# EDGAR Filing Document

**Accession Number:** 0001402829
**File Stem:** 0001402829-25-000044
**Filing Date:** 2025-7
**Character Count:** 84850
**Document Hash:** 9e11d63dcfabf6ebe45739e0bbcea770
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001402829-25-000044.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001402829-25-000044

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250630

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Orion Group Holdings Inc
- **CENTRAL INDEX KEY:** 0001402829
- **STANDARD INDUSTRIAL CLASSIFICATION:** HEAVY CONSTRUCTION OTHER THAN BUILDING CONST - CONTRACTORS [1600]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 260097459
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33891
- **FILM NUMBER:** 251093660

**BUSINESS ADDRESS:**
- **STREET 1:** 2940 RIVERBY ROAD
- **STREET 2:** SUITE 400
- **CITY:** Houston
- **STATE:** TX
- **ZIP:** 77020
- **BUSINESS PHONE:** 713-852-6500

**MAIL ADDRESS:**
- **STREET 1:** 2940 RIVERBY ROAD
- **STREET 2:** SUITE 400
- **CITY:** Houston
- **STATE:** TX
- **ZIP:** 77020

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Orion Marine Group Inc
- **DATE OF NAME CHANGE:** 20070612

?xml version='1.0' encoding='ASCII'?

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 30, 2025

**ORION GROUP HOLDINGS, INC.**

(Exact name of Registrant as specified in its charter)

Delaware 1-33891 26-0097459 <br> (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification Number)

2940 Riverby Road, Suite 400

Houston, Texas 77020

(Address of principal executive offices)

(713) 852-6500

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| Common stock, $0.01 par value per share | ORN | The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

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**Item 5.02 &nbsp;&nbsp;&nbsp;&nbsp; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

As previously disclosed, Mr. Scott Thanisch ceased serving as the Executive Vice President, Chief Financial Officer and Treasurer of Orion Group Holdings, Inc. (the "Company") on June 23, 2025. Mr. Thanisch agreed to continue to perform services for the Company, including overseeing the transition of his roles and responsibilities to his successor, Ms. Alison Vasquez, through July 1, 2025 (the "Departure Date").

Pursuant to the terms of the Employment Agreement by and between the Company and Mr. Thanisch dated September 27, 2023 (the "Employment Agreement"), as well as the Separation and General Release Agreement by and between the Company and Mr. Thanisch dated June 30, 2025 (the "Separation Agreement"), Mr. Thanisch will become entitled as of the Departure Date to receive certain previously disclosed payments and benefits associated with a termination without cause under his Employment Agreement. In addition, pursuant to the terms of the Separation Agreement, Mr. Thanisch will be eligible to receive on September 12, 2025, the remaining unvested restricted shares that were originally granted to him on September 12, 2022 and which are scheduled to vest on September 12, 2025. These severance benefits will be subject to compliance with general release conditions and certain restrictive covenants, including a non-disparagement covenant, an agreement not to disclose confidential information, and non-competition and non-solicitation covenants that apply for twelve months following the Departure Date.

The descriptions of the Employment Agreement and the Separation Agreement set forth above are qualified in their entirety by the Employment Agreement, which is attached hereto as Exhibit 10.1, and the Separation Agreement, which is attached hereto as Exhibit 10.2.

**Item 9.01Financial Statements and Exhibits.**

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [10.1](orn-20250630xex10d1.htm) | Employment Agreement dated September 27, 2023. |
| [10.2](orn-20250630xex10d2.htm) | Separation Agreement dated June 30, 2025. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [10.1](orn-20250630xex10d1.htm) | Employment Agreement dated September 27, 2023. |
| [10.2](orn-20250630xex10d2.htm) | Separation Agreement dated June 30, 2025. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ORION GROUP HOLDINGS, INC.**

` By: /s/ Travis J. Boone

Travis J. Boone

&nbsp;&nbsp;&nbsp;&nbsp;President & CEO

Date: July 1, 2025

## Exhibit 10.1

**Exhibit 10.1**

**EMPLOYMENT AGREEMENT**

This **EMPLOYMENT AGREEMENT** (this **"Agreement**") is entered into as of September 27, 2023 (the "**Effective Date**"), by and between Orion Group Holdings, Inc., a Delaware corporation (the "**Company**"), and Gordon Scott Thanisch ("**Key Employee**"). The Company and Key Employee collectively herein referred to as the "**Parties**" and individually as a "**Party**."

**W I T N E S S E T H:**

**WHEREAS,** the Company has identified you as a key employee who is an integral part of the Company's operation and management; and

**WHEREAS,** it is in the mutual best interest of the Company and Key Employee to enter into this Agreement.

**NOW, THEREFORE,** in consideration of the foregoing and of the respective covenants and agreements set forth below, the Parties hereto agree as follows:

**ARTICLE I**

**DEFINITIONS AND INTERPRETATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **Definitions .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"**Base Salary**" means Key Employee's base salary described in <u>Section 2.3(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"**Board**" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"**Cause**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)A material breach by Key Employee of this Agreement, the Company's code of conduct, or other Company policies, including but not limited to policies relating to confidentiality and reasonable workplace conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The commission of a criminal act by Key Employee against the Company, including but not limited to fraud, embezzlement, or theft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The conviction, plea of no contest or nolo contendere, deferred adjudication or unadjudicated probation of Key Employee for any felony or any crime involving moral turpitude; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Key Employee's failure or refusal to carry out, or comply with, in any material respect, any lawful directive of the Board consistent with the terms of the Agreement, but only to the extent such failure or refusal is not remedied within thirty (30) days after Key Employee's receipt of written notice from the Company of the same.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"**Change in Control**" means the occurrence of any of the following

events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)A "**change in the ownership of the Company**" which will occur on the date that any one person, or more than one person acting as a group, acquires ownership of stock in the Company that, together with stock held by such person or group, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company; however, if any one person or more than one person acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons will not be considered a "change in the ownership of the Company" (or to cause a "change in the effective control of the Company" within the meaning of <u>Section 1.1(d)(ii)</u> below) and an increase of the effective percentage of stock owned by any one person, or persons acting as a group, as a result of a transaction in which the Company acquires its stock in exchange for property will be treated as an acquisition of stock for purposes of this paragraph; <u>provided</u>, that for purposes of this <u>Section 1.1(d)(i)</u>, the following acquisitions will not constitute a Change in Control: (A) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company or (B) any acquisition by investors (immediately prior to such acquisition) in the Company for financing purposes, as determined by the Committee in its sole discretion. This <u>Section 1.1(d)(i)</u> applies only when there is a transfer of the stock of the Company (or issuance of stock) and stock in the Company remains outstanding after the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)A "**change in the effective control of the Company**" which will occur on the date that either (A) any one person, or more than one person acting as a group, acquires (or has acquired during the twelve (12)-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing thirty-five percent (35%) or more of the total voting power of the stock of the Company, except for (y) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company or (z) any acquisition by investors (immediately prior to such acquisition) in the Company for financing purposes, as determined by the Committee in its sole discretion; or (B) a majority of the members of the Board are replaced during any twelve (12)-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of a "change in the effective control of the Company," if any one person, or more than one person acting as a group, is considered to effectively control the Company within the meaning of this <u>Section 1.1(d)(ii)</u>, the acquisition of additional control of the Company by the same person or persons is not considered a "change in the effective control of the Company," or to cause a "change in the ownership of the Company" within the meaning of <u>Section 1.1(d)(i)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)A "**change in the ownership of a substantial portion of the Company's assets**" which will occur on the date that any one person, or more than one person acting as a group, acquires (or has acquired during the twelve (12)-month period ending on the date of the most recent acquisition by such person or persons) assets of the Company that have a total gross fair market value equal to or more than forty percent (40%) of the total gross fair market value of all the assets of the Company immediately prior to such acquisition or

