Document:

Asset Purchase Agreement

 Exhibit 10.2 
 EXECUTION VERSION 
  

 
  

 
 ASSET PURCHASE AGREEMENT 

dated as of December 31, 2010 
 by and among 
 GREAT LAKES DREDGE & DOCK COMPANY, LLC,

 L.W. MATTESON, INC. 
 and 
 LAWRENCE W. MATTESON 

and 

LARRY W. MATTESON 
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
		
	ARTICLE I  Definitions	  	 	1	  
			
	  1.1	    	Previously Defined Terms	  	 	1	  
	  1.2	    	Definitions	  	 	1	  
	  1.3	    	Additional Defined Terms	  	 	11	  
	  1.4	    	Interpretation	  	 	13	  
		
	ARTICLE II  Purchase and Sale, Purchase Price, Allocation and Other Related Matters	  	 	13	  
			
	  2.1	    	Purchase and Sale	  	 	13	  
	  2.2	    	Purchase Price	  	 	14	  
	  2.3	    	Payment of the Aggregate Purchase Price	  	 	14	  
	  2.4	    	Determination of Estimated Net Working Capital; Purchase Price Adjustment	  	 	15	  
	  2.5	    	Closing Date Balance Sheet	  	 	16	  
	  2.6	    	Purchase Price Settlement	  	 	18	  
	  2.7	    	Assumed Liabilities	  	 	18	  
	  2.8	    	Transfer Taxes	  	 	20	  
	  2.9	    	Allocation	  	 	20	  
		
	ARTICLE III  Closing and Closing Date Deliveries	  	 	21	  
			
	  3.1	    	Closing	  	 	21	  
	  3.2	    	Closing Deliveries by Seller	  	 	21	  
	  3.3	    	Closing Deliveries by Purchaser	  	 	23	  
	  3.4	    	Cooperation	  	 	24	  
		
	ARTICLE IV  Representations and Warranties of Seller	  	 	24	  
			
	  4.1	    	Due Incorporation	  	 	24	  
	  4.2	    	Authority	  	 	25	  
	  4.3	    	No Violations and Consents	  	 	25	  
	  4.4	    	Brokers	  	 	25	  
	  4.5	    	Required Assets	  	 	26	  
	  4.6	    	Related Party Transactions	  	 	26	  
	  4.7	    	Title to Purchased Assets	  	 	26	  
	  4.8	    	Condition of Assets	  	 	27	  
	  4.9	    	Real Estate	  	 	27	  
	    4.10	    	Marine Assets	  	 	28	  
	    4.11	    	Litigation and Compliance with Laws	  	 	30	  
	    4.12	    	Intellectual Property	  	 	31	  
	    4.13	    	Contracts	  	 	32	  
	    4.14	    	Financial Statements and Related Matters	  	 	32	  
	    4.15	    	Changes Since the Interim Balance Sheet Date	  	 	33	  
	    4.16	    	Insurance	  	 	34	  
	    4.17	    	Licenses and Permits	  	 	34	  
	    4.18	    	Environmental Matters	  	 	34	  

  
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	    4.19	    	Employee Benefit Plans	  	 	36	  
	    4.20	    	Employment and Labor Matters	  	 	38	  
	    4.21	    	Taxes	  	 	39	  
	    4.22	    	Suppliers; Customers	  	 	40	  
	    4.23	    	Government Contracts	  	 	41	  
		
	ARTICLE V  Representations and Warranties of Purchaser	  	 	44	  
			
	  5.1	    	Due Incorporation	  	 	44	  
	  5.2	    	Authority	  	 	44	  
	  5.3	    	No Violations	  	 	44	  
	  5.4	    	Disclaimer	  	 	44	  
	  5.5	    	Litigation	  	 	44	  
	  5.6	    	Brokers	  	 	45	  
		
	ARTICLE VI  Indemnification	  	 	45	  
			
	  6.1	    	Indemnification by Seller	  	 	45	  
	  6.2	    	Indemnification by Purchaser	  	 	45	  
	  6.3	    	Claim Procedure/Notice of Claim	  	 	46	  
	  6.4	    	Survival of Representations, Warranties and Covenants; Determination of Adverse Consequences	  	 	48	  
	  6.5	    	Limitations on Indemnification Obligations	  	 	48	  
	  6.6	    	Set-Off	  	 	50	  
		
	ARTICLE VII  Employee Matters	  	 	50	  
			
	  7.1	    	Employees to be Hired by Purchaser	  	 	50	  
	  7.2	    	Workers’ Compensation, Medical Claims and Retirees	  	 	52	  
		
	ARTICLE VIII  Certain Other Agreements	  	 	52	  
			
	  8.1	    	Post Closing Access to Record	  	 	52	  
	  8.2	    	Consents Not Obtained at Closing	  	 	53	  
	  8.3	    	Novation of Government Contracts	  	 	53	  
	  8.4	    	Performance of Government Contracts Pending Novation	  	 	55	  
	  8.5	    	Failure to Obtain Consent	  	 	55	  
	  8.6	    	Avoidance of Double Withholding Taxes	  	 	55	  
	  8.7	    	Bulk Sale Waiver and Indemnity	  	 	56	  
	  8.8	    	Post-Closing Confidentiality	  	 	56	  
	  8.9	    	Non-Competition; Non-Solicitation	  	 	56	  
	    8.10	    	Use of L.W. Matteson Name	  	 	58	  
	    8.11	    	Shareholders’ Guarantee	  	 	58	  
	    8.12	    	Tax Allocation	  	 	58	  
	    8.13	    	Seller’s Insurance	  	 	58	  
	    8.14	    	Property on Adjacent Parcel	  	 	59	  
		
	ARTICLE IX  Miscellaneous	  	 	59	  
			
	  9.1	    	Cost and Expenses	  	 	59	  
	  9.2	    	Entire Agreement	  	 	59	  

  
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	  9.3	    	Counterparts	  	 	59	  
	  9.4	    	Assignment, Successors and Assigns	  	 	59	  
	  9.5	    	Severability	  	 	60	  
	  9.6	    	Headings	  	 	60	  
	  9.7	    	Risk of Loss	  	 	60	  
	  9.8	    	Governing Law	  	 	60	  
	  9.9	    	Press Releases and Public Announcements	  	 	60	  
	    9.10	    	U.S. Dollars	  	 	60	  
	    9.11	    	Notices	  	 	60	  
	    9.12	    	SUBMISSION TO JURISDICTION; VENUE	  	 	62	  
	    9.13	    	WAIVER OF JURY TRIAL	  	 	62	  
	    9.14	    	Waiver	  	 	62	  
	    9.15	    	No Third-Party Beneficiary	  	 	62	  
	    9.16	    	Enforcement Costs	  	 	62	  

  
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 Exhibit Index 

 

							
	 Exhibit
	    	 Description
	    	 Section Reference
	  	  
				
	    A	    	Form of Set-Off Indemnity Escrow Agreement	    	6.6	  	

  
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 Disclosure Schedule Index 

 

			
	Section 4.1(a) -	  	Foreign Qualifications
	Section 4.1(b) -	  	Capitalization
	Section 4.3 -	  	Required Consents and Approvals
	Section 4.4 -	  	Brokers
	Section 4.6 -	  	Related Party Transactions
	Section 4.7(c)(i) -	  	Seller Personal Property
	Section 4.8 -	  	Condition of Assets
	Section 4.9(a) -	  	Facilities
	Section 4.9(b) -	  	Owned Real Property
	Section 4.9(c) -	  	Leasehold Interests
	Section 4.10(a) -	  	Vessels and Marine Assets
	Section 4.10(b) -	  	Chartered Vessels
	Section 4.10(c) -	  	Deficiencies with regard to Marine Assets and Chartered Vessels
	Section 4.10(d) -	  	Exceptions to U.S. documentation with coastwise trade endorsements
	Section 4.10(g) -	  	Pending Maritime Claims
	Section 4.10(h) -	  	List of Vessels Under Construction
	Section 4.10(i) -	  	List of Marine Personnel
	Section 4.10(j) -	  	List of Actual or Alleged Violations
	Section 4.11 -	  	Litigation and Compliance with Laws
	Section 4.12 -	  	Intellectual Property
	Section 4.13 -	  	Contracts
	Section 4.14(f) -	  	Financial Statements; Backlog
	Section 4.14(g) -	  	Financial Statements; Non-Recurring Contracts
	Section 4.14(h) -	  	Financial Statements; Capital Expenditures
	Section 4.14(i) -	  	Financial Statements; Indebtedness
	Section 4.15 -	  	Changes Since the Interim Balance Sheet Date
	Section 4.16 -	  	Insurance
	Section 4.17 -	  	Licenses and Permits
	Section 4.18(b) -	  	Environmental Matters; Hazardous Materials—Properties
	Section 4.18(d) -	  	Environmental Matters; Storage Tanks
	Section 4.19 -	  	Employee Benefits
	Section 4.19(d) -	  	Certain Benefit Plan Matters
	Section 4.20 -	  	Employee and Labor Matters
	Section 4.21 -	  	Tax Matters
	Section 4.22(a) -	  	Suppliers
	Section 4.22(b) -	  	Customers
	Section 4.23(a) -	  	Government Contracts and Subcontracts
	Section 4.23(i) -	  	Government Contracts - Technical Data
	Section 4.23(k) -	  	Government Contracts - Liquidated Damages
	Section 4.23(p) -	  	Certain Government Contracts

  
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 Schedule Index 

 

							
	Schedule 1.1 -	  	  Certain Permitted Liens	 		 	
	Schedule 2.1 -	  	  Certain Retained Assets	 		 	
	Schedule 2.3(b) -	  	  Illustrative Calculation of Earnout Payments	 		 	
	Schedule 2.7 -	  	  Certain Retained Liabilities	 		 	
	Schedule 2.9 -	  	  Purchase Price Allocation Schedule	 		 	
	Schedule 3.2(f) -	  	  Certain Required Consents and Approvals	 		 	

  
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 ASSET PURCHASE AGREEMENT 

This Asset Purchase Agreement is made and entered into as of December 31, 2010 (this “Agreement”)
by and among GREAT LAKES DREDGE & DOCK COMPANY, LLC, a Delaware limited liability company (“Purchaser”), L.W. MATTESON, INC., an Iowa corporation (“Seller”), and LAWRENCE W. MATTESON and LARRY W. MATTESON
(each a “Shareholder” and together with Seller, the “Seller Parties”). 
 RECITALS:

 A.      Seller is engaged in the dredging business, including inland lake
and river dredging, inland levee and construction dredging, environmental restoration and habitat improvement (the “Business”). 
 B.      Seller desires to sell the Business and substantially all of its assets and properties and transfer certain specified liabilities and Purchaser desires to acquire the
Business and substantially all of the assets and properties, and assume certain specified liabilities, of Seller, on the terms and subject to the conditions hereinafter set forth. 

C.      The Shareholders, together, own, beneficially and of record, all of the
outstanding capital stock of Seller in the amounts set forth on Section 4.1(b) of the Disclosure Schedule. 
 D.      In addition, Mr. Lawrence W. Matteson owns certain assets and property used by Seller in the Business, which he will convey to Purchaser in connection with
the transactions contemplated hereby. 
 NOW, THEREFORE, in consideration of the foregoing recitals, the
representations, warranties and covenants set forth herein, and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 

Definitions 
 1.1     Previously Defined Terms. Each term defined in the first paragraph and Recitals shall have the meaning set forth above whenever used herein, unless otherwise
expressly provided or unless the context clearly requires otherwise. 

1.2     Definitions. Whenever used herein, the following terms shall have the meanings
set forth below unless otherwise expressly provided or unless the context clearly requires otherwise: 

“Accounts Receivable” - As defined in clause (i) of the definition of Purchased Assets.

 “ACH” means Automated Clearing House. 

 “Adverse Consequences” means all Proceedings, claims,
demands, Orders, damages, dues, penalties, fines, costs, amounts paid in settlement, Liabilities, Taxes, interest, Liens, losses, expenses and fees, including all reasonable accounting, consultant and attorneys’ fees and court costs, costs of
expert witnesses and other expenses of Proceedings; provided, that Adverse Consequences shall not include punitive or exemplary damages except to the extent asserted against an Indemnified Party by a third party. 

“Affiliate” means (a) with respect to an individual, (i) the members of the immediate family
(including parents, siblings and children) of the individual, (ii) the individual’s spouse, and (iii) any Business Entity that directly or indirectly, through one or more intermediaries is Controlled by, or is under common Control
with, any of the foregoing individuals, or (b) with respect to any Person other than an individual, any other Person that, directly or indirectly, Controls, is Controlled by, or is under common Control with or of, such Person. The term
“Control” (including, with correlative meaning, the terms “Controlled by” and “under common Control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. Each Shareholder shall be deemed an Affiliate of Seller. 

“Affiliate Receivables” means all accounts, notes, contract or other receivables owed to Seller by a
Shareholder or any other Affiliate of Seller or either Shareholder, including any and all receivables owed to Seller by MMS. 
 “Audited Financial Statements” means the audited balance sheets of Seller as of December 31, 2009, December 31, 2008, and December 31, 2007 and the related audited
statements of income, shareholders’ equity and cash flows for the years then ended, together with the report thereon of McGladrey & Pullen or CPA Associates, as applicable, Seller’s independent certified public accountants.

 “Backlog” means work not yet started and remaining work in progress under Contracts of the
Business transferred to Purchaser with respect to services to be performed by Purchaser subsequent to the Closing Date, as determined on a percentage of completion basis as of the Closing Date. 

“Business Day” means any day other than a Saturday or Sunday or other day on which banks in Chicago,
Illinois are authorized or required to be closed. 
 “Business EBITDA” means, for any Earnout
Period, the income of the Business before interest, income taxes, depreciation and amortization for such Earnout Period, calculated in accordance with GAAP and based on the same accounting principles and procedures applied in the preparation of the
Most Recent Audited Financial Statements; provided, however, that the parties hereto acknowledge and agree as follows: 
 (a)      Business EBITDA shall not include the following: 
   (i)     any income, gains, losses or expenses from any other business of Purchaser, including any business of Purchaser that Purchaser may from or after the Closing
combine with the Business (provided, however, that Purchaser shall use commercially reasonable efforts to ensure that Business EBITDA shall continue to be determinable notwithstanding any such combination of business with the Business); 

  
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   (ii)     any gain or
loss on the sale of equipment, Marine Assets or investments; or 

  (iii)    any transaction costs or fees incurred by Purchaser or its
Affiliates in connection with the consummation of the transactions contemplated by this Agreement; 

(b)        for any vessels or other equipment utilized by the Business, which
are owned or leased by Purchaser but do not constitute Purchased Assets, the Business EBITDA shall be reduced by an amount equal to the customary rate charged internally by Purchaser for the use of such vessels or other equipment on a project or
contract of Purchaser (provided that such rate shall be reduced by any depreciation component otherwise included therein); 
 (c)        for any personnel of Purchaser utilized by the Business, the Business EBITDA shall be reduced by an amount reflecting the fully-loaded cost for such
personnel and the time spent for the Business (except to the extent the cost of any such personnel already has been deducted in the calculation of Business EBITDA); 

(d)        for any contract awarded to the Business after the Closing primarily
due to the Business then being owned by Purchaser (e.g., due to Purchaser’s greater bonding capacity), or any contract or additional work delegated or assigned after Closing by Purchaser to the Business, the Business EBITDA shall be
reduced by any amount equal to any direct costs incurred by Purchaser in connection therewith (and not otherwise already charged against Business EBITDA); 
 (e)        for any project on which the majority of the dredges used by the Business are not dredges that Purchaser acquired from Seller in connection with the
transactions contemplated hereby, the Business EBITDA shall be reduced by an amount equal to twenty-five percent (25%) of the net margin realized on such project in such Earnout Period; and 

(f)         for each EBITDA Period, the Business EBITDA shall be reduced by
an overhead charge in an amount equal to 0.4% of the revenues of the Business for such Earnout Period. 

“Business EBITDA Shortfall” means, for any Earnout Period, the amount, if any, by which $9,000,000
exceeds the Business EBITDA for such Earnout Period. 
 “Business Entity” means any Person
other than an individual or a Governmental Authority. 
 “Cash Purchase Price” means an amount
equal to Thirty-Seven Million Five Hundred Thousand Dollars ($37,500,000). 
 “CERCLA” - As
defined in clause (i) of the definition of Hazardous Material. 

  
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 “Closing Accounts Receivable” means all Accounts
Receivable outstanding as of the Closing Date. 
 “Code” means the Internal Revenue Code of
1986, as amended. 
 “Confidential Information” means any Information concerning the Business
or Purchased Assets, other than information that (i) is already part of the public domain, (ii) becomes publicly known through no wrongful act or omission of any Seller Party or (iii) is required to be disclosed under the terms of a
valid and effective subpoena or order issued by a court of competent jurisdiction or by a demand or information request from an executive or administrative agency or other Governmental Authority; provided, however, the applicable Seller Party shall
promptly notify Purchaser of the existence, terms and circumstances surrounding such demand or request, and shall reasonably cooperate with Purchaser (at the sole cost and expense of Purchaser) in taking legally available steps to resist or narrow
such demand or request. 
 “Contract Bid” means any outstanding bid, quotation or proposal by
Seller that if accepted or awarded could lead to a Government Contract. 
 “Contracts” means,
with respect to any Person, any contract, agreement, deed, mortgage, lease, license, commitment, arrangement or undertaking, written or oral, or other document or instrument to which or by which such Person is a party or otherwise subject or bound
or to which or by which any asset, property or right of such Person is subject or bound. 
 “Current
Assets” means Seller’s Accounts Receivable, costs and estimated earnings in excess of billings on uncompleted Contracts of the Business, deposits and Prepaids; provided, that Current Assets do not include any Retained Assets.

 “Current Liabilities” means those liabilities that constitute accounts payable, accrued
expenses, accrued but unpaid employee compensation and benefits (including accrued vacation, holiday or leave time), billings in excess of costs and estimated earnings on uncompleted Contracts of the Business; provided, that Current Liabilities do
not include the note payable to the City of Decatur, any claims payable or other Retained Liabilities.  

“Disclosure Schedule” means the letter dated as of even date herewith delivered to Purchaser by Seller
simultaneously with the execution and delivery of this Agreement. 
 “Employment and Non-Compete
Agreement” means the employment and non-compete agreements entered into on the Closing Date between Purchaser and each of Larry W. Matteson and Jon G. Nieman. 

“Environmental Laws” means any and all Laws, permits, approvals, authorizations, Orders and other
requirements having the force and effect of law, whether local, state, territorial or national, at any time in force or effect relating to: (i) emissions, discharges, spills, releases or threatened releases of Hazardous Materials; (ii) the
use, treatment, storage, disposal, handling, manufacturing, transportation or shipment of Hazardous Materials; (iii) the regulation of storage tanks; or (iv) otherwise relating to pollution or the protection of human health, safety or the
environment, including the following statutes as now written and amended, 

  
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and as amended hereafter, including any and all regulations promulgated thereunder and any and all state and local counterparts: CERCLA, the Federal Water Pollution Control Act, 33 U.S.C.
§1251 et seq., the Clean Air Act, 42 U.S.C. §7401 et seq., the Toxic Substances Control Act, 15 U.S.C. §2601 et seq., the Solid Waste Disposal Act, 42 U.S.C. §6901 et seq., the Emergency Planning and Community Right-to-Know Act
of 1986, 42 U.S.C. §11001 et seq., and the Safe Drinking Water Act, 42 U.S.C. §300f et seq. 

“ERISA” means the Employee Retirement Income Security Act of 1974 and the rules and regulations
promulgated thereunder. 
 “ERISA Affiliate” means, with respect to any Person, each
corporation, trade or business that is, along with such Person, part of the controlled group of corporations, trades or businesses under common control within the meaning of sections 414(b), (m) or (o) of the Code. 

“Final Net Working Capital” means the Net Working Capital as reflected on the Final Closing Balance
Sheet. 
 “Financial Statements” means the Audited Financial Statements and the Interim
Financial Statements. 
 “GAAP” means United States generally accepted accounting principles
as in effect from time to time. 
 “Geographical Area” means North America, Central America,
South America, the Caribbean, the Middle East, Africa, India, Australia, and Asia. 
 “Government
Contract” means any Contract between Seller and any Governmental Authority. 
 “Government
Subcontract” means any Contract between Seller and any prime contractor or upper-tier subcontractor relating to a Contract between such Person and any Governmental Authority. 

“Governmental Authority” means the government of the United States or any foreign country or any state
or political subdivision thereof and any entity, body or authority exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including quasi-governmental entities established to perform such
functions. 
 “Hazardous Material” means (i) all substances, wastes, pollutants,
contaminants and materials (collectively, “Substances”) regulated, or defined or designated as hazardous, extremely or imminently hazardous, dangerous or toxic, under the following federal statutes and their state counterparts, as
well as these statutes’ implementing regulations: the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601 et seq. (“CERCLA”), the Federal Insecticide, Fungicide, and Rodenticide
Act, 7 U.S. C. Section 136 et seq; the Atomic Energy Act, 42 U.S.C. Section 22011 et seq; and the Hazardous Materials Transportation Act, 42 U.S.C. Section 1801 et seq; (ii) all Substances with respect to which any Governmental
Authority otherwise requires environmental investigation, monitoring, reporting, or remediation; (iii) petroleum and petroleum products and by products including crude oil and any fractions thereof; (iv) natural gas, synthetic gas, and any
mixtures thereof; and (v) radon, radioactive substances, asbestos, urea formaldehyde, and polychlorinated biphenyls (“PCBs”). 

  
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 “Indebtedness” means any (a) obligations relating to
indebtedness for borrowed money or for the deferred purchase price of property or services (including reimbursement obligations related to banker’s acceptances, surety bonds or letters of credit, whether or not matured), (b) obligations
evidenced by a note, bond, debenture or similar instrument, (c) capital lease obligations, (d) letter of credit arrangements, (e) obligations in respect of futures contracts, forward contracts, swaps, options, hedging or similar
arrangements and (f) obligations of the types referred to in the preceding clauses (a) through (e) of any other Person guaranteed by the Seller or secured by a Lien on any assets of the Seller. 

“Interim Balance Sheet” means the balance sheet included in the Interim Financial Statements.

 “Interim Balance Sheet Date” means September 30, 2010. 

“Interim Financial Statements” means the unaudited balance sheet of Seller as of the Interim Balance
Sheet Date and the related unaudited statements of income and cash flows for the portion of the fiscal year then ended. 
 “Inventory” - As defined in clause (iii) of the definition of Purchased Assets. 
 “IRS” means the Internal Revenue Service. 

“Law” means any law, statute, code, regulation, ordinance, rule, Order, or governmental requirement
enacted, promulgated, entered into, agreed, imposed or enforced by any Governmental Authority. 

“Leasehold Interests” - See clause (v) of definition of Purchased Assets. 

“Liabilities” means any obligation or liability (whether known or unknown, whether asserted or
unasserted, whether absolute or contingent, whether accrued or unaccrued, whether liquidated or unliquidated and whether due or to become due), including any liability for Taxes. 

“Lien” means any mortgage, lien, charge, restriction, pledge, security interest, option, lease or
sublease, right of any third party, easement, encroachment or other encumbrance. 
 “Material Adverse
Change” means a change that is or could reasonably be expected to be materially adverse to (a) the results of operations, financial condition, business, rights, properties, assets or liabilities of Seller, the Business or the Purchased
Assets, taken as a whole (b) Seller’s relations with its management, employees, creditors, suppliers, customers, regulators, insurers or others having material business relationships with Seller or the Business, or (c) the ability of
Seller or Purchaser to consummate the transactions contemplated hereby or perform its obligations hereunder; provided, that none of the following shall be deemed to constitute, either alone or in combination, and none of the following shall be taken
into account in determining whether there has been, a Material Adverse Change: (i) any adverse change or 

  
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development relating to the United States financial, banking or securities markets, (ii) conditions resulting from the announcement of the transactions contemplated hereby or
(iii) national or international political or social conditions. 
 “MMS” means Matteson
Marine Services, Inc., an Iowa corporation. 
 “Most Recent Audited Balance Sheet” means
Seller’s audited balance sheet as of December 31, 2009. 
 “Most Recent Audited Balance Sheet
Date” means December 31, 2009. 
 “Most Recent Audited Financial Statements”
means Seller’s audited financial statements as of, and for the year ended, December 31, 2009. 

“Mr. Matteson” means Lawrence W. Matteson. 

“Net Working Capital” means the Current Assets minus the Current Liabilities, which shall be calculated
in accordance with GAAP and based on the same accounting principles and procedures applied in the preparation of the Most Recent Audited Financial Statements. 
 “Order” means any decree, order, judgment, writ, award, injunction, stipulation or consent of or by, or settlement agreement with, a Governmental Authority. 

“Ordinary Course” means the ordinary course of business of Seller, consistent with past practice and
custom (including with respect to quantity and frequency). 
 “Past Due Rate” means an
interest rate equal to nine percent (9%) per annum. 
 “PCBs” - As defined in clause
(v) of the definition of Hazardous Material. 
 “Permitted Liens” means (a) liens
for Taxes not yet due and payable or for Taxes that are being contested in good faith and by appropriate proceedings and for which adequate reserves have been established on the books and records of Seller, (b) landlord and lessor liens
existing under the terms and conditions of leases of real or personal property, but not any such lien that has arisen or exists as a result of a default or breach by Seller of any obligation thereunder or the failure of any condition thereunder to
be satisfied, (c) carrier’s, warehousemen’s, mechanic’s, materialmen’s or similar liens arising in the Ordinary Course securing amounts not yet due and payable, and (d) liens described on Schedule 1.1.

 “Person” means any natural person, corporation, partnership, limited liability company,
joint venture, trust, association or unincorporated entity of any kind. 
 “Prepaids” - As
defined in clause (ii) of the definition of Purchased Assets. 
 “Proceeding” means any
action, complaint, suit, litigation, arbitration or proceeding (including any civil, criminal, administrative, investigative or appellate proceeding), hearing, inquiry, audit, examination or investigation commenced, brought, conducted or heard by or
before, or otherwise involving any court, tribunal or other Governmental Authority or any arbitrator or arbitration panel. 

  
 - 7 -

 “Purchased Assets” means the Business and all assets,
rights and properties owned by (a) Seller (other than the Retained Assets) and (b) Mr. Matteson (but only to the extent constituting Shareholder Assets and in any event excluding any real property), in each case, on the Closing Date,
whether or not carried and reflected on the books of Seller, wherever located, including the following: 
   (i)       all accounts, notes, contract or other receivables of Seller, other than Affiliate Receivables (collectively, “Accounts
Receivable”); 
   (ii)      all deposits and
advances, prepaid expenses and other prepaid items of Seller, to the extent the foregoing are transferable to Purchaser and the full amount thereof is realizable by Purchaser after the Closing, but not including any prepaid Taxes and licenses
(collectively, “Prepaids”); 

  (iii)     all inventories of Seller, including all inventories of
parts and supplies (collectively, “Inventory”); 

  (iv)     all Marine Assets (and all drawings, records and logs
relating thereto) and other tangible assets, including vehicles, trucks, tractors, trailers and other transportation equipment, machinery, equipment, tools, strapping, pallets, spare parts, operating supplies, fuel, furniture and office equipment,
fixtures, construction-in-progress, telephone systems, telecopiers, photocopiers and computer hardware, of Seller, including all tangible assets listed in Section 4.7(c)(i) of the Disclosure Schedule and Sections 4.10(a) and
(b) of the Disclosure Schedule; 

  (v)      all of Seller’s right, title and interest in and
to the Facilities, including the real property leases described in Section 4.9(c) of the Disclosure Schedule and the leasehold improvements situated on the leased real property which is the subject of each such lease (collectively, the
“Leasehold Interests”), other than the Owned Real Property; 

  (vi)     all of Seller’s right, title and interest in, to or
under the (A) Contracts described in Section 4.13 of the Disclosure Schedule (other than the Contracts set forth on Schedule 2.1) and (B) any executory Contracts of Seller which relate to the Business and are not
required to be listed in the Disclosure Schedule pursuant to Section 4.13 of this Agreement; 
   (vii)    all of Seller’s right, title and interest in and to the following intellectual property: trade names (including “L.W. Matteson” and “Matteson
Dredging”), trademarks, trademark registrations, trademark applications, service marks, service mark registrations, service mark applications; copyrights, copyright registrations, copyright applications; patent rights (including issued patents,
applications, divisions, continuations and continuations-in-part, reissues, patents of addition, utility models and inventors’ certificates); domain names; licenses with respect to any of the foregoing; trade secrets, proprietary manufacturing
information and know-how; computer software, inventions, inventors’ notes, drawings and designs; customer and vendor lists and the goodwill associated with any of the foregoing, including any of the foregoing described in
Section 4.12 of the Disclosure Schedule; 

  
 - 8 -

   (viii)   all Permits to the
extent transferable or assignable to Purchaser; 

  (ix)     all of Seller’s right, title and interest in choses in
action, claims and causes of action or rights of recovery or set-off of every kind and character, including under warranties, guarantees and indemnitees; 

  (x)      all of Seller’s files, papers, documents and
records, including credit, sales and accounting records, price sheets, catalogues and sales literature, books, processes, advertising material, stationery, office supplies, forms, catalogues, manuals, correspondence, logs, employment records and any
other information reduced to writing; 
   (xi)     a copy of
Seller’s general ledgers and books of original entry; 

  (xii)    all of Seller’s right, title and interest in, to or under
restrictive covenants and obligations of its present and former employees, agents, representatives, independent contractors and others; 
   (xiii)   the Shareholder Assets; 
   (xiv)   the Business of Seller as a going concern; and 
   (xv)    all other assets owned and used by Seller in the conduct of the Business, other than the Retained Assets. 

“Registered Vessel” means each Vessel that is listed as a “Registered Vessel” on
Section 4.10(a) of the Disclosure Schedule. 
 “Release” means releasing,
spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, disposing or dumping. 
 “Retained Assets” means the following: 

  (i)       all cash and cash equivalents and marketable securities of
Seller; 
   (ii)      Seller’s corporate seal, minute books and
stock record books, the general ledgers and books of original entry, all Tax Returns and other Tax records, reports, data, files and documents; 
   (iii)     all of Seller’s right, title and interest in and to the Owned Real Property; 

  (iv)     all of Seller’s right, title and interest in choses of action, claims
and causes of action or rights of recovery or set-off of every kind and character, including under warranties, guarantees and indemnitees, but only to the extent related to another Retained Asset or a Retained Liability; 

  
 - 9 -

   (v)      all
Affiliate Receivables; 
   (vi)     Seller’s rights
under this Agreement; 
   (vii)    all of Seller’s right,
title and interest in any insurance policies, including those identified in Section 4.16 of the Disclosure Schedule, together with the right to make claims thereunder and to seek refunds of premiums paid on account thereof; 

  (viii)   any funds or assets of any Benefit Plan sponsored or maintained by the
Seller, except to the extent owned by Seller’s employees; 

  (ix)     all of Seller’s rights, title and interest in prepaid
Taxes, Tax refunds and credits; 
   (x)      all of
Seller’s right, title and interest in, to and under the assets identified on Schedule 2.1; 
   (xi)     Seller’s rights under the Surety Contract; 
   (xii)    Seller’s rights under the “Employment Contracts” listed in Section 4.19(a) of the Disclosure Schedule (the “Seller’s
Employment Contracts”); and 
   (xiii)   all of Seller’s
rights to project modification proceeds, but only for work completed by Seller prior to the Closing Date on projects completed prior to the Closing Date and not assigned to Purchaser. 

“Security Agreement” means the Equipment Security Agreement entered into on the Closing Date between
Purchaser and Seller pursuant to which Purchaser grants to Seller a security interest in certain of the Purchased Assets as security for the payment of the Seller Note. 

“Seller Government Contract” means any Contract Bid or Government Contract. 

“Seller Government Subcontract” means any Subcontract Bid or Government Subcontract. 

“Seller’s Employment Contracts” has the meaning assigned thereto in clause (xii) of the
definition of “Retained Assets”. 
 “Seller’s Knowledge” means the actual
knowledge of either Shareholder, Jon G. Nieman or Brad Callison, each after due inquiry and investigation (including a reasonable review of such person’s applicable files and, where appropriate, conferring with legal counsel and financial
advisors). 
 “Set-Off Indemnity Escrow Agreement” means an Escrow Agreement among Purchaser,
Seller and a nationally recognized bank or trust company selected by Purchaser and reasonably satisfactory to Seller, substantially in the form of Exhibit A or with such changes thereto as are required by the escrow agent and reasonably
acceptable to Purchaser and Seller, which shall be entered into if and when contemplated by Section 6.6. 

  
 - 10 -

 “Shareholder Assets” means those assets identified on
Section 4.10(a) of the Disclosure Schedule that have “Lawrence” under the heading “Asset ID” therefor. 
 “Shareholder Assets Purchase Price” means $750,000. 
 “Shareholder Consulting and Non-Compete Agreement” means the Consulting and Non-Compete Agreement entered into on the Closing Date between Mr. Matteson and Purchaser. 

“Subcontract Bid” means any outstanding bid, quotation or proposal by Seller that if accepted or
awarded could lead to a Government Subcontract. 
 “Substances” - As defined in clause
(i) of the definition of Hazardous Material. 
 “Surety Contract” means the General
Agreement of Indemnity dated as of February 16, 1998 between Seller and Travelers Casualty and Surety Company of America, as amended. 
 “Target Net Working Capital” means Three Million Three Hundred Fifty Thousand Dollars ($3,350,000). 

“Tax Return” means any report, return or other information required to be supplied to a Governmental
Authority in connection with any Taxes. 
 “Taxes” means all taxes, charges, fees, duties
(including custom duties), levies or other assessments, including income, gross or net receipts, gross or net proceeds, capital gains, profits, gaming, capital, estimated, alternative or add-on minimum, registration, natural resources, premium, ad
valorem, turnover, real or personal property (tangible and intangible), sales, use, franchise, excise, value added, stamp, leasing, lease, user, transfer, fuel, excess profits, occupational, interest equalization, windfall profits, license, payroll,
environmental, capital stock, disability, severance, employee’s income withholding, other withholding, unemployment and Social Security taxes, which are imposed by any Governmental Authority, and such term shall include any interest, penalties
or additions to tax attributable thereto. 
 “USCG” means the United States Coast Guard.

 “VDR” means the virtual data room made available to Purchaser and its counsel by or on
behalf of Seller for purposes of facilitating the transactions contemplated hereby. 

1.3     Additional Defined Terms. For purposes of this Agreement, the following terms
have the meanings specified in the indicated Section of this Agreement: 
  

			
	 Defined Term
	  	 Section

	 Adjustment Report
	  	2.5(b)
	 Agreement
	  	Introduction
	 Aggregate Purchase Price
	  	2.2
	 Assignment of Lease
	  	3.2(i)
	 Assumed Liabilities
	  	2.7(a)

  
 - 11 -

  

			
	Assumption Agreement	  	3.2(c)
	Benefit Plans	  	4.19(b)
	Burlington Lease	  	3.2(h)
	Business	  	Recitals
	Chartered Vessels	  	4.10(b)
	Claim Notice	  	6.3(a)
	Claimed Amount	  	6.3(a)
	Closing	  	3.1(a)
	Closing Date	  	3.1(a)
	Controlling Party	  	6.3(d)
	Crew	  	4.10(i)
	 Critical Representations
	  	 6.4(b)

	 Earnout Payment
	  	 2.3(b)(i)

	 Earnout Period
	  	 2.3(b)(i)

	 Effective Time
	  	 3.1(b)

	 Estimated Cash Purchase Price
	  	 2.4(b)

	 Estimated Net Working Capital
	  	 2.4(a)

	 Facilities
	  	 4.9(a)

	 Final Closing Balance Sheet
	  	 2.5(d)

	 Finally Determined
	  	 6.6

	Final Net Working Capital Calculation	  	 2.5(a)

	 Indemnified Party
	  	 6.3(a)

	 Indemnifying Party
	  	 6.3(a)

	 Independent Accounting Firm
	  	 2.5(c)

	 Interim Period
	  	 8.4(a)

	 Lower Limit
	  	 2.5(c)

	 Marine Assets
	  	 4.10(a)

	 Net Business EBITDA
	  	 2.3(b)(ii)

	 Non-controlling Party
	  	 6.3(c)

	 Novation Agreement
	  	 8.3(b)

	 Objection Notice
	  	 6.3(b)

	 Owned Real Property
	  	 4.9(b)

	 Permits
	  	 4.17

	 Preferred Bidder Status
	  	 4.23(p)

	 Properties
	  	 4.9(c)

	Purchase Price Allocation Schedule	  	 2.9

	 Purchaser
	  	 Introduction

	 Purchaser Indemnitees
	  	 6.1

	 Request
	  	 8.3(b)

	 Response
	  	 6.3(b)

	 Restricted Person
	  	 8.9(e)

	 Restrictive Covenant
	  	 8.9(e)

	 Retained Liabilities
	  	 2.7(b)

	 Seller
	  	 Introduction

	 Seller Bill of Sale and Assignment
 Agreement
	  	 3.2(a)

  
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	Seller Indemnitees	  	6.2
	Seller Marine Assets	  	4.10(a)
	Seller Note	  	2.3(a)(i)
	Seller Vessels	  	4.10(a)
	Seller Party	  	Introduction
	Settlement Date	  	2.5(d)
	Shared Insurance Proceeds	  	6.5(e)
	 Shareholder Bill of Sale and

        Assignment Agreement
	  	3.2(b)
	Shareholder Marine Assets	  	4.10(a)
	Shareholder Vessels	  	4.10(a)
	Statute of Limitation Representations	  	6.4(b)
	Subcontract Agreement	  	3.2(o)
	Transfer Taxes	  	2.8
	Transferred Employees	  	7.1(a)
	Upper Limit	  	2.5(c)
	Vessels	  	4.10(a)

1.4     Interpretation. Unless the context of this Agreement otherwise requires,
(a) words of any gender shall be deemed to include each other gender, (b) words using the singular or plural number shall also include the plural or singular number, respectively, (c) references to “hereof”,
“herein”, “hereby” and similar terms shall refer to this entire Agreement, (d) all references in this Agreement to Articles, Sections and Exhibits shall mean and refer to Articles, Sections and Exhibits of this Agreement,
(e) all references to statutes and related regulations shall include all amendments of the same and any successor or replacement statutes and regulations, (f) references to any Person shall be deemed to mean and include the successors and
permitted assigns of such Person (or, in the case of a Governmental Authority, Persons succeeding to the relevant functions of such Person), (g) the term “including” shall be deemed to mean “including, without limitation”
and “including, but not limited to” and (h) references to “have been made available to Purchaser,” “have been delivered to Purchaser,” or “have been provided to Purchaser” (and with any correlative word
or phrase) means was made available to Purchaser by Seller in the VDR or have been otherwise given to Purchaser and its representatives. 
 ARTICLE II 
 Purchase and Sale, Purchase Price, 

Allocation and Other Related Matters 

2.1     Purchase and Sale. Upon the terms and subject to the conditions of this
Agreement, at the Closing on the Closing Date, (a) Seller shall sell, assign, convey, transfer and deliver to Purchaser, and Purchaser shall acquire and assume from Seller, the Purchased Assets (other than the Shareholder Assets) and the
Assumed Liabilities, free and clear of any Liens, other than Permitted Liens and (b) Mr. Matteson shall sell, assign, convey, transfer and deliver to Purchaser, and Purchaser shall assume from Mr. Matteson, the Shareholder Assets,
free and clear of any Liens, other than Permitted Liens. Notwithstanding anything herein to the contrary, the Retained Assets will be retained by Seller and not sold, assigned, conveyed, transferred or delivered to Purchaser hereunder. 

  
 - 13 -

 2.2     Purchase Price. The aggregate
purchase price payable by Purchaser for the Purchased Assets shall be (i) Forty-Five Million Dollars ($45,000,000) (the “Base Purchase Price”), as adjusted, up or down, by the difference between the Final Net Working Capital
and the Target Net Working Capital plus (ii) the assumption by Purchaser at the Closing of the Assumed Liabilities plus (iii) the Earnout Payments, if any, in accordance with Section 2.3(b) (collectively, the
“Aggregate Purchase Price”). 
 2.3     Payment of the Aggregate
Purchase Price. 
 (a)      Payment of Base Purchase Price. At the
Closing, Purchaser shall pay the Base Purchase Price as follows: 

  (i)     delivery by Purchaser to Seller of an executed secured
promissory note in the original principal amount of Seven Million Five Hundred Thousand Dollars ($7,500,000) (the “Seller Note”); 

  (ii)    delivery by Purchaser to Seller in accordance with
Section 2.4(b) of an amount equal to (A) the Estimated Cash Purchase Price minus (B) the Shareholder Assets Purchase Price; and 

  (iii)   delivery by Purchaser to Mr. Matteson in accordance with
Section 2.4(b) of an amount equal to the Shareholder Assets Purchase Price. 

