Document:

Exhibit 10.2

 

Text
Marked By [* * *] Has Been Omitted Pursuant To A Request For Confidential Treatment And Was Filed Separately With The Securities
And Exchange Commission.

 

Statement of Work

 

Background:

 

Arete Sigma, LLC (A/S or the LLC) is co-owned 50%-50% by Arete
Innovative Solutions (Arete) and Sigma Labs (Sigma).

 

The purpose of the LLC is to enable and implement sales and
manufacturing transactions and to distribute costs and benefits fairly between its two members.

 

Because the LLC:

		a.	owns no property and any and all assets acquired by or brought to A/S by Arete or Sigma will remain 100% owned by Arete or
Sigma, as applicable;

		b.	has no employees or payroll;

 

Arete and Sigma are each contracting business services to A/S.

 

1.Arete’s services and costs are as follows:

 

Customer Development functions:

		1.	Arete will provide marketing development and services.

		2.	Arete will provide customer/project development services.

 

Engineering Cost Reimbursement:

Arete will be reimbursed by A/S
for reasonable and documented travel, customer and project development expenses.

 

Engineering functions:

		3.	Arete will provide product engineering consulting services and customer education.

		4.	Arete will perform build file model modifications, manufacturing process engineering for product manufacturing.

 

Engineering Cost Reimbursement:

Arete will be reimbursed by A/S for the Arete employees
work for A/S engineering at their fully burdened cost rates to Arete.

 

Manufacturing functions: 

		1.	Arete will provide post processing including machining, surface finishing, inspection and nondestructive testing (NDT) as required.

		2.	Arete will provide supplier management and supply chain development services.

		3.	Arete will provide technicians and manufacturing personnel as each transaction requires under the supervision of the President
(Bill Herman).

 

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                                         1 of 4

    	 

    

 

Manufacturing Cost Reimbursement:

Arete will be reimbursed by A/S for the employees
work for A/S manufacturing at their fully burdened cost rates to Arete.

 

Operational functions:

 

Arete will provide the day-to-day operational support
of the LLC, under the management oversight of the Manager/President:

 

		·	Maintain customer project requirements including prints, models, specifications,
etc.

		·	Maintain modified built models.

		·	Maintain CNC programs, inspection programs, tooling list, fixtures,
etc.

		·	Manage and maintain supply chain list. 

		·	Provide the Members with monthly reports as they may require.

		·	Perform other such operational functions as may be reasonably requested
by the Manager/ President to support professional operations of the administration of the LLC.

 

Operational Cost Reimbursement:

Arete
will be paid [***]%* of the revenue of each transaction.

 

Management; Power and Authority:

 

			Notwithstanding anything to the
contrary in the Operating Agreement of A/S or otherwise, without the written approval of all Members of A/S, A/S shall not, and
the Manager of A/S shall not enter into any commitment on behalf of A/S to:

 

		·	obtain any loan or other borrowing except as authorized in a budget
approved by all of the Members;

		·	make any expenditures in excess of an aggregate of $ 5000.

		·	enter into any transaction outside of the ordinary course of business
of A/S; 

		·	enter into any agreement or commitment to consummate a sale of A/S;
and 

		·	pledge, encumber or otherwise dispose of all or any part of A/S' assets
or properties

 

Non-Solicitation:

 

			In light of Arete's access to confidential information of Sigma and
position of trust and confidence with Sigma, Arete agrees that, for so long as Arete owns membership interests in A/S and for a
period of [***] thereafter, Arete shall not, directly
or indirectly through one or more of any of its affiliates, including its employees, officers, managers, owners, agents and subsidiaries,
(i) hire or solicit, or encourage any other person to hire or solicit, any individual who has been employed by Sigma within one
year prior to the date of such hiring or solicitation, or encourage any such individual to leave such employment, or (ii) solicit
or entice, or attempt to solicit or entice, any customers of Sigma for purposes of diverting their business from Sigma.

 

* every ninety days Arete and Sigma
in consultation with each other may reset percentages of reimbursement of respective SG&A costs going forward based on data
of actual costs

 

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                                         2 of 4

    	 

    

 

		2.	Sigma’s services and costs are as follows:

 

Manufacturing functions: 

		·	Sigma will provide on-site technicians and manufacturing personnel
as each transaction requires under the supervisor of the Manager/President (Bill Herman of Arete). 

		·	Sigma will provide administrative support for purchasing materials
and equipment required for transactions.

		·	Sigma will provide use of its Additive Manufacturing Equipment (currently
an EOS M290) as required by each transaction.