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acquisitions. For this purpose, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. Any transfer of assets to an entity that is controlled by the shareholders of the Company immediately after the transfer, as provided in guidance issued pursuant to Section 409A, will not constitute a Change in Control.

For purposes of this <u>Section 1.1(d)</u>, the provisions of section 318(a) of the Code regarding the constructive ownership of stock will apply to determine stock ownership; <u>provided</u>, that stock underlying unvested options (including options exercisable for stock that is not substantially vested) will not be treated as owned by the individual who holds the option. In addition, for purposes of this <u>Section 1.1(d)</u> and except as otherwise provided in an award agreement, the term "Company" includes (x) the Company; (y) the entity for whom Key Employee performs services; and (z) an entity that is a stockholder owning more than fifty percent (50%) of the total fair market value and total voting power (a "**Majority Shareholder**") of the Company or the entity identified in <u>clause (y)</u> above, or any entity in a chain of entities in which each entity is a Majority Shareholder of another entity in the chain, ending in the Company or the entity identified in <u>clause (y)</u> above.

Notwithstanding the foregoing, to the extent necessary to avoid adverse tax consequences under Section 409A, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Treasury Regulation § 1.409A-3(i)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"**Code**" means the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"**Committee**" means the Compensation Committee of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"**Disability**" means a Key Employee's disability within the meaning of the Company's long-term disability plan.

Notwithstanding the foregoing, to the extent necessary to avoid adverse tax consequences under Section 409A, Key Employee will not be considered to have incurred a Disability unless Key Employee is disabled within the meaning of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)"**Good Reason**" means, without Key Employee's consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a material reduction of Key Employee's Base Salary (excluding any across-the-board, proportional reduction that applies to substantially all other executive officers of the Company); <u>provided</u>, that for purposes of this <u>Section 1.1(h)(i)</u>, "material" means a reduction of five percent (5%) or more; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a material reduction of Key Employee's duties from those in effect as of the Effective Date or as subsequently agreed to by Key Employee and the Company, in writing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the relocation of Key Employee's primary work site to a location greater than fifty (50) miles from Key Employee's work site as of the Effective Date;

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<u>provided</u>, that Key Employee shall have Good Reason only if (x) Key Employee provides notice to the Company of the existence of the Good Reason event described above within thirty (30) days of the initial existence of such Good Reason event, (y) the Company fails to remedy the circumstances giving rise to the Good Reason event within sixty (60) days of receiving such notice, and (z) Key Employee's employment in fact terminates within thirty (30) days of the Company's failure to remedy in accordance with <u>clause (y)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"**Protection Period**" means the period ending twelve (12) months following the occurrence of a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)"**Restricted Period**" means (i) if Key Employee is terminated for Cause or voluntarily resigns without Good Reason, the twelve (12)-month period immediately following Key Employee's last day of employment under this Agreement; (ii) if Key Employee is terminated Without Cause or voluntarily resigns with Good Reason not during the Protection Period, the twelve (12)-month period immediately following Key Employee's last day of employment under this Agreement; or (iii) if Key Employee is terminated Without Cause or voluntarily resigns with Good Reason during the Protection Period, the twenty-four (24)-month period immediately following Key Employee's last day of employment under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)"**Section 409A**" means section 409A of the Code and the applicable Treasury Regulations and administrative guidance issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)"**Without Cause**" means termination by the Company of Key Employee's employment at the Company's sole discretion for any reason, other than by reason of Key Employee's death or Disability, and other than a termination based upon Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Interpretations.** In this Agreement, unless a clear contrary intention appears,

(a)the words "herein," "hereof" and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision; (b)reference to any Article or Section, means such Article or Section hereof; and (c) the word "including" (and with correlative meaning "include") means including, without limiting the generality of any description preceding such term.

**ARTICLE II EMPLOYMENT AND DUTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Term.** The term of this Agreement will commence on the Effective Date of this Agreement and end on September 19, 2026 (the **"Initial Term"**). If the Company provides written notice to Key Employee at least sixty (60) days prior to the expiration of the Initial Term, this Agreement shall renew and extend for a period of twelve (12) additional months (the "**Renewal Term**"). The Board is committed to reviewing Executive's performance at least six (6) months prior to the end of the Initial Term or the Renewal Term, as applicable. Notwithstanding any other provision of this Agreement, Key Employee's employment pursuant to this Agreement may be terminated at any time in accordance with <u>ARTICLE III</u>. The period from the Effective Date through the expiration of this Agreement, or, if sooner, the termination of Employee's employment pursuant to this Agreement, regardless of the time or reason for such termination, shall be referred to herein as the "**Employment Period**."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Position, Duties and Services.** Key Employee will have such duties and powers as will be determined from time to time by the Board consistent therewith. Key Employee will perform diligently and to the best of Key Employee's abilities such duties. Key Employee's employment will be subject to the supervision and direction of the Chief Executive Officer.

