Document:

Installment Note

 Exhibit 10.15 

 

							
	

	  	Installment Note
	  	Prime Referenced Rate

  

					
	 AMOUNT
  

$1,850,000
	 	 NOTE DATE
  

June 27, 2011
	 	 MATURITY DATE
  

July 1, 2015

 FOR VALUE RECEIVED, the undersigned promise(s) to pay to the order of COMERICA BANK (herein called “Bank”), at
any office of the Bank in the State of Michigan, the principal sum of One Million Eight Hundred Fifty Thousand Dollars ($1,850,000), payable in monthly installments equal to $38,542.00 each, plus interest, commencing on August 1, 2011, and on
each succeeding Installment Payment Date thereafter, until the Maturity Date set forth above, when the entire unpaid balance of principal, interest and all other sums hereunder shall be due and payable in full (unless sooner accelerated in
accordance with the terms of this Note). 
 Subject to the terms and conditions of this Note, the unpaid principal balance outstanding under
this Note from time to time shall bear interest at the Prime Referenced Rate plus the Applicable Margin. 
 Interest accruing hereunder shall be
computed on the basis of a 360 day year and shall be assessed for the actual number of days elapsed, and in such computation, effect shall be given to any change in the applicable interest rate as a result of any change in the Prime Referenced Rate
on the date of each such change. 
 Accrued and unpaid interest hereunder shall be payable, in arrears, on each Installment Payment Date,
including, without limitation, the Maturity Date (unless sooner accelerated in accordance with the terms of this Note). 
 Payments under this
Note shall be first applied to accrued and unpaid interest hereunder and the balance, if any, to principal. 
 In the event the periodic
installments set forth above are inclusive of interest, the undersigned hereby acknowledge(s) and agree(s) that such installments are based upon the original principal amount of Indebtedness outstanding under this Note, an assumed fixed rate of
interest, and an assumed amortization term, notwithstanding the fact that the applicable interest rate may change from time to time during the term of this Note. Therefore, in the event that the applicable interest rate changes at any time as a
result of any change(s) in the Prime Referenced Rate, Bank may, in its sole discretion, recalculate the installments of principal and interest required to be made by the undersigned under and pursuant to the terms of this Note, and the undersigned
agree(s) to pay such installments as they may be recalculated by Bank, and the undersigned acknowledge(s) and agree(s) that any such recalculation shall not affect the Maturity Date of this Note or any other terms or provisions herein set forth.

 From and after the occurrence of any Default hereunder, and so long as any such Default remains unremedied or uncured thereafter, the
Indebtedness outstanding under this Note shall bear interest at a per annum rate of three percent (3%) above the otherwise applicable interest rate hereunder, which interest shall be payable upon demand. In addition to the foregoing, a late
payment charge equal to five percent (5%) of each late payment hereunder may be charged on any payment not received by Bank within ten (10) calendar days after the payment due date therefor, but acceptance of payment of any such charge
shall not constitute a waiver of any Default hereunder. 
 In no event shall the interest payable under this Note at any time exceed the maximum
rate permitted by law. 
 The amount from time to time outstanding under this Note, the applicable interest rate and the amount and date of any
repayment shall be noted on Bank’s records, which records shall be conclusive evidence thereof, absent manifest error; provided, however, any failure by Bank to make any such notation, or any error in any such notation, shall not relieve the
undersigned of its/their obligations to repay Bank all amounts payable by the undersigned to Bank under or pursuant to this Note, when due in accordance with the terms hereof. 
 In the event that any payment under this Note becomes due and payable on any day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day, and, to the extent
applicable, interest shall continue to accrue and be payable thereon during such extension at the rate(s) set forth in this Note. 
 All
payments to be made by the undersigned to Bank under or pursuant to this Note shall be in immediately available United States funds, without setoff or counterclaim, and in the event that any payments submitted hereunder are in funds not available
until collected, said payments shall continue to bear interest until collected. 

 Any Indebtedness outstanding hereunder may be prepaid without penalty or premium. Any prepayment hereunder
shall also be accompanied by the payment of all accrued and unpaid interest on the amount so prepaid. Partial prepayments hereunder shall be applied to the installments hereunder in the inverse order of their maturities. 

