Document:

<PAGE>

                                                                    EXHIBIT 10.2

                               FOURTH AMENDMENT TO
                           EIGHTH AMENDED AND RESTATED
                           REVOLVING CREDIT AGREEMENT

         THIS FOURTH AMENDMENT TO EIGHTH AMENDED AND RESTATED REVOLVING CREDIT
AGREEMENT (this "FOURTH AMENDMENT"), dated effective as of the 30th day of
September, 2002, is entered into by and among GULF ISLAND FABRICATION, INC., a
Louisiana corporation ("BORROWER"), GULF ISLAND, L.L.C., a Louisiana limited
liability company ("GULF ISLAND SUBSIDIARY"), DOLPHIN SERVICES, INC., a
Louisiana corporation ("DOLPHIN"), SOUTHPORT, INC., a Louisiana corporation
("SOUTHPORT"), GULF ISLAND MINDOC COMPANY, L.L.C. (formerly Vanguard Ocean
Services, L.L.C.), a Louisiana limited liability company ("MINDOC"), GIF
FINANCE, INC., a Delaware corporation ("GIF FINANCE" and together with Gulf
Island Subsidiary, Dolphin, Southport, and MinDOC, each an "EXISTING SUBSIDIARY"
and, collectively, the "EXISTING SUBSIDIARIES"), WHITNEY NATIONAL BANK, a
national banking association ("WHITNEY"), BANK ONE, NA, a national banking
association, in its individual capacity ("BANK ONE") (each of Whitney and Bank
One individually, a "BANK" and collectively, "BANKS"), and BANK ONE, NA, a
national banking association, in its capacity as agent for Banks as set forth
hereinafter ("AGENT").

                                    RECITALS:

         A. Borrower, the Existing Subsidiaries other than GIF Finance, Whitney,
and Bank One, in its capacity as a Bank and as Agent, entered into that certain
Eighth Amended and Restated Revolving Credit Agreement, dated effective as of
January 1, 2000 (the "RESTATED CREDIT AGREEMENT");

         B. Borrower, the Existing Subsidiaries other than GIF Finance, Banks,
and Agent entered into that certain First Amendment to the Restated Credit
Agreement, dated effective as of September 21, 2000, Borrower, the Existing
Subsidiaries, Bank, and Agent entered into that certain Second Amendment to the
Restated Credit Agreement, dated effective as of October 24, 2001, and that
certain Third Amendment to the Restated Credit Agreement, dated effective as
November 19, 2001 (collectively, with the Restated Credit Agreement, the
"AMENDED CREDIT AGREEMENT");

         C. Borrower, the Existing Subsidiaries, Banks, and Agent desire to
extend the Termination Date of the Amended Credit Agreement.

         NOW, THEREFORE, for and in consideration of the mutual covenants,
agreements and undertakings herein contained Borrower, the Existing
Subsidiaries, Banks, and Agent hereby agree as follows:

<PAGE>

                                    ARTICLE I

                                   AMENDMENTS

         1. Section 5.4. Section 5.4 of the Amended Credit Agreement is hereby
amended by replacing the date "December 31, 2000" in each instance where such
date appears in Section 5.4 with the defined term "Year-End Financial Statement
Date." Section 5.4 is further amended by deleting the date "June 30, 2001" and
replacing such date with the defined term "Mid-Year Financial Statement Date."

         2. Section 11.1. Section 11.1 of the Amended Credit Agreement is hereby
amended to include the following additional definition:

                   "Year-End Financial Statement Date" means December 31, 2001.

                   "Mid-Year Financial Statement Date" means June 30, 2002.

Section 11.1 of the Amended Credit Agreement is hereby further amended to
substitute the following definition for the former definition of "Termination
Date":

                   "Termination Date" means December 31, 2004.

                                   ARTICLE II

                     SPECIAL REPRESENTATIONS AND WARRANTIES
                      WITH RESPECT TO THIS FOURTH AMENDMENT

         In order to induce Banks and Agent to enter into this Fourth Amendment,
Borrower and the Existing Subsidiaries represent and warrant to Banks that:

         1. Borrower Authorization. Borrower is duly authorized to execute,
deliver and perform its obligations under this Fourth Amendment and is and will
continue to be duly authorized to borrow monies and apply for Letters of Credit
under and to perform its obligations under the Amended Credit Agreement, as
amended by this Fourth Amendment and as it may be further amended from time to
time.

         2. Enforceability Against Borrower. This Fourth Amendment shall, upon
execution and delivery, constitute the legal, valid and binding obligation of
Borrower, enforceable in accordance with its terms.

