Document:

EX-10.19

 Exhibit 10.19 

CHANGE IN CONTROL AGREEMENT 

This Change in Control Agreement (“Agreement”) is by and between
                                         (the
“Company”) and
                                        
(“Executive”). 
 The Company considers it essential to the interests of the Company’s stockholders to secure the continued
employment of key management personnel. The Board of Directors of the Company recognizes that the possibility of a Change in Control (as defined in Exhibit A to this Agreement) exists and that the uncertainty this raises may result in the departure
or distraction of management personnel to the detriment of the Company and its stockholders. In order to encourage the continued attention and dedication of key management personnel, this Agreement is being entered into by the Company and Executive.

 The Company and Executive agree as follows: 
  

	1.	DEFINITIONS: Capitalized terms are defined in Exhibit A to this Agreement. 

  

	2.	SEVERANCE BENEFITS: If Executive experiences a Covered Termination he will be entitled to the following payments and benefits set forth below; provided that the
benefits described in Sections 2(b), (c), (d), (e) and (f) shall only be payable if the Executive executes a waiver and release in the form attached as Exhibit B to this Agreement, which releases the Company and its affiliates, directors,
officers and other customary persons from any claim or liability arising out of or related to Executive’s employment with or termination of employment from the Company or any of its affiliates (except for amounts to which Executive is legally
entitled pursuant to employee benefit plans, Executive’s right to enforce this Agreement and rights to insurance coverage or indemnification) (the “Release”), which Release is not revoked within the time period provided
therein, and the executed Release is delivered to the Company no later than forty-five (45) days after the Covered Termination. 

  

	 	(a)	Accrued Benefits. The Accrued Benefits, payable within sixty (60) days after the effective date of the Covered Termination, or such earlier time as may be required by applicable law.

  

	 	(b)	SERP. As of the effective date of the Covered Termination, a fully vested and non-forfeitable interest in Executive’s account balance in the SERP and Restoration Plan (as applicable),
payable in accordance with the terms of SERP and/or Restoration Plan, as applicable. 

  

	 	(c)	 Unvested Equity Awards. As of the effective date of the Covered Termination, unless otherwise settled in accordance with the provisions
of Section 4 of this Agreement and the plans and agreements referred to therein, a fully vested and non-forfeitable interest in any outstanding unvested equity awards granted on Company Shares (“Equity Awards”), to be
vested and, in the case of restricted stock units, settled, in any such case within the 60th day after the effective date of the Covered Termination; provided that no such Equity Award that is
subject to Code Section 409A will be paid on a date earlier than is provided in the 

	 	
applicable Equity Award agreement to the extent necessary to avoid the imposition of tax penalties pursuant to Code Section 409A; provided further that any performance-based Equity Awards
shall be settled with respect to the number of Company Shares earned based on the target rate of performance applicable to such award. , In addition, any Equity Awards that are vested (including as a result of the foregoing provision) options to
purchase Company Shares that Executive holds as of the date of his Covered Termination will remain exercisable through the expiration of the original term of such option. 

 

	 	(d)	Severance Payment Based on Salary. An amount equal to [2.99] [2] [1] times the sum of Executive’s (x) Salary plus (y) the product of (1) Salary and (2) Target Bonus Percentage,
paid in a lump sum in cash within sixty (60) days after the Covered Termination. 

  

	 	(e)	Severance Payment Based on Bonus. 

  

	 	(1)	Covered Termination Performance Year. An amount equal to the product of (A) the Salary and (B) the Target Bonus Percentage, with the product of (A) and (B) prorated based on the
number of days Executive was employed during the bonus year in which Executive’s Covered Termination occurs, paid in a lump sum in cash within sixty (60) days after the effective date of the Covered Termination. 

 

	 	(2)	Prior Performance Year. If a bonus for the prior calendar year has not been paid under the Bonus Plan as of the Executive’s effective date of the Covered Termination, then Executive will be entitled
to the actual amount of the bonus determined under the Bonus Plan for such prior calendar year (such amount to be determined without the exercise of any downward discretion), paid in a lump sum in cash at the same time such bonus is paid to other
Bonus Plan participants. 

  

	 	(f)	Health Care Benefits. An amount equal to three (3) times the full annual cost that is payable by Executive for continuation of coverage for medical, dental and vision benefits elected by Executive for
him/herself and his/her eligible dependents under COBRA for the year in which Executive’s Covered Termination occurs, paid in a lump sum in cash within sixty (60) days after the Covered Termination. 

In no event shall the benefits provided for in Sections 2(a), (d), (e) and (f) above or any payment provided for in (c) above
that is not subject to Code Section 409A be paid later than March 15th of the calendar year immediately following the calendar year in which the Executive’s Covered Termination Date occurs. For the avoidance of doubt, in the event of
a Covered Termination, in no event shall Executive be eligible for or entitled to any other severance payments or benefits under any other severance plan, program or policy maintained by the Company or any of its Affiliates. 

  
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	3.	LIMITATION ON PAYMENTS AND BENEFITS: Notwithstanding any provision of this Agreement to the contrary, if any
amount or benefit to be paid or provided under this Agreement would be an “Excess Parachute Payment,” within the meaning of Section 280G of the Code, or any successor provision thereto, but for the application of this sentence, then
the payments and benefits identified in the last sentence of this Section 3 to be paid or provided under this Agreement will be reduced to the minimum extent necessary (but in no event to less than zero) so that no portion of any such payment
or benefit, as so reduced, constitutes an Excess Parachute Payment; provided, however, that no such reduction shall be made if it is not thereby possible to eliminate all Excess Parachute Payments under this Agreement; provided, however, that the
foregoing reduction will be made only if and to the extent that such reduction would result in an increase in the aggregate payment and benefits to be provided, determined on an after-tax basis (taking into account the excise tax imposed pursuant to
Section 4999 of the Code, or any successor provision thereto, any tax imposed by any comparable provision of state law, and any applicable federal, state and local income and employment taxes). Whether requested by Executive or the Company, the
determination of whether any reduction in such payments or benefits to be provided under this Agreement or otherwise is required pursuant to the preceding sentence will be made at the expense of the Company by the Company’s independent
accountants, which determination shall take into account a reasonable compensation analysis of the value of services provided or to be provided by Executive, including Executive’s agreeing to refrain from performing services pursuant to a
covenant not to compete or similar covenant applicable to Executive (including, without limitation, those contemplated by Section 6, 7 and 8 of this Agreement). 

The fact that Executive’s right to payments or benefits may be reduced by reason of the limitations contained in this Section 3 will
not of itself limit or otherwise affect any other rights of the Executive other than pursuant to this Agreement. In the event that any payment or benefit intended to be provided under this Agreement or otherwise is required to be reduced pursuant to
this Section 3, the Company will reduce the Executive’s payment and/or benefits, to the extent required, in the following order: (i) the lump sum payment provided under Section 2(d); (ii) the lump sum payment provided under
Section 2(e)(1); (iii) the lump sum payment related to Health Care Benefits provided under Section 2(f); and (iv) the accelerated vesting of equity-based awards described in Section 2(c). 

 

	4.	CHANGE IN CONTROL EQUITY-BASED BENEFITS: If a Change in Control occurs, any benefits Executive may be entitled to
with respect to any equity-based compensation (including any Equity Awards) shall be determined in accordance with the applicable plans and award agreements. In the event of any conflict between the terms of any such plans or award agreement and
Section 2(c) of this Agreement, the terms of such plan or award agreement shall control to the extent such plan or award agreement provides for accelerated vesting or settlement in connection with a Change in Control (either upon the occurrence
of such an event or thereafter). For the avoidance of doubt, if any given equity-based compensation award agreement is silent with respect to the effect of a Change in Control and the plan pursuant to which any such award agreement is granted does
not contain provisions that would automatically apply to the given award, then Section 2(c) of this Agreement shall control. 

  
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	5.	INTERNAL REVENUE CODE 409A: 

  

	 	(a)	Compliance. It is the intent of the parties that the provisions of this Agreement either comply with Code Section 409A and the Treasury regulations and guidance issued thereunder or that one or more
elements of compensation or benefits be exempt from Code Section 409A. Accordingly, the parties intend that this Agreement be interpreted and operated in a manner consistent with such requirements in order to avoid the application of penalty
taxes under Code Section 409A to the extent reasonably practicable. The Company shall neither cause nor permit: (i) any payment, benefit or consideration to be substituted for a benefit that is payable under this Agreement if such action
would result in the failure of any amount that is subject to Code Section 409A to comply with the applicable requirements of Code Section 409A; or (ii) any adjustments to any equity interest to be made in a manner that would result in
the equity interest’s becoming subject to Code Section 409A unless, after such adjustment, the equity interest is in compliance with the requirements of Code Section 409A to the extent applicable. A Covered Termination shall
constitute an “involuntary separation from service” for purposes of Code Section 409A. 

