Document:

Exhibit 10.1

 

GREAT
LAKES DREDGE & DOCK CORPORATION

NON-QUALIFIED STOCK OPTION AGREEMENT

 

pursuant
to the

 

2007 LONG-TERM
INCENTIVE PLAN

 

This NON-QUALIFIED STOCK  OPTION AGREEMENT (this “Agreement”)
is made and entered into by and between Great Lakes Dredge &
Dock Corporation, a Delaware corporation (the “Corporation”),
and                                   
(the “Participant”), effective as of                                 
(the “Award  Date”).

 

1.                                       Grant of Option.  The Corporation hereby grants to the Participant
and the Participant hereby accepts, subject to the terms and conditions hereof,
a Non-Qualified Stock Option (the “Option”) to
purchase up to                                         
(                )
shares of the Corporation’s common stock (the “Stock”),
at the Exercise Price per share set forth in Section 4 below.  The Option is not intended to constitute an “incentive
stock option” as that term is used in Section 422 of the Code.

 

2.                                       Governing Plan.  This Option is granted pursuant to the Corporation’s
2007 Long-Term Incentive Plan (the “Plan”),
which is incorporated herein for all purposes. 
Capitalized terms used but not otherwise defined herein have the
meanings as set forth in the Plan.  The Participant
agrees to be bound by the terms and conditions of the Plan, which control in
case of any conflict with this Agreement, except as otherwise specifically
provided for in the Plan.

 

3.                                       Expiration of the Option.  The Option shall not be exercisable after the
Corporation’s close of business on the last business day that occurs prior to
the Expiration Date. The “Expiration Date”
shall be the earliest to occur of:

 

(a)                                  the
ten-year anniversary of the Award Date;

 

(b)                                 the
one-year anniversary of the Participant’s death;

 

(c)                                  the
one-year anniversary of the Participant’s Termination due to Disability (as
defined below);

 

(d)                                 the
three-year anniversary of the Participant’s Termination due to Retirement (as
defined below);

 

(e)                                  the
date that is three months following the Participation’s Termination due to
resignation (for reasons other than Retirement or Disability);

 

(f)                                    the
date that is three months following the Participant’s Termination by the
Corporation or an Affiliate for reasons other than Cause (as defined below); or

 

(g)                                 the
date of the Participant’s Termination by the Corporation or an Affiliate for
Cause;

 

provided, however, that except in the case of the
expiration of the Option pursuant to Section 3(g) above, if
the exercise of the Option on the last business day prior to the Expiration
Date would violate applicable securities laws, 
the Expiration Date will be extended to the date that is thirty (30)
days after the date in which the exercise of the Option would not longer
violate such applicable securities laws.

 

“Disability”
shall mean the Participant’s Termination after becoming unable to engage in any
substantial gainful activity by reason of any medically determinable physical
or mental impairment that can be expected to result in death or that has lasted
or can be expected to last for a continuous period of not less than twelve (12)
months, within the meaning of Code Section 422(c)(6).

 

1

 

“Retirement”
shall mean the Participant’s voluntary Termination following both the
Participant’s attainment of age sixty (60) and attainment of fifteen (15) years
of Service with the Corporation or any Affiliate (or any predecessor entity).

 