         3. Existing Subsidiary Authorization. Each Existing Subsidiary is duly
authorized to execute, deliver and perform its obligations under this Fourth
Amendment and is and will continue to be duly authorized to apply for Letters of
Credit and to agree to the related reimbursement obligations under the Amended
Credit Agreement, as amended by this Fourth Amendment and as it may be further
amended from time to time.

                                       2
<PAGE>

         4. Enforceability Against Existing Subsidiaries. This Fourth Amendment
shall, upon execution and delivery, constitute the legal, valid and binding
obligation of each Existing Subsidiary enforceable in accordance with its terms.

                                   ARTICLE III

                  CONDITIONS PRECEDENT TO EFFECTIVENESS OF THIS
                                FOURTH AMENDMENT

         This Fourth Amendment shall become effective as of the date first above
written when and only when (i) Agent shall have received at the offices of
Agent, a counterpart of this Fourth Amendment executed and delivered by
Borrower, the Existing Subsidiaries and Banks and (ii) Agent shall have
additionally received all of the following documents, each document (unless
otherwise indicated) being dated the date hereof, duly authorized, executed and
delivered, and in form and substance satisfactory to Agent and each Bank:

         1. Borrower's Resolutions. Copies, duly certified by the Secretary or
Assistant Secretary of Borrower, of the resolutions of Borrower's Board of
Directors authorizing the borrowings under the Amended Credit Agreement, as
amended hereby, and the execution and delivery of this Fourth Amendment;

         2. Existing Subsidiaries' Resolutions. Copies, duly certified by the
Secretary or Assistant Secretary of each Existing Subsidiary, authorizing the
borrowings under the Amended Credit Agreement, as amended hereby, and the
execution and delivery of this Fourth Amendment and, in the case of GIF Finance,
the Subordination Agreement and its Guaranty; and

         3. Notes. Borrower's duly executed promissory note payable to the order
of Banks, in the form attached as Exhibit "C" and "D" hereto, with appropriate
insertion.

         4. No Default Certificate. Borrower's duly executed no-default and
warranty certificate.

                                   ARTICLE IV

                                  MISCELLANEOUS

         1. Definitions. All terms used herein with initial capital letters and
not otherwise defined herein shall have the meanings ascribed to such terms in
the Amended Credit Agreement.

         2. Substitution of Exhibits and Schedules. Exhibits "C" and "D" of the
Amended Credit Agreement are hereby deleted, and Exhibits "C" and "D" attached
hereto are hereby substituted in place thereof. Schedule 1 of the Amended Credit
Agreement is hereby deleted, and Schedule 1 attached hereto is hereby
substituted in place thereof.

                                       3
<PAGE>

         3. Ratification of Notes and Liens. Borrower does hereby ratify,
reaffirm and acknowledge its obligations under the Notes, and Gulf Island
Subsidiary and Dolphin Services do hereby further ratify, reaffirm and
acknowledge their respective mortgages, pledges and/or assignments of, and/or
grants of a security interest in, all Collateral heretofore provided by Gulf
Island Subsidiary and Dolphin Services as security for the Notes and the other
Obligations under the Amended Credit Agreement. Gulf Island Subsidiary and
Dolphin Services do hereby further ratify, confirm and acknowledge to Agent and
Banks that: (a) the mortgages, pledges and/or assignments of, and/or grants of a
security interest in, all such Collateral is and shall remain in full force and
effect; (b) the Collateral Documents to which either of Gulf Island Subsidiary
or Dolphin Services is a party are and shall continue to be valid, binding and
enforceable obligations of Gulf Island Subsidiary and Dolphin Services
respectively; and (c) the Collateral Documents and the Collateral shall continue
to secure, with the original ranks and priority, the Notes and the other
Obligations of Borrower.

         4. Ratification of Existing Subsidiaries Continuing Guaranty. The
Existing Subsidiaries do hereby ratify, reaffirm and acknowledge their
respective obligations under the January 1, 2000 Continuing Subsidiary Guaranty
by each of the Existing Subsidiaries other than GIF Finance and the October 24,
2001 Continuing Subsidiary Guaranty by GIF Finance (collectively, the
"GUARANTIES"). The Existing Subsidiaries do hereby further ratify, reaffirm and
acknowledge to Agents and Banks that: (a) the Guaranties are and shall remain in
full force and effect; (b) the Guaranties to which each of the Existing
Subsidiaries are a party is and shall continue to be valid, binding and an
enforceable obligation of the Existing Subsidiaries.