Key Employee hereby represents to the Company that: (a) the execution and delivery of this Agreement and the performance by Key Employee of Key Employee's duties hereunder do not and shall not constitute a breach of, conflict with, or otherwise contravene or cause a default under, the terms of any other agreement or policy to which Key Employee is a party or otherwise bound or any judgment, order or decree to which Key Employee is subject; (b) Key Employee has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity that would prevent Key Employee under the terms of any other agreement or arrangement from entering into this Agreement or carrying out Key Employee's duties hereunder, or would give rise to a violation of such other agreement or arrangement by virtue of Key Employee entering into this Agreement and carrying out Key Employee's duties hereunder; (c) Key Employee is not bound by any employment, consulting, non-competition, confidentiality, trade secret or similar agreement (other than this Agreement) with any other person or entity that would prevent Key Employee under the terms of any other agreement or arrangement from entering into this Agreement or carrying out Key Employee's duties hereunder, or would give rise to a violation of such other agreement or arrangement by virtue of Key Employee entering into this Agreement and carrying out Key Employee's duties hereunder; and (d) Key Employee understands that the Company will rely upon the accuracy and truth of the representations and warranties of Key Employee as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Compensation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Base Salary</u>. During the Employment Period, Key Employee will receive an initial Base Salary at the rate of Four Hundred and Twenty-Five Thousand Dollars ($425,000) per annum, payable in periodic installments in accordance with the Company's normal payroll practices and procedures, which Base Salary may be adjusted by the Company from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Bonuses and Perquisites</u>. During the Employment Period, Key Employee will be entitled to bonuses and perquisites as determined by the Board in its good faith discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Car Allowance</u>. During the Employment Period, Key Employee will be entitled to a monthly car allowance of $1,250.00, which car allowance may be adjusted by the Company from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Employee Benefit Plans</u>. During the Employment Period, Key Employee shall be provided the opportunity to participate on the same basis as other employees in the standard employee benefit plan(s) made available by the Company in its discretion, in accordance with the eligibility and participation provisions of such plan(s) as may be in effect from time to time. The Company reserves the right to amend any employee benefit plan, policy, program or arrangement from time to time, or to terminate such plan, policy, program or arrangement, consistent with the terms thereof at any time and for any reason without providing Key Employee with prior notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Expenses</u>. During the Employment Period, Key Employee shall be entitled to receive reimbursement for all reasonable business expenses, including, but not limited to, those expenses expressly provided for in this Agreement, incurred by Key Employee in accordance with the policies, practices and procedures of the Company. All such expenses are to be reimbursed to Key Employee in accordance with the Company's policies and procedures for reimbursing expenses, but in no event shall any reimbursement payment be paid to Key Employee following the last day of the calendar year following the calendar year in which the expense was incurred. The amount of expenses for which Key Employee is eligible to receive reimbursement during any calendar year shall not affect the amount of expenses for which Key Employee is eligible to receive reimbursement during any other calendar year during the term of this Agreement. Any reimbursement payable in accordance with this <u>Section 2.3(e)</u> will not be subject to liquidation or exchange for another benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Severance Benefit.** Key Employee will be entitled to receive the severance benefits, if any, described in <u>ARTICLE III</u> upon Key Employee's termination of employment during the term of this Agreement as described in <u>Section 2.1</u>; <u>provided</u>, that Key Employee satisfies the applicable requirements outlined in <u>ARTICLE III</u>. For the avoidance of doubt, the expiration of the Initial Term or, if applicable, the Renewal Term, in each instance, without subsequent renewal, shall not constitute an involuntary termination Without Cause or any other termination that would give rise to severance benefits.

**ARTICLE III<br>EARLY TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Death.** Upon the death of Key Employee during the Employment Period, this Agreement will terminate and Key Employee's estate will be entitled to payment of Key Employee's Base Salary through the date of such termination plus any benefits accrued up to the date of Key Employee's death payable pursuant to the terms of the employee benefit plans specified in <u>Section 2.3(d)</u> in which Key Employee is a participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Disability.** In the event of Key Employee's Disability during the Employee Period, the Company may terminate Key Employee's employment in which case this Agreement will terminate and Key Employee will be entitled to payment of the following benefits: (a) Key Employee's Base Salary through the date of such termination; (b) long-term disability benefits pursuant to the terms of any long-term disability policy provided to similarly situated employees of the Company for which Key Employee is eligible and in which Key Employee has elected to participate in accordance with the terms of such policy; and (c) payment of any benefits payable pursuant to the terms of the employee benefit plans specified in <u>Section 2.3(d)</u> in which Key Employee is a participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Termination for Cause or Voluntary Resignation by Key Employee Without Good Reason.** If Key Employee's employment is terminated during the term of this Agreement for Cause or if Key Employee voluntarily resigns from the employment of the Company without Good Reason, then Key Employee will be entitled to receive (a) Key Employee's Base Salary in effect at the time notice of termination is given through the date of termination, (b) payment of any benefits payable pursuant to the terms of the employee benefit plans specified in <u>Section 2.3(d)</u> in which Key Employee is a participant, and (c) reimbursement of any outstanding

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expense eligible for reimbursement (such amounts and benefits in <u>clauses (a)</u>, <u>(b)</u> and <u>(c)</u>, the "**Accrued Obligations**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Termination Without Cause or for Good Reason Not During the Protection Period.** Subject to <u>Section 3.7</u>, if Key Employee's employment is terminated during the term of this Agreement by the Company Without Cause or if Key Employee terminates employment with the Company during the term of this Agreement for Good Reason, and in either case, <u>Section 3.5</u> is not applicable, Key Employee will be entitled to receive (a) the Accrued Obligations; (b) continued payment of Key Employee's Base Salary for a period of **twelve (12) months**, in accordance with the Company's standard payroll practices; (c) monthly payment for a period of **twelve (12) months** of $2,500 to cover transitional expenses; (d) monthly payment for a period of **twelve (12) months** of an amount equal to Key Employee's monthly car allowance as described in <u>Section 2.3(c)</u>; and (e) a lump sum payment equal to any earned but unpaid bonus with respect to the Company's most recently completed fiscal year, the amount of which will be determined pursuant to the terms of the NEO Bonus Plan. Subject to <u>Section 3.7</u> and <u>Section 3.10</u>, the payments and benefits described in this <u>Section 3.4</u> shall begin or shall be paid, as applicable to the form of payment described above for each payment or benefit, to Key Employee on the sixtieth (60<sup>th</sup>) day immediately following Key Employee's termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5** **Termination Without Cause or for Good Reason During the Protection Period.** Subject to <u>Section 3.7</u>, if Key Employee's employment is terminated during the term of this Agreement by the Company Without Cause or if Key Employee terminates employment with the Company during the term of this Agreement for Good Reason, and in either case during the Protection Period, Key Employee will be entitled to receive (a) the Accrued Obligations; (b) a lump sum payment equal to **thirty-six (36) months** of Key Employee's Base Salary; (c) a lump sum payment equal to **thirty-six (36)** times $2,500 to cover transitional expenses; (d) a lump sum payment equal to **thirty-six (36)** times Key Employee's monthly car allowance; (e) a lump sum payment equal to **three (3)** times the bonus paid to Key Employee pursuant to the NEO Bonus Plan or any predecessor or replacement plan for the most recently completed fiscal year prior to Key Employee's termination date; and (f) notwithstanding terms to the contrary in any award agreement (including awards granted and award agreements entered into after the Effective Date), the accelerated vesting of all outstanding equity awards held by Key Employee immediately prior to such termination (with any performance goals associated with such equity awards being deemed to be achieved at the maximum performance level); <u>provided</u>, that any such equity award shall settle in accordance with its terms. Subject to <u>Section 3.7</u> and <u>Section 3.10</u>, the payments and benefits described in this <u>Section 3.5</u> shall begin or shall be paid, as applicable to the form of payment described above for each payment or benefit, to Key Employee on the sixtieth (60<sup>th</sup>) day immediately following Key Employee's termination of employment. There will be no duplication of any amounts paid pursuant to this <u>Section 3.5</u> with any amounts paid or payable pursuant to <u>Section 3.4</u>. For the avoidance of doubt, the total amount of severance benefits payable under this Agreement in connection with a termination occurring during the Protection Period will not exceed the amount described in this <u>Section 3.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6** **Termination of Company's Obligations.** Upon termination of Key Employee's employment for any reason, the Company's obligations under this Agreement will terminate and Key Employee will be entitled to no compensation and benefits under this Agreement other than

