Document:

Exhibit 10.1

 Exhibit 10.1 
 SEVENTH AMENDMENT TO 
 THIRD AMENDED AND RESTATED 

UNDERWRITING AND CONTINUING INDEMNITY AGREEMENT 
 THIS SEVENTH AMENDMENT TO THIRD AMENDED AND RESTATED UNDERWRITING AND CONTINUING INDEMNITY AGREEMENT, dated as of November 11, 2011 (this “Amendment”), is entered into by and among
(i) GREAT LAKES DREDGE & DOCK CORPORATION, a Delaware corporation (“HOLDINGS”), and the SUBSIDIARIES of HOLDINGS signatories hereto (collectively with HOLDINGS, the “INDEMNITORS”), (ii) TRAVELERS
CASUALTY AND SURETY COMPANY, a Connecticut corporation (“TCASC”), and (iii) TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA, a Connecticut corporation (“TRAVELERS AMERICA” and together with TCASC,
“TRAVELERS”). 
 W I T N E S S E T H: 

WHEREAS, the INDEMNITORS and TRAVELERS are parties to a certain Third Amended and Restated Underwriting and Continuing Indemnity Agreement
dated as of December 22, 2003, as amended, supplemented or otherwise modified from time to time (including, for the avoidance of doubt, that certain Rider Concerning Additional Bonds dated December 31, 2010) (as so amended, supplemented
and modified, the “Agreement”); 
 WHEREAS, the INDEMNITORS have requested TRAVELERS to amend the Agreement;
and 
 WHEREAS, TRAVELERS is willing to amend the Agreement as provided herein, subject to the terms and conditions set forth
herein; 
 NOW, THEREFORE, in consideration of the premises, and intending to be legally bound hereby, the INDEMNITORS and
TRAVELERS hereby agree as follows: 
 1. DEFINED TERMS. 

Capitalized terms used herein shall, unless otherwise defined herein, have the meanings provided in the Agreement. 

2. AMENDMENTS TO AGREEMENT. 
 Subject to satisfaction of the conditions set forth in Section 3 of this Amendment, the Agreement is hereby amended as follows: 

(a) Article VI of the Agreement is hereby amended by deleting Section 6.24 thereof in its entirety.

 3. CONDITIONS PRECEDENT. 

The provisions of this Amendment shall be effective upon receipt by TRAVELERS of the documents listed below: 

(b) this Amendment duly executed by all parties hereto. 

4. REPRESENTATIONS AND WARRANTIES. 
 To induce TRAVELERS to enter into this Amendment, the INDEMNITORS represent and warrant to TRAVELERS as of the date hereof and after giving effect to this Amendment that: 

(c) The representations and warranties contained in Article V of the Agreement, in Section 4 of each
SECURITY AGREEMENT (A/R), in Section 4 of each SECURITY AGREEMENT (EQUIPMENT), in Section 4 of the PLEDGE AGREEMENT and in Article I of each of the VESSEL MORTGAGES, are correct in all material respects on and as of the date
hereof as though made on and as of such date except to the extent stated to relate to an earlier date, in which case such representation and warranty shall be correct as of such earlier date. 

(d) No EVENT OF DEFAULT has occurred and is continuing. 

5. GENERAL. 
 (e) As hereby modified, the Agreement shall remain in full force and effect and is hereby ratified, approved and confirmed in all respects. 

(f) This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and assigns. 
 (g) This Amendment may be executed in any number of counterparts and by the
different parties on separate counterparts, and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Amendment. 

(h) HOLDINGS acknowledges and agrees that any expense incurred by TRAVELERS in connection herewith and any other documents
referenced herein (if any) and the transactions contemplated hereby, including reasonable legal fees and out-of-pocket costs and expenses of outside counsel, shall be fully paid or reimbursed by HOLDINGS. 

[Signature Pages Follow] 

 IN WITNESS WHEREOF, this Amendment has been duly executed by the parties as of the date
first written above. 
  

