|
|
Grantee: |
#ParticipantName# |
Number of Restricted Stock Units “PRSUs”: |
#QuantityGranted# |
Date of Grant: |
#GrantDate# |
Performance Period: |
January 1, 2024 to December 31, 2026 |
Vesting Date: |
December 31, 2026 |
CECO ENVIRONMENTAL CORP.
Performance-Based Restricted Stock Units Agreement
This PERFORMANCE-BASED RESTRICTED STOCK UNITS AGREEMENT (this “Agreement”) is made as of the date set forth above (the “Date of Grant”) by and between CECO Environmental Corp., a Delaware corporation (the “Company”), and the individual named above (the “Grantee”).
1.Certain Definitions. Capitalized terms used, but not otherwise defined, in this Agreement will have the meanings given to such terms in the CECO Environmental Corp. 2021 Equity and Incentive Compensation Plan (as amended from time to time, the “Plan”).
2.Grant of PRSUs. Subject to and upon the terms, conditions and restrictions set forth in this Agreement and in the Plan, pursuant to authorization under resolutions of the Committee, the Company has granted to the Grantee as of the Date of Grant the number of performance-based Restricted Stock Units (“PRSUs”) as set forth above. Subject to the degree of attainment of the performance goals established for these PRSUs, as approved by the Committee and thereafter communicated to the Grantee (the “Statement of Performance Goals”), the Grantee may earn a percentage of the PRSUs. Each PRSU shall then represent the right of the Grantee to receive one share of Common Stock subject to and upon the terms and conditions of this Agreement.
3.Payment of PRSUs. The PRSUs will become payable in accordance with the provisions of Section 6 of this Agreement if the Restriction Period lapses and Grantee’s right to receive payment for the PRSUs becomes nonforfeitable (“Vest,” “Vesting” or “Vested”) in accordance with Section 5 of this Agreement.
4.Restrictions on Transfer of PRSUs. Subject to Section 15 of the Plan, neither the PRSUs evidenced hereby nor any interest therein or in the Common Stock underlying such PRSUs shall be transferable prior to payment to the Grantee pursuant to Section 6 hereof other than by will or pursuant to the laws of descent and distribution.
(a)Subject to the terms and conditions of this Agreement, the PRSUs covered by this Agreement shall Vest on the Vesting Date to the extent that the performance goals described in the Statement of Performance Goals (collectively, the “Performance
Goals”), are achieved, once determined and certified by the Committee in its sole discretion, conditioned upon the Grantee’s continuous employment with the Company or a Subsidiary through the Vesting Date. Any PRSUs that do not so Vest will be forfeited, including if the Grantee ceases to be continuously employed by the Company or a Subsidiary prior to the Vesting Date. For purposes of this Agreement, “continuously employed” (or substantially similar terms) means the absence of any interruption or termination of the Grantee’s employment with the Company or a Subsidiary. Continuous employment shall not be considered interrupted or terminated in the case of transfers between locations of the Company and its Subsidiaries or authorized leaves of absences.
(b)(i) Notwithstanding Section 5(a) above, if at any time before the Vesting Date or forfeiture of the PRSUs, and while the Grantee is continuously employed by the Company or a Subsidiary, a Change in Control occurs, then the PRSUs will vest, except to the extent that a Replacement Award (as defined below) is issued with respect to the PRSUs. PRSUs that Vest in accordance with this Section 5(b)(i) will be paid as provided for in Section 6 of this Agreement.
(i)For purposes of this Agreement, a “Replacement Award” means an award (A) of time-based restricted stock units, (B) that has a value at the time of grant or adjustment at least equal to the value of the PRSUs that would Vest under Section 5(b)(i) if there were no Replacement Award, (C) that relates to publicly traded equity securities of the Company or its successor in the Change in Control or another entity that is affiliated with the Company or its successor following the Change in Control, (D) if the Grantee is subject to U.S. federal income tax under the Code, the tax consequences of which to such Grantee under the Code are not less favorable to such Grantee than the tax consequences of this award, (E) that Vests subject to continuous employment through the Vesting Date and (F) the other terms and conditions of which are not less favorable to the Grantee holding the Replacement Award than the terms and conditions of this Agreement (including the provisions that would apply in the event of a subsequent Change in Control). A Replacement Award may be granted only to the extent it does not result in the PRSUs granted hereunder or the Replacement Award failing to comply with or be exempt from Section 409A of the Code. Without limiting the generality of the foregoing, the Replacement Award may take the form of a continuation of the PRSUs as time-based restricted stock units if the requirements of the two preceding sentences are satisfied. The determination of whether the conditions of this Section 5(b)(ii) are satisfied will be made by the Committee, as constituted immediately before the Change in Control, in its sole discretion.
