (12,500 Shares); provided, that the Option shall in no event ever become exercisable with respect to more than 100% of the Shares. The Shares vesting under the Option have been
limited to the number of Shares allowed to conform to the $100,000 limit set forth at Section 9(c) of the Plan. 
  
 b. Expiration. The Option shall expire on December 13, 2014 (“Expiration Date”) and must be exercised, if at all, on or before the
earlier of the Expiration Date and any date on which the Option terminated in accordance with the provisions of Section 3. 
  
 c. Lapse Upon Expiration. To the extent that this Option is not exercised prior to the applicable expiration date set forth in Section 2(b) or
Section 3 of this Agreement, all rights of Optionee under this Option shall thereupon be forfeited. 
  
 3. Termination. 
  
 a. Termination for Any Reason Other than Death, Disability or a Change of Control. If Optionee is Terminated for any reason other than his death,
Disability or a Change of Control (both terms as hereafter defined), this Option shall be exercisable only to the extent the Option was exercisable on the date of Termination, but had not previously been exercised, and shall expire on the earlier of
(i) the close of business three months after the Termination Date (as hereafter defined) and (ii) the Expiration Date. Notwithstanding the foregoing, if the Optionee is terminated for Cause, then the Option shall terminate immediately on the
Optionee’s Termination Date. 
  
 b. Termination Because of
Death or Disability. If Optionee is Terminated because of his death or his Disability (or Optionee dies within three (3) months after a Termination other than because of his Disability or for Cause), then this Option shall be exercisable by
Optionee, or the person or persons to whom Optionee’s rights under this Option shall have passed by Optionee’s will or by the laws of descent and distribution, only to the extent the Option was exercisable on the date of Optionee’s
Termination, but had not previously been exercised, and shall expire on the earlier of: (i) the close of business six months after Optionee’s Termination Date and (ii) the Expiration Date. 
  
 c. Definitions. 
  
 “Termination” or “Terminated” means that
Optionee has for any reason ceased to provide services as an employee of the Company or Subsidiary of the Company, except in the case of sick leave, military leave, or any other leave of absence approved by the Administrator, provided that such
leave is for a period of not more than ninety (90) days, or reinstatement upon the expiration of such leave is guaranteed by contract or statute. The Administrator shall have sole discretion to determine whether Optionee has ceased to provide
services and the effective date on which Optionee ceased to provide services (the “Termination Date”). 
  

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 “Disability” means a permanent and total disability within the meaning of Section
22(e)(3) of the Code (as provided under Section 422(c)(6), or such applicable successor provision, of the Code), as determined by the Administrator. 
  
 “Cause” means that Optionee: 
  
 (a) shall have been convicted of any felony or a crime involving fraud, theft, misappropriation, dishonesty or embezzlement; 

 
 (b) shall have committed intentional acts that materially
impair the goodwill or business of the Company or cause material damage to its property, goodwill or business; or 
  
 (c) shall have failed to perform his material duties to the Company (other than as a result of a short-term disability (i.e., a disability
that does not fall within the previously defined parameters of a Disability)), or a short term disability or medical emergency involving a member of the Optionee’s immediate family, or as a result of any Company approved leave). 
  
 4. Manner of Exercise. 
  
 a. General. The Option may be exercised only by Optionee (or other
proper party in the event of death or Disability), subject to the conditions of the Plan and this Agreement, and subject to such other administrative rules as the Administrator deems advisable, by delivering written notice of exercise to the Company
at its principal office. The notice shall state the number of Shares exercised and shall be accompanied by payment in full of the Option price for all Shares exercised pursuant to the notice. Any exercise of the Option shall be effective upon
receipt of such notice by the Company together with payment that complies with the terms of the Plan and this Agreement. The Option may be exercised with respect to any number or all of the shares as to which it can then be exercised and, if
partially exercised, may be so exercised as to the unexercised shares at any time and from time to time prior to expiration of the Option as provided in this Agreement. 
  
 b. Form of Payment. Subject to approval by the Administrator, payment of the Option price by Optionee shall be in the
form of cash, personal check, certified check, or where permitted by law and provided that a public market for the Company’s stock exists: (i) through a “same day sale” commitment from Optionee and a broker-dealer that is a member of
the National Association of Securities Dealers (an “NASD Dealer”) whereby Optionee irrevocably elects to exercise the Option and to sell a portion of the Shares so purchased to pay for the exercise price and whereby the NASD Dealer
irrevocably commits upon receipt of such Shares to forward the exercise price directly to the Company; or (ii) through a “margin” commitment from Optionee and a NASD Dealer whereby Optionee irrevocably elects to exercise the Option and to
pledge the Shares so purchased to the NASD Dealer in a margin account as security for a loan from the NASD Dealer in the amount of the exercise price, and whereby the NASD Dealer irrevocably commits upon receipt of such Shares to forward the
exercise price directly to the Company. Optionee shall be solely responsible for any income or other tax consequences from any payment for Shares with Optionee’s Common Stock of the Company. 
  

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 c. Stock Transfer Records. Provided that the notice of exercise and payment are in form and
substance satisfactory to counsel for the Company, as soon as practicable after the effective exercise of all or any part of the Option, Optionee shall be recorded on the stock transfer books of the Company as the owner of the Shares purchased, and
the Company shall deliver to Optionee, or to the NASD Dealer, as the case may be, one or more duly issued stock certificates evidencing such ownership. All requisite original issue or transfer documentary stamp taxes shall be paid by the Company.
Optionee shall pay all other costs of the Company incurred to issue such Shares to such NASD Dealer. 
  