(b)      Earnout. Purchaser shall pay the Earnout Payments, if any, to Seller on
the following terms and conditions: 
   (i)     for each of
(i) calendar year 2011, (ii) calendar year 2012 and (iii) calendar year 2013 (each, an “Earnout Period”), Purchaser shall make a cash payment (each, an “Earnout Payment”) to Seller based on the
Business EBITDA for that Earnout Period; 
   (ii)    for each
Earnout Period, (A) if the Business EBITDA for such Earnout Period (minus any unapplied Business EBITDA Shortfall for the preceding Earnout Periods) (the “Net Business EBITDA”) exceeds Nine Million Dollars ($9,000,000) but is
equal to or less than Twelve Million Dollars ($12,000,000), the Earnout Payment shall be an amount equal to the product of (I) the amount by which the Net Business EBITDA for such Earnout Period exceeds Nine Million Dollars ($9,000,000)
multiplied by (II) fifteen percent (15%), and (B) if the Net Business EBITDA for such Earnout Period is greater than Twelve Million Dollars ($12,000,000), the Earnout Payment shall be in an amount equal to the sum of (I) Four
Hundred Fifty Thousand Dollars ($450,000) plus (II) the product of (x) the amount by which the Net Business EBITDA for such Earnout Period exceeds Twelve Million Dollars ($12,000,000) multiplied by (y) twenty-five
percent (25%); 

  
 - 14 -

   (iii)   no Earnout Payment will
be paid to Seller for an Earnout Period in the event the Net Business EBITDA for such Earnout Period does not exceed Nine Million Dollars ($9,000,000); 

  (iv)   the Earnout Payments, if any, are subject to set-off in accordance with
Section 6.6; 
   (v)    for each Earnout Period,
Purchaser shall make the Earnout Payment promptly, and in no event later than the earlier of (A) the fifteenth (15th) day following Purchaser’s public announcement of its financial results for such Earnout Period and
(B) March 30 following such Earnout Period; and 

  (vi)   Purchaser shall provide Seller with all supporting documentation
reasonably requested by Seller for purposes of verifying Purchaser’s calculation of any Earnout Payment. In the event Purchaser and Seller disagree as to the amount of an Earnout Payment, such dispute shall be resolved in accordance with the
procedures described in Section 2.5(c). An illustrative calculation of “Earnout Payment” is attached hereto as Schedule 2.3(b). 
 (c)      It is expressly acknowledged and understood by the parties hereto that the inclusion of the Earnout Payment(s) as part of this Agreement is a principal term hereof
and the opportunity to achieve the same constitutes substantial consideration for Seller’s and the Shareholders’ willingness to execute this Agreement and consummate the transactions contemplated herein. In light of the foregoing, during
the Earnout Periods, Purchaser shall (i) not intentionally divert any material business opportunity relating to the Business to other business units of Purchaser primarily for the purpose of frustrating the Seller’s achievement of the
Earnout Payments; (ii) not operate the Business in a manner intended to thwart or prevent the earning of the Earnout Payment(s); and (iii) maintain books and records necessary to properly account for the Business EBITDA, even if the
Business is combined by Purchaser with another division or operating unit. 

(d)      All payments to be made pursuant to this Section 2.3 shall be made by
ACH to accounts designated by Seller, which accounts will be designated by Seller in writing at least five (5) Business Days prior to the date of the required payment Any amounts required to be paid pursuant to Section 2.6(b) which
are not paid when due will accrue interest at the Past Due Rate until paid in full. 

2.4      Determination of Estimated Net Working Capital; Purchase Price Adjustment.

 (a)      Not later than five (5) Business Days prior to the Closing,
Seller shall provide to Purchaser (i) an estimated balance sheet of Seller prepared in accordance with the books and records of the Seller as of the Closing, (ii) Seller’s good faith calculation of the Net Working Capital as of the
date of, and based on, such balance sheet (the “Estimated Net Working Capital”), (iii) a statement identifying any adjustments to the Cash Purchase Price pursuant to Section 2.4(b) as a result of Estimated Net
Working Capital exceeding or being less than the Target Net Working Capital, and (iv) reasonable access during normal business hours and 

  
 - 15 -

 
without undue disruption of the Business to the appropriate Seller personnel and all supporting financial statements, work sheets and other documentation used to determine the Estimated Net
Working Capital that are reasonably requested by Purchaser. As promptly as practicable but not later than one (1) Business Day prior to the Closing, Purchaser will identify any adjustments that it reasonably believes are required to such
statements delivered by Seller. If Seller disputes any such adjustments, Purchaser and Seller will use all commercially reasonable efforts to resolve such dispute, after which Seller will re-deliver to Purchaser the statements with such adjustments
as the parties have agreed are appropriate. 
 (b)     On the Closing Date,
(i) Purchaser shall pay to Seller an amount equal to (A) the Cash Purchase Price plus (B) the amount by which the Estimated Net Working Capital exceeds the Target Net Working Capital or minus (C) the amount by which
the Target Net Working Capital exceeds the Estimated Net Working Capital (the “Estimated Cash Purchase Price”) minus (D) the Shareholder Assets Purchase Price and (ii) Purchaser shall pay to Mr. Matteson an
amount equal to the Shareholder Assets Purchase Price, in each case in accordance with the payment procedures set forth in Section 2.6(c). No adjustment to the Cash Purchase Price will be made in the event Estimated Net Working Capital
is equal to the Target Net Working Capital. 
 2.5     Closing Date Balance
Sheet. 
 (a)     Within ninety (90) days after the Closing, Purchaser shall
provide to Seller (i) a balance sheet of the Business based upon the Purchased Assets and Assumed Liabilities as of the Closing Date and prepared in accordance with the same accounting principles and procedures applied in the preparation of the
Most Recent Audited Financial Statements (the “Final Closing Balance Sheet”); and (ii) Purchaser’s good faith calculation of the Net Working Capital as reflected on the Final Closing Balance Sheet (the “Final Net
Working Capital Calculation”). At the election of Purchaser, any Closing Accounts Receivable which remain uncollected at the end of such ninety (90) day period may be treated as a reduction to Net Working Capital in the Final Net
Working Capital Calculation, but (A) only to the extent such uncollected Closing Accounts Receivable are in excess of any reserves for doubtful accounts included in the Final Net Working Capital and (B) only if Purchaser promptly
thereafter conveys to Seller all of its rights in and to such uncollected Closing Accounts Receivable, without representation or warranty (other than a representation and warranty that such uncollected Closing Accounts Receivable are free and clear
of Liens, other than Permitted Liens). In the event Purchaser elects not to reduce the Final Net Working Capital by the amount of any such Closing Accounts Receivable that remained uncollected at the end of such ninety (90) day period and such
Closing Accounts Receivable remains uncollected on the one year anniversary of the Closing Date, Seller shall pay to Purchaser the amount of such uncollected Closing Accounts Receivable immediately upon Purchaser’s conveyance to Seller of all
of Purchaser’s rights therein, without representation or warranty (other than a representation and warranty that such uncollected Closing Accounts Receivable are free and clear of Liens, other than Permitted Liens). Following the Closing,
Purchaser agrees to use commercially reasonable efforts to collect the Closing Accounts Receivable, and agrees to provide Seller with written notice of uncollected Closing Accounts Receivable sixty (60) days after Closing. For purposes of the
Final Net Working Capital Calculation, the amount of the Closing Accounts Receivable shall not be reduced to the extent of any amount of such Closing Accounts Receivable compromised, 

  
 - 16 -

 
settled or adjusted by Purchaser without the prior written consent of Seller, which consent shall not unreasonably be withheld. The parties hereto agree that “commercially reasonable
efforts” shall not require Purchaser to commence any Proceeding, or retain any third parties (e.g., collection agencies or attorneys), to seek collection of the Closing Accounts Receivable. Purchaser shall provide to Seller and its
agents and representatives access to the appropriate Purchaser personnel and all supporting financial statements, work sheets and other documentation used to make the Final Net Working Capital Calculation that are reasonably requested by Seller, but
only at reasonable times during normal business hours and with reasonable prior notice to Purchaser. 

(b)     Within thirty (30) days after the Final Closing Balance Sheet and the Final Net
Working Capital Calculation are received by Seller pursuant to Section 2.5(a), Seller shall complete its examination thereof and shall deliver to Purchaser either (i) a written acknowledgement accepting the Final Closing Balance
Sheet and the Final Net Working Capital Calculation; or (ii) a written report setting forth in reasonable detail any proposed adjustments to the Final Closing Balance Sheet and the Final Net Working Capital Calculation (“Adjustment
Report”). If Seller fails to respond to Purchaser within such thirty (30) day period, Seller shall be deemed to have accepted and agreed to the Final Closing Balance Sheet and the Final Net Working Capital Calculation as delivered
pursuant to Section 2.5(a). 
 (c)     In the event Seller and Purchaser
fail to agree on any of Seller’s proposed adjustments contained in the Adjustment Report within thirty (30) days after Purchaser receives the Adjustment Report, then Seller and Purchaser agree that a mutually acceptable nationally
recognized independent accounting firm or other mutually acceptable nationally recognized financial services provider (“Independent Accounting Firm”) shall be jointly retained to make the final determination with respect to the
correctness of the proposed adjustments in the Adjustment Report in light of the terms and provisions of this Agreement. Each of Purchaser, on the one hand, and Seller, on the other hand, shall submit an affidavit to the other evidencing no conflict
or material prior professional or business relationship with the selected Independent Accounting Firm, and such firm shall so certify to Purchaser and Seller that no such conflict or relationship exists. Purchaser and Seller shall use their
commercially reasonable efforts to select the Independent Accounting Firm within ten (10) days of the expiration of such period and to cause the Independent Accounting Firm to resolve all disagreements as soon as practicable, but in any event
within sixty (60) days after submission of the dispute to the Independent Accounting Firm. The Independent Accounting Firm shall limit itself only to the specific items under dispute between the parties, and the decision of the Independent
Accounting Firm shall be final and binding on Seller and Purchaser. Each party (and its respective representatives and advisors) shall be entitled to make a presentation to the Independent Accounting Firm (which may include submission of back-up
materials and workpapers) in support of its position in the dispute. The parties hereto agree that, if the Independent Accounting Firm assigns to any item a value greater than the greatest value for such item claimed by either Purchaser or Seller
(the “Upper Limit”) or less than the smallest value for such item claimed by Purchaser or Seller (the “Lower Limit”), the Determination for such item shall be adjusted to the Upper Limit or the Lower Limit, as
applicable, and not beyond. Seller and Purchaser shall each pay one-half of the Independent Accounting Firm’s fees and expenses in connection with this Section 2.5(c). 

  
 - 17 -

 (d)     The terms “Final Closing Balance
Sheet” and “Final Net Working Capital”) as those terms have been hereinbefore and will be hereinafter used, shall mean the Final Closing Balance Sheet and corresponding Final Net Working Capital delivered pursuant to
Section 2.5(a), as adjusted, if at all, pursuant to this Section 2.5. The date on which the Final Closing Balance Sheet and Final Net Working Capital Calculation are finally determined pursuant to this Section 2.5
shall hereinafter be referred to as the “Settlement Date.” 

2.6     Purchase Price Settlement. 

(a)     In the event the Final Net Working Capital is less than the Estimated Net Working
Capital, then Seller shall pay to Purchaser within five (5) days after the Settlement Date an amount equal to such deficiency. 
 (b)     In the event the Final Net Working Capital is more than the Estimated Net Working Capital, then Purchaser shall pay to Seller within five (5) days after the
Settlement Date an amount equal to such excess. 
 (c)     Any payment required
pursuant to Section 2.6(a) or (b) shall be made by ACH for credit to the recipient at a bank account designated by such recipient in writing. Any amounts required to be paid pursuant to this Section 2.6 which are
not paid when due will accrue interest at the Past Due Rate until paid in full. 

2.7     Assumed Liabilities. 

(a)     As additional consideration for the purchase of the Purchased Assets, Purchaser shall,
at the Closing, by its execution and delivery of the Assumption Agreement, assume, agree to perform, and pay and discharge as and when due, only the following obligations and liabilities of Seller relating to the Business (collectively, the
“Assumed Liabilities”): 
   (i)    the
obligations and liabilities of Seller reflected or reserved for on the Final Closing Balance Sheet as Current Liabilities (other than Retained Liabilities), including accounts payable, accrued expenses, and billings in excess of costs and estimated
earnings, but only to the extent of the monetary amount of such obligations or liabilities so reflected; 
   (ii)   the obligations and liabilities of Seller arising after the Closing Date under (A) Contracts described in Section 4.13 of the Disclosure Schedule (other
than the Contracts set forth on Schedule 2.1); and (B) any executory Contracts which relate to the Business and are not required to be listed in the Disclosure Schedule pursuant to Section 4.13(a); provided,
however, Purchaser is not assuming (x) any Liabilities of Seller in respect of a breach of or default under any such Contracts and (y) any Liabilities of Seller under any Contract (written or oral) with MMS; and 

  (iii)  any Liability for Transfer Taxes allocated to Purchaser under
Section 2.8. 
 (b)     Purchaser shall not assume or pay any, and Seller
shall continue to be responsible for each, Liability of Seller whether or not relating to the Business, not expressly assumed by Purchaser in Section 2.7(a) (collectively, the “Retained Liabilities”). Specifically,
without limiting the foregoing, the Retained Liabilities shall include the following: 

  (i)    any Indebtedness of Seller, including the note payable to the City
of Decatur; 

  
 - 18 -

   (ii)     any Liability
arising out of or relating to the Retained Assets; 

  (iii)    any Liability (whether direct or as a result of transferee
liability, joint and several liability, contractual liability) of Seller for Taxes (including all income Taxes incurred on, after, or before the Closing Date) that are unrelated to the Purchased Assets, the Business, or the Transferred Employees
(whether accrued or payable on, after, or before the Closing Date and whether or not reserved for on the Final Closing Balance Sheet) and any Liability (whether direct or as a result of transferee liability, joint and several liability, contractual
liability) for Taxes (excluding Transfer Taxes) for periods (or portions thereof) ending on the Closing Date (including, for the avoidance of doubt, any Taxes allocated to such periods (or portions thereof) pursuant to Section 8.12) that
are related to the Purchased Assets, the Business, or the Transferred Employees (whether accrued or payable on, after, or before the Closing Date and whether or not reserved for on the Final Closing Balance Sheet); 

  (iv)   any Liability for Transfer Taxes allocated to Seller under
Section 2.8; 
   (v)    all Seller’s income Taxes
resulting from the transactions contemplated by this Agreement; 

  (vi)   all Liabilities and obligations relating to current or former employees,
directors, agents, consultants or other independent contractors relating to services performed, benefit accruals or claims accrued or incurred prior to the Closing Date, including (A) any and all amounts owed to any current or former employee
under any deferred compensation arrangement (including amounts owed to Jon G. Nieman) and (B) any Liabilities arising out of Seller’s participation in or under any multiemployer plan, including any withdrawal liability thereunder;

   (vii)   all Liabilities of Seller (other than Assumed Liabilities)
arising out of any Proceeding or Order related to the Business, the Purchased Assets or Seller arising out of events, transactions, facts, acts or omissions which occurred prior to the Closing, including personal injury or property damage, product
liability or strict liability, in all cases, whether or not disclosed in the Disclosure Schedule (including any subsequent Proceeding or Order related to any pending matters); 

  (viii)  any Liabilities of Seller (other than Assumed Liabilities) related to the
Business or the Purchased Assets of any kind or nature, whether known or unknown, absolute, accrued, contingent or otherwise, or whether due or to become due, arising out of events, transactions, facts, acts or omissions which occurred prior to the
Closing, in all cases, whether or not disclosed in the Disclosure Schedule or in the Financial Statements; 

  
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   (ix)    any Liabilities
arising out of or related to any Contract to which Seller is a party or bound (including any Government Contract or Government Subcontract) to the extent such Liability results from, arises out of, or is caused by any act of (or failure to act by)
Seller prior to the Closing, including a breach of or default under any such Contracts prior to the Closing or any Liability of Purchaser to any Person (including any Governmental Authority) resulting from any obligation of Purchaser to guarantee,
indemnify, or assume the liabilities of Seller’s performance of any such Contract under the terms of any consent or Novation Agreement; 
   (x)    any Liability (other than Assumed Liabilities referenced in Section 2.7(a)(ii)) arising from guarantees, warranty claims or other Contract terms with
respect to services rendered by Seller on or prior to the Closing Date; 

  (xi)    any accrued insurance charges or insurance claims, retroactive
insurance rate adjustments or insurance premiums payable for pre-Closing periods; 

  (xii)   any amounts payable to a Shareholder or any Affiliate of such
Shareholder; 
   (xiii)  any Liabilities of the Seller of any kind or
nature, whether known or unknown, absolute, accrued, contingent or otherwise, arising out of events, transactions, facts, acts or omissions which occur subsequent to the Closing; 

  (xiv)  any Liability under the Surety Contract; 

  (xv)   any Liability under any Seller’s Employment Contract; and

   (xvi)  all Liabilities listed on Schedule 2.7 attached hereto.

 2.8      Transfer Taxes. Any and all transfer, sales, use, purchase,
value added, excise, real property, personal property, intangible stamp, or similar Taxes (collectively, “Transfer Taxes”) imposed on, or resulting from, the transfer (as contemplated by this Agreement or the documents delivered in
accordance with Article III) of any Purchased Assets (including those Transfer Taxes imposed on Purchaser or the Purchased Assets), regardless of when payable, shall be paid fifty percent (50%) by Seller and fifty percent (50%) by
Purchaser. Seller and Purchaser shall cooperate with each other in good faith, and take such commercially reasonable actions as are available, to reduce or eliminate any Transfer Taxes. Unless applicable law requires that Seller file and pay a
Transfer Tax or the parties otherwise agree, Purchaser shall prepare and timely file any Tax Returns required to be filed with respect to Transfer Taxes and shall timely pay any Taxes due and owing with respect to such Tax Returns, subject to
receipt from Seller of its share of such Taxes. 
 2.9      Allocation.
Purchaser and Seller agree to allocate the Aggregate Purchase Price (and Assumed Liabilities and other relevant items) among the Purchased Assets (including the Backlog) in accordance with Schedule 2.9 (the “Purchase Price Allocation
Schedule”). For this purpose, the parties agree that the Cash Purchase Price and the Assumed Liabilities shall be allocated first to the Class II assets (as defined under Section 1060 of the Code), then Class III, then Class IV, etc.,
in an amount not in excess of the fair market value of each respective class 

  
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(except Class VII shall not be so limited) and then the Seller Note and finally, the Earnout, if any, shall be allocated to any remaining asset classes, provided, however, that $541,000 of the
Cash Purchase Price shall be allocated to the covenants-not-to-compete under this Agreement and any ancillary agreements. The parties hereto agree for all Tax reporting purposes to report the transactions in accordance with the Purchase Price
Allocation Schedule and to not take any position during the course of any audit or other proceeding inconsistent with such schedule unless required by a determination of the applicable Governmental Authority that is final. The parties hereto shall
make appropriate adjustments to the Purchase Price Allocation Schedule to reflect changes in the Aggregate Purchase Price. 

ARTICLE III 

Closing and Closing Date Deliveries 

3.1     Closing. 

(a)      Closing. The term “Closing” as used herein shall refer to
the actual conveyance, transfer, assignment and delivery of the Purchased Assets to Purchaser in exchange for the consideration delivered to Seller pursuant to Section 2.3(a). The Closing shall take place at the offices of
Winston & Strawn LLP, 35 West Wacker Drive, Chicago, Illinois 60601, at 10:00 a.m. local time on the date hereof, or at such other place and time or on such other date (or by exchange of facsimile or PDF signatures) as is mutually agreed to
in writing by Seller and Purchaser (“Closing Date”). 

(b)      Effective Time. The Closing shall be deemed effective as of 12:01 a.m. on
the Closing Date (the “Effective Time”). 
 3.2     Closing
Deliveries by Seller. At the Closing, Seller shall deliver to Purchaser: 

(a)      a Bill of Sale and Assignment Agreement (the “Seller Bill of Sale and
Assignment Agreement”), as executed by Seller; and all such other bills of sale, lease assignments, trademark assignments, copyright assignments, patent assignments, employee work product assignments, contract assignments, vehicle and
vessel titles (and any other appropriate vessel title transfer documentation) and other documents and instruments of sale, assignment, conveyance and transfer, as Purchaser may deem reasonably necessary or desirable; 

(b)      a Bill of Sale and Assignment Agreement (the “Shareholder Bill of Sale
and Assignment Agreement”), as executed by Mr. Matteson with respect to the Shareholder Assets; and all such other bills of sale, contract assignments, vehicle and vessel titles (and any other appropriate vessel title transfer
documentation) and other documents and instruments of sale, assignment, conveyance and transfer, as Purchaser may deem reasonably necessary or desirable; 
 (c)      the Assumption Agreement (the “Assumption Agreement”), as executed by Seller reflecting the assumption by Purchaser of the liabilities set forth in
Section 2.7(a); 
 (d)      a certificate of the Secretary or an
Assistant Secretary of Seller certifying as to: (i) the articles of incorporation of Seller, as certified by the Secretary of State of the State 

  
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of Iowa not earlier than thirty (30) days prior to the Closing Date; (ii) the by-laws, as amended, of Seller; (iii) resolutions of the Board of Directors of Seller and the
Shareholders authorizing and approving the execution, delivery and performance by Seller of this Agreement and any agreements, instruments, certificates or other documents executed by Seller pursuant to this Agreement; and (iv) the incumbency
and signatures of the officers of Seller; 
 (e)      a certificate of the
Secretary of State of the State of Iowa and in each other state set forth in Section 4.1(a) of the Disclosure Schedule, in each case as of a date not earlier than thirty (30) days prior to the Closing Date, as to the good standing
and foreign qualification in each such state; 
 (f)      the consents,
authorizations, approvals and novations of the Governmental Authorities and other Persons set forth in Schedule 3.2(f), together with any and all other consents, authorizations and approvals of other Persons under additional Contracts
identified in Section 4.3 of the Disclosure Schedule that have been obtained by Seller as of the Closing; 
 (g)     with respect to the Little Rock Lease, a Landlord Consent and Estoppel Certificate, as executed by the landlord of such Leasehold Interest; 

(h)      a lease for Seller’s corporate headquarters and primary operating facility
located in Burlington, Iowa (the “Burlington Lease”), as executed by Seller as “landlord” thereunder; 
 (i)      an assignment of lease (the “Assignment of Lease”), as executed by Seller, reflecting the assignment to Purchaser of that certain Lease Agreement,
dated January 1, 2007, between W.B. Isgrig & Sons, Inc. and Seller (the “Little Rock Lease”); 
 (j)      each Employment and Non-Compete Agreement as executed by Larry W. Matteson and Jon G. Nieman, respectively; 

(k)     the Shareholder Consulting and Non-Compete Agreement as executed by Mr. Matteson;

 (l)      a certificate, duly completed and executed by Seller pursuant to
Section 1.1445-2(b)(2) of the Treasury regulations promulgated under the Code, certifying that such Seller is not a “foreign person” within the meaning of Section 1445 of the Code; 

(m)    for each Registered Vessel, copies of all current Coast Guard Certificates of Documentation
on such Registered Vessel, and Title Abstracts for each Registered Vessel issued by the USCG no more than five (5) calendar days prior to the Closing Date; 

(n)     all documents necessary to amend Seller’s name to not include “L.W.
Matteson,” “Matteson Dredging” or any derivative thereof or any other similar name, which shall be duly executed and in a form that Purchaser may file in the State of Iowa and in each other state in which Seller is qualified to
transact business; 

  
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 (o)      a subcontract between Seller and
Purchaser, as executed by Seller, pending novation and consent of Government Contracts and Government Subcontracts (the “Subcontract Agreement”); 

(p)      a certificate, in form and substance reasonably satisfactory to Purchaser,
pursuant to which Mr. Matteson represents and warrants to Purchaser that all Shareholder Assets are owned by Mr. Matteson and he has good and valid title to all such Shareholder Assets free and clear of any Liens other than Permitted
Liens; 
 (q)      evidence, in form reasonably satisfactory to Purchaser, of the
renewal of the Little Rock Lease for a twelve-month term ending on December 31, 2011; and 

(r)       such other documents as Purchaser may reasonably request to carry out the
purposes of this Agreement. 
 3.3     Closing Deliveries by Purchaser. At the
Closing, Purchaser shall deliver to Seller: 
 (a)      the Seller Note and the
Security Agreement, each as executed by Purchaser together with all UCC financing statements contemplated thereby; 
 (b)      the payments to be delivered by Purchaser pursuant to Section 2.3(a)(ii) and Section 2.3(a)(iii); 

(c)      a certificate of the Secretary or an Assistant Secretary of Purchaser certifying
as to: (i) the certificate of formation of Purchaser, as certified by the Secretary of State of the State of Delaware not earlier than thirty (30) days prior to the Closing Date; (ii) the limited liability company agreement of
Purchaser; (iii) the resolutions of the Board of Directors of Purchaser authorizing and approving the execution, delivery and performance by Purchaser of this Agreement and any agreements, instruments, certificates or other documents executed
by Purchaser pursuant to this Agreement; and (iv) the incumbency and signatures of the officers of Purchaser; 
 (d)      a certificate of the Secretary of State of the State of Delaware, as of a date not earlier than thirty (30) days prior to the Closing Date, as to the good
standing of Purchaser; 
 (e)      the Assumption Agreement as executed by
Purchaser; 
 (f)       the Seller Bill of Sale and Assignment Agreement as
executed by Purchaser; 
 (g)      the Shareholder Bill of Sale and Assignment
Agreement as executed by Purchaser; 
 (h)      the Burlington Lease as executed
by Purchaser; 
 (i)       the Assignment of Lease as executed by Purchaser;

  
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 (j)       the Employment and Non-Compete
Agreements as executed by Purchaser; 
 (k)      the Shareholder Consulting and
Non-Compete Agreement as executed by Purchaser; 
 (l)       the Subcontract
Agreement as executed by Purchaser; and 
 (m)     such other documents as Seller may
reasonably request to carry out the purposes of this Agreement. 

3.4     Cooperation. Seller and Purchaser shall, on written request, on and after the
Closing Date, reasonably cooperate with one another by furnishing any additional information, executing and delivering any additional documents and/or instruments and doing any and all such other things as may be reasonably required by the parties
to consummate or otherwise implement the transactions contemplated by this Agreement, in each case without materially increasing such party’s legal or economic burden. 
 ARTICLE IV 
 Representations and Warranties of Seller

 Seller represents and warrants to Purchaser as follows, in each case as of the date hereof (or, if
made as of a specified date, as of such date). Any information set forth in a particular section or subsection of the Disclosure Schedule shall be deemed to be disclosed in each other section or subsection of the Disclosure Schedule to which the
relevance of such information is reasonably apparent from the nature of the information or disclosure. 

4.1     Due Incorporation. 

(a)      Seller is a corporation duly incorporated, validly existing and in good standing
under the laws of the State of Iowa. Seller is not required to be qualified as a foreign corporation in any jurisdiction, other than in the States set forth in Section 4.1(a) of the Disclosure Schedule and Seller is so qualified and in
good standing therein. Seller has all requisite corporate power and authority to carry on the Business and to own and use the assets and properties owned and used by it. 

(b)      Each Shareholder owns, beneficially and of record, the number of shares of
capital stock of Seller set forth opposite such Shareholder’s name in Section 4.1(b) of the Disclosure Schedule, which are all of the issued and outstanding shares of capital stock of Seller. Shareholders own, beneficially and of
record, all of the issued and outstanding shares of capital stock of MMS. 

(c)      Seller does not own, directly or indirectly, any capital stock of, or other
equity interests in, any corporation, partnership, limited liability company, joint venture or other entity. 

  
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 4.2     Authority. 

(a)      Seller has the corporate right and power to enter into, and perform its
obligations under this Agreement and each other agreement delivered in connection herewith to which it is a party; and has taken all requisite corporate action to authorize the execution, delivery and performance of this Agreement and each such
other agreement and the consummation of the sale of the Purchased Assets and other transactions contemplated by this Agreement; and this Agreement has been duly authorized, executed and delivered by Seller and is binding upon, and enforceable
against, Seller in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting enforcement of creditors’ rights generally and by general principles
of equity (whether applied in a proceeding at law or in equity). 
 (b)      Each
Shareholder has the legal capacity, right and power to enter into, and perform his obligations under this Agreement and each other agreement delivered in connection herewith to which he is a party; and this Agreement has been duly executed and
delivered by such Shareholder and is binding upon, and enforceable against, such Shareholder in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting enforcement of creditors’ rights generally and by general principles of equity (whether applied in a proceeding at law or in equity). 
 4.3      No Violations and Consents. 
 (a)      Neither the execution, delivery and performance of this Agreement by Seller or either Shareholder nor the consummation of the sale of the Purchased Assets, does or
will, after the giving of notice, or the lapse of time, or otherwise, (i) conflict with, result in a breach of, or constitute a default under, the articles of incorporation or by-laws of Seller, or any Law or Order to which Seller is a party or
by which Seller or any of the Purchased Assets is subject or bound; or (ii) result in the creation of any Lien or other material adverse interest upon any of the Purchased Assets. 

(b)      Except as set forth in Section 4.3 of the Disclosure Schedule,
(i) no consent, authorization or approval of, filing or registration with or giving of notice to, any Governmental Authority or any other Person is necessary in connection with the execution, delivery and performance by Seller or either
Shareholder of this Agreement or the consummation of the transactions contemplated hereby and (ii) neither the execution, delivery and performance of this Agreement by Seller or either Shareholder nor the consummation of the sale of the
Purchased Assets, does or will, after the giving of notice, or the lapse of time, or otherwise, (A) terminate, amend or modify, or give any party the right to terminate, amend, modify, abandon, or refuse to perform, or take any other action
under, any Contract or plan to which Seller is a party; or (B) accelerate or modify, or give any party the right to accelerate or modify, the time within which, or the terms under which, any duties or obligations are to be performed, or any
rights or benefits are to be received, under any Contract or plan to which Seller is a party. 

4.4     Brokers. Except as set forth in Section 4.4 of the Disclosure
Schedule, neither this Agreement nor the sale of the Purchased Assets was induced or procured through any Person acting on behalf of, or representing the Shareholders or Seller or any of its Affiliates as broker, finder, investment banker, financial
advisor or in any similar capacity. 

  
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 4.5     Required Assets. All of the rights,
properties and assets utilized or required by Seller in connection with owning and operating the Business as currently conducted are (a) either owned by Seller or licensed or leased to Seller under one of the Contracts conveyed to Purchaser
under this Agreement; and (b) included in the Purchased Assets (other than the Retained Assets). Seller does not have any rights, properties or assets other than the Purchased Assets or the Retained Assets. 

4.6     Related Party Transactions. Except as set forth in Section 4.6 of
the Disclosure Schedule, neither Seller or any of its Shareholders or Affiliates nor any of their respective directors, officers or management employees (a) owns five percent (5%) or more of any class of securities of, or has an equity
interest of five percent (5%) or more in, any Person which has any business relationship (as charterer, lessor, supplier, customer, consultant or otherwise) with the Business; or (b) owns, or has any interest in, any right, property or
asset which is utilized or required by Seller in connection with owning or operating the Business. 

4.7     Title to Purchased Assets. 

(a) 
   (i)       On the Interim Balance Sheet Date, Seller had, and on the date hereof Seller has, good and valid title to all of the Purchased Assets (other than
the Shareholder Assets) existing on such date free and clear of any Liens, other than Permitted Liens and Liens contemplated by this Agreement to be released upon the Closing. 

  (ii)      On the Interim Balance Sheet Date, Mr. Matteson
had, and on the date hereof Mr. Matteson has, good and valid title to all of the Shareholder Assets existing on such date free and clear of any Liens, other than Permitted Liens and Liens contemplated by this Agreement to be released upon the
Closing. 
 (b) 

  (i)       At the Closing, Seller shall sell, assign,
convey, transfer and deliver to Purchaser good and valid title to all of the Purchased Assets (other than the Shareholder Assets) free and clear of any Liens, other than Permitted Liens. 

  (ii)      At the Closing, Mr. Matteson shall sell, assign,
convey, transfer and deliver to Purchaser good and valid title to all of the Shareholder Assets free and clear of any Liens, other than Permitted Liens. 

(c) 

  (i)       Set forth as Section 4.7(c)(i) of the
Disclosure Schedule is a correct and complete list of all of Seller’s personal property utilized or required by Seller in connection with owning or operating the Business as of December 24, 2010, other than any item of such personal
property having a cost basis of less than $10,000. 

  
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  (ii)      Mr. Matteson does not own any property utilized
or required by Seller in connection with owning or operating the Business, other than the Shareholder Assets and other than any such property that is personal in nature and not material to the Business. 

4.8     Condition of Assets. To Seller’s Knowledge, except as set forth in
Section 4.8 of the Disclosure Schedule, all of the equipment, machinery, tools and other tangible personal property included in the Purchased Assets (other than the Marine Assets, as to the condition of which Seller represents in
Section 4.10(c)), including the Shareholder Assets, are in good operating condition and repair, ordinary wear and tear excepted, and are free from defects other than such minor defects as do not interfere with the intended use thereof in
the conduct of the Business or materially adversely affect the resale value thereof. Purchaser acknowledges and agrees that Seller shall have no obligation hereunder, including under Section 6.1, to complete or pay for the repairs,
maintenance and deficiencies described in Section 4.8 of the Disclosure Schedule. 

4.9     Real Estate. 

(a)      Section 4.9(a) of the Disclosure Schedule sets forth a correct and
complete list of each location at or from which Seller conducts the Business (the “Facilities”). 
 (b)      Section 4.9(b) of the Disclosure Schedule sets forth a correct and complete list of each parcel of real property owned by Seller (together with all
buildings, fixtures and improvements erected thereon and all easements and other rights and interests appurtenant thereto, including the straddle crane attached to the Burlington, Iowa property owned by Seller, the “Owned Real
Property”), showing the record title holder and legal address with respect to such Owned Real Property. Except as set forth in Section 4.9(b) of the Disclosure Schedule, the Company has not leased or otherwise granted to any
Person the right to use or occupy such Owned Real Property or any portion thereof. Seller owns each parcel of Owned Real Property free and clear of all Liens, other than Permitted Liens. 

(c)      Section 4.9(c) of the Disclosure Schedule sets forth a correct and
complete list of all Leasehold Interests (collectively referred to as the “Leased Real Properties” and together with the Owned Real Property, the “Properties”) leased by Seller. With respect to each Leasehold
Interest, except as set forth in Section 4.9(c) of the Disclosure Schedule: (i) Seller has a valid and assignable interest or estate in such Leasehold Interest, free and clear of all Liens other than Permitted Liens; (ii) such
Leasehold Interest is in full force and effect, valid and enforceable by and against Seller and, to Seller’s Knowledge, the lessor or landlord thereof in accordance with its terms; (iii) such Leasehold Interest constitutes the entire
agreement to which Seller is a party with respect to the leasing or use of the subject Leased Real Property; (iv) except for Permitted Liens, Seller has not assigned, sublet, transferred, conveyed, mortgaged, deeded in trust or encumbered any
interest in the interest or estate created thereby; (v) to Seller’s Knowledge, all facilities located on or comprising the Properties have received all permits required in connection with the operation thereof and Seller has not received
any written notice of any material violation of applicable Laws with respect thereto; and (vi) Seller has not received any notice of default pursuant to a Leasehold Interest, no rentals are past due and no condition exists that is or could be a
default by any party under a Leasehold Interest. 

  
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 (d)      There are no claims, governmental
investigations, litigation or proceedings which are pending or, to the Seller’s Knowledge, threatened in writing against the Properties or Seller with respect to the Properties. No condemnation or eminent domain proceedings have been initiated
by service of process on Seller which relate to the Properties, and no such proceedings are, to Seller’s Knowledge, threatened in writing or have been filed by any Governmental Authority with respect to the Properties. 

(e)      Seller is not in default under and has not breached, and the Properties do not
violate, and no event has occurred or is continuing which with notice or the passage of time, or both, would constitute a default by the Seller under any covenants, restrictions, rights-of-way, licenses, agreements or easements affecting title to or
relating to the use of the Properties, and no such covenants, restriction, right-of-way, license, agreement or easement prohibits in any material way the right of Seller to operate the Business at the Properties, nor has Seller received any written
notice or have any Knowledge of any fence dispute, boundary dispute, boundary line question, water dispute or drainage dispute concerning or affecting the Properties. 

4.10    Marine Assets. 

(a) 
   (i)       Section 4.10(a) of the Disclosure Schedule sets forth a correct and complete list of all vessels (the “Seller
Vessels”) and all material vessel-related equipment, parts, and supplies owned by Seller (collectively with the Seller Vessels, the “Seller Marine Assets”). Section 4.10(a) of the Disclosure Schedule sets forth
a correct and complete list of all vessels (the “Shareholder Vessels”, and together with the Seller Vessels, the “Vessels”) and all material vessel-related equipment, parts, and supplies owned by Mr. Matteson
(collectively with the Shareholder Vessels, the “Shareholder Marine Assets”, and together with the Seller Marine Assets, the “Marine Assets”). Except as set forth in Section 4.10(a) of the Disclosure
Schedule, neither Seller nor Mr. Matteson has chartered or otherwise granted to any Person the right to use, control or dispose of any such Marine Assets. 

  (ii)      Seller owns, and has good and valid title to, all
Seller Marine Assets free and clear of all Liens other than Permitted Liens. 

  (iii)     Mr. Matteson owns, and has good and valid title to,
the Shareholder Marine Assets free and clear of all Liens other than Permitted Liens. 

  (iv)     Seller has provided Purchaser with copies of all mortgages,
claims of lien, and related documents related to the Vessels and other Marine Assets. Section 4.10(a) of the Disclosure Schedule identifies each Vessel under the heading “Registered Vessels” that is properly documented under
the laws of the United States and the owner thereof. 

(b)     Section 4.10(b) of the Disclosure Schedule sets forth a correct and
complete list of all vessels over which Seller may exercise control by charter or other specified agreement (the “Chartered Vessels”). Except as set forth in Section 4.10(b) of the Disclosure Schedule, the Seller has not
sub-chartered or otherwise granted to any Person the right to use, 

  
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control or dispose of any such Chartered Vessels. With respect to such Chartered Vessels, (i) Seller has not received any written notice that it is in default of any charter or other
specified agreement and, to Seller’s Knowledge, there are no circumstances that would constitute, as of the Closing Date or with the passage of time or the giving of notice, a default of any such charter or other specified agreement;
(ii) Seller has the right to assign and transfer its interests in such Chartered Vessels and any required consents or approvals of the owners or owners pro hac vice of such Chartered Vessels has been obtained as set forth in
Section 4.10(b) of the Disclosure Schedule; and (iii) Seller is in compliance with all terms and conditions of any charters or other agreements related to such Chartered Vessels and is not in default under any such charters or other
agreements. 
 (c)      To Seller’s Knowledge, except as otherwise set forth
in Section 4.10(c) of the Disclosure Schedule, all the Vessels, Chartered Vessels, and other Marine Assets are in class, in good working order, with all applicable surveys, inspections, drydock and/or underwater examinations up to date,
with all required certificates and approvals current, valid, and up to date. Purchaser acknowledges and agrees that Seller shall have no obligation hereunder, including under Section 6.1, to complete or pay for the repairs, maintenance
and deficiencies described in Section 4.10(c) of the Disclosure Schedule. Seller has provided to Purchaser copies of all current surveys, inspections, condition reports, and other documents related to the physical condition of the
Vessels, Chartered Vessels, and other Marine Assets. 
 (d)      Except as
otherwise set forth in Section 4.10(d) of the Disclosure Schedule, all Vessels (i) were built in the United States, (ii) are properly documented under the flag of the United States in the name of Seller with valid United States
coastwise trade endorsements or are exempt from documentation but would otherwise be eligible for documentation and coastwise trade endorsements, and (iii) are not, or would not be, subject to loss or revocation of United States documentation
or coastwise trade privileges pursuant to 46 U.S.C. § 12132 or otherwise. 
 (e) 

  (i)       Seller is, and has been at all times that it has
held any ownership interest in the Seller Vessels, or any of them, a citizen of the United States as defined by 46 U.S.C. § 50501 and eligible to own vessels in the United States coastwise trade pursuant to 46 U.S.C. § 12103. 