If the adoption after the date hereof, or any change after the date hereof in, any applicable law, rule or regulation (whether domestic or foreign) of
any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by Bank with any request or directive (whether or not having the force of law) made by any such authority, central
bank or comparable agency after the date hereof: (a) shall subject Bank to any tax, duty or other charge with respect to this Note or any Indebtedness hereunder, or shall change the basis of taxation of payments to Bank of the principal of or
interest under this Note or any other amounts due under this Note in respect thereof (except for changes in the rate of tax on the overall net income of Bank imposed by the jurisdiction in which Bank’s principal executive office is located); or
(b) shall impose, modify or deem applicable any reserve (including, without limitation, any imposed by the Board of Governors of the Federal Reserve System), special deposit or similar requirement against assets of, deposits with or for the
account of, or credit extended by Bank, or shall impose on Bank or the foreign exchange and interbank markets any other condition affecting this Note or the Indebtedness hereunder; and the result of any of the foregoing is to increase the cost to
Bank of maintaining any part of the Indebtedness hereunder or to reduce the amount of any sum received or receivable by Bank under this Note by an amount deemed by the Bank to be material, then the undersigned shall pay to Bank, within fifteen
(15) days of the undersigned’s receipt of written notice from Bank demanding such compensation, such additional amount or amounts as will compensate Bank for such increased cost or reduction. A certificate of Bank, prepared in good faith
and in reasonable detail by Bank and submitted by Bank to the undersigned, setting forth the basis for determining such additional amount or amounts necessary to compensate Bank shall be conclusive and binding for all purposes, absent manifest
error. 
 In the event that any applicable law, treaty, rule or regulation (whether domestic or foreign) now or hereafter in effect and whether
or not presently applicable to Bank, or any interpretation or administration thereof by any governmental authority charged with the interpretation or administration thereof, or compliance by Bank with any guideline, request or directive of any such
authority (whether or not having the force of law), including any risk-based capital guidelines, affects or would affect the amount of capital required or expected to be maintained by Bank (or any corporation controlling Bank), and Bank determines
that the amount of such capital is increased by or based upon the existence of any obligations of Bank hereunder or the maintaining of any Indebtedness hereunder, and such increase has the effect of reducing the rate of return on Bank’s (or
such controlling corporation’s) capital as a consequence of such obligations or the maintaining of such Indebtedness hereunder to a level below that which Bank (or such controlling corporation) could have achieved but for such circumstances
(taking into consideration its policies with respect to capital adequacy), then the undersigned shall pay to Bank, within fifteen (15) days of the undersigned’s receipt of written notice from Bank demanding such compensation, additional
amounts as are sufficient to compensate Bank (or such controlling corporation) for any increase in the amount of capital and reduced rate of return which Bank reasonably determines to be allocable to the existence of any obligations of the Bank
hereunder or to maintaining any Indebtedness hereunder. A certificate of Bank as to the amount of such compensation, prepared in good faith and in reasonable detail by the Bank and submitted by Bank to the undersigned, shall be conclusive and
binding for all purposes absent manifest error. 
 This Note and any other indebtedness and liabilities of any kind of the undersigned (or any
of them) to the Bank, and any and all modifications, renewals or extensions of it, whether joint or several, contingent or absolute, now existing or later arising, and however evidenced and whether incurred voluntarily or involuntarily, known or
unknown, or originally payable to the Bank or to a third party and subsequently acquired by Bank including, without limitation, any late charges; loan fees or charges; overdraft indebtedness; costs incurred by Bank in establishing, determining,
continuing or defending the validity or priority of any security interest, pledge or other lien or in pursuing any of its rights or remedies under any loan document (or otherwise) or in connection with any proceeding involving the Bank as a result
of any financial accommodation to the undersigned (or any of them); and reasonable costs and expenses of attorneys and paralegals, whether inside or outside counsel is used, and whether any suit or other action is instituted, and to court costs if
suit or action is instituted, and whether any such fees, costs or expenses are incurred at the trial court level or on appeal, in bankruptcy, in administrative proceedings, in probate proceedings or otherwise (collectively “Indebtedness”)
are secured by and the Bank is granted a security interest in and lien upon all items deposited in any account of any of the undersigned with the Bank and by all proceeds of these items (cash or otherwise), all account balances of any of the
undersigned from time to time with the Bank, by all property of any of the undersigned from time to time in the possession of the Bank and by any other collateral, rights and properties described in each and every deed of trust, mortgage, security
agreement, pledge, assignment and other security or collateral agreement which has been, or will at any time(s) later be, executed by any (or all) of the undersigned to or for the benefit of the Bank (collectively “Collateral”).
Notwithstanding the above, (i) to the extent that any portion of the Indebtedness is a consumer loan, that portion shall not be secured by any deed of trust or mortgage on or other security interest in any of the undersigned’s principal
dwelling or in any of the undersigned’s real property which is not a purchase money security interest as to that portion, unless expressly provided to the contrary in another place, or (ii) if the undersigned (or any of them) has (have)
given or give(s) Bank a deed of trust or mortgage covering California real property, that deed of trust or mortgage shall not secure this 

