Great Lakes Dredge & Dock Company 401(k) Lost Benefit Plan Summary
This document outlines the 401(k) Lost Benefit Plan offered by Great Lakes Dredge & Dock Company to its executive officers. The plan provides additional bonus compensation to executives who are unable to receive the full tax-deferred benefits from the company's standard 401(k) Savings Plan because of IRS limits on compensation and contributions. Eligibility is based on annual compensation levels, and the plan is designed to make up for benefits lost due to these federal restrictions.
Exhibit 10.15
Great Lakes Dredge & Dock Company
Summary of the 401(k) Lost Benefit Plan
The 401(k) Lost Benefit Plan (the “Plan”) is an additional bonus compensation plan available to the executive officers of Great Lakes Dredge & Dock Company (the “Company”), to the extent they qualify based on their annual compensation levels. The Plan is intended to compensate the executive officers for being unable to obtain the maximum tax-deferred benefits allowed by the Company’s 401(k) Savings Plan, due to the various IRS employee compensation and plan contribution limitations.