         5. No Other Changes. The Amended Credit Agreement as hereby amended is
hereby ratified and confirmed in all respects. Any reference to the Amended
Credit Agreement in any Loan Document shall be deemed to refer to the Amended
Credit Agreement as amended hereby. The execution, delivery and effectiveness of
this Fourth Amendment shall not, except as expressly provided herein, operate as
a waiver of any right, power or remedy of Banks under the Amended Credit
Agreement or any other Loan Document. Except as amended by this Fourth
Amendment, the Amended Credit Agreement shall remain in full force and effect.
Nothing contained herein or in any other documents contemplated hereby shall be
considered a novation or discharge of the debt of Borrower to Banks under the
Amended Credit Agreement.

         6. Counterparts. This Fourth Amendment may be executed in as many
counterparts as may be deemed necessary or convenient, and by the different
parties hereto in separate counterparts, each of which, when so executed, shall
be deemed an original, but all of which counterparts shall constitute but one
and the same instrument.

                                       4
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Fourth
Amendment to be executed by their respective officers thereunto duly authorized,
effective as of the date first written above.

                                    BORROWER:

                                    GULF ISLAND FABRICATION, INC.

                                    By: /s/ Kerry J. Chauvin
                                       -----------------------------------------
                                            Kerry J. Chauvin, President & CEO

                                    BANKS:

                                    BANK ONE, NA

                                    By: /s/ J. Charles Freel, Jr.
                                       -----------------------------------------
                                            J. Charles Freel, Jr.,
                                            Director, Capital Markets

                                    WHITNEY NATIONAL BANK

                                    By: /s/ Harry C. Stahel
                                       -----------------------------------------
                                            Harry C. Stahel,
                                            Senior Vice President

                                    AGENT:

                                    BANK ONE, NA

                                    By: /s/ J. Charles Freel, Jr.
                                       -----------------------------------------
                                            J. Charles Freel, Jr.,
                                            Director, Capital Markets

                                       5
<PAGE>

                                    EXISTING SUBSIDIARIES:

                                    GULF ISLAND, L.L.C.

                                    By: /s/ Kirk J. Meche
                                       -----------------------------------------
                                            Kirk J. Meche, President & CEO

                                    DOLPHIN SERVICES, INC.

                                    By: /s/ William Fromenthal
                                       -----------------------------------------
                                            William Fromenthal, President & CEO

                                    SOUTHPORT, INC.

                                    By: /s/ Stephen Becnel
                                       -----------------------------------------
                                            Stephen Becnel, President & CEO

                                    GULF ISLAND MINDOC COMPANY, L.L.C.

                                    By: /s/ Kerry J. Chauvin
                                       -----------------------------------------
                                            Kerry J. Chauvin, Manager

                                    GIF FINANCE, INC.

                                    By: /s/ Joseph P. Gallagher, III
                                       -----------------------------------------
                                            Joseph P. Gallagher, III, President

                                       6

<PAGE>

                           COMMERCIAL PROMISSORY NOTE
                                   (REVOLVING)

$10,000,000.00                                            New Orleans, Louisiana
                                                              September 30, 2002

         FOR VALUE RECEIVED, the undersigned ("BORROWER", whether one or more),
in solido, promises to pay to the order of BANK ONE, NA ("BANK"), as provided
below, at 201 St. Charles Avenue, New Orleans, Louisiana 70170, the sum of TEN
MILLION AND NO/100 DOLLARS ($10,000,000.00), with interest thereon from date
until paid, at the rates specified in the Loan Agreement (as hereinafter
defined). All payments shall be applied first to interest, then to other charges
and insurance premiums (if applicable), then to principal.

         This note is one of the notes referred to in, is subject to the terms
and conditions of, and is entitled to the benefits of, that certain Eighth
Amended and Restated Revolving Credit Agreement, dated as of January 1, 2000, as
amended by that certain First Amendment thereto, dated as of September 21, 2000,
that certain Second Amendment thereto dated as of October 24, 2001, that certain
Third Amendment thereto dated as of November 19, 2001, and by that certain
Fourth Amendment thereto dated as of the date hereof, by and among Borrower, the
Existing Subsidiaries (as defined therein), Whitney National Bank ("WHITNEY"),
and Bank, in its individual capacity and as agent for Bank and Whitney (the
"LOAN AGREEMENT"), which Loan Agreement, among other things, contains provisions
for the maximum amount of credit to be made available hereunder, certain fees,
acceleration of the maturity hereof upon the happening of certain stated events,
and also for prepayments on account of principal hereof prior to the maturity
hereof upon the terms and conditions therein specified. Bank may from time to
time make advances to Borrower under the Loan Agreement, the aggregate unpaid
principal balance of which shall not exceed the principal amount stated herein.
Borrower shall be obligated to repay only the actual amount advanced, plus
interest and appropriate penalties calculated as provided in this Note.

