TRANSACTION BONUS

GENERAL PROVISIONS, TERMS, AND CONDITIONS

Waiver and Release. By signing this Release, Employee, for and on behalf of Employee and Employee’s family members, trustees, beneficiaries, representatives, agents, estate, heirs, executors and administrators (each, including Employee, a “Releasing Party”), hereby unconditionally, irrevocably and forever releases and discharges the Company and the other Released Parties (as defined below), from any and all claims, demands, rights, covenants, torts, suits, causes of action, liens, debts, obligations and liabilities of whatever kind or nature, at law, in equity, or otherwise, whether known or unknown, suspected or unsuspected (each, a “Claim”), which any Releasing Party now has, or has ever had or may have against any of the Released Parties occurring at any time on or prior to the date Employee signs this Release, including, without limitation, any Claim relating to: Employee’s employment relationship with any Released Party; a change-in-control or similar transaction or retention bonus or payment; any form of alleged unlawful employment discrimination, including all Claims based upon the Age Discrimination in Employment Act, the Older Workers’ Benefit Protection Act, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, the Civil Rights Act of 1991, the Americans with Disabilities Act, the Family and Medical Leave Act, the Fair Labor Standards Act, the Employee Retirement Income Security Act, the Sarbanes-Oxley Act of 2002, any and all claims arising under the Texas Labor Code, including the Texas Payday Act, the Texas Anti-Retaliation Act, Chapter 21 of the Texas Labor Code, the Texas Whistleblower Act and any other similar, applicable federal, state, or local statutes, regulations, rules, ordinances, public policy, or other laws; breach of either express or implied contract; tortious conduct or fraud by any Released Party; salary, wages, vacation pay, separation pay, expense reimbursement, or any other form of compensation; damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief and attorney’s fees; provided, however, that the foregoing release shall exclude any and all Claims, liabilities, obligations and duties of the Company arising pursuant to this Release and shall exclude, to the extent applicable to Employee (a) any accrued but unpaid wages during the pay period in which this Release is signed by Employee, (b) any vested benefits Employee may have under any of the Released Parties’ other employee benefit plans, (c) Employee’s rights to enforce the terms of the Release, and (d) any rights that are not waivable as a matter of law, including without limitation any rights Employee may have to seek unemployment or workers’ compensation benefits. EMPLOYEE ACKNOWLEDGES AND AGREES THAT THE WAIVER AND RELEASE IN THIS SECTION 1 INCLUDES ALL CLAIMS RELATED IN ANY MANNER TO EMPLOYEE’S EMPLOYMENT, INCLUDING ANY KNOWN OR UNKNOWN CLAIMS; EMPLOYEE ACKNOWLEDGES AND AGREES THAT THE WAIVER AND RELEASE IN THIS SECTION 1 DOES NOT RELEASE ANY CLAIMS ARISING AFTER THE DATE EMPLOYEE SIGNS THIS RELEASE.

Released Parties. The term “Released Parties” as used in this Release means: (a) the Company, Saltchuk Resources, Inc., a Washington corporation, and their past and present direct and indirect parents, subsidiaries, affiliates and other related entities (whether or not they are wholly owned) and (b) the past and present direct and indirect owners, trustees, fiduciaries, administrators, shareholders, directors, officers, partners, agents, representatives, employees and attorneys of each entity described in clause (a) of this sentence and (c) the predecessors, successors and assigns of each person or entity described in clause (a) or (b) of this sentence.

Covenant Not to Sue; No Claims. Employee agrees that Employee will not, directly or indirectly, file any legal or other proceeding(s) against any of the Released Parties with respect to any Claims released hereunder. Employee confirms that Employee has not filed any legal or other proceeding(s) against any of the Released Parties, is the sole owner of the Claims released herein, has not transferred any such Claims to anyone else, and has the full right to grant the releases and agreements in this Release. In the event any Claim is filed with any court, other tribunal, or governmental or regulatory entity that involves or is based upon any claim waived and released by Employee in this Release, Employee hereby waives and agrees not to accept any money or other personal relief on account of any such Claims for any actual or alleged personal injury or damages to Employee, including without limitation any costs, expenses and attorneys’ fees incurred by or on behalf of Employee (however, this Release does not limit Employee’s eligibility to receive an award under applicable law, if any, for providing truthful information to a governmental agency or regulatory entity).