(ii)If, after receiving a Replacement Award, the Grantee experiences a termination of employment with the Company or a Subsidiary (or any of their successors) (as applicable, the “Successor”) by reason of a termination by the Successor without Cause or by the Grantee for Good Reason, in each
case within a period of two years after the Change in Control and during the remaining vesting period for the Replacement Award, 100% of the Replacement Award shall become nonforfeitable and payable with respect to the restricted stock units covered by such Replacement Award upon such termination.
(iii)If a Replacement Award is provided, notwithstanding anything in this Agreement to the contrary, any outstanding PRSUs that at the time of the Change in Control are not subject to a “substantial risk of forfeiture” (within the meaning of Section 409A of the Code) will be deemed to be Vested at the time of such Change in Control and will be paid as provided for in Section 6 of this Agreement.
(iv)For purposes of this Agreement, “Cause” shall have the meaning given in the Company’s Executive Change in Control Severance Plan.
(v)For purposes of this Agreement, “Good Reason” shall have the meaning given in the Company’s Executive Change in Control Severance Plan.
(c)Any PRSUs that have not Vested pursuant to this Section 5 by the Vesting Date will be forfeited automatically and without further notice on the Vesting Date (or earlier if, and on such date that, Grantee ceases to be an employee of the Company or a Subsidiary prior to the Vesting Date).
6.Form and Time of Payment of PRSUs.
(a)Payment for the PRSUs, after and to the extent they have Vested, shall be made in the form of Common Stock. Except as provided in Section 6(b), payment shall be made on (or as soon as practicable after) the Vesting Date.
(b)Notwithstanding Section 6(a), to the extent that the PRSUs are Vested on the date of a Change in Control, Grantee will receive payment for Vested PRSUs on the Change in Control in Common Stock or other form of consideration paid to shareholders of the Company’s Common Stock in connection with such Change in Control.
(c)Except to the extent permissible under Section 409A of the Code and permitted by the Committee, no Common Stock may be issued to the Grantee at a time earlier than otherwise expressly provided in this Agreement. Notwithstanding anything herein to the contrary, the PRSUs will in all events be paid within the short-term deferral period for purposes of Section 409A of the Code.
(d)The Company’s obligations to the Grantee with respect to the Vested PRSUs will be satisfied in full upon the issuance of Common Stock or other consideration paid corresponding to such Vested PRSUs.
(e)Notwithstanding anything herein to the contrary, except as permitted by Section 9, Common Stock paid to the Grantee pursuant to this Agreement may not be sold,
assigned, transferred, pledged, hypothecated or otherwise disposed of by the Grantee prior to the first anniversary of the date such Common Stock is paid to the Grantee, unless the Grantee’s employment with the Company and its Subsidiaries is terminated or a Change in Control occurs.
7.Dividend Equivalents; Voting and Other Rights.
(a)The Grantee shall have no rights of ownership in the Common Stock underlying the PRSUs and no right to vote the Common Stock underlying the PRSUs until the date on which the Common Stock underlying the PRSUs is issued or transferred to the Grantee pursuant to Section 6 above.
(b)From and after the Date of Grant and until the earlier of (i) the time when applicable PRSUs Vest in accordance with Section 5hereof or (ii) the time when the Grantee’s right to receive payment of applicable PRSUs is forfeited in accordance with Section 6 hereof, on the date that the Company pays a cash dividend (if any) to holders of Common Stock generally, the Grantee shall be credited with cash per outstanding PRSU equal to the amount of such dividend. Any amounts credited pursuant to the immediately preceding sentence shall be subject to the same applicable terms and conditions (including Vesting, payment and forfeitability) as apply to the PRSUs based on which the dividend equivalents were credited, and such amounts shall be paid in cash at the same time as the PRSUs to which they relate are settled.