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as provided in this <u>ARTICLE III</u>. Notwithstanding such termination, the Parties' obligations under this <u>ARTICLE III</u>, including <u>Section 3.8</u>, will remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7** **Release.** Notwithstanding the foregoing provisions of this <u>ARTICLE III</u>, Key Employee will be entitled to the additional severance benefits specified in <u>Section 3.4</u> (regarding termination Without Cause or for Good Reason not during a Protection Period) or <u>Section 3.5</u> (regarding termination Without Cause or for Good Reason during a Protection Period) (*i.e*., all payments and rights provided in addition to the Accrued Obligations), only upon Key Employee's execution (and non-revocation) of a waiver and release of all claims in a form acceptable to the Company. The waiver and release document must be executed and delivered to the appropriate Company representative on or before the fiftieth (50<sup>th</sup>) day immediately following Key Employee's termination of employment, but no earlier than the date of Key Employee's termination of employment. If this fifty (50)-day period (plus any applicable revocation period) crosses two calendar years, regardless of when Key Employee executes and delivers the release and any applicable revocation period expires, the severance benefits specified in <u>Section 3.4</u> or <u>Section 3.5</u>, as applicable, shall not commence or be paid until the second calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.8** **Non-Competition, Confidentiality, Non-Solicitation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Agreement not to Compete</u>. In consideration of the Company's promise to provide Key Employee with Confidential Information, as defined in <u>Section 3.8(b)</u>, the other mutual promises contained in this Agreement (including the severance benefits contained in <u>ARTICLE III</u>, to which Key Employee acknowledges Key Employee would not otherwise have a right), and Key Employee's employment with the Company, and so as to enforce Key Employee's promises regarding Confidential Information contained in <u>Section 3.8(b)</u> of this Agreement, Key Employee agrees that, if Key Employee's employment with the Company is terminated for any reason whatsoever, Key Employee will not, during the applicable Restricted Period (extended by any period of time during which Key Employee is in violation of this <u>Section 3.8</u>), directly or indirectly, carry on or conduct, in competition with the Company or its subsidiaries or affiliates, any business of the nature in which the Company or its subsidiaries or affiliates are then engaged in any geographical area in which the Company or its subsidiaries or affiliates engage in business at the time of such termination. Key Employee agrees that Key Employee will not conduct or engage in any such business as an individual on Key Employee's own account; as a partner or joint venturer; as a key employee, agent, consultant or salesman for any other person or entity; as an officer or director of a corporation; or as a shareholder in a corporation of which Key Employee will then own 10% or more of any class of stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Confidential Information</u>. The Company makes a binding promise not conditioned upon continued employment to provide Key Employee with certain Confidential Information above and beyond any Confidential Information Key Employee may have previously received. Key Employee will not, directly or indirectly, at any time following termination of Key Employee's employment with the Company, reveal, divulge or make known to any person or entity, or use for Key Employee's personal benefit (including, without limitation, for the purpose of soliciting business, whether or not competitive with any business of the Company or any of its subsidiaries or affiliates), any information acquired during the Employment Period with regard to the financial, business or other affairs of the Company or any

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of its subsidiaries or affiliates (including, without limitation, any list or record of persons or entities with which the Company or any of its subsidiaries or affiliates has any dealings), other than (i) information already in the public domain; (ii) information of a type not considered confidential by persons engaged in the same business or a business similar to that conducted by the Company or its subsidiaries and affiliates; or (iii) information that Key Employee is required to disclose under the following circumstances: (A) at the express direction of any authorized governmental entity; (B) pursuant to a subpoena or other court process; (C) as otherwise required by law or the rules, regulations, or orders of any applicable regulatory body; or (D) as otherwise necessary, in the opinion of counsel for Key Employee, to be disclosed by Key Employee in connection with any legal action or proceeding involving Key Employee and the Company or any subsidiary or affiliate of the Company in Key Employee's capacity as an employee, officer, director, or stockholder of the Company or any subsidiary or affiliate of the Company. Key Employee will, at any time requested by the Company (either during or within two years after Key Employee's employment with the Company), promptly deliver to the Company all memoranda, notes, reports, lists and other documents (and all copies thereof) relating to the business of the Company or any of its subsidiaries and affiliates which Key Employee may then possess or have under Key Employee's control.

Notwithstanding anything in this <u>Section 3.8(b)</u> or elsewhere in this Agreement to the contrary, Key Employee understands that Key Employee may, pursuant to the U.S. Defend Trade Secrets Act of 2016 ("**DTSA**"), without informing the Company prior to any such disclosure, disclose Confidential Information (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law or (B) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, without informing the Company prior to any such disclosure, if Key Employee files a lawsuit against the Company for retaliation for reporting a suspected violation of law, Key Employee may, pursuant to the DTSA, disclose Confidential Information to Key Employee's attorney and use the Confidential Information in the court proceeding or arbitration; provided, that Key Employee files any document containing the Confidential Information under seal and does not otherwise disclose the Confidential Information, in each case except pursuant to court order. Without prior authorization of the Company, however, the Company does not authorize Key Employee to disclose to any third party (including any government official or any attorney Key Employee may retain) any communications that are covered by the Company's attorney-client privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Non-Solicitation.</u> During the Employment Period and continuing during the applicable Restricted Period (extended by any period of time during which Key Employee is in violation of this <u>Section 3.8</u>), Key Employee will not, directly or indirectly, (i) induce or attempt to induce any employee of the Company to leave the employ of the Company; (ii) in any way interfere with the relationships between the Company and any such employee of the Company; (iii) employ or otherwise engage as an employee, independent contractor or otherwise any such employee of the Company, except to the extent such employee is solely responding to a general public solicitation, without the inducement or encouragement of Key Employee; or (iv) induce or attempt to induce any customer, supplier, licensee or other person or entity that has done business with the Company within twenty-four (24) months of Key Employee's last day of employment to cease doing business with the Company or in any way interfere with the