  

	 	(b)	Waiting Period for Specified Employees. Notwithstanding any provision of this Agreement to the contrary, if Executive is a “Specified Employee” (as that term is defined in Code Section 409A)
as of Executive’s Covered Termination Date, then any amounts or benefits which are payable under this Agreement upon Executive’s “Separation from Service” (within the meaning of Code Section 409A), which are subject to the
provisions of Code Section 409A and not otherwise exempt under Code Section 409A, and would otherwise be payable during the first six-month period following such Separation from Service, shall be paid on the first business day that
(i) is at least six months after the date after Executive’s Covered Termination Date or (ii) follows Executive’s date of death, if earlier (the “Waiting Period”). The benefits in Sections 2(a), (d), (e) and
(f) and certain of the benefits in Section 2(c) are intended to be exempt from Code Section 409A under the “short-term deferral exemption” and thus the Waiting Period is not intended to apply to such benefits.

  

	6.	CONFIDENTIALITY AND NON-DISCLOSURE: Executive acknowledges that pursuant to this Agreement, the Company agrees to provide to him
Confidential Information and has previously provided him other such Confidential Information. In return for this and other consideration, provided under this Agreement, Executive agrees that he will not, while employed by the Company or any
Affiliate and thereafter, disclose or make available to any other person or entity, or use for his own personal gain, any Confidential Information, except for such disclosures as required in the performance of his duties hereunder as may otherwise
be required by law or legal process (in which case Executive shall notify the Company of such legal or judicial proceeding as soon as practicable following his receipt of notice of such a proceeding, and permit the Company to seek to protect its
interests and information). 

  
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	7.	RETURN OF PROPERTY: Executive agrees that at the time of leaving his or her employ with the Company or an Affiliate, he will deliver to the Company
(and will not keep in his possession, recreate or deliver to anyone else) all Confidential Information as well as all other devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches,
materials, equipment, customer or client lists or information, or any other documents or property (including all reproductions of the aforementioned items) belonging to the Company or any of its Affiliates, regardless of whether such items were
prepared by Executive. 

  

	8.	NON-SOLICITATION AND NON-COMPETITION: 

  

	 	(a)	For consideration provided under this Agreement, including, but not limited to the Company’s agreement to provide Executive with Confidential Information regarding the Company and its respective businesses,
Executive agrees that while employed by the Company or an Affiliate and for [thirty-six (36)] [twenty-four (24)] [twelve (12)] months following a Separation from Service during the term of this Agreement he shall not, without the prior written
consent of the General Counsel, directly or indirectly, (i) hire or induce, entice or solicit (or attempt to induce, entice or solicit) any employee of the Company or any of its Affiliates or ventures to leave the employment of the Company or
any of its Affiliates or ventures or (ii) solicit or attempt to solicit the business of any customer or acquisition prospect of the Company or any of its Affiliates or ventures with whom Executive had any actual contact or Confidential
Information about, in any such case while employed by the Company or an Affiliate. 

  

	 	(b)	Additionally, for consideration provided under this Agreement, including, but not limited to the Company’s agreement to provide Executive with Confidential Information regarding the Company and its respective
businesses, Executive agrees that while employed by the Company or an Affiliate and for [thirty-six (36)] [twenty-four (24)] [twelve (12)] months following a Covered Termination he will not, without the prior written consent of the Company, acting
alone or in conjunction with others, either directly or indirectly, engage in any business that is in competition with the Company or an Affiliate or accept employment with or render services at a comparable level of responsibility to such a
business as an officer, agent, employee, independent contractor or consultant, or otherwise engage in activities that are in competition with the Company or an Affiliate. 

 

	 	(c)	The restrictions contained in this Section 8 are limited to areas or territories within the United States and in any foreign country in which the Company or an Affiliate engages (or has definite plans to engage) in
operations or the marketing of its products or services at the time of Executive’s Separation from Service. 

  

	 	(d)	 Executive acknowledges that these restrictive covenants under this Agreement, for which Executive received valuable consideration from the Company as
provided in this Agreement, including, but not limited to the Company’s agreement to provide Executive with Confidential Information regarding the Company and its respective businesses, are ancillary to otherwise enforceable

  
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provisions of this Agreement, that the consideration provided by the Company gives rise to the interest of each of the Company in restraining Executive from competing and that the restrictive
covenants are designed to enforce Executive’s consideration or return promises under this Agreement. Additionally, Executive acknowledges that these restrictive covenants contain limitations as to time, geographical area, and scope of activity
to be restrained that are reasonable and do not impose a greater restraint than is necessary to protect the goodwill or other legitimate business interests of the Company, including, but not limited to, the Company’s need to protect its
Confidential Information. Executive further acknowledges that a violation on Executive’s part of any of the restrictive covenants contained in Section 6 or this Section 8 of this Agreement would cause immeasurable and irreparable
damage to the Company. Accordingly, Executive agrees that, in addition to any other remedy the Company may have for any such violation: (1) the Company shall be entitled to injunctive relief in any court of competent jurisdiction for any actual
or threatened violation of any such covenant in addition to any other remedies it may have; and (2) in addition, if the General Counsel of the Company (or other similarly situated senior executive of the Company) reasonably and in good faith
determines that Executive has materially breached any of these restrictive covenants contained in this Section 8 of the Agreement during the applicable period in which they are in effect, after written notice to Executive of such determination
and a ten (10) day opportunity to cure such breach (if the General Counsel determines in good faith that such breach is curable), if such breach is not so cured to the reasonable satisfaction of the General Counsel, then Executive shall be
required to promptly repay all net after-tax cash amounts previously paid under this Agreement to Executive, and Executive shall forfeit any Equity Awards he or she may then hold. 

 

	9.	NOTICES: For purposes of this Agreement, notices and all other communications must be in writing and will be deemed to have been given when personally delivered or when mailed
by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

 If to
Company: 
 If to Executive: 

or to such other address as either party may furnish to the other in writing in accordance with this Section. 

 

	10.	APPLICABLE LAW: The validity, interpretation, construction and performance of this Agreement will be governed by and construed in accordance with the substantive
laws of the State of Delaware, but without giving effect to the principles of conflict of laws of such State. 

  
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	11.	SEVERABILITY: If any provision of this Agreement is determined to be invalid or unenforceable (including for the avoidance of doubt any provision (or portion thereof) of
Section 6, 7 or 8 of this Agreement), then the invalidity or unenforceability of that provision will not affect the validity or enforceability of any other provision of this Agreement and all other provisions will remain in full force and
effect. 

  

	12.	WITHHOLDING OF TAXES: The Company may withhold from any payments under this Agreement all federal, state, local or other taxes as may be required
pursuant to any law or governmental regulation or ruling. Executive acknowledges that other than the Company’s obligation to withhold and remit applicable income and/or employment taxes and pay its share of any applicable payroll taxes,
Executive is solely responsible for any and all taxes, interest and penalties that may be imposed with respect to the payments and benefits provided under this Agreement. 

 

	13.	NO ASSIGNMENT; SUCCESSORS: Executive’s right to receive payments or benefits under this Agreement will not be assignable or transferable,
whether by pledge, creation of a security interest or otherwise, whether voluntary, involuntary, by operation of law or otherwise, other than a transfer by will or by the laws of descent or distribution, and in the event of any attempted assignment
or transfer contrary to this Section 13 the Company will have no liability to pay any amount so attempted to be assigned or transferred. This Agreement inures to the benefit of and is enforceable by Executive’s personal or legal
representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

 This Agreement is
binding upon and inures to the benefit of the Company and its successors and assigns (including, without limitation, any company into or with which the Company may merge or consolidate and any Successor). 

 

	14.	NUMBER AND GENDER: Wherever appropriate herein, words used in the singular will include the plural, the plural will include the singular, and the
masculine gender will include the feminine gender. 

  

	15.	CONFLICTS: This Agreement constitutes the entire understanding of the parties with respect to its subject matter and supersedes any other agreement or other understanding,
whether oral or written, express or implied, between them concerning, related to or otherwise in connection with, the subject matter hereof; provided, that if Executive is a party to a Restructuring Transaction Retention Agreement, the terms of such
agreement shall continue to apply if Executive experiences a Separation from Service prior to the occurrence of a Change in Control during the term of such Agreement, as provided thereunder. 

 

	16.	AMENDMENT AND WAIVER: No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed
to in writing and signed by the Executive and such officer as may be specifically designated by the Board. No waiver by any party hereto at any time of any breach by the other party hereto of, or of any lack of compliance with, any condition or
provision of this Agreement to be performed by any other party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

  
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	17.	COUNTERPARTS: This Agreement may be executed in several counterparts, each of which will be deemed to be an original but all of which together will constitute one and the same
instrument. 

  

	18.	TERM: The effective date of this Agreement shall commence on [insert effective date of spin] (“Effective Date”) and shall end on the earlier of
(a) subject to extension in order to give effect to the notice and cure provisions contained in the definition of Good Reason, the second anniversary of the date a Change in Control occurs, or (b) the date on which Executive experiences a
Separation from Service under circumstances that do not constitute a Covered Termination; provided that terms of this Agreement which must survive the termination this Agreement in order to be effectuated (including the provisions of Sections 2, 3,
6, 7 and 8) will survive. 