“Cause”
shall have the meaning set forth in any employment, consulting, or other
written agreement between the Participant and the Corporation or an
Affiliate.  If there is no employment,
consulting or other written agreement between the Participant and the
Corporation or an Affiliate, or if such agreement does not define “Cause”, “Cause”
shall mean, as determined by the Committee (as defined below) in its sole
discretion, the Participant’s (i) willful and continued failure to
substantially perform his material duties as an executive of the Corporation
(other than any such failure resulting from incapacity due to physical or
mental illness) after a written demand for substantial performance is delivered
to the Participant by the Board; (ii) willful misconduct, which is
demonstrably and materially injurious to the Corporation, monetarily or
otherwise; (iii) engaging in egregious misconduct involving serious moral
turpitude to the extent that the Participant’s credibility and reputation no
longer conform to the standard of senior executive officers of the Corporation;
(iv) conviction of, or plea of guilty or nolo
contendere to, a felony, (v) material breach of a material
written policy of the Corporation; (vi) failure to reasonably cooperate
with any audit or investigation involving the Corporation or its business
practices; or (vii) material breach of this Agreement.  The Board must give the Participant at least
thirty (30) days written notice of its intent to terminate Participant’s
employment for Cause, specifying the act(s) or omission(s) alleged to
justify the Cause termination, and an opportunity to cure such act(s) or
omissions(s), where feasible, within the thirty (30) day period.  In addition, the Participant’s Service will
be deemed to have terminated for Cause if after the Participant’s Service has
terminated, facts and circumstances are discovered that would have justified a
termination for Cause.  For purposes of
this Agreement, no act or failure to act on the Participant’s part will be
considered “knowing” or “willful” unless it is done, or omitted to be done, by
the Participant in bad faith or without reasonable belief that the Participant’s
action or omission was in the best interests of the Corporation or an
Affiliate.  Any act, or failure to act,
based upon authority given to a resolution duly of the Board or based upon the
advice of counsel for the corporation will be conclusively presumed to be done
or omitted to be done, in good faith and in the best interests of the
corporation or an Affiliate.  In no event
will a termination be deemed to occur for “Cause” unless such termination
occurs within ninety (90) days after the board becomes aware of the
circumstance or event giving rise thereto.

 

4.                                       Exercise Price.  The “Exercise Price”
of the Option is                                         
($     ) per share of Stock.  The Exercise Price is subject to adjustment
or amendment as set forth in the Plan.

 

5.                                       Vesting.

 

(a)                                  Except
as may be accelerated as set forth in the Plan or as set forth below, on each vesting
date set forth in Column 1 below, the Option shall vest and become exercisable
for the corresponding number of shares of Stock set forth in Column 2 below if
the Participant’s employment has not Terminated.  The “Vested Portion”
of the Option as of any particular date shall be the cumulative total of all
shares of Stock for which the Option has become exercisable as of that date.

 

	
  Column 1

  Vesting Date

  	
   

  	
  Column 2

  Vested Portion of the Option

  
	
   

  	
   

  	
   

  
	
  (first anniversary of award)

  	
   

  	
  33-1/3% of shares of Stock

  
	
  (second anniversary of award)

  	
   

  	
  33-1/3% of shares of Stock

  
	
  (third anniversary of award)

  	
   

  	
  33-1/3% of shares of Stock

  

 

(b)                                 Upon
the Participant’s Termination due to death, Disability or Retirement, to the
extent not previously forfeited, the Option shall be fully vested with respect
to all of the shares of Stock covered by the Option.

 

(c)                                  Upon
a Change in Control or a Significant Event, the Compensation Committee of the
Board of Directors of the Corporation (the “Committee”)
may elect, in its sole discretion, to accelerate the vesting of any portion of
the Option in accordance with the terms of Article 9 of the Plan.  No provision of this Agreement shall require
the Committee to accelerate such vesting upon a Change in Control, a
Significant Event or any other event.

 

2

 

(d)                                 To
the extent any portion of the Option has not vested upon the Participant’s Termination
for any reason other than death, Disability or Retirement, that portion of the
Option shall be immediately forfeited upon such Termination.

 

6.                                       Exercise of the Option.  The Vested Portion (as herein defined) of the
Option may be exercised, to the extent not previously exercised, in whole or in
part, at any time or from time to time prior to the Expiration Date, except
that no Option shall be exercisable except in respect to whole shares of Stock,
and not less than one share may be purchased at one time unless the number
purchased is the total number at the time available for purchase under the
terms of the Option.  Exercise shall be
accomplished by providing written notice in accordance with directions provided
by the Committee.

 

7.                                       Payment of Exercise Price.  Upon any exercise of the Option, the total
Exercise Price for the number of shares of Stock for which the Option is then
being exercised shall be paid in full to the Corporation in any one or more of
the following ways:

 

(a)                                  in
cash;

 

(b)                                 if
permitted by the Committee on the date of exercise, in shares of Stock having
an aggregate Fair Market Value on the exercise date equal to the Exercise Price
for the shares of Stock being purchased;

 

(c)                                  if
permitted by the Committee on the date of exercise, by requesting that the Corporation
withhold such number of shares of Stock then issuable upon exercise of the
Option as will have a Fair Market Value equal to the Exercise Price for the shares
of Stock being acquired upon exercise of the Option (and any applicable
withholding taxes);