  
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Note or any other indebtedness of the undersigned (or any of them), unless expressly provided to the contrary in another place, or (iii) if the undersigned (or any of them) has (have) given
or give(s) the Bank a deed of trust or mortgage covering real property which, under Texas law, constitutes the homestead of such person, that deed of trust or mortgage shall not secure this Note or any other indebtedness of the undersigned (or any
of them) unless expressly provided to the contrary in another place. 
 Upon the occurrence and at any time during the continuance or existence
of any Default, the Bank may, at its option and without prior notice to the undersigned (or any of them), declare any or all of the Indebtedness to be immediately due and payable (notwithstanding any provisions contained in the evidence of it to the
contrary), sell or liquidate all or any portion of the Collateral, set off against the Indebtedness any amounts owing by the Bank to the undersigned (or any of them), charge interest at the default rate provided in the document evidencing the
relevant Indebtedness and exercise any one or more of the rights and remedies granted to the Bank by any agreement with the undersigned (or any of them) or given to it under applicable law. 
 The undersigned authorize(s) the Bank to charge any account(s) of the undersigned (or any of them) with the Bank for any and all sums due hereunder when due; provided, however, that such authorization
shall not affect any of the undersigned’s obligation to pay to the Bank all amounts when due, whether or not any such account balances that are maintained by the undersigned with the Bank are insufficient to pay to the Bank any amounts when
due, and to the extent that are insufficient to pay to the Bank all such amounts, the undersigned shall remain liable for any deficiencies until paid in full. 
 If this Note is signed by two or more parties (whether by all as makers or by one or more as an accommodation party or otherwise), the obligations and undertakings under this Note shall be that of all and
any two or more jointly and also of each severally. This Note shall bind the undersigned, and the undersigned’s respective heirs, personal representatives, successors and assigns. 
 The undersigned waive(s) presentment, demand, protest, notice of dishonor, notice of demand or intent to demand, notice of acceleration or intent to accelerate, and all other notices, and agree(s) that no
extension or indulgence to the undersigned (or any of them) or release, substitution or nonenforcement of any security, or release or substitution of any of the undersigned, any guarantor or any other party, whether with or without notice, shall
affect the obligations of any of the undersigned. The undersigned waive(s) all defenses or right to discharge available under Section 3-605 of the Michigan Uniform Commercial Code and waive(s) all other suretyship defenses or right to
discharge. The undersigned agree(s) that the Bank has the right to sell, assign, or grant participations or any interest in, any or all of the Indebtedness, and that, in connection with this right, but without limiting its ability to make other
disclosures to the full extent allowable, the Bank may disclose all documents and information which the Bank now or later has relating to the undersigned or the Indebtedness. The undersigned agree(s) that the Bank may provide information relating to
this Note or relating to the undersigned to the Bank’s parent, affiliates, subsidiaries and service providers. 
 The undersigned agree(s)
to reimburse Bank, or any other holder or owner of this Note, for any and all costs and expenses (including, without limit, court costs, legal expenses and reasonable attorneys’ fees, whether inside or outside counsel is used, whether or not
suit is instituted, and, if suit is instituted, whether at the trial court level, appellate level, in a bankruptcy, probate or administrative proceeding or otherwise) incurred in collecting or attempting to collect this Note or the Indebtedness or
incurred in any other matter or proceeding relating to this Note or the Indebtedness. 
 The undersigned acknowledge(s) and agree(s) that there
are no contrary agreements, oral or written, establishing a term of this Note and agree(s) that the terms and conditions of this Note may not be amended, waived or modified except in a writing signed by an officer of the Bank expressly stating that
the writing constitutes an amendment, waiver or modification of the terms of this Note. As used in this Note, the word “undersigned” means, individually and collectively, each maker, accommodation party, endorser and other party signing
this Note in a similar capacity. If any provision of this Note is unenforceable in whole or part for any reason, the remaining provisions shall continue to be effective. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL
LAWS OF THE STATE OF MICHIGAN, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. 
 For the purposes of this Note, the following terms have the
following meanings: 
 “Applicable Margin” means one percent per annum. 
 “Business Day” means any day, other than a Saturday, Sunday or any other day designated as a holiday under Federal or applicable State statute or regulation, on which Bank is open for all or
substantially all of its domestic and international business (including dealings in foreign exchange) in Detroit, Michigan, and, in respect of notices and determinations relating to the Daily Adjusting LIBOR Rate, also a day on which dealings in
dollar deposits are also carried on in the London interbank market and on which banks are open for business in London, England. 