(c)The obligations of the Company under this Agreement will be merely that of an unfunded and unsecured promise of the Company to deliver Common Stock or other payment in the future, and the rights of the Grantee will be no greater than that of an unsecured general creditor. No assets of the Company will be held or set aside as security for the obligations of the Company under this Agreement.
8.Adjustments. The PRSUs and the number of shares of Common Stock issuable for each PRSU, and the other terms and conditions of the grant evidenced by this Agreement, are subject to mandatory adjustment, including as provided in Section 11 of the Plan.
9.Withholding Taxes. To the extent that the Company is required to withhold federal, state, local or foreign taxes or other amounts in connection with the delivery to the Grantee of Common Stock or any other payment to the Grantee or any other payment or vesting event under this Agreement, the Grantee agrees that the Company will withhold any taxes or other amounts required to be withheld by the Company under federal, state, local or foreign law as a result of the settlement of the PRSUs in an amount sufficient to satisfy the such withholding obligations. If permitted by applicable law, the Company shall retain such number of shares of Common Stock otherwise deliverable hereunder in satisfaction of all or any portion of such taxes. The shares so retained shall be credited against any such withholding requirement at the market value of such Common Stock on the date of such delivery. In no event will the market value of the Common Shares to be withheld and/or delivered pursuant to this Section 9 to satisfy applicable withholding taxes exceed the maximum statutory amount of taxes that could be required to be withheld. To the extent the Company is unable to withhold shares in an amount sufficient to satisfy
the Grantee’s tax withholding obligations, then the Company may deduct such taxes from cash payments due hereunder or from other compensation owed to the Grantee, or the Company may require the Grantee to make arrangements satisfactory to the Company for payment of the balance of such taxes or other amounts required to be withheld as a condition to the obligation of the Company to make any delivery of Common Stock or payment hereunder.
10.Compliance With Law. The Company shall make reasonable efforts to comply with all applicable federal and state securities laws; provided, however, notwithstanding any other provision of the Plan and this Agreement, the Company shall not be obligated to issue any Common Stock pursuant to this Agreement if the issuance thereof would result in a violation of any such law.
11.Compliance With or Exemption From Section 409A of the Code. To the extent applicable, it is intended that this Agreement and the Plan comply with or be exempt from the provisions of Section 409A of the Code. This Agreement and the Plan shall be administered in a manner consistent with this intent, and any provision that would cause this Agreement or the Plan to fail to satisfy Section 409A of the Code shall have no force or effect until amended to comply with or be exempt from Section 409A of the Code (which amendment may be retroactive to the extent permitted by Section 409A of the Code and may be made by the Company without the consent of the Grantee).
12.Interpretation. Any reference in this Agreement to Section 409A of the Code will also include any proposed, temporary or final regulations, or any other guidance, promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service.
13.No Right to Future Awards or Employment. The grant of the PRSUs under this Agreement to the Grantee is a voluntary, discretionary award being made on a one-time basis and it does not constitute a commitment to make any future awards. Nothing contained in this Agreement shall confer upon the Grantee any right to be employed or remain employed by the Company or any of its Subsidiaries, nor limit or affect in any manner the right of the Company or any of its Subsidiaries to terminate the employment or adjust the compensation of the Grantee.
14.Relation to Other Benefits. Any economic or other benefit to the Grantee under this Agreement or the Plan shall not be taken into account in determining any benefits to which the Grantee may be entitled under any profit-sharing, retirement or other benefit or compensation plan maintained by the Company or any of its Subsidiaries and shall not affect the amount of any life insurance coverage available to any beneficiary under any life insurance plan covering employees of the Company or any of its Subsidiaries. The grant of the PRSUs and any payments made hereunder will not be considered salary or other compensation for purposes of any severance pay or similar allowance, except as otherwise required by law.
15.Amendments. Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto; provided, however, that (a) except as permitted by the Plan or the terms of this Agreement, no amendment shall adversely affect the rights of the Grantee under this Agreement without the Grantee’s written consent, and (b) the Grantee’s consent shall not be required to an amendment that is deemed necessary by the
Company to ensure compliance with Section 409A of the Code or Section 10D of the Exchange Act.