			
	 GREAT LAKES DREDGE & DOCK CORPORATION

		
	By:	 	/s/ Bruce J. Biemeck        
		 	Name: Bruce J. Biemeck
		 	Title:   President and Chief Financial Officer

  

			
	 GREAT LAKES DREDGE & DOCK COMPANY, LLC

		
	By:	 	/s/ Bruce J. Biemeck        
		 	Name: Bruce J. Biemeck
		 	Title:   President and Chief Financial Officer

  

			
	 LYDON DREDGING & CONSTRUCTION COMPANY, LTD.

		
	By:	 	/s/ Bruce J. Biemeck        
		 	Name: Bruce J. Biemeck
		 	 Title:    Executive Vice President and Chief Operating Officer

  

			
	 FIFTY-THREE DREDGING CORPORATION

		
	By:	 	/s/ Paul E. Dinquel        
		 	Name: Paul E. Dinquel
		 	Title:   Vice President

  

			
	 DAWSON MARINE SERVICES COMPANY

		
	By:	 	/s/ Catherine Hoffman        
		 	Name: Catherine Hoffman
		 	Title:   President

 
			
	 GREAT LAKES DREDGE & DOCK ENVIRONMENTAL, INC. (f/k/a GREAT LAKES CARIBBEAN DREDGING,
INC.)

		
	By:	 	/s/ Bruce J. Biemeck        
		 	Name: Bruce J. Biemeck
		 	 Title:   Senior Vice President and Chief Financial Officer

  

			
	 NASDI, LLC

		
	By:	 	/s/ Bruce J. Biemeck        
		 	Name: Bruce J. Biemeck
		 	Title:  Vice President

  

			
	 NASDI HOLDINGS CORPORATION

		
	By:	 	/s/ Bruce J. Biemeck        
		 	Name: Bruce J. Biemeck
		 	 Title:   Vice President and Chief Financial Officer

  

			
	YANKEE ENVIRONMENTAL SERVICES, LLC
		
	By:	 	/s/ Bruce J. Biemeck        
		 	Name: Bruce J. Biemeck
		 	 Title:   Vice President and Chief Financial Officer

 
			
	 TRAVELERS CASUALTY AND SURETY COMPANY

		
	By:	 	/s/ Michael Damewood         
		 	Name: Michael Damewood
		 	 Title:   Attorney-in-Fact

  

			
	 TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA

		
	By:	 	/s/ Michael Damewood         
		 	Name: Michael Damewood
		 	 Title:   Attorney-in-FactExhibit 10.2

 Exhibit 10.2 
 AMENDMENT NO. 5 
 TO CREDIT AGREEMENT 

THIS AMENDMENT NO. 5 TO CREDIT AGREEMENT (this “Amendment”), dated as of November 14, 2011, is made by and among
Great Lakes Dredge & Dock Corporation (the “Borrower”), the other “Loan Parties” from time to time party to the Credit Agreement referred to and defined below (together with the Borrower, the “Loan
Parties”), the Lenders (as defined below) signatory hereto and Bank of America, N.A. (successor by merger to LaSalle Bank National Association) as Swing Line Lender, Issuing Lender and Administrative Agent (in such capacity, the
“Administrative Agent”). Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement referred to and defined below. 

W I T N E S S E T H: 
 WHEREAS, the Borrower, the other Loan Parties, the financial institutions from time to time party thereto (collectively, the “Lenders”), the Administrative Agent and the Issuing Lender
have entered into that certain Credit Agreement, dated as of June 12, 2007 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”), pursuant to which, among other things, the
Lenders have agreed to provide, subject to the terms and conditions contained therein, certain loans and other financial accommodations to the Borrower; 
 WHEREAS, the Borrower has requested that the Lenders, and subject to the terms and conditions set forth herein, the Lenders have agreed to, amend certain provisions of the Credit Agreement; 

NOW, THEREFORE, in consideration of the foregoing premises, the terms and conditions stated herein and other valuable consideration, the
receipt and sufficiency of which are hereby acknowledged by the Borrower, the other Loan Parties, the Lenders and the Administrative Agent, such parties hereby agree as follows: 