 

(d)                                 provided
that a public market for the Corporation’s Stock exists, and to the extent
permitted by the Sarbanes-Oxley Act of 2002:

 

(i)            through a “same day sale” commitment from
the Participant and a broker-dealer that is a member of the Financial Industry
Regulatory Authority (a “FINRA Dealer”)
whereby the Participant irrevocably elects to exercise the Option and sell a
portion of the shares of Stock so purchased to pay the Exercise Price (or a
larger number of shares of Stock so purchased), and whereby the FINRA Dealer
irrevocably commits upon receipt of such shares of Stock to forward the
purchase price directly to the Corporation (and any excess to the Participant);
or

 

(ii)           through a “margin” commitment from the
Participant and a FINRA Dealer whereby the Participant irrevocably elects to
exercise the Option and to pledge the shares of Stock so purchased to the FINRA
Dealer in a margin account as security for a loan from the FINRA Dealer in the
amount of the purchase price, and whereby the FINRA Dealer irrevocably commits
upon receipt of such shares of Stock to forward the purchase price directly to
the Corporation; or

 

(e)                                  by
any combination of the foregoing.

 

If the Exercise
Price is paid in whole or in part in shares of Stock, any portion of the
Exercise Price representing a fraction of a share must be paid in cash.  When full payment of the Exercise Price has
been made, the Participant will be considered for all purposes the owner of the
shares of Stock with respect to which payment has been made, subject to the
restrictions set forth in the Plan.

 

8.                                       Tax Withholding.  All deliveries and distributions under this
Agreement are subject to withholding of all applicable taxes.  The Corporation may either require the
Participant to remit to the Corporation an amount sufficient to satisfy such
tax withholding requirements or, in the discretion of the Committee, the
Corporation may withhold the minimum number of shares of Stock sufficient to
satisfy all or a portion of such tax withholding requirements.  To the extent the Corporation does not elect
to withhold shares of Stock sufficient to satisfy the tax withholding
requirements, subject to the terms of Section 10.6 of the Plan, the
Participant may satisfy 

 

3

 

such withholding
obligations in shares of Stock;  provided
that the Participant will be deemed to have instructed and authorized the
Corporation or its delegate for such purpose to sell on the Participant’s
behalf a whole number of shares of Stock as the Corporation or its delegate
determines to be appropriate to generate cash proceeds sufficient to satisfy
the minimum tax withholding obligation.  In
such case, the Participant will be responsible for all brokerage fees and other
costs of sale, and the Participant agrees to indemnify and hold the Corporation
harmless from any losses, costs, damages or expenses relating to such sale.

 

9.                                       Transferability of Option.  Subject to the terms of the Plan and such rules and
limitations as may be established by the Committee from time to time, at any
time before the Participant’s death, the Participant may assign all or a
portion of the Option to (i) the Participant’s spouse or lineal
descendants; (ii) the trustee of a trust for the primary benefit of the
Participant, the Participant’s spouse or lineal descendants, or any combination
thereof; (iii) a partnership of which the Participant, the Participant’s
spouse and/or lineal descendants are the only partners; (iv) custodianships
for lineal descendants under the Uniform Transfers to Minors Act or any other
similar statute; or (v) upon termination of a trust by the custodian or
trustee thereof, or the dissolution or other termination of the family
partnership or the termination of a custodianship under the Uniform Transfers
to Minors Act or other similar statute, to the person or persons who, in
accordance with the terms of such trust, partnership or custodianship are
entitled to receive options held in trust, partnership or custody.  In such event, the spouse, lineal descendant,
trustee, partnership or custodianship will be entitled to all of the
Participant’s rights with respect to the assigned portion of the Option, and
such portion of the Option will continue to be subject to all of the terms,
conditions and restrictions applicable to the Option, as set forth in the Plan
and this Agreement.  Any such assignment
will be permitted only if the Participant does not receive any consideration
for such transfer.  Any assignment of any
portion of the Option will be evidenced by an appropriate written document
executed by the Participant, and the Participant will deliver a copy of such
document to the Committee on or prior to the effective date of the
assignment.  An assignee or transferee of
any portion of the Option must sign an agreement with the Corporation to be
bound by the terms of this Agreement.

