[Form 4] Great Lakes Dredge & Dock CORP Insider Trading Activity

Rhea-AI Filing Summary

Ronald Steger, a director of Great Lakes Dredge & Dock Corp. (GLDD), reported transactions dated 09/30/2025. The filing shows a disposition of 20,404 shares of Common Stock and a grant of 2,304 Deferred Stock Units (DSUs) under the company’s Director Deferral Plan. The DSUs are deferred compensation that will be paid in common stock on a 1-for-1 basis when Mr. Steger’s board service ends.

The form is signed by Vivienne R. Schiffer by power of attorney on 10/01/2025. Following the reported transactions the filing indicates 41,337 shares of common stock beneficially owned (direct).

Positive

• Director compensation deferred via 2,304 DSUs under the Director Deferral Plan, preserving alignment with long-term service
• DSUs payable 1-for-1 in common stock upon end of board service, creating clear payout mechanics

Negative

• Disposition of 20,404 common shares which reduces the director's immediate shareholdings
• Filing provides no explanation for the share disposition (e.g., sale reason or price), so intent is not disclosed

Insights

Financial Analyst

TL;DR: Director exchanged a block of shares for deferred stock units, shifting compensation timing without changing stated ownership materially.

The director's sale of 20,404 common shares alongside receipt of 2,304 DSUs indicates a compensation deferral rather than a straightforward increased economic exposure. DSUs will convert 1-for-1 to common stock when board service ends, preserving future share issuance but deferring immediate ownership and voting rights associated with those units until payout. The filing lists 41,337 shares beneficially owned following the transactions, reflecting current direct holdings.

Corporate Governance Expert

TL;DR: This is a routine director compensation and reporting event under the company’s deferral plan.

The DSU grant under the Director Deferral Plan is a standard governance mechanism to align long-term interests without immediate cash payout. The disposal of 20,404 shares may represent routine rebalancing or liquidity needs; the form does not state the reason. Reporting by power of attorney is procedural and properly documents the change in beneficial ownership numbers. No regulatory exceptions or unusual terms are disclosed in the filing.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Steger Ronald

(Last) (First) (Middle)

C/O GREAT LAKES DREDGE & DOCK CORP.

9811 KATY FREEWAY, SUITE 1200

(Street)

HOUSTON TX 77024

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Great Lakes Dredge & Dock CORP [ GLDD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								20,404	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Stock Units	(1)	09/30/2025		A		2,304		(1)	(1)	Common Stock	2,304	$0	41,337	D

Explanation of Responses:

1. Deferred Stock Units ("DSUs") granted September 30, 2025 and deferred pursuant to the Company's Director Deferral Plan. The DSUs will be payable in common stock on a 1-for-1 basis on the date upon which Mr. Steger's board service ends.

	/s/Vivienne R. Schiffer, by Power of Attorney	10/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did GLDD director Ronald Steger report on Form 4?

He reported a disposition of 20,404 common shares and a grant of 2,304 Deferred Stock Units (DSUs) on 09/30/2025.

How will the 2,304 DSUs granted to Ronald Steger be paid?

The DSUs will be payable in common stock on a 1-for-1 basis on the date his board service ends, per the Director Deferral Plan.

How many common shares does Ronald Steger beneficially own after the reported transactions?

The filing indicates 41,337 shares of common stock beneficially owned (direct) following the reported transactions.

Who signed the Form 4 for Ronald Steger and when?

The form was signed by Vivienne R. Schiffer by power of attorney on 10/01/2025.

Does the Form 4 explain why the 20,404 shares were disposed?

No. The filing lists the disposition amount but does not provide a reason or sale price for the shares.