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DMSLIBRARY01\28664532.v4 FIRST AMENDMENT TO CREDIT AGREEMENT THIS FIRST
AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), is made and entered into as of
April 27, 2016, by and among ORION MARINE GROUP, INC., a Delaware corporation
(the “Borrower”), certain Subsidiaries of the Borrower designated as
“Guarantors” on the signature pages hereof (together with the Borrower, the
“Credit Parties”), the Lenders (as defined below) party hereto constituting the
Required Lenders (as defined in the Credit Agreement as defined below), and
REGIONS BANK, as administrative agent and collateral agent for the Lenders (in
such capacity, the “Agent”). W I T N E S S E T H: WHEREAS, the Borrower, the
Guarantors, certain banks and other financial institutions from time to time
party thereto (the “Lenders”) and the Agent are parties to a certain Credit
Agreement, dated as of August 5, 2015 (as may be amended, restated,
supplemented, increased, extended or otherwise modified from time to time, the
“Credit Agreement”; capitalized terms used herein and not otherwise defined
shall have the meanings assigned to such terms in the Credit Agreement),
pursuant to which the Lenders have made loans and certain other financial
accommodations available to the Borrower; and WHEREAS, the Borrower has
requested that the Required Lenders and the Agent amend certain provisions of
the Credit Agreement, and subject to the terms and conditions hereof, the
Required Lenders and the Agent are willing to do so. NOW, THEREFORE, for good
and valuable consideration, the sufficiency and receipt of which are
acknowledged, the Borrower, the Guarantors, the Required Lenders and the Agent
agree as follows: 1. Amendments. (a) Section 1.1 of the Credit Agreement is
amended by adding the following definitions in the appropriate alphabetical
order: “Bail-In Action” means the exercise of any Write-Down and Conversion
Powers by the applicable EEA Resolution Authority in respect of any liability of
an EEA Financial Institution. “Bail-In Legislation” means, with respect to any
EEA Member Country implementing Article 55 of Directive 2014/59/EU of the
European Parliament and of the Council of the European Union, the implementing
law for such EEA Member Country from time to time which is described in the EU
Bail-In Legislation Schedule. “EEA Financial Institution” means (a) any credit
institution or investment firm established in any EEA Member Country which is
subject to the supervision of an EEA Resolution Authority, (b) any entity
established in an EEA Member Country which is a parent of an institution
described in clause (a) of this definition, or (c) any financial institution
established in an EEA Member Country which is a subsidiary of an institution

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DMSLIBRARY01\28664532.v4 2 described in clauses (a) or (b) of this definition
and is subject to consolidated supervision with its parent. “EEA Member Country”
means any of the member states of the European Union, Iceland, Liechtenstein,
and Norway. “EEA Resolution Authority” means any public administrative authority
or any person entrusted with public administrative authority of any EEA Member
Country (including any delegee) having responsibility for the resolution of any
EEA Financial Institution. “EU Bail-In Legislation Schedule” means the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any
successor person), as in effect from time to time. “Write-Down and Conversion
Powers” means, with respect to any EEA Resolution Authority, the write-down and
conversion powers of such EEA Resolution Authority from time to time under the
Bail-In Legislation for the applicable EEA Member Country, which write-down and
conversion powers are described in the EU Bail-In Legislation Schedule. (b)
Section 1.1 of the Credit Agreement is amended by amending and restating the
pricing grid set forth in the definition of “Applicable Margin” in its entirety
as follows: Pricing Level Consolidated Leverage Ratio Adjusted LIBOR Rate Loans
and Letter of Credit Fee Base Rate Loans Commitment Fee 1 Less than 1.50 to 1.00
1.75% 0.75% 0.375% 2 Greater than or equal to 1.50 to 1.00 but less than 2.00 to
1.00 2.00% 1.00% 0.375% 3 Greater than or equal to 2.00 to 1.00 but less than
2.75 to 1.00 2.50% 1.50% 0.500% 4 Greater than or equal to 2.75 to 1.00 but less
than 3.25 to 1.00 3.00% 2.00% 0.500% 5 Greater than or equal to 3.25 3.50% 2.50%
0.500% (c) Section 1.1 of the Credit Agreement is amended by amending and
restating clause (d) of the definition of “Defaulting Lender” therein in its
entirety as follows: (d) has, or has a direct or indirect parent company that
has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii)
had appointed for it a receiver, custodian, conservator, trustee, administrator,
assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or assets, including the Federal
Deposit Insurance Corporation or any other state or federal regulatory authority
acting in such a capacity or (iii) become the subject of