 

Manufacturing Cost Reimbursement:

Sigma will be reimbursed by A/S for (i) Sigma's COGS (costs
of goods sold) with respect to each job order including all direct labor, materials, and respective applicable manufacturing overheads,
and (ii) to the extent not covered by (i), above, Sigma's employees' work for A/S manufacturing, at their fully burdened cost rates
to Sigma.

 

Sigma
will be reimbursed for use of its Additive Manufacturing Equipment at {$[***]}
per hour depending on the actual scope of work for that job order.

 

Administrative functions:

 

Sigma will provide the day-to-day Administration
of the LLC, under the management oversight of the Manager/President:

 

		·	maintain A/S systems for order entry, 

		·	purchase materials COGS 

		·	keep the books and records of A/S, 

		·	invoice customers

		·	manage and pay accounts payable

		·	establish and reconcile bank accounts, 

		·	provide the members with monthly reports as they may require

		·	perform other such other administrative functions as may be reasonably
requested by the Manager/ President to support professional operations of the administration of the LLC.

 

Administrative Cost Reimbursement:

 

Sigma
will be paid [***]%* of the revenue of each transaction.

 

Non-Solicitation:

 

			In light of Sigma’s access to confidential information of Arete
and position of trust and confidence with Arete, Sigma agrees that, for so long as Sigma owns membership interests in A/S and for
a period of [***] thereafter, Sigma shall not, directly
or indirectly through one or more of any of its affiliates, including its employees, officers, managers, owners, agents and subsidiaries,
(i) hire or solicit, or encourage any other person to hire or solicit, any individual [***]
who has been employed by Arete within one year prior to the date of such hiring or solicitation, or encourage any such individual
to leave such employment, or (ii) solicit or entice, or attempt to solicit or entice, any customers of Arete for purposes of diverting
their business from Sigma.

 

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                                         3 of 4

    	 

    

 

* every ninety days Arete and Sigma
in consultation with each other may reset percentages of reimbursement of respective SG&A costs going forward based on data
of actual costs

 

IN WITNESS WHEREOF, the parties have caused this Statement of
Work to be executed as of June 29, 2015.

 

	 	Arete-Sigma, LLC
	 	 	 	 
	 	By:	/s/ William F. Herman	 
	 	 	Name: William F. Herman	 
	 	 	Title: Manager	 
	 	 	 	 
	 	Arete (Innovative Solutions, LLC)
	 	 	 	 
	 	By:	/s/ William F. Herman	 
	 	 	Name: William F. Herman	 
	 	 	Title: President	 
	 	 	 	 
	 	Sigma Labs, Inc.
	 	 	 	 
	 	By:	/s/ Mark J. Cola	 
	 	 	Name: Mark J. Cola	 
	 	 	Title: President and CEO	 

 

    	 	Page 4 of 4Exhibit 10.2 Amendment to Credit Agreement

THIRD AMENDMENT TO CREDIT AGREEMENT

THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made and  entered  into  as  of  June  15,  2015  by and  among  ORION  MARINE  GROUP,  INC.,  a Delaware corporation (the “Borrower”); each of the Lenders which is a party to the Credit Agreement (as defined below) (individually, a “Lender” and, collectively, the “Lenders”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, acting as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”).

RECITALS

A.        The Borrower, the Lenders and the Administrative Agent executed and delivered that certain Credit Agreement dated as of June 25, 2012, as amended by instruments dated as of April 30, 2013 and June 27, 2014.   Said Credit Agreement, as amended, supplemented and restated, is herein called the “Credit Agreement”.  Any capitalized term used in this Amendment and not otherwise defined shall have the meaning ascribed to it in the Credit Agreement.

B.        The Borrower, the Lenders and the Administrative Agent desire to amend the
Credit Agreement in certain respects.

NOW, THEREFORE, in consideration of the premises and the mutual agreements, representations and warranties herein set forth, and further good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Lenders and the Administrative Agent do hereby agree as follows:

SECTION 1. Amendments to Credit Agreement.

(a)       The definition of “Revolving Maturity Date” set forth in Section 1.01 of the
Credit Agreement is hereby amended to read in its entirety as follows:

“Revolving Maturity Date” means June 30, 2016.

(b)       The definition of “Term Loan Maturity Date” set forth in Section 1.01 of the
Credit Agreement is hereby amended to read in its entirety as follows:

“Term Loan Maturity Date” means June 30, 2016.