16.Severability. In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed amended to the minimum extent needed to cause such provision to be valid, or if such amendment is not possible, then such provision shall be deemed separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.
17.Relation to Plan. This Agreement is subject to the terms and conditions of the Plan. In the event of any inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern. The Committee acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided otherwise herein or in the Plan, have the right to determine any questions which arise in connection with this Agreement. Notwithstanding anything in this Agreement to the contrary, Grantee acknowledges and agrees that this Agreement and the award described herein (and any settlement thereof) are subject to the terms and conditions of the Company’s clawback policy as may be in effect from time to time, including specifically to implement Section 10D of the Exchange Act and any applicable rules or regulations promulgated thereunder (including applicable rules and regulations of any national securities exchange on which the Common Stock may be traded) (the “Compensation Recovery Policy”), and that relevant sections of this Agreement shall be deemed superseded by and subject to the terms and conditions of the Compensation Recovery Policy from and after the effective date thereof.
18.Electronic Delivery. The Company may, in its sole discretion, deliver any documents related to the PRSUs and the Grantee’s participation in the Plan, or future awards that may be granted under the Plan, by electronic means or request the Grantee’s consent to participate in the Plan by electronic means. The Grantee hereby consents to receive such documents by electronic delivery and, if requested, agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.
19.Governing Law. This Agreement shall be governed by and construed with the internal substantive laws of the State of Delaware, without giving effect to any principle of law that would result in the application of the law of any other jurisdiction.
20.Successors and Assigns. Without limiting Section 4 hereof, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of the Grantee, and the successors and assigns of the Company.
21.Acknowledgement. The Grantee acknowledges that the Grantee (a) has received a copy of the Plan and the Plan’s prospectus, (b) has had an opportunity to review the terms of this Agreement and the Plan, (c) understands the terms and conditions of this Agreement and the Plan and (d) agrees to such terms and conditions.
22.Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same agreement.
CECO ENVIRONMENTAL CORP.
By:
Name:
Title:
Grantee Acknowledgment and Acceptance
By:
Name: #ParticipantName#
Acceptance Date: #AcceptanceDate#
Statement of Performance Goals
This Statement of Performance Goals applies to the PRSUs granted to the Grantee on the Date of Grant and applies with respect to the Performance-Based Restricted Stock Units Agreement between the Company and the Grantee (the “Agreement”). Capitalized terms used in this Statement of Performance Goals that are not specifically defined in this Statement of Performance Goals have the meanings assigned to them in the Agreement.
23.Definitions. For purposes hereof:
(a)“Performance Period” means the specific timeframe during which the performance criteria outlined in this Agreement are evaluated. During this period, the performance criteria specified herein shall be measured to determine the number of PRSUs that shall vest or be converted into shares of common stock of the Company, subject to the terms and conditions set forth in this Agreement.
(b)“Peer Group” means 125 other select U.S. companies listed on a major U.S. exchange (primary listing) classified in the Materials or Industrials sector with a market capitalization from $350 million to $1.4 billion and trailing 12-month revenue greater than $100 million as of December 31, 2023, which 125 other select entities are set forth on Exhibit A hereto. In terms of mandatory adjustments to the Peer Group during a Performance Period: (i) if any member of the Peer Group files for bankruptcy and/or liquidation, is operating under bankruptcy protection, or is delisted from its primary stock exchange because it fails to meet the exchange listing requirement, then such entity will remain in the Peer Group, but RTSR for the Performance Period will be calculated as if such entity achieved Total Shareholder Return placing it at the bottom (chronologically, if more than one such entity) of the Peer Group; (ii) if, by the last day of the Performance Period, any member of the Peer Group has been acquired and/or is no longer existing as a public company that is traded on its primary stock exchange (other than for the reasons as described in subsection (i) above), then such entity will not remain in the Peer Group and RTSR for the Performance Period will be calculated as if such entity had never been a member of the Peer Group; and (iii) except as otherwise described in subsection (i) and (ii) above, for purposes of this Statement of Performance Goals, for each of the members of the Peer Group, such entity shall be deemed to include any successor to all or substantially all of the primary business of such entity at end of the Performance Period.