  
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	COMPANY
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	EXECUTIVE
		
	By:	 	  

	Name:	 	

  
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 EXHIBIT A 

DEFINITIONS 
 The following
terms have the meanings set forth below. 
 “Accrued Benefits” shall mean: 

 

	 	i	Any portion of Executive’s Salary earned through the Covered Termination Date and not yet paid; 

  

	 	ii	Reimbursement for any and all amounts advanced in connection with Executive’s employment for reasonable and necessary expenses incurred by Executive through the date of the Covered Termination Date in accordance
with the Company’s policies and procedures on reimbursement of expenses; 

  

	 	iii	Any earned vacation pay not theretofore used or paid in accordance with the Company’s policy for payment of earned and unused vacation time; 

 

	 	iv	If Executive participates in the Company’s financial planning program as of the date a Change in Control occurs, financial planning services through AYCO (or a successor) until the earlier of June 30 of the
calendar year following the calendar year in which a Covered Termination occurs or the date such program terminates for all similarly situated employees; and 

  

	 	v	All other payments and benefits to which Executive may be entitled under the terms of any applicable compensation arrangement or benefit plan or program of the Company that do not specify the time of distribution;
provided that Accrued Benefits shall not include any entitlement to severance under any severance plan or policy of the Company. 

“Affiliate” means an Affiliate of the Company within the meaning of Rule 12b-2 promulgated under Section 12 of the Exchange Act.

 “Board” means the Board of Directors of the Company. 

“Bonus Plan” means the Company’s Executive Incentive Compensation Plan or the Company’s Management Incentive Compensation Plan, as
applicable to Executive, or any successor plan thereto. 
 “Cause” means 

 

	 	(i)	 the willful and continued failure of Executive to perform substantially Executive’s duties with the Company or an Affiliate (occasioned by reason
other than physical or mental illness or disability of Executive) after a written demand for substantial performance is delivered to Executive by the Compensation Committee of the Board or the Chief Executive Officer of the Company which
specifically identifies the manner in which the Compensation Committee of the Board or the 

  
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Chief Executive Officer believes that Executive has not substantially performed his duties, after which Executive shall have thirty days to defend or remedy such failure to substantially perform
his duties; 

  

	 	(ii)	the willful engaging by Executive in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company; or 

 

	 	(iii)	the conviction of Executive with no further possibility of appeal for, or plea of guilty or nolo contendere by Executive to, any felony. 

The cessation of employment of Executive under subparagraph (i) and (ii) above shall not be deemed to be for “Cause” unless
and until there shall have been delivered to Executive a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters (3/4) of the entire membership of the Compensation Committee of the Board of Directors of the
Company at a meeting of such Committee called and held for such purpose (after reasonable notice is provided to Executive and he is given an opportunity, together with his counsel, to be heard before such Committee), finding that, in the good faith
opinion of such Committee, Executive is guilty of the conduct described in subparagraph (i) or (ii) above, and specifying the particulars thereof in detail. 

A “Change in Control” will be deemed to have occurred upon the occurrence of any of the following: 

 

	 	(a)	30% Ownership Change: Any Person, other than an ERISA-regulated pension plan established by the Company or an Affiliate, makes an acquisition of Outstanding Voting Stock and is, immediately thereafter, the
beneficial owner of 30% or more of the then Outstanding Voting Stock, unless such acquisition is made directly from the Company in a transaction approved by a majority of the Incumbent Directors; or any group is formed that is the beneficial owner
of 30% or more of the Outstanding Voting Stock (other than a group formation for the purpose of making an acquisition directly from the Company and approved (prior to such group formation) by a majority of the Incumbent Directors); or

  

	 	(b)	Board Majority Change: Individuals who are Incumbent Directors cease for any reason to constitute a majority of the members of the Board; or 

 

	 	(c)	 Major Mergers and Acquisitions: Consummation of a Business Combination unless, immediately following such Business Combination,
(i) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Voting Stock immediately before such Business Combination beneficially own, directly or indirectly, more than 51% of the then
outstanding shares of voting stock of the parent corporation resulting from such Business Combination in substantially the same relative proportions as their ownership, immediately before such Business Combination, of the Outstanding Voting Stock,
(ii) if the Business Combination involves the issuance or payment by the Company of consideration to another entity or its shareholders, the total fair 

  
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market value of such consideration plus the principal amount of the consolidated long-term debt of the entity or business being acquired (in each case, determined as of the date of consummation
of such Business Combination by a majority of the Incumbent Directors) does not exceed 50% of the sum of the fair market value of the Outstanding Voting Stock plus the principal amount of the Company’s consolidated long-term debt (in each case,
determined immediately before such consummation by a majority of the Incumbent Directors), (iii) no Person (other than any corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more of the then
outstanding shares of voting stock of the parent corporation resulting from such Business Combination and (iv) a majority of the members of the board of directors of the parent corporation resulting from such Business Combination were Incumbent
Directors of the Company immediately before consummation of such Business Combination; or 

  

	 	(d)	Major Asset Dispositions: Consummation of a Major Asset Disposition unless, immediately following such Major Asset Disposition, (i) individuals and entities that were beneficial owners of the
Outstanding Voting Stock immediately before such Major Asset Disposition beneficially own, directly or indirectly, more than 70% of the then outstanding shares of voting stock of the Company (if it continues to exist) and of the entity that acquires
the largest portion of such assets (or the entity, if any, that owns a majority of the outstanding voting stock of such acquiring entity) and (ii) a majority of the members of the Board (if it continues to exist) and of the entity that acquires
the largest portion of such assets (or the entity, if any, that owns a majority of the outstanding voting stock of such acquiring entity) were Incumbent Directors of the Company immediately before consummation of such Major Asset Disposition.

 For purposes of the definition of a “Change in Control”, 

 

	 	(1)	“Person” means an individual, entity or group; 

  

	 	(2)	“group” is used as it is defined for purposes of Section 13(d)(3) of the Exchange Act; 

  

	 	(3)	“beneficial owner” is used as it is defined for purposes of Rule 13d-3 under the Exchange Act; 

  

	 	(4)	“Outstanding Voting Stock” means outstanding voting securities of the Company entitled to vote generally in the election of directors; and any specified percentage or portion of the Outstanding Voting
Stock (or of other voting stock) is determined based on the combined voting power of such securities; 

  

	 	(5)	 “Incumbent Director” means a member of the board of directors of the Company (x) who was a director of the Company on the
Effective Date of this Agreement or (y) who becomes a member of the board of directors after such date and whose election, or nomination for election by the 

  
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Company’s shareholders, was approved by a vote of a majority of the Incumbent Directors at the time of such election or nomination, except that any such director will not be deemed an
Incumbent Director if his or her initial assumption of office occurs as a result of an actual or threatened election contest or other actual or threatened solicitation of proxies by or on behalf of a Person other than the Board; 

 

	 	(6)	“Business Combination” means 

  

	 	(x)	a merger or consolidation involving the Company or its stock, or 

  

	 	(y)	an acquisition by the Company, directly or through one or more subsidiaries, of another entity or its stock or assets; 

  

	 	(7)	“parent corporation resulting from a Business Combination” means the Company if its stock is not acquired or converted in the Business Combination and otherwise means the entity which as a result of
such Business Combination owns the Company or all or substantially all the Company’s assets either directly or through one or more subsidiaries; and 

  

	 	(8)	“Major Asset Disposition” means the sale or other disposition in one transaction or a series of related transactions of 70% or more of the assets of the Company and its subsidiaries on a consolidated
basis; and any specified percentage or portion of the assets of the Company will be based on fair market value, as determined by a majority of the Incumbent Directors. 

“COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1986 (and any successor legislation thereto). 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Company” means [insert name], and, except for purposes of determining whether a Change in Control has occurred, any
successor entity thereto. 
 “Company Shares” means shares of common stock of the Company (or any successor entity
thereto). 
 “Confidential Information” means any and all information, data and knowledge that has been created,
discovered, developed or otherwise become known to the Company or any of its Affiliates or in which property rights have been assigned or otherwise conveyed to the Company or any of its Affiliates, which information, data or knowledge has commercial
value in the business in which the Company or any of its Affiliates or ventures is engaged, except such information, data or knowledge as is or becomes known to the public without violation of the terms of this Agreement. By way of illustration, but
not limitation, Confidential Information includes business trade secrets, secrets concerning the Company’s or any of its Affiliate’s plans and strategies, nonpublic information concerning material market opportunities, technical trade
secrets, processes, formulas, know-how, improvements, discoveries, developments, designs, 

  
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inventions, techniques, marketing plans, manuals, records of research, reports, memoranda, computer software, strategies, forecasts, new products, unpublished financial information, projections,
licenses, prices, costs, and employee, customer and supplier lists. 
 “Covered Termination” means, during the term of this
Agreement (the “Protection Period”), there occurs a termination of Executive’s employment (such that Executive ceases to be employed by the Company or an Affiliate) that is a “Separation from Service” (as
defined in Code Section 409A and the Treasury regulations and guidance issued thereunder) (i) by the Company or an Affiliate for a reason other than Cause or other than Executive’s Disability or (ii) by Executive for Good Reason
(in either case, not including Executive’s death). 
 “Disability” means circumstances which would qualify Executive
for long term disability benefits under the Company’s Long Term Disability Plan, whether or not Executive is covered under such plan. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Good Reason” means any one or more of the following events which occurs during the Protection Period: 

 

	 	(a)	a material diminution in the duties or responsibilities of Executive from those applicable immediately before the date on which a Change in Control occurs; 

 

	 	(b)	a material reduction in Executive’s annual rate of base salary or target bonus as in effect on the Change in Control or as either of the same may be increased from time to time thereafter; 

 

	 	(c)	a material reduction in the amount of Executive’s annual target long-term incentive compensation opportunity (whether payable in cash, Company Shares or a combination thereof) as in effect on the Change in Control
or as the same may be increased from time to time thereafter , unless such material reduction applies to all similarly situated executives of the Company and the parent corporation resulting from the Business Combination; and provided that for the
avoidance of doubt, a material reduction of such annual target long-term incentive compensation opportunity shall not be deemed to occur if such opportunity becomes payable solely in cash; 

or 
  

	 	(d)	a change in the location of Executive’s principal place of employment with the Company by more than 50 miles from the location where Executive was principally employed immediately before the Change in Control
without the Executive’s consent. 