 Shares purchased pursuant to exercise hereunder: (i) may be deposited with a NASD Dealer designated by Optionee, in street name, if so provided in such
exercise notice accompanied by all applications and forms reasonably required by the Administrator to effect such deposit, or (ii) may be issued to Optionee and such other person, as joint owners with the right of survivorship, as is specifically
described in such exercise notice. Optionee shall be solely responsible for any income or other tax consequences of such a designation of ownership hereunder (or the severance thereof). 
  
 5. Miscellaneous. 
  
 a. Employment Rights as Shareholder. This Agreement shall not confer on Optionee any right with respect to continuance of employment by the Company
or any Subsidiary, nor shall it affect the right of the Company to Terminate such employment. Optionee shall have no rights as a shareholder with respect to Shares subject to this Option until such Shares are issued to Optionee upon the exercise of
this Option. No adjustment shall be made for dividends (ordinary or extra-ordinary, whether in cash, securities or other property), distributions or other rights for which the record date is prior to the date such shares are issued, except as
provided in Section 12 of the Plan. 
  
 b. Securities Law
Compliance. The exercise of the Option and the issuance and transfer of Shares shall be subject to compliance by the Company and Optionee with all applicable requirements of federal and state securities laws and with all applicable requirements
of any stock exchange on which the Company’s Common Stock may be listed at the time of such issuance or transfer. 
  
 c. Mergers, Recapitalization, Stock Splits, Etc. The provisions of Section 11 of the Plan, as amended effective the Effective Date, shall govern
all Options in the event of any reorganization, merger, consolidation, recapitalization, reclassification, change in par value, stock split-up, combination of shares or dividend payable in capital stock, or other such transaction described under
Section 11 of the Plan, and the Company reserves all discretion provided therein. 
  
 d. Withholding Taxes on Disqualifying Disposition. In the event of a disqualifying disposition of the Shares acquired through the exercise of this Option, Optionee hereby agrees to promptly provide the Company
written notice of such disposition, which notice shall be deemed delivered when received by the Company. Upon notice of a disqualifying 
  

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 disposition, the Company may take such action as it deems appropriate to insure that, if necessary to comply with all
applicable federal or state income tax laws or regulations, all applicable federal and state payroll, income or other taxes are withheld from any amounts payable by the Company to Optionee. If the Company is unable to withhold such federal and state
taxes, for whatever reason, Optionee hereby agrees to pay to the Company an amount equal to the amount the Company would otherwise be required to withhold under federal or state law. Optionee may, subject to the approval and discretion of the
Administrator or such administrative rules it may deem advisable, elect to have all or a portion of such tax withholding obligations satisfied by delivering shares of the Company’s Common Stock having a fair market value equal to such
obligations. For the purpose of this Section 5(d), a “disqualifying disposition” means a sale or other transfer of any Shares on or before the later of (i) the date two (2) years after the Effective Date and (ii) the date one (1)
year after transfer of such Shares to Optionee upon exercise of the Option, as more particularly set forth at Section 422(a)(1) of the Code 
  
 e. Nontransferability. The Option may not be transferred in any manner other than by will or by the laws of descent and distribution and may be
exercised during the lifetime of Participant only by Participant. The terms of the Option shall be binding upon the executors, administrators, successors and assigns of Participant. 
  
 f. 1997 Stock Option Plan. The Option evidenced by this Agreement is granted pursuant to the Plan, as amended the
Effective Date, a copy of which Plan has been made available to Optionee and is hereby incorporated into this Agreement. This Agreement shall be subject to and in all respects limited and conditioned as provided in the Plan. The Plan governs this
Option and, in the event of any questions as to the construction of this Agreement or in the event of a conflict between the Plan and this Agreement, the Plan shall govern, except as the Plan otherwise provides. 
  
 g. Stock Legend. The Administrator may require that the certificates
for any Shares purchased by Optionee (or, in the case of death, Optionee’s successors) bear an appropriate legend to reflect the restrictions of Section 5(g) of this Agreement. 
  
 h. Scope of Agreement. This Agreement shall bind and inure to the benefit of the Company and its successors and
assigns and Optionee and any successor or successors of Optionee permitted by Section 3 or Section 5(e) of this Agreement. 
  
 i. Interpretation. The Administrator shall have the sole discretion to interpret and administer the Plan. Any determination made by the
Administrator with respect to any Option shall be final and binding on the Company and on all persons having an interest in the Option granted under this Agreement and the Plan. 
  
 j. Entire Option. The Plan, as amended, is incorporated herein by reference. This Agreement and the Plan constitute
the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersede all prior understandings and agreements with respect to such subject matter. 
  

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 k. Successors and Assigns. The Company may assign any of its rights under the Option. The Option
shall be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, the Option shall be binding upon Optionee and Optionee’s heirs, executors, administrators,
legal representatives, successors and assigns. 
  
 l. Governing
Law. The Option shall be governed by and construed in accordance with the internal laws of the State of Delaware, without regard to that body of law pertaining to choice of law or conflict of law. 
  
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed on the day and year first above written. 
  

					
	CECO ENVIRONMENTAL CORP.	    	OPTIONEE
			
	By:	 	 /s/ Jason DeZwirek

	    	 /s/ Dennis W. Blazer

	Its:	 	Secretary	    	Dennis W. Blazer

  
 The Grant set forth in this Agreement
has been approved by a Committee of Non-Employee Directors of CECO Environmental Corp. 
  

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