(c)“Relative Total Shareholder Return” or “RTSR” means the percentile rank of the Company’s Total Shareholder Return as compared to (and included in) the Total Shareholder Returns of all members of the Peer Group at the end of the applicable Performance Period.
(d)“Total Shareholder Return” means, with respect to each of the Common Stock and the common stock of each of the members of the Peer Group, a rate of return reflecting stock price appreciation, plus the reinvestment of dividends in
additional shares of stock, from the beginning of the Performance Period through the end of the Performance Period. For purposes of calculating Total Shareholder Return for each of the Company and the members of the Peer Group, the beginning stock price will be based on the average closing stock price for the 20 calendar days immediately preceding January 1, 2024 on the principal stock exchange on which the stock then traded and the ending stock price will be based on the average closing stock price for the 20 calendar days immediately preceding the first January 1 following the end of the Performance Period on the principal stock exchange on which the stock then trades. For purposes of calculating Total Shareholder Return for the Company or any member of the Peer Group, the Committee shall make such adjustments as it determines are necessary or appropriate to reflect any stock dividend, stock split, combination of shares, recapitalization or other change in the capital structure of the Company or any member of the Peer Group.
24.RTSR Performance Matrix. A percentage of the PRSUs will be earned based on achievement of RTSR during the Performance Period as follows (with straight line mathematical interpolation between performance levels):
|
|
|
Performance Level |
RTSR |
% of PRSUs Earned |
Below Threshold |
Below 25th percentile |
0% |
Threshold |
At 25th percentile |
50% |
Target |
At 50th percentile |
100% |
Maximum |
At or above 75th percentile |
200% |
provided, however, that if the Company’s Total Shareholder Return for the Performance Period is negative, the percentage of the PRSUs earned will not exceed 100%.
EXHIBIT A
RTSR Peer Group Entities
|
|
|
|
Company (n = 125) |
Industry |
Revenue |
Market Cap |
3D Systems Corporation |
Industrials |
$506 |
$847 |
ACCO Brands Corporation |
Industrials |
$1,844 |
$577 |
AdvanSix Inc. |
Materials |
$1,555 |
$808 |
AerSale Corporation |
Industrials |
$335 |
$652 |
Air Transport Services Group, Inc. |
Industrials |
$2,087 |
$1,142 |
Allient Inc. |
Industrials |
$569 |
$490 |
Alta Equipment Group Inc. |
Industrials |
$1,784 |
$400 |
Apogee Enterprises, Inc. |
Industrials |
$1,399 |
$1,179 |
Argan, Inc. |
Industrials |
$528 |
$624 |
Aspen Aerogels, Inc. |
Materials |
$214 |
$1,204 |
Astec Industries, Inc. |
Industrials |
$1,351 |
$846 |
Astronics Corporation |
Industrials |
$652 |
$591 |
▇▇▇▇▇▇▇ Business Services, Inc. |
Industrials |
$1,065 |
$766 |
Blue Bird Corporation |
Industrials |
$1,133 |
$867 |
BlueLinx Holdings Inc. |
Industrials |
$3,272 |
$993 |
▇▇▇▇▇▇ Consulting Group Ltd. |
Industrials |
$329 |
$520 |