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DMSLIBRARY01\28664532.v4 3 a Bail-in Action; provided that a Lender shall not be
a Defaulting Lender solely by virtue of the ownership or acquisition of any
equity interest in that Lender or any direct or indirect parent company thereof
by a Governmental Authority so long as such ownership interest does not result
in or provide such Lender with immunity from the jurisdiction of courts within
the United States or from the enforcement of judgments or writs of attachment on
its assets or permit such Lender (or such Governmental Authority) to reject,
repudiate, disavow or disaffirm any contracts or agreements made with such
Lender. (d) Section 1.1 of the Credit Agreement is amended by adding a new
clause (e) to the definition of “Permitted Acquisition” to read as set forth
below, changing the existing clause (e) thereof to clause “(f)” and amending and
restating the new clause (f) as set forth below and making all necessary
grammatical adjustments thereto: (e) immediately before and immediately after
giving effect to such Acquisition on a Pro Forma Basis, the Consolidated
Leverage Ratio shall not exceed 2.50 to 1.00; and (f) (i) no Default or Event of
Default shall exist and be continuing immediately before or immediately after
giving effect thereto, (ii) the representations and warranties made each of the
Credit Parties in each Credit Document shall be true and correct in all material
respects as if made on the date of such Acquisition (after giving effect
thereto) except to the extent such representations and warranties expressly
relate to an earlier date, (iii) after giving effect thereto on a Pro Forma
Basis, (1) the Borrower shall be in compliance with the financial covenants set
forth in clauses (a) and (b) of Section 8.8 and (2) the Consolidated Leverage
Ratio shall be at least 0.25 to 1.00 less than the then applicable Consolidated
Leverage Ratio covenant level set forth in Section 8.8(a) and (iv) at least five
(5) Business Days prior to the consummation of such Acquisition, an Authorized
Officer of the Borrower shall provide a compliance certificate, in form and
detail reasonably satisfactory to the Administrative Agent, affirming compliance
with each of the items set forth in clauses (a) through (f) hereof. (e)
Subsection 2.16(a)(iv) of the Credit Agreement is amended by amending and
restating the last sentence in such Subsection in its entirety as follows:
Subject to Section 11.21, no reallocation hereunder shall constitute a waiver or
release of any claim of any party hereunder against a Defaulting Lender arising
from that Lender having become a Defaulting Lender, including any claim of a
Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased
exposure following such reallocation. (f) Section 8.8 of the Credit Agreement is
amended by amending and restating clause (a) thereof in its entirety as follows:
(a) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of
the end of any Fiscal Quarter of the Borrower (i) occurring during the period
from the