  
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 “Daily Adjusting LIBOR Rate” means, for any day, a per annum interest rate which is equal to the
quotient of the following: 
  

	(a)	for any day, the per annum rate of interest determined on the basis of the rate for deposits in United States Dollars for a period equal to one (1) month appearing
on Page BBAM of the Bloomberg Financial Markets Information Service as of 11:00 a.m. (Detroit, Michigan time) (or as soon thereafter as practical) on such day, or if such day is not a Business Day, on the immediately preceding Business Day. In the
event that such rate does not appear on Page BBAM of the Bloomberg Financial Markets Information Service (or otherwise on such Service) on any day, the “Daily Adjusting LIBOR Rate” for such day shall be determined by reference to such
other publicly available service for displaying eurodollar rates as may be reasonably selected by Bank, or, in the absence of such other service, the “Daily Adjusting LIBOR Rate” for such day shall, instead, be determined based upon the
average of the rates at which Bank is offered dollar deposits at or about 11:00 a.m. (Detroit, Michigan time) (or as soon thereafter as practical), on such day, or if such day is not a Business Day, on the immediately preceding Business Day, in the
interbank eurodollar market in an amount comparable to the principal amount of Indebtedness hereunder and for a period of one (1) month; 

 divided by 
  

	(b)	1.00 minus the maximum rate (expressed as a decimal) on such day at which Bank is required to maintain reserves on “Euro-currency Liabilities” as defined in
and pursuant to Regulation D of the Board of Governors of the Federal Reserve System or, if such regulation or definition is modified, and as long as Bank is required to maintain reserves against a category of liabilities which includes eurodollar
deposits or includes a category of assets which includes eurodollar loans, the rate at which such reserves are required to be maintained on such category. 

 “Default” shall mean any Event of Default as defined in the Loan Agreement. 
 “Installment Payment Date” means August 1, 2011, and the first
(1st) day of each succeeding month thereafter, until
(and including) the Maturity Date. 
 “Loan Agreement” means that certain Second Amended and Restated Credit Agreement dated
April 11, 2007, by the undersigned, Manitex, Inc. and Bank, as amended, modified, or amended and restated from time to time. 
 “Prime
Rate” means the per annum interest rate established by Bank as its prime rate for its borrowers, as such rate may vary from time to time, which rate is not necessarily the lowest rate on loans made by Bank at any such time. 

“Prime Referenced Rate” means, for any day, a per annum interest rate which is equal to the Prime Rate in effect on such day, but in no event
and at no time shall the Prime Referenced Rate be less than the sum of the Daily Adjusting LIBOR Rate for such day plus two and one-half percent (2.50%) per annum. If, at any time, Bank determines that it is unable to determine or ascertain the
Daily Adjusting LIBOR Rate for any day, the Prime Referenced Rate for each such day shall be the Prime Rate in effect at such time, but not less than two and one-half percent (2.50%) per annum. 