  (ii)      Mr. Matteson is, and has been at all times that
he has held any ownership interest in the Shareholder Vessels, or any of them, a citizen of the United States as defined by 46 U.S.C. § 50501 and eligible to own vessels in the United States coastwise trade pursuant to 46 U.S.C. § 12103.

 (f)      All Vessels, Chartered Vessels, and other Marine Assets are insured
against risk of loss and/or property damage by policies of hull insurance as listed in Section 4.16 of the Disclosure Schedule. All Vessels, Chartered Vessels, and other Marine Assets are insured against risk of claims arising from
torts, salvage, collision, allusion, personal injury, death, or otherwise under policies of marine protection and indemnity insurance as listed in Section 4.16 of the Disclosure Schedule. Seller has delivered to Purchaser complete and
correct copies of all policies of hull and machinery insurance, protection and indemnity insurance, and any other forms of insurance covering such Vessels, Chartered Vessels, and other Marine Assets. 

  
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 (g)      Section 4.10(g) of the
Disclosure Schedule sets forth a correct and complete listing of all pending claims against Seller and/or Mr. Matteson or any of the Vessels, Chartered Vessels, or other Marine Assets by any Person, and all pending claims by Seller and/or
Mr. Matteson or any of the Vessels, Chartered Vessels, or other Marine Assets against any Person, including against its or his insurers, whether or not submitted for payment or resolution. For purposes of this subsection, the term “pending
claims” shall include all actual or, to Seller’s Knowledge, potential claims. 

(h)      Section 4.10(h) of the Disclosure Schedule sets forth a correct and
complete list of all vessels under construction, directly or indirectly on behalf of Seller, or over which Seller exercises any control or in which Seller has any financial or executive interest, and Section 4.10(h) of the Disclosure
Schedule further sets forth the most recent status of such vessels under construction and the current delivery schedule for such vessels under construction. With regard to all such vessels under construction, Seller has delivered to Purchaser
complete and correct copies of all vessel construction contracts, specifications, progress reports, financing documents, refund guarantees, vessel supervisor subcontracts, contracts for owner-furnished equipment, and all other material related
documents. 
 (i)       Section 4.10(i) of the Disclosure
Schedule sets forth a correct and complete listing of all personnel employed by Seller on the Vessels or Chartered Vessels as officers, seamen or otherwise (all such persons, collectively, “Crew”), and to Seller’s Knowledge,
the licenses or merchant marine credentials held by such Crew, and any employment contracts, collective bargaining agreements, or other arrangements under which such Crew are employed on the Vessels or Chartered Vessels. 

(j)       Except as disclosed in Section 4.10(j) of the Disclosure
Schedule, there is no pending or, to Seller’s Knowledge, threatened violation of Law, condition of class or condition of relevant bonds and certificates of financial responsibility related to the use or operation of any of the Vessels,
Chartered Vessels, other Marine Assets or Crew. 
 4.11   Litigation and Compliance with
Laws. 
 (a)      Except as set forth in Section 4.11 of the
Disclosure Schedule, there is no Proceeding pending or, to Seller’s Knowledge, threatened against or affecting Seller, Shareholders or the Business, or any of the Purchased Assets or Seller’s right to own the Purchased Assets or operate
the Business; and, to Seller’s Knowledge, there are no facts or contemplated events which may reasonably be expected to give rise to any such Proceeding. Seller is not subject to any Order. 

(b)      There are no Proceedings pending or, to Seller’s Knowledge, threatened
against Seller or Shareholders with respect to this Agreement, or in connection with the transactions contemplated hereby. 
 (c)      Except as disclosed in Section 4.11 of the Disclosure Schedule, Seller has owned and operated the Business and the Purchased Assets, and owns and
operates the Business 

  
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and the Purchased Assets, in compliance with all applicable Laws. Seller has no Liability with respect to any violation of any applicable Law, including any remediation required by, or penalties
or other amounts payable to, the USCG. Without limiting the generality of the foregoing, all of the violations referenced in the USCG Notices of Violation dated October 7, 2009, March 17, 2010 and April 13, 2010 received by
Seller have been corrected to the satisfaction of the USCG. 
 4.12    Intellectual
Property. 
 (a)      Section 4.12 of the Disclosure Schedule
sets forth the correct and complete schedule of all material trade names, trademarks, trademark registrations, trademark applications, domain names, servicemarks, servicemark registrations, servicemark applications; copyrights, copyright
registrations, copyright applications; patent rights (including issued patents, applications, divisions, continuations and continuations-in-part, reissues, patents of addition, utility models and inventors’ certificates) owned by Seller and any
licenses or sublicenses with respect to the foregoing which are utilized or required in the conduct of the Business (other than shrink-wrapped software with a replacement cost and/or annual license fee of less than a total cost of Ten Thousand
Dollars ($10,000)). All registrations listed in Section 4.12 of the Disclosure Schedule are in good standing, valid, subsisting and in full force and effect in accordance with their terms. Except as set forth in Section 4.12
of the Disclosure Schedule, no licenses, sublicenses, covenants or agreements have been granted or entered into by Seller in respect of any of such trade names, trademarks, servicemarks, copyrights or patents or any applications therefor.

 (b)      There are no patents, trademarks, trade names, servicemarks or
copyrights necessary for the conduct of the Business as presently operated, except those included in the Purchased Assets. 
 (c)      To Seller’s Knowledge, there is not now and has not been during the past three (3) years any infringement, misuse or misappropriation by Seller of any
patent, trademark, trade name, servicemark, copyright or trade secret and which is owned or licensed by any third party, and there is not now any pending or, to Seller’s Knowledge, threatened Proceeding against Seller for infringement, misuse
or misappropriation of any patent, trademark, trade name, servicemark, copyright or trade secret of any third party. 
 (d)      There is no pending or threatened Proceeding by Seller against others for infringement, misuse or misappropriation of any patent, trademark, trade name, servicemark,
copyright or trade secret owned or licensed by Seller and which is utilized or required in the conduct of the Business. 
 (e)      No Shareholder, officer, director or Affiliate of Seller owns, directly or indirectly, in whole or in part, any invention, patent, proprietary right, trademark,
servicemark, trade name, brand name or copyright or application therefor (i) which Seller is presently using in the conduct of the Business; and (ii) the use of which is necessary for the conduct of the Business. 

  
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 4.13     Contracts. 

(a)       Section 4.13 of the Disclosure Schedule contains a correct and
complete list of all personal property leases and all other Contracts, to which Seller is a party and relating to the Purchased Assets or operation of the Business, except Contracts which have a term of one (1) year or less and involve payment
by or to Seller of $25,000 or less. 
 (b)       All Contracts to be
transferred, assigned or conveyed to Purchaser under this Agreement are valid, binding and enforceable by and against Seller and, to Seller’s Knowledge, the other parties thereto in accordance with their terms, except as such enforcement may be
limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting enforcement of creditors’ rights generally and by general principles of equity (whether applied in a proceeding at law or in equity). 

(c)       Neither Seller nor, to Seller’s Knowledge, any other Person is in
breach of, or default under, any Contract to be conveyed to Purchaser under this Agreement, and no event or action has occurred, is pending, or, to Seller’s Knowledge, is threatened, which, after the giving of notice, or the lapse of time, or
otherwise, would constitute a breach by Seller, or to Seller’s Knowledge, any other Person, or a default by Seller, or, to Seller’s Knowledge, any other Person, under any Contract to be conveyed to Purchaser under this Agreement.

 4.14     Financial Statements and Related Matters. 

(a)       Seller has delivered to Purchaser correct and complete copies of the
Financial Statements. The Financial Statements were prepared in accordance with GAAP consistently applied and present fairly in all material respects the financial position and results of operations of Seller at the dates and for the periods
indicated therein; provided, however, that the Interim Financial Statements do not contain all notes required under GAAP for audited financial statements and are subject to normal year-end audit adjustments (the effect of which will not,
individually or in the aggregate, be material). 
 (b)       Seller
maintains and complies in all material respects with a system of accounting controls sufficient to provide reasonable assurances that: (i) its business is operated in accordance with management’s general or specific authorization;
(ii) transactions are recorded as necessary to permit preparation of Seller’s financial statements in conformity with GAAP, and to maintain accountability for items therein; (iii) access to properties and assets is permitted only in
accordance with management’s general or specific authorization; and (iv) the recorded accountability for items is compared with the actual levels at regular intervals and appropriate actions are taken with respect to any differences.

 (c)       Except to the extent reflected or reserved for on the Interim
Balance Sheet or included as a Current Liability in the Estimated Net Working Capital, Seller does not have any Liabilities, other than (a) Liabilities under Contracts entered into in the Ordinary Course of Business (which, to the extent
required by Section 4.13, are identified on Section 4.13 of the Disclosure Schedule), (b) Liabilities incurred since the Interim Balance Sheet Date in the Ordinary Course and not otherwise in contravention of this
Agreement and (c) Retained Liabilities. 

  
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 (d)      All of the Accounts Receivable which
are reflected in the Interim Balance Sheet (other than the Affiliate Receivables) were acquired by Seller in the Ordinary Course; and all of the Accounts Receivable which have been or will be acquired by Seller since the Interim Balance Sheet Date
(other than the Affiliate Receivables) were or will be acquired in the Ordinary Course. Each of such Accounts Receivable (other than the Affiliate Receivables) arose or will arise from bona fide sales of goods or services in the Ordinary Course to
Persons that are not Affiliates of Seller or either Shareholder. 
 (e)      The
determination of the Estimated Net Working Capital hereunder, including the calculation of costs and estimated earnings in excess of billings on uncompleted Contracts of the Business and the calculation of billings in excess of costs and estimated
earnings on uncompleted Contracts of the Business, will be prepared in accordance with GAAP consistently applied and will be based on the same accounting principles and procedures applied in the preparation of the Most Recent Audited Financial
Statements. 
 (f)       A correct and complete list of the Backlog in
respect of all firm service orders and Contracts for the delivery of services by Seller pending as of the date hereof is set forth on Section 4.14(f) of the Disclosure Schedule. All Contracts related to any Backlog are valid, binding and
enforceable by and against Seller, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting enforcement of creditors’ rights generally and by general principles of equity
(whether applied in a proceeding at law or in equity). No event or action has occurred, is pending, or, to Seller’s Knowledge, is threatened, which, after the giving of notice, or the lapse of time, or otherwise, would constitute a breach or
default by Seller, or to Seller’s Knowledge, any other Person, under any Contract related to Backlog. 

(g)       Except as set forth in Section 4.14(g) of the Disclosure
Schedule, no Contracts included in the Backlog as of the Closing Date or reflected in the Most Recent Audited Financial Statements or the Interim Financial Statements were entered into as a result of, or arose from, the American Recovery and
Reinvestment Act, the 8(a) Business Development Program as administered by the U.S. Small Business Administration or any other small or minority business awards. 

(h)       Except as set forth in Section 4.14(h) of the Disclosure
Schedule, (i) there is no scheduled, and Seller has not authorized any, capital expenditures for the Business and (ii) no capital expenditures are necessary for the operation of the Business as currently conducted. 

(i)        As of the date hereof, Seller has no Indebtedness except as described
in Section 4.14(i) of the Disclosure Schedule; and, as of the Closing, Seller will have no Indebtedness, except as described in Section 4.14(i) of the Disclosure Schedule. 

4.15    Changes Since the Interim Balance Sheet Date. Since the Interim Balance Sheet Date,
except as set forth in Section 4.15 of the Disclosure Schedule: 

(a)       the Business has been conducted and carried on only in the Ordinary Course;

  
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 (b)       except for inventory and
supplies purchased, sold or otherwise disposed of in the Ordinary Course, Seller has not purchased, sold, leased, mortgaged, pledged or otherwise acquired or disposed of any properties or assets of or for the Business in an aggregate amount
exceeding $25,000; 
 (c)       Seller has not sustained or incurred any
loss or damage (whether or not insured against) to its properties or assets on account of fire, flood, accident or other calamity which has interfered with or affected in any material respect, or may interfere with or affect in any material respect,
the operation of the Business; 
 (d)       Seller has not made, or become
committed to make, any payment, contribution or award under or into any bonus, pension, profit sharing, deferred compensation or similar plan, program or trust covering any employee of the Business, except as disclosed in Section 4.19 of
the Disclosure Schedule; 
 (e)        there has been no Material
Adverse Change and, to Seller’s Knowledge, no state of facts exists which would reasonably be expected to result in a Material Adverse Change; 
 (f)        Seller has not made any loans, advances or capital contributions to, or investments in, any other Person; 

(g)       Seller has not changed any accounting systems, policies, principles or
practices (including any change in depreciation or amortization policies or rates) used with respect to the Business, except as required by GAAP; or 
 (h)       Seller has not agreed to do any of the items set forth in Section 4.15(b), (d), (f) or (g). 

4.16     Insurance. Section 4.16 of the Disclosure Schedule sets forth all
policies of insurance which are maintained by Seller; and, to Seller’s Knowledge, all of such policies of insurance in full force and effect in accordance with their terms. Seller has not been refused any insurance with respect to the Purchased
Assets or Business, and its coverage has not been limited in any material respect by any insurance carrier to which it has applied for any such insurance or with which it has carried. 

4.17     Licenses and Permits. Section 4.17 of the Disclosure Schedule sets
forth a complete and correct list of all licenses, franchises, permits, fuel permits, operating authorities, state operating licenses or registrations and other interstate or intrastate regulatory licenses and other governmental authorizations held
by Seller relating to the Business (collectively, “Permits”). The Permits are valid and in effect and Seller has not received any written notice that any Governmental Authority intends to cancel, terminate or not renew any of the
same. Seller holds all permits necessary for the conduct of the Business as heretofore conducted. 

4.18     Environmental Matters. 

(a)       During the five years prior to the date hereof, no Hazardous Materials have
been used, transported, manufactured, processed, stored, treated or disposed, in, beneath or on the Owned Real Property except as necessary to the conduct of the Business and in compliance with applicable Environmental Laws. 

  
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 (b)      Except as set forth in
Section 4.18(b) of the Disclosure Schedule, during the five years prior to the date hereof, Seller has not transported, used, generated, treated, stored or disposed of Hazardous Materials on, into or beneath the surface of any of the
Properties in violation of any applicable Environmental Laws. There has not occurred, nor is there presently occurring, a Release or threatened Release of any Hazardous Material on, into, from or beneath the surface of any of the Properties, and no
part of the Properties or, to Seller’s Knowledge, no part of any parcels adjacent to the Properties, including the ground water located thereon, is presently contaminated by Hazardous Materials. 

(c)      During the five years prior to the date hereof, Seller has not treated,
transported or disposed, nor has it allowed or arranged for any third parties to treat, transport, or dispose, any Hazardous Materials, (i) to or at a site which, was not lawfully permitted to receive such Hazardous Material for such purpose,
(ii) to or at a site which has been placed on the National Priorities List or its state equivalent, (iii) to or at a site which the United States Environmental Protection Agency or the relevant state agency has proposed or is proposing to
place on the National Priorities List or its state equivalent, or (iv) in violation of, or in a manner which gives rise to Liability under, any Environmental Laws. Seller has not received written notice that Seller is, a potentially responsible
party for a federal or state environmental cleanup site or for corrective action under any Environmental Law. Seller has not (A) received any written or oral request for information in connection with any federal or state environmental cleanup
site or (B) undertaken (or been requested in writing to undertake) any response or remedial actions or cleanup action of any kind at the request of any Governmental Authority, or at the request of any other Person. 

(d)      Except as identified in Section 4.18(d) of the Disclosure Schedule,
there are no underground storage tanks, aboveground storage tanks, asbestos containing materials, or PCB containing capacitors, transformers or other equipment on any of the Owned Real Properties, and to Seller’s Knowledge, on any of the Leased
Real Property. During the five (5) years prior to the date hereof, there has been no Release from any underground or aboveground storage tank or any PCB containing transformer, capacitor or equipment, other than in compliance with applicable
Laws. To Seller’s Knowledge, none of the underground or aboveground storage tanks or the PCB containing capacitors, transformers or equipment identified in Section 4.18(d) of the Disclosure Schedule has within the last three
(3) years been, and none now need to be, repaired or replaced in accordance with applicable Laws. Prior to the date hereof, Seller has pumped out the underground septic tank and remediated the drainage from the maintenance shed at its
Burlington, Iowa facility, in each case in accordance with applicable law. 

(e)      Seller has provided to Purchaser copies of (i) all environmental audits,
assessments, or occupational health studies in the possession of Seller with respect to the Business or the Purchased Assets within the past three (3) years, (ii) the results of any groundwater, soil, air or asbestos monitoring undertaken
with respect to any of the Properties, (iii) all citations issued with respect to the Business or the Purchased Assets within the past three years under the Occupational Safety and Health Act (29 U.S.C. Sections 651 et seq.) and (iv) all

  
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claims, Liabilities, litigation, notices of violation, administrative proceedings or Orders issued with respect to the Business within the past three (3) years under applicable Environmental
Laws. 
 (f)       Seller does not (i) have pending or on file any
application to treat, incinerate or dispose of PCBs or hold any permit, license or right to incinerate PCBs, (ii) engage (and it has not engaged) in the land filling of Hazardous Materials except in compliance with applicable Environmental Laws
or (iii) engage (and it has not engaged) in any road oiling activities nor has it applied or used oil or Hazardous Materials for dust control or paving purposes. 

(g)       Seller is in compliance with all applicable Environmental Laws, including
obtaining and maintaining in effect all Permits required by applicable Environmental Laws, and Seller is currently in compliance with all such Permits. Seller has no remaining Liability with respect to the sinking of the vessel, the “Davy
Crockett”, the discharge of oil or other Hazardous Materials as a result of such accident or any actions or omissions of Seller arising therefrom. 
 4.19    Employee Benefit Plans. 

(a)       Except as set forth in Section 4.19 of the Disclosure Schedule,
Seller does not maintain, sponsor, contribute to or have any liability or contingent liability with respect to: 
 (i)        any “employee welfare benefit plan” or “employee pension benefit plan” as those terms are respectively defined in sections 3(1) and
3(2) of ERISA, or a “multiemployer plan” (as defined in section 3(37) of ERISA); 

(ii)       any retirement or deferred compensation plan, incentive
compensation plan, stock plan, unemployment compensation plan, vacation pay, severance pay, bonus or benefit arrangement, insurance or hospitalization program or any other fringe benefit arrangements for any current or former employee, director,
consultant or agent, whether pursuant to contract, arrangement, custom or informal understanding, which does not constitute an “employee benefit plan” (as defined in section 3(3) of ERISA); or 

(iii)      any employment agreement. 

(b)      A correct and complete copy of each of the plans, arrangements and agreements set
forth in Section 4.19 of the Disclosure Schedule (collectively, the “Benefit Plans”), and all material contracts or agreements relating thereto, or to the funding thereof, including all material trust agreements,
insurance contracts, administration contracts, investment management agreements, subscription and participation agreements, and recordkeeping agreements, each as in effect on the date hereof, has been provided to Purchaser. In the case of any
Benefit Plan which is not in written form, Purchaser has been provided with a correct and complete description of such Benefit Plan as in effect on the date hereof. A correct and complete copy of the three (3) most recent annual reports, and
the most recent summary plan description and IRS determination letter with respect to each such Benefit Plan, to the extent applicable, and the most recently prepared schedule of assets (and the fair market value thereof assuming liquidation of any
asset which is not readily tradeable) held with respect to any funded Benefit Plan has been provided to Purchaser. 

  
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 (c)      As to all Benefit Plans, except as
set forth in Section 4.19(c) of the Disclosure Schedule: 

(i)       all Benefit Plans comply in all material respects and have
been administered in form and in operation in all material respects with all requirements of Law applicable thereto, and there has been no written notice issued by any Governmental Authority questioning or challenging such compliance; 

(ii)      all Benefit Plans that are employee pension benefit plans (as
defined in section 3(2) of ERISA) comply in form and in operation in all material respects with all applicable requirements of sections 401(a) and 501(a) of the Code; each such Benefit Plan has a current determination letter issued with respect
thereto by the IRS or otherwise is relying on an opinion letter issued to the sponsor of the underlying prototype plan; and no event has occurred which will give rise to disqualification of any such Benefit Plan under such sections or to a Tax under
section 511 of the Code; 
 (iii)      none of the assets of any
Benefit Plan is invested in employer securities or employer real property; 

(iv)      each of the Benefit Plans complies in all material respects with
the requirements of section 409A of the Code; 
 (v)       all
contributions and premiums required by law or the terms of a Benefit Plan to be paid prior to the Closing have been or will be timely made or paid in full prior to the Closing; 

(vi)       there has been no act or omission which has given rise to
fines, penalties, Taxes, or related charges under sections 502(c), 502(i), 502(l) or 4071 of ERISA or Chapters 43, 47, or 68 of the Code for which Seller or any ERISA Affiliate of Seller is liable; 

(vii)      no action has been taken to correct any defects with respect to
any Benefit Plan under any IRS correction procedure and to Seller’s Knowledge no such action is required; 
 (viii)     none of the payments contemplated by the Benefit Plans would, in the aggregate, constitute excess parachute payments as defined in Section 280G of the Code
(without regard to subsection (b)(4) thereof); 

(ix)       neither the execution of this Agreement nor the consummation
of the transactions contemplated by this Agreement will, either alone or in combination with another event result in (A) any payment of severance or other compensation to any current or former employee of Seller or (B) result in the
acceleration of the time of payment or vesting of any compensation or benefit; 

(x)       there are no material actions, suits or claims (other than
routine claims for benefits) pending or, to Seller’s Knowledge, threatened involving such Benefit Plans or the assets thereof, and, to Seller’s Knowledge, no facts exist which would give rise to any such actions, suits or claims (other
than routine claims or benefits); 

  
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 (xi)     no Benefit Plan is subject
to Title IV of ERISA for the funding requirements of Section 412 of the Code; and no benefit plan is a multiemployer plan as described in Section 3(37) of ERISA; 

(xii)     each Benefit Plan which constitutes a “group health plan” (as
defined in section 607(1) of ERISA or section 4980B(g)(2) of the Code), has been operated in compliance in all material respects with applicable Law; 

(xiii)    neither Seller nor any ERISA Affiliate of Seller has Liability under any
Benefit Plan or otherwise for providing post-retirement medical or life insurance benefits, other than statutory liability for providing group health plan continuation coverage under Part 6 of Title 1 of ERISA and section 4980B (or any predecessor
section thereto) of the Code; 
 (xiv)    there has been no act or omission
that would impair the right or ability of Seller or any ERISA Affiliate of Seller unilaterally to amend or terminate any Benefit Plan; and 
 (xv)     there are no pending claims against Seller under any workers compensation plan or policy or for long term disability. 

(d)      Set forth in Section 4.19(d) of the Disclosure Schedule is a correct
and complete list of each former employee of Seller currently receiving health care continuation coverage under a Seller plan. 
 4.20    Employment and Labor Matters. 

(a)      Prior to the date hereof, Seller has provided to Purchaser a correct and complete
list of all of its employees and their respective start dates, salary or wages. 

(b)      Except as disclosed in Section 4.20 of the Disclosure Schedule, there
is no labor trouble, dispute, grievance, controversy, strike or request for union representation pending or, to Seller’s Knowledge, threatened against Seller or affecting the Business. 

(c)      Seller is in compliance with all applicable Laws regarding employment and
employment practices, terms and conditions of employment and wages and hours, and is not engaged in any unfair labor practice. There are no disputes pending or, to Sellers’ Knowledge, threatened, between Seller and any current or former
employees, which controversies have resulted, or would reasonably be expected to result, in a Proceeding. There is no unfair labor practice charge or complaint against Seller pending before the National Labor Relations Board, the labor relations
board or comparable body of any state or foreign jurisdiction, or any Governmental Authority, and, to Seller’s Knowledge, none is threatened. 
 (d)      Except as set forth on Section 4.20 of the Disclosure Schedule, Seller is not a party to, or bound by, any collective bargaining agreement, employment
contract or 

  
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consulting agreement. Neither Seller, nor, to Sellers’ Knowledge, any employee of Seller is in violation of any material term of any employment contract, noncompetition agreement, collective
bargaining agreement, or any restrictive covenant to a former employer relating to the right of any such employee to be employed by Seller because of the nature of the business conducted or presently proposed to be conducted by Seller or to the use
of proprietary information of others. No current employees of Seller have given written notice to Seller, nor, to Sellers’ Knowledge, does any such employee intend to, terminate his or her employment with Seller. 

4.21    Taxes. Except as otherwise set forth on Section 4.21 of the Disclosure
Schedule: 
 (a)      Seller has complied in all respects with all Laws relating
to Taxes and all Tax Returns of Seller required to be filed have been duly and timely filed. All such Tax Returns are correct and complete. All Taxes due and payable with respect to any Tax Returns (whether or not shown as payable), or otherwise due
and payable by Seller, have been timely paid to the appropriate Governmental Authority or otherwise have been adequately reserved for on the books and records of Seller. There are no existing liens for Taxes on any of the Purchased Assets, except
for Permitted Liens. All applicable sales Taxes required to be paid by Seller were paid when the Purchased Assets were acquired. Seller has provided to Purchaser correct and complete copies of (i) all federal, state, local, and foreign income,
franchise, sales and use and payroll Tax Returns filed by Seller (or its Affiliates) with respect to the Business, the Transferred Employees, or the Purchased Assets in the past three (3) years and (ii) all notices, correspondence, and
similar material received by Seller (or its Affiliates) from any Governmental Authority with respect to any proposed adjustment, audit or examination with respect to Taxes. 

(b)      Seller has, in accordance with applicable Laws, (i) withheld all required
amounts from payments to employees and timely remitted such amounts to the proper Governmental Authorities, (ii) withheld all required amounts from payments to agents, contractors and nonresidents and timely remitted such amounts to the proper
Governmental Authorities; (iii) timely paid all required employer contributions and premiums to the Governmental Authorities; and (iv) filed all federal, state, local and foreign returns and reports with respect to employee income Tax
withholding, social security Taxes and premiums, and unemployment Taxes and premiums. 

(c)      None of the Purchased Assets is Tax exempt use property under Code
Section 168(h). None of the Purchased Assets is property that Seller is required to treat as being owned by any other Person pursuant to the safe harbor lease provision of former Code Section 168(f)(8). None of the Purchased Assets
constitutes stock in a corporate subsidiary or a joint venture, partnership, limited liability company interest, or other arrangement or contract which is taxed as a partnership for U.S. federal income Tax purposes. 

(d)      Seller is not a foreign person within the meaning of Code Section 1445.
Seller has no (and has not previously had any) permanent establishment in any foreign country and Seller does not engage (and has not previously engaged) in a trade or business within the meaning of the Code relating to the creation of a permanent
establishment in any foreign country. 

  
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 (e)       Neither the Code nor any other
provision of Law requires Purchaser to withhold any portion of the Aggregate Purchase Price. 

(f)       Seller has no obligation for Taxes pursuant to any contract that Purchaser
is assuming as a result of the transactions contemplated by this Agreement. Seller has not extended any statute of limitations relating to Taxes for which Purchaser could be liable under this Agreement or pursuant to applicable Law. No Governmental
Authority has made a written claim that Seller is obligated to pay Taxes in a jurisdiction in which Seller is not filing Tax Returns. No audits or other proceedings are ongoing or, to Seller’s Knowledge, threatened in writing with respect to
any Taxes relating to the Business, the Purchased Assets, or the Transferred Employees for which Purchaser could have liability under this Agreement or under applicable Laws. There are no unpaid or proposed assessments for Taxes with respect to any
of the Purchased Assets. 
 (g)       Seller has duly elected to be treated
as an S corporation pursuant to Code Section 1362(a). This election was initially effective as of July 1, 1989. 
 4.22    Suppliers; Customers. 

(a)       Suppliers. Section 4.22(a) of the Disclosure Schedule
sets forth the ten (10) largest suppliers of Seller (based on dollar amounts paid by Seller for products or services supplied to Seller) for the year ended December 31, 2009 and the nine-month period ended September 30, 2010 (the
“Material Suppliers”) and the amounts paid by Seller to such Material Suppliers during such periods. Except as set forth in Section 4.22(a) of the Disclosure Schedule, (i) all Material Suppliers continue to be
suppliers of Seller; (ii) since the Most Recent Audited Balance Sheet Date, no Material Supplier has terminated its relationship with Seller or, to Seller’s Knowledge, threatened to do so; (iii) since the Most Recent Audited Balance
Sheet Date, no Material Supplier has modified or, to Seller’s Knowledge, indicated that it intends to modify its relationship with Seller in a manner which would reasonably be expected to result in a Material Adverse Change; and
(iv) Seller is not involved in any material claim, dispute or controversy with any Material Supplier. To Seller’s Knowledge, no Material Supplier has threatened to take any of the actions described in this Section 4.22(a) as a
result of the transactions contemplated by this Agreement. To Seller’s Knowledge, since the Most Recent Audited Balance Sheet Date, there has been no other material adverse change in the relationship between Seller and any Material Supplier.

 (b)       Customers. Section 4.22(b) of the Disclosure
Schedule sets forth the ten (10) largest customers of Seller (based on dollar amounts of services purchased from Seller) for the year ended December 31, 2009 and the nine-month period ended September 30, 2010 (the “Material
Customers”) and the amounts for which Seller invoiced such Material Customers during such periods. Except as set forth in Section 4.22(b) of the Disclosure Schedule, (i) all Material Customers continue to be customers of
Seller, (ii) since the Most Recent Audited Balance Sheet Date, no Material Customer has terminated its relationship with Seller or, to Seller’s Knowledge, threatened to do so; (iii) since the Most Recent Audited Balance Sheet Date,

  
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no Material Customer has modified or, to Seller’s Knowledge, indicated that it intends to modify its relationship with Seller in a manner which would reasonably be expected to result in a
Material Adverse Change; and (iv) Seller is not involved in any material claim, dispute or controversy with any Material Customer. To Seller’s Knowledge, no Material Customer has threatened to take any of the actions described in this
Section 4.22(b) as a result of the transactions contemplated by this Agreement. To Seller’s Knowledge, since the Most Recent Audited Balance Sheet Date, there has been no other material adverse change in the relationship between
Seller and any Material Customer. 
 4.23    Government Contracts. With respect to
each Seller Government Contract and each Seller Government Subcontract: 

(a)       Each such Seller Government Contract or Seller Government Subcontract
(i) is set forth on Section 4.23(a) of the Disclosure Schedule, (ii) was, to Seller’s Knowledge, legally awarded and is in full force and effect, (iii) is binding on Seller and, to Seller’s Knowledge, the other
parties thereto; and (iv) Seller has complied with the terms and conditions of such contracts, including all clauses, provisions and requirements incorporated expressly, by reference, or by operation of any Law. 

(b)       Seller is not currently in, and the execution and delivery of this
Agreement by Seller and the consummation of the Transactions by Seller will not result in any, violation, breach or default of any term or provision of any Seller Government Contract or Seller Government Subcontract. All representations and
certifications with respect to any Seller Government Contract or Seller Government Subcontract made by Seller were current, accurate and complete when made, and Seller has complied with all such representations and certifications. 

(c)       Seller is not in violation, breach or default of any provision of any Order
or Law governing any Seller Government Contract or Seller Government Subcontract. No written allegation that Seller is in breach, violation or default of any Order or Law has been made to Seller and not withdrawn. Seller does not have credible
evidence of a violation of Federal criminal law involving fraud, conflict of interest, bribery, or gratuity violations found in Title 18 of the United States Code; violation of the civil False Claims Act (31 U.S.C. 3729-3733); or significant
overpayment(s) on any Seller Government Contract or Seller Government Subcontract, other than overpayments resulting from contract financing payments as defined in FAR 32.001. 

(d)       Seller has not received a written cure notice, a written show cause notice
or a written stop work notice, nor has Seller been notified or threatened in writing with termination for default or convenience under any Seller Government Contract or Seller Government Subcontract. 

(e)       To Seller’s Knowledge, there are no material disputes between Seller
and a Governmental Authority under any Seller Government Contract or between Seller and any prime contractor, subcontractor, vendor, or other third party arising under or relating to any Seller Government Contract or Seller Government Subcontract,
and, to Seller’s Knowledge, there is no fact, event or circumstance likely to give rise to a material dispute under any Seller Government Contract or Seller Government Subcontract. 

  
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 (f)      Seller has not been audited by any
Governmental Authority, is not currently being audited by any Governmental Authority and no such audit, to Seller’s Knowledge, has been threatened by any Governmental Authority. No cost incurred by Seller pertaining to a Seller Government
Contract or Seller Government Subcontract is or has been the subject of any audit or, to Seller’s Knowledge, investigation or has been disallowed in writing by any Governmental Authority. 

(g)      Neither Seller nor, to Seller’s Knowledge, any of its officers, directors or
principals (as defined in FAR 52.209-5), employees, consultants or agents has been suspended or debarred from eligibility to receive contracts or subcontracts with any Governmental Authority in connection with the conduct of the Business; and no
such suspension or debarment has been initiated or, to Seller’s Knowledge, threatened. To Seller’s Knowledge, there exist no facts or circumstances that would warrant the institution of suspension, debarment, or finding of
non-responsibility or ineligibility of Seller or any of its personnel, agents or consultants with respect to any Government Contract. 
 (h)      To Seller’s Knowledge, there is no ongoing or threatened Proceeding by any Governmental Authority relating to any Seller Government Contract or Seller
Government Subcontract or the violation of any Law relating to any Seller Government Contract or Seller Government Subcontract. There are no outstanding written claims or requests for equitable adjustments or, to Seller’s Knowledge, threatened
claims or threatened requests for adjustments, between Seller and any Governmental Authority and any prime contractor, subcontractor, vendor or other third party arising under or relating to any Seller Government Contract or Seller Government
Subcontract and there are no facts that would give rise to any claims or requests for equitable adjustments by or against Seller arising under or relating to any Seller Government Contract or Seller Government Subcontract. 

(i)       Except as set forth on Section 4.23(i) of the Disclosure
Schedule, no Governmental Authority has any rights with respect to any technical data or computer software that are material to the Business. 
 (j)       No current operations of Seller are restricted by the Organizational Conflicts of Interest restrictions as set forth in Federal Acquisition Regulation Subpart
9.5. Neither any Governmental Authority nor any prime contractor or subcontractor has notified Seller in writing or, to Seller’s Knowledge, orally, that the Seller has an actual or potential organizational conflict of interest under any clause
contained in any Seller Government Contract or Seller Government Subcontract relating to organizational conflicts of interest or is otherwise subject to any restrictions on its ability to compete for any future Government Contract. 

(k)      Except as set forth on Section 4.23(k) of the Disclosure Schedule,
there are no liquidated damages or indemnification or similar provisions or any obligations under any Seller Government Contract or Seller Government Subcontract. 

  
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 (l)       None of Seller nor, to
Seller’s Knowledge, any of its directors, officers, managers, employees, consultants or agents is or has been (except as to routine security investigations) under administrative, civil or criminal investigation, audit, indictment or information
by any Governmental Authority or threatened with any administrative, civil or criminal investigation, audit, indictment or information by any Governmental Authority. 

(m)      Seller has complied with all applicable cost accounting standards and cost
principles of a Governmental Authority, and Seller has not received written notice from the sponsoring United States Government Agency Administrative Contracting Officer or any other Governmental Authority of any intent to suspend, disapprove or
disallow any material costs. 
 (n)       To Seller’s Knowledge, all
former U.S. government personnel that are employed by Seller comply with applicable Laws specifically related to post government employment. 
 (o)       Seller has complied with proprietary marking requirements of all Governmental Authorities for proposal submissions in response to solicitations and deliverable
submissions under Seller Government Contracts and Seller Government Subcontracts. 

(p)       Except as set forth in Section 4.23(p) of the Disclosure
Schedule, there are no open Government Contracts or Government Subcontracts awarded to Seller where Seller represented to the applicable Government Authority or prime contractor that Seller was qualified as a “small business,” “small
disadvantaged business,” “veteran owned business,” participant in the Section 8(a) Business Development program, or other preferential status (including participation in preferential status programs such as the Historically
Underutilized Business Zone program) or other “set aside” status, or entitlement to an evaluation preference under the terms of the applicable solicitation) (collectively, a “Preferred Bidder Status”). Seller does not have
any pending Contract Bids in connection with any Government Contract that has been set aside for, or which provided an evaluation preference based on, Preferred Bidder Status. 

(q)       During the past five (5) years, Seller has not conducted or initiated
any internal investigation or made a voluntary disclosure to a Governmental Authority, with respect to any alleged non-compliance with a Law, irregularity, misstatement or omission arising under or relating to a Seller Government Contract; and there
exist no circumstances that require Seller to answer any of the questions in FAR 52.209-5 in the affirmative. 

(r)       As of the Closing Date, Seller does not have any pending or open Contract
Bids or Subcontract Bids. 

  
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 ARTICLE V 
 Representations and Warranties of Purchaser 

Purchaser represents and warrants to Seller and the Shareholders as follows: 

5.1      Due Incorporation. Purchaser is a limited liability company duly formed,
validly existing and in good standing under the laws of the State of Delaware. 

5.2      Authority. Purchaser has the limited liability company right and power to
enter into, and perform its obligations under this Agreement and each other agreement delivered in connection herewith to which it is a party, and has taken all requisite limited liability company action to authorize the execution, delivery and
performance of this Agreement and such other agreements and the consummation of the purchase of the Purchased Assets and other transactions contemplated by this Agreement; and this Agreement has been duly executed and delivered by Purchaser and is
binding upon, and enforceable against, Purchaser in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting enforcement of creditors’ rights
generally and by general principles of equity (whether applied in a proceeding at law or in equity.) 

5.3      No Violations. Neither the execution, delivery or performance of this
Agreement by Purchaser, nor the consummation of the purchase of the Purchased Assets or any other transaction contemplated by this Agreement, does or will, after the giving of notice, or the lapse of time, or otherwise conflict with, result in a
breach of, or constitute a default under, the certificate of formation or limited liability company agreement of Purchaser, or any Law or Order, or any Contract or plan to which Purchaser is a party. No consent, authorization or approval of, filing
or registration with or giving of notice to, any Governmental Authority or any other Person is necessary in connection with the execution, delivery and performance by Purchaser of this Agreement. 

5.4      Disclaimer. The representations and warranties of Seller set forth in
Article IV are the only representations and warranties made by Seller with respect to the Business and the Purchased Assets. Except as specifically set forth in this Agreement, Seller is selling the Purchased Assets to Purchaser “as is”
and “where is” and with all faults. EXCEPT AS SPECIFICALLY SET FORTH IN THIS AGREEMENT, SELLER MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER RELATING TO THE PURCHASED ASSETS, INCLUDING THE CONDITION OF THE PURCHASED
ASSETS, THEIR MERCHANTABILITY OR THEIR FITNESS FOR ANY PARTICULAR PURPOSE. Purchaser acknowledges that it has made its own determination as to the values of the Business and the Purchased Assets, and is not relying on any information (with the
exception of representations and warranties of Seller contained in this Agreement or in the Disclosure Schedule) as to Seller’s past or present profitability or business prospects associated with the Purchased Assets. 

5.5      Litigation. There is no Proceeding pending or, to Purchaser’s actual
knowledge, threatened against or affecting Purchaser with respect to this Agreement, or in connection with the transactions contemplated hereby. 