1. Amendments to Credit Agreement. Subject to the satisfaction of each of the conditions set forth in Section 3 of
this Amendment, the Credit Agreement is hereby amended as follows: 
 (a) The last sentence appearing in Section 3.1 of the
Credit Agreement is hereby amended and restated in its entirety as follows: 
 Each Letter of Credit shall
expire no later than the earlier of (x) the fourth anniversary of its date of issuance and (y) December 31, 2012; provided that (1) any Letter of Credit with a one-year term may provide for renewal thereof for additional
one-year periods (which shall in no event extend beyond the date referred to in clause (y) above) and (2) no later than five (5) days prior to the 

 
scheduled Revolving Commitment Termination Date, the Borrower shall Cash Collateralize each Letter of Credit, if any, with an expiration date after such Revolving Commitment Termination Date in
an amount equal to 105% of the Letter of Credit Obligations with respect to such Letters of Credit. 
 (b) The definition of
“Financial Letter of Credit Sublimit” set forth in Schedule I to the Credit Agreement is hereby amended and restated in its entirety as follows: 
 “Financial Letter of Credit Sublimit” means $40,000,000. 

2. Ratification of Lender Participations in Letters of Credit. Subject to the satisfaction of each of the conditions set forth in
Section 3 of this Amendment, each Lender party hereto hereby (a) acknowledges and agrees that each Letter of Credit set forth on Annex I attached hereto constitutes a Financial Letter of Credit, (b) acknowledges that each
Letter of Credit set forth on Annex II attached hereto has an expiration date on or after the Revolving Commitment Termination Date and (c) acknowledges and agrees that it is obligated to participate in each such Letter of Credit, and
hereby confirms such participation, in a Dollar Equivalent amount equal to such Lender’s Revolving Credit Percentage in accordance with Section 3.4 or otherwise pursuant to the Credit Agreement. Upon satisfaction of each of the conditions
set forth in Section 3 of this Amendment, the Lenders hereby waive any violation of the Credit Agreement (and resulting Event of Default) caused by any of the foregoing Financial Letters of Credit heretofore exceeding the Financial
Letter of Credit Sublimit, or any of the foregoing Letters of Credit heretofore having expiry dates later than the Revolving Commitment Termination Date, in each case, prior to giving effect to the amendment contemplated by this Amendment.

 3. Effectiveness of this Amendment; Conditions Precedent. The provisions of Sections 1 and 2 of this
Amendment shall be deemed to have become effective as of the date first written above (the “Effective Date”), but such effectiveness shall be expressly conditioned upon the Administrative Agent’s receipt of counterparts of this
Amendment executed by Authorized Officers of the Borrower, the other Loan Parties and each of the Lenders. 
 4.
Representations and Warranties. 
 (a) The Borrower and each other Loan Party hereby represents and warrants that this
Amendment and the Credit Agreement as amended hereby (collectively, the “Amendment Documents”) constitute legal, valid and binding obligations of the Borrower and the other Loan Parties enforceable against the Borrower and the other
Loan Parties in accordance with their terms. 
 (b) The Borrower and each other Loan Party hereby represents and warrants that
its execution and delivery of this Amendment, and the performance of the Amendment Documents, have been duly authorized by all proper corporate or limited liability company action, do not violate any provision of its organizational documents, will
not violate any law, regulation, court order or writ applicable to it, and will not require the approval or consent of any governmental agency, or of any other third party under the terms of any contract or agreement to which it or any of its
Affiliates is bound (which has not been previously obtained), including without limitation, the Bonding Agreement, the Wells Fargo Documents and the Indenture, dated as of January 28, 2011, among Wells Fargo Bank, National Association, as
trustee, the Borrower and the Subsidiary Guarantors. 