No delay or failure of Bank in exercising any right, power or privilege hereunder shall affect such right, power or privilege, nor shall any single or
partial exercise thereof preclude any further exercise thereof, or the exercise of any other power, right or privilege. The rights of Bank under this Note are cumulative and not exclusive of any right or remedies which Bank would otherwise have,
whether by other instruments or by law. 
 Concurrently with the execution hereof, the undersigned shall pay to Bank a nonrefundable commitment
fee in the amount of $9,250.00. 
 THE MAXIMUM INTEREST RATE SHALL NOT EXCEED 25% PER ANNUM, OR THE HIGHEST APPLICABLE USURY CEILING,
WHICHEVER IS LESS. 
 THE UNDERSIGNED AND BANK, BY ACCEPTANCE OF THIS NOTE, ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A
CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED UNDER CERTAIN CIRCUMSTANCES. TO THE EXTENT PERMITTED BY LAW, EACH PARTY, AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR CHOICE, KNOWINGLY AND VOLUNTARILY, AND FOR THEIR
MUTUAL BENEFIT, WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING THE PERFORMANCE OR ENFORCEMENT OF, OR IN ANY WAY RELATED TO, THIS NOTE OR THE INDEBTEDNESS. 

  
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	MANITEX INTERNATIONAL, INC.
		
	By:	 	 s/ David H. Gransee

		 	SIGNATURE OF
		
	Its:	 	 Vice President & CFO

		 	TITLE

  

							
	 9725 Industrial Drive
	  	Bridgeview	  	Illinois	  	60455
	STREET ADDRESS	  	CITY	  	STATE	  	ZIP

  

									
	 For Bank Use Only
	  	 CCAR#

				
	 LOAN OFFICER INITIALS

JQG
	  	 LOAN GROUP NAME

MMB – WEST OAKLAND
	  	 BASE RATE INDEX

20129
	  	 OBLIGOR NAME

MANITEX INTERNATIONAL, INC.

					
	LOAN OFFICER ID. NO.	  	 LOAN GROUP NO.

90625
	  	OBLIGOR NO.	  	NOTE NO.	  	 AMOUNT

$1,850,000

  
 5Form of Great Lakes Dredge & Dock Performance Vesting RSU Award Agreement

 Exhibit 10.1 
 GREAT LAKES DREDGE & DOCK CORPORATION 
 PERFORMANCE VESTING
RSU AWARD AGREEMENT 
 pursuant to the 
 2007 LONG-TERM INCENTIVE PLAN 
 This PERFORMANCE VESTING RSU 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
                     (the “Award Date”). 
 1. Award of Performance Vesting 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. An RSU represents the Corporation’s unfunded and unsecured promise to issue one share of common stock of the Corporation
(“Stock”) at the date set forth in this Agreement, to the extent that the applicable eligibility and vesting requirements are satisfied. The Participant’s rights with respect to the RSUs are governed by the Plan (as
defined herein) and this Agreement and the Participant has no rights with respect to the RSUs other than the rights of a general creditor of the Corporation. The number of shares of Stock issuable in respect of an RSU is subject to adjustment in
accordance with the Plan. 
 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. In the event that the Corporation declares a dividend on its Stock prior to the Conversion Date (as defined in Section 8), with respect to the RSUs that
vest pursuant to Section 5 and Section 6, the Corporation shall pay to the Participant, within thirty (30) days of the Conversion Date, an amount in cash equal to the aggregate dividends that would have been paid on such
RSUs during the period between the Award Date and the Conversion Date 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
Equivalents”). No Dividend Equivalents shall be paid prior to the Conversion Date and no Dividend Equivalents shall be paid at any time with respect to RSUs that are forfeited pursuant to Section 5 or Section 6
below. 
 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. Eligibility. No RSUs will be eligible to vest before
                     under any circumstances. The number of RSUs, if any, for which the Participant will remain eligible to vest after
                     depends upon the Comparative EBITDA Return (as defined in Section 7) achieved and the terms of this
Section 5. 
  

	 	(a)	If the Participant does not incur a Termination before
                    , the number of RSUs for which the Participant will remain eligible to vest after
                     (subject to satisfaction of the vesting requirements set forth in Section 6) is the number of RSUs
corresponding to the Comparative EBITDA Return achieved, as set forth in following table: 

  

			
	 Comparative EBITDA Return
	  	 RSUs Remaining Eligible to Vest

	 Less than 0.75
	  	__________                
	 .75
	  	__________                
	 1.00
	  	__________                
	 1.25
	  	__________                
	 1.75 or greater
	  	__________                

 To the extent Comparative EBITDA Return falls between the thresholds set forth above, the
RSUs remaining eligible to vest will be determined by linear interpolation (rounded to the nearest whole RSU). 
  