 

10.                                 Administration.  The Plan and this Agreement shall be
administered and may be definitively interpreted by the Committee, and the Participant
agrees that the decisions of such Committee concerning administration and
interpretation of the Plan and this Agreement shall be final, binding and
conclusive on all persons.

 

11.                                 Notices.  Any notice or other communication required or
permitted under the Plan must be in writing and must be delivered personally,
sent by certified, registered or express mail, or sent by overnight courier, at
the sender’s expense.  Notice will be
deemed given (i) when delivered personally, or (ii) if mailed, three
days after the date of deposit in the United States mail or (iii) if sent
by overnight courier, on the regular business day following the date sent.  Notice to the Participant should be sent to
the address set forth on the Corporation’s records.  Either party may change the address to which
the other party must give notice under this Agreement by giving the other party
written notice of this change in accordance with the procedures discussed in
this Section 11.

 

12.                                 Not An Employment Contract.  The Option will not confer on the Participant
any right with respect to continuance of employment with the Corporation or any
Affiliate, nor will it interfere in any way with any right the Corporation or
any Affiliate would otherwise have to terminate or modify the terms of such Participant’s
employment at any time.

 

13.                                 No Rights As Stockholder.  The Participant shall not have any rights as
a stockholder with respect to the shares of Stock subject to the Option, until
a stock certificate has been duly issued following exercise of the Option as
provided herein.

 

14.                                 Unfunded Status of the Plan.  The Plan is unfunded. The Corporation is not
required to establish any special or separate fund or to make any other
segregation of assets to assure the payment of any benefits under the
Plan.  With respect to any payments not
yet made to the Participant or shares of Stock not yet delivered to the
Participant under this Agreement, the Participant shall have no rights greater
than those of a general unsecured creditor of the Corporation.

 

15.                                 Amendment.  This Agreement may be amended in accordance
with the provisions of the Plan, and may otherwise be amended by written
agreement of the Participant and the Corporation without the consent of any
other person.

 

4

 

16.                                 Governing Law.  To the extent not preempted by Federal law,
the Plan and this Agreement will be construed, administered and governed in all
respects under and by the laws of the State of Illinois, without giving effect
to its conflict of laws principles.  If
any provision of this Agreement will be held by a court of competent
jurisdiction to be invalid or unenforceable, the remaining provisions hereof
will continue to be fully effective.  The
jurisdiction and venue for any disputes arising under, or any action brought to
enforce (or otherwise relating to) this Agreement will be exclusively in the
courts in the State of Illinois, County of Cook, including the Federal courts
located therein (should Federal jurisdiction exist).

 

17.                                 Securities Law Requirements.  If at any time the Committee determines that
exercising the Option or issuing shares of Stock would violate applicable
securities laws, the Option will not be exercisable, and the Corporation will
not be required to issue shares of Stock. 
The Committee may declare any provision of this Agreement or action of
its own null and void, if it determines the provision or action fails to comply
with the short-swing trading rules.  As a
condition to exercise, the Committee may require the Participant to make
written representations it deems necessary to comply with applicable securities
laws.  No person who acquires shares of Stock
under this Agreement may sell the shares of Stock, unless he or she makes an
offer and sale pursuant to an effective registration statement under the Securities
Act of 1933, as amended (the “Securities Act”),
which is current and includes the shares of Stock to be sold, or there is an
exemption from the registration requirements of the Securities Act.  The Participant’s right to resell the shares
of Stock will be subject to all Federal and state securities laws, including
SEC Rule 144, and subject to the Corporation’s policy on securities
trading and disclosure of confidential information.

 

18.                                 Spousal Consent.  As a further condition to the Corporation’s
and the Participant’s obligations under this Agreement, the Participant’s
spouse, if any, shall execute and deliver to the Corporation the Consent of Spouse
attached hereto as Exhibit 1.

 

19.                                 Counterparts. This Agreement may be
executed in one or more counterparts, each of which shall be deemed to be an
original, but all of which together shall constitute one and the same
instrument.

 

[Signature
page to follow]

 

5

 

IN WITNESS WHEREOF, this
Agreement has been executed on behalf of the Corporation by its duly authorized
officer, and by the Participant in acceptance of the above-mentioned Option,
subject to the terms and conditions of the Plan and of this Agreement, all as
of the day and year first above written.