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relationship between any such customer, supplier, licensee or other business entity and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Reasonableness of Restrictions</u>. Key Employee acknowledges that the geographic boundaries, scope of prohibited activities, and time duration set forth in this <u>Section 3.8</u> are reasonable in nature and are no broader than are necessary to maintain the confidentiality and the goodwill of the Company and the confidentiality of its Confidential Information and to protect the legitimate business interests of the Company, and that the enforcement of such provisions would not cause Key Employee any undue hardship nor unreasonably interfere with Key Employee's ability to earn a livelihood. If any court determines that any portion of this <u>Section 3.8</u> is invalid or unenforceable, the remainder of this <u>Section 3.8</u> will not thereby be affected and will be given full effect without regard to the invalid provisions. If any court construes any of the provisions of this <u>Section 3.8</u>, or any part thereof, to be unreasonable because of the duration or scope of such provision, such court will have the power to reduce the duration or scope of such provision and to enforce such provision as so reduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Enforcement</u>. Upon Key Employee's employment with an entity that is not a subsidiary or affiliate of the Company (a "**Successor Employer**") during the period that the provisions of this <u>Section 3.8</u> remain in effect, Key Employee will provide such Successor Employer with a copy of this Agreement and will notify the Company of such employment within 30 days thereof. Key Employee agrees that in the event of a breach of the terms and conditions of this <u>Section 3.8</u> by Key Employee, the Company will be entitled, if it so elects, to institute and prosecute proceedings, either in law or in equity, against Key Employee, to obtain damages for any such breach, or to enjoin Key Employee from any conduct in violation of this <u>Section 3.8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.9** **Parachute Payments.** Notwithstanding anything to the contrary in this Agreement, if Key Employee is a "disqualified individual" (as defined in Section 280G(c) of the Code), and the benefits provided for in this <u>ARTICLE III</u>, together with any other payments and benefits which Key Employee has the right to receive from the Company would constitute a "parachute payment" (as defined in Section 280G(b)(2) of the Code), then the benefits provided hereunder (beginning with any benefit to be paid in cash hereunder) will be reduced (but not below zero) so that the present value of such total amounts and benefits received by Key Employee will be $1.00 less than three times Key Employee's "base amount" (as defined in Section 280G(b)(3) of the Code) and so that no portion of such amounts and benefits received by Key Employee will be subject to the excise tax imposed by Section 4999 of the Code. The determination as to whether such a reduction in the amount of the benefits provided hereunder is necessary will be made by the Board in good faith. If a reduced cash payment is made and, through error or otherwise, that payment, when aggregated with other payments and benefits from the Company used in determining if a "parachute payment" exists, exceeds $1.00 less than three times Key Employee's base amount, then Key Employee will immediately repay such excess to the Company upon notification that an overpayment has been made. Nothing in this <u>Section 3.9</u> will require the Company to be responsible for, or have any liability or obligation with respect to, Key Employee's excise tax liabilities under Section 4999 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.10** **Section 409A.** Notwithstanding any provision of this Agreement to the contrary, all provisions of this Agreement are intended to either comply with Section 409A or be exempt

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from Section 409A and shall be construed and administered in accordance with such intent. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment.

To the extent necessary to avoid adverse tax consequences under Section 409A, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination also constitutes a "**Separation from Service**" within the meaning of Section 409A and, for purposes of any such provision of this Agreement, references to a "termination," "termination of employment," "separation from service," or like terms shall mean a Separation from Service. If, upon separation from service, Key Employee is a "specified employee" within the meaning of Section 409A, any payment under this Agreement that is subject to Section 409A and would otherwise be paid within six months after Key Employee's Separation from Service will instead be paid in the seventh month following Key Employee's Separation from Service (to the extent required by Section 409A(a)(2)(B)(i)).

To the extent that any right to reimbursement of expenses or payment of any benefit in-kind under this Agreement constitutes nonqualified deferred compensation (within the meaning of Section 409A), (a) any such expense reimbursement shall be made by the Company no later than the last day of the taxable year following the taxable year in which such expense was incurred by Key Employee, (b) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (c) the amount of expenses eligible for reimbursement or in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year.

Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement are exempt from, or compliant with, Section 409A and nothing in this Agreement shall be interpreted or construed to transfer any liability for any tax (including a tax or penalty due as a result of a failure to comply with Section 409A) from Key Employee to the Company or to any other individual or entity.

**ARTICLE IV<br>MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Governing Law.** This Agreement is governed by and will be construed in accordance with the laws of the State of Texas, without regard to the conflicts of law principles of such State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Amendment and Waiver.** The provisions of this Agreement may be amended, modified or waived only with the prior written consent of the Company and Key Employee, and no course of conduct or failure or delay in enforcing the provisions of this Agreement will be construed as a waiver of such provisions or affect the validity, binding effect or enforceability of this Agreement or any provision hereof. Notwithstanding the forgoing sentence, the Company

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may amend <u>Section 3.8</u> without the prior written consent of Key Employee to the extent necessary or advisable to comply with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Severability.** Any provision in this Agreement which is prohibited or unenforceable in any jurisdiction by reason of applicable law will, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating or affecting the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction will not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Entire Agreement.** This Agreement embodies the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way. Except as expressly provided in <u>Section 3.5</u> and for the avoidance of doubt, this Agreement does not supersede or preempt any plan or agreement regarding stock, stock options, or other equity interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** **Withholding of Taxes and Other Employee Deductions.** The Company may withhold from any benefits and payments made pursuant to this Agreement all federal, state, city, and other taxes as may be required pursuant to any law or governmental regulation or ruling, and all other normal employee deductions made with respect to the Company's employees generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6** **Notices.** Any notice provided for in this Agreement must be in writing and must be either personally delivered, transmitted via email, mailed by first class mail (postage prepaid and return receipt requested) or sent by reputable overnight courier service (charges prepaid) to the recipient at the address below indicated or at such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. Notices will be deemed to have been given hereunder and received when delivered personally, when received if transmitted via email, five days after deposit in the U.S. mail and one day after deposit with a reputable overnight courier service.

If to the Company:

Orion Group Holdings Inc. 12000 Aerospace Blvd.

Houston, TX 77034 Attention:

E-mail:

If to Key Employee:

To the address most recently on file in the payroll records of the Company and the email address indicated below Key Employee's signature line.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7** **Headings.** The paragraph headings have been inserted for purposes of convenience and will not be used for interpretive purposes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8** **Actions by the Board.** Any and all determinations or other actions required of the Board hereunder that relate specifically to Key Employee's employment by the Company or the terms and conditions of such employment will be made by the members of the Board other than Key Employee (if Key Employee is a member of the Board), and Key Employee will not have any right to vote or decide upon any such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9** **Construction.** The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.10** **Counterparts.** This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement may be executed by any electronic signature complying with the U.S. ESIGN Act of 2000, as it may be amended. Signatures delivered by facsimile or electronically shall be deemed effective for all purposes.