  
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 5.6      Brokers. Neither this
Agreement nor the purchase of the Purchased Assets was induced or procured through any Person acting on behalf of, or representing, Purchaser or any of its Affiliates as broker, finder, investment banker, financial advisor or in any similar
capacity. 
 ARTICLE VI 
 Indemnification 

6.1      Indemnification by Seller. Subject to the provisions of this
Article VI, Seller covenants and agrees after the Closing to indemnify and hold harmless Purchaser and its Affiliates, and their respective officers, directors, stockholders, employees and agents (collectively, the “Purchaser
Indemnitees”), from and against any and all Adverse Consequences, together with interest on cash disbursements actually made with written notice to Seller in connection therewith at the Past Due Rate from the date of each such disbursement
until paid by Seller, incurred or suffered by the Purchaser Indemnitees resulting from any of the following: 

(a)      any inaccuracy in or breach of, or, with respect to a third-party claim, any
alleged breach or inaccuracy of, any representation or warranty of Seller set forth in this Agreement (or the Disclosure Schedule) or in any transaction document or certificate delivered by Seller or Mr. Matteson at Closing in connection with
this Agreement; 
 (b)      any breach of any covenant or agreement of Seller set
forth herein or in any document or certificate delivered by Seller in connection with this Agreement or any breach by MMS of its obligations under Section 1(c) of the Lease; 

(c)      any Retained Liabilities; 

(d)      any Retained Assets; 

(e)      any breach of an agreement or covenant of any Shareholder under such
Shareholder’s Employment and Non-Compete Agreement or Shareholder Consulting and Non-Compete Agreement, as applicable; or 
 (f)      any litigation, non-compliance matters or outstanding insurance claims disclosed in Sections 4.10(g), 4.10(j), 4.11 or 4.11(c) of the
Disclosure Schedule; the environmental non-compliance issues identified in the Phase I environmental reports obtained by Purchaser in connection with the transactions contemplated hereby and provided to Seller prior to the date hereof; the sinking
of the Davy Crockett; the May 2008 break away of barges in Burlington, Iowa; and the sunk barges in the waterway at the Burlington site. 
 6.2     Indemnification by Purchaser. Subject to the provisions of this Article VI, Purchaser covenants and agrees after the Closing to indemnify and hold
harmless Seller and the Shareholders (collectively, the “Seller Indemnitees”) from and against any and all Adverse Consequences, together with interest on cash disbursements actually made with written notice to Purchaser in
connection therewith at the Past Due Rate from the date of each such disbursement until paid by Purchaser, incurred or suffered by the Seller Indemnitees resulting from any of the following: 

(a)      any inaccuracy in or breach of, or, with respect to a third-party claim, any
alleged breach or inaccuracy of, any representation or warranty of Purchaser set forth in this Agreement or in any transaction document or certificate delivered by Purchaser at Closing in connection with this Agreement; 

  
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 (b)      any breach of any covenant or
agreement of Purchaser set forth herein or in any document or certificate delivered by Purchaser in connection with this Agreement; 
 (c)      any Assumed Liability; or 

(d)      any liability for Taxes allocable to Purchaser pursuant to
Section 8.12. 
 6.3      Claim Procedure/Notice of Claim.

 (a)      A party entitled, or seeking to assert rights, to indemnification
under this Article VI (an “Indemnified Party”) shall give written notification (a “Claim Notice”) to the party from whom indemnification is sought (an “Indemnifying Party”) which
contains (i) a reasonable description and the amount (the “Claimed Amount”), if then known, of any Adverse Consequences actually incurred or reasonably expected to be incurred by the Indemnified Party and (ii) a statement
that the Indemnified Party is entitled to indemnification under this Article VI for such Adverse Consequences and a reasonable explanation of the basis therefor and identifying the applicable Section under which indemnification is being
sought. 
 (b)      Within thirty (30) days after receipt of a Claim Notice,
the Indemnifying Party shall deliver to the Indemnified Party a written response (the “Response”) in which the Indemnifying Party shall either: (i) agree that the Indemnified Party is entitled to receive all of the Claimed
Amount or (ii) dispute that the Indemnified Party is entitled to receive any or all of the Claimed Amount and the basis for such dispute (in such an event, the Response shall be referred to as an “Objection Notice”). If no
Response is delivered by the Indemnifying Party to the Indemnified Party within such 30-day period, the Indemnifying Party shall be deemed to have agreed that an amount equal to the entire Claimed Amount shall be payable to the Indemnified Party and
such Claimed Amount shall, subject to Section 6.4(e), be promptly paid to Purchaser or Seller, as applicable. 
 (c)      In the event that the parties are unable to agree on whether Adverse Consequences exist or on the amount of such Adverse Consequences within the 30-day period after
receipt of an Objection Notice, either Purchaser or Seller may (but are not required to do so) petition or file an action in a court of competent jurisdiction for resolution of such dispute. 

(d)      In the event that the Indemnified Party is entitled, or is seeking to assert
rights, to indemnification under this Article VI relating to a third-party claim, the Indemnified Party shall give written notification to the Indemnifying Party of the commencement of any suit or other legal proceeding relating to such
third-party claim. Such notification shall be given within twenty (20) days after receipt by the Indemnified Party of notice of such suit or proceeding, shall be accompanied by reasonable supporting documentation submitted by such third party
(to the extent then in the possession of the Indemnified Party) and shall describe in reasonable detail (to the extent known by the Indemnified Party) the facts constituting the basis for such suit or proceeding and the amount of the claimed Adverse
Consequences, if then known; 

  
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provided, however, that no delay or deficiency on the part of the Indemnified Party in so notifying the Indemnifying Party shall relieve the Indemnifying Party of any liability or obligation
hereunder except to the extent of any liability caused by or arising out of such failure. Within twenty (20) days after receipt of such notification, the Indemnifying Party may, upon written notice thereof to the Indemnified Party, assume
control of the defense of such suit or proceeding with counsel reasonably satisfactory to the Indemnified Party; provided, however, that (i) the Indemnifying Party may only assume control of such defense if it acknowledges in writing to the
Indemnified Party that any Adverse Consequences that may be assessed against the Indemnified Party in connection with such suit or proceeding constitute Adverse Consequences for which the Indemnified Party shall be indemnified pursuant to this
Article VI, and (ii) the Indemnifying Party may not assume control of the defense of a suit or proceeding (A) involving criminal liability, (B) in which any relief other than monetary damages is sought against the Indemnified
Party, (C) in which increased statutory, enhanced or treble damages are sought based on willful misconduct or (D) with respect to which the Indemnified Party has reasonably determined that (x) there is a conflict of interest between
the Indemnified Party and the Indemnifying Party in the conduct or defense of such third-party claim or (y) the Indemnified Party has one or more defenses not available to the Indemnifying Party. In addition, notwithstanding anything to the
contrary in the foregoing, in the event that an Indemnified Party in good faith determines that the conduct of the defense of any claim, suit or proceeding or any proposed settlement of any such claim, suit or proceeding by the Indemnifying Party
could reasonably be expected to materially adversely affect the Indemnified Party’s Tax liability or the ability of the Indemnified Party to conduct its business (including relationships with Governmental Authorities, customers, suppliers or
other Persons with whom the Indemnified Party conducts business), the Indemnified Party shall have the right at all times to take over and assume control over the defense, settlement or negotiations relating to any such claim, suit or proceeding at
the sole cost of the Indemnifying Party. If the Indemnifying Party does not so assume control of such defense, the Indemnified Party may control such defense at the Indemnifying Party’s expense. The party not controlling such defense (the
“Non-controlling Party”) may participate therein at its own expense. The party controlling such defense (the “Controlling Party”) shall keep the Non-controlling Party reasonably advised of the status of such
suit or proceeding and the defense thereof and shall consider in good faith recommendations made by the Non-controlling Party with respect thereto. The Non-controlling Party shall furnish the Controlling Party with such information as it may have
with respect to such suit or proceeding (including copies of any summons, complaint or other pleading which may have been served on such party and any written claim, demand, invoice, billing or other document evidencing or asserting the same) and
shall otherwise cooperate with and assist the Controlling Party in the defense of such suit or proceeding. The Indemnifying Party shall not agree to any settlement of, or the entry of any judgment arising from, any such suit or proceeding without
the prior written consent of the Indemnified Party, which consent shall not be unreasonably withheld, conditioned or delayed. The Indemnified Party shall not agree to any settlement of, or the entry of any judgment arising from, any such suit or
proceeding without the prior written consent of the Indemnifying Party, which shall not be unreasonably withheld, conditioned or delayed. If the Indemnifying Party does not elect to assume control or otherwise participate in the defense of any
third-party claim, the Indemnifying Party will be bound by the results obtained in good faith by the Indemnified Party with respect to such claim. 

  
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 6.4     Survival of Representations, Warranties
and Covenants; Determination of Adverse Consequences. 
 (a)      Except as
set forth in Section 6.4(b), the representations and warranties of Seller and Purchaser contained in this Agreement and the certificates delivered pursuant to this Agreement shall survive until the date that is eighteen (18) months
after the Closing Date, at which time such representations and warranties and any right to make an indemnification claim based thereon will terminate. All covenants and agreements contained in this Agreement and the documents and certificates
delivered pursuant to this Agreement shall survive the Closing Date in accordance with their terms. 

(b)      The representations and warranties of Seller contained Section 4.18
(Environmental Matters), Section 4.19 (Employee Benefit Plans) and Section 4.21 (Taxes) (collectively, the “Statute of Limitation Representations”), shall survive until the expiration of the applicable
statute of limitations plus thirty (30) days, at which time such representations and warranties and any right to make an indemnification claim based thereon shall terminate. The representations and warranties of Seller contained in
Section 4.1(b) (Capitalization), Section 4.2 (Authority), Section 4.3 (No Violation and Consents), Section 4.4 (Brokers), Section 4.7 (Title to Purchased Assets) and Sections 4.10(a)(ii)
and (a)(iii), (d) and (e) (Marine Assets), and of Purchaser contained in Section 5.2 (Authorization), Section 5.3 (No Violation) and Section 5.6 (Brokers) (collectively, the
“Critical Representations”), shall survive indefinitely. 

(c)      Notwithstanding anything to the contrary in this Agreement, if an Indemnified
Party in good faith delivers to an Indemnifying Party, before expiration of a representation or warranty, a Claim Notice based upon a breach of such representation or warranty, then the applicable representation or warranty shall survive until, but
only for purposes of, the resolution of the matter covered by such notice. 

(d)      The representations, warranties and covenants of Seller shall not be affected or
deemed waived by reason of any investigation made by or on behalf of Purchaser or by reason of any facts or circumstances that Purchaser (or any of its representatives) knew or should have known. 

(e)      Purchaser shall have set-off rights as set forth in Section 6.6.

 (f)       For all purposes under this Article VI, the
qualification “in all material respects” as used in Section 4.19 shall be disregarded in each instance in which it appears and the applicable representations and warranties construed as if no such qualification was included.

 6.5     Limitations on Indemnification Obligations. 

(a)      Seller shall have no obligation to indemnify the Purchaser Indemnitees with
respect to Adverse Consequences arising under Section 6.1(a) (other than the Critical Representations and the Statute of Limitation Representations) until the aggregate amount of all Adverse Consequences thereunder exceeds Three Hundred
Fifty Thousand Dollars ($350,000), in which event Seller shall be obligated to indemnify the Purchaser Indemnitees for all Adverse Consequences including the amount under such threshold. 

  
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 (b)      Seller shall have no obligation to
indemnify the Purchaser Indemnitees with respect to Adverse Consequences arising under Section 6.1(a) (other than the Critical Representations and the Statute of Limitation Representations) in excess of Four Million Five Hundred Thousand
Dollars $4,500,000. 
 (c)      Notwithstanding anything to the contrary in this
Agreement, Purchaser Indemnitees’ rights to indemnification with respect to Adverse Consequences arising under Sections 6.1(b)-(f), the Critical Representations or the Statute of Limitation Representations, or based upon fraud,
willful misconduct or intentional misrepresentation, shall not be subject to the limitations set forth in Sections 6.4, 6.5(a) and 6.5(b). 

(d)      Any Adverse Consequences of an Indemnified Party shall be reduced by any Tax
Benefit that the Indemnified Party or any of its Affiliates actually realizes as a result of incurring the Adverse Consequences. A “Tax Benefit” shall equal the actual reduction in income Taxes payable by the Indemnified Party and
its Affiliates realized in the year that the Adverse Consequences would be taken into account for U.S. federal income tax purposes (computed after taking into account the income Tax consequences of receiving the indemnity payment). The
Indemnifying Party shall indemnify and hold the Indemnified Party harmless from and against any subsequent disallowance or loss of a Tax Benefit that has resulted in a reduction to the Adverse Consequences payable by the Indemnifying Party under
this Article VI. 
 (e)      In the event an Indemnified Party
receives insurance proceeds with respect to Adverse Consequences for which the Indemnified Party has made an indemnification claim prior to the date on which the Indemnifying Party is required pursuant to this Article VI to pay such
indemnification claim, the indemnification claim shall be reduced by an amount equal to fifty percent (50%) of the amount of such insurance proceeds received by the Indemnified Party (the “Shared Insurance Proceeds”). If such
insurance proceeds are received by the Indemnified Party after the date on which the Indemnifying Party has satisfied such indemnification claim by payment or set-off, (a) if such indemnification claim was satisfied by set-off under the Seller
Note and the Seller Note remains outstanding, the principal outstanding on the Seller Note shall be deemed automatically increased by the amount of the Shared Insurance Proceeds as of the date of Purchaser’s receipt of such insurance proceeds,
or (b) if such indemnification claim was satisfied by set-off against an Earnout Payment or by the payment of money, the Indemnified Party shall, no later than ten (10) Business Days after the receipt of such insurance proceeds, reimburse
the Indemnifying Party in an amount equal to the Shared Insurance Proceeds. 

(f)       The indemnification provided in this Article VI shall be the sole
and exclusive remedy and recourse for monetary damages for any matter arising out of this Agreement, other than any matter arising out of fraud. 
 (g)      Any indemnity payments made pursuant to this Article VI shall be treated for all income Tax purposes by the parties hereto as an adjustment to the Aggregate
Purchase Price. 
 (h)      Purchaser acknowledges and agrees that Seller shall
have no obligation under this Article VI with respect to the repairs, maintenance and deficiencies described in Section 4.8 of the Disclosure Schedule or in Section 4.10(c) of the Disclosure Schedule. 

  
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6.6      Set-Off.    If Seller is obligated to indemnify
Purchaser or any other Purchaser Indemnitee for any indemnification claim in accordance with Article VI, Purchaser may set-off the amount of such claim against any amounts payable by Purchaser to Seller under this Agreement, including the
Earnout Payments or the Seller Note, as the same becomes due; provided, however, that Purchaser agrees that it shall seek satisfaction of any indemnification claim under Section 6.1(a) in the following order: first, by exhausting its
set-off rights under the Seller Note; second, by exhausting its set-off rights against any Earnout Payments that have been earned but not yet paid at the time of such indemnification claim; third, by exhausting its set-off rights against any other
payments due to Seller hereunder at the time of such indemnification claim; and finally, by recourse to Seller or either Shareholder (including any successors thereto or heirs or estates thereof). If Purchaser intends to set-off any amount
hereunder, Purchaser shall provide not less than thirty (30) days’ prior written notice to Seller of its intention to do so, together with a reasonably detailed explanation of the basis therefor (a “Set-Off Notice”). If,
within ten (10) days of its receipt of a Set-Off Notice, Seller provides Purchaser with written notice of Seller’s dispute with Purchaser’s right to make such set-off, Purchaser and Seller (and their respective representatives and
advisors) shall meet (which may be accomplished telephonically) in good faith within five (5) days to attempt to resolve their dispute. If such dispute remains unresolved despite Purchaser’s good faith attempt to meet with Seller and
resolve such dispute, Purchaser may set-off under this Section 6.6 only (a) with respect to those indemnifications claims that have been Finally Determined (as defined below), (b) as described in the following sentence or
(c) with the prior written consent of Seller. In the event of a dispute with respect to any indemnification claim against Seller made in good faith pursuant to this Article VI, and the liability for and amount of Adverse Consequences
therefor, Purchaser may, in its reasonable discretion, withhold any payments due to Seller under this Agreement, including the Earnout Payments or the Seller Note, up to the amount of the disputed amount, but only if Purchaser deposits such withheld
amounts into escrow in accordance with a Set-Off Indemnity Escrow Agreement, provided that (i) if Seller refuses to execute and deliver the Set-Off Indemnity Escrow Agreement promptly upon written request by Purchaser, Purchaser shall be
entitled to retain the withheld amount until the earlier of Seller’s execution and delivery of a Set-Off Indemnity Escrow Agreement or resolution of the dispute and (ii) in no event may Purchaser set-off against amounts payable under the
Seller Note an aggregate amount in excess of Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000). For purposes of this Agreement, the term “Finally Determined” shall mean with respect to any indemnification claim made,
and the Liability for and amount of Adverse Consequences therefor, when the parties to such claim have so determined by mutual agreement or, if disputed, when a judgment has been issued by a court having proper jurisdiction. 

ARTICLE VII 

Employee Matters 
 7.1      Employees to be Hired by Purchaser. 
 (a)      Purchaser will offer employment to all current active employees of Seller (other than Lawrence W. Matteson), which employment is to be effective as of the Effective
Time. With respect to bargaining unit employees of Seller, the terms of their employment will be subject to Purchaser’s ability to negotiate or implement new or modified wages, hours and other terms and conditions of employment with the
appropriate authorized collective bargaining 

  
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representative at each applicable location. Until such time as new or modified wages, hours and terms and conditions are negotiated or implemented, such bargaining unit employees will continue to
work under the existing wages, hours and other terms and conditions of employment set forth in the existing collective bargaining agreement at each such location. All employees of the Business who accept employment with Purchaser and commence such
employment immediately after the Closing shall be referred to as the “Transferred Employees”. Seller shall terminate the employment of all Transferred Employees effective as of the Closing (or, in the case of Transferred Employees
who are on disability or leave of absence, as soon as they are removed from disability status or return from leave). 
 (b)      Except as provided in this Section 7.1(b), Seller shall retain responsibility for all of the Benefit Plans. Seller shall retain responsibility for all
Liability for any health care continuation coverage or notice requirement under Section 4980B of the Code and Part G of Subtitle B of Title 1 of ERISA arising on or before the Closing Date with respect to any Benefit Plan, and, after the
Closing, Purchaser shall be responsible for any such health care continuation coverage or notice requirements arising after the Closing with respect to (i) any Transferred Employee, and (ii) to the extent Purchaser is required by
applicable Law, any former employee of Seller currently receiving health care continuation coverage under a Seller plan 
 (c)      Seller shall be solely responsible for any severance claims or any other benefits, claims or causes of action asserted by any employee of the Business not hired by
Purchaser at Closing. In addition, Seller agrees to indemnify and hold Purchaser harmless from and against any Adverse Consequences Purchaser suffers resulting from any claim by the Transferred Employees that the transaction gives rise to a right to
receive severance payments or any such other benefits. 
 (d)      As of the
Closing, Seller shall have paid any amounts due and payable to any Transferred Employees as of the Closing, including the payment of any accrued vacation, leave and/or bonus (or any portion thereof earned as of the Closing). 

(e)      Transferred Employees (and, where applicable, their eligible dependents) shall
be: 
   (i)     eligible to participate in a group health
plan (within the meaning of Section 5000(b) of the Code) as of the Closing Date without regard to or application of any pre-existing condition, exclusion or limitation; 

  (ii)    given credit under a Welfare Plan (as defined in Section 3(1)
of ERISA) adopted or maintained by Purchaser for their service with Seller for purposes of satisfying any waiting periods, evidence of insurability or good health requirements, or the application of any pre-existing condition limitations; and

   (iii)   given credit for past service with Seller for
(x) eligibility and vesting purposes in Purchaser’s qualified plans that are Pension Plans (as defined in Section 3(2) of ERISA), except that Transferred Employees shall not receive such credit for satisfying the three-year vesting
period for the profit-sharing portion of Purchaser’s 401(k) plan, and (y) determining entitlement to vacation. 

  
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 (f)      Purchaser shall cause the
appropriate tax-qualified defined contribution plan established or maintained by Purchaser to accept eligible rollover distributions (as defined in Section 402(c)(4) of the Code) from Transferred Employees with respect to any account balances
distributed to them from Seller’s tax-qualified Benefit Plans. The distributions described herein shall comply with applicable Laws, and each party shall make all filings and take any actions required of such party under applicable Laws in
connection therewith. 
 (g)      The provisions of this Section 7.1
are a covenant between Purchaser and Seller and shall not, in any manner, create any contractual right of employment for any employee of Seller or any Transferred Employee. 

7.2      Workers’ Compensation, Medical Claims and Retirees. 

(a)      Seller shall remain solely responsible for Liability arising from workers’
compensation claims, both medical and disability, or other government-mandated programs which are based on injuries occurring prior to Closing regardless of when such claims are filed. Purchaser shall be solely responsible for such claims of
Transferred Employees based on injuries occurring after Closing. 

(b)      Seller shall remain solely responsible in accordance with its employee welfare
benefit plans for the satisfaction of all claims for medical, dental, life insurance, health, accident or disability benefits brought by or in respect of employees of the Business under any of Seller’s welfare benefit plans which claims relate
to events or injuries incurred prior to the Closing regardless of when such claim was filed. 

(c)      As of the Closing, with respect to former and retired employees of the Business
who had terminated employment or retired on or prior to the Closing, Seller shall be liable for all Liabilities in connection with claims for benefits brought by or in respect of such former or retired employees of the Business under any of
Seller’s welfare benefit plans with respect to medical, dental, life insurance, health, accident or disability benefits or otherwise. 
 ARTICLE VIII 
 Certain Other Agreements 

8.1      Post Closing Access to Record.    Purchaser and Seller
shall provide each other with such assistance as may reasonably be requested by the other in connection with the preparation of any return or report of Taxes, any audit or other examination by any Governmental Authority, any judicial or
administrative proceedings relating to liabilities for Taxes, or for any other reasonable purpose (including any litigation or claim by or with any third party in respect of the Purchased Assets or the Business as conducted on or prior to the
Closing Date). Such assistance shall include making employees available on a mutually convenient basis to provide additional information or explanation of material provided hereunder and shall include providing copies of relevant Tax Returns and
supporting material and available relevant documents, books and records. The party requesting assistance hereunder shall reimburse the assisting party for reasonable out-of-pocket expenses incurred in providing assistance. Purchaser and Seller will
retain for the full period of any statute of limitations and provide the others with any records or information which may be relevant to such preparation, audit, examination, proceeding or determination. 

  
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 8.2      Consents Not Obtained at
Closing. 
 (a)      Seller shall use all commercially reasonable efforts to
obtain and deliver to Purchaser at or prior to the Closing such consents as are required to allow the assignment by Seller to Purchaser of the Seller’s right, title and interest in, to and under any Contract included in the Purchased Assets. To
the extent any Contract or Government Contract is not capable of being assigned without the consent or waiver of the other party thereto or any third party (including any Governmental Authority), or if such assignment or attempted assignment would
constitute a breach thereof or a violation of any Law or Order, neither this Agreement nor the Bill of Sale and Assignment Agreement shall constitute an assignment or an attempted assignment of such Contract. 

(b)      Notwithstanding anything in this Agreement or the Bill of Sale and Assignment
Agreement to the contrary, Seller is not obligated to transfer to Purchaser any of its rights and obligations in and to any Contract or Government Contract without first having obtained all necessary consents and waivers. After the Closing Date,
Seller shall use all commercially reasonable efforts, and Purchaser shall cooperate with Seller at Seller’s expense, to obtain any consents and waivers necessary to convey to Purchaser all Contracts intended to be included in the Purchased
Assets. 
 (c)      If any such consents and waivers are not obtained with
respect to any Contract, the Bill of Sale and Assignment Agreement shall constitute an equitable assignment by Seller to Purchaser of all of Seller’s rights, benefits, title and interest in and to such Contract (excluding any Government
Contract), to the extent permitted by Law, and Purchaser shall be deemed to be the Seller’s agent for the purpose of completing, fulfilling and discharging all of Seller’s rights and liabilities arising after the Closing Date under such
Contract; provided that Purchaser shall undertake to pay or satisfy the corresponding liabilities for the enjoyment of such benefits to the extent Purchaser would have been responsible therefor if such consent or approval had been obtained.

 8.3      Novation of Government Contracts. 

(a)      With respect to each Government Contract and Government Subcontract, promptly
after the Closing Date, Purchaser and Seller shall use all reasonable efforts to obtain the written consent of the other parties to each such Government Contract and Government Subcontract for the assignment or novation thereof to Purchaser or
written confirmation from such parties that such consent is not required. With respect to any Government Contracts or Government Subcontracts that are not assigned or novated to Purchaser on or before the Closing Date, the performance obligations of
Seller thereunder shall, unless prohibited by such Government Contract or Government Subcontract, be performed by Purchaser in accordance with this Section 8.3, until such Contracts have been assigned or novated, including through a
subcontract or similar arrangement; provided, however, that with respect to any Government Contract or Government Subcontract under which Seller must obtain prior consent to Purchaser’s performance thereunder, Purchaser and Seller shall use
their best efforts to obtain such consent 

  
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and, until such consent is obtained, shall cooperate in an arrangement reasonably satisfactory to Purchaser and Seller under which Purchaser would obtain, to the extent practicable, the claims,
rights and benefits, including all contract revenue, and assume the corresponding obligations thereunder in accordance with this Agreement. 
 (b)      As soon as practicable but in any event within thirty (30) days after the Closing Date, Purchaser shall, in accordance with FAR Subpart 42.12, and with the
cooperation of Seller, submit in writing to each Responsible Contracting Officer (as such term is defined in FAR 42.1202(a)), a request (the “Request”) for the United States Government to recognize Purchaser as Seller’s
successor in interest to the Government Contracts, which are to be sold, assigned, transferred and conveyed to Purchaser in accordance with this Agreement. Seller shall promptly deliver to Purchaser such information as shall be required from Seller
pursuant to FAR 42.1204(e)-(f) or otherwise reasonably requested by the Responsible Contracting Officer for the purpose of enabling Purchaser to submit the Request and prepare, execute and deliver to the United States Government a novation
agreement (the “Novation Agreement”), as required by FAR 42.12, to effectuate the novation of the Government Contracts from Seller to Purchaser. 

(c)      With respect to Government Contracts not held by the United States Government,
Purchaser shall, with the cooperation of Seller and as soon as practicable but in any event within thirty (30) days after the Closing Date, submit in writing to each Contracting Officer any requests or notifications necessary for the
Governmental Authority to recognize Purchaser as Seller’s successor in interest to the Government Contracts, which are to be sold, assigned, transferred and conveyed to Purchaser in accordance with this Agreement. Seller shall promptly deliver
to Purchaser such information as shall be required from Seller or otherwise reasonably requested by the Governmental Authority for the purpose of enabling Purchaser to submit any request or notification, and to prepare, execute and deliver to the
Governmental Authority a novation agreement, assignment, or other document to effectuate the novation, consent, waiver or confirmation of such Government Contracts from Seller to Purchaser. 

(d)      With respect to each Government Subcontract, Purchaser shall, within thirty
(30) days after the Closing Date and with the cooperation of Seller, submit documentation seeking the written waiver or approval of the other contracting party to the transfer and assignment of such Government Subcontract, as necessary.

 (e)      Seller and Purchaser shall each use commercially reasonable efforts
to obtain all consents, approvals and waivers required for the purpose of processing, entering into and completing the consents, Novation Agreements, and assignments described in this Section 8.3, including responding to any requests for
information by the Governmental Authority or prime contractor with regard to the consents, Novation Agreements or assignments, as applicable. 

  
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 8.4      Performance of Government
Contracts Pending Novation. 
 (a)      The period between the Closing Date
and the granting of novation and assignments of all Government Contracts or Government Subcontracts shall be known as the “Interim Period.” 
 (b)      During the Interim Period: 
   (i)     Purchaser and Seller shall cooperate in a lawful and commercially reasonable manner to (A) enable Purchaser to receive the economic benefits under the
Government Contracts or Government Subcontracts in connection with its performance of such Contracts during the Interim Period, and (B) enable Seller to be relieved from its obligations and burdens in connection with performance of the
Government Contracts or Government Subcontracts during the Interim Period; 

  (ii)     Seller shall not take any action or omit to take any action
that would frustrate the intent of, or prevent Purchaser from performing its obligations under, or otherwise materially and adversely affect the Government Contracts and Government Subcontracts; 

  (iii)    Neither party shall amend any Government Contract or Government
Subcontract in any material respect without the consent of the other party, which consent shall not be unreasonably withheld or delayed in light of the intent and objectives of the parties as contemplated by this Section; 

  (iv)    Seller will enforce, at the reasonable request of and for the
benefit of Purchaser, any and all claims, rights, benefits of Seller against any third party arising from any Government Contract or Government Subcontract; and 

  (v)    Seller will promptly pay to Purchaser, when received, all monies
received by Seller under any Government Contract or Government Subcontract or any claim, right or benefit arising under any such Contracts. 
 8.5      Failure to Obtain Consent.      If any novation, consent, waiver or confirmation is not obtained with respect to any Government
Contract or Government Subcontract, Purchaser and Seller shall cooperate in an arrangement reasonably satisfactory to Purchaser and Seller under which Purchaser would obtain, to the extent practicable and permitted, the claims, rights and benefits
and assume the corresponding obligations thereunder in accordance with this Agreement, including subcontracting, sub-licensing or sub-leasing to Purchaser, or under which Seller would enforce for the benefit of Purchaser, with Purchaser assuming
Seller’s obligations, any and all claims, rights and benefits of Seller against a third party thereto. Purchaser shall not be required to enter into any arrangement that would impose any additional cost, expense or liability upon Purchaser or
that would deprive Purchaser of any benefits or profits arising out of the Purchased Asset in question. 

8.6      Avoidance of Double Withholding Taxes. With respect to employment Tax
matters (i) Purchaser shall assume Seller’s entire obligation to prepare, file and furnish IRS Form W-2s with respect to the Transferred Employees for the year including the Closing Date;

  
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(ii) Seller and Purchaser shall agree to elect the “predecessor-successor” basis with respect to each Transferred Employee pursuant to the alternative procedure prescribed by
Section 5 of Revenue Procedure 2004-53, 34 I.R.B 320; and (iii) Seller and Purchaser shall work in good faith to adopt similar procedures under applicable wage payment, reporting and withholding Laws for all Transferred Employees in all
appropriate jurisdictions. Seller shall indemnify and hold Purchaser harmless from any Taxes incurred by Purchaser as a result of assuming Seller’s obligations to prepare and file IRS Form W-2s that result from Seller’s failure to comply
with appropriate employment Tax matters. 
 8.7      Bulk Sale Waiver and
Indemnity.   The parties hereto acknowledge and agree that no filings with respect to any bulk sales or similar laws have been made, nor are they intended to be made, nor are such filings a condition precedent to the Closing; and,
in consideration of such waiver by Purchaser, Seller shall indemnify and hold Purchaser Indemnitees harmless against any Adverse Consequences (but not including any Current Liabilities included in the Final Net Working Capital) resulting or arising
from such waiver and failure to comply with applicable bulk sales laws upon presentment of appropriate documentation. 
 8.8      Post-Closing Confidentiality.    From and after the Closing, the Seller Parties will treat and hold as confidential all of the
Confidential Information and shall refrain from using any of the Confidential Information. In the event that any Seller Party is requested or required pursuant to written or oral question or request for information or documents in any legal
proceeding, interrogatory, subpoena, civil investigation demand, or similar process to disclose any Confidential Information, such Seller Party will notify Purchaser promptly of the request or requirement so that Purchaser may seek an appropriate
protective order or waive compliance with the provisions of this Section 8.8. If, in the absence of a protective order or the receipt of a waiver hereunder, any Seller Party is, on the advice of counsel, compelled to disclose any
Confidential Information to any tribunal or else stand liable for contempt, then such Seller Party may disclose the Confidential Information to the tribunal; provided, however, that it shall use all commercially reasonable efforts to
obtain, at the request and expense of Purchaser, an order or other assurance that confidential treatment will be accorded to such portion of the Confidential Information required to be disclosed as Purchaser shall designate. 

8.9      Non-Competition; Non-Solicitation. 

(a)      Non-Competition.    Each Seller Party hereby
acknowledges that it is familiar with the trade secrets of the Business and other Confidential Information. Each Seller Party acknowledges and agrees that Purchaser and its Affiliates would be irreparably damaged if such Seller Party were to provide
services or to otherwise participate in the business of any Person competing with the Business or in a similar business and that any such competition by such Seller Party would result in a significant loss of goodwill by Purchaser in respect of the
Business. Each Seller Party further acknowledges and agrees that the covenants and agreements set forth in this Section 8.9 were a material inducement to Purchaser to enter into this Agreement and to perform its obligations hereunder,
and that Purchaser and its Affiliates would not obtain the benefit of the bargain set forth in this Agreement as specifically negotiated by the parties hereto if any Seller Party breached the provisions of this Section 8.9. Therefore, in
further consideration of the Aggregate Purchase Price, each Seller Party agrees that for the period 

  
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beginning on the Closing Date and ending on the five (5) year anniversary of the Closing Date such Seller Party shall not, and shall cause it or his Affiliates not to, directly or
indirectly, either for himself, herself, itself or through any other Person, engage in, render service to, participate in, or permit such Person’s name to be used by any enterprise engaging in, any business or enterprise (including any
division, group or franchise of a larger organization) that competes with the Business as conducted as of the Closing Date in the Geographical Area; provided, however, that this restriction shall not prohibit such Seller Party from
(x) passive beneficial ownership of less than five percent (5%) of any class of securities of a publicly-held corporation whose stock is traded on a U.S. national securities exchange or traded in the over-the-counter market,
(y) providing harbor, fleeting and towing services through MMS or (z) leasing barges owned by a Seller Party to third parties. For purposes of this Agreement, the term “participate” includes any direct or indirect interest in any
enterprise, whether as a shareholder, member, partner, joint venturer, investor, lender, franchisor, franchisee, executive, consultant or otherwise or rendering any direct or indirect service or assistance to any Person. Each Seller Party agrees
that this covenant is reasonably designed to protect the Purchaser’s substantial investment and is reasonable with respect to its duration, geographical area and scope. 

(b)      Non-Solicitation/No Hire.    For so long as the Seller
Parties have continuing obligations under Section 8.9(a), no Seller Party shall (and each Seller Party shall cause his or its Affiliates not to) directly, or indirectly through another Person, (i) induce or attempt to induce any
employee of Purchaser (or any of its Affiliates) related to the Business to leave his or her employment, or in any way interfere with the relationship between Purchaser (or any of its Affiliates) and any such employee, (ii) hire any person who
was an employee of Purchaser (or any of its Affiliates) related to the Business at any time during the six-month period immediately prior to the date on which such hiring would take place (except as a result of a general solicitation for employment
not specifically targeted at such employee), or (iii) call on, solicit or service any customer, charterer, lessor, vendor, licensee or licensor of the Business in order to induce or attempt to induce such Person to cease doing or decrease their
business with Purchaser and the Business or its Affiliates, or in any way interfere with the relationship between any such customer, charterer, lessor, vendor, licensee or licensor of the Business (including making any negative statements or
communications about the Business, Purchaser or its Affiliates). 

(c)      Modification.    If, at the time of enforcement of any
of the provisions of this Section 8.9, a court determines that the restrictions stated herein are unreasonable under the circumstances then existing, the parties hereto agree that the maximum period, scope or geographical area reasonable
under the circumstances shall be substituted for the stated period, scope or area. The parties further agree that such court shall be allowed to revise the restrictions contained herein to cover the maximum period, scope or geographical area
permitted by Law. 
 (d)      Extension of Restricted
Period.    Notwithstanding anything to the contrary contained herein, the restricted periods set forth in Section 8.9(a) or (b), respectively, shall be extended with respect to any breaching party for a
period equal to any time period that such breaching party is in violation of Section 8.9(a) or (b), respectively. 
 (e)      Irreparable Harm.    If any Seller Party or any of his or its Affiliates (the “Restricted Persons”) breaches, or
threatens to commit a breach of, any of the provisions of 

  
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Section 8.8 or this Section 8.9 (the “Restrictive Covenants”), Purchaser shall have the right and remedy to have the Restrictive Covenants specifically
enforced by any court of competent jurisdiction, it being agreed that any breach or threatened breach of the Restrictive Covenants would cause irreparable injury to Purchaser and that money damages would not provide an adequate remedy to Purchaser.
Each of the rights and remedies set forth herein shall be independent of the others, severally enforceable, and in addition to, and not in lieu of, any other rights and remedies available to Purchaser at law or in equity. 

8.10    Use of L.W. Matteson Name.   After the Closing, Seller may not,
directly or indirectly, use the name “L.W. Matteson,” “Matteson Dredging” or any derivative thereof or any similar name to identify itself, except solely in connection with the performance of, and solely during the term of, the
Subcontract Agreement. Seller shall be responsible for all filing fees required to be paid in connection with filing Seller’s change of name amendments in the State of Iowa and in each other state in which it is qualified to transact
business. For avoidance of doubt, this restriction shall not prohibit the Shareholders from using the name “Matteson Marine Service” for the sole purposes of providing harbor, fleeting and towing services. 

8.11    Shareholders’ Guarantee.   The Shareholders hereby, jointly and
severally, unconditionally and irrevocably guarantee for the benefit of Purchaser, the Purchaser Indemnitees and their respective heirs, successors and assigns all of the obligations of Seller under this Agreement, including under Article VI, and
under each other agreement, contract or instrument executed and delivered by Seller to Purchaser in connection with the transactions contemplated by this Agreement; provided, however, that (a) any Liability regarding any breach of
Section 6.1(e) shall be several, and not joint and several and (b) the Shareholders’ maximum aggregate liability under this Section 8.11 for indemnification of Adverse Consequences under Sections 6.1(a),
6.1(c) and 6.1(d) shall not exceed an amount equal to the aggregate net after-tax proceeds received by the Seller under this Agreement (not taking into account any transaction fees and expenses paid by Seller). 

8.12    Tax Allocation. For purposes of this Agreement, (i) liability for any Taxes
determined by reference to income, capital gains, gross income, gross receipts, sales, net profits, windfall profits or similar items or resulting from a transfer of assets incurred during a period beginning before and ending after the Closing Date
shall be allocated between the portion of the period beginning prior to and ending on the Closing Date and the portion of the period ending after the Closing Date shall be based on the date on which such items accrued; (ii) liability for all
other Taxes such as real property Taxes and personal property Taxes shall be pro rated between such periods on a per diem basis based on the number of days in the taxable period for which each party is liable for Taxes hereunder; and (iii) any
interest, penalties, additions to tax or additional amounts that relate to Taxes for any period, or a portion of any period, ended on or before the Closing Date shall be treated as occurring on or prior to the Closing Date whether such items are
incurred, accrued, assessed or similarly charged on, before or after the Closing Date. 

8.13    Seller’s Insurance.   Seller shall cause all of its
occurrence-based insurance policies to remain in full force and effect after the Closing in accordance with the terms thereof. 

  
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 8.14    Property on Adjacent
Parcel.    Within thirty (30) days after the Closing, Seller shall either (a) cause to be removed from the property adjacent to its Burlington, Iowa yard all property stored on such property and, in connection
therewith, to remediate any and all damage caused by such storage, all at the sole cost and expense of Seller, or (b) obtain from the owner of such adjacent property written permission, in form and substance reasonably satisfactory to
Purchaser, for such property to remain. 
 ARTICLE IX 

Miscellaneous 
 9.1      Cost and Expenses.    Purchaser will pay its own costs and expenses (including attorneys’ fees, accountants’ fees and other
professional fees and expenses) in connection with the negotiation, preparation, execution and delivery of this Agreement and the consummation of the purchase of the Purchased Assets and the other transactions contemplated by this Agreement (except
as otherwise specifically provided for herein); and Seller will pay its own costs and expenses (including attorneys’ fees, accountants’ fees and other professional fees and expenses) in connection with the negotiation, preparation,
execution and delivery of this Agreement and the consummation of the sale of the Purchased Assets and the other transactions contemplated by this Agreement (except as otherwise specifically provided for herein). 

9.2      Entire Agreement.     The Disclosure Schedule,
the Schedules and the Exhibits referenced in this Agreement are incorporated into this Agreement and together contain the entire agreement between the parties hereto with respect to the transactions contemplated hereunder, and supersede all
negotiations, representations, warranties, commitments, offers, contracts and writings prior to the date hereof, including the letter of intent dated November 2, 2010 between Purchaser and Seller; provided, however, that unless and until there
is a Closing, the parties shall continue to be bound by that certain Confidentiality Agreement, dated September 2, 2010, between Purchaser and Seller. No waiver and no modification or amendment of any provision of this Agreement shall be
effective unless specifically made in writing and duly signed by the party to be bound thereby. 

9.3      Counterparts.   This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which, together, shall constitute one and the same instrument. Facsimiles or other electronic copies of signatures will be deemed to be originals. 

9.4      Assignment, Successors and Assigns.      The
respective rights and obligations of the parties hereto shall not be assignable without the prior written consent of the other parties; provided, however, that Purchaser may assign all or part of its rights under this Agreement and
delegate all or part of its obligations under this Agreement to one or more of its Affiliates, in which event all the rights and powers of Purchaser and remedies available to it under this Agreement shall extend to and be enforceable by each such
Affiliate. Any such assignment and delegation shall not release Purchaser from its obligations under this Agreement. In the event of any such assignment and delegation, the term “Purchaser” as used in this Agreement shall be deemed
to refer to each such Affiliate of Purchaser where reference is made to actions to be taken with respect to the acquisition of the Business or Purchased Assets, and shall be deemed to include both Purchaser and each such Affiliate where appropriate,
including with respect to all obligations of Purchaser under this Agreement. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their successors and permitted assigns. 