 If any of the events described above occurs prior to the second anniversary of a Change in Control
(an “Event”), Executive shall give the Company written notice (the “Executive Notice”) 

  
 - 14 - 

 
within sixty (60) days following Executive’s knowledge of an Event that Executive intends to terminate employment as a result. The Company shall have thirty (30) days following
receipt of the Executive Notice in which to cure the Event. If the Company does not take such action within that time, the Event shall constitute Good Reason. If Executive does not provide the Executive Notice within sixty (60) days as required
above then the Event shall not constitute Good Reason, and thereafter, for purposes of determining whether Executive has Good Reason, Executive’s terms and conditions of employment after the occurrence of the Event shall be substituted for
those terms and conditions of Executive’s employment in effect immediately prior to the Change in Control. 
 “Restoration
Plan” means the [insert name] Defined Contribution Restoration Plan, as in effect on the Change in Control. 

“Restructuring Transaction Retention Agreement” means a Restructuring Transaction Retention Agreement by and between the
Executive and The Babcock & Wilcox Company dated as of November 5, 2014, which agreement has been assumed by the Company in connection with the spinoff. 

“Salary” means Executive’s annual rate of base salary as in effect immediately before the Change in Control or, if
higher, in effect immediately before the first Event constituting Good Reason. 
 “SERP” means the [insert name]
Supplemental Executive Retirement Plan, as in effect on the Change in Control. 
 “Subsidiary” means every corporation,
limited liability company, partnership or other entity of which 50% or more of the total combined voting power of all classes of voting securities or other equity interests is owned, directly or indirectly, by [insert name]. 

“Target Bonus Percentage” means the percentage applicable to Executive to determine Executive’s target incentive award
opportunity under the Bonus Plan applicable to Executive as in effect immediately before the Covered Termination or, if higher, immediately before the first Event constituting Good Reason. 

  
 - 15 - 

 Term of Change in Control Agreements 

 

					
	Name	  	Position	  	Severance Multiplier
	Jim Ferland	  	CEO	  	2.99 (eligible for 1x; adjusted per employment agreement
	Jenny Apker	  	SVP & CFO	  	2x
	Mark Carano	  	SVP, Corporate Development	  	2x
	Elias Gedeon	  	SVP, Business Development	  	2x
	Pete Goumas	  	SVP, Operations	  	2x
	André Hall	  	SVP & General Counsel	  	2x
	Mark Low	  	SVP, Global Services	  	2x
	Wendy Radtke	  	SVP Human Resources	  	2x
	Paul Scavuzzo	  	SVP, Global Power	  	2x
	Ken Zak	  	SVP, Industrial Environmental	  	2x
	Randy Bly	  	VP, Internal Audit	  	1x
	Paul Cappiello	  	VP, Tax	  	1x
	Dan Hoehn	  	VP & CAO	  	1xEX-10.1

 Exhibit 10.1 

Execution Copy 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”) is made as of the 8th day of May, 2014 (the
“Agreement Date”), by and between Great Lakes Dredge & Dock Corporation (the “Corporation”), with and on behalf of its wholly-owned subsidiary, Great Lakes Dredge & Dock Company, LLC (“GLDD
LLC”) (together, the “Company”), and David E. Simonelli (“Executive”). 

RECITALS 

WHEREAS, Executive is currently employed by the Company; 

WHEREAS, Executive and the Company have previously agreed to and operated under the terms of an employment agreement dated
April 9, 2012 (the “Original Agreement”); and 
 WHEREAS, in consideration of the vesting and
exercisability of the Non-Qualified Stock Option Agreement and the Restricted Stock Unit Award Agreement granted to Executive on May 9, 2014, Executive and the Company agree to amend and restate the Original Agreement in its entirety by setting
forth the terms and conditions of their agreements and understandings in this Agreement, which shall replace and supersede all terms and conditions contained within the Original Agreement as of the date first written above. 

NOW, THEREFORE, in consideration of the foregoing promises and the respective agreements of Executive and the Company set forth
below, Executive and the Company, intending to be legally bound, agree as follows: 
 ARTICLE I 

EMPLOYMENT SERVICES 

1.1 Term of Employment. Executive’s employment under this Agreement shall commence on April 10, 2012 (the
“Start Date”) and continue until the second annual anniversary of such date, unless terminated earlier pursuant to Article III herein (the “Initial Employment Term”). The Employment Term shall be
extended automatically for successive one-year periods unless, at least 90 days prior to expiration of the Employment Term, either party gives written notice to the other party that he/it does not wish to renew the Agreement (such one year
extension(s) and the Initial Employment Term to be, collectively, the “Employment Term”). The last day of employment for which the Executive is compensated as an active employee of the Company shall be referred to as the
“Termination Date.” 
 1.2 Position and Duties. During the Employment Term, Executive shall hold the position
of President of Dredging Operations, and shall report to the Company’s Chief Executive Officer. Executive shall perform such duties and responsibilities as are consistent with a senior employee and those duties as may be assigned to Executive
by the Chief Executive Officer from time to time. For the avoidance of doubt, Executive’s duties and responsibilities may be changed per instruction of the Chief Executive Officer, so long as such duties and responsibilities are generally
consistent with those assigned to a Division President of a company or division of comparable size in a comparable industry. Executive shall devote Executive’s full business time, attention, skill and energy to the business and affairs of the
Company, and shall use Executive’s 

 
reasonable best efforts to perform such responsibilities in a diligent, loyal, and businesslike manner so as to advance the best interests of the Company. Executive shall act in conformity with
Company’s written and oral policies and within the limits, budgets and business plans set by the Company, and shall adhere to all rules and regulations in effect from time to time relating to the conduct of executives of the Company.
Executive’s office will be at the principal executive offices of the Company and Executive will be expected to conduct his activities from such office other than when traveling on behalf of the Company. Notwithstanding the foregoing, Executive
shall be permitted to devote a reasonable amount of time and effort to civic and charitable organizations and managing personal investments; but only to the extent that such activities, individually or as a whole, do not materially interfere with
the execution of Executive’s duties hereunder, or otherwise violate any provision of this Agreement. Executive shall not become involved in the management of any corporation, partnership or other entity, including serving on the board of
directors of any publicly traded company, without the written consent of the Corporation’s Board of Directors (the “Board”). 

1.3 Service on Board. The Company may require Executive to serve without additional compensation as a member of the Board or as
an officer or director of any of the Corporation’s subsidiaries. Any compensation or other remuneration received from such service may be offset against the amounts due hereunder. 

ARTICLE II 
 COMPENSATION

 2.1 Base Salary. The Company shall pay Executive an annual base salary of $337,000 (“Base Salary”),
payable in accordance with the general payroll practices of the Company. The Board will review Executive’s performance and Base Salary annually and may, in its sole discretion, increase Executive’s Base Salary or may decrease it by up to
10 percent if there is a similar salary reduction affecting all officers in the dredging division of the Company (the “Dredging Division Officers”). 

2.2 Incentive Compensation. Executive will be eligible to participate in any annual performance bonus plans and long-term
incentive plans established or maintained by the Company for its Dredging Division Officers, including, but not limited to, the Annual Bonus Plan or such similar or successor plans as the Company may establish. Twenty-five percent of any annual
bonus earned by Executive will be paid in shares of the Company’s common stock; the remainder (and the value of any fractional shares) will be paid to Executive in cash. Such bonus will be paid in accordance with the Company’s standard
practice, but in any event no later than 2.5 months after the end of the calendar year in which Executive earns such bonus. 
 2.3
Equity Compensation. Except as provided for in Section 6.2, Executive will be eligible to participate on the same terms in any equity-based compensation plans established or maintained by the Company for its Dredging Division
Officers, including but not limited to the Company’s 2007 Long-Term Incentive Plan and any successor thereto. 
 2.4 Employee
Benefit Plans. Executive will be eligible to participate on substantially the same basis as the Company’s other Dredging Division Officers in any employee benefit plans offered by the Company including, without limitation, the
Company’s 

  
 2 

 
Supplemental Savings Plan (or any successor thereto), medical, dental, short-term and long-term disability, life, profit sharing and nonqualified deferred compensation arrangements. The Company
reserves the right to modify, suspend or discontinue any and all of the plans, practices, policies and programs at any time without recourse by Executive, so long as Company takes such action generally with respect to all other Dredging Division
Officers. 
 2.5 Vacation. Executive will be entitled to twenty-two (22) days of paid vacation per calendar year, subject
to the Company’s vacation policy as in effect from time-to-time. The Company may, at its discretion, increase (but not decrease) Executive’s vacation entitlement. 