	 	(b)	To the extent any RSUs do not remain eligible to vest because the Comparative EBITDA Return was not greater than or equal to 1.75, those RSUs shall be forfeited as of
                    . Upon such forfeiture, the Participant shall no longer be entitled to receive Dividend Equivalents on such forfeited
RSUs. 

  

	 	(c)	If the Participant incurs a Termination for any reason whatsoever before
                    , all RSUs shall be immediately forfeited as the date of such Termination. 

6. Vesting. The vesting of the RSUs that remain eligible to vest after
                     pursuant to Section 5 is conditioned upon the Participant’s satisfaction of the vesting requirements set
forth in this Section 6. 
  

	 	(a)	Except as may be accelerated as set forth in the Plan or in any employment, consulting or other written agreement between the Participant and the Corporation or an
Affiliate and except as may be accelerated by the terms of this Section 6, the RSUs that remain eligible to vest after
                     pursuant to Section 5 shall vest as of the third anniversary of the Award Date, provided that the Participant
has not incurred a Termination prior to such date. 

  

	 	(b)	Upon the Participant’s Termination due to death or Disability (as that term is defined in Section 7) on or after
                     and prior to the third anniversary of the Award Date, the RSUs that remain eligible to vest after
                     pursuant to Section 5 shall be fully vested as of such date of Termination. 

 

	 	(c)	Upon a Change in Control on or after                      and
prior to the third anniversary of the Award Date, 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 that remain eligible to vest after                      pursuant to Section 5, 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 or any other event. 

  

	 	(d)	To the extent any RSUs that remain eligible to vest after
                     pursuant to Section 5 have not vested upon the Participant’s Termination those remaining RSUs shall be
immediately forfeited upon the date of such Termination. Upon such forfeiture, the Participant shall no longer be entitled to receive Dividend Equivalents on such forfeited RSUs. 

7. Definitions. 
  

	 	(a)	“Actual EBITDA” is defined as the amount of the Corporation’s earnings before interest, taxes, depreciation and amortization
for the         _calendar year, as adjusted by the Committee in its sole discretion for any extraordinary or non-recurring items. 

 

	 	(b)	“Comparative EBITDA Return” refers to the ratio of the Corporation’s return on assets for the
         calendar year (using Actual EBITDA) against the average return on assets for the prior three fiscal years among members of the Peer Group. 

 

	 	(c)	“Disability” shall mean the Participant 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).

  
 2 

	 	(d)	“Peer Group” means the group of competitors of the Corporation selected by the Committee in its sole discretion. 

8. Conversion of RSUs into Stock. On the Conversion Date (as defined below), the vested 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 evidencing the applicable number of
shares of Stock shall be delivered to the Participant. The “Conversion Date” shall be determined in accordance with the following: 
  

	 	(a)	In the event of the Participant’s death, Disability or Termination (where RSUs are vested pursuant to the terms of an employment, consulting or other written
agreement) prior to                     , the Conversion Date shall be the date of the Participant’s death, Disability or Termination, as
applicable, except as may be delayed as required by the terms of Section 19; 

  

	 	(b)	In the event of a Change in Control prior to
                     in which the Committee elects to accelerate the vesting of some or all of the RSUs, the Conversion Date with respect to
such RSUs shall be the earlier of (i) the date of the Participant’s Termination and (ii)                     , except as may be
delayed as required by the terms of Section 19; and 

  

	 	(c)	In the event that none of the events described in the foregoing clauses (a) or (b) occur prior to
                    , the Conversion Date shall be
                    . 

Notwithstanding the foregoing, if on the Conversion Date 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 instead be, in the determination of the Committee, the first date the Participant is no
longer prohibited from such trading. 
 9. 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. 
 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. 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. 