  
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9.5      Severability.      If any provision
hereof shall be held invalid or unenforceable by any court of competent jurisdiction or as a result of future legislative action, such holding or action shall be strictly construed and shall not affect the validity or effect of any other provision
hereof. 
 9.6      Headings.    The captions of the
various Articles and Sections of this Agreement have been inserted only for convenience of reference and shall not be deemed to modify, explain, enlarge or restrict any of the provisions of this Agreement. 

9.7      Risk of Loss.   Risk of loss, damage or destruction to the
Purchased Assets shall be upon Seller until the Closing, and shall thereafter be upon Purchaser. In the event of any loss, damage or destruction to the Purchased Assets prior to the Closing, the proceeds of, or any claims or any loss payable under,
any insurance policy of Seller, or judgment or award with respect thereto shall be payable to Seller, which, assuming Purchaser closes the transactions contemplated hereby, shall repair, replace or restore any such property to Purchaser’s
reasonable satisfaction or make such other provision as the Seller and Purchaser may agree. 

9.8      Governing Law.   The validity, interpretation and effect of
this Agreement shall be governed exclusively by the laws of the State of Illinois, excluding the “conflict of laws” rules thereof. 
 9.9      Press Releases and Public Announcements.    Following the Closing, no Seller Party shall, and shall not cause his or its Affiliates or
representatives to, issue any press release or other public statement regarding this Agreement or the transactions contemplated by this Agreement without the prior approval of Purchaser. 

9.10    U.S. Dollars. All amounts expressed in this Agreement and all payments required by
this Agreement are in United States dollars. 
 9.11    Notices. 

(a)      All notices, requests, demands and other communications under this Agreement
shall be in writing and delivered in person, or sent by facsimile or sent by reputable overnight delivery service and properly addressed as follows: 
 To Purchaser: 
 Great Lakes Dredge & Dock Company, LLC 

2122 York Road 

Oak Brook, IL 60523 
 Fax: (630) 574-3007 
 Attention: President 

and 

  
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 Great Lakes Dredge & Dock Company, LLC 

2122 York Road 

Oak Brook, IL 60523 
 Fax: (630) 574-3007 
 Attention: Assistant General Counsel 

With a copy to: 
 Winston & Strawn LLP 
 35 West Wacker Drive 

Chicago, IL 60601 

Fax: (312) 558-5700 
 Attention: Patrick O. Doyle 
 To Seller: 

L.W. Matteson, Inc. 
 P.O. Box 667 
 Burlington, IA 52601 

Attention: Lawrence W. Matteson 
 With a copy to: 
 Duane Morris LLP 

190 S. LaSalle Street, Suite 3700 
 Chicago, IL 60603 
 Fax: (312) 499-6701 

Attention: Brian P. Kerwin 
 To Lawrence W. Matteson: 
 #1 South Point 

Burlington, Iowa 52601 
 To Larry W. Matteson: 
 #1 South Point 

Burlington, Iowa 52601 
 (b)      Any person may from time to time change its address for the purpose of notices to that person by a similar notice specifying a new address, but no such change shall
be deemed to have been given until it is actually received by the person sought to be charged with its contents. 
 (c)      All notices and other communications required or permitted under this Agreement which are addressed as provided in this Section 9.11 if delivered
personally or courier, shall be effective upon delivery; if sent by facsimile, shall be delivered upon receipt of proof of transmission. 

  
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 9.12    SUBMISSION TO JURISDICTION; VENUE. THE
PARTIES HERETO HEREBY IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT LOCATED WITHIN IN PEORIA, ILLINOIS OVER ANY DISPUTE ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY AND
EACH PARTY HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH DISPUTE OR ANY SUIT, ACTION OR PROCEEDING RELATED THERETO SHALL BE HEARD AND DETERMINED IN SUCH COURTS. THE PARTIES HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY OBJECTION WHICH THEY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH DISPUTE BROUGHT IN SUCH COURT OR ANY DEFENSE OF INCONVENIENT FORUM FOR THE MAINTENANCE OF SUCH DISPUTE. EACH OF THE PARTIES HERETO AGREES THAT A
JUDGMENT IN ANY SUCH DISPUTE MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. 
 9.13    WAIVER OF JURY TRIAL.   TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, AND COVENANTS
THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING IN WHOLE OR IN PART UNDER, RELATED TO, BASED ON OR IN
CONNECTION WITH THIS AGREEMENT, THE SUBJECT MATTER HEREOF OR ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO IN
CONNECTION WITH ANY SUCH AGREEMENTS, WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER SOUNDING IN TORT OR CONTRACT OR OTHERWISE. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 9.13 WITH ANY COURT AS WRITTEN
EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

9.14    Waiver.   Any party hereto may waive compliance by or extend the time
of performance of any obligation or act for any other party with respect to any provision of this agreement. No waiver of any provision or extension shall be construed as a waiver of any other provision or an extension of time for the performance of
any other obligation or act hereunder. Any waiver or extension must be in writing. 

9.15    No Third-Party Beneficiary.   This Agreement is being entered into
solely for the benefit of the parties hereto, the Purchaser Indemnitees, the Seller Indemnitees, and the parties do not intend that any employee or any other person shall be a third-party beneficiary of the covenants by either Seller or Purchaser
contained in this Agreement. 
 9.16    Enforcement Costs.    In
the event that either party seeks to enforce its rights or remedies under this Agreement (whether for injunctive relief or damages or both) or seeks a declaration of costs or obligations under this Agreement, the prevailing party shall be awarded
its reasonable attorneys’ fees, costs and expenses. 

  
 - 62 -

 [signature page follows] 

  
 - 63 -

 IN WITNESS WHEREOF, the parties hereto have executed this Asset Purchase
Agreement as of the date first written above. 
  

							
	SELLER:	 		 	L.W. MATTESON, INC.
				
		 		 	By:	 	 /s/ Lawrence W. Matteson

							
				
		 		 	Name:	 	 Lawrence W. Matteson

							
				
		 		 	Title:	 	 President

							
			
	PURCHASER:	 		 	GREAT LAKES DREDGE & DOCK COMPANY, LLC
				
		 		 	By:	 	 /s/ Bruce J. Biemeck

							
				
		 		 	Name:	 	 Bruce J. Biemeck

							
				
		 		 	Title:	 	 President and Chief Financial Officer

			
	SHAREHOLDERS:	 		 	
			
		 		 	 /s/ Lawrence W. Matteson

		 		 	Lawrence W. Matteson
			
		 		 	 /s/ Larry W. Matteson

		 		 	Larry W. Matteson

 Schedule 2.3(b) 

Illustrative Calculation of Earnout Payments 

 

													
	Example:	  	Yr. 1	 	  	Yr. 2	 	  	Yr. 3	 
	 Business EBITDA
	  	$	8.0M	  	  	$	8.5M	  	  	$	15.0M	  
	 Hurdle EBITDA
	  	$	9.0M	  	  	$	9.0M	  	  	$	9.0M	  
		  	 	 	 	  	 	 	 	  	 	 	 
	 Annual Total
	  	($	1.0M)	  	  	($	0.5M)	  	  	$	6.0M	  
				
	 Less Deficit
	  				  	($	1.0M)	  	  	($	1.5M)	  
		  	 	 	 	  	 	 	 	  	 	 	 
				
	 Cumulative EBITDA for Earn-Out
	  	($	1.0M)	  	  	($	1.5M)	  	  	$	4.5M	  
		  	 	 	 	  	 	 	 	  	 	 	 
				
	 Earnout Payment
	  	$	0	  	  	$	0	  	  	$	825,000	  
	 Calculated as follows:
	  				  				  			
	 $ 3.0M x 15%
	  				  				  	$	450,000	  
	 $ 1.5M x 25%
	  				  				  	$	375,000	  
		  				  				  	 	 	 
	 Total
	  				  				  	$	825,000	  
		  				  				  	 	 	 

 Schedule 2.9 
 Purchase Price Allocation Schedule 
 Pursuant to Section 2.9 of the
Agreement, the Aggregate Purchase Price (and Assumed Liabilities and other relevant items) less a reduction in the Cash Purchase Price in an amount equal to $541,000 and less the amount of the Shareholder Assets Purchase Price shall be allocated, in
the order in which such consideration is specified in Section 2.9, among the Purchased Assets (other than the Shareholder Assets) in the following manner: 
 1.         First, to accounts receivable (including construction contract receivable, costs and estimated earnings in excess of billings on uncompleted contracts
and deposits) and prepaid expenses in an amount equal to their book value as of the Closing Date; 

2.         Next, to equipment and other tangible assets (including parts and supplies) in an
amount not in excess of $40.0 million; and 
 3.         Finally, any remaining
Aggregate Purchase Price not allocated under items 1. and 2., to goodwill and going concern value. 
 With respect to the Cash
Purchase Price, an amount equal to the Shareholder Assets Purchase Price shall be allocated to the Shareholder Assets. 
 With
respect to the Cash Purchase Price, $541,000 shall be allocated to the covenants-not-to-compete under this Agreement and any ancillary agreements. 

 December 31, 2010 
 Great Lakes Dredge & Dock Company, LLC 
 2122 York Road 

Oak Brook, IL 60523 
 Ladies and Gentlemen:

 Attached hereto is the Disclosure Schedule referred to in that certain Asset Purchase Agreement, dated as of
December 31, 2010 (the “Agreement”), by and among Great Lakes Dredge & Dock Company, LLC, a Delaware limited liability company (“Purchaser”), L.W. Matteson, Inc., an Iowa corporation (“Seller”), and
Lawrence W. Matteson and Larry W. Matteson (each a “Shareholder” and together with Seller, the “Seller Parties”). Capitalized terms used but not defined herein have the respective meanings specified in the Agreement. 

Unless otherwise indicated herein, all section references are to Sections of the Agreement. The disclosures contained in this Disclosure
Schedule: (i) relate to certain matters concerning the disclosures required and the transactions contemplated by the Agreement, (ii) are qualified in their entirety by reference to specific provisions of the Agreement, and (iii) are
not intended to constitute and shall not be construed as indicating that such matters are required to be disclosed herein, nor shall such disclosures be construed as admissions that such information is material with respect to Seller or any
Shareholder, except to the extent required by the Agreement. 
 If and to the extent any information required to be furnished in
any section of this Disclosure Schedule is contained in another section of this Disclosure Schedule, such information will be deemed to be included in all sections of this Disclosure Schedule in which such information is required to be included to
the extent such information is clearly cross-referenced on the applicable section of this Disclosure Schedule. The following comprise the disclosures authorized and contemplated by the Agreement: 

 Section 4.1(a) 

Foreign Qualifications 

1.   State of Alabama 
 2.
  State of Arizona 
 3.   State of Arkansas 
 4.   State of Florida 
 5.   State of Georgia 

6.   State of Illinois 
 7.
  State of Iowa 
 8.   State of Indiana 
 9.   State of Kansas 
 10. State of Louisiana 

11. State of Michigan 
 12. State of Minnesota

 13. State of Mississippi 
 14. State
of Missouri 
 15. State of Nebraska 

16. State of Oklahoma 
 17. State of Virginia

 18. State of Wisconsin 

  
 2 

 Section 4.1(b) 

Capitalization 
  

									
	  	 	Shares Owned	  	 	 	  	 
	 	  
 Lawrence W.
Matteson
	  	  
  
	  
 664
	  
   
	  
	 	  
 Larry W.
Matteson
	  	  
  
	  
    396
	  
   
	  
	 	  
 Total No. of
Shares
	  	  
  
	  
 1,060
	  
   
	  

  
 3 

 Section 4.3 

Required Consents and Approvals 
 Open Government Contracts and Subcontracts 
  

					
	 1)
	 	Title of Contract:	 	McClellan-Kerr Station Dredging
		 	Date of Award:	 	July 30, 2010
		 	Contract Number:	 	W9127S-10-D-0019
		 	Parties Involved:	 	U.S. Army Corps of Engineers (“USACE”), Little Rock / L.W. Matteson, Inc. (“LWM”)
			
	 2)
	 	Title of Contract:	 	Chain of Rocks South Seepage Berms
		 	Date of Award:	 	August 25, 2010
		 	Contract Number:	 	W912P9-10-D-0529
		 	Parties Involved:	 	USACE, St. Louis District / A&H Contractors / LWM (sub for A&H)
			
	 3)
	 	Title of Contract:	 	Iowa River - Flint Creek Levee District #16 (notice)
		 	Date of Award:	 	September 27, 2010
		 	Contract Number:	 	09-2916.101/00936-16
		 	Parties Involved:	 	Flint Creek Levee District #16 / Klingner & Associates / LWM
			
	 4)
	 	Title of Contract:	 	Lake Decatur Dredging
		 	Date of Award:	 	March 31, 2010
		 	Contract Number:	 	W09-16
		 	Parties Involved:	 	City of Decatur, IL / Homer L. Chastain / LWM
			
	 5)
	 	Title of Contract:	 	Pond A Bridgeway Acres Landfill
		 	Date of Award:	 	December 15, 2010
		 	Contract Number:	 	101-0048-CP(RM)
		 	Parties Involved:	 	Pinellas County, FL Utilities / LWM
			
	 6)
	 	Title of Contract:	 	Lease of Cutterhead, Hydraulic, Pipeline Dredge (NLT 22-Inch Diameter) Fully Operated with Attendant Plant and Personnel, with a Draft NTE 11 Feet, for Construction and Maintenance
Dredging within the Vicksburg and adjacent Districts
		 	Date of Award:	 	March 31, 2010
		 	Contract Number:	 	W912EE-10-C-0011
		 	Parties Involved:	 	USACE, Vicksburg / LWM
			
	 7)
	 	Title of Contract:	 	Chain of Rocks, Berm #6
		 	Date of Award:	 	June 12, 2009
		 	Contract Number:	 	W912P9-07-D-0513
		 	Parties Involved:	 	USACE, St. Louis / A&H Contractors / LWM (sub for A&H Contractors)
			
	 8)
	 	Title of Contract:	 	Kaskaskia Dredging 2009 (pending modification)
		 	Date of Award:	 	July 20, 2009
		 	Contract Number:	 	W912P9-09-C-0415
		 	Parties Involved:	 	USACE, St. Louis / A&H Contractors / LWM (sub for A&H)

  
 4 

					
			
	 9)
	 	Title of Contract:	 	Henderson County Drainage District No. 1 Levee Repairs
		 	Date of Award:	 	August 28, 2009
		 	Contract Number:	 	W912EK-09-C-0094
		 	Parties Involved:	 	USACE, Rock Island District / LWM
			
	 10)
	 	Title of Contract:	 	Louisa County Drainage District No. 11 Levee Repairs
		 	Date of Award:	 	September 24, 2009
		 	Contract Number:	 	W912EK-09-C-0106
		 	Parties Involved:	 	USACE, Rock Island District / LWM

 Service Contracts

 1.   WINOPS 
 2.
  HYPACK 
 3.   Timberline Accounting 
 4.   ABRA HR / Payroll 
 5.   Bureau of National Affairs 

Charter Agreement 
 Barge Charter Party
dated February 10, 2010 between Serodino, Inc. and L.W. Matteson, Inc. 
 Team Agreement 

Team Agreement dated May 27, 2009 between Newt Marine, Peterson Contractors, Inc. and L.W. Matteson, Inc. 

Apartment Rental 
 Residential Lease
Agreement dated February 17, 2010 between Longacre Ponds Apartments and L.W. Matteson, Inc. 

  
 5 

 Section 4.4 

Brokers 
 McGladrey
Capital Markets, LLC 
 1 S. Wacker Drive, Suite 800 
 Chicago, IL 60606-4650 

  
 6 

 Section 4.6 

Related Party Transactions 
  

	1.	Matteson Marine Service 

 #1
South Point 
 Burlington, IA 52601 
  

									
	 	 	Owners:	  	Shares	 	  	 
	 	  
 Lawrence W.
Matteson
	  	  
  
	  
 6,264
	  
   
	  
	 	  
 Larry W.
Matteson
	  	  
  
	  
   3,736
	  
   
	  
	 		  	 	10,000	  	  

 Description of Business: 

Matteson Marine Service, Inc. operates a harbor service in Burlington, IA and surrounding area. 

 

	2.	L.W. Matteson, Inc. Corporate Office 

 #1 South Point 
 Burlington, IA 52601 

* Owned by Seller 
  

	3.	L.W. Matteson, Inc. Storage Building 

 1230 S. Main Street 
 Burlington, IA 52601 

* Owned by Seller 
  

	4.	L.W. Matteson, Inc. Maintenance Yard 

 2815 –
91st Avenue 

Burlington, IA 52601 
 * Owned by Seller 

  
 7 

 Section 4.7(c)(i) 

Seller Personal Property 
  

									
		 	 L.W Matteson, Inc.
	  	12/24/10 9:00AM	  	
		 	 Fixed Asset Listing - Non Marine
	  	
		 	 For the Period 1/28/81 to 12/31/10
	  	
		 		  		  		  	
	 	 	 Asset ID
	  	Description	  	Serial Number	  	 
		 	 LWM000009
	  	‘75 Trailer - Gooseneck	  	18579	  	
		 	 LWM000014
	  	MCELROY FUSION UNIT	  		  	
		 	 LWM000018
	  	FUSION UNIT ACCES	  		  	
		 	 LWM000019
	  	‘74 Trailer - Fusion Unit - Special	  	IA19004	  	
		 	 LWM000049
	  	5TH WHEEL TRAILER	  		  	
		 	 LWM000050
	  	3-CONCRETE BUCKETS	  		  	
		 	 LWM000052
	  	SWIVEL JOINT -BARGE	  		  	
		 	 LWM000056
	  	JD DOZER	  		  	
		 	 LWM000065
	  	BOOM FOR MANITOWOC	  		  	
		 	 LWM000080
	  	CLAM BUCKET	  		  	
		 	 LWM000083
	  	MANITOWOC REPAIRS	  		  	
		 	 LWM000084
	  	‘83 Chevy C-30 1 Ton	  	1GCHC34J8DJ149139	  	
		 	 LWM000089
	  	Crane-Manitowoc 3900 - 1970	  	39884	  	
		 	 LWM000091
	  	USED BOAT & TRAILER	  		  	
		 	 LWM000092
	  	1970 Grove TM120 10-Ton Barge Crane	  	3951	  	
		 	 LWM000107
	  	REPAIRS-BARGE TENDER	  		  	
		 	 LWM000118
	  	KEY CABINET	  		  	
		 	 LWM000160
	  	RUDDER ANGLE INDICTR	  		  	
		 	 LWM000176
	  	BOOSTER PUMP-ENG GON	  		  	
		 	 LWM000185
	  	VAN BOX	  		  	
		 	 LWM000191
	  	Crane-P&H Omega 18 All Terrain	  	44700	  	
		 	 LWM000193
	  	BALL JOINT ASSEMBLY	  		  	
		 	 LWM000218
	  	1971 Link-Belt LS108B 45-Ton Crawler Crane	  	9LG4160	  	
		 	 LWM000226
	  	WRECKING BALL	  		  	
		 	 LWM000244
	  	WINCH-GEARMATIC A22	  		  	
		 	 LWM000245
	  	WINCH-GEARMATIC A22	  		  	
		 	 LWM000246
	  	FUSION UNIT	  		  	
		 	 LWM000247
	  	Crane - Linkbelt 418 - 1967	  	4ER210	  	
		 	 LWM000256
	  	DRAGLINE BUCKET	  		  	
		 	 LWM000257
	  	DREDGE PIPE AN#200	  		  	
		 	 LWM000258
	  	CARGO CONTAINER	  		  	
		 	 LWM000262
	  	CARGO TOOL SHED	  		  	
		 	 LWM000263
	  	ROOT RAKE	  		  	
		 	 LWM000275
	  	PLASTIC PIPE AN#207	  		  	
		 	 LWM000276
	  	STEEL DREDGE PIPE	  		  	
		 	 LWM000278
	  	22”BOOSTER W/2 CAT E	  		  	
		 	 LWM000287
	  	22” PIPE AN#200	  		  	
		 	 LWM000288
	  	U TWN DISC CLTCH 207	  		  	
		 	 LWM000289
	  	GRATING FOR DREDGE	  		  	
		 	 LWM000290
	  	DISCHARGE HOSES 200	  		  	
		 	 LWM000291
	  	D6C CAT CRAWLER	  		  	

  
 8 

									
		 	LWM000296	  	USED PIPE AN#200	  		  	
		 	LWM000297	  	USED CEMENT BUCKETS	  		  	
		 	LWM000299	  	USED 435 CAT SCRAPPR	  		  	
		 	LWM000300	  	12”BOOSTER DETROIT-T	  		  	
		 	LWM000302	  	GEAR BOX AN#200	  		  	
		 	LWM000303	  	CUTTER HEAD AN#200	  		  	
		 	LWM000308	  	‘90 Chevy Pickup	  	2GCGK39N1L198167	  	
		 	LWM000309	  	USED HOSE	  		  	
		 	LWM000310	  	USED HOSE	  		  	
		 	LWM000311	  	NEW WINCH	  		  	
		 	LWM000312	  	NEW WINCH	  		  	
		 	LWM000313	  	NEW SHEANE	  		  	
		 	LWM000316	  	ANCHOR AN#313	  		  	
		 	LWM000317	  	PIPE ADDITION AN#	  		  	
		 	LWM000318	  	CAT 70 PULL SCRAPER	  		  	
		 	LWM000322	  	12” NEW PLASTIC PIPE	  		  	
		 	LWM000324	  	50B AM HOIST USED	  		  	
		 	LWM000354	  	40’ & 20’ CONTAINER	  		  	
		 	LWM000355	  	12” NEW PLASTIC PIPE	  		  	
		 	LWM000356	  	BARGE - Used	  		  	
		 	LWM000357	  	GAS BOY PUMP	  		  	
		 	LWM000358	  	DRIP PAN-FUEL TANK	  		  	
		 	LWM000359	  	FUEL PUMP - JAEGER 2X2	  		  	
		 	LWM000360	  	FUEL PUMP - JAEGER 2X2	  		  	
		 	LWM000361	  	DOZER - CATERPILLAR D7H	  		  	
		 	LWM000362	  	DOZER - CATERPILLAR D7H	  		  	
		 	LWM000363	  	CUTTER DRIVE - IOWA	  		  	
		 	LWM000364	  	SPARE SHAFT - IOWA	  		  	
		 	LWM000368	  	BLADE - CAT 7U FOR D7	  		  	
		 	LWM000369	  	22” Y VALVE	  		  	
		 	LWM000370	  	22” Y VALVE	  		  	
		 	LWM000371	  	22” Y VALVE	  		  	
		 	LWM000377	  	TUBULAR JIB & 20’EXT	  		  	
		 	LWM000383	  	TIMBERLINE SOFTWARE	  		  	
		 	LWM000385	  	Crane - Pettibone Hydraulic Multi - 1979	  	97-S-A16830	  	
		 	LWM000386	  	‘76 Trailer - Transcraft	  	TC9675	  	
		 	LWM000387	  	500 GAL TANK	  		  	
		 	LWM000390	  	ALUMACRAFT JOHN BOAT	  		  	
		 	LWM000391	  	‘92 Trailer - Wesco Boat	  	1W71611TON1000417	  	
		 	LWM000396	  	PIPELAYER - CAT 561 -U	  		  	
		 	LWM000419	  	Work Boat #1 - Plowboy	  		  	
		 	LWM000421	  	DREDGE LADDER - USED	  		  	
		 	LWM000423	  	Booster#1 18”w/ct399	  		  	
		 	LWM000434	  	JD PUMP SYSTEM NO 1	  		  	
		 	LWM000435	  	JD PUMP SYSTEM NO 2	  		  	
		 	LWM000437	  	Booster#2 16”w/Ct399	  		  	
		 	LWM000443	  	CLYDE DB DRAWN WINCH	  		  	
		 	LWM000444	  	TUG W/TRAILER	  		  	
		 	LWM000445	  	TUG W/TRAILER	  		  	
		 	LWM000452	  	‘90 CLARK 21’ WKBOAT	  		  	

  
 9 

									
		 	LWM000454	  	125KW GENSET-PIPEMOV	  		  	
		 	LWM000455	  	EXTENSION FOR GENSET	  		  	
		 	LWM000461	  	WINCH FOR CAT D6H	  		  	
		 	LWM000468	  	24” MCELROY FUSION U	  		  	
		 	LWM000469	  	‘66 MONARK 19’ WKBOA	  		  	
		 	LWM000478	  	HYSTER FORKLIFT	  		  	
		 	LWM000492	  	Dozer - CAT D6H LGP	  		  	
		 	LWM000493	  	Dozer - CAT D6H XL	  		  	
		 	LWM000494	  	Excavator - CAT 325L	  		  	
		 	LWM000495	  	Dozer - CAT D7H	  		  	
		 	LWM000507	  	20”SDR9.3 PIPE 45 FT	  		  	
		 	LWM000508	  	26 18SDR17 FLG ADPTR	  		  	
		 	LWM000512	  	WINCH - GEARMATIC	  		  	
		 	LWM000513	  	WINCH - GEARMATIC	  		  	
		 	LWM000515	  	WINCH - 10 TON MANUAL	  		  	
		 	LWM000516	  	WINCH - 10 TON MANUAL	  		  	
		 	LWM000520	  	20 FT CARGO CONTAINR	  		  	
		 	LWM000525	  	11X23 LOADING RAMP	  		  	
		 	LWM000526	  	7000 FT PIPE	  		  	
		 	LWM000532	  	SPUD PIPE	  		  	
		 	LWM000544	  	550gal Tank Lite Skd	  		  	
		 	LWM000553	  	TRANSFORMER	  	1E00334	  	
		 	LWM000568	  	PUMP IMPELLER SHAFT	  		  	
		 	LWM000573	  	1960 FT POLY PIPE	  		  	
		 	LWM000574	  	12 STUBENDS W/RINGS	  		  	
		 	LWM000582	  	CUMMINS GENERATR SET	  	F820625185	  	
		 	LWM000583	  	550 GAL TANK/FITTNGS	  		  	
		 	LWM000584	  	PWR DISTRIBTN SWITCH	  		  	
		 	LWM000585	  	5000’ POLY PIPE	  		  	
		 	LWM000586	  	10 12” FLANGE ADAPTR	  		  	
		 	LWM000587	  	10 BLACKUP RINGS	  		  	
		 	LWM000589	  	CUMMINS GENERATR SET	  		  	
		 	LWM000591	  	COMM SHEARNG DBL PMP	  		  	
		 	LWM000601	  	Crane - National 300A - 1996	  	16213	  	
		 	LWM000604	  	BLOCK	  		  	
		 	LWM000605	  	BLOCK	  		  	
		 	LWM000606	  	NAT’L CRANE BARGE	  		  	
		 	LWM000607	  	8 12” FLANGE ADAPTOR	  		  	
		 	LWM000610	  	1000 GAL SKID TANK	  		  	
		 	LWM000611	  	1000 GAL SKID TANK	  		  	
		 	LWM000614	  	PIPE - Used - 20” & 16”	  		  	
		 	LWM000618	  	SPUD FOR LW DREDGE	  		  	
		 	LWM000638	  	LADDER PUMP	  		  	
		 	LWM000640	  	WINCH FOR IA DREDGE	  		  	
		 	LWM000641	  	RADAR FOR BULL FROG	  		  	
		 	LWM000642	  	RADAR FOR MELISSA K	  		  	
		 	LWM000643	  	RADAR-COLEE	  		  	
		 	LWM000644	  	LADDER PUMP-STARTUP	  		  	
		 	LWM000721	  	RUBBER HOSE	  		  	
		 	LWM000724	  	STORAGE CONTAINR 40’	  		  	

  
 10 

									
		 	 LWM000725
	  	STORAGE CONTAINR 40’	  		  	
		 	 LWM000729
	  	22”BOOSTER W/ALCO EN	  		  	
		 	 LWM000732
	  	40 PONTOONS/PIPE CRA	  		  	
		 	 LWM000733
	  	PLASMA CUTTER/TORCH	  		  	
		 	 LWM000735
	  	ADD TO ALCO BOOSTER	  		  	
		 	 LWM000737
	  	Mobile Office, Turbo	  	43030698	  	
		 	 LWM000740
	  	Trailer - Boat	  	1Z9BB1622WA056022	  	
		 	 LWM000743
	  	PIPE MOVER	  		  	
		 	 LWM000746
	  	PUMP SHELL-LADDER PU	  		  	
		 	 LWM000758
	  	BEVEL MACHINE	  		  	
		 	 LWM000762
	  	‘94 Chevy K3500	  	1GBHK34N8RE194219	  	
		 	 LWM000764
	  	‘99 Ford F350 S/C	  	1FWDX37F4XEE02940	  	
		 	 LWM000765
	  	Fork Truck, Clark“C”	  		  	
		 	 LWM000767
	  	Crane, Terex RT 450	  		  	
		 	 LWM000769
	  	‘99 Chev K20 Ext Cab	  	1GCGK29U1XE221193	  	
		 	 LWM000770
	  	Srv Body-‘99 F350	  		  	
		 	 LWM000773
	  	Topper-‘99 Chev K20	  		  	
		 	 LWM000785
	  	Compressor, 5hp	  		  	
		 	 LWM000786
	  	Tank w/Stand	  		  	
		 	 LWM000787
	  	Engine,3406 LW Dredge	  		  	
		 	 LWM000788
	  	Booster #1 -Cat 3516	  	027Z00803	  	
		 	 LWM000789
	  	Booster #2 - Cat 3516	  	027Z00804	  	
		 	 LWM000790
	  	Booster #3 - Cat 3516	  	027Z00805	  	
		 	 LWM000791
	  	Engine&Pump-Sandpiper	  	027Z00806	  	
		 	 LWM000792
	  	Engine,Aux-Sandpiper	  	06TB18548	  	
		 	 LWM000800
	  	Engine Recond-AMMCO	  		  	
		 	 LWM000801
	  	Generator, @125KW	  		  	
		 	 LWM000802
	  	‘00 Ford F250 S/C	  	1FTNX21S6YEA03223	  	
		 	 LWM000808
	  	Water Server System	  		  	
		 	 LWM000809
	  	Tractor, Cat D6CLGP	  	069U00372	  	
		 	 LWM000815
	  	Storage Containr 20’	  		  	
		 	 LWM000816
	  	Storage Containr 20’	  		  	
		 	 LWM000817
	  	Tank, 9000 gal 8x24	  		  	
		 	 LWM000818
	  	Tank, 9000 gal 8x24	  		  	
		 	 LWM000820
	  	Generator, 100kw	  		  	
		 	 LWM000821
	  	Generator, Cat used	  		  	
		 	 LWM000822
	  	Tanks-40 @ 2350 gal	  		  	
		 	 LWM000823
	  	Tank, Upright	  		  	
		 	 LWM000831
	  	Hyd Tank-LW Drg-Repl	  		  	
		 	 LWM000839
	  	Anti 2 Block-GrovCrn	  		  	
		 	 LWM000840
	  	Tank-8x26’ Sngle Wal	  		  	
		 	 LWM000841
	  	Bucket-for Cat 345BL	  		  	
		 	 LWM000842
	  	‘00 Ford F350 S/C 4x4	  	1FDWX37F8YED03555	  	
		 	 LWM000843
	  	2-Compressors, 5hp	  		  	
		 	 LWM000844
	  	Compressor,3hp Horiz	  		  	
		 	 LWM000855
	  	‘00 Honda TRX350FMY	  		  	
		 	 LWM000858
	  	Truck Service Body	  		  	
		 	 LWM000859
	  	Compressor, Curtis	  		  	
		 	 LWM000860
	  	Compressor, Quincy	  		  	
		 	 LWM000862
	  	3 Compressors,Boostr	  		  	

  
 11 

  

									
		 	LWM000863	  	Fathometer	  		  	
		 	LWM000870	  	Tanks(20)-48”x12’Wht	  		  	
		 	LWM000878	  	Gen Set, Cat 3304	  		  	
		 	LWM000879	  	Gen Set, Cat 3304	  		  	
		 	LWM000899	  	Mobile Office, 8’x32’	  	00-21358T	  	
		 	LWM000902	  	Excavator, Cat 345BL	  	4SS00277	  	
		 	LWM000903	  	Valve System, Hofer 14”	  		  	
		 	LWM000908	  	Crane, OH Yard Bldg	  	S01542	  	
		 	LWM000910	  	‘99 GMC K2500	  	1GTGK29U5XE527541	  	
		 	LWM000915	  	Depth Sounder	  	172	  	
		 	LWM000916	  	End Dump - Morooka	  	3119	  	
		 	LWM000925	  	Crane Ext Section - 20’	  	9M2258	  	
		 	LWM000926	  	‘03 GMC Ext Cab	  	1GTHK29U93E185574	  	
		 	LWM000927	  	Paint System	  		  	
		 	LWM000933	  	GPS Receiver	  		  	
		 	LWM000934	  	Truck - ‘03 Ford F350	  	1FDWX37P13EC42454	  	
		 	LWM000936	  	Bevel Machine & Attachments	  	B4C5645	  	
		 	LWM000937	  	Compressor - Curtis-D-97	  	D97A45FO30044AP	  	
		 	LWM000938	  	Jib - Manitowoc Crane	  		  	
		 	LWM000939	  	Generator - Wacker G25	  	53401G62	  	
		 	LWM000942	  	Truck - ‘03 GMC Sierra	  	1GTHK29U63E368091	  	
		 	LWM000943	  	Truck - ‘03 GMC Sierra	  	2GTEK19T631371157	  	
		 	LWM000944	  	Winch	  	H4443	  	
		 	LWM000946	  	Spreader - Liquid Manure	  		  	
		 	LWM000947	  	Tractor - Agricultural	  	8858501	  	
		 	LWM000948	  	Winch - Pullmaster Hydraulic	  	69871	  	
		 	LWM000949	  	Copier/Printer	  		  	
		 	LWM000950	  	Computer - Sandpiper	  		  	
		 	LWM000953	  	Loader - Mod 4810 Positrack	  	ANC 00219	  	
		 	LWM000955	  	Air Compressor - 185CFM	  	319940	  	
		 	LWM000956	  	Air Compressor - 90CFM	  	220070	  	
		 	LWM000967	  	Dredge pipes and pontoons	  		  	
		 	LWM000968	  	Pipe - Steel (New)	  		  	
		 	LWM000969	  	Hose Assemblies - Rubber (Used)	  		  	
		 	LWM000970.1	  	Pipe (Steel) & Elbows - 12 3/4”	  		  	
		 	LWM000970.2	  	Pipe (Steel) & Elbows	  		  	
		 	LWM000971	  	Pipe (Steel) - 20”	  		  	
		 	LWM000972	  	Pipe (Steel) - 20”	  		  	
		 	LWM000973	  	Pipe (Steel) - 20”	  		  	
		 	LWM000975	  	Welder - Thermal Arc	  	N92103AK1707	  	
		 	LWM000976	  	Air Compressor - IR	  	37FU28X33	  	
		 	LWM000977	  	Pipe - Used Carbon Steel	  		  	
		 	LWM000978	  	Loader - Volvo, used	  	62161	  	
		 	LWM000979	  	Forks for loader	  		  	
		 	LWM000980	  	Engine Replaced - F250	  	1FTNX21S6YEA03223	  	
		 	LWM000981	  	Racks for Pipe	  		  	
		 	LWM000982	  	Loader - JD 644G Wheel	  	562219	  	
		 	LWM000983	  	Loader - JD Wheel	  	563337	  	
		 	LWM000984	  	Forks - Pair for FA#982	  		  	
		 	LWM000985	  	Forks for	  		  	

  
 12 

									
		 	LWM000986	  	Trailer - 2004 20’	  	5L3CX20224L001688	  	
		 	LWM000987	  	GPS System	  	TR040044,40001,40043,40042	  	
		 	LWM000988	  	Forklift - Hyster used	  	C007D01739E	  	
		 	LWM000989	  	Dredgepack software on LW	  		  	
		 	LWM000992	  	Winch, Hydraulic	  	71395	  	
		 	LWM000993	  	Crane - RT160 Terex	  	58213	  	
		 	LWM000994	  	Welder - Linc	  		  	
		 	LWM000995	  	Truck - ‘04 GMC Sierra	  	2GTEK19T241117625	  	
		 	LWM000996	  	Truck - ‘04 Chevy	  	1GCEK19T54E344158	  	
		 	LWM000998	  	Generator - Leroy-Sommer 60kw	  	LSA4326J6-04	  	
		 	LWM001004	  	GPS System	  	0224091410	  	
		 	LWM001009	  	Pipe - 22” x .375” Wall	  		  	
		 	LWM001010	  	Storage Container	  	GLDU020436-6	  	
		 	LWM001011	  	Storage Container	  	GLDU021405-0	  	
		 	LWM001012	  	Storage Container - Seacon	  	GLDU020847-0	  	
		 	LWM001013	  	Storage Container - Seacon	  	GLDU021857-0	  	
		 	LWM001014	  	Truck - ‘05 GMC Sierra	  	1GTEK19B55E151596	  	
		 	LWM001016	  	Refurbish - D6H LGP	  	03YG05718	  	
		 	LWM001020	  	Generator Set, DR50C4-JH	  	M02275	  	
		 	LWM001021	  	Topper - for Truck asset #832	  	096886	  	
		 	LWM001024	  	Booster Pump	  	99U1632	  	
		 	LWM001025	  	Generator Set, JD	  		  	
		 	LWM001026	  	Winch - 40 Ton Hydra-electric	  		  	
		 	LWM001032	  	Laptop Computer	  		  	
		 	LWM001033	  	Grove TM600 60 Ton Hydraulic Truck Crane	  		  	
		 	LWM001035	  	2 Float Tanks for Swamp Buggy	  		  	
		 	LWM001037	  	2004 GMC Envoy	  	1GKDT13SX42225178	  	
		 	LWM001041	  	John Deere Generator Set W/Lifting Bail	  	PE4045T517570	  	
		 	LWM001044	  	1998 GMC Sierra Pickup	  	2GTEK19R9W1515504	  	
		 	LWM001047	  	Kubota Generator	  	17058OR	  	
		 	LWM001048	  	Deere Base Engine PE4045DF150	  	PE4045D467830	  	
		 	LWM001050	  	Pipe 22” x .312”W x 23,285.20 L.F.	  		  	
		 	LWM001053	  	 2006 GMC Sierra 1500 4WD Ext Cab

#157953
	  	1GTEK19Z157953	  	
		 	LWM001054	  	22”x.312x1277.5’ Used Pipe Beveled Ends	  		  	
		 	LWM001056	  	 2006 GMC Sierra 1500 4WD Ext Cab

Vin#244203
	  	1GTEK19ZX6Z244203	  	
		 	LWM001057	  	Service Water Unit	  		  	
		 	LWM001062	  	 2006 GMC Sierra 1500 4WD Est Cab Pickup
 Vin 4152
	  	1GTEK19B26Z134152	  	
		 	LWM001063	  	2006 GMC Sierra 1500 4WD Ext Cab White	  	1GTEK19Z266009	  	
		 	LWM001064	  	2006 GMC Sierra 1500 4WD Ext Cab Grey	  	1GTEK19B661133935	  	
		 	LWM001065	  	Gen Set 300KW	  	30313408	  	
		 	LWM001067	  	Pump System 200 HP VFD 460	  		  	
		 	LWM001069	  	 Standalone Survey Controller Software Office
 Software Trimble
	  	TRM39843-30&TRM50559-00
		 	LWM001071	  	John Deere 644J Wheel Loader	  	DW644JX594245	  	
		 	LWM001072	  	Electric-On-Frame Pump 16”	  	15672	  	
		 	LWM001074	  	Forks	  	QC600CUF	  	
		 	LWM001078	  	KJT270FSW Kubota Generator	  	1712768R	  	