***[Signature Page to Follow]***

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**IN WITNESS WHEREOF,** the parties hereto have executed this Agreement as of the date first set forth above.

---

| | |
|:---|:---|
| **COMPANY:**<br>**ORION GROUP HOLDINGS, INC.** | **COMPANY:**<br>**ORION GROUP HOLDINGS, INC.** |
| By: | ![Graphic](orn-20250630xex10d1001.jpg) |
| Name: Travis J. Boone | Name: Travis J. Boone |
| Title: Chief Executive Officer | Title: Chief Executive Officer |
| **KEY EMPLOYEE** | **KEY EMPLOYEE** |
| ![Graphic](orn-20250630xex10d1002.jpg) | ![Graphic](orn-20250630xex10d1002.jpg) |
| Name: Scott Thanisch | Name: Scott Thanisch |
| Email: sthanisch@orn.net | Email: sthanisch@orn.net |

---

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## Exhibit 10.2

**Exhibit 10.2**

#### EXECUTION VERSION

#### Separation and General Release Agreement
This Separation and General Release Agreement ("Agreement"), is entered into on the date this Agreement becomes effective, between G. Scott Thanisch ("You" or "Your") and Orion Group Holdings, Inc. (the "Company"). The Parties agree that this Agreement represents the full and complete agreement concerning all matters between them (except as otherwise provided herein) and the Parties intend to be legally bound by its terms.

WHEREAS, Your employment separation with the Company will be effective July 1, 2025 ("Separation Date"), and will be an involuntary termination Without Cause (the term "Without Cause" as used herein is as defined in Section 1.1(k) of the below referenced Employment Agreement); and

WHEREAS, You are entitled to certain benefits related to Your separation under the terms and conditions set forth in the Employment Agreement entered into between You and the Company dated September 20, 2023 (the "Employment Agreement"), and such additional benefits as set forth herein provided the terms of the Agreement are met.

NOW, THEREFORE, You and the Company agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General</u>: Conditioned on the enforceable determination that You are terminated by the Company Without Cause, You agree to relinquish any right You may have to be employed by the Company or any of the Released Parties as of Your Separation Date, and agree to resign from all representative positions with the Company as of June 23, 2025 (the "Transition Date"). Your separation from employment with the Company will not impact Your rights to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Salary</u>: You will be paid Your current salary, as applicable, through Your Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Medical, Vision, and Dental Insurance via COBRA</u>: The Company will terminate Your medical, vision, and dental insurance benefits as an active employee as of the last day of the month in which Your Separation Date occurs. You will be eligible to enroll in COBRA continuation coverage, generally for up to 18 months, or until You otherwise lose eligibility for COBRA coverage, whichever occurs first. The COBRA administrator will send You a COBRA election notice with more information on how to elect COBRA and the cost of such continued coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Vested Benefits</u>: Your rights to other Company benefits will continue to be determined by the terms of any applicable plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Non-Conditional</u>: You will receive the above wages and benefits regardless of whether You sign this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Consideration</u>: In consideration for Your signing and not revoking this Agreement and performing the promises contained herein, You will be entitled to the following payments and benefits (in each case, less applicable taxes and withholdings), in accordance with, and in full satisfaction of, clauses (b) through (e) of Section 3.4 of the Employment Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Salary</u>: Continued payment of Your base salary as of the Separation Date ($450,000) for a period of twelve months, in accordance with the Company's standard payroll practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Transitional Expenses</u>: Monthly payment for a period of twelve months of $2,500 to cover transitional expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Car Allowance</u>: Monthly payment for a period of twelve months of an amount equal to Your monthly car allowance ($1,250).

The time and form of the payments set forth in this Paragraph 2 will be made in accordance with the time and form of payment rules (including, for the avoidance of doubt, the Section 409A limitations) outlined in the applicable sections of the Employment Agreement.

3. <u>Incentive Awards</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Bonus</u> – Pursuant to clause (e) of Section 3.4 of the Employment Agreement, You have already received a bonus payment for fiscal year 2024 (the Company's most recently completed fiscal year) which was previously earned. You will not be eligible to receive any additional payment related to a bonus for fiscal year 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Forfeited Long-Term Incentive Awards</u> – Except for those awards specifically referenced in clause (c) of this Paragraph 3, pursuant to the terms of the Orion Group Holdings, Inc. 2022 Long-Term Incentive Plan, as amended to date, and each award agreement and award letter evidencing the long-term incentive awards that You have been granted thereunder, the termination of your employment with the Company for any reason results automatically in (i) those restricted shares that have been granted to You for which the restrictions have not lapsed as of Your Separation Date becoming null and void and such restricted shares being forfeited to the Company, and (ii) those performance stock units that have been granted to You for which the restrictions have not lapsed as of Your Separation Date also becoming null and void and such performance stock units also being forfeited to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Eligible Long-Term Incentive Awards</u> – Notwithstanding clause (b) of this Paragraph 3, as additional consideration for Your signing and not revoking this Agreement and subject to Your continuing to comply with the restrictive covenants contained in Paragraph 11 below and Paragraph 3.8 of the Employment Agreement, Your long-term incentive awards that are scheduled to vest on or prior to September 12, 2025 shall remain eligible for vesting (less applicable taxes

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and withholdings) pursuant to the terms of the Orion Group Holdings, Inc. 2022 Long-Term Incentive Plan, as amended to date, and each award agreement and award letter evidencing such long-term incentive awards as if You remained employed by the Company through September 12, 2025 (collectively, the "Eligible Awards"). For the avoidance of doubt, in the event that the Board of Directors of the Company determines in its sole discretion that you have not fully satisfied between the date hereof and September 12, 2025 any of the restrictive covenants contained in Paragraph 11 below and Paragraph 3.8 of the Employment Agreement, then those Eligible Awards shall become null and void and such underlying restricted shares shall be forfeited automatically to the Company.