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DMSLIBRARY01\28664532.v4 4 Closing Date through and including December 31, 2015,
to exceed 3.25 to 1.00 and (ii) thereafter, to exceed the correlative ratio set
forth below: Fiscal Quarter Ending Consolidated Leverage Ratio March 31, 2016
4.00 to 1.00 June 30, 2016 3.75 to 1.00 September 30, 2016 3.25 to 1.00 December
31, 2016 3.00 to 1.00 March 31, 2017 2.75 to 1.00 June 30, 2017 and each Fiscal
Quarter thereafter 2.50 to 1.00 (g) Section 11 of the Credit Agreement is hereby
amended by adding a new Section 11.21 to read as follows: Section 11.21
Acknowledgement and Consent to Bail-In of EEA Financial Institutions.
Notwithstanding anything to the contrary in any Loan Document or in any other
agreement, arrangement or understanding among any such parties, each party
hereto acknowledges that any liability of any EEA Financial Institution arising
under any Loan Document, to the extent such liability is unsecured, may be
subject to the write- down and conversion powers of an EEA Resolution Authority
and agrees and consents to, and acknowledges and agrees to be bound by: (a) the
application of any Write-Down and Conversion Powers by an EEA Resolution
Authority to any such liabilities arising hereunder which may be payable to it
by any party hereto that is an EEA Financial Institution; and (b) the effects of
any Bail-in Action on any such liability, including, if applicable: (i) a
reduction in full or in part or cancellation of any such liability; (ii) a
conversion of all, or a portion of, such liability into shares or other
instruments of ownership in such EEA Financial Institution, its parent
undertaking, or a bridge institution that may be issued to it or otherwise
conferred on it, and that such shares or other instruments of ownership will be
accepted by it in lieu of any rights with respect to any such liability under
this Agreement or any other Loan Document; or

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DMSLIBRARY01\28664532.v4 5 (iii) the variation of the terms of such liability in
connection with the exercise of the write-down and conversion powers of any EEA
Resolution Authority. 2. Conditions Precedent. Completion of the following to
the satisfaction of the Agent and the Required Lenders, as evidenced by written
notice to the Borrower, shall constitute express conditions precedent to the
effectiveness (or consummation, as such term is used in that certain Waiver
Letter, dated April 1, 2015, from the Administrative Agent and the Required
Lenders to the Credit Parties) of the amendments set forth in this Amendment
(and the date on which all of the foregoing shall have occurred as determined by
the Agent being called herein the “First Amendment Effective Date”): (a)
Executed Credit Documents. Delivery of duly executed counterparts of this
Amendment in form and substance satisfactory to the Agent and the Required
Lenders; and (b) Fees and Expenses. The Agent shall have confirmation that all
fees and expenses required to be paid on or before the First Amendment Effective
Date have been paid, including the fees and expenses of King & Spalding LLP. 3.
Representations and Warranties. As of the First Amendment Effective Date, after
giving effect to this Amendment, the representations and warranties contained in
the Credit Agreement and in the other Credit Documents are true and correct in
all material respects (or, with respect to any such representation or warranty
that is modified by materiality or Material Adverse Effect, are true and correct
in all respects) on and as of the First Amendment Effective Date, except to the
extent such representations and warranties specifically relate to an earlier
date, in which case such representations and warranties shall have been true and
correct in all material respects on and as of such earlier date, and no event
has occurred and is continuing or would result from the consummation of this
Amendment and the transactions contemplated hereby that would constitute an
Event of Default or a Default. 4. Reaffirmation of Credit Party Obligations.
Each Credit Party hereby ratifies the Credit Agreement, as amended hereby, and
each other Credit Document to which it is a party and acknowledges and reaffirms
(a) that it is bound by all terms of the Credit Agreement, as amended hereby,
and such other Credit Documents applicable to it and (b) that it is responsible
for the observance and full performance of its respective Obligations. 5.
Release of Claims and Covenant Not to Sue. (a) On the First Amendment Effective
Date, in consideration of the Required Lenders’ and the Agent’s agreements
contained in this Amendment, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, each Credit Party, on
behalf of itself and its successors and assigns, and its present and former
members, managers, shareholders, affiliates, subsidiaries, divisions,
predecessors, directors, officers, attorneys, employees, agents, legal
representatives, and other representatives (each Credit Party and all such other
Persons being hereinafter referred to collectively as the “Releasing Parties”
and individually as a “Releasing Party”), hereby absolutely, unconditionally,