  
 13 

							
	LWM001079	  	KJT270FSW Kubota Generator	  	1712768R	  	
	LWM001084	  	John Deere 644H Wheel Loader	  	DW644HX581727	  	
	LWM001085	  	Service Water Unit	  	10HT12 LM29923AA FR286	  	
	LWM001086	  	CK60DM-3 Generator Set	  	PE4045T574312	  	
	LWM001087	  	 Grove 1982 RT980 80 Ton Rough Terrain
 Crain
	  	49950	  	
	LWM001088	  	Toshiba E Studio 232 Digital Copier	  		  	
	LWM001091	  	20” Boom Insert for LS 418 Crane	  		  	
	LWM001092	  	CBA Containers (4)	  	CAXU2552595 CAXU6108547	  	
	LWM001093	  	Generator Set John Deer CK60DM-2	  	E4045T574313	  	
	LWM001096	  	Small Flatbed Trailer	  	0290LX12200601	  	
	LWM001097	  	Service Water Unit	  		  	
	LWM001100	  	Field Office Trailer W/Furniture	  		  	
	LWM001101	  	COE Office Trailer	  		  	
	LWM001102	  	Two (2) Kiewit Barges (135”x35’x7’)	  		  	
	LWM001104	  	Weeks Discharge Pontoons (45)	  		  	
	LWM001105	  	Fuel Tank	  		  	
	LWM001106	  	270 foot 20” Rubber Hose 30 Foot Section	  		  	
	LWM001107	  	680 Feet 20” Rubber Hose 40 Foot Sections	  		  	
	LWM001109	  	Hydrotec Survey Instrument	  	10970	  	
	LWM001110	  	Flowmeter 600/24”	  	35SH6H-999FC51A21A	  	
	LWM001111	  	Flowmeter 500/20”	  	35SH5H-999FC51A21A	  	
	LWM001112	  	Geramic Model Re-Man Spud Hoist	  	34-12-10-11-30/2200	  	
	LWM001113	  	Turbocharger Iowa Dredge	  	05SJ00226	  	
	LWM001114	  	1973 Grove Hydraulic Truck Crane TW275LP	  	22773	  	
	LWM001115	  	Hyster Forklift H100XL2 with sideshift	  	G005D14617W	  	
	LWM001116	  	4 CBA Containers	  	2353,0496,3815,0873	  	
	LWM001117	  	 Hewlett Packard Laser Jet 5200TN Printer
 (Accounting)
	  		  	
	LWM001119	  	4 Lincoln LN-25 Wire Feeders	  		  	
	LWM001120	  	American Model 75 Winch Powered by GM 3-71 Disel Engine	  	
		  	 M/V Davey Crockett Registration #269829
 55x18 HP650
	  	269829	  	
	LWM001126	  	Open Bay Office 20’	  	AS20MYW0416	  	
	LWM001127	  	 3 Lincoln K1728-5 Welder w/K449LN25 Wire
 Feeder
	  	U1070106983,U1070303758 & 761
	LWM001128	  	Separator	  		  	
	LWM001131	  	3 CK Deere Power Engines for Winch Units	  	263968,625203, 625206	  	
	LWM001136	  	1964 Allis Chalmers Tractomotive	  	12453	  	
	LWM001137	  	1956 Allis Chalmers Tractomotive	  	1213	  	
	LWM001138	  	Krohne EMF electromagnetic flow	  		  	
	LWM001139	  	Berthold Nuclear Detector and Electronics	  		  	
	LWM001142	  	Iowa Traveling Spud System	  		  	
	LWM001143	  	Cat D6H XL Series II Crawler Tractor	  	9KJ014456	  	
	LWM001144	  	Cat D6HLGP Crawler Tractor	  	6FC00577	  	
	LWM001147	  	155 Dry Manifold Marine Engine CK606BT	  	PE6068T669446	  	
	LWM001148	  	Deere Prime Gen Set CKD40M	  	PE4045D634698	  	
	LWM001149	  	Deere Prime Gen Set CKMD40M	  	PE4045D634699	  	
	LWM001150	  	Rebuilt Gear Box	  	2019-0001C	  	
	LWM001151	  	Deere Prime Gen Set	  	PE5030T145893	  	

  
 14 

									
		 	LWM001152	  	1999 Cat D6R LGP Crawler Tractor	  	9PN01180	  	
		 	LWM001153	  	Cat D6R LGP Crawler Tractor	  	9PN00487	  	
		 	LWM001154	  	Cat D6R LGP Crawler Tractor	  	9PN00471	  	
		 	LWM001155	  	Cleveland Diesel Engine Type 16V278A	  		  	
		 	LWM001156	  	Kubota Generator SQ3250SW	  	G11087	  	
		 	LWM001157	  	Kubota Generator SQ3250SW	  	H09058	  	
		 	LWM001158	  	Lightsource Tower w/Kubota Generator	  	6676366979	  	
		 	LWM001159	  	2007 GMC Sierra Pickup	  	2GTEK19J971601228	  	
		 	LWM001160	  	Caterpillar Model 350L Excavator	  	              3ML00924	  	
		 	LWM001161	  	Rebuilt Philadelphia Gear Unit Sandpiper Dredge	  	
		 	LWM001162	  	Repair Engine D6H Dozer	  	              06FC00577	  	
		 	LWM001172	  	Booster Control Station	  		  	
		 	LWM001173	  	Water Canon	  		  	
		 	LWM001176	  	2007 Yamaha Motor 150HP 4 Stroke F150TRL	  	              63PL1068214	  	
		 	LWM001178	  	Steel Pipe 20” DR 17 IPS HDBE 3408 AWWA 5000 L.F.	  	
		 	LWM001179	  	1999 Link Belt 3400 Q Excavator	  	              EZ191637	  	
		 	LWM001180	  	20” Steel Pipe 2000 L.F.	  		  	
		 	LWM001182	  	20”x.312 Used Steel Pipe 2811.30 L.F.	  		  	
		 	LWM001183	  	72” Bucket EHD 400 Class W/Pins For Cat 345	  		  	
		 	LWM001184	  	Cat 3406BDITA Generator	  	              02WB00913	  	
		 	LWM001185	  	Rimble R8 Mosel 2 GNSS System	  	              4748K31256,
              30874070,08145636,	  	
		 	LWM001186	  	2002 Ford F450 Pickup	  	              1FDXF47F02EA32043
		 	LWM001187	  	2 Maine Containers 20’ Grey	  	               IMNU 210263-9 IMNU

              210212-0

		 	LWM001188	  	1966 Link Belt LS418 100 Ton Crawler Crane	  	              4ER171	  	
		 	LWM001189	  	2 Crane Buckets	  		  	
		 	LWM001190	  	Trolley Hoist W/12 Ft Lift	  		  	
		 	LWM001191	  	2000 HP VFD Drive for Booster	  		  	
		 	LWM001192	  	Hydraulic Clamshell Bucket SMAG Model HZG2000-20	  	
		 	LWM001194	  	Rebuilt GE 45KVA Transformer 4160-208/120 Nem 1 Enclosure	  	
		 	LWM001195	  	1998 Morooka 2200 Track Dump	  	              U10394	  	
		 	LWM001197	  	1995 Morooka MST2200 Track Dump	  	              221263	  	
		 	LWM001198	  	Morooka MST2200 Crawler Dumper	  	              22635	  	
		 	LWM001200	  	2004 Deere 644J Loader	  	              594143	  	
		 	LWM001201	  	Hydraulic Clamshell Bucket w/Dual Rotation	  		  	
		 	LWM001203	  	2 DKDM45D Gen Sets	  	              PE4045L36865 &
              PE4045L036866	  	
		 	LWM001204	  	Used Generator	  	              S/N 7100036-8	  	
		 	LWM001205	  	Transformers	  		  	
		 	LWM001207	  	Morooka MST2000 Truck	  	              20854	  	
		 	LWM001209	  	Morooka MST3300 s/n 33102	  	              33102	  	
		 	LWM001212	  	Gen Set w/Battery CK125DM-12 125KW 3 Phase Skid Mounted	  	
		 	LWM001214	  	Cat D6R LGP Crawler Tractor	  	              9PN00546	  	
		 	LWM001216	  	2008 GMC Sierra Pickup	  	              1GTEK19098Z313502
		 	LWM001217	  	2008 GMC Sierra Pickup	  	              2GTEK19J281106287
		 	LWM001218	  	2008 GMC Sierra Pickup	  	              2GTEK190781215335
		 	LWM001219	  	20I” Steel Pipe 2459 L.F., Ball Joints, Flanges,Beveling Machine	  	
		 	LWM001220	  	2002 Dodge Ram 1500 Quad Pickup Truck	  	              509TX12200801	  	
		 	LWM001221	  	John Deere 644H	  	              551884	  	

  
 15 

									
		 	LWM001222	  	Caterpillar320CLw/ Root Ripper	  	              ANB01855	  	
		 	LWM001223	  	20” Steel Pipe 5250 L.F. 17IPS x 50’ Stick	  		  	
		 	LWM001230	  	5 Computers Dell 2.406HZ	  		  	
		 	LWM001231	  	12” Steel Pipe 2440 L.F.	  		  	
		 	LWM001233	  	Ingersoll Rand Light Source	  	              394484	  	
		 	LWM001234	  	Ingersoll Rand Light Source	  	              394485	  	
		 	LWM001235	  	Kubota Generator	  	              F1238	  	
		 	LWM001236	  	Kubota Generator	  	              F1240	  	
		 	LWM001237	  	Kubota Generator	  	              F1242	  	
		 	LWM001238	  	Caterpillar D6R LGP Crawler Tractor w/winch	  	              9PN01527	  	
		 	LWM001239	  	Caterpillar D6R LGP Crawler Tractor w/winch	  	              9PN01420	  	
		 	LWM001240	  	Caterpillar C6R LGP w/winch	  	              09PN00964	  	
		 	LWM001241	  	Caterpillar C6R LGP w/winch	  	              09PN01582	  	
		 	LWM001242	  	2008 Chevrolet Silverado Pickup Truck	  		  	
		 	LWM001243	  	2008 Kubota RTV-1100 Large All Terrain	  	              KU8257	  	
		 	LWM001244	  	20’ Open Bay Office	  	              AS2OUYW0034	  	
		 	LWM001245	  	16 Cylinder 645E2 Marine EMD Engine (Used)	  	              72-A1-1034	  	
		 	LWM001246	  	2008 Kubota RTV1100 All Terrain Vehicle	  	              19872	  	
		 	LWM001247	  	2001 Caterpillar D6R LGP Tractor	  	              9PN01638	  	
		 	LWM001248	  	2008 Kubota Large All Terrain Vehicle	  	              18169	  	
		 	LWM001249	  	Caterpillar D6R LGP Tractor	  	              9PN01046	  	
		 	LWM001253	  	Transformer 3000KVA Upgrade Asset#1205	  	              12470-4160D	  	
		 	LWM001257	  	Ingersoll Rand Portable Compressor	  	              6678108126	  	
		 	LWM001258	  	Ingersoll Rand Portable Compressor	  	              6678108126	  	
		 	LWM001265	  	Morooka MST3300 S/N 33301	  	              33301	  	
		 	LWM001266	  	Morooka MST 2600 Crawler Track Truck	  	              26147	  	
		 	LWM001267	  	20” .312 Used Steel pipe 1399.8 L.F.	  		  	
		 	LWM001268	  	20” x .312 Used Steel Pipe 2806.6 L.F.	  		  	
		 	LWM001269	  	22” x .375 Used Steel Pipe 2553.10 L.F.	  		  	
		 	LWM001270	  	22”x.375 Used Steel Pipe 5185.10 L.F.	  		  	
		 	LWM001271	  	22” x .375 Used Steel Pipe 3111 L.F.	  		  	
		 	LWM001272	  	22” x .375 Used Steel Pipe 3187 L.F.	  		  	
		 	LWM001273	  	22”x.375 Used Steel Pipe 1553.7 L.F.	  		  	
		 	LWM001274	  	20” x .312” Used Steel Pipe 404.9 L.F.	  		  	
		 	LWM001275	  	22”x.312 Used Steel Pipe 2594.2 L.F.	  		  	
		 	LWM001276	  	12.75”x.5 Steel Pipe	  		  	
		 	LWM001277	  	12.75” x .5 Steel Pipe	  		  	
		 	LWM001278	  	Ingersoll Rand Light Source Kubota Diesel Powered	  	              368740	  	
		 	LWM001279	  	Deere Gen Set CK125DM	  	              PE4045L065434	  	
		 	LWM001280	  	John Deere Gen Set	  	              PE4045L065465	  	
		 	LWM001281	  	1998 Caterpillar 330BL Excavator	  	              6DR02722	  	
		 	LWM001282	  	2005 Caterpillar 325CL Excavator	  	              CAT0325CLBMM00696
		 	LWM001283	  	2003 Cat325CL Hydraulic Excavator	  	              CAT0325CEBFF00921
		 	LWM001285	  	2005 Link Belt 240LS Hydraulic Excavator	  	              K4J59949	  	
		 	LWM001287	  	16 Cylinder EMD Marine Engine for Jolly Roger	  	              62F-73	  	
		 	LWM001289	  	Trimble Survey Equipment	  	              4835157026-4825154956
		 	LWM001291	  	Bearing Assembly 9” Cartridge Little Rock Dredge	  		  	
		 	LWM001292	  	Cummins Engine For Morooka	  	              46891757	  	
		 	LWM001293	  	Ck45T280-80B Power Units	  	              PE4045L073253	  	
		 	LWM001294	  	Ck45T280-80B Power Units	  	              PE4045L0732259	  	

  
 16 

											
		 		 	LWM001295	  	CK45T280-80B	  	              PE4045L073260	  	
		 		 	LWM001296	  	30’ Barge	  		  	
		 		 	LWM001297	  	2002 Volvo L120E Wheel Loader	  	              L120EV64047	  	
		 		 	LWM001298	  	20” A54 5/8 Wall Steel Pipe 739 L,.F.	  		  	
		 		 	LWM001299	  	Used American Model 70B double Drum Gasoline Powered Hoist	  	
		 		 	LWM001300	  	Used Terex RT175 Rough Terrain Crane	  		  	
		 		 	LWM001301	  	1986 Hyster H350B Forklift	  	              B019D0-1727E	  	
		 		 	LWM001302	  	2004 Cat D6R Series II LGP Crawler Tractor	  	              CAT00D6READE00564	  	
		 		 	LWM001303	  	2006 Cat D6N LGP Crawler Tractor	  	              CAT00D6NKALY02087	  	
		 		 	LWM001304	  	2009 Ford F350 White Pickup	  	              1FDWX37R79EA68741	  	
		 		 	LWM001305	  	2009 Ford F350 White Pickup	  	              JFDWX37R29EA57999	  	
		 		 	LWM001306	  	Pipe Forks W/96” Tines	  	              102-0609	  	
		 		 	LWM001307	  	John Deere Engine PE6068TF150	  	              PE6068T763834	  	
		 		 	LWM001308	  	John Deere Engine PE6068TF150	  	              PE6068T76835	  	
		 		 	LWM001309	  	2001 Dodge Ram3500 Passenger Van	  	              2B5WB35Z91K548486	  	
		 		 	LWM001310	  	2009 Sierra 1500 4WD Est Cable SLE Sr.	  	              1GTEK29049Z163886	  	
		 		 	LWM001311	  	Two Used Caterpillar 3306B Engines, Twin Disc Gears and #36” Thrusters	  	
		 		 	LWM001318	  	2009 Chevrolet Silverado 3500 4wd WTRKCHASSIS	  	              1GBJK79629E131305	  	
		 		 	LWM001319	  	2009 Chevrolet Silverado P/U	  	              1GBJK79669E131002	  	
		 		 	LWM001321	  	2009 GMC Sierra K1500 P/U	  	              2GTEK290391131519	  	
		 		 	LWM001322	  	3 Drum Gas Hoist, 3 Drum Air Hoist, 2 Drum Electric Hoist, 2 Drum Diesel Hoist	  	               H3534, H3975,H3593-

              1,H3396

		 		 	LWM001323	  	2009 Chevrolet Truck Silverado	  	              1GCEK29019Z207116	  	
		 		 	LWM001324	  	2009 Chevrolet Silverado	  	              2GCEK290X91126463	  	
		 		 	LWM001326	  	CatD25D 4x4 Articulate Dump Truck	  	              1HK00121	  	
		 		 	LWM001327	  	Caterpillar D25D 4x4 Articulate Dump Truck	  	              1HK00118	  	
		 		 	LWM001328	  	 Genset Ck15068H285 150KW 120/208V 39H Gen Set
 W/ Battery 175 Gal Tank
	  	              PE6068L066578	  	
		 		 	LWM001329	  	Boom LS418 Crane	  	              4ER171	  	
		 		 	LWM001330	  	2009 Chevy Sierra TK1500 SLE	  	              1GTEK29J69Z18019	  	
		 		 	LWM001331	  	Fusion Machine	  		  	
		 		 	LWM001332	  	Knapheide Service Body	  	              1GBJK79669E131002	  	
		 		 	LWM001333	  	Knapheide Service Body	  	               1GBJK79629E1313333330

              5

		 		 	LWM001335	  	24” Steel Pipe .5 CS 163 L.F.	  		  	
		 		 	LWM001337	  	2009 GMC Sierra 4WD Club Cab	  	              1GTHK49K29E145601	  	
		 		 	LWM001339	  	Two Twin Disc marine Transmission Type MG-514	  		  	
		 		 	LWM001340	  	Marine Water Evaporator System	  	              BV10285e	  	
		 		 	LWM001341	  	2007 Used GMC Sierra Pickup	  	              1GTHK29087E100620
		 		 	LWM001346	  	Internal Radio 5800 Rover Kit and Range Pole	  	              4913168781	  	
		 		 	LWM001349	  	16” Steel Pipe 135.92 L.F.	  		  	
		 		 	LWM001350	  	Honda BF135ALA Motor	  	              BARJ-1300232	  	
		 		 	LWM001351	  	Honda BF135AXA	  	              BARJ-1301583	  	
		 		 	LWM001352	  	Cummins Engine DR26225RX 94N14C	  	              60533094	  	
		 		 	LWM001353	  	Cummins Engine DR26225RX 94N14C	  	              60533110	  	
		 		 	LWM001354	  	Cummins Engine DR26225RX 94N14C	  	              60533111	  	
		 		 	LWM001355	  	Cummins Engine DR26225RX 94N14C	  	              60533109	  	
		 		 	LWM001358	  	3 Nabrico 40 Ton Hydra Electric Winch LW Spill Barge	  	
		 		 	LWM001359	  	Degasser	  		  	
		 		 	LWM001360	  	Little Rock Dredge Repairs 2009-2009	  		  	

  
 17 

									
		 	LWM001361	  	2009 Ford F450 Pickup	  		  	
		 	LWM001362	  	2008 ASV ST-50 Scout	  	              CFA00349	  	
		 	LWM001363	  	HADU 1900 Series Top Input Gear Box Sandpiper	  	              HDU 1900	  	
		 	LWM001364	  	Cat 3406CDITA 500 HP	  	              03ER06330	  	
		 	LWM001372	  	2003 DSC 3508 Floating (Barge)Booster Pump Station	  	
		 	LWM001373	  	2003 DSC 3508 Land Booster Pump Station	  		  	
		 	LWM001374	  	Lufkin Gear Box w/Heat Exchanger	  		  	
		 	LWM001375	  	6 MAFCO 40’x10’x5’ Barges	  		  	
		 	LWM001376	  	Pullmaster Hydraulic Winch	  	              094986	  	
		 	LWM001377	  	Pullmater Hydraulic Winch	  		  	
		 	LWM001381	  	20” Steel Pipe 3826 L.F.	  		  	
		 	LWM001382	  	Pullmaster Hydraulic Winch	  	              092714	  	
		 	LWM001383	  	Pullmaster Hydraulic Winch	  	              093836	  	
		 	LWM001384	  	2010 GMC Sierra	  	              1GTSKVE37AZ157198
		 	LWM001386	  	Trimble GPS System	  	              K7696	  	
		 	LWM001387	  	Booster Stations	  		  	

 L.W. Matteson, Inc. Transferred Trucks and Trailers 

 

									
	Year	 	Make	 	Color	 	Model	 	VIN #
					
	1982	 	Chevy	 	Gray/Red	 	K20	 	1GCGK24J4CJ127789
					
	1983	 	Chevy	 	Red	 	C-30 1-Ton	 	1GCHC34J8DJ149139
					
	1984	 	Chevy	 	White	 	K30	 	1GBHK3WXEV117449
					
	1989	 	GMC	 	Red	 	Sierra C1500	 	2GTDC14Z1K1545784
					
	1990	 	Chevy	 	Red/Black	 	K3500 1-Ton	 	2GCGK39N1L1198167
					
	1991	 	Chevy	 	Wht/Silv	 	K3500	 	1GCHK34N8ME158387
					
	1994	 	Chevy	 	White	 	K3500	 	1GBHK34N8RE194219
					
	1995	 	Chevy	 	White	 	K3500	 	1GBJK34F1SE250047
					
	1995	 	GMC	 	White	 	Sierra K2500	 	1GTGK29N6SE501323
					
	1999	 	GMC	 	White	 	Sierra K2500	 	1GTGK29U5XE527541
					
	1999	 	Chevy	 	Gray	 	K2500 Silverado	 	1GCGK29U1XE221193
					
	1999	 	Ford	 	White	 	F350	 	1FDWX37F4XEE02940
					
	2000	 	Ford	 	White	 	F350 Super Duty	 	1FDWX37FXYED89760
					
	2000	 	Ford	 	White	 	F250 Super Duty	 	1FTNX21S6YEA03223
					
	2000	 	Ford	 	White	 	F350 Super Duty	 	1FDWX37F8YED03555
					
	2001	 	Dodge	 	Wht/Grn	 	Ram 3500 Van	 	2B5WB35Z91K548486
					
	2002	 	Ford	 	Black	 	F450	 	1FDXF47F02EA32043
					
	2002	 	Dodge	 	Grey	 	Ram 1500 Q-Cab	 	3D7HU18252G150710
					
	2003	 	GMC	 	White	 	Sierra K2500 HD	 	1GTHK29U93E185574
					
	2003	 	Ford	 	White	 	F350 Super Duty	 	1FDWX37P13EC42454
					
	2003	 	GMC	 	White	 	Sierra K1500	 	2GTEK19T631371157
					
	2003	 	GMC	 	Pewter	 	Sierra K2500 HD	 	1GTHK29U63E368091

  
 18 

									
					
	2004	 	GMC	 	White	 	Sierra 1500	 	2GTEK19T241117625
					
	2004	 	Chevy	 	White	 	Silverado	 	1GCEK19T54E344158
					
	2004	 	GMC	 	Silver	 	Envoy SLE	 	1GKDT13SX42225178
					
	2005	 	GMC	 	White	 	Sierra K1500	 	1GTEK19B75E344235
					
	2005	 	Chevy	 	White	 	Silverado K2500	 	1GCHK29UX5E249205
					
	2005	 	GMC	 	White	 	Sierra K1500	 	1GTEK19B55E151596
					
	2006	 	GMC	 	Grey	 	Sierra K1500	 	1GTEK19Z36Z266009
					
	2006	 	GMC	 	White	 	Sierra K1500	 	1GTEK19B26Z134152
					
	2006	 	GMC	 	White	 	Sierra K1500	 	1GTEK19Z36Z266009
					
	2006	 	GMC	 	White	 	Sierra K1500	 	1GTEK19ZX6Z244203
					
	2007	 	GMC	 	White	 	Sierra K1500	 	2GTEK19J971601228
					
	2007	 	GMC	 	White	 	Sierra K1500	 	1GTHK29U87E100620
					
	2008	 	Chevy	 	White	 	Silverado K2500	 	1GCHK29K48E180174
					
	2008	 	GMC	 	White	 	Sierra K1500	 	1GTEK19098Z313502
					
	2008	 	GMC	 	White	 	Sierra K1500	 	2GTEK19J281106287
					
	2008	 	GMC	 	White	 	Sierra K1500	 	2GTEK190781215335
					
	2009	 	GMC	 	Silver	 	Sierra K1500	 	1GTEK29049Z163886
					
	2009	 	Ford	 	White	 	F350	 	1FDWX37R79EA68741
					
	2009	 	Chevy	 	White	 	Silverado 3500	 	1GBJK79669E131002
					
	2009	 	Chevy	 	White	 	Silverado 3500	 	1GBJK79629E131305
					
	2009	 	GMC	 	White	 	Sierra K1500	 	2GTEK290391131519
					
	2009	 	Chevy	 	White	 	Silverado 1500	 	1GCEK29019Z207116
					
	2009	 	Chevy	 	White	 	Silverado 1500	 	2GCEK290X91126463
					
	2009	 	GMC	 	White	 	Sierra K1500	 	1GTEK29J69Z180195
					
	2009	 	GMC	 	White	 	Sierra K1500	 	1GTHK49K29E145601
					
	1974	 	SPC	 	Black	 	Trailer	 	IA 19004
					
	1975	 	SPC	 	Black	 	Trailer	 	18579
					
	1984	 	SPC	 	Black	 	Boat Trailer	 	NONE
					
	1992	 	Wesco	 	N/A	 	Trailer	 	1W71611T0N1000417
					
	1995	 	Kann	 	Black	 	Boat Trailer	 	1K9BM2022SK009937
					
	1998	 	Turbo	 	Grn.White	 	Office Trailer	 	43030698
					
	1998	 	Oquawka	 	Gray	 	Boat Trailer	 	1Z9BB1622WA056022
					
	2002	 	Special	 	Silver	 	Regular Trailer	 	NONE
					
	2004	 	T-Man	 	Silver	 	20’ Car Trailer	 	5L3CX20224L001688
					
	2007	 	Clark	 	Black	 	Boat Trailer	 	1C9BB22297B766511
					
	2008	 	Oquawka	 	Silver	 	Flatbed Trailer	 	1Z9AF20248A056191

  
 19 

 Section 4.8 
 Condition of Assets 
  

											
		 	L.W Matteson, Inc.	  		  	
		 	Fixed Asset Listing - Non Marine
	 	 	For the Period 1/28/81 to 12/31/10
		 		  		  		  		  	
	 	 	 Asset ID
  
	  	 Description
  
	  	 Serial Number

 
	  	 Seller’s Comments

 
	  	 Repair Cost Estimate

 

		 	LWM000247	  	Crane - Linkbelt 418 - 1967	  	4ER210	  	Change out swing brakes, needs new injectors	  	$4,000±
						
		 	LWM000300	  	12”BOOSTER DETROIT-T	  		  	Not used; needs work	  	For parts only
						
		 	LWM001087	  	1982 Grove RT980 Crane	  	49950	  	Needs body work	  	$6,000 - $8,000
						
		 	LWM001104	  	 Weeks Discharge Pontoons

(45)
	  		  	Needs bottom skin	  	$60,000±
						
		 	LWM001115	  	Hyster Fork Truck	  		  	Needs fuel system work	  	$2,000 - $3,000
						
		 	LWM001188	  	1966 Link Belt LS418 100 Ton Crawler Crane	  	4ER171	  	Needs transmission work	  	$8,000 - $12,000
		 	LWM001198	  	Morooka MST 2200 Crawler Dumper	  	22635	  	Needs drive train work	  	$3,000 - $6,000
						
		 	LWM001209	  	Morooka MST 3300	  	33102	  	Needs drive train work	  	$3,000 - $6,000
						
		 	LWM001265	  	Morooka MST 3300	  	33301	  	Needs drive train work	  	$3,000 - $6,000
						
		 	LWM001266	  	 Morooka MST 2600 Crawler

Track Truck
	  	26147	  	Needs engine work (have engine)	  	$1,000 - $3,000
		 	LWM0001301	  	1986 Hyster Fork Truck	  		  	Needs engine work (have replacement engine)	  	
		 	LWM001322	  	 American Model 120B Double Drum Winch System (anchor
 winch system)
	  	H3396	  	Needs drum re-attached and bearing work	  	$3,000 - $6,000
		 	LWM001326	  	Caterpillar D25 4 x 4 Articulate Dump Truck	  	1HK00121	  	May need tires and transmission work	  	$3,000 - $6,000
		 	LWM001327	  	Caterpillar D25 4 x 4 Articulate Dump Truck	  	1HK00118	  	May need tires and transmission work	  	$2,000 - $3,000

Note:      Some company pickup trucks may need brakes and transmission work. 

  
 20 

 Section 4.9(a) 

Facilities 
  

	1.	L.W. Matteson, Inc. Corporate Office 

 #1 South Point 
 Burlington, IA 52601 

 

	2.	L.W. Matteson, Inc. Maintenance Yard (North Bottoms, Des Moines County, IL) 

 2815 –
91st Avenue 

Burlington, IA 52601 
  

	3.	L.W. Matteson, Inc. Maintenance Yard 

 6501 Fourche Dam Pike 
 Little Rock, AR 72206 

 

	4.	L.W. Matteson, Inc. Storage Building 

 1230 S. Main Street 
 Burlington, IA 52601 

 

	5.	L.W. Matteson, Inc. Rock Island County, IL Yard 

 Drury Township – Parcel No. 455-1 
 PIN No. 19-02-400-001

 12.3 acres 

  
 21 

  

					
		  	  Section 4.9(b)
	  	
		  	 Owned Real Property
	  	

  

	1.	L.W. Matteson, Inc. Corporate Office 

 #1 South Point 
 Burlington, IA 52601 

 

	2.	L.W. Matteson, Inc. Maintenance Yard (North Bottoms, Des Moines, County, IL) 

 2815 –
91st Avenue 

Burlington, IA 52601 
  

	3.	L.W. Matteson, Inc. Storage Building 

 1230 S. Main Street 
 Burlington, IA 52601 

 

	4.	L.W. Matteson, Inc. Rock Island County, IL Yard 

 Drury Township – Parcel No. 455-1 
 PIN No. 19-02-400-001

 12.3 acres 
  

	Note:	 Shareholders have various personal items stored on L.W. Matteson’s property i.e. boats, motorcycles, motorcycle parts, and miscellaneous
collectibles. Matteson Marine Service has boats, propellers, shafts, rudders, engines, generators, pumps, packing, and boat-related supplies stored onsite. 

  
 22 

 Section 4.9(c) 

Leasehold Interests 

Property: 
 Maintenance Yard 

6501 Fourche Dam Pike 
 Little Rock, AR 72206

 Lessee: 
 L.W. Matteson, Inc.

 Lessor: 
 WB
Isgrig & Sons, Inc. 
 1615 N. Palm 
 Little Rock, AR 72206 
  

			
	(i)	  	None
		
	(ii)	  	None
		
	(iii)	  	None
		
	(iv)	  	None
		
	(v)	  	None
		
	(vi)	  	None

  
 23 

 Section 4.10(a) 

Vessels and Marine Assets 
  

									
		 	 L.W Matteson, Inc.
	  	
			
		 	 Fixed Asset Listing - Marine
	  	
			
		 	 For the Period 1/28/81 to 12/31/10
	  	
		 		  		  		  	
	 	 	 	 	 
	 	 	 Asset ID
	  	Description	  	Serial Number	  	 
					
		 		  	Farmboy	  		  	
					
		 	 LWM000028
	  	BOAT-MELISSA K	  		  	
					
		 	 LWM000058
	  	MELISSA K REPAIRS	  		  	
					
		 	 LWM000095
	  	BARGE-CORPS OF ENG	  		  	
					
		 	 LWM000146
	  	DREDGE-SANDPIPER	  		  	
					
		 	 LWM000172
	  	FUEL BARGE WATERBOY	  		  	
					
		 	 LWM000202
	  	DREDGE-IOWA	  		  	
					
		 	 LWM000220
	  	DREDGE- LW	  		  	
					
		 	 LWM000231
	  	BULLFROG	  		  	
					
		 	 LWM000242
	  	87 ALWELD JON BOAT	  		  	
					
		 	 LWM000243
	  	MARSH BUGGY - H-5	  		  	
					
		 	 LWM000253
	  	BARGE, Pat Bark	  		  	
					
		 	 LWM000254
	  	BARGE, Pat Bark	  		  	
					
		 	 LWM000266
	  	MARSH BUGGY	  		  	
					
		 	 LWM000314
	  	TOWBOAT “COLEE I”	  		  	
					
		 	 LWM000325
	  	Barge 40x12x5	  		  	
					
		 	 LWM000326
	  	Barge 40x12x5	  		  	
					
		 	 LWM000327
	  	Barge 40x12x5	  		  	
					
		 	 LWM000328
	  	Barge 40x12x5	  		  	
					
		 	 LWM000419
	  	Plowboy	  	5002	  	
					
		 	 LWM000484
	  	16’ JON BOAT OQUAWKA	  		  	
					
		 	 LWM000501
	  	DCK BARGE 37x175x8.5	  		  	
					
		 	 LWM000502
	  	DCK BARGE 37x175x8.5	  		  	
					
		 	 LWM000503
	  	DCK BARGE 37x175x8.5	  		  	
					
		 	 LWM000564
	  	95 OQUAWKA JON BOAT	  	OQBZ32I2F595	  	
					
		 	 LWM000565
	  	95 OQUAWKA JON BOAT	  	OQBZ32I3F595	  	
					
		 	 LWM000566
	  	95 OQUAWKA JON BOAT	  	OQBZ32I4F595	  	
					
		 	 LWM000567
	  	95 OQUAWKA JON BOAT	  	OQBZ32I5F595	  	

  
 24 

									
		 	 LWM000752
	  	‘99 Oquawka Jon Boat	  		  	
					
		 	 LWM000753
	  	‘99 Oquawka Jon Boat	  		  	
					
		 	 LWM000774
	  	Dredge-LP Dredge	  		  	
					
		 	 LWM000775
	  	Barge, UniV #10404-3	  		  	
					
		 	 LWM000776
	  	Barge, UniV #10404-4	  		  	
					
		 	 LWM000777
	  	Barge,UniV #10404-6	  		  	
					
		 	 LWM000778
	  	Barge, UniV #10404-7	  		  	
					
		 	 LWM000779
	  	Barge,UniV #10404-10	  		  	
					
		 	 LWM000780
	  	Barge,UniV #10404-13	  		  	
					
		 	 LWM000781
	  	Spudwell, 22” #SW6	  		  	
					
		 	 LWM000782
	  	Spudwell, 22” #SW7	  		  	
					
		 	 LWM000783
	  	Spud 20’x22” #S1	  		  	
					
		 	 LWM000784
	  	Spud 20’x22” #S2	  		  	
					
		 	 LWM000851
	  	Boat-Oquawka 1660LD	  		  	
					
		 	 LWM000852
	  	Boat-Oquawka 1660LD	  		  	
					
		 	 LWM000853
	  	Boat-Oquawka 1660LD	  		  	
					
		 	 LWM000861
	  	Barge, Univessel	  		  	
					
		 	 LWM000877
	  	Refurbish-LW Dredge	  		  	
					
		 	 LWM000882
	  	Barge, Univ 10x40x4	  		  	
					
		 	 LWM000883
	  	Barge, Univ 10x40x4	  		  	
					
		 	 LWM000884
	  	Barge, Univ 10x40x4	  		  	
					
		 	 LWM000885
	  	Barge, Univ 10x40x4	  		  	
					
		 	 LWM000886
	  	Barge, Univ 10x40x4	  		  	
					
		 	 LWM000887
	  	Barge, Univ 10x40x4	  		  	
					
		 	 LWM000888
	  	Barge, Univ 10x40x4	  		  	
					
		 	 LWM000889
	  	Barge, Univ 10x40x4	  		  	
					
		 	 LWM000890
	  	Barge, Univ 10x40x4	  		  	
					
		 	 LWM000891
	  	Barge, Univ 10x40x4	  		  	
					
		 	 LWM000892
	  	Barge, Univ 10x20x4	  		  	
					
		 	 LWM000893
	  	Barge, Univ 10x20x4	  		  	
					
		 	 LWM000894
	  	Spudwell, Univ -Used	  		  	
					
		 	 LWM000895
	  	Barge, Porta 10x40x5	  		  	
					
		 	 LWM000896
	  	Barge, Porta 10x40x5	  		  	
					
		 	 LWM000900
	  	Dredge, Chris L	  		  	
					
		 	 LWM000911
	  	Barge 20x10x4 Raked Univessel	  	M-10204R-03	  	
					
		 	 LWM000912
	  	Barge, 20x10x4 Raked Univessel	  	M-10204R-04	  	

  
 25 

									
		 	 LWM000930
	  	Sandpiper Side-tanks deepened	  		  	
					
		 	 LWM000940
	  	Traveling Spud for Sandpiper	  		  	
					
		 	 LWM001001
	  	Boat - Oquawka	  	OQB Z32B3 K405	  	
					
		 	 LWM001002
	  	Boat - Oquawka	  	OQB Z32B4 K405	  	
					
		 	 LWM001003
	  	Boat - Oquawka	  	OQB Z32B5 K405	  	
					
		 	 LWM001017
	  	Boat - Choreboy	  	IBW247	  	
					
		 	 LWM001029
	  	Lake Lady Improvements	  		  	
					
		 	 LWM001073
	  	Barge & Sliding Spud	  		  	
					
		 	 LWM001094
	  	Oquawka Boat Model 1660 Flat Bottom Flat Bow	  		  	
					
		 	 LWM001103
	  	Flat Deck Barge (70’x27’x6’)	  		  	
					
		 	 LWM001121
	  	Barge 12’x24’x3’	  		  	
					
		 	 LWM001125
	  	Dredge Jolly Roger and Auxiliary Dredging Equipment	  		  	
					
		 	 LWM001125
	  	Louis I 60x20 760 HP	  	269771	  	
					
		 	 LWM001125
	  	Captain Zed 54x19 HP650	  	514106	  	
					
		 	 LWM001129
	  	Walking Spud Barge: 4 Unit	  		  	
					
		 	 LWM001132
	  	Starter Traveling Spud	  		  	
				
		 	 LWM001134
	  	Clark Boat Company 22’ Vee Bow Boat 2 90 HP Mercury Motors	  	
					
		 	 LWM001163
	  	Poseidon 10’x40’x5’ Sectional Barge	  	P101Q	  	
					
		 	 LWM001164
	  	Poseidon 10’x40’x5’ Sectional Barge	  	P103Q	  	
					
		 	 LWM001165
	  	Poseidon 10”x40’x5’ Sectional Barges	  	P1040	  	
					
		 	 LWM001166
	  	Poseidon 10’x40’x5’ Sectional Barges	  	P105Q	  	
					
		 	 LWM001167
	  	Poseidon 10’x40’x5’ Sectional Barge	  	P107Q	  	
					
		 	 LWM001168
	  	Poseidon 10’x40’x5’ Sectional Barges	  	P109Q	  	
					
		 	 LWM001169
	  	2 Poseidon ISpud Pockets	  	PA262 PA229	  	
					
		 	 LWM001170
	  	Poseidon Used Spud	  	SP262 SP229	  	
					
		 	 LWM001171
	  	44 Poseidon Hairpin Connectors	  		  	
					
		 	 LWM001179
	  	1999 Link Belt 3400 Q Excavator	  	EZ191637	  	
				
		 	 LWM001193
	  	3 10’x40’x5’ Barges, 20 Hairpins, 2 Spud Pockets, 2 20’ Spuds	  	
					
		 	 LWM001196
	  	7 10’x40’x5’ Barges/Pins, Spudwells	  	P-114-M P-110F P-107F	  	
					
		 	 LWM001210
	  	Inshore Aluminum 1994 Crew Boat	  		  	
					
		 	 LWM001215
	  	Widgeon 1970 Crew Boat Anne Elizabeth	  	NYZP7875D303	  	
					
		 	 LWM001224
	  	Betty Sue Steel Boat Twin 855’s Length 49.5’	  		  	
					
		 	 LWM001225
	  	1988 Spill Barge 26’x70’x5’	  		  	
					
		 	 LWM001226
	  	Anchor Barge 26’x40’x4’ 3 Drum Winch	  		  	
					
		 	 LWM001227
	  	Deck Barge 20’x50’x4’	  		  	
					
		 	 LWM001228
	  	0987 Fuel Barge w/8000 Gal. Tank 26’x50’x4’	  		  	

  
 26 

									
		 	 LWM001229
	  	Little Rock Dredge	  		  	
					
		 	 LWM001232
	  	4 Oquawka Boat Model 1660 Flat Bottom Flat Bow	  		  	
					
		 	 LWM001250
	  	1985 40 Foot Aluminum Landing Craft Work Boat	  	WNZ2361CJ585	  	
					
		 	 LWM001251
	  	Oquawka Model 2096FB Flat Bed Tandem Axle Trailer	  	1Z9AF20248A056191	  	
					
		 	 LWM001254
	  	Oquawka Boat Model 1660 Flat Bottom Flat Bow	  	OQBZ32I9J809	  	
					
		 	 LWM001255
	  	Oquawka Boat Model 1660 Flat Bottom Flat Bow	  	OQBZ3210K809	  	
					
		 	 LWM001290
	  	M/V” Decatur” Work Boat 38.5’x12.5’x4.4’ w.2/671 GMC HP	  		  	
				
		 	 LWM001342
	  	(1) Flat Barge 20’Lx91’Wx24”H (1) Flat Barge (1) Flat Barge 20’Lx111”Wx24”H	  	
					
		 	 LWM001344
	  	Steel Inland Push Boat 25”9”x16’0”x5’6” Hull Number IBW321	  		  	
					
		 	 LWM001345
	  	Hull#134 350 HP Truckable Boat	  		  	
					
		 	 LWM001347
	  	Survey Boat	  		  	
					
		 	 LWM001365
	  	Dredge Ladder/Gearbox	  		  	
					
		 	 LWM001366
	  	Fort Smith Twin Screw Tow Boat	  	10673027 10673028	  	
					
		 	 LWM001367
	  	Monark 22’ Boat, Aluminum Hull, Trailer	  	DUR8943274	  	
					
		 	 LWM001368
	  	2003 DSC 16” Shark Hydraulic Cutter Head Dredge	  		  	
					
		 	 LWM001369
	  	2003 DSC Traveling Spud Carriage	  		  	
					
		 	 LWM001370
	  	1993 Anchor Boat W/A-Frame Hoist	  		  	
				
		 	 LWM001371
	  	2003 Onsite Marine 3000 Gallon Fuel Barge w/ hydraulic controls	  	
					
		 	 LWM001375
	  	6 MAFCO 40’x10’x5’ Barges	  		  	
					
		 	 LWM001378
	  	Work Barge 20’Lx91”Wx24”H	  		  	
					
		 	 LWM001379
	  	Working Barge 20’Lx91”Wx24”H	  		  	
					
		 	 LWM001380
	  	Working Barge 20”Lx91”Wx24”H	  		  	
					
		 	 LWM001385
	  	Davey Crockett 55x18 HP650	  	269829	  	
					
		 	 Lawrence
	  	Barge 110’x50’x7’	  	LWM160-Harry White	  	
					
		 	 Lawrence
	  	Barge 100’x40’x6.5’	  	BR102	  	
					
		 	 Lawrence
	  	Barge 120’x32’x8’	  	BR103	  	
					
		 	 Lawrence
	  	Barge 100’x45’x6.5’	  	PC1128	  	
					
		 	 Lawrence
	  	Barge 80’x45’x6.5’	  	PC529	  	
					
		 	 Lawrence
	  	Barge 100’x45’x7’	  	LWM104	  	

  
 27 

 Registered Vessels 

 

							
		 	 L.W Matteson, Inc.