  
 3 

 13. 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. 
 14. 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. 
 15. 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). 
 16. 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. 
 17. Recoupment. The Participant acknowledges that he is familiar with terms of the
Corporation’s Statement of Policy Regarding Incentive Compensation Recoupment (attached hereto as Exhibit 1) (the “Policy”). The Participant further acknowledges that this Award is subject to the terms of
the Policy, if and to the extent that the Policy, by its terms, applies to the Award and the Participant. The terms of the Policy (as it may be amended from time to time) are incorporated by reference herein and made a part of this Agreement.

 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 2. 
 19. Code Section 409A. This Agreement is intended to be a “nonqualified deferred compensation arrangement” that complies with the provisions of Code Section 409A and the
regulations thereunder and this Agreement shall be interpreted and operated consistent with such intent. Accordingly, all provisions of this Agreement shall be construed in a manner consistent with avoiding taxes or penalties under Code
Section 409A, including: 
  

	 	(a)	a Termination shall not be deemed to have occurred for purposes of any provision of this Agreement providing for any payment or distribution upon or following a
Termination unless such Termination is also a “separation from service” within the meaning of Code Section 409A and Treas. Reg. §1.409A-1(h) and, for purposes of any such provision of this Agreement, references therein to a
“termination,” “termination of employment” or like terms shall mean “separation from service”; and 

  
 4 

	 	(b)	if the Participant is a “specified employee” (as described in Treas. Reg. §1.409A-1(i), with such classification to be determined in accordance with the
methodology established by the Corporation), any payment or distribution made under this Agreement pursuant to the Participant’s “separation from service” shall be made on the date that is six months following the Participant’s
“separation from service” or, if earlier, the date of the Participant’s death. 

 20.
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. 

21. Conflicts. In the event of a conflict between this Agreement and any employment, consulting or other written agreement
between the Participant and the Corporation or an Affiliate with respect to a Termination occurring before                     , this
Agreement shall control. 
 [Signature page to follow] 

  
 5 

 IN WITNESS WHEREOF, this Agreement has been executed by the Participant and, on
behalf of the Corporation, by its duly authorized officer, all as of the day and year first above written. 
  

					
	CORPORATION:
	
	 GREAT LAKES DREDGE & DOCK CORPORATION,

a Delaware corporation

		
	By:	 	  

		 	Katherine M. Hayes
		 	Treasurer
	
	PARTICIPANT:
	
	  

		 	  
	 	

  
 6 

 EXHIBIT 1 

GREAT LAKES DREDGE & DOCK CORPORATION 
 STATEMENT OF POLICY REGARDING INCENTIVE COMPENSATION RECOUPMENT 

 GREAT LAKES DREDGE & DOCK CORPORATION 

STATEMENT OF POLICY REGARDING 
 INCENTIVE COMPENSATION RECOUPMENT 
 Overview. This Policy Statement
has been adopted by the Board of Directors of Great Lakes Dredge & Dock Corporation, a Delaware corporation (the “Company”). The Company has adopted this incentive compensation recoupment policy (the “Policy”) in order
to ensure that Incentive Compensation (as defined below) is paid based on accurate financial data. Under the circumstances described below, the Company may seek to recover Incentive Compensation that would have not been paid if the correct
performance data had been used to determine the amount payable. The Compensation Committee of the Board of Directors of Great Lakes Dredge & Dock Corporation (the “Committee”) shall have full authority to interpret and enforce the
Policy and may recommend that the Board of Directors take action with respect to the Policy. The Policy shall apply to all Incentive Compensation awarded to Covered Employees regardless of individual fault, and is in addition to the requirements of
Section 304 of the Sarbanes-Oxley Act of 2002. The Committee may amend or terminate this Policy at any time. 
 Covered
Employees. The Policy applies to the following (each a “Covered Employee”): (i) the current and former executive officers of Great Lakes Dredge & Dock Corporation, as determined from time to time pursuant to Rule 3b-7
under the Securities Exchange Act of 1934, as amended, and (ii) any other employee of the Company or any Affiliate, as defined in Rule 12b-2 under the Securities Exchange Act of 1934, designated by the Board or the Committee from time to time
by notice to the employee. 
 Incentive Compensation. For purposes of this Policy, “Incentive Compensation”
means, with respect to each Covered Employee: (i) performance bonuses and incentive awards (including stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares or other stock-based awards) paid,
granted, vested or accrued under any Company plan or agreement or plan or agreement of an Affiliate of the Company in the form of cash or Great Lakes Dredge & Dock Corporation common stock, (ii) outstanding incentive awards that have
not vested or been earned, and (iii) in cases of fraud or misconduct, the gain realized by any Covered Employee engaged in such conduct on the exercise of stock options or stock appreciation rights, the vesting of other incentive awards, or the
sale of Company stock acquired through any incentive award. 
 Triggering Events; Calculation of Overpayment. If the
Committee determines that Incentive Compensation was overpaid, in whole or in part, as a result of (i) a restatement of the Company’s reported financial or operating results (unless due to a change in accounting policy or applicable law)
or (ii) any conduct justifying termination for cause under the Company’s Code of Business Conduct and Ethics or the applicable Covered Employee’s employment agreement, or constituting a violation of a restrictive covenant in an
employment or severance agreement, or other act involving, dishonesty, fraud, illegality or moral turpitude (whether or not requiring a restatement), the Committee will review the Incentive Compensation paid, granted, vested or accrued. To the
extent practicable and in the best interests of stockholders, and as permitted by applicable law, (i) in the event of a restatement, the Committee will seek to recover or cancel the difference between any Incentive Compensation that was based
on having met or exceeded performance targets that would not have been met based upon accurate financial data and the Incentive Compensation that would have been paid or granted to such Covered Employee or the