2.6 Business Expenses. The Company will reimburse Executive for all reasonable and necessary business expenses incurred in the
performance of services with the Company, according to the Company’s policies and upon Executive’s presentation of an itemized written statement and such verification as the Company may require. 

ARTICLE III 
 TERMINATION
OF EMPLOYMENT 
 3.1 Voluntary Resignation. Executive may terminate his employment for any reason by giving the Company 60
days’ prior written notice of a voluntary resignation date (“Resignation Date”). For purposes of this Agreement, delivery of a notice of non-renewal of the Employment Term by the Executive will be considered voluntary
resignation effective as of the date that the Employment Term expires as a result of the notice of non-renewal. Upon receiving Executive’s notice of intent to resign or not renew, the Company may require that Executive cease performing services
for the Company at any time before the Resignation Date, so long as the Company continues Executive’s Base Salary under Section 2.1 and employee benefits under Section 2.4 through the Resignation Date. 

In the event of a voluntary resignation and within 30 days of Executive’s notice of intent to resign or not renew, the Company shall in
its sole discretion, by giving written notice, elect between the following options. Should the Company fail to elect an option within the time specified, option (a) shall be considered the default decision. 

(a) Executive shall not be entitled to receive any compensation or benefits from the Company following the Resignation Date and shall not be
subject to the restrictive covenants contained in Sections 4.2 through 4.4; or 
 (b) Executive shall be eligible for the
compensation and benefits (“Resignation Pay”) described in this Section 3.1(b) (the period over which the amounts are payable in Section 3.1(b) is referred to as the “Resignation Severance
Period”), subject to the requirements set forth in Section 3.6 and Section 3.7. 
 (i) A
payment equal to 18 months of Executive’s then current Base Salary, less applicable withholdings. This amount will be paid in equal installments on each regularly scheduled payroll pay date during the 24 month period that begins on the
Resignation Date, subject to Section 3.6. 

  
 3 

 (ii) Subject to the terms and conditions described herein, the Company will
continue to provide Executive (and his spouse and eligible dependents, to the extent they have been provided with coverage on the date immediately prior to the Resignation Date and otherwise continue to be eligible for coverage under the terms of
the applicable governing documents) with group medical and dental for 24 months following the Resignation Date. During this 24 month period, the Company will reduce Executive’s cash Resignation Pay by his share of the cost of these benefits,
which shall be equal to the cost of such benefits for similarly situated employees of the Company. After this 24 month period, Executive (and his spouse and eligible dependents, as applicable) will be eligible for continuation coverage under COBRA
or other similar state statute. Notwithstanding the foregoing, the Company may find alternate medical and dental plan coverage if, by law or other restrictions outside the control of the Company, continued coverage under the Company’s health
plans is not permitted. 
 Except as otherwise provided under law, this Agreement, or the terms of any employee benefit plans in which
Executive participates, Executive shall not be entitled to receive any additional compensation or benefits from the Company after the Resignation Date. 

3.2 Termination By Company With Cause. The Company may terminate Executive’s employment for Cause (as defined below) by
giving written notice to Executive designating an immediate or future Termination Date. In the event of a termination for Cause, the Company shall pay Executive his Base Salary under Section 2.1 and employee benefits under
Section 2.4 through the Termination Date. Except as otherwise provided under this Agreement, law, or the terms of any employee benefit plans in which Executive participates, Executive shall not be entitled to receive any compensation or
benefits from the Company after the Termination Date. 
 For purposes of this Agreement, “Cause” means: 

(a) A material breach by Executive of Sections 4.1 or 4.2 of this Agreement (regarding the non-competition and
confidentiality provisions); 
 (b) The commission of a criminal act by Executive against the Company, including but not limited to fraud,
embezzlement or theft; 
 (c) The conviction, plea of no contest or nolo contendere, deferred adjudication or un-adjudicated
probation of Executive for any felony or any crime involving moral turpitude; or 
 (d) Executive’s failure or refusal to carry out, or
comply with, in any material respect, any lawful directive of the Chief Executive Officer consistent with the terms of the Agreement and with the Company’s written plans and policies, which is not remedied within 30 days after Executive’s
receipt of written notice from the Company. 
 3.3 Termination By Company Without Cause. The Company may terminate
Executive’s employment without Cause by giving written notice to Executive designating an immediate or future Termination Date. Executive’s voluntary resignation of employment due to 

  
 4 

 
a material diminution of Executive’s position, authority, duties or responsibilities or due to any material breach by the Company of this Agreement shall be treated as a termination by
Company without Cause; provided that, (a) such voluntary resignation occurs within 65 days following the initial occurrence of such event, (b) Executive provided written notice of such event to the Board and the Chief Executive
Officer within 30 days of such event, and (c) the Company failed to cure such event or breach within 30 days of receipt of such written notice from Executive. It shall not be considered a material diminution of Executive’s authority,
duties or responsibilities to the extent such authority, duties or responsibilities are changed in accordance with Section 1.2. For purposes of this Agreement, delivery of a notice of non-renewal of the Employment Term by the Company
will be considered a termination without Cause effective as of the date that the Employment Term expires as a result of the notice of non-renewal. 

In the event of a termination without Cause during the Employment Term, Executive shall be eligible to receive the benefits described in
Sections 3.3(a) and (b), below (collectively, “Severance Pay”), subject to the requirements set forth in Section 3.6 and Section 3.7. The period over which the amounts in
Section 3.3(a)(i) or (a)(ii), as applicable, are payable is referred to as the “Severance Period.” 

(a) If Executive is terminated without Cause, the Company will provide the following compensation and benefits to Executive: 

(i) A payment equal to 24 months of the Executive’s then current Base Salary, less applicable withholdings. This amount
will be paid in equal installments on each regularly scheduled payroll pay date during the 24 month period that begins on the Termination Date, subject to Section 3.6. 

(ii) The prior fiscal year’s annual bonus payable 100% in cash and the Supplemental Savings Plan benefits earned through
the Termination Date. Such amount will be paid in equal installments on each regularly scheduled payroll pay date for the remainder of the Severance Period, beginning on the date when all other Company executives receive such payments, but in no
event later than March 15 of the year following the Termination Date. 
 (iii) Subject to the terms and conditions
described herein, the Company will continue to provide Executive (and his spouse and eligible dependents, to the extent they have been provided with coverage on the date immediately prior to the Termination Date and otherwise continue to be eligible
for coverage under the terms of the applicable governing documents) with group medical and dental, for 24 months following the Termination Date. During this 24 month period, the Company will reduce Executive’s cash Severance Pay by his share of
the cost of these benefits, which shall be equal to the cost of such benefits for similarly situated employees of the Company. After this 24 month period, Executive (and his spouse and eligible dependents, as applicable) will be eligible for
continuation coverage under COBRA or other similar state statute. Notwithstanding the foregoing, the Company may find alternate medical and dental plan coverage if, by law or other restrictions outside the control of the Company, continued coverage
under the Company’s health plans is not permitted. 

  
 5 

 (iv) The Company will pay for and provide to Executive outplacement services with
an outplacement firm of Executive’s choosing, provided that the Company shall not be responsible to pay for such services to the extent such services (aa) exceed $15,000 or (bb) are provided more than one year following the Release Effective
Date (as defined below). 
 (b) If Executive is terminated without Cause, Executive will receive full vesting credit for any outstanding
unvested equity awards. 
 Except as otherwise provided under law, this Agreement, or the terms of any employee benefit plans in which
Executive participates, Executive shall not be entitled to receive any additional compensation or benefits from the Company after the Termination Date. 