 

	
   

  	
  CORPORATION:

  
	
   

  	
   

  
	
   

  	
  GREAT
  LAKES DREDGE & DOCK CORPORATION,

  
	
   

  	
  a Delaware
  corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Deborah A.
  Wensel

  
	
   

  	
   

  	
  Senior Vice
  President and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARTICIPANT:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Name]

  

 

6

 

EXHIBIT 1

 

CONSENT
OF SPOUSE

 

I,                                           ,
spouse of                                                             
have read and approve the foregoing Non-Qualified Stock Option Agreement (the “Agreement”).   In consideration of the award of a
non-qualified stock option to purchase shares of common stock of Great Lakes
Dredge & Dock Corporation as set forth in the Agreement,  I hereby appoint my spouse as my
attorney-in-fact with respect to the exercise of any rights under the Agreement
and agree to be bound by the provisions of the Agreement insofar as I may have
any rights in said Agreement or shares of common stock issued pursuant thereto
under the community property laws or similar laws relating to marital property
in effect in the state of our residence as of the date of the signing of the
foregoing Agreement.

 

	
   

  	
   

  
	
   

  	
  [Spouse’s Name]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Dated:

  	
   

  

 

7Exhibit 10.2

 

GREAT
LAKES DREDGE & DOCK CORPORATION

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

pursuant
to the

 

2007 LONG-TERM
INCENTIVE PLAN

 

This RESTRICTED STOCK UNIT AWARD AGREEMENT
(this “Agreement”) is made and entered
into by and between Great Lakes Dredge &
Dock Corporation, a Delaware corporation (the “Corporation”),
and                                   
(the “Participant”), effective as of                                 
(the “Award  Date”).

 

1.                                       Award of Restricted Stock Units.  The Corporation hereby grants to the Participant
and the Participant hereby accepts an Award of                                         
(                )
Restricted Stock Units (the “RSUs”), subject
to the terms and conditions set forth in this Agreement.  RSUs represent the Corporation’s unfunded and
unsecured promise to issue shares of common stock of the Corporation (“Stock”) at a future date subject to
the terms of this Agreement.  The
Participant has no rights with respect to the RSUs other than rights of a
general creditor of the Corporation.

 

2.                                       Governing Plan.  This Award is granted pursuant to the Corporation’s
2007 Long-Term Incentive Plan (the “Plan”),
which is incorporated herein for all purposes. 
Capitalized terms used but not otherwise defined herein have the meanings
as set forth in the Plan.  The Participant
agrees to be bound by the terms and conditions of the Plan, which control in
case of any conflict with this Agreement, except as otherwise specifically
provided for in the Plan.

 

3.                                       Dividend Equivalents.  Subject to the provisions of Section 5(c),
in the event that the Corporation declares a dividend on its Stock, the
Corporation shall pay to the Participant an amount in cash equal to the
dividend that would have been paid on the RSUs had they been converted into the
same number of shares of Stock and held by the Participant on the record date
of such dividend (the “Dividend Equivalent”).  Any cash payment due to the Participant
pursuant to this Section 3 shall be made within thirty (30) days of
the record date of the dividend.

 

4.                                       Restrictions on Transfer.  The RSUs may not be transferred, alienated,
assigned, pledged, hypothecated or encumbered, in any way, whether voluntarily
or involuntarily or by operation of law by judgment, levy, attachment,
garnishment or any other legal or equitable proceeding (including bankruptcy),
and any attempted disposition thereof shall be null and void and of no effect.

 

5.                                       Vesting.

 

(a)                                  Except as may be accelerated as set forth
in the Plan or as set forth below, the RSUs shall fully vest on [date three
years after Award Date] if the Participant is continuously employed by the
Corporation or an Affiliate through such vesting date.

 

(b)                                 Upon the Participant’s Termination due to
death, Disability (as defined below) or Retirement (as defined below), to the
extent not previously forfeited, the RSUs shall be fully vested.

 

(c)                                  Upon a Change in Control or a Significant
Event, the Compensation Committee of the Board of Directors of the Corporation
(the “Committee”) may elect, in its
sole discretion, to accelerate the vesting of some or all of the RSUs in
accordance with the terms of the Plan. 
No provision of this Agreement shall require the Committee to accelerate
such vesting upon a Change in Control, a Significant Event or any other event.