BrightView Holdings, Inc. |
Industrials |
$2,787 |
$788 |
Cadre Holdings, Inc. |
Industrials |
$482 |
$1,236 |
Century Aluminum Company |
Materials |
$2,203 |
$1,122 |
ChargePoint Holdings, Inc. |
Industrials |
$544 |
$978 |
Clearwater Paper Corporation |
Materials |
$2,097 |
$598 |
Coeur Mining, Inc. |
Materials |
$769 |
$1,247 |
Columbus ▇▇▇▇▇▇▇▇ Corporation |
Industrials |
$1,002 |
$1,120 |
Compass Minerals International, Inc. |
Materials |
$1,205 |
$1,043 |
Concrete Pumping Holdings, Inc. |
Industrials |
$442 |
$449 |
Conduent Incorporated |
Industrials |
$3,755 |
$793 |
Covenant Logistics Group, Inc. |
Industrials |
$1,104 |
$596 |
CRA International, Inc. |
Industrials |
$607 |
$692 |
CVR Partners, LP |
Materials |
$752 |
$692 |
Daseke, Inc. |
Industrials |
$1,618 |
$377 |
Deluxe Corporation |
Industrials |
$2,192 |
$937 |
DNOW Inc. |
Industrials |
$2,313 |
$1,204 |
▇▇▇▇▇▇▇ Dynamics, Inc. |
Industrials |
$594 |
$682 |
Ducommun Incorporated |
Industrials |
$753 |
$760 |
DXP Enterprises, Inc. |
Industrials |
$1,678 |
$545 |
Eagle Bulk Shipping Inc. |
Industrials |
$441 |
$550 |
Ecovyst Inc. |
Materials |
$701 |
$1,134 |
Energy Recovery, Inc. |
Industrials |
$113 |
$1,065 |
▇▇▇▇▇, Inc. |
Industrials |
$425 |
$567 |
Enviri Corporation |
Industrials |
$2,009 |
$719 |
▇▇▇▇▇▇▇▇▇ Research, Inc. |
Industrials |
$500 |
$516 |
▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Co. |
Industrials |
$280 |
$578 |
|
|
|
|
Frontier Group Holdings, Inc. |
Industrials |
$3,604 |
$1,207 |
FTAI Infrastructure Inc. |
Industrials |
$310 |
$387 |
FuelCell Energy, Inc. |
Industrials |
$123 |
$723 |
Genco Shipping & Trading Limited |
Industrials |
$395 |
$706 |
GrafTech International Ltd. |
Industrials |
$731 |
$562 |
Great Lakes Dredge & Dock Corporation |
Industrials |
$555 |
$512 |
Hawaiian Holdings, Inc. |
Industrials |
$2,716 |
$733 |
▇▇▇▇▇▇ International, Inc. |
Materials |
$590 |
$722 |
Healthcare Services Group, Inc. |
Industrials |
$1,672 |
$766 |
Heartland Express, Inc. |
Industrials |
$1,207 |
$1,127 |
▇▇▇▇▇▇▇▇ & Struggles International, Inc. |
Industrials |
$1,009 |
$594 |
HireRight Holdings Corporation |
Industrials |
$731 |
$910 |
▇▇▇▇▇▇ Technologies, Inc. |
Industrials |
$292 |
$614 |
Hyster-Yale Materials Handling, Inc. |
Industrials |
$4,076 |
$1,069 |
Insteel Industries, Inc. |
Industrials |
$604 |
$745 |
Interface, Inc. |
Industrials |
$1,272 |
$733 |
▇▇▇▇▇▇ Aluminum Corporation |
Materials |
$3,141 |
$1,132 |
Kaman Corporation |
Industrials |
$770 |
$677 |
Karat Packaging Inc. |
Industrials |
$403 |
$496 |
▇▇▇▇▇ Services, Inc. |
Industrials |
$4,837 |
$763 |
Kforce Inc. |
Industrials |
$1,588 |
$1,278 |
Koppers Holdings Inc. |
Materials |
$2,124 |
$1,067 |
Kronos Worldwide, Inc. |
Materials |
$1,609 |
$1,143 |
▇▇▇▇▇▇▇ Holdings, Inc. |
Industrials |
$517 |
$500 |
Liquidity Services, Inc. |
Industrials |
$314 |
$529 |
LSB Industries, Inc. |
Materials |
$695 |
$692 |
LSI Industries Inc. |
Industrials |
$474 |
$407 |
Mativ Holdings, Inc. |
Materials |
$2,629 |
$830 |
▇▇▇▇▇▇▇▇ International Corporation |
Industrials |
$1,881 |
$1,127 |
Microvast Holdings, Inc. |