3.4 Change in Control. If, contemporaneous with or within twelve months after a Change in Control (as defined below), the
Company terminates Executive’s employment other than for Cause, Executive will be eligible to receive, in lieu of those payments provided under Section 3.3, as applicable: (a) two times his then current Base Salary; and
(b) the pro rata portion of the prior fiscal year’s annual bonus payable in cash and the Supplemental Savings Plan benefits earned through the Termination Date as described in Section 3.3(a)(ii) (together, the “Change
in Control Payment”), subject to the requirements set forth in Section 3.6. The Base Salary, prior years bonus (pro rata), and Supplemental Savings Plan benefits will be made in a lump sum cash payment as soon as practicable,
but in no event more than 10 days after the Termination Date (on or after the date of the Change in Control). Any remaining payments will be paid in equal installments on each regularly scheduled payroll pay date during the 24 month period that
begins on the Termination Date, subject to Section 3.6. In addition, Executive will be eligible for the continued health plan coverage described in Section 3.3(a)(iii) and will receive full vesting credit for any outstanding
unvested equity awards consistent with and subject to the limitations of Section 3.6. 
 For purposes of this Agreement, a
“Change in Control” of the Corporation will be deemed to occur as of the first day that any one or more of the following conditions is satisfied: 

(i) The “beneficial ownership” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) of securities representing 30% or more of the combined voting power of the then outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the “Corporation Voting
Securities”) is accumulated, held or acquired by a Person (as defined in Section 3(a)(9) of the Exchange Act, as modified, and used in Sections 13(d) and 14(d) thereof) (other than the Corporation, any trustee or other fiduciary
holding securities under an employee benefit plan of the Corporation, holders of capital stock of the Corporation as of the date hereof or an affiliate thereof, any corporation owned, directly or indirectly, by the Corporation’s stockholders in
substantially the same proportions as their ownership of stock of the Corporation); provided, however that any acquisition from the Corporation or any acquisition pursuant to a transaction that complies with clauses (A), (B) and
(C) of subparagraph (iii) of this paragraph will not be a Change in Control under this subparagraph (i), and provided further, that 

  
 6 

 
immediately prior to such accumulation, holding or acquisition, such Person was not a direct or indirect beneficial owner of 25% or more of the Corporation Voting Securities; or 

(ii) Within any twelve (12) month period that includes or is after the Start Date, individuals who constitute the Board
(the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election
by the Corporation’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board will be considered as though such individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by
or on behalf of a person other than the Board; or 
 (iii) Consummation by the Corporation of a reorganization, merger or
consolidation, or sale or other disposition of all or substantially all of the assets of the Corporation or the acquisition of assets or stock of another entity (a “Business Combination”), in each case, unless immediately following
such Business Combination: (A) more than 60% of the combined voting power of then outstanding voting securities entitled to vote generally in the election of directors of (x) the corporation resulting from such Business Combination (the
“Surviving Corporation”), or (y) if applicable, a corporation that as a result of such transaction owns the Corporation or all or substantially all of the Corporation’s assets either directly or through one or more
subsidiaries (the “Parent Corporation”), is represented, directly or indirectly by Corporation Voting Securities outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which such
Corporation Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the
Corporation Voting Securities; (B) no Person (excluding any employee benefit plan (or related trust) of the Corporation or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of the
combined voting power of the then outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) except to the extent that such ownership of the Corporation
existed prior to the Business Combination; and (C) at least a majority of the members of the board of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) were members of the Incumbent Board at
the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 

(iv) Approval by the Corporation’s stockholders of a complete liquidation or dissolution of the Corporation. 

  
 7 

 However, in no event will a Change in Control be deemed to have occurred with respect to
Executive if Executive is part of a purchasing group that consummates the Change in Control transaction. Executive will be deemed “part of a purchasing group” for purposes of the preceding sentence if Executive is an equity participant in
the purchasing company or group (except: (a) passive ownership of less than two percent of the stock of the purchasing company; or (b) ownership of equity participation in the purchasing company or group that is otherwise not significant,
as determined prior to the Change in Control by a majority of the nonemployee continuing Directors; provided that, for purposes of the foregoing, participation as a management investor in such purchasing company will not be deemed to be
within the exceptions provided for in (a) and (b)). 
 Notwithstanding anything to contrary, a Change in Control will
have occurred only if such change in ownership constitutes a change in control under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations and other guidance in effect thereunder
(“Section 409A”). 
 3.5 Additional Vesting. In addition to any amounts otherwise payable to Executive
upon a separation from service, if Executive incurs any of the events below, he will be granted additional vesting, as described below: 

(a) Death or Disability. If Executive dies or becomes permanently disabled (as determined under the Company’s long-term disability
plan in which Executive participates), Executive will receive additional vesting credit under each of the Company’s employee benefit plans and outstanding equity awards that have vesting requirements. Such additional vesting credit shall begin
with the date of death or disability period, as applicable, and will equal full vesting credit. 
 (b) Retirement. Upon
Executive’s Retirement from the Company, Executive will receive full vesting of any of his outstanding equity awards. It shall be Executive’s choice to elect Retirement under this Section 3.5 or voluntary resignation under
Section 3.1. If the term “Retirement” is not defined within a particular equity award, or if the award agreement defers to the definition of “Retirement” contained within an employment agreement, then for purposes of that
award, “Retirement” shall mean Executive’s termination of employment, other than for Cause (as defined in Section 3.2, above), which meets all of the following criteria: 

(i) The sum of (x) the continuous full years of Service (as defined in the 2007 Long-Term Incentive Plan) by Executive to
the Company or a GLDD Entity (defined below) and (y) the attained age in full years of Executive on the date of Executive’s termination of employment total no less than 75 (the “Rule of 75”). A leave of absence which is
agreed to between the Company and Executive in writing for medical reasons or for military service shall not constitute a break in Service for this purpose. Take for example, an executive who was born on June 27, 1963, and started full-time
employment with the Company on July 1, 1990, and works continuously as an employee until a termination of employment on December 31, 2016. In such case, such executive’s full years of Service are 26 years and his attained age on
the date of termination is 53 years. The total is 79 years, so the executive satisfies the Rule of 75; 

  
 8 

 (ii) Executive signs a Restrictive Covenant Agreement, in a form satisfactory to
the Company, in anticipation of his Retirement, if the Company requests that he do so, within the timeframe given to Executive to sign by the Company. For purposes of this Agreement, a “Restrictive Covenant Agreement” shall mean an
agreement between the Company and the Executive, in a form satisfactory to the Company, governing confidentiality, non-solicitation of customers and/or employees, non-competition and/or similar matters, which may be a free-standing agreement or
contained in an employment, consulting or other written agreement, and which may be entered into subsequent to the date of this Agreement. In no event will any non-competition or non-solicitation provision contained within the Restrictive Covenant
Agreement be broader in scope or duration or otherwise less favorable to Executive than the covenants contained in Section 4 herein; and 

(iii) Executive gives the Chief Executive Officer at least three months’ prior notice of his Retirement. 

(c) Termination by the Company Without Cause. As set forth in Section 3.3. 

(d) Change in Control. As set forth in Section 3.4. 

If the Company determines that Executive cannot receive such additional vesting credit under the terms of any such employee benefit plan because, for example,
Executive is not actually providing any services to the Company, the Company shall provide the value of such additional vesting under an alternate arrangement, such as through the purchase of an individual insurance policy that provides similar
benefits or, if applicable, through a nonqualified pension or profit sharing plan. 
 3.6 Execution of Separation Agreement.
As a condition to receiving the Resignation Pay, the Severance Pay or the Change in Control Payment set forth in Section 3.1, 3.3 or 3.4, respectively, Executive must execute and return to the Company, and not revoke any
part of, a separation agreement containing a general release and waiver of claims against the Company and its respective officers, directors, stockholders, employees and affiliates with respect to Executive’s employment, and other customary
terms, in a form and substance reasonably acceptable to the Company and Executive. The Company shall deliver to Executive such release within ten (10) days following the Termination Date and the Executive shall deliver an original, signed
release to the Company within twenty-one (21) business days (or such longer period as may be required by applicable law to constitute an effective release of all claims, but no longer than 45 days after the after receipt of the same from the
Company) (the “Release Effective Date”). Notwithstanding anything in this Agreement to the contrary, no payments pursuant to Section 3.1, 3.3 or 3.4 shall be made prior to the date that both
(a) Executive has delivered an original, signed release to the Company and (b) the revocability period (if any) has elapsed, and provided that any payments that would otherwise be made during the first sixty (60) days following
Executive’s termination of employment will be made on the 65th day. If Executive does not deliver an original, signed release to the Company by the Release Effective Date, (i) Executive’s rights shall be limited to those made
available to Executive under Section 3.2 above, and (ii) the Company shall have no obligation to pay or provide to Executive 

  
 9 

 
any amount or benefits described in Section 3.1, 3.3 or 3.4, or any other monies on account of the termination of Executive’s employment. Any obligation of the
Company to provide Resignation Pay or Severance Pay shall cease: (A) upon Executive’s death, if Company provided life insurance proceeds are paid to Executive’s estate; (B) if Executive materially breaches any of his obligations
under Articles IV or V; or (C) if, after Executive’s Termination Date, the Company discovers facts or information that establish that Executive committed an act that would have constituted Cause, as defined under Section 3.2(a),
(b) or (c). 
 3.7 Section 409A. While the parties acknowledge that any payments and benefits provided under
Article III of this Agreement are intended to be exempt from Section 409A, to the extent (a) further guidance or interpretation is issued by the IRS after the date of this Agreement which would indicate that the payments do not
qualify for such exemption or the amount of payments due under Article III increases in a manner to cause certain payments to exceed the limitation available for exempt separation payment and (b) Executive is a “specified
employee” within the meaning of Code Section 409A(a)(2)(B)(i) upon the date of Executive’s termination of employment, such payments or benefits which are not exempt and would otherwise be payable to Executive prior to the date that is
six (6) months following the date of such termination of employment shall be delayed and instead shall be paid to Executive on the first regular payroll date that occurs after the six (6) month anniversary of such date of termination. For
purposes of Section 409A, each installment of Severance Pay under Article III shall be treated as a right to a separate payment. 