		
		 	 Marine Assets - USCG Documented

		
		 	 For the Period 1/28/81 to 12/31/10

		 		  		  	
	 	 	 Asset ID
	  	 Description

 
	  	Registration Number    
				
		 		  	Farmboy	  	1224790
				
		 	 LWM000028
	  	BOAT-MELISSA K	  	255365
				
		 	 LWM000231
	  	Bullfrog	  	240269
				
		 	 LWM000314
	  	TOWBOAT “M/V COLEE I”	  	277527
				
		 	 LWM000419
	  	Plowboy	  	1225873
				
		 	 LWM001017
	  	Boat – Choreboy	  	1170704
				
		 	 LWM001125
	  	Louis I 60x20 760 HP	  	269771
				
		 	 LWM001125
	  	Captain Zed 54x19 HP650	  	514106
				
		 	 LWM001215
	  	Widgeon 1970 Crew Boat (M/V Anne Elizabeth)	  	1216169
				
		 	 LWM001224
	  	Betty Sue Steel BoatTwin 855’s Length 49.5’	  	290154
				
		 	 LWM001229
	  	Little Rock Dredge	  	531592
				
		 	 LWM001290
	  	M/V” Decatur” Work Boat 38.5’x12.5’x4.4’ w.2/671 GMC HP	  	574110
				
		 	 LWM001344
	  	Steel Inland Push Boat 25”9”x16’0”x5’6” Hull Number IBW321 (M/V White River)	  	1225351
				
		 	 LWM001345
	  	Hull#134 350 HP Truckable Boat (M/V Uniserve)	  	1225870
				
		 	 LWM001366
	  	Fort Smith Twin Screw Tow Boat *	  	598562
				
		 	 LWM001385
	  	Davey Crockett 55x18 HP650	  	269829
				
		 	 Lawrence
	  	Sheely barge #103	  	267617
				
		 	 Lawrence
	  	Sheely barge #106	  	267620
				
		 	 Lawrence
	  	Sheely barge #109	  	267623
				
		 		  	LM-145 Barge	  	680868
				
		 		  	M/V Henry J II	  	257117
				
		 		  	M/V John B	  	280019
				
		 		  	Workboat #1	  	1047004

  

	*	Documentation of this vessel previously listed in the name of Arkansas Valley Dredging Company expired November 30, 2008. We are in the process of getting it
documented under L.W. Matteson, Inc. 

  
 28 

 Section 4.10(b) 

Chartered Vessels 
  

	1.	Hopper Barge – 200’ x 35’ x
12’                    $180.00 / day 

 Owner: 
 Serodino, Inc. 

P.O. Box 4539 

Chattanooga, TN 37405-0539 
 Charterer: 
 L.W. Matteson, Inc. 

Barge Charter Party dated February 10, 2010 between Serodino, Inc. and L.W. Matteson, Inc. 

  
 29 

 Section 4.10(c) 

Deficiencies with Regard to Marine Assets and Chartered Vessels 

 

									
		  	 L.W Matteson, Inc. -Fixed Asset Listing – Marine
 For the Period 1/28/81 to 12/31/10
	  	
					
	 	  	Asset ID	  	Description	  	Seller’s Comments	  	Repair Cost Estimate
					
		  	LWM000095	  	BARGE-CORPS OF ENG	  	May need repair	  	$5,000 - $10,000
					
		  	LWM00172	  	FUEL BARGE WATERBOY	  	Single hull will need double hull	  	$90,000 - $120,000
					
		  	LWM000146	  	DREDGE-SANDPIPER	  	Some side tank work	  	 $30,000 – $50,000 (repair)
 $115,000 (replace)

					
		  	LWM000202	  	DREDGE-IOWA	  	Repairs already discussed	  	$68,000 - $80,000
					
		  	LWM000231	  	BULLFROG	  	Needs generators, plumbing work & toilets, and prop & shaft work	  	$65,000 – $70,000
		  	LWM000314	  	TOWBOAT “M/V COLEE I”	  	Thin skin, needs new generator, change cutlass bearings	  	$11,000 - $15,000
					
		  		  	Crane Barge w/ Deck-Mounted Grove Crane 24’x45’x3’	  	Needs bottom skin	  	$25,000 - $40,000
					
		  	LWM000501	  	DCK BARGE 37x175x8.5	  	Knuckles	  	$30,000 - $45,000
					
		  	LWM000502	  	DCK BARGE 37x175x8.5	  	Knuckles	  	$30,000 - $45,000
					
		  	LWM000503	  	DCK BARGE 37x175x8.5	  	Knuckles	  	$30,000 - $45,000
					
		  	LWM000774	  	Dredge-LP Dredge	  	Two (2) extension barges have stress cracks	  	$4,000 - $6,000
					
		  	LWM000900	  	Dredge, Chris L	  	Planning on replacing pump and overhauling engine	  	$40,000 - $60,000
		  	LWM001029	  	Lake Lady Improvements *	  	Needs major refurbishing; engine, gear, pump, ladder (have parts)	  	
					
		  	LWM001125	  	 Dredge Jolly Roger and Auxiliary
 Dredging Equipment
	  	Engine replacement (have engine)	  	$20,000 - $40,000
					
		  	LWM001125	  	Louis I 60x20 760 HP	  	New engines (in stock), fan tail leaks	  	$20,000 - $30,000
					
		  	LWM001125	  	Captain Zed 54x19 HP650	  	New engines (in stock)	  	$20,000 - $30,000
					
		  	LWM001210	  	Inshore Aluminum 1994 Crew Boat	  	May need outboard engine	  	
					
		  	LWM001215	  	Widgeon 1970 Crew Boat Anne Elizabeth	  	New engine	  	$6,000 - $8,000
					
		  	LWM001224	  	Betty Sue Steel Boat Twin 855’s Length 49.5’	  	Needs gear box ratio changes (have parts)	  	$6,000 - $8,000
					
		  	LWM001229	  	Little Rock Dredge	  	Needs hull (have plate)	  	$150,000 - $190,000
					
		  	LWM001290	  	M/V” Decatur” Work Boat 38.5’x12.5’x4.4’ w.2/671 GMC HP	  	Replacing engines and some hull work (have engines)	  	$3,000 - $8,000
		  	LWM001385	  	Davey Crockett 55 x 18 HP650 *	  	Salvaged; no engines or transmissions, super structure damage	  	
					
		  	Lawrence	  	Barge 80’x45’x6.5’ PC529 *	  	Needs new bottom (we have the steel)	  	

  

	*	THIS EQUIPMENT IS ON LAND AND IS NOT BEING SOLD AS TO BE IN USABLE CONDITION 

 

	Note:	Several small barges on land in Burlington, IA and Little Rock, AR are in need of repair and are not being sold as usable equipment.

  
 30 

 Section 4.10(d) 

Exceptions to U.S. Documentation with Coastwise Trade Endorsements 

Clauses (ii) and (iii) 
  

	1.	 M/V Willow Bill – No U.S. Coast Guard certification 

 

	2.	 M/V Fort Smith – No U.S. Coast Guard certification * 

 

	Note:	 No Vessels eligible on any coastwise trade endorsements. 

 

	*	 Documentation of this vessel previously listed in the name of Arkansas Valley Dredging Company expired November 30, 2008. We are in the
process of getting it documented under L.W. Matteson, Inc. 

  
 31 

 Section 4.10(g) 

Pending Maritime Claims 
 See Section 4.11 of the Disclosure Schedule 

  
 32 

 Section 4.10(h) 

List of Vessels Under Construction 
 None 

  
 33 

 Section 4.10(i) 

List of Marine Personnel 
  

	1.	 J.T. White – Licensed Pilot - Operator of uninspected towing vessel Western Rivers 

License No. 2015426 
  

	2.	 James Trachta – Coast Guard Tankerman 

License No. 191205 
  

	Note:	 Currently only the two individuals listed are employed. Additional personnel hired on as-needed basis; “at will” employee

  
 34 

 Section 4.10(j) 

List of Actual or Alleged Violations 
 See Section 4.11(c) of the Disclosure Schedule 

  
 35 

 Section 4.11 

Litigation and Compliance with Laws 
  

					
	 1.
	  	 Case Number:
	  	 0-09-14271CV

			
		  	 Description of Claim:
	  	 Employee Litigation/Personal Injury Claim/Jones Act Claim

			
		  	 District Court:
	  	 Brooks County, TX / 79th
Judicial District

			
		  	 Claimant:
	  	 Alfonso Rivera

			
	 2.
	  	 Case Number:
	  	 LALA005656

			
		  	 Description of Claim:
	  	 On 1/19/2010, Mr. Todd R. Pardall, a Matteson Marine Service employee was driving an L.W. Matteson, Inc. truck and struck a van broadside, killing the driver,
Mr. Bernard Boyle.

			
		  	 District Court:
	  	 Iowa District Court / Lee County, IA

			
		  	 Defendants:
	  	 L.W. Matteson, Inc. / Todd Pardall / Allied Insurance / National Mutual Insurance

			
		  	 Plaintiffs:
	  	 Deanna Boyle (administrator of the estate of Bernard A. Boyle, deceased), Andrew Boyle, and Danielle Boyle

			
	 3.
	  	 District Court:
	  	 New York State District Court

			
		  	 Defendants:
	  	 Sevenson Environmental / TN Valley Authority

			
		  	 Plaintiff:
	  	 L.W. Matteson, Inc.

  
 36 

 Section 4.11(c) 

Coast Guard Violations 
 June 23, 2008 
 On June 23, 2008, L.W. Matteson, Inc. were
notified by the South Dakota Department of Environment and Natural Resources that there was a sheen surrounding the LW dredge moored in Charlie’s cove at the Lewis and Clark jobsite. An investigation found that a 5 gallon diesel can had been
tipped over and a small amount of diesel fuel had entered the water. 
 Outcome:  All deficiencies were rectified to
the satisfaction of the Environmental Protection Agency (“EPA”). L.W. Matteson, Inc. was fined a total of $500, which was wired to the appropriate department at the U.S. EPA to settle the fine for the fuel spill. 

March 5, 2010 
 On March 5, 2010, L.W. Matteson, Inc. received a “Notice of Violation” relating to the actual violation date of December 24, 2009. 

Outcome:    The documentation received on March 5, 2010 was determined to be a warning. No fines were paid in
connection with this incident. 
 March 17, 2010 

On March 17, 2010, L.W. Matteson, Inc. received a “Violation Notification Letter” along with documentation relating to the
actual violation date of October 7, 2009. 
 Outcome:    All deficiencies were rectified to the
satisfaction of the U.S. Coast Guard. L.W. Matteson, Inc. was fined a total of $11,650.00, which was wired to the appropriate department of the U.S. Coast Guard, and the restriction order placed on the UTV Louis I was cancelled. 

April 13, 2010 
 On April 13, 2010, L.W. Matteson, Inc. received a “Violation Notification Letter” along with documentation relating to the actual violation date of February 10, 2010.

 Outcome: The deficiency was rectified to the satisfaction of the U.S. Coast Guard. L.W. Matteson, Inc., was fined a total of
$5,000, which was paid in full by check # 158839 dated April 22, 2010, to the U.S. Coast Guard. 

  
 37 

 Section 4.12 

Intellectual Property 
  

	1.	 WINOPS – Dredge positioning software (Great Lakes does not use) 

 

	2.	 HYPACK – Surveying software (Great Lakes already has support contract) 

 

	3.	 Timberline Accounting – (Great Lakes does not use) 

 

	4.	 Primavera – Scheduling software 

  

	5.	 AutoCad – 3-D design software 

 Domain Names 
  

			
	 Domain Name
	  	 Registrar

		
	 LWMATTESON.COM
	  	 TUCOWS, INC.

		
	 LWMATTESONINC.COM
	  	 TUCOWS, INC.

  
 38 

 Section 4.13 

Contracts 
  

			
	Service Contracts	  	Annual Payment
		
	 1.    WINOPS
	  	$  1,400.00
	 2.    HYPACK
	  	$  2,500.00
	 3.    Timberline Accounting
	  	$2,956.10
	 4.    ABRA HR / Payroll
	  	$1,452.30
	 6.    Bureau of National Affairs
	  	$1,161.76
		
	Apartment Rental	  	Monthly Payment
	 Longacre Ponds
	  	$1,875.00

 Residential Lease Agreement
dated February 17, 2010 between Longacre Ponds Apartments and L.W. Matteson, Inc. 
 Service Agreement 

Commercial Service Agreement dated October 9, 2010 between Waste Management and L.W. Matteson, Inc. 

Charter Agreement 
 Barge Charter Party dated February 10, 2010 between Serodino, Inc. and L.W. Matteson, Inc. 
 Union Contracts 
 Collective Bargaining Agreement dated August 11, 1989 between Local
150 International Union of Operating Engineers and L.W. Matteson, Inc. 
 Collective Bargaining Agreement dated December 9, 1998 between
International Union of Operating Engineers Local No. 649 
 Collective Bargaining Agreement dated December 2, 2010 between Laborers
Local No. 397 and L.W. Matteson, Inc. 
 Collective Bargaining Agreement dated December 4, 2009 between Laborers Local No. 459
and L.W. Matteson, Inc. 
 Collective Bargaining Agreement dated November 4, 2008 between Local 513 International Union of Operating
Engineers 
 Collective Bargaining Agreement dated February 6, 2009 between International Union of Operating Engineers Local 520

 Holcim Contract 
 Proposal for additional dredging work for Holcim (US), Inc. relating to Agreement No. 0001-05 dated July 12, 2010 between Holcim (US), Inc. and L.W. Matteson, Inc. 

  
 39 

         Open Government Contracts and Subcontracts

  

					
	1)	 	Title of Contract:	  	McClellan-Kerr Station Dredging
		 	Date of Award:	  	July 30, 2010
		 	Contract Number:	  	W9127S-10-D-0019
		 	Parties Involved:	  	USACE, Little Rock / L.W. Matteson, Inc. (LWM)
			
	2)	 	Title of Contract:	  	Chain of Rocks South Seepage Berms
		 	Date of Award:	  	August 25, 2010
		 	Contract Number:	  	W912P9-10-D-0529
		 	Parties Involved:	  	USACE, St. Louis / A&H Contractors / LWM (sub for A&H Contractors)
			
	3)	 	Title of Contract:	  	Iowa River - Flint Creek Levee District #16
		 	Date of Award:	  	September 27, 2010
		 	Contract Number:	  	09-2916.101/00936-16
		 	Parties Involved:	  	Flint Creek Levee District #16 / Klingner & Associates / LWM
			
	4)	 	Title of Contract:	  	Lake Decatur Dredging
		 	Date of Award:	  	March 31, 2010
		 	Contract Number:	  	W09-16
		 	Parties Involved:	  	City of Decatur, IL / Homer L. Chastain / LWM
			
	5)	 	Title of Contract:	  	Pond A Bridgeway Acres Landfill
		 	Date of Award:	  	December 15, 2010
		 	Contract Number:	  	101-0048-CP(RM)
		 	Parties Involved:	  	Pinellas County, FL Utilities / LWM
			
	6)	 	Title of Contract:	  	Lease of Cutterhead, Hydraulic, Pipeline Dredge (NLT 22-Inch Diameter) Fully Operated with Attendant Plant and Personnel, with a Draft NTE 11 Feet, for Construction and Maintenance
Dredging within the Vicksburg and adjacent Districts
		 	Date of Award:	  	March 31, 2010
		 	Contract Number:	  	W912EE-10-C-0011
		 	Parties Involved:	  	USACE, Vicksburg / LWM
			
	7)	 	Title of Contract:	  	Chain of Rocks, Berm #6
		 	Date of Award:	  	June 12, 2009
		 	Contract Number:	  	W912P9-07-D-0513
		 	Parties Involved:	  	USACE, St. Louis / A&H Contractors / LWM (sub for A&H Contractors)
			
	8)	 	Title of Contract:	  	Kaskaskia Dredging 2009 (pending modification)
		 	Date of Award:	  	July 20, 2009
		 	Contract Number:	  	W912P9-09-C-0415
		 	Parties Involved:	  	USACE, St. Louis / A&H Contractors / LWM (sub for A&H Contractors)

  
 40 

  

					
	9)	 	Title of Contract:	  	Henderson County Drainage District No. 1 Levee Repairs
		 	Date of Award:	  	August 28, 2009
		 	Contract Number:	  	W912EK-09-C-0094
		 	Parties Involved:	  	USACE, Rock Island District / LWM
			
	10)	 	Title of Contract:	  	Louisa County Drainage District No. 11 Levee Repairs
		 	Date of Award:	  	September 24, 2009
		 	Contract Number:	  	W912EK-09-C-0106
		 	Parties Involved:	  	USACE, Rock Island District / LWM

  
 41 

 Section 4.14(f) 

Financial Statements; Backlog 
 Estimated Work in process schedule through December 31, 2010 
  

																					
	 	 	 	 	 	  	Remaining	 
	        Based on FIELD COST	 	 	 	 	  	Revenue	 	  	Costs	 	  	Margin	 	 	Billings	 
	               Total project
life
	 		 		  				  				  				 			
	 Decatur Lake
	 		 		  	 	9,650,000	  	  	 	4,705,560	  	  	 	4,944,440	  	 	 	9,713,250	  
	 Chain of Rocks Berm #6, 2007
	 		 		  	 	49,600	  	  	 	200,000	  	  	 	(150,400	) 	 	 	55,658	  
	 Chain of Rocks South Berm 2010
	 		 		  	 	3,371,796	  	  	 	1,837,848	  	  	 	1,533,948	  	 	 	3,336,796	  
	 McClellan Kerr 2010 - Base year
	 		 		  	 	2,362,960	  	  	 	1,000,000	  	  	 	1,362,960	  	 	 	2,312,960	  
	 Ouachita River- Option year
	 		 		  	 	4,831,265	  	  	 	2,300,000	  	  	 	2,531,265	  	 	 	4,831,265	  
	 Pond A, Pinellas Co. FL
	 		 		  	 	3,962,926	  	  	 	2,307,007	  	  	 	1,655,919	  	 	 	3,962,926	  
	 Flint Creek
	 		 		  	 	598,900	  	  	 	550,000	  	  	 	48,900	  	 	 	441,000	  
		 		 		  				  				  				 			
		 		 		  				  				  				 			
		 		 		  				  				  				 			
		 		 		  	 	24,827,447	  	  	 	12,900,415	  	  	 	11,927,032	  	 	 	24,653,855	  
	                   Not
Awarded
	 		 		  				  				  				 			
	 Kaskaskia River
	 		 		  	 	2,254,602	  	  	 	1,131,697	  	  	 	1,122,905	  	 	 	2,254,602	  
	 McClellan Kerr 2010 -Option year
	 		 		  	 	3,924,440	  	  	 	1,700,000	  	  	 	2,224,440	  	 	 	3,924,440	  
	 Holcim- dredge rental *
	 		 		  				  				  				 			

 * Request for Proposal was issued. We supplied a cost for dredge rental. Have yet to hear back. 

  
 42 

 Section 4.14(g) 

Financial Statements; Non-Recurring Contracts 
  

	1.	Chain of Rocks, Berm #6 – Sub to A&H Contractors 8A Program 

  

	2.	Chain of Rocks, South Seepage Berms – Sub to A&H Contractors 8A Program 

 

	3.	Kaskaskia River – Sub to A&H Contractors 8A Program (pending modification) 

 

	4.	McClellan-Kerr Station Dredging – Small Business Set-A-Side $33.5 Million* 

 

	5.	Ouachita River – Partially funded by ARRA ($1,864,691.05) 

  

	6.	Henderson County Levee Repair Contract with U.S. Army Corps of Engineers – Total HubZone Set Aside, Size Standard $33.5 Million ** 

* Met requirements of Small Business Set Aside at time of letting 
 ** Met requirements of HubZone Small Business Set Aside at time of letting 
  

	Note:	L.W. Matteson, Inc. no longer qualifies as a Small Business under the Dredging or Excavation and Grading codes or as a HubZone Set Aside.

  
 43 

 Section 4.14(h) 

Financial Statements; Capital Expenditures 
  

			
	Equipment	  	Repair Cost Estimate
		
	 1.    Dredge Iowa – hull repairs (necessary)
	  	$68,000 – $75,000
		
	 2.    Idler Barge – hull repairs (necessary)
	  	$75,000 – $85,000
		
	 3.    Crane Barge – spud wells repair (necessary)
	  	$  8,000 – $13,000
		
	 4.    Dredge Iowa – 24” upgrade (optional)
	  	$50,000 – $60,000

  
 44 

 Section 4.14(i) 

Financial Statements; Indebtedness 
 None 

  
 45 

 Section 4.15 

Changes Since the Interim Balance Sheet Date 
 Machinery and Equipment was increased by $1,069,688.00 for Capitalization of two Booster Pumps and improvements to LW Dredge. A portion of this amount was from Construction in Progress. 

Bonuses of $430,335 were paid to employees on December 20, 2010. 

  
 46 

 Section 4.16 

Insurance 

L.W. MATTESON, INC. 
 2010 – 2011 
  

			
	 BUSINESS AUTO
 Allstate
Insurance Company
 Policy #: 048747009BAP
 11/1/10 to 11/1/11
  
 INLAND
MARINE EQUIPMENT
 Fireman’s Fund Ins. Co.
 Policy #: MZI97707726*
 11/4/09 to 11/4/10*
 * Old Policy still in place – new paper policy has not been issued yet.
  
 MARINE GENERAL LIABILITY
 Continental Insurance Company – MOAC

Policy #: ML0872774
 6/30/10 to
6/30/11
  
 HULL and P & I

Continental Insurance Company – MOAC
 Policy
#: H0864101
 6/30/10 to 6/30/11
  

WORKER’S COMPENSATION
 Commerce and Industry
Insurance Company
 Policy #: WC ###-##-####
 6/14/10 to 6/14/11
  
 MARINE
EXCESS LIABILITY
 AGCS Marine Insurance (50%)
 Policy #: OXL92003348
 6/30/10 to 6/30/11

 
 New York Marine & General Insurance Company (50%)

Policy #: ML10142510
 6/30/10 to
6/30/11
	  	 LLOYDS EXCESS MARINE LIABILITY

Policy #: LCX-016302
 6/30/10 to
6/30/11
  
 COMMERCIAL PROPERTY & SHOP BUILDING

Peerless Insurance Company
 Policy #: CBP
8668552
 5/15/10 to 5/5/11
  

Continental Insurance Company – MOAC
 Policy
#: MP0863880
 7/3/10 to 7/3/11
  

VESSEL POLLUTION
 Lloyds of London

Policy #: 04917-08
 5/8/10 to 5/8/11

 
 EMPLOYERS MUTUAL ERISA BOND*
 Employers Mutual Casualty Co.
 Policy #: T233938

*Employee Theft & Forgery (401k)
  

EMPLOYEE DISHONEST BOND POLICY*
 Employers Mutual
Insurance Company
 Policy #: T221872

*Employee Theft & Forgery (401k)
  

 
  
 Charles L.
Crane Agency
 Insurance Agents & Brokers
 100 North Broadway, Ste. 900
 St. Louis, MO 63102

Agent Code: 3201165

  
 47 

 Section 4.17 

Licenses and Permits 
  

					
	1.	  	Type:	  	FCC Radio License
			
		  	Callsign:	  	WNBM588
			
		  	File Number:	  	0002011272
			
		  	Expires:	  	2/23/2015
			
	2.	  	Type:	  	General Contractor’s License
			
		  	State / No.	  	Arkansas / License No. 0200240411
			
		  		  	Iowa / License No. C000254
			
		  		  	Florida / License No. QB62307 / Qualifying Agent – CGC1515848
			
		  		  	Louisiana / License No. 51264
			
		  		  	Virginia / License No. 2705 031710A
			
	3.	  	Type:	  	NRC Nuclear Permit
			
		  	License No.	  	14-25212-01
			
		  	Expires:	  	2/28/2013

  
 48 

 Section 4.18(b) 

Environmental Matters; Hazardous Materials—Properties 
 Seller is working with the landowner, Burlington River Terminal, to get an easement for Seller property stored on Burlington River Terminal’s parcel adjacent to the Burlington, Iowa facility.

  
 49 

 Section 4.18(d) 

Environmental Matters; Storage Tanks 
 Excavation has been done and contaminated soil is in D25 off road truck. We are considering our options in dealing with situation henceforth. Above ground used oil tank is not able to be tested at this
time. However, it is scheduled to be pumped after first of the year by our waste oil disposal service. 

  
 50 

 Section 4.19(a) 

Employee Benefits 
  

	1.	Wellmark Blue Cross Blue Shield of Iowa - Group No. 20577-0272 

  

	2.	Delta Dental of Iowa - Group No. 01049 

  

	3.	Matteson 401(k) Plan invested through Charles Schwab Company 

  

	4.	Vacation policy – Office 

  

	5.	Vacation policy – Field 

  

	6.	Disability policy – AFLAC (employee paid) 

  

	7.	Midwest Operating Engineers Pension Trust (Local 150) 

  

	8.	Central Pension Fund of the International Union of Operating Engineers and Participating Employers (Local 649) 

 

	9.	Central Laborers Pension Fund (Local 459) 

  

	10.	Local Union 513 Pension Fund (Local 513) 

  

	11.	Employer and Operating Engineers Local 520 Pension Fund (Local 520) 

  

	12.	Laborers Locals 100 and 397 Pension Fund (Local 397) 

 Employment Contracts 
 Employment Contract dated February 25, 2009 between Tony
Strickland and L.W. Matteson, Inc. 
 Employment Contract dated April 11, 2007 between Kevin Burke and L.W. Matteson, Inc. 

Employment Contract dated June 9, 2010 between Timothy Cantwell and L.W. Matteson, Inc. 
 Employment Contract dated August 16, 2004 between Mark Erickson and L.W. Matteson, Inc. 

Employment Contract dated September 5, 2005 between Brad Callison and L.W. Matteson, Inc. 
 Employment Contract dated February 28, 2001 between Tina Snyder and L.W. Matteson, Inc. 

Note: These need to be terminated upon closing of the transaction per the Purchase Agreement (Section 7.1(a)) 

  
 51 

 Section 4.19(c) 

Certain Benefit Plan Matters 
 Items 7 – 12 in the Disclosure Schedule for Section 4.19(a) are multi-employer pension plans. 

  
 52 

 Section 4.19(d) 

COBRA Coverage 
 Former
L.W. Matteson Employees on COBRA Coverage 
  

	1.	Ron Lawton 

  

	2.	David Blair 

  
 53 

 Section 4.20 

Employee and Labor Matters 
  

	(b)	None 

  

	(d)	Collective Bargaining Agreement dated August 11, 1989 between Local 150 International Union of Operating Engineers and L.W. Matteson, Inc.

 Collective Bargaining Agreement dated December 9, 1998 between International Union of Operating Engineers
Local No. 649 
 Collective Bargaining Agreement dated December 2, 2010 between Laborers Local No. 397 and L.W.
Matteson, Inc. 
 Collective Bargaining Agreement dated December 4, 2009 between Laborers Local No. 459 and L.W.
Matteson, Inc. 
 Collective Bargaining Agreement dated November 4, 2008 between Local 513 International Union of Operating
Engineers 
 Collective Bargaining Agreement dated February 6, 2009 between International Union of Operating Engineers Local
520 

  
 54 

 Section 4.21 

Taxes 
 None 

  
 55 

 Section 4.22(a) 

Suppliers 
  

							
	 Thru 12/31/09
	  			
			
	 1.
	  	Hagler Systems, Inc.	  	$	981,329.90	  
			
	 2.
	  	Charles L. Crane Agency	  	$	973,285.78	  
			
	 3.
	  	Altorfer, Inc.	  	$	666,690.10	  
			
	 4.
	  	W.W. Transport, Inc.	  	$	648,503.17	  
			
	 5.
	  	County Contractors, Inc.	  	$	541,564.83	  
			
	 6.
	  	Green & Chapman, Inc.	  	$	534,082.20	  
			
	 7.
	  	Yazoo River Towing, Inc.	  	$	522,672.33	  
			
	 8.
	  	Weymiller Marine, Inc.	  	$	437,946.38	  
			
	 9.
	  	Wellmark Blue Cross	  	$	423,527.42	  
			
	 10.
	  	AIG American Int’l Co.	  	$	331,497.00	  
		
	 Thru 9/30/10
	  			
			
	 1.
	  	County Contractors, Inc.	  	$	1,658,219.10	  
			
	 2.
	  	Altorfer, Inc.	  	$	663,505.86	  
			
	 3.
	  	Delta Fuel Company	  	$	632,771.67	  
			
	 4.
	  	Charles L. Crane Agency	  	$	617,383.85	  
			
	 5.
	  	Heritage Petroleum Co. LLC	  	$	542,302.10	  
			
	 6.
	  	Yazoo River Towing, Inc.	  	$	415,885.29	  
			
	 7.
	  	Green & Chapman, Inc.	  	$	409,773.23	  
			
	 8.
	  	Hagler Systems, Inc.	  	$	393,336.55	  
			
	 9.
	  	Richards Electric Motor Co.	  	$	388,766.72	  
			
	 10.
	  	Wellmark Blue Cross	  	$	368,537.60	  

  

			
	Note:	 	These suppliers are utilized on an as-needed basis; therefore purchases from individual supplies can and do change based on the needs of the
Business.

  
 56 

 Section 4.22(b) 

Customers 
  

							
	 Thru 12/31/09
	  			
			
	 1.
	  	USACE, Rock Island District	  	$	12,100,331.83	  
			
	 2.
	  	USACE, St. Paul District	  	$	4,839,908.43	  
			
	 3.
	  	USACE, Little Rock District	  	$	4,761,202.40	  
			
	 4.
	  	Newt Marine	  	$	4,208,916.48	  
			
	 5.
	  	Sevenson Environmental Services	  	$	3,601,497.82	  
			
	 6.
	  	Mike Hooks, Inc.	  	$	2,719,946.93	  
			
	 7.
	  	City of North Little Rock	  	$	2,704,837.75	  
			
	 8.
	  	Iowa Department of Natural Resources	  	$	2,498,648.16	  
			
	 9.
	  	USACE, Memphis District	  	$	1,404,057.00	  
			
	 10.
	  	A&H Contractors, Inc.	  	$	960,200.00	  
		
	 Thru 9/30/10
	  			
			
	 1.
	  	A&H Contractors, Inc.	  	$	14,521,990.14	  
			
	 2.
	  	USACE, Vicksburg District	  	$	6,078,481.90	  
			
	 3.
	  	USACE, Rock Island District	  	$	3,479,184.45	  
			
	 4.
	  	USACE, Little Rock District	  	$	3,268,955.37	  
			
	 5.
	  	Sevenson Environmental Services	  	$	2,752,264.60	  
			
	 6.
	  	Mike Hooks, Inc.	  	$	2,247,780.63	  
			
	 7.
	  	City of Decatur, IL	  	$	2,036,750.00	  
			
	 8.
	  	Holcim US, Inc.	  	$	1,896,155.57	  
			
	 9.
	  	USACE, Memphis District	  	$	1,885,112.00	  
			
	 10.
	  	Flint Creek Levee District #16	  	$	1,157,900.00	  

 Note: Given the nature of the
Business customers can and do change from year to year. 

  
 57 

 Section 4.23(a) 

Government Contracts and Subcontracts 
  

					
	 1)
	  	Title of Contract:	 	McClellan-Kerr Station Dredging
		  	Date of Award:	 	July 30, 2010
		  	Contract Number:	 	W9127S-10-D-0019
		  	Parties Involved:	 	USACE, Little Rock / L.W. Matteson, Inc. (LWM)
			
	 2)
	  	Title of Contract:	 	Chain of Rocks South Seepage Berms
		  	Date of Award:	 	August 25, 2010
		  	Contract Number:	 	W912P9-10-D-0529
		  	Parties Involved:	 	USACE, St. Louis / A&H Contractors / LWM (sub for A&H)
			
	 3)
	  	Title of Contract:	 	Iowa River - Flint Creek Levee District #16
		  	Date of Award:	 	September 27, 2010
		  	Contract Number:	 	09-2916.101/00936-16
		  	Parties Involved:	 	Flint Creek Levee District #16 / Klingner & Associates / LWM
			
	 4)
	  	Title of Contract:	 	Lake Decatur Dredging
		  	Date of Award:	 	March 31, 2010
		  	Contract Number:	 	W09-16
		  	Parties Involved:	 	City of Decatur, IL / Homer L. Chastain / LWM
			
	 5)
	  	Title of Contract:	 	Pond A Bridgeway Acres Landfill
		  	Date of Award:	 	December 15, 2010
		  	Contract Number:	 	101-0048-CP(RM)
		  	Parties Involved:	 	Pinellas County, FL Utilities / LWM
			
	 6)
	  	Title of Contract:	 	Lease of Cutterhead, Hydraulic, Pipeline Dredge (NLT 22-Inch Diameter) Fully Operated with Attendant Plant and Personnel, with a Draft NTE 11 Feet, for Construction and Maintenance
Dredging within the Vicksburg and adjacent Districts
		  	Date of Award:	 	March 31, 2010
		  	Contract Number:	 	W912EE-10-C-0011
		  	Parties Involved:	 	USACE, Vicksburg / LWM
			
	 7)
	  	Title of Contract:	 	Chain of Rocks, Berm #6
		  	Date of Award:	 	June 12, 2009
		  	Contract Number:	 	W912P9-07-D-0513
		  	Parties Involved:	 	USACE, St. Louis / A&H Contractors / LWM (sub for A&H Contractors)
			
	 8)
	  	Title of Contract:	 	Kaskaskia Dredging 2009 (pending modification)
		  	Date of Award:	 	July 20, 2009
		  	Contract Number:	 	W912P9-09-C-0415
		  	Parties Involved:	 	USACE, St. Louis / A&H Contractors / LWM (sub for A&H)

  
 58 

					
			
	 9)
	  	Title of Contract:	 	Henderson County Drainage District No. 1 Levee Repairs
		  	Date of Award:	 	August 28, 2009
		  	Contract Number:	 	W912EK-09-C-0094
		  	Parties Involved:	 	USACE, Rock Island District / LWM
			
	 10)
	  	Title of Contract:	 	Louisa County Drainage District No. 11 Levee Repair
		  	Date of Award:	 	September 24, 2009
		  	Contract Number:	 	W912EK-09-C-0106
		  	Parties Involved:	 	USACE, Rock Island District / LWM

  
 59 

 Section 4.23(i) 

Government Contracts – Technical Data 
 None 

  
 60 

 Section 4.23(k) 

Government Contracts – Liquidated Damages 
  

					
	 1)
	  	 Title of Contract:
	  	 McClellan-Kerr Station Dredging

		  	 Liquidated Damages:
	  	 None

		  	 Indemnification Clause:
	  	 None

			
	 2)
	  	 Title of Contract:
	  	 Chain of Rocks South Seepage Berms

		  	 Liquidated Damages:
	  	 Per Contract Specs – Section 00700, Clause 52.211-12(a)

		  	 Indemnification Clause:
	  	 None

			
	 3)
	  	 Title of Contract:
	  	 Iowa River - Flint Creek Levee District #16

		  	 Liquidated Damages:
	  	 Per Specs – Section 005200 Contract Agreement, Para. 2.

		  	 Indemnification Clause:
	  	 Per Specs – “Standard General Conditions of the Construction Contract”, Article 6.20

			
	 4)
	  	 Title of Contract:
	  	 Lake Decatur Dredging

		  	 Liquidated Damages:
	  	 Per “ILDOT Standards and Specs for Road and Bridge Construction”, Article 108.09

		  	 Indemnification Clause:
	  	 Per “ILDOT Standards and Specs for Road and Bridge Construction”, Article 107.26

			
	 5)
	  	 Title of Contract:
	  	 Pond A Bridgeway Acres Landfill

		  	 Liquidated Damages:
	  	 Per Specs – Section B Special Conditions, Para. 21(B)

		  	 Indemnification Clause:
	  	 Per Specs – Section H Agreement, Para. 1(J)

			
	 6)
	  	 Title of Contract:
	  	 Lease of Cutterhead, Hydraulic, Pipeline Dredge (NLT 22-Inch Diameter) Fully Operated with Attendant Plant and Personnel, with a Draft NTE 11 Feet, for
Construction and Maintenance Dredging within the Vicksburg and adjacent Districts.

		  	 Liquidated Damages:
	  	 None

		  	 Indemnification Clause:
	  	 None

			
	 7)
	  	 Title of Contract:
	  	 Chain of Rocks, Berm #6

		  	 Liquidated Damages:
	  	 Per Contract Specs – Section 00700, Clause 52.211-12(a)

		  	 Indemnification Clause:
	  	 None

  
 61 

					
			
	 8)
	  	Title of Contract:	  	Kaskaskia Dredging 2009 (pending modification)
		  	Liquidated Damages:	  	Per Contract Specs – Section 00700, Clause 52.211-12(a)
		  	Indemnification Clause:	  	Per Contract Specs – Section 00700, Clause 52.250-1
			
	 9)
	  	Title of Contract:	  	Henderson County Drainage District No. 1 Levee Repairs
		  	Liquidated Damages:	  	Per Contract Specs – Section 00700, Clause 52.211-12(a)
		  	Indemnification Clause:	  	None
			
	 10)
	  	Title of Contract:	  	Louisa County Drainage District No. 11 Levee Repairs
		  	Liquidated Damages:	  	Per Contract Specs – Section 00700, Clause 52.211-12(a)
		  	Indemnification Clause:	  	None

  
 62 

 Section 4.23(p) 

Certain Government Contracts 
  

					
	 1)
	  	Title of Contract:	  	McClellan-Kerr Station Dredging *
		  	Date of Award:	  	July 30, 2010
		  	Contract Number:	  	W9127S-10-D-0019
		  	Parties Involved:	  	USACE, Little Rock / L.W. Matteson, Inc.
			
	 2)
	  	Title of Contract:	  	Henderson County Drainage District No. 1 Levee Repairs **
		  	Date of Award:	  	August 28, 2009
		  	Contract Number:	  	W912EK-09-C-0094
		  	Parties Involved:	  	USACE, Rock Island District / L.W. Matteson, Inc.