Industrials |
$267 |
$441 |
▇▇▇▇▇▇ Industries, Inc. |
Industrials |
$1,083 |
$484 |
Montrose Environmental Group, Inc. |
Industrials |
$598 |
$970 |
MRC Global Inc. |
Industrials |
$3,513 |
$928 |
▇▇▇▇▇ Industries, Inc. |
Materials |
$835 |
$720 |
National Presto Industries, Inc. |
Industrials |
$357 |
$569 |
Olympic Steel, Inc. |
Materials |
$2,189 |
$743 |
Omega Flex, Inc. |
Industrials |
$114 |
$712 |
▇.▇.▇. Transportation Services, Inc. |
Industrials |
$868 |
$458 |
Pangaea Logistics Solutions, Ltd. |
Industrials |
$495 |
$383 |
Perimeter Solutions, SA |
Materials |
$304 |
$703 |
Pitney ▇▇▇▇▇ Inc. |
Industrials |
$3,303 |
$776 |
Planet Labs PBC |
Industrials |
$215 |
$710 |
▇▇▇▇▇▇ Industries, Inc. |
Industrials |
$766 |
$1,057 |
Preformed Line Products Company |
Industrials |
$694 |
$655 |
Proto Labs, Inc. |
Industrials |
$494 |
$1,005 |
Quanex Building Products Corporation |
Industrials |
$1,131 |
$1,001 |
Ramaco Resources, Inc. |
Materials |
$626 |
$871 |
Ranpak Holdings Corp. |
Materials |
$325 |
$481 |
|
|
|
|
Resources Connection, Inc. |
Industrials |
$705 |
$477 |
REV Group, Inc. |
Industrials |
$2,638 |
$1,081 |
Ryerson Holding Corporation |
Materials |
$5,285 |
$1,185 |
Schnitzer Steel Industries, Inc. |
Materials |
$2,956 |
$840 |
SP Plus Corporation |
Industrials |
$872 |
$1,007 |
Steel Partners Holdings L.P. |
Industrials |
$1,861 |
$852 |
Stem, Inc. |
Industrials |
$450 |
$605 |
Sterling Check Corp. |
Industrials |
$720 |
$1,312 |
Stratasys Ltd. |
Industrials |
$631 |
$988 |
Sun Country Airlines Holdings, Inc. |
Industrials |
$1,050 |
$852 |
SunCoke Energy, Inc. |
Materials |
$2,057 |
$900 |
SunPower Corporation |
Industrials |
$1,825 |
$847 |
TaskUs, Inc. |
Industrials |
$932 |
$1,167 |
The GEO Group, Inc. |
Industrials |
$2,426 |
$1,322 |
The ▇▇▇▇▇▇-▇▇▇▇ Company |
Industrials |
$645 |
$931 |
The Greenbrier Companies, Inc. |
Industrials |
$3,986 |
$1,374 |
The Manitowoc Company, Inc. |
Industrials |
$2,254 |
$586 |
The Shyft Group, Inc. |
Industrials |
$972 |
$419 |
Thermon Group Holdings, Inc. |
Industrials |
$475 |
$1,098 |
TimkenSteel Corporation |
Materials |
$1,280 |
$1,012 |
Titan International, Inc. |
Industrials |
$1,941 |
$921 |
Titan Machinery Inc. |
Industrials |
$2,489 |
$652 |
Transcat, Inc. |
Industrials |
$251 |
$965 |
TriMas Corporation |
Materials |
$887 |
$1,049 |
Triumph Group, Inc. |
Industrials |
$1,403 |
$1,274 |
TrueBlue, Inc. |
Industrials |
$1,972 |
$478 |
TTEC Holdings, Inc. |
Industrials |
$2,495 |
$1,028 |
Tutor Perini Corporation |
Industrials |
$3,765 |
$473 |
United States Lime & Minerals, Inc. |
Materials |
$274 |
$1,309 |
Universal Logistics Holdings, Inc. |
Industrials |
$1,730 |
$736 |
Valhi, Inc. |
Materials |
$1,871 |
$430 |
Viad Corp |
Industrials |
$1,195 |
$757 |
VSE Corporation |
Industrials |
$1,077 |
$1,017 |
Wabash National Corporation |
Industrials |
$2,598 |
$1,181 |
Westlake Chemical Partners LP |
Materials |
$1,260 |
$763 |
|
|
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CECO Environmental Corp. |
Industrials |
$508 |
$706 |
Source: CapIQ as of January 1, 2024 |