 

(d)                                 To the extent any RSUs have not vested
upon the Participant’s Termination for any reason other than death, Disability
or Retirement, those RSUs shall be immediately forfeited upon such Termination.  Upon such forfeiture, the Participant shall
no longer be entitled to receive Dividend Equivalents on such RSUs.

 

1

 

“Disability”
shall mean the Participant’s Termination after becoming unable to engage in any
substantial gainful activity by reason of any medically determinable physical
or mental impairment that can be expected to result in death or that has lasted
or can be expected to last for a continuous period of not less than twelve (12)
months, within the meaning of Code Section 422(c)(6).

 

“Retirement”
shall mean the Participant’s voluntary Termination following both the
Participant’s attainment of age sixty (60) and attainment of fifteen (15) years
of Service with the Corporation or any Affiliate (or any predecessor entity).

 

6.                                       Conversion of RSUs into Stock.  On the Conversion Date (as defined below), the
RSUs shall be converted into an equivalent number of shares of Stock that will
be issued to the Participant, or in the event of the Participant’s death, the
Participant’s beneficiary.  Promptly after
the conversion date, certificates of such shares of Stock shall be delivered to
the Participant.  The “Conversion Date”  shall be the date of vesting as set forth in Section 5;
provided, however, that if on the date of such vesting the Participant
is prohibited from trading in the Corporation’s securities pursuant to
applicable securities laws and/or the Corporation’s policy on securities
trading and disclosure of confidential information, the Conversion Date shall
be, in the determination of the Committee, the earlier of (i) the first
date the Participant is no longer prohibited from such trading, or (ii) the
latest date in which the Award can still qualify for the “short-term deferral”
exception to application of Code Section 409A.

 

7.                                       Tax Withholding.  All deliveries and distributions under this
Agreement are subject to withholding of all applicable taxes.  The Corporation may either require the
Participant to remit to the Corporation an amount sufficient to satisfy such
tax withholding requirements or, in the discretion of the Committee, the
Corporation may withhold the minimum number of shares of Stock sufficient to
satisfy all or a portion of such tax withholding requirements.  To the extent the Corporation does not elect
to withhold shares of Stock sufficient to satisfy the tax withholding
requirements, subject to the terms of Section 10.6 of the Plan, the
Participant may satisfy such withholding obligations in shares of Stock;  provided that the Participant will be deemed
to have instructed and authorized the Corporation or its delegate for such
purpose to sell on the Participant’s behalf a whole number of shares of Stock
as the Corporation or its delegate determines to be appropriate to generate
cash proceeds sufficient to satisfy the minimum tax withholding
obligation.  In such case, the
Participant will be responsible for all brokerage fees and other costs of sale,
and the Participant agrees to indemnify and hold the Corporation harmless from
any losses, costs, damages or expenses relating to such sale.

 

8.                                       Administration.  The Plan and this Agreement shall be
administered and may be definitively interpreted by the Committee, and the Participant
agrees that the decisions of such Committee concerning administration and
interpretation of the Plan and this Agreement shall be final, binding and
conclusive on all persons.

 

9.                                       Notices.  Any notice or other communication required or
permitted under the Plan must be in writing and must be delivered personally,
sent by certified, registered or express mail, or sent by overnight courier, at
the sender’s expense.  Notice will be
deemed given (i) when delivered personally, or (ii) if mailed, three
days after the date of deposit in the United States mail or (iii) if sent
by overnight courier, on the regular business day following the date sent.  Notice to the Participant should be sent to
the address set forth on the Corporation’s records.  Either party may change the address to which
the other party must give notice under this Agreement by giving the other party
written notice of this change in accordance with the procedures discussed in
this Section 9.

 

10.                                 Not An Employment Contract.  This Award will not confer on the Participant
any right with respect to continuance of employment with the Corporation or any
Affiliate, nor will it interfere in any way with any right the Corporation or
any Affiliate would otherwise have to terminate or modify the terms of such Participant’s
employment at any time.