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DMSLIBRARY01\28664532.v4 6 and irrevocably releases, remises, and forever
discharges Agent, each Lender, and each of their respective successors and
assigns, and their respective present and former shareholders, members,
managers, affiliates, subsidiaries, divisions, predecessors, directors,
officers, attorneys, employees, agents, legal representatives, and other
representatives (Agent, Lenders, and all such other Persons being hereinafter
referred to collectively as the “Releasees” and individually as a “Releasee”),
of and from any and all demands, actions, causes of action, suits, damages, and
any and all other claims, counterclaims, defenses, rights of set-off, demands,
and liabilities whatsoever (individually, a “Claim” and collectively, “Claims”)
of every kind and nature, known or unknown, suspected or unsuspected, at law or
in equity, which any Releasing Party or any of its successors, assigns, or other
legal representatives may now or hereafter own, hold, have, or claim to have
against the Releasees or any of them for, upon, or by reason of any
circumstance, action, cause, or thing whatsoever which arises at any time on or
prior to the date of this Amendment for or on account of, in relation to, or in
any way in connection with this Amendment, the Credit Agreement, any of the
other Credit Documents, or any of the transactions hereunder or thereunder. (b)
Each Credit Party understands, acknowledges, and agrees that the release set
forth above may be pleaded as a full and complete defense to any Claim and may
be used as a basis for an injunction against any action, suit, or other
proceeding which may be instituted, prosecuted, or attempted in breach of the
provisions of such release. (c) Each Credit Party agrees that no fact, event,
circumstance, evidence, or transaction which could now be asserted or which may
hereafter be discovered will affect in any manner the final, absolute, and
unconditional nature of the release set forth above. (d) On and after the First
Amendment Effective Date, each Credit Party hereby absolutely, unconditionally
and irrevocably covenants and agrees with and in favor of each Releasee that it
will not sue (at law, in equity, in any regulatory proceeding, or otherwise) any
Releasee on the basis of any Claim released, remised, and discharged by any
Credit Party pursuant to clause (a) of this Section. If any Credit Party
violates the foregoing covenant, the Borrower, for itself and its successors and
assigns, and its present and former members, managers, shareholders, affiliates,
subsidiaries, divisions, predecessors, directors, officers, attorneys,
employees, agents, legal representatives, and other representatives, agrees to
pay, in addition to such other damages as any Releasee may sustain as a result
of such violation, all attorneys’ fees and costs incurred by any Releasee as a
result of such violation. 6. Effect of Amendment. Except as set forth expressly
herein, all terms of the Credit Agreement, as amended hereby, and the other
Credit Documents shall be and remain in full force and effect and shall
constitute the legal, valid, binding and enforceable obligations of the Borrower
to the Lenders and the Agent. The execution, delivery and effectiveness of this
Amendment shall not, except as expressly provided herein, operate as a waiver of
any right, power or remedy of the Lenders under the Credit Agreement or the
other Credit Documents, nor constitute a waiver of any provision of the Credit
Agreement or the other Credit Documents. This Amendment shall constitute a
Credit Document for all purposes of the Credit Agreement. 7. Governing Law. This
Amendment shall be governed by, and construed in accordance with, the internal
laws of the State of New York.

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DMSLIBRARY01\28664532.v4 7 8. No Novation. This Amendment is not intended by the
parties to be, and shall not be construed to be, a novation of the Credit
Agreement or an accord and satisfaction in regard thereto. 9. Counterparts. This
Amendment may be executed by one or more of the parties hereto in any number of
separate counterparts, each of which shall be deemed an original and all of
which, taken together, shall be deemed to constitute one and the same
instrument. Delivery of an executed counterpart of this Amendment by facsimile
transmission or by electronic mail in pdf form shall be as effective as delivery
of a manually executed counterpart hereof. 10. Binding Nature. This Amendment
shall be binding upon and inure to the benefit of the parties hereto, their
respective successors, successors-in-titles, and assigns. 11. Entire
Understanding. This Amendment sets forth the entire understanding of the parties
with respect to the matters set forth herein, and shall supersede any prior
negotiations or agreements, whether written or oral, with respect thereto.
[Signature Pages To Follow]

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