3.8 Excess Parachute Payments. Notwithstanding any provision of this Agreement to the contrary, if any amount or benefit to be
paid or provided under this Agreement would be an “Excess Parachute Payment” within the meaning of Code Section 280G but for the application of this sentence, then the payments and benefits to be paid or provided under this Agreement
will be reduced to the minimum extent necessary (but in no event to less than zero) so that no portion of any such payment or benefit, as so reduced, constitutes an Excess Parachute Payment; provided, however, that the foregoing
reduction will be made only if and to the extent that such reduction would result in an increase in the aggregate payment and benefits to be provided to Executive, determined on an after-tax basis (taking into account the excise tax imposed pursuant
to Code Section 4999, any tax imposed by any comparable provision of state law, and any applicable federal, state and local income and employment taxes). 

The fact that Executive’s right to payments or benefits may be reduced by reason of the limitations contained in this
Section 3.8 will not of itself limit or otherwise affect any other rights of Executive other than pursuant to this Agreement. In the event that any payment or benefit intended to be provided under this Agreement is required to be reduced
pursuant to this Section 3.8, the reduction shall be made in the following order: (a) first reducing, if any, those payments or benefits which have a higher Parachute Value than actual present value, (b) then, to the extent
necessary, reducing cash payments or benefits; and (c) then, to the extent necessary, reducing those payments or benefits having the next highest ratio of Parachute Value to actual present value of such payments or benefits as of the date
of the change of control (as defined under Code Section 280G). For purposes of this Section 3.8, present value shall be determined in accordance with Section 280G(d)(4) of the Code. For purposes of this Section 3.8,
the “Parachute Value” of a payment or benefit means the present value as of the date of the change of control of the portion of such payment that constitutes a “parachute payment” under Section 280G(b)(2) of the
Code, as valued in accordance with Section 280G of the Code any interpretive guidance thereunder. 

  
 10 

 3.9 Removal from any Boards and Positions. If Executive’s employment is
terminated for any reason under this Agreement, Executive will, immediately upon Executive’s Termination Date, be deemed to have resigned from (a) if a member, the Board as well as the board of directors of any GLDD Entity (as defined
below) or any other board to which he has been appointed or nominated by or on behalf of the Company, (b) any position with the Company or any GLDD Entity, including, but not limited to, as an officer of the Company or any GLDD Entity, and
(c) any fiduciary positions with respect to the Company’s benefit plans. In addition, and as a condition to receiving the Resignation Pay described in Section 3.1, the Severance Pay described in Section 3.3, or the
Change in Control Payment described in Section 3.4 Executive shall take any and all necessary steps to effectuate his resignation from such positions. 

3.10 Subsequent Discovery of Cause. In the event that the Company subsequently discovers facts or information that establish
that Executive committed an act that would have constituted Cause, as defined under Section 3.2 (a), (b) or (c), then Executive shall forfeit and shall not be entitled to receive any further Resignation Pay or
Severance Pay. Upon written notice from the Company detailing such facts and information supporting its determination of Cause, Executive shall repay to the Company all amounts paid to him as Resignation Pay or Severance Pay. Executive shall be
entitled to dispute such finding of Cause in accordance with the provisions of Sections 6.11 and 6.12. Any repayment under this Section 3.10 shall be in addition to any other remedies to which the Company may have
under this Agreement or at law. 
 3.11 Recoupment of Incentive Compensation. All incentive or equity compensation paid to
Executive during the Employment Term, the Resignation Severance Period or the Severance Period will be subject to the terms of the Company’s recoupment policy in effect from time to time. 

ARTICLE IV 
 EXCLUSIVITY
OF SERVICES AND RESTRICTIVE COVENANTS 
 4.1 Confidential Information. Executive acknowledges and agrees that the
Confidential Information (as defined below) of the Company and its subsidiaries and any other entity related to the Company (each, a “GLDD Entity”) that he obtained during the course of his employment by the Company is the property
of the Company or such other GLDD Entity. Executive will never, directly or indirectly, disclose, publish or use any Confidential Information of which Executive has become aware, whether or not such information was developed by him. All duties and
obligations set forth in this Agreement regarding Confidential Information shall be in addition to those which exist under the Illinois Trade Secrets Act and at common law. 

As used in this Agreement, “Confidential Information” means information that is not generally known to the public and
that was or is used, developed or obtained by the Company or any other GLDD Entity, in connection with its businesses, including but not limited to: 

i. products or services, unannounced products or services, product or service development information (or other proprietary product or service
information); 

  
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 ii. fees, costs, bids and pricing structures and quotations or proposals given to agents,
customers, sureties, suppliers, or prospective customers, agents, sureties or suppliers, or received from any such person or entity; 
 iii.
accounting or financial records; 
 iv. strategic business plans; 

v. information system applications or strategies; 

vi. customer and vendor lists and employee lists and directories; 

vii. marketing plans, bidding strategies and processes, and negotiation strategies, whether past, current, or future; 

viii. accounting and business methods; 

ix. legal advice and/or attorney work product; 

x. trade secrets and other proprietary information; 

xi. information, analysis or strategies regarding acquisitions, mergers, other business combinations, divestitures, recapitalizations, or new
ventures; and 
 xii. nonpublic information that was acquired by Executive concerning the requirements and specifications of the
Company’s or any other GLDD Entity’s agents, vendors, contractors, customers, or potential customers. 
 Notwithstanding anything to the contrary,
Confidential Information does not include any information that: (a) is publicly disclosed by law or pursuant to, and to the extent required by, an order of a court of competent jurisdiction or governmental agency; (b) becomes publicly
available through no fault of Executive; or (c) has been published in a form generally available to the public before Executive proposes to disclose, publish, or use such information. 

4.2 Noncompetition. During the Employment Term and for the 24 month period following the Termination Date for any reason except
in the case of a voluntary resignation under Section 3.1(a) (the “Restricted Period”), Executive will not, on behalf of himself or any other entity, have an ownership interest in or become employed or engaged by, or
otherwise participate in or render services to, any business or enterprise (including, without limitation, any division, group or franchise of a larger organization) within the Geographical Area (as defined below) that engages in any dredging or any
other business engaged in by the Company; provided, however, that this restriction shall not prohibit Executive from passive beneficial ownership of less than three percent 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. For the purpose of this provision, “Geographical Area” means the United States of 

  
 12 

 
America and any other country in which the Company has worked in the three years prior to the Termination Date. Unless specifically restricted by this Section 4.2, Executive will be
free to engage in any employment or business in any area, dredging or otherwise, regardless of resignation or termination with or without Cause. Notwithstanding anything in this Article IV to the contrary, Executive may, at any time
during the Restricted Period, provide written notice to the Company that (a) describes a particular business or employment opportunity that he is interested in pursuing or in which he may wish to engage, and (b) request that the Company
agree that the opportunity so described would not violate this Section 4.2. Within a reasonable time, the Company will send Executive a written response, indicating whether or not the Company consents to Executive engaging in the
opportunity described in his notice. 
 4.3 Non-Solicitation. During the Restricted Period, Executive shall not (except in the
case of a voluntary resignation under Section 3.1(a) and other than in furtherance of Executive’s legitimate job duties on behalf of Company), directly or indirectly, on Executive’s own behalf or for any other person or entity:
(a) solicit for employment, hire or engage, or attempt to solicit for employment, hire or engage, any person who is or was employed by the Company within the six (6) month period prior to the solicitation, hire or engagement, or
(b) otherwise interfere with the relationship between any such person and the Company. 
 4.4 Non-Interference with Business
Relationships. During the Restricted Period, Executive shall not (except in the case of a voluntary resignation under Section 3.1(a) and other than in furtherance of Executive’s legitimate job duties on behalf of the
Company), directly or indirectly, on Executive’s own behalf or for any other person or entity: (a) solicit, for a purpose related to a competitive activity (i.e., an activity prohibited by Section 4.2), any customer, vendor or
agent of the Company that was doing business with the Company during the six month period prior to the solicitation; or (b) induce, or attempt to induce, any customer, vendor or agent of the Company to reduce or cease doing business with the
Company, or otherwise interfere with the relationship between such entity and the Company. 
 4.5 Equitable Modification. If
any court of competent jurisdiction shall deem any provision in this Article IV too restrictive, the other provisions shall stand, and the court shall modify the unduly restrictive provision to the point of greatest restriction
permissible by law. 
 4.6 Remedies. Executive acknowledges that the agreements and covenants contained in this
Article IV are essential to protect the Company and its business and are a condition precedent to entering into this Agreement. Should Executive materially breach any covenants in this Article IV, then among other remedies,
the duration of the covenant shall be extended by the period of any such breach. Executive agrees that irreparable harm would result from Executive’s material breach or threat to breach any provision of this Article IV, and that
monetary damages alone would not provide adequate relief to the Company for the harm incurred. Executive agrees that in addition to money damages, the Company shall be entitled to seek and obtain temporary, preliminary, and permanent injunctive
relief restraining Executive from committing or continuing any breach without being required to post a bond. Without limiting the foregoing, upon a breach by Executive of any provision of this Article IV, any outstanding Severance Pay
shall cease and be forfeited, and Executive shall immediately reimburse the Company for any Severance Pay previously paid. 

