Form 4: Great Lakes Dredge & Dock Director Increases Equity Stake Through Deferred Stock Unit Grant

Kathleen M. Shanahan, a Director at Great Lakes Dredge & Dock Corp., acquired 2,071 Deferred Stock Units on June 30, 2025, increasing her total beneficial ownership of DSUs to 10,671, which will convert to common stock starting January 2026.

Summary

• Kathleen M. Shanahan, a Director of Great Lakes Dredge & Dock Corp. (GLDD), reported changes in her beneficial ownership.
• On June 30, 2025, Ms. Shanahan acquired 2,071 Deferred Stock Units (DSUs) as part of her compensation.
• These DSUs were granted pursuant to the Company's Director Deferral Plan.
• The DSUs are convertible into common stock on a 1-for-1 basis.
• Payment of the DSUs will occur in three equal annual installments, commencing on January 15, 2026.
• Following this transaction, Ms. Shanahan beneficially owns a total of 10,671 DSUs.
• Ms. Shanahan also directly owns 70,524 shares of Great Lakes Dredge & Dock Corp. Common Stock.

Sentiment

Score: 7

Explanation: The filing indicates a routine, positive event where a director increases their stake through compensation, aligning interests with shareholders. No negative information is present.

Positives

• Director Kathleen M. Shanahan increased her beneficial ownership in Great Lakes Dredge & Dock Corp. by acquiring 2,071 Deferred Stock Units.
• The acquisition of DSUs aligns the director's interests with long-term shareholder value, as these units convert to common stock.
• The grant of DSUs is part of the Company's Director Deferral Plan, indicating a structured approach to director compensation and retention.

Future Outlook

The Deferred Stock Units granted to Director Kathleen M. Shanahan are scheduled to be paid out in common stock in three equal annual installments beginning January 15, 2026, indicating a future increase in her direct common stock holdings.

Industry Context

This Form 4 filing reflects a routine insider transaction related to director compensation. Such equity grants are common practice across industries to align the interests of directors with shareholders and incentivize long-term performance. For the dredging and maritime construction industry, retaining experienced leadership like Kathleen Shanahan is crucial for navigating complex projects and regulatory environments.

Comparison to Industry Standards

• The grant of Deferred Stock Units (DSUs) as part of director compensation is a standard practice across many publicly traded companies, including those in the construction and infrastructure sectors.
• Companies like Granite Construction Inc. (GVA) or Tutor Perini Corporation (TPC) also utilize equity-based compensation plans for their directors to foster long-term alignment.
• The 1-for-1 conversion to common stock and multi-year vesting schedule (three equal annual installments) are typical structures designed to encourage sustained commitment and performance, comparable to similar plans observed at peers.

Stakeholder Impact

• Shareholders: The increase in director ownership through equity compensation can be viewed positively as it aligns management interests with shareholder value.

Next Steps

• The Deferred Stock Units will begin converting into common stock in three equal annual installments starting January 15, 2026.

Key Dates

Recommendation

Keywords

Great Lakes Dredge & Dock, GLDD, SEC Form 4, Insider Transaction, Director Compensation, Deferred Stock Units, DSUs, Equity Grant, Beneficial Ownership, Kathleen Shanahan