Form 4: Great Lakes Dredge & Dock Director Kathleen Shanahan Reports Acquisition of Deferred Stock Units

Kathleen M. Shanahan, a director at Great Lakes Dredge & Dock CORP, reported the acquisition of 2,018 deferred stock units (DSUs) on September 30, 2024, according to a Form 4 filing with the SEC.

Summary

• On October 2, 2024, a Form 4 filing was submitted to the SEC, reporting changes in beneficial ownership for Kathleen M. Shanahan, a director at Great Lakes Dredge & Dock CORP.
• The report details the acquisition of 2,018 Deferred Stock Units (DSUs) on September 30, 2024.
• These DSUs were granted under the company's Director Deferral Plan and will be payable in common stock on a 1-for-1 basis.
• The distribution is scheduled in three equal annual installments, starting January 15, 2025.
• Following the reported transaction, Shanahan directly owns 90,913 shares of common stock and 6,665 DSUs.
• A Limited Power of Attorney was executed on September 30, 2024, granting Ryan M. Bayer, Vivienne R. Schiffer, and/or Cheryle A. Stone the authority to handle Section 16 reporting obligations on Shanahan's behalf.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction (director compensation) and adherence to regulatory requirements, suggesting a neutral to slightly positive sentiment. The director's acquisition of DSUs indicates confidence in the company's future.

Positives

• The acquisition of DSUs by a director signals confidence in the company's future performance.
• The staggered vesting schedule of the DSUs aligns the director's interests with the long-term success of the company.

Future Outlook

The DSUs will be payable in common stock on a 1-for-1 basis in three equal annual installments beginning January 15, 2025.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates a director's continued investment in the company.

Comparison to Industry Standards

• Director compensation packages often include stock options, restricted stock, or deferred stock units to align their interests with shareholders.
• The vesting schedule of these DSUs is typical for director compensation, encouraging long-term commitment to the company's success.
• Comparing the size of the DSU grant to those of directors at similar companies (e.g., Weeks Marine, Manson Construction) would provide further context.

Stakeholder Impact

• The acquisition of DSUs by a director can be viewed positively by shareholders, as it aligns the director's interests with the company's long-term performance.
• The transaction has no immediate impact on employees, customers, suppliers, or creditors.

Key Dates