 (c) The Borrower and each other Loan Party hereby represents and warrants that, after giving
effect to the provisions of this Amendment, (i) no Default or Event of Default has occurred and is continuing or will have occurred and be continuing and (ii) all of the representations and warranties of the Borrower and each other Loan
Party contained in the Credit Agreement and in each other Loan Document (other than representations and warranties which, in accordance with their express terms, are made only as of an earlier specified date) are, and will be, true and correct as of
the date of its execution and delivery hereof or thereof in all material respects as though made on and as of such date. 
 5.
Reaffirmation, Ratification and Acknowledgment. The Borrower and each other Loan Party hereby (a) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, and each grant of security interests and
liens in favor of the Administrative Agent, under each Loan Document to which it is a party, (b) agrees and acknowledges that such ratification and reaffirmation is not a condition to the continued effectiveness of such Loan Documents and
(c) agrees that neither such ratification and reaffirmation, nor the Administrative Agent’s, or any Lender’s solicitation of such ratification and reaffirmation, constitutes a course of dealing giving rise to any obligation or
condition requiring a similar or any other ratification or reaffirmation from the Borrower or such other Loan Parties with respect to any subsequent modifications to the Credit Agreement or the other Loan Documents. As modified hereby, the Credit
Agreement is in all respects ratified and confirmed, and the Credit Agreement as modified by this Amendment shall be read, taken and so construed as one and the same instrument. Each of the Loan Documents shall remain in full force and effect and
are hereby ratified and confirmed. Except as expressly provided in Section 2 of this Amendment, neither the execution, delivery nor effectiveness of this Amendment shall operate as a waiver of any right, power or remedy of the
Administrative Agent or the Lenders, or of any Default or Event of Default (whether or not known to the Administrative Agent or the Lenders), under any of the Loan Documents. From and after the effectiveness of this Amendment, (x) each
reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Credit Agreement, as amended hereby and (y) all
references to the Credit Agreement appearing in any other Loan Document, or any other document, instrument or agreement executed and/or delivered in connection therewith, shall mean and be a reference to the Credit Agreement, as amended hereby.

 6. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK WITHOUT REGARD TO ITS CONFLICTS OF LAW PRINCIPLES (OTHER THAN THE PROVISIONS OF 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

 7. Administrative Agent’s Expenses. The Borrower hereby agrees to promptly
reimburse the Administrative Agent for all of the reasonable out-of-pocket expenses, including, without limitation, attorneys’ and paralegals’ fees, it has heretofore or hereafter incurred or incurs in connection with the preparation,
negotiation and execution of this Amendment and the other documents, agreements and instruments contemplated hereby. 
 8.
Counterparts. This Amendment may be executed in counterparts, each of which shall be an original and all of which when together shall constitute one and the same agreement among the parties. Delivery of any executed counterpart of a signature
page of this Amendment by facsimile or other electronic imaging shall be effective as delivery of a manually executed counterpart hereof. 
 * * * * 

 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above
written. 
  

			
	GREAT LAKES DREDGE & DOCK CORPORATION
		
	By:	 	 /s/ Bruce J. Biemeck        

	Name: Bruce J. Biemeck
	Title:   President & CFO

  

			
	GREAT LAKES DREDGE & DOCK ENVIRONMENTAL, INC.
		
	By:	 	 /s/ Bruce J. Biemeck        

	Name: Bruce J. Biemeck
	Title:   Senior Vice President & CFO

  

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

	Name: Bruce J. Biemeck
	Title:   President & CFO

  

			
	DAWSON MARINE SERVICES COMPANY
		
	By:	 	 /s/ Catherine Hoffman        

	Name: Catherine Hoffman
	Title:   President

  

			
	NASDI HOLDINGS CORPORATION
		
	By:	 	 /s/ Bruce J. Biemeck        

	Name: Bruce J. Biemeck
	Title:   Vice President & CFO

 
			
	NASDI, LLC
		
	By:	 	/s/ Bruce J.
Biemeck        

 
			
	Name:	 	Bruce J. Biemeck

 
			
	Title:	 	Vice President

  

			
	FIFTY-THREE DREDGING CORPORATION
		
	By:	 	/s/ Paul E. Dinquel        

			
	Name:	 	Paul E. Dinquel

 
			
	Title:	 	Vice President

  

			
	YANKEE ENVIRONMENTAL SERVICES, LLC
		
	By:	 	/s/ Bruce J.
Biemeck        

 
			
	Name:	 	Bruce J. Biemeck

 
			
	Title:	 	Vice President & CFO

 
			
	BANK OF AMERICA, N.A. (successor by merger to LaSalle Bank National Association), as Administrative Agent
		
	By:	 	/s/ Linda Lov        

			
	Name:	 	Linda Lov

 
			
	Title:	 	AVP

 
			
	 BANK OF AMERICA, N.A. (successor by merger to LaSalle Bank National Association), as a