 * Met requirements of Small Business Set Aside at time of letting 
 **
Met requirements of HubZone Small Business Set Aside at time of letting 

  
 63 

 Schedule 1.1 

Certain Permitted Liens 

None 

  
 64 

 Schedule 2.1 

Certain Retained Assets 
  

	1.	Straddle crane located in Burlington, IA Maintenance Yard 

  

	2.	LM145 – 45’ x 95’ x 5’ spud barge (#680868) 

  

	3.	LS418 Crane located in Burlington, IA Maintenance Yard 

  

	4.	Fiberglass deck boat located in Burlington, IA Maintenance Yard 

  

	5.	Any and all motorcycles located anywhere on L.W. Matteson controlled property and any motorcycle parts, and paraphernalia 

 

	6.	Any collectibles located on Matteson-controlled property (model cranes, boats, etc.) that are not used in the Business 

 

	7.	Antique diving gear 

  

	8.	 Anything designated as Matteson Marine service items by Seller located at 2815 – 91st Avenue or #1 South Point, Burlington, IA 

 

	9.	Anything that isn’t or hasn’t been used in the normal operation of the business of L.W. Matteson, Inc. 

 

	10.	Cash 

  

	11.	Any scrap metal (excluding pipe) 

  

	12.	2002 GMC Yukon Denali LX 

  

	13.	Any anchor weighing in excess of 3,000 lbs. 

  

	14.	 Two new 40-ton Nabrico winches located at 2815 – 91st Avenue in Burlington, IA 

 

	15.	 Two new 30-ton Patterson winches located at 2815 – 91st Avenue in Burlington, IA 

 

	16.	1971 Link-Belt LS108B 45-Ton Crawler Crane – S/N 9LG4160 

  

	17.	2010 Silver GMC Sierra K1500 VIN: *************7198 

  

	18.	Sheely barges 103 (#267617), 106 (#267620), and 109 (#267623) 

  
 65 

 Schedule 2.7 
 Certain Retained Liabilities 
 None 

  
 66 

 Schedule 3.2(f) 

Certain Required Consents and Approvals 
 Lease, dated January 1, 2007, between W.B. Isgrig & Sons, Inc. and L.W. Matteson, Inc. 
 Subcontract Agreement for Chain of Rocks South Seepage Berm, dated November 23, 2010, between A&H Contractors and L.W. Matteson, Inc. 
 Subcontract Agreement for Kaskaskia River, dated August 21, 2009, between A&H Contractors and L.W. Matteson, Inc. 
 Subcontract Agreement No. LES-IL/NBD-001, for Contract No.: W912P9-07-D-0513, Dredging of Chain of Rock Berm #6, Madison County, Illinois, dated August 31, 2007, between Lakeshore Engineering and
L.W. Matteson, Inc. 

  
 67Lease Agreement

 Exhibit 10.3 
 EXECUTION COPY 
 LEASE AGREEMENT 

THIS LEASE AGREEMENT (this “Lease”) is made as of December 31, 2010, by and between L.W.
MATTESON, INC., an Iowa corporation (the “Landlord”), and GREAT LAKES DREDGE & DOCK COMPANY, LLC, a Delaware limited liability company (the “Tenant”). 

WITNESSETH THAT, this Lease is being entered into concurrently with Tenant’s acquisition from Landlord of the
business and substantially all of the assets of Landlord pursuant to that certain Asset Purchase Agreement dated as of the date hereof among Tenant, Landlord and the stockholders of Landlord (as may be amended or modified from time to time, the
“Purchase Agreement”) (it being agreed that, unless otherwise defined herein, each capitalized term used herein shall have the meaning assigned thereto in the Purchase Agreement); and 

WITNESSETH THAT, in consideration of the covenants and agreements hereafter set forth, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, the Premises described herein. 

1.      Premises.  Landlord does hereby lease unto Tenant,
and Tenant does hereby lease from Landlord, all of Landlord’s right, title and interest, if any, in and to the following (the “Premises”): 

(a)      the premises commonly known as 2815 91st Avenue, Burlington, Iowa and consisting of: 

(i)      the land constituting this site, including the yard situated
thereon, together with all of Landlord’s right, title and interest, if any, in and to all easements, rights-of-way, appurtenances and other rights and benefits associated with such land and to all public or private streets, roads, avenues,
alleys or passageways, open or proposed, on or abutting such land (collectively, the “Yard Land”); 
 (ii)     all of the buildings, structures, fixtures, personal property, facilities, installations, docks, piers and other improvements of every kind and description now or
hereafter in, on, over and under the Yard Land, including the straddle crane situated in the waterway adjacent to the Yard Land and all utility and other building systems (collectively, the “Yard Improvements”); and 

(iii)    all of Landlord’s right, title and interest in and to all waterways,
water, water courses, water rights (whether riparian, appropriative or otherwise, and whether or not appurtenant), open or proposed, adjoining, abutting or on the Yard Land or Yard Improvements, and any land in the bed of any body of water adjacent
to the Yard Land; 

  
 Burlington
Lease 

 (b)      the premises
commonly known as #1 South Point, Burlington, Iowa and consisting of: 

(i)      the land constituting this site, together with all of
Landlord’s right, title and interest, if any, in and to all easements, rights-of-way, appurtenances and other rights and benefits associated with such land and to all public or private streets, roads, avenues, alleys or passageways, open or
proposed, on or abutting such land (collectively, the “Office Land”); and 

(ii)     all of the buildings, structures, fixtures, personal property,
facilities, installations, docks, piers and other improvements of every kind and description now or hereafter in, on, over and under the Office Land and all utility and other building systems (collectively, the “Office
Improvements”); and 
 (c)      the premises commonly
known as 1230 S. Main Street, Burlington, Iowa and consisting of: 

(i)      the land constituting this site, together with all of
Landlord’s right, title and interest, if any, in and to all easements, rights-of-way, appurtenances and other rights and benefits associated with such land and to all public or private streets, roads, avenues, alleys or passageways, open or
proposed, on or abutting such land (collectively, the “Storage Land”; together with the Yard Land and the Office Land, the “Land”); and 

(ii)     all of the buildings, structures, fixtures, personal property,
facilities, installations and other improvements of every kind and description now or hereafter in, on, over and under the Storage Land and all utility and other building systems (collectively, the “Storage Improvements”; together
with the Yard Improvements and the Office Improvements, the “Improvements”). 

(d)      Notwithstanding the foregoing, it is expressly acknowledged that,
for so long as MMS is an Affiliate of Landlord, this Lease excludes (i) the basement and upstairs bedroom of the Office Improvements and (ii) those portions of the Yard Land that currently are being used by MMS (collectively, the
“MMS Space”). MMS may use the MMS Space only in substantially the same manner as it used the MMS Space prior to the date hereof; provided, that MMS’ use of the MMS Space shall not interfere or disrupt in any material respect
Tenant’s use of the Premises during the term hereof. MMS shall also continue to have the right to use the straddle crane located at the Premises, at its own cost, in substantially the same manner as it used such crane prior to the date hereof
and only to the extent such use does not interfere in any material respect with Tenant’s use thereof. Tenant shall at all times during the Term have first priority for use of the straddle crane. Landlord shall be responsible for any damage
caused by MMS’ use of the Premises and the straddle crane, ordinary wear and tear excepted. 

  
 - 2 -

 Burlington Lease 

 2.      Term.

 A.      The initial term of this Lease shall commence on the
Closing Date (as defined in the Purchase Agreement (such date is referred to herein as the “Commencement Date”) and end at 11:59 p.m. (Central Time) on December 31, 2011 (the “Initial Term”), unless earlier
terminated or extended pursuant to the terms of this Lease. 

B.      The Initial Term of this Lease shall be automatically renewed each
year on January 1st for an additional one (1) year period (each additional one year period, an “Extension Term” and collectively with the Initial Term, the “Term”) unless (i) Tenant provides notice of
its intention to terminate the Lease not less than 60 days prior to the end of the Initial Term or the then-current Extension Term, as applicable, or (ii) Landlord provides notice of its intention to terminate the Lease not less than 180 days
prior to the end of the Initial Term or the then-current Extension Term, as applicable. 

3.      Rent.  For the Term, Tenant shall pay rent
(“Rent”) to Landlord at the address set forth in Section 22 hereof or at such other place as Landlord may from time to time designate in writing, in equal monthly installments equal to $7,917. 

If the Term commences on a day other than the first day of a calendar month, or ends on a day other than the last day of a calendar
month, then the Rent for such fractional month shall be prorated on the basis of 1/365th of the annual Rent for each day of such fractional month. Rent shall be paid without demand. If any monthly installment of Rent is not received by Landlord on
or before the due date, interest shall accrue on all delinquent amounts from the date past due until paid at the Past Due Rate. No payment by Tenant or acceptance by Landlord of an amount less than the Rent required by the terms of this Lease shall
be deemed a waiver of any other Rent due. No partial payment or endorsement on any check or any letter accompanying such payment of Rent shall be deemed an accord and satisfaction, but Landlord may accept such payment without prejudice to
Landlord’s right to collect the balance of any Rent due under the terms of this Lease or any late charge assessed hereunder. 
 4.      Use of Premises.  Tenant shall have the right to use and occupy the Premises for any and all lawful uses; provided that in no event shall such use
create a nuisance, disrupt or disturb the occupants of neighboring property. 

5.      Possession.  Landlord shall deliver possession of
the Premises to Tenant on the Commencement Date. As of the date hereof, to Landlord’s knowledge, the Premises, including the cranes, roofs and structural elements thereof and the sprinkler and fire protection, heating, ventilation, air
conditioning, plumbing, electrical, mechanical, sewer, waste water and storm water systems and facilities included therein, if any, are in working order and repair, except for maintenance, repairs and replacements conducted or required in the
Ordinary Course with respect to the operation of the Premises. The Premises are serviced by all utilities utilized or necessary for the current conduct of the Business. 

  
 - 3 -

 Burlington Lease 

6.      Taxes.  Landlord shall pay any and all real estate
taxes and assessments levied or assessed on the Premises becoming due and payable in each year of the Term. Tenant shall pay any and all taxes imposed upon Tenant’s rent, business operations and use of the Premises and all property of Tenant
located at the Premises. 

7.      Insurance.  Tenant shall pay for and maintain a
policy or policies of comprehensive general liability and property damage insurance, with contractual liability endorsement, for bodily injury, death and property damage occurring in, on or about the Premises with minimum limits of $2,000,000 for
each occurrence and $5,000,000 in the aggregate. Tenant’s insurance policies under this Section 7 shall name Tenant as insured and Landlord as an additional insured. Concurrent with the execution hereof, Tenant shall deliver to Landlord a
certificate or certificates evidencing the insurance required by the terms hereof. 

8.      Indemnification. 

A.      Landlord does hereby agree to indemnify, defend and hold harmless
Tenant and its agents and their respective officers, directors, members, managers, beneficiaries, shareholders, partners, members, agents and employees from all losses, damages, liability, fines, suits, proceedings, claims and actions of every kind,
and all costs and expenses associated therewith (including reasonable attorneys’ and consultants’ fees, but excluding any special, incidental, consequential, punitive or other similarly speculative damages) arising out of or relating to
(i) any breach of this Lease by Landlord or MMS or (ii) any negligent or willful act or omission by Landlord or MMS, except to the extent caused or contributed to by the negligent or willful act or omission of Tenant or the breach of this
Lease by Tenant. Landlord’s obligations and liabilities under this Section 8.A. shall survive the expiration or earlier termination of this Lease. Notwithstanding anything to the contrary contained in this Lease, including Sections 8 and
36 hereof, Landlord shall not be required to indemnify, defend and hold harmless Tenant from any losses, damages, fines, suits, proceedings, claims or actions of any kind, or any costs associated therewith (including reasonable attorneys’ and
consultants’ fees) arising out of a matter for which the “Purchaser” under the Purchase Agreement is obligated to indemnify and hold harmless Landlord or any other “Seller Indemnitee” (as defined in the Purchase Agreement).

 B.      Tenant does hereby agree to indemnify, defend and hold
harmless Landlord and its agents and their respective officers, directors, beneficiaries, shareholders, partners, members, agents and employees from all losses, damages, liability, fines, suits, proceedings, claims and actions of every kind, and all
costs and expenses associated therewith (including reasonable attorneys’ and consultants’ fees, but excluding any special, incidental, consequential, punitive or other similarly speculative damages) arising out of or relating to
(i) any claim attributable to acts or events occurring during the Term by or with respect to any person or persons, legal entity, or property on or about the Premises, including any breach of this Lease by Tenant, or (ii) any negligent or
willful act or omission by Tenant, except to the extent caused or contributed to by the negligent or willful act or omission of Landlord or the breach of this Lease by Landlord. Tenant’s obligations and liabilities under this Section 8.B.
shall survive the expiration or earlier termination of this Lease. Notwithstanding anything to the contrary contained in 

  
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this Lease, including Sections 8 and 36 hereof, Tenant shall not be required to indemnify, defend and hold harmless Landlord from any losses, damages, fines, suits, proceedings, claims or actions
of any kind, or any costs associated therewith (including reasonable attorneys’ and consultants’ fees) arising out of a matter for which the “Seller” under the Purchase Agreement is obligated to indemnify and hold harmless Tenant
or any other “Purchaser Indemnitee” (as defined in the Purchase Agreement). 

9.      Assignment and Subletting.  Tenant shall not
assign, transfer, pledge or encumber this Lease or sublease the Premises or any part thereof (each a “Transfer”) in any manner without the prior written consent of Landlord, which consent shall not be unreasonably withheld,
conditioned or delayed; provided, however, so long as Tenant is not in default hereunder, such consent shall not be required for any Transfer, (i) to an entity controlled by, controlling or under common control with Tenant,
(ii) to an entity into which Tenant is merged or consolidated or (iii) which occurs in connection with a sale, assignment or other transfer of all or substantially all of the assets of the then-remaining business and assets of Landlord
acquired by Tenant pursuant to the transactions contemplated under the Purchase Agreement; it being agreed that any such Transfer pursuant to clause (i) above shall not relieve Tenant of its obligations and liabilities under this Lease and
Tenant shall remain responsible for all of its obligations hereunder as if such Transfer had not occurred. In connection with any permitted Transfer hereunder, Tenant shall deliver to Landlord a fully executed copy of such assignment or sublease,
the assumption of this Lease by the assignee or acceptance of the sublease by the sublessee, and such other information regarding the assignment or sublease as Landlord may reasonably request and Tenant shall pay all costs reasonably incurred by
Landlord in connection with such Transfer, including without limitation reasonable attorneys’ fees. 
 10.    Signage and Advertisements.  Tenant, at its sole cost and expense, shall be free to erect, install or place signs, billboards or advertisements upon the
Premises which are consistent with Tenant’s use of the Premises, and Tenant shall maintain and repair the same at its own cost and expense. Tenant shall remove any such signage, billboards and advertisements upon the termination or expiration
of the Term. 
 11.    Maintenance and Repair.  Landlord
shall, at its sole cost and expense, make and perform all repairs, maintenance and replacements to the structural portions of the Premises in order to keep the same in good working order, condition and repair, including, without limitation, the
roof, roof membrane, floor slab, exterior walls, foundation, gutters and downspouts, docks and piers and, in addition, shall be further responsible for all damage and defect to the Premises which is attributable to use or misuse occurring prior to
Tenant’s occupancy of the Premises pursuant to this Lease. Landlord also shall, at its sole cost and expense, make and perform all repairs, maintenance and replacements to the non-structural portions of the Premises in order to keep the same in
good working order, condition and repair, including, without limitation, the straddle crane, the overhead crane, fencing and gating, heating and air conditioning equipment, water pipes, plumbing, gas, lighting, electrical and other utility and
building systems, fixtures, appliances, equipment and furnishings; provided, that Tenant shall repair and/or replace any such structural or non-structural portions of the Improvements to the extent damaged by Tenant, its employees, agents or
invitees. In the event that, in the reasonable determination of Tenant, any waterways in or around the Premises 

  
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require dredging at any time during the Term in order for Tenant to conduct its business at the Premises, Tenant shall pay all costs associated therewith, including the costs of any necessary
permits relating thereto, provided that Landlord shall reasonably cooperate with Tenant in connection with obtaining such permits. Any such dredging activities must be approved by Landlord prior to commencing such work, which approval shall not be
unreasonably withheld, conditioned or delayed, and Tenant shall cause such work to be performed in accordance with applicable laws. Landlord shall perform, at its sole cost and expense, all maintenance, repairs, alterations, improvements or
additions to the Premises that may be required on account of any existing or future laws. Tenant shall be responsible for maintaining the gravel road and parking lot serving the Premises. 

12.    Landlord’s Right of Entry.  Landlord or Landlord’s
agent may enter the Premises during normal business hours upon reasonable prior written notice (except in case of emergency, in which case no such prior notice shall be required) to examine the same, to do anything Landlord may be required to do
hereunder and to show the same to prospective purchasers or mortgagees, provided that the same is done in a manner that does not interfere in any material respect with Tenant’s business being conducted at the Premises. 

13.    Damage by Casualty.  In case the Premises shall be destroyed
or so damaged by fire or other casualty as to become untenantable or unrepairable within one hundred eighty (180) days thereafter, then in such event, either party may elect to terminate this Lease by providing the other party with written
notice of such termination within thirty (30) days after the occurrence of such damage or destruction. In the event of any such termination, the Term shall cease as of the date of the damage or destruction, and Tenant shall be liable hereunder
only for Rent and any other amounts due and payable prior to the time of such damage or other destruction. In the event the Lease is not or cannot be terminated by either party pursuant to the first sentence of this Section, this Lease shall
continue in full force and effect, and Landlord shall repair the Premises, to the extent of available insurance proceeds, with all reasonable promptness and, in any event, within one hundred eighty (180) days from the date of such damage or
destruction, placing the same in as good a condition as they were just prior to the damage or destruction (excluding Tenant’s Equipment or other personal property, fixtures, equipment and furniture), subject to extension for Force Majeure
(hereinafter defined). During such repair period, Rent shall abate in proportion to the extent and duration of untenantability. For purposes hereof, the term “Force Majeure” shall be defined as the occurrence of any of the following: Act
of God, war, terrorism, civil commotion, casualty, extreme weather conditions, labor difficulties, general shortages of labor, materials or equipment, government regulations, delays in receipt of governmental permits and approvals or other causes
beyond the reasonable control of such party, its agents, employees, contractors or subcontractors. 
 14.    Alterations.  Tenant shall not make any structural alterations, changes, additions or improvements in or to the Premises without the prior consent of Landlord,
which consent shall not be unreasonably withheld, conditioned or delayed. Prior to the commencement of any work requiring Landlord’s consent, Tenant shall submit to Landlord for its approval plans and specifications therefor and shall cause
Landlord’s bonding, insurance and other requirements of the contractor performing such work to be satisfied. Tenant shall discharge, by bond or otherwise, within thirty (30) days of its receipt of written notice of any filing thereof, any

  
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mechanics’ lien or other lien for payment of money arising out of any labor or material furnished to or for Tenant at the Premises by reason of any alteration, change, addition or
improvement by Tenant. Any work approved by Landlord in accordance herewith shall be done in a good and workmanlike manner and with the use of good grades of materials. With the exception of Tenant’s furniture, equipment and movable trade
fixtures, all alterations, improvements, additions and installations to or on the Premises shall become part of the Premises at the time of their installation and shall remain in the Premises at the expiration or termination of this Lease or
termination of Tenant’s right of possession of the Premises without compensation or credit to Tenant. However, at the expiration or termination of this Lease, Tenant shall remove such improvements as Landlord requests and, upon Tenant’s
failure to do so, Landlord may remove such improvements. Tenant shall reimburse Landlord for the cost thereof upon Landlord’s demand. 
 15.    Utilities and Services.  Tenant shall obtain and pay promptly, as and when the same become due and payable, all charges for electricity, gas, water, telephone,
trash hauling and any other services or utilities used in, servicing or assessed against the Premises during the Term, including any sewer taxes or charges. In no event shall Landlord be responsible or liable for damages in any manner for any
interruption or cessation of any utility service to the Premises unless caused by Landlord’s or MMS’ negligence, breach of its obligations under this Lease or willful act or omission. 

16.    Compliance with Laws.  Tenant shall observe and comply in all
material respects with all present and future laws, rules, orders, ordinances regulations and requirements (collectively, “Laws”) of all governmental and quasi-governmental authorities (including the Board of Fire Underwriters or
similar body) applicable to the Premises and Tenant’s use thereof. Landlord shall, at its sole cost and expense, make any structural or other change or alteration to the Premises required in order to comply with any Laws, including, without
limitation, the Americans With Disabilities Act or similar statutes or local ordinances or any regulations promulgated thereunder. 
 17.    Fixtures.  All of Tenant’s vessels, other marine assets, trade fixtures and all personal property, other fixtures, apparatus, machinery and equipment, now
or hereafter located upon the Premises (collectively, “Tenant’s Equipment”), shall be and remain the property of Tenant. Tenant’s Equipment may be removed from time to time by Tenant, provided that if such removal shall
injure or damage the Premises, Tenant shall repair the damage and place the Premises in substantially the same condition as it would have been if such equipment had not been installed. Tenant shall not be required to remove any Tenant’s
Equipment acquired from Landlord upon termination or expiration of this Lease. It is expressly understood and agreed that the straddle crane shall remain at the Premises at the expiration of the Term and remain the sole property of Landlord.

 18.    Eminent Domain. 

A.      If all or a material or significant portion of the Premises shall be
taken for any public or quasi-public use under any governmental law, ordinance, or regulation or by right of eminent domain or shall be sold to the condemning authority under threat of condemnation, or if a part of the Premises is so taken or sold
so that the Premises cannot, 

  
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 Burlington Lease 

 
after restoration, be economically used for its current uses, or if the Premises cannot be restored within one hundred twenty (120) days after such a taking or sale to make the same
tenantable and economically suitable for the current use, then this Lease shall terminate as of the date of such taking or sale, and Tenant shall be liable hereunder only for Rent and other amounts hereunder due and payable prior to the time of such
taking or sale. 
 B.      If less than a material or significant
part of the Premises shall be taken for any public or quasi-public use under any governmental law, ordinance, or regulation or by right of eminent domain or shall be sold to the condemning authority under threat of condemnation and the Premises can
be economically used for the current use, then this Lease shall continue in full force and effect, and Landlord shall, at its sole cost and expense, restore and reconstruct the Premises in all reasonable promptness, to the extent of available
proceeds from such eminent domain action and, in any event, within one hundred twenty (120) days from the date of such taking or sale, subject to extension for Force Majeure, to make the same tenantable and economically suitable for the current
use of the Premises. Rent payable for the unexpired portion of the Lease term shall be adjusted equitably. 
 C.      For any condemnation that occurs during the Term, Landlord and Tenant shall each be entitled to receive such separate awards and portions of lump-sum awards as may be
allocated to their respective interests in such condemnation proceedings. The termination of this Lease shall not affect the rights of the respective parties to those awards. 

19.    Right of First Refusal.  Landlord hereby grants to Tenant the
continuing right of first refusal (the “ROFR”) during the Term, pursuant to the terms and conditions hereinafter set forth, to purchase the Premises or such portion thereof as may be specified in any bona fide third party offer
received by Landlord (a “Purchase Offer”). Prior to Landlord accepting any Purchase Offer, Landlord will give Tenant written notice of such offer (a “Sale Notice”), together with a copy of the Purchase Offer. The
Sale Notice shall specify (A) the portion of the Premises so offered to be purchased, (B) the proposed purchase price, and (C) any and all other material terms and conditions of any such offer to the extent not explicitly stated in
the Purchase Offer. Tenant shall have the right to exercise the ROFR with respect to the Premises or such portion thereof as is specified in the Sale Notice and upon the terms specified in the Sale Notice by providing Landlord written notice of such
exercise within ten (10) business days of Tenant’s receipt of the Sale Notice. Tenant’s failure to respond to such Sale Notice within such ten (10) business day period shall be conclusively deemed a waiver of Tenant’s ROFR
with respect to such Sale Notice. If Tenant timely exercises the ROFR, Landlord and Tenant shall negotiate in good faith the terms and conditions of a mutually acceptable purchase and sale agreement containing the terms specified in the Sale Notice
and such other terms customarily contained in a sale agreement for similar property (the “Sale Agreement”). If Tenant acquires less than all of the Premises, the Rent shall be equitably adjusted to reflect Tenant’s lease of
less than the entire Premises. If Landlord and Tenant are unable to agree on the Sale Agreement within ten (10) business days after Tenant timely exercises the ROFR or If Tenant does not timely exercise such ROFR (or is deemed to have waived
such ROFR), 

  
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Landlord may proceed with the sale of the Premises or such portion thereof as is the subject of the Purchase Offer in substantial accordance with the principal terms of the Sale Notice.
Notwithstanding anything to the contrary contained herein, in no event shall Landlord proceed with the sale of such portion of the Premises as is the subject of the Purchase Offer other than in substantial accordance with the principal terms of the
Sale Notice without again complying with the provisions of this Section 19 and affording Tenant the right to again exercise the ROFR with respect to the portion of the Premises as is the subject of the Purchase Offer, provided that Landlord
shall be permitted to adjust the purchase price contained in the Sale Notice by up to 5% without affording Tenant the right to again exercise the ROFR pursuant to this Section 19. The ROFR granted in this Lease is a recurring right and shall be
binding on any and all successors of the original party named as “Landlord” under this Lease. 
 20.    Transfers by Landlord/Subordination.  Provided no default by Tenant under the Lease is then existing and has continued beyond all applicable notice and cure
periods, none of Tenant’s possessory or other rights hereunder, including Tenant’s ROFR described in Section 19 above, shall be interfered with, disturbed or terminated in the event of a transfer or conveyance of Landlord’s
interest in the Premises, Land or Improvements, or in the event of a foreclosure of any mortgage encumbering the Premises, Land or Improvements. Subject to Section 19 hereof, in the event of any sale or other transfer of the Premises, Landlord
shall be entirely freed and relieved of all agreements and obligations of Landlord hereunder accruing or to be performed after the date of such sale or transfer upon the assumption of such agreements and obligations by the transferee of Landlord.
This Lease and the rights of Tenant hereunder are expressly subject and subordinate to the lien of any mortgage or mortgages now or hereafter in force encumbering the Premises, or any part thereof and all amendments, renewals, modifications and
extensions, if any, to any such mortgage, and to all advances made or hereafter to be made upon the security of said mortgage; provided that any such mortgagee shall agree, so long as no event of default is outstanding, to recognize this Lease and
not disturb the rights of Tenant following the exercise of any rights and remedies under such mortgage. Tenant agrees to subordinate this Lease to any existing or future mortgage, trust deed or similar financing document, provided such lien holder
shall provide Tenant with a commercially reasonable form of subordination and non-disturbance agreement. In the event of the foreclosure of such mortgage, trust deed or similar financing document by voluntary agreement or otherwise, or the
commencement of any judicial action seeking such foreclosure, Tenant, at the request of the then Landlord, shall attorn to and recognize such mortgagee or purchaser in foreclosure as Tenant’s Landlord under this Lease. Tenant agrees to execute
and deliver at any time upon request of such mortgagee, purchaser or their successors, any instrument to further evidence such attornment. 
 21.    Default and Remedies. 
 A.      If Landlord defaults in the performance any of the terms, covenants, agreements, or conditions on its part to be performed under this Lease and such default continues
uncorrected for thirty (30) days after notice thereof to Landlord, then, unless otherwise specified in this Lease and subject to the provisions of Section 21.C. below, Tenant may, at any time during the continuance of such default by
written notice to Landlord, (i) declare this Lease terminated, and Tenant shall be relieved of any and all further liability and obligation under this Lease or (ii) pursue any other remedies at law or in equity. 

  
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 Burlington Lease 

 B.      If at any time or
times (i) Tenant defaults in the payment of Rent or any other amounts due hereunder or of any part thereof upon the date the same becomes due and payable and such default continues for a period of ten (10) days after written notice thereof
to Tenant, (ii) Tenant defaults in the due and full observance or performance of any other covenant, provision, or condition under this Lease required to be kept, performed, or observed by Tenant, and if such default continues for a period of
thirty (30) days after written notice thereof to Tenant, or (iii) a petition is filed by or against Tenant to declare Tenant bankrupt or seeking a plan of reorganization or arrangement under any chapter of the bankruptcy code, or any
amendment, replacement or substitution therefor, or to delay payment of, reduce or modify Tenant’s debts or any petition is filed or other action taken to reorganize or modify Tenant’s capital structure or upon the dissolution of Tenant,
and in any such case, not vacated or withdrawn within sixty (60) days thereof or (iv) a receiver or trustee shall be appointed for Tenant or Tenant’s property; or (v) Tenant is declared insolvent by law or any assignment of
Tenant’s property is made for the benefit of creditors; or (vi) any execution or attachment shall be issued against Tenant or any of Tenant’s property, whereby the Premises or the property shall be taken or occupied or attempted to be
taken or occupied by someone other than Tenant, except in any such case and such execution or attachment shall not be set aside, vacated, discharged, or bonded within sixty (60) days after the issuance of the same, then, unless otherwise
specified in this Lease and subject to the provisions of Section 21.C., Landlord may, at any time during the continuance of such default by written notice to Tenant, (x) declare this Lease terminated, (y) without terminating this
Lease or Tenant’s liability hereunder, re-enter and re-let the Premises and remove all persons and all property therefrom, at Tenant’s sole cost and expense, by any suitable action or proceeding of law, or (z) pursue any other
remedies at law or in equity. Landlord shall be entitled to its reasonable out-of-pocket costs incurred in connection with pursuing any remedies under this Lease (including reasonable attorneys’ fees and costs of collection), plus the
reasonable costs of reletting the Premises 
 C.      If any
default by either party (except the payment of money) cannot reasonably be remedied within the applicable period of time heretofore prescribed and such party has commenced to remedy the default within such period and diligently pursues such remedy
thereafter, then the defaulting party shall have such additional time (not to exceed sixty (60) days) as is reasonably necessary to remedy the default before the Lease can be terminated or other remedies enforced. 

D.      In case either party to this Lease (defaulting party) defaults in
the performance of any covenant, condition, or agreement by such party to be performed under this Lease and such default continues beyond any applicable notice and cure period, the other party may (but shall not be required to) perform the same and
any money advanced or expenses incurred in so doing, plus interest at the Past Due Rate (as defined in the Purchase Agreement), shall be and become due and owing from the defaulting party to the other party on demand. If the defaulting party is the
Tenant, the amount due shall constitute additional Rent under this Lease. If the defaulting party is the Landlord, Tenant may deduct such amount from the Rent next coming due. 

  
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 Burlington Lease 

 22.    Notices.  Any
notice hereunder shall be sufficient if personally delivered, sent by nationally recognized courier or sent by certified mail, addressed as follows: 
  

			
	 If to Tenant:
	  	 Great Lakes Dredge & Dock Company, LLC

		  	 2122 York Road

		  	 Oak Brook, IL 60523

		  	 Attention:  President

		
		  	 and

		
		  	 Great Lakes Dredge & Dock Company, LLC

		  	 2122 York Road

		  	 Oak Brook, IL 60523

		  	 Attention:  Assistant General Counsel

		
	 If to Landlord:
	  	 L.W. Matteson, Inc.

		  	 P.O. Box 667

		  	 Burlington, IA 52601

		  	 Attention: Lawrence W. Matteson

 The effective date of such notice shall be upon delivery if personally served, one (1) day after delivery to a courier if served by courier and three (3) days after delivery of same to the
United States Post Office if served by mail. 

23.    Successors.  The provisions, covenants and conditions of this
Lease shall bind and inure to the benefit of the legal representatives, heirs, successors and assigns of each of the parties hereto. 
 24.    Quiet Possession.  Landlord agrees that so long as Tenant complies in all material respects with all material terms, covenants and conditions herein contained
on Tenant’s part to be kept and performed, Tenant shall and may peaceably and quietly have, hold and enjoy the Premises during the Term without such possession being disturbed or interfered with in any material respect by Landlord or by any
person claiming by, through or under Landlord. 
 25.    Estoppel
Certificates.  Each party agrees at any time and from time to time, upon not less than ten (10) days prior written request by the other party, to execute, acknowledge and deliver to such requesting party a statement in writing
certifying (i) that this Lease is unmodified and in full force and effect (or if there have been modifications that the same is in full force and effect as modified, and stating the modifications), (ii) the date to which the rental and
other charges have been paid, (iii) that the requesting party is not in default under any term of this Lease (or if any default exists, a description thereof), and (iv) to such other information or agreements as may be reasonably
requested, it being intended that any such statement delivered pursuant to this Section will be relied upon by the requesting party and third parties, such as mortgagees. 

  
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 26.    Surrender of Possession.

 A.      Upon termination of this Lease, whether by forfeiture,
lapse of time or otherwise, or upon termination of Tenant’s right to possession of the Premises, Tenant, at its sole cost, will surrender and deliver the Premises to Landlord in the same or better condition as the Premises existed on the
Commencement Date, excepting reasonable wear and tear, loss due to fire or other casualty for which Tenant is not responsible hereunder and repairs and maintenance for which Tenant is not responsible hereunder. 

B.      Subject to Section 14 hereof, Tenant may remove Tenant’s
Equipment, provided any damage caused by removal of Tenant’s Equipment shall be repaired and paid for by Tenant. In the event Tenant does not remove Tenant’s Equipment from the Premises upon the termination of this Lease, then Tenant shall
be presumed to have conveyed the same to Landlord under this Lease as a quitclaim bill of sale without representation or warranty and without further payment or credit by Landlord to Tenant. 

27.    Brokers.  Each party represents to the other that it has not
dealt with any real estate broker, agent or finder in connection with this Lease transaction. Each party agrees to defend, indemnify and hold harmless the other from and against any claim for broker’s or finder’s fees or commissions made
by any entity asserting such claim by, through or under it. 

28.    Entire Agreement.  All understandings and agreements between
Landlord and Tenant with respect to the leasing of the Premises are merged in this Lease and the exhibits annexed hereto, which alone fully and completely express their agreements with respect to the leasing of the Premises, and neither party is
relying upon any statement or representation, not embodied in this Lease, made by the other with respect thereto. 
 29.    Modifications.  No modification, amendment, discharge or change of this Lease shall be valid unless the same is in writing and signed by the party against which
the enforcement of such modification, amendment, discharge or change is sought. 

30.    Governing Law.  The validity, meaning and effect of this
Lease shall be determined in accordance with the laws of the State of Iowa applicable to contracts made and to be performed in that state. 
 31.    Interpretation.  Words importing persons shall include firms, associations, partnerships (including limited partnerships), trusts, corporations and other legal
entities, including public bodies, as well as natural persons. The terms “include,” “including” and similar terms shall be construed as if followed by the phrase “without being limited to.” 

32.    Counterparts.  This Lease may be executed in multiple
counterparts, each of which shall constitute an original and all of which taken together shall constitute one and the same agreement. 
 33.    Captions.  The captions in this Lease are inserted for convenience of reference only and in no way define, describe or limit the scope or intent of this Lease
or any of the provisions thereof. 

  
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 Burlington Lease 

34.    Severability.  If any provision of this Lease or the
application thereof to any person or circumstances shall to any extent be held by a court of competent jurisdiction invalid or unenforceable, the remainder of this Lease, or the application of such provision to persons or circumstances other than
those as to which it is invalid or unenforceable, shall not be affected thereby, and each provision of this Lease shall be valid and enforceable to the fullest extent permitted by law. 

35.    Relationship of Parties.  Nothing contained in this Lease
shall be construed to make the parties partners or joint ventures or to render either of said parties liable for the debts or obligations of the other, except as expressly provided in this Lease. 

36.    Environmental. 

(a)      During the Term, Tenant, at its sole cost and expense, shall
(i) comply with all Environmental Laws (as defined in the Purchase Agreement) relating to its use of the Premises; (ii) conduct any management of Hazardous Materials (as defined in the Purchase Agreement) on the Premises in compliance with
Environmental Laws; (iii) not cause or allow the release of any Hazardous Materials that it generates or uses on, to or from the Premises, except in compliance with Environmental Laws; (iv) arrange for the lawful transportation and
off-site disposal of all Hazardous Materials that it generates or uses; and (v) secure, maintain, and comply with all permits required by Environmental Laws in connection with Tenant’s use of the Premises, except to the extent any of the
foregoing relate to the Known Environmental Matters. The Hazardous Materials and other environmental matters disclosed by the Environmental Report shall be herein referred to as the “Known Environmental Matters”. The
“Environmental Report” means, collectively, the phase I investigation reports dated December 10, 2010 conducted by Environmental Resources Management with respect to the Premises. 

(b)      Tenant shall indemnify, defend and hold harmless Landlord, from
all Adverse Consequences (as defined in the Purchase Agreement) arising from or attributable to any breach by Tenant of any of its covenants or obligations in this Section 36, except to the extent any such claim arises from, is attributable to
or relates to the Known Environmental Matters or is caused or contributed to by the negligence or willful act or omission of Landlord or MMS or the breach of this Lease by Landlord or MMS. Tenant’s obligations hereunder shall survive the
expiration or earlier termination of this Lease. 

(c)      Landlord shall indemnify, defend and hold harmless Tenant, from
and against any all Adverse Consequences arising from or attributable to (i) any use, handling, generation, treatment, storage, transport, deposit, spill, leak, emission, discharge or other release of Hazardous Materials that occurred prior to
the date hereof or occurs after the Term, at, from or migrating to the Premises and does not result from Tenant’s acts or omissions, or arises at any time from Landlord’s use of the Premises, (ii) Landlord’s failure to comply
with applicable Environmental Laws, or (iii) without limiting the generality of the foregoing, the 

  
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Known Environmental Matters, except to the extent caused by Tenant’s acts or omissions in violation of applicable law or the breach of this Lease by Tenant. Landlord’s obligations and
liabilities under this Section shall survive the expiration or earlier termination of this Lease. 
 (d)      If at any time during the Term, Tenant shall become aware of the presence of any fact, circumstance, claim, potential claim or other situation, which violates or is
alleged in writing to violate any Environmental Law applicable to the Premises or which reasonably may be expected to result in material liability to Tenant (provided such fact, circumstance, claim, potential claim or other situation is not the
result of an act or failure to act by Tenant in violation of applicable law or a breach by Tenant of this Lease), Tenant shall have the right to terminate this Lease with no further liability or obligation hereunder. 

37.    Conflict With Purchase Agreement.  Notwithstanding anything
herein to the contrary, to the extent of any conflict or inconsistency between the terms and provisions of this Lease and those contained in the Purchase Agreement, the terms and provisions of the Purchase Agreement shall govern and control.

 38.    Representations.  Each party hereby represents
and warrants to the other that (a) such party has the full right and authority to make this Lease and to perform as required under this Lease and (b) this Lease does not conflict with any other material agreement to which such party is
bound. 
 39.    Holdover.  If Tenant holds over in
possession of the Premises after the expiration of the Term, as extended, such holding over shall not be deemed to extend the Term or renew this Lease, but this Lease shall continue as a tenancy from month to month upon the terms and conditions
herein contained except, at a monthly Rent equal to 200% of the Rent in effect immediately preceding the Term’s expiration, plus the additional charges, if any, provided for herein. Landlord reserves any and all available rights and remedies in
connection with any and all liabilities, damages or costs incurred by Landlord with respect to any holdover by Tenant. The provisions of this Section 39 shall not constitute a waiver by Landlord of any recovery of possession rights of Landlord
available under this Lease or by law. 
 40.    Prevailing
Party.  Each party shall pay upon demand, all costs and expenses, including costs of enforcing the terms hereof and reasonable attorneys’ fees, incurred by the other party, if such other party prevails in enforcing its rights
against the other party under this Lease. 
 41.    Time of the
Essence.  Time is of the essence under this Lease and with respect to all of the provisions thereof. 
 42.    Damage or Theft of Personal Property.  All personal property brought into the Premises shall be at the risk of the Tenant only and Landlord shall not be liable
for theft thereof or any damage thereto occasioned by any acts of any other person, except, with respect to damage caused by the negligent or willful act of Landlord or MMS or breach by Landlord or MMS of its obligations hereunder. 

  
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 Burlington Lease 

 43.    No Recordation of this
Lease.  Neither this Lease nor any notice or memorandum hereof shall be recorded by Tenant or Landlord in any public record. 
 44.    No Recourse; No Punitive or Exemplary Damages.  No shareholder, member, officer, director, employee or Affiliate of either party shall have any individual or
personal liability whatsoever with respect to this Lease, except for Shareholders pursuant to the terms and conditions of the Purchase Agreement. In no event shall Landlord or Tenant be liable for punitive or exemplary damages as a result of a
breach or default under this Lease. 
 [signature page follows] 

  
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 Burlington Lease 

 IN WITNESS WHEREOF, Landlord and Tenant have executed this Lease
Agreement as of the date first above written. 
  

			
	 LANDLORD:

	
	 L.W. MATTESON, an Iowa corporation

		
	 By:
	 	     /s/ Larry W.
Matteson

			
	 Name:
	 	     Larry W.
Matteson

			
	 Its:
	 	     Vice President - Secretary

	
	 TENANT:

	
	 GREAT LAKES DREDGE & DOCK COMPANY, LLC, a Delaware limited liability company

		
	 By:
	 	      /s/ Bruce J.
Biemeck

			
	 Name:
	 	 Bruce J.
Biemeck

			
	 Title:
	 	   President and Chief Financial Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}]]