 
Incentive Compensation in which such Covered Employee would have vested had the actual payment, granting or vesting been calculated based on the accurate data or restated results, as applicable,
and (ii) in the event of other misconduct, provided that such misconduct was harmful to the Company or an Affiliate, the Committee may seek to recover or cancel Incentive Compensation paid, awarded or accrued after the applicable misconduct or
any severance paid after termination of employment (in any such case, the “Overpayment”). 
 Forms of Recovery.
The Company shall have the right to demand the reimbursement of any Overpayment. To the extent the Covered Employee does not reimburse any Overpayment, the Company shall have the right to sue for repayment and enforce the repayment through the
reduction or cancellation of outstanding and future Incentive Compensation. To the extent any shares have been issued under vested awards or such shares have been sold by the Covered Employee, the Company shall have the right to cancel any other
outstanding stock-based awards with a value equivalent to the Overpayment, as determined by the Company. 
 Time Period for
Overpayment Review. The Committee may make determinations of Overpayment at any time through the end of the third fiscal year following the year for which the inaccurate performance criteria were measured (the “Overpayment Review
Period”); provided, that if steps have been taken within such period to restate the Company’s financial or operating results, the Overpayment Review Period shall be extended until such restatement is completed. For illustrative purposes
only, this means that if incentive compensation is paid in early 2011 for performance metrics based on fiscal year 2010 performance, such compensation shall be subject to review for Overpayment until the end of the Company’s 2013 fiscal year.
Notwithstanding the above, if the Committee determines that any Covered Employee engaged in fraud or misconduct, the Committee shall be entitled to determine the Overpayment with respect to such Covered Employee for a period of six years after the
act of fraud or misconduct is discovered. 
 No Additional Payments. In no event shall the Company be required to award
Covered Employees an additional payment if the restated or accurate financial results would have resulted in a higher incentive compensation payment. 
 Applicability. This Policy applies to all Incentive Compensation, whether paid or granted prior to the adoption of the Policy, except to the extent prohibited by applicable law or any other legal
obligation of the Company or Affiliate, as the case may be. Application of the Policy does not preclude the Company from taking any other action to enforce a Covered Employee’s obligations to the Company, including termination of employment or
institution of civil or criminal proceedings. 
 Committee Determination Final. Any determination by the Committee (or by
any officer of the Company or an Affiliate to whom enforcement authority has been delegated) or the Board of Directors with respect to this Policy shall be final, conclusive and binding on all interested parties. 

Disclosure. This policy shall be disclosed in Great Lakes Dredge & Dock Corporation’s applicable filings with the
Securities Exchange Commission discussing executive compensation subject hereto. 

 EXHIBIT 2 

CONSENT OF SPOUSE 
 I,                     , spouse of
                    , have read and approve the foregoing Performance Vesting RSU Award Agreement (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. 
  

					
	  

		 	  
	 	
		
	Dated:

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