The time and form of the payments set forth in this Paragraph 3 will be made in accordance with the time and form of payment rules (including, for the avoidance of doubt, the Section 409A limitations) outlined in the applicable sections of the Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Vested Benefits and Eligibility for Other Severance Plans</u>: Your rights to any other Company benefits will be determined by the terms of the applicable plan(s). You agree that the consideration set forth above in Paragraph 2 and Paragraph 3 supersede any other severance benefits which You may be entitled to receive from the Company and that You are not entitled to any severance payments beyond those contained in said Paragraphs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>General Release of Claims Against the Company</u>: In consideration for the mutual promises set forth in this Agreement, You, on behalf of Yourself and Your assigns, heirs, executors and administrators (and Your and their legal representatives of every kind) hereby release and discharge forever the Company, both as Your employer and as sponsor and administrator of any of the employee benefit plans established for the benefit of its employees, and its predecessors, successors, assigns, divisions, subsidiaries, corporate parents, related or affiliated companies, and each of their respective current and former officers, directors, shareholders, members, employees, benefit plans, assigns, insurers, plan administrators and other plan fiduciaries, heirs, agents, counsel and representatives, including without limitation any and all management and/or supervisory employees thereof, and the successors and assigns of the foregoing (hereinafter collectively referred to as the "Released Parties") from all claims, arbitrations, suits, proceedings, demands, costs, attorneys' fees, monies of any kind, expenses, damages, suits, proceedings and/or causes of action of any kind and every description, which You now have or may have, whether known or unknown, suspected or unsuspected, related in any way to Your employment, the termination of Your employment and/or otherwise based on events that occurred from the beginning of time through the date You sign this Agreement. The Parties intend that this general release of claims be construed as broadly as possible and include any and all claims that may be waived by private agreement.

By way of example only and without limiting any provision of this general release of claims, You agree that You are releasing, waiving and discharging any and all claims against the Released Parties based upon, relating to or arising out of the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) any claims of retaliation, harassment or discrimination on any basis, including race, color, national origin or ancestry, religion, sex, age, veteran's status, disability, whistleblower status, and any other protected status arising under any federal, state, or local statute, regulatory ordinance, order, law, or other measure, including but not limited to the Age Discrimination in Employment Act ("ADEA"), the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964, Section 1981 of the Civil Rights Act of 1866, the Civil Rights Act of 1991, the Rehabilitation Act of 1973, the Americans with Disabilities Act ("ADA"), the ADA Amendments Act of 2008, The False Claims Act, Executive Order No. 11246, 42 U.S.C. 1981, and the Genetic Information and Nondiscrimination Act, all as amended to the date You sign this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any claims based on Civil Rights Law, Texas employment discrimination laws, or any federal, state, or local law or regulation prohibiting workplace discrimination and that may apply, any applicable state human rights statutes and all other federal, state and local statues, ordinances and common law, to the fullest extent permitted by law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) any claims under any other federal, state or local laws pertaining to and/or applicable to Your employment or the separation of Your employment.

With the exception of Your unvested restricted shares that are scheduled to vest on September 12, 2025, You acknowledge and agree that all of Your remaining unvested restricted shares and unsettled performance stock units as of Your Separation Date will be forfeited in full in accordance with the terms of the applicable award agreements and award letters.

You agree that the releases in this Paragraph are intended to cover all possible legal and/or equitable relief, including but not limited to wages, back pay, front pay, benefits, compensatory damages, punitive damages, liquidated damages, damages for pain and suffering, damages for emotional distress and attorneys' fees and costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Release Exclusions</u>: You further understand that nothing in this release generally prevents You from filing a charge or complaint with or from participating in an investigation or proceedings conducted by the Equal Employment Opportunity Commission or any other federal, state, or local agency charged with the enforcement of any laws. You agree that by signing this Agreement, You are waiving Your right to individual, monetary and/or other relief from the Company or any other Released Party based on claims asserted in such a charge or complaint. Finally, You understand this does not include government awards that may be given for providing information to a government agency, nor does it limit your ability to communicate with any government agency or otherwise participate in any investigation or proceeding that may be conducted by any government agency, including providing documents or other information, without notice to the Company. Nothing in this release of claims shall be construed to waive any right that is not subject to waiver by private agreement or that may not be waived by law such as claims for workers' compensation and unemployment benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Covenant Not to Sue</u>: Except as otherwise provided in Paragraph 5, and except for any claims based on this Agreement, You agree and covenant not to file any suit, complaint,

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claim, grievance or demand for arbitration, either individually or a member of a class in any class or collective action, against the Released Parties in any court, administrative agency or other forum with regard to any claim, demand, liability or obligation arising directly or indirectly out of Your employment with the Company and/or separation from employment. You further represent that no claims, complaints, or other proceedings are pending in any court, administrative agency or other forum relating directly or indirectly to Your employment with the Company and/or separation from employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>No Admission of Liability</u>: You acknowledge that nothing in this Agreement constitutes an admission by the Released Parties of any liability or acts of wrongdoing or acts of discrimination, nor shall it be considered evidence of such liability, wrongdoing, or unlawful discrimination. The Released Parties expressly deny any liability or alleged violation and state that payment has been made solely for the purpose of compromising any and all potential claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Compliance with the Older Workers Benefit Protection Act and Applicable State Laws, Advice of Counsel, Consideration, Revocation Period, Other Information</u>: It is the express intention of the Company that this Agreement comply in all respects with the terms of the Older Workers Benefit Protection Act and all applicable federal, state, and local laws for release agreements. Accordingly, the Company is specifically advising You as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) This Agreement constitutes an enforceable contract, and by signing this Agreement, You are waiving certain rights that You may have against the Released Parties under the Age Discrimination in Employment Act ("ADEA"); the Older Workers Benefit Protection Act; and all federal, state, and local laws as set forth in Paragraph 4 above, based upon Your employment with the Company and/or the termination of Your employment with the Company, except any such rights or claims that may arise after the date You sign this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The consideration required to be paid and provided to You under this Agreement constitutes value to which You would not be entitled unless You sign this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) You agree that You are voluntarily entering into this Agreement, that You have read and understand its legal and binding effect, that You have not been coerced in any way to sign and not revoke this Agreement, and that no promises or agreements have been made to You except those contained in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The Company advises You to consult with an attorney prior to signing this Agreement. You are responsible for paying that attorney's fees and costs, if any;

&nbsp;&nbsp;&nbsp;&nbsp;**d)** You have a period of twenty-one (21) calendar days after receipt of this Agreement to consider this Agreement (the "Consideration Period"), to consult with an attorney regarding its terms if You choose to do so, and to sign a copy of this Agreement, if You choose to accept it. **To accept, the original of this Agreement with Your signature must be returned by overnight mail or by e-mail copy (with the original sent by regular mail) to:** 

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Travis Boone<br>President and Chief Executive Officer<br>2940 Riverby Road, Suite 400<br>Houston, TX 77020<br>tboone@orion.net

And copy

Chip Earle<br>General Counsel<br>eearle@orn.net

**before the end of the Consideration Period.** If You do not return the executed Agreement before the end of the Consideration Period, this offer shall be deemed to be withdrawn and shall be null and void;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) You may revoke this Agreement at any time within seven (7) calendar days following the date on which You sign this Agreement (the "Revocation Period"), and You agree that this Agreement shall not become effective or enforceable until the Revocation Period has expired. **To revoke Your signature, You must e-mail a copy to:** 