 

11.                                 Unfunded Status of the Plan.  The Plan is unfunded. The Corporation is not
required to establish any special or separate fund or to make any other
segregation of assets to assure the payment of any benefits under the
Plan.  With respect to any payments not
yet made to the Participant or shares of Stock not yet delivered to the
Participant under this Agreement, the Participant shall have no rights greater
than those of a general unsecured creditor of the Corporation.

 

2

 

12.                                 Amendment.  This Agreement may be amended in accordance
with the provisions of the Plan, and may otherwise be amended by written
agreement of the Participant and the Corporation without the consent of any
other person.

 

13.                                 Governing Law.  To the extent not preempted by Federal law,
the Plan and this Agreement will be construed, administered and governed in all
respects under and by the laws of the State of Illinois, without giving effect
to its conflict of laws principles.  If
any provision of this Agreement will be held by a court of competent jurisdiction
to be invalid or unenforceable, the remaining provisions hereof will continue
to be fully effective.  The jurisdiction
and venue for any disputes arising under, or any action brought to enforce (or
otherwise relating to) this Agreement will be exclusively in the courts in the
State of Illinois, County of Cook, including the Federal courts located therein
(should Federal jurisdiction exist).

 

14.                                 Securities Law Requirements.  If at any time the Committee determines that
issuing shares of Stock would violate applicable securities laws, the Corporation
will not be required to issue shares of Stock. 
The Committee may declare any provision of this Agreement or action of
its own null and void, if it determines the provision or action fails to comply
with the short-swing trading rules.  The
Committee may require the Participant to make written representations it deems
necessary to comply with applicable securities laws.  No person who acquires shares of Stock under
this Agreement may sell the shares of Stock, unless he or she makes an offer
and sale pursuant to an effective registration statement under the Securities Act
of 1933, as amended (the “Securities Act”),
which is current and includes the shares of Stock to be sold, or there is an
exemption from the registration requirements of the Securities Act.  The Participant’s right to resell the shares
of Stock will be subject to all Federal and state securities laws, including
SEC Rule 144, and subject to the Corporation’s policy on securities
trading and disclosure of confidential information.

 

15.                                 Spousal Consent.  As a further condition to the Corporation’s
and the Participant’s obligations under this Agreement, the Participant’s
spouse, if any, shall execute and deliver to the Corporation the Consent of
Spouse attached hereto as Exhibit 1.

 

16.                                 409A Compliance.  The Agreement is intended to be a
nonqualified deferred compensation arrangement that complies with the
provisions of Code Section 409A and the regulations thereunder, and shall
be interpreted and operated consistent with such intent.  If any ambiguity exists in the terms of the
Agreement, it shall be interpreted to be consistent with this purpose.

 

17.                                 Counterparts. This Agreement may be
executed in one or more counterparts, each of which shall be deemed to be an
original, but all of which together shall constitute one and the same
instrument.

 

[Signature
page to follow]

 

3

 

IN WITNESS WHEREOF, this
Agreement has been executed on behalf of the Corporation by its duly authorized
officer, and by the Participant in acceptance of the above-mentioned Award,
subject to the terms and conditions of the Plan and of this Agreement, all as
of the day and year first above written.

 

	
   

  	
  CORPORATION:

  
	
   

  	
   

  
	
   

  	
  GREAT
  LAKES DREDGE & DOCK CORPORATION,

  
	
   

  	
  a Delaware
  corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Deborah A.
  Wensel

  
	
   

  	
   

  	
  Senior Vice
  President and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARTICIPANT:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Name]

  

 

4

 

EXHIBIT 1

 

CONSENT
OF SPOUSE

 

I,                                           ,
spouse of                                                             
have read and approve the foregoing Restricted Stock Unit Award (the “Agreement”).   In consideration of the award of restricted
stock units of Great Lakes Dredge & Dock Corporation as set forth in
the Agreement,  I hereby appoint my
spouse as my attorney-in-fact with respect to the exercise of any rights under
the Agreement and agree to be bound by the provisions of the Agreement insofar
as I may have any rights in said Agreement or shares of common stock issued
pursuant thereto under the community property laws or similar laws relating to
marital property in effect in the state of our residence as of the date of the
signing of the foregoing Agreement.

 

	
   

  	
   

  
	
   

  	
  [Spouse’s Name]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Dated:

  	
   

  

 

5

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