Lender

		
	By:	 	/s/ Jonathan M.
Phillips        

 
			
	Name:	 	Jonathan M. Phillips

 
			
	Title:	 	Senior Vice President

 
			
	GENERAL ELECTRIC CAPITAL CORPORATION, as a Lender
		
	By:	 	 /s/ Jennifer
Pricco        

 
			
	Name:	 	Jennifer Pricco

 
			
	Title:	 	Duly Authorized Signatory

 
			
	FIFTH THIRD BANK, as a Lender
		
	By:	 	/s/ Neil G. Mesch        

			
	Name:	 	Neil G. Mesch

 
			
	Title:	 	Vice President

 
			
	PNC BANK, NATIONAL ASSOCIATION (successor to National City Bank), as a Lender
		
	By:	 	/s/ Jon R. Hinard        

			
	Name:	 	Jon R. Hinard

 
			
	Title:	 	Senior Vice President

 
			
	RBS CITIZENS, N.A. (successor by merger to Charter One Bank), as a Lender
		
	By:	 	/s/ Mark A. Wegener        

			
	Name:	 	Mark A. Wegener

 
			
	Title:	 	Senior Vice President

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Naseem
Aboudaher        

 
			
	Name:	 	Naseem Aboudaher

 
			
	Title:	 	Loan Team Manager & VP

 
			
	MB FINANCIAL BANK, as a Lender
		
	By:	 	/s/ Henry Wessel        

			
	Name:	 	Henry Wessel

 
			
	Title:	 	Vice President

 ANNEX I 
 Financial Letters of Credit 
  

																	
	 Letter of Credit

Reference No.
	  	 LC Issuer
	  	 Beneficiary
	  	Original
Issuance
Date	 	  	Current
Expiry	 	  	Current
Amount	 
	 T00000007232060
	  	Bank of America, N.A.	  	Reliance Insurance Company	  	 	3/31/09	  	  	 	9/30/12	  	  	$	154,000.00	  
	 T00000007408627
	  	Bank of America, N.A.	  	National Union Fire Insurance	  	 	3/31/09	  	  	 	1/10/12	  	  	$	923,685.00	  
	 T00000068016220
	  	Bank of America, N.A.	  	General Electric Capital	  	 	3/31/09	  	  	 	6/11/12	  	  	$	1,500,000.00	  
	 T00000007189650
	  	Bank of America, N.A.	  	Signal Mutual Indemnity	  	 	3/31/09	  	  	 	9/30/12	  	  	$	547,583.00	  
	 T00000068004112
	  	Bank of America, N.A.	  	Zurich American Insurance Company	  	 	1/06/10	  	  	 	12/31/11	  	  	$	1,700,000.00	  
	 T00000068004131
	  	Bank of America, N.A.	  	Fidelity and Deposit Co. of Maryland	  	 	9/06/11	  	  	 	6/11/12	  	  	$	12,500,000.00	  

 ANNEX II 
 Letters of Credit with an Expiration Date on or after the Revolving Commitment Termination Date 
  

																	
	 Letter of Credit

Reference No.
	  	 LC Issuer
	  	 Beneficiary
	  	Original
Issuance
Date	 	  	Current
Expiry	 	  	Current
Amount	 
	 T00000007232060
	  	Bank of America, N.A.	  	Reliance Insurance Company	  	 	3/31/09	  	  	 	9/30/12	  	  	$	154,000.00	  
	 T00000007189650
	  	Bank of America, N.A.	  	Signal Mutual Indemnity	  	 	3/31/09	  	  	 	9/30/12	  	  	$	547,583.00	  
	 T00000068004128
	  	Bank of America, N.A.	  	National Bank of Kuwait S.A.K.	  	 	7/27/11	  	  	 	6/12/12	  	  	$	576,588.45	  
	 T00000068004129
	  	Bank of America, N.A.	  	National Bank of Kuwait S.A.K.	  	 	7/27/11	  	  	 	6/12/12	  	  	$	576,588.45	  
	 T00000068004132
	  	Bank of America, N.A.	  	Qatar National Bank	  	 	10/13/11	  	  	 	7/20/12	  	  	$	686,530.25

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