The Board of Directors of Great Lakes Dredge & Dock Corporation (GLDD) announced today that Ryan Levenson has been appointed to the Board of Directors, effective December 27, 2016.
Mr. Levenson has also been appointed to the Nominating and Corporate Governance Committee.
Concurrent with the 2017 Annual Meeting of Shareholders, the size of the class of directors of the Board with a term expiring at such meeting shall automatically decrease from three to two members, GLDD said.
In addition, subject to certain exceptions, Great Lakes has agreed to include Mr. Levenson on the Company’s slate of nominees for the election of directors at the 2017 Annual Meeting.
Mr. Levenson’s appointment is part of a settlement and standstill agreement that Great Lakes entered into on December 27, 2016 with Privet Fund Management LLC and Privet Fund LP, the beneficial owner of 5.2% of Great Lakes’ outstanding shares.
In addition to providing for Mr. Levenson’s appointment to the Board, pursuant to the agreement Privet has also agreed to customary standstill provisions and to vote in favor of any Board nominees and against any Board nominees not nominated by the Board during the term of the standstill obligations.
The complete agreement with Privet will be filed on a Form 8-K with the Securities and Exchange Commission.