Steger Ronald 4

What Happened

• Ronald Steger, a director of Great Lakes Dredge & Dock Corporation (GLDD), had common shares and deferred stock units (DSUs) canceled and converted into cash under the company’s merger with Saltchuk on April 1, 2026. Specifically, 20,404 shares of common stock and 45,068 DSUs were converted at the merger consideration of $17.00 per share, producing roughly $1,113,024 in cash proceeds. Separately, Steger was granted 1,625 DSUs on March 31, 2026 under the director deferral plan (recorded as an award at $0.00).

Key Details

• Transaction dates: DSU grant on 2026-03-31; merger-related conversions/dispositions effective 2026-04-01; Form 4 filed 2026-04-01.
• Prices and values: Merger consideration = $17.00 per share. 20,404 shares × $17 = $346,868; 45,068 DSUs × $17 = $766,156; combined ≈ $1,113,024.
• Shares owned after transaction: Report indicates the outstanding shares/DSUs were canceled and converted at the Effective Time — no remaining common shares or those DSUs reported after conversion.
• Relevant footnotes:
  • F1: Merger with Saltchuk MergeCo caused cancellation of common stock for $17.00 cash per share.
  • F2: 1,625 DSUs were granted 3/31/2026 and deferred under the Director Deferral Plan.
  • F3: The DSUs (including 45,068 shown) were canceled and converted into cash at the Effective Time.
• Timeliness: Filing was made on the Effective Time (2026-04-01); no late filing indicated.

Context

• These transactions are merger-driven conversions (not open-market sales or purchases). DSUs are derivative awards that, per the merger agreement, were canceled in exchange for cash equal to the number of underlying shares times $17. This is a corporate change-of-control cash-out rather than a discretionary sale or purchase by the insider.