  
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 ARTICLE V 

POST-TERMINATION OBLIGATIONS 

5.1 Return of Company Materials. No later than three (3) business days following the termination of Executive’s
employment for any reason, Executive shall return to the Company all Company property that is then in Executive’s possession, custody or control, including, without limitation, all keys, access cards, credit cards, computer hardware and
software, documents, records, policies, marketing information, design information, specifications and plans, data base information and lists, and any other property or information that Executive has or had relating to the Company (whether those
materials are in paper or computer-stored form), and including but not limited to any documents containing, summarizing, or describing any Confidential Information. 

5.2 Executive Cooperation. During Executive’s employment with the Company and for a period of 24 months after the
Termination Date, Executive shall, upon reasonable notice, furnish the Company with such information as may be in Executive’s possession or control, and cooperate with the Company in any reasonable manner that the Company may request, including
without limitation conferring with the Company with regard to any litigation, claim, or other dispute in which the Company is or may become a party. If Executive is not receiving full Resignation Pay or Severance Pay, then the Company shall
compensate the Executive at a rate of $2,000 per day less any partial payment paid for that day. The Company shall reimburse Executive for all reasonable out-of-pocket expenses incurred by Executive in fulfilling Executive’s obligations under
this Section 5.2. Payment for Executive’s cooperation and expenses shall be made within 30 days of when services were rendered. The Company will make any such reimbursement within 30 days of the date Executive provides the Company
with documentary evidence of such expense consistent with the policies of the Company. Notwithstanding anything to the contrary, any such reimbursement shall be administered so as to comply with Treasury Regulation Section 1.409A-3(i)(1)(iv).

 ARTICLE VI 

MISCELLANEOUS 
 6.1
Notices. Any notices, consents or other communications required or permitted to be sent or given hereunder shall be in writing and shall be deemed properly served if (a) delivered personally, in which case the date of such notice
shall be the date of delivery; (b) delivered to a nationally recognized overnight courier service, in which case the date of delivery shall be the next business day; or (c) sent by facsimile transmission (with a copy sent by first-class
mail), in which case the date of delivery shall be the date of transmission, or if after 5:00 P.M., the next business day. If not personally delivered, notice shall be sent using the addresses set forth below: 

If to Executive, to the address listed on the signature page hereto or the last address on file in the records of the Company. 

  
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 If to the Company: 

Great Lakes Dredge & Dock Corporation 

2122 York Road 
 Oak Brook, IL
60523 
 Attn: Chief Executive Officer 

fax: (630) 574-3007 

telephone: (630) 574-3000 

with a copy to: 
 Great Lakes
Dredge & Dock Corporation 
 2122 York Road 

Oak Brook, IL 60523 
 Attn:
General Counsel 
 fax: (630) 574-3007 

telephone: (630) 574-3000 
 or such other
address as may hereafter be specified by notice given by either party to the other party. Executive shall promptly notify the Company of any change in his address set forth on the signature page. 

6.2 Company Stock Retention. 

(i) Executive must retain all shares of Company stock he receives as compensation from the Company that were granted prior to May 1,
2014; provided, however, that Executive from time to time may sell such shares to the extent that the aggregate value of the shares of Company stock he owns (together with his spouse and any trusts of which he or his spouse are the beneficial
owner) after the conclusion of such sale exceeds one (1) time his then current Base Salary; with such aggregate value being determined using the closing price for the Company’s stock on the NASDAQ global market (or other U.S. national
market on which the Company’s stock is then trading) on the day immediately preceding such sale. The value of the options held by Executive shall be the Black Scholes value, with any unvested shares (and options) being valued at
zero. If the Company and the Executive elect to renew this Agreement for two (2) or more additional terms, then Executive shall be required to retain two (2) times his then current Base Salary.

(ii) For shares of Company stock received as compensation from the Company that are granted on or after May 1, 2014, Executive shall
be subject to the Company’s stock retention guidelines and policies for Executive in effect from time-to-time; provided, however, that unless Executive’s position and duties are materially expanded, under no
circumstances shall such guidelines and policies require Executive to retain Company stock such that the aggregate value of Executive’s holdings exceeds more than one (1) time Executive’s then current base salary, with such aggregate
value being determined using the closing price for the Company’s stock on the NASDAQ global market (or other U.S. national market on which the Company’s stock is then trading) on the day immediately preceding such sale, with any options
and unvested shares being valued at zero.

  
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 6.3 Withholding. The Company may withhold from any payment that it is required to
make under this Agreement amounts sufficient to satisfy applicable withholding requirements under any federal, state or local law, or any other amounts rightfully and legally due and owing to the Company from Executive. 

6.4 Successors and Assigns. This Agreement shall not be assignable by Executive without the Company’s written consent. The
Company may unilaterally assign this Agreement to any successor employer or corporation or entity that purchases substantially all of the assets of or succeeds to the business of the Company. Subject to the foregoing, this Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and assigns. 
 6.5
No Waiver. No failure or delay by the Company or Executive in enforcing or exercising any right or remedy hereunder will operate as a waiver thereof. No modification, amendment or waiver of this Agreement or consent to any departure by
Executive from any of the terms or conditions thereof, will be effective unless in writing and signed by the Chairman or Lead Director of the Company’s Board, unless otherwise specified herein. Any such waiver or consent will be effective only
in the specific instance and for the purpose for which given. 
 6.6 Severability; Survivability. If any term or provision of
this Agreement shall be held to be invalid or unenforceable, the remaining terms and provisions hereof shall not be affected thereby and shall be enforced to the fullest extent permitted under law. Executive’s obligations in
Sections 4.1, 5.1 and 5.2 shall survive and continue in full force notwithstanding the termination of this Agreement or Executive’s employment for any reason. Executive’s obligations in Articles IV and
V shall survive and continue in full force and effect notwithstanding the termination of this Agreement or Executive’s employment for any reason, if there is a separation agreement in effect pursuant to Section 3.6 and
Executive is receiving Resignation Pay or Severance Pay pursuant to that separation agreement. 
 6.7 Execution in
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be considered an original instrument, but all of which shall be considered one and the same agreement. 

6.8 Governing Law; Waiver of Jury. This Agreement shall be governed by and construed in accordance with the internal laws of the
State of Illinois, without regard to its conflict of law principles. For the purposes of any suit, action, or other proceeding arising out of this Agreement or with respect to Executive’s employment hereunder, the parties: (a) agree to
submit disputes to arbitration as set forth in Section 6.11; and (b) waive their respective rights to a jury trial of any claims and causes of action. 

6.9 Construction. The language used in this Agreement will be deemed to be the language chosen by Executive and the Company to
express their mutual intent, and no rule of strict construction will be applied against Executive or the Company. The heading in this Agreement are for convenience of reference only and will not limit or otherwise affect the meaning of the
provision. 

  
 16 

 6.10 Entire Agreement; Amendments. This Agreement contains the entire understanding
of the parties hereto with regard to the subject matter contained herein, and supersedes all prior agreements, understandings or letters of intent with regard to the subject matter contained herein between the parties hereto, unless otherwise
specified herein. This Agreement shall not be amended, modified or supplemented except by a written instrument signed by each of the parties hereto. 

6.11 ARBITRATION OF DISPUTES. ANY CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS CONTRACT, OR THE BREACH THEREOF, SHALL
BE SETTLED BY ARBITRATION ADMINISTERED BY THE AMERICAN ARBITRATION ASSOCIATION IN ACCORDANCE WITH ITS EMPLOYMENT ARBITRATION RULES AND MEDIATION PROCEDURES INCLUDING THE OPTIONAL RULES FOR EMERGENCY MEASURES OF PROTECTION. THE CONTROVERSY SHALL BE
SUBMITTED TO ONE ARBITRATOR, EACH PARTY MAY STRIKE OR REJECT UP TO THREE POTENTIAL ARBITRATORS WITH THE SELECTIONS ALTERNATING BETWEEN THE COMPANY AND THE PARTY AND SELECTED FROM THE ROSTER OF ARBITRATORS OF THE AMERICAN ARBITRATION ASSOCIATION. THE
PLACE OF ARBITRATION SHALL BE DUPAGE COUNTY, IL. JUDGMENT ON THE AWARD RENDERED BY THE ARBITRATOR MAY BE ENTERED IN ANY COURT HAVING JURISDICTION THEREOF THE DECISION OF THE ARBITRATOR SHALL BE FINAL AND BINDING ON THE PARTIES. 

6.12 Costs Relating to Disputes. In the event that an arbitration under Section 6.11 arises out of this Agreement,
if Executive is the prevailing party, he shall be entitled to an award of reasonable attorney fees and the Company shall pay for the arbitrator’s and administrative fees of the arbitration. If the Company is the prevailing party, then each
party shall bear its own costs and expenses and an equal share of the arbitrator’s and administrative fees of arbitration. 

  
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 [SIGNATURE PAGE TO EMPLOYMENT AGREEMENT] 

IN WITNESS WHEREOF, each of the parties hereto has duly executed this Employment Agreement as of the date first set forth above.

  

			
	Great Lakes Dredge & Dock Corporation
		
	By:	 	 /s/ Jonathan W. Berger

		
	Title:	 	 Chief Executive Officer

	
	David E. Simonelli
	
	 /s/ David E. Simonelli

  
 18

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