Acknowledgments. EMPLOYEE ACKNOWLEDGES, UNDERSTANDS, AND AGREES THAT: (a) EMPLOYEE HAS READ AND UNDERSTANDS THE TERMS AND EFFECT OF THIS RELEASE; (b) EMPLOYEE RELEASES AND WAIVES CLAIMS UNDER THIS RELEASE KNOWINGLY AND VOLUNTARILY, IN EXCHANGE FOR CONSIDERATION IN ADDITION TO ANYTHING OF VALUE TO WHICH EMPLOYEE ALREADY IS ENTITLED; (c) EMPLOYEE HEREBY IS AND HAS BEEN ADVISED TO HAVE EMPLOYEE’S ATTORNEY REVIEW THIS RELEASE (AT EMPLOYEE’S COST) BEFORE SIGNING IT; (d) EMPLOYEE HAS TWENTY-ONE (21) DAYS IN WHICH TO CONSIDER WHETHER TO EXECUTE THIS RELEASE; AND (e) WITHIN SEVEN (7) DAYS AFTER THE DATE ON WHICH EMPLOYEE SIGNS THIS RELEASE, EMPLOYEE MAY, AT EMPLOYEE’S SOLE OPTION, REVOKE THIS RELEASE UPON WRITTEN NOTICE TO GREAT LAKES DREDGE & DOCK CORPORATION, 9811 KATY FREEWAY, SUITE 1200, HOUSTON, TX 77024, ATTN: VIVIENNE SCHIFFER, EMAIL: [***], AND THIS RELEASE WILL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THIS SEVEN-DAY REVOCATION PERIOD HAS EXPIRED WITHOUT ANY REVOCATION BY EMPLOYEE, SUBJECT TO THE TERMS AND CONDITIONS OF THE AGREEMENT. IF EMPLOYEE TIMELY REVOKES THIS RELEASE, AS PROVIDED IN THIS SECTION 4, THIS RELEASE SHALL BE NULL AND VOID.

Representations. Employee hereby represents that, as of the date Employee executes this Release, Employee has been paid all compensation owed and payable through the date of this Release (excluding any accrued but unpaid wages during the pay period in which this Release is signed by Employee) and for all time worked; Employee has received all the leave and leave benefits and protections for which Employee is eligible pursuant to Family and Medical Leave Act or any applicable federal or state law or Company policy through the date of this Release; and Employee has not suffered any on-the-job injury or illness for which Employee has not already filed a workers’ compensation claim. Employee further acknowledges and represents that: (i) Employee is not relying upon any statements, understandings, representations, expectations, or agreements other than those expressly set forth in this Release; (ii) Employee has made Employee’s own investigation of the facts and Employee is relying solely upon Employee’s own knowledge; (iii) Employee has read and understands the terms and effect of this Release; and (iv) Employee is knowingly and voluntarily agreeing to all of the terms set forth in this Release and to be bound by this Release.

Governing Law; Waiver of Jury Trial. This Release will be governed by and construed and enforced in accordance with the laws of the State of Texas without regard to its choice of law rules. EACH PARTY TO THIS RELEASE HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING UNDER OR IN CONNECTION WITH THIS RELEASE.

Release. This Release embodies the entire agreement of the parties regarding the matters released herein and supersedes any and all prior and/or contemporaneous agreements, oral or written, between the parties regarding such matters, provided that nothing in this Release shall limit or release Employee from any other obligation regarding confidentiality, intellectual or other property, nondisparagement, or post-employment competitive activities, restrictive covenants, or other surviving obligations that Employee has or may have to the Company or any of its affiliates, including pursuant to the terms of the Agreement. This Release is governed by the internal laws of the State of Texas, without regard to its choice of law rules, and may be modified only by a writing signed by all parties. Whenever possible, each provision of this Release shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Release is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Release. This Release may be executed in two counterparts, each of which shall be deemed an original, and both of which together shall constitute one and the same instrument.