Travis Boone<br>President and Chief Executive Officer<br>tboone@orn.net

And copy

Chip Earle<br>General Counsel<br>eearle@orn.net

**no later than the seventh (7**<sup>th</sup>**) calendar day after You sign this Agreement**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) That the Company's obligation to provide benefits or to make payments under this Agreement is contingent upon Your signing of this Agreement and the expiration of the Revocation Period without Your revocation of the Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) Any modification or alteration of any of the terms of this Agreement by You voids this Agreement in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Non-Competition, Confidentiality, Non-Solicitation</u>: You agree and understand that the restrictive covenants contained in Paragraph 3.8 of the Employment Agreement remain in full force and effect as written.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Non-Disparagement; Non-Defamation</u>: You agree that, except in the event that You are enforcing the terms of this Agreement, You will not publicly comment on the nature of this resignation. You further agree that You will not disparage or defame the Company

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or its affiliates or their respective directors, officers, and employees. Conversely, the Company agrees that the Board of Directors and the executive officers of the Company will not disparage or defame You.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Remedies for Breach</u>: You agree that the Company would be irreparably harmed if You do not fully perform all of Your obligations under this Agreement and Your performance is not specifically enforced and that, although the Company may seek and obtain damages in excess of the amounts paid hereunder, any such remedy at law would not be adequate in the event of an actual or threatened violation of Your obligations under Paragraphs 10 or 11 above. You agree that the Company, upon bringing a lawsuit to enforce its rights under this Agreement, shall be entitled to an injunction or any appropriate decree of specific performance from the court for any actual or threatened violations, regardless of whether the Company seeks or obtains any damages. You further agree that the Company will be entitled to all attorney's fees, expert fees and costs associated with any successful court action related to Your breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Applicable Law</u>: This Agreement shall, in all respects, be interpreted, construed and governed exclusively by and under the domestic laws of the State of Texas, except to the extent that Federal law governs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Modifications</u>: The provisions of this Agreement may not be modified by any subsequent agreement unless the modifying agreement: (i) is in writing; (ii) specifically references this Agreement; (iii) is signed by You; and (iv) is signed and approved by an authorized representative of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Integration</u>: This Agreement constitutes the entire agreement between You and the Company with respect to the subject matter herein, except as otherwise provided in this Paragraph. You and the Company have signed this Agreement based upon the terms set forth herein. You and the Company have not relied on any prior agreement or representation, whether oral or written, which is not set forth in this Agreement. Except as otherwise provided in this Paragraph, no prior agreement, whether oral or written, shall have any effect on the terms and provisions of this Agreement. All other prior agreements, except for the Employment Agreement and the award agreements evidencing the equity grants described in Paragraph 2(b), by You and the Company, whether oral or written, are expressly superseded and/or revoked by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Severability and Waiver</u>: Each provision of this Agreement shall be enforceable independently of every other provision. Furthermore, in the event that any provision is deemed to be unenforceable for any reason, the remaining provisions shall remain effective, binding and enforceable. The failure of any party to enforce any provision of this Agreement shall not constitute a waiver of that provision, or of any other provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Section 409A</u>: All provisions of this Agreement are intended to comply with Section 409A of the Code and the applicable Treasury regulations and administrative guidance issued thereunder (collectively, "Section 409A") or an exemption therefrom and shall be construed and administered in accordance with such intent. Any payments under this

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Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, if applicable, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments that are not exempt from Section 409A and that are to be made under this Agreement upon a termination of Your employment shall only be made if such termination of employment constitutes a "separation from service" under Section 409A. Notwithstanding any provision in this Agreement to the contrary, if any payment or benefit provided for herein would be subject to additional taxes and interest under Section 409A if Your receipt of such payment or benefit is not delayed until the earlier of (x) the date of Your death or (y) the date that is six months after the termination of employment (such date, the "Section 409A Payment Date"), then such payment or benefit shall not be provided to You (or Your estate, if applicable) until the Section 409A Payment Date. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement are exempt from, or compliant with, Section 409A and in no event shall the Company or any of its affiliates be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by You on account of non-compliance with Section 409A. Nothing in this Agreement shall be interpreted to change the time or form of any payment that is subject to Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Counterparts</u>: This Agreement (and any amendment, modification and waiver in respect hereof) may be executed by facsimile or other electronic transmission and in counterparts, each of which shall be deemed to be an original, and all of which taken together shall constitute one agreement binding on the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Effective Date</u>: The effective date of this Agreement shall be the eighth (8 <sup>th</sup>) calendar day after the date that You sign this Agreement (the "Effective Date"), provided that You do not revoke it within seven (7) days after signing it. The date that representatives of the Company sign this Agreement shall not affect the Effective Date for any purpose under this Agreement.

20.<u>Other</u>: Nothing in this Agreement shall be construed or enforced in a manner that would prevent You from testifying truthfully under oath in any court, arbitration or administrative agency proceeding, or from providing truthful information in the course of a government investigation. Nothing in this Agreement shall be construed or enforced in a manner that would interfere with Your rights under section 7 of the National Labor Relations Act, if any, to discuss or comment on Your terms and conditions of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Full Understanding</u>: By signing this Agreement, You agree that You have carefully read this Agreement; that You have had a reasonable time to consider the language and effect of this Agreement; that the Company has informed You, in writing, to talk with an attorney before signing this Agreement; that You know, understand and agree with the contents of this Agreement; and that You are signing this document voluntarily because You are satisfied with its terms and conditions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Return of All Company Property</u>: You warrant that when requested by the Company, You will return all property of the Company, including but not limited to, passwords to password-protected files, all confidential information (including all records, notes, data, memoranda, models, reports, lists, other documents, and any copies thereof), computer hardware or software, computers, cell phones, smartphones, files, papers, memoranda, correspondence, customer lists, vendor lists, supplier lists, financial data, credit cards, keys, tape recordings, pictures, security access cards, Company identification, and any other items of any nature which were or are the property of the Company or relate to Company's business and that are in Your possession or under Your control. ("Company Property"), irrespective of whether such Company Property was prepared by You or not. You also agree to immediately cease using any of the Company's tradenames and to return to the Company all advertising matter and other materials. You further agree not to retain any copies of any such Company Property in Your possession or under Your control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Construction</u>: The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party.

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<u>You have read and fully understand this Agreement and have voluntarily signed this Agreement with the full knowledge and understanding that You are waiving valuable rights, and You acknowledge that, unless properly revoked, this Agreement is final and binding.</u>

**EXECUTIVE**:

Signature: <u>/s/ G. Scott Thanisch</u> 

Name:G. Scott Thanisch

Date:June 30, 2025

Received by Company:

**ORION GROUP HOLDINGS, INC.**

By: <u>/s/ Travis Boone</u> 

Name: Travis Boone

Title: President and Chief Executive Officer

Date: June 30, 2025

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