SECTION 2. Ratification.  Except as expressly amended by this Amendment, the Credit Agreement and the other Loan Documents shall remain in full force and effect.   None of the rights, title and interests existing and to exist under the Credit Agreement are hereby released, diminished or impaired, and the Borrower hereby reaffirms all covenants, representations and warranties in the Credit Agreement.

SECTION 3. Expenses.     The  Borrower  shall  pay  to  the  Administrative  Agent  all reasonable fees and expenses of its legal counsel incurred in connection with the execution of this Amendment.

SECTION 4. Certifications.  The Borrower hereby certifies that after the effectuation of this  Amendment  (a)  no  event  has  occurred  and  is  continuing  which  would  reasonably  be expected to have a Material Adverse Effect and (b) no Default or Event of Default has occurred and is continuing.

SECTION 5. Miscellaneous.  This Amendment (a) shall be binding upon and inure to the benefit  of  the  Borrower,  the  Lenders  and  the  Administrative  Agent  and  their  respective successors, assigns, receivers and trustees; (b) may be modified or amended only by a writing signed by the required parties; (c) shall be governed by and construed in accordance with the laws of the State of Texas and the United States of America; (d) may be executed in several counterparts  by the  parties  hereto  on  separate  counterparts,  and  each  counterpart,  when  so executed and delivered, shall constitute an original agreement, and all such separate counterparts shall constitute but one and the same agreement and (e) together with the other Loan Documents, embodies the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes all prior agreements, consents and understandings relating to such subject matter.   The headings herein shall be accorded no significance in interpreting this Amendment.

NOTICE PURSUANT TO TEX. BUS. & COMM. CODE §26.02

THE CREDIT AGREEMENT, AS AMENDED BY THIS AMENDMENT, AND ALL OTHER LOAN DOCUMENTS EXECUTED BY ANY OF THE PARTIES PRIOR HERETO OR SUBSTANTIALLY CONCURRENTLY HEREWITH CONSTITUTE A WRITTEN LOAN AGREEMENT WHICH REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.   THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

[Signature Pages Follow]

IN WITNESS  WHEREOF,  the Borrower,  the Lenders  and the Administrative   Agent have caused this  Amendment   to be signed by their  respective  duly  authorized  officers,  effective  as of the date first above written.

ORION  MARINE  GROUP,  INC., a Delaware  corporation

[Signature Page for Third Amendment to Credit Agreement]

WELLS FARGO BANK, NATIONAL ASSOCIATION,  as Administrative  Agent and as a Lender

[Signature  Page for Third Amendment  to Credit  Agreement]

The undersigned   hereby  join  in this  Amendment   to  evidence  their  consent  to execution by the Bon-ower of this Amendment,   to agree to be bound  by the provisions  of this Amendment to  the  extent   applicable   to  the  undersigned,    to  confirm   that  each  Loan  Document   now  or previously    executed   by  the  undersigned    applies   and  shall  continue   to  apply  to  the  Credit Agreement,   as  amended  hereby,  to  acknowledge   that  without  such  consent  and  confirmation, Lenders  would  not  execute  this  Amendment   and to join  in the  notice  pursuant  to Tex.  Bus.  & Comm.  Code  §26.02 set forth above.

OCGP,   LLC,  a  Texas   limited   liability   company, OCLP,  LLC,  a Nevada   limited   liability   company, INDUSTRIAL         CHANNEL        AND        DOCK COMP ANY,  a Texas  corporation,   COMMERCIAL CHANNEL    AND   DOCK   COMPANY,    a  Texas corporation,           ORION          ADMINISTRATIVE SERVICES,   INC.,   a  Texas   corporation,    ORION MARINE    CONTRACTORS,     INC.,   a   Delaware corporation,   ORION  MARINE   CONSTRUCTION, INC.,  a  Florida   corporation,   MISENER   MARINE CONSTRUCTION,     INC.,   a  Georgia   corporation, KING  FISHER  MARINE  SERVICE,  LLC, a Texas limited       liability       company,       T.      LAQUAY DREDGING,     LLC,     a   Texas    limited     liability company,  SCHNEIDER  E&C  COMPANY,   INC.,  a Florida             corporation,              F.            MILLER CONSTRUCTION,      LLC,    a   Louisiana     limited liability   company,   SSL   SOUTH,   LLC,  a  Florida limited  liability  company 

[Signature Page for Third Amendment to Credit Agreement]

ORlON    CONSTRUCTION     LP,  a  Texas   limited partnership

		
	By:
	OCGP, LLC, a Texas limited  liability company,  its sole General  Partner

[Signature Page for Third Amendment to Credit Agreement]

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