         SINGLE PAYMENT NOTE/SINGLE PRINCIPAL PAYMENT, PERIODIC INTEREST
INSTALLMENTS. PRINCIPAL SHALL BE PAYABLE IN FULL ON DECEMBER 31, 2004, AND
INTEREST THEREON SHALL BE PAYABLE ON THE LAST DAY OF SEPTEMBER, 2002, AND THE
LAST DAY OF EACH CALENDAR QUARTER THEREAFTER.

         A. SECURITY. This note is secured by all of the Collateral Documents
(as defined in the Loan Agreement).

         B. LATE PAYMENT. A payment is not deemed made until funds are collected
and made available to Bank. If any payment, whether the payment represents
principal or interest or both, is not paid in full when due, whether during the
term of this note or at maturity, and such nonpayment shall have continued for a
period of five (5) days following written notice thereof by Bank to Borrower,
Bank may impose upon and collect from Borrower a late charge equal to five
percent (5%) of the unpaid amount of the payment then due and owing. Late
charges imposed under this section shall not be less than $25.00 nor more than
$100.00 per occurrence.

<PAGE>

         C. DEFAULT. If this note is in default, Bank may, at its option and
without notice or demand, declare immediately due and payable the entire unpaid
balance of the note.

         Each of the following shall constitute a default under this note: if
this note is not paid in accordance with its terms and such nonpayment in
accordance with its terms shall have continued for a period of five (5) days
following written notice of such default by Bank to Borrower; or the occurrence
of an Event of Default, as defined in the Loan Agreement.

         D. ATTORNEY'S FEES. Borrower agrees to pay the reasonable fees of any
attorney at law who may be employed to recover the amount hereof, or any part
hereof, in principal or interest, or to protect any security herefor or the
interest of the holder hereof, or to compromise or to take any other action with
regard hereto, which fees shall not exceed twenty-five percent (25%) of the
amount then owing hereon or sought to be collected, protected, or preserved.

         E. PREPAYMENT. Borrower may prepay the note in full or in part at any
time in accordance with the terms of the Loan Agreement.

         F. WAIVER OF DEFENSES. Each party waives presentment for payment,
demand, notice of nonpayment, demand, and protest, and agrees that the time of
payment hereof may be extended from time to time, one or more times, without
notice of such extension or extensions, and without further consent. The term
"PARTY" as used in this note, means each maker, endorser, guarantor, or other
surety of this note, including any person or entity pledging or mortgaging
property to secure this note and their heirs, successors, or assigns. Without
notice to, or consent of, any party, Bank may substitute, release, discharge, or
otherwise alter the obligation of any party, without affecting in any way the
obligation of any other party. No waiver of any right by Bank shall be
effective, unless in writing and signed by Bank. No delay by Bank in the
exercise of any right shall affect such right, nor preclude future exercise of
such similar rights. As used herein, the term "BANK" shall be deemed to include
not only Bank and its successors and assigns, but also any transferee(s),
endorsee(s), or future holder(s) of this note.

         G. INTEREST CALCULATION. Interest shall be calculated as specified in
the Loan Agreement.

         H. ELECTION OF LAW. This note shall be governed by and construed under
the law of the State of Louisiana. Each party agrees that any action arising out
of this note, or any renewals or substitutions for this note, may be brought in
any competent court in the Parish of Orleans, State of Louisiana.

         This note, together with that certain Commercial Promissory Note
(Revolving) dated the date hereof, in the principal sum of $10,000,000.00,
executed by Borrower, payable to the order of Whitney, bearing interest at the
per annum rate set forth herein (the "WHITNEY NOTE"), is given in renewal and
rearrangement and not in novation or discharge of: (a) that certain promissory
note of Borrower payable to the order of Bank, dated October 24, 2001, in the
amount of

                                       2
<PAGE>

$10,000,000.00, and (b) that certain promissory note of Borrower payable to the
order of Whitney, dated October 24, 2001, in the amount of $10,000,000.00 (both
of the foregoing promissory notes being collectively referred to as the
"ORIGINAL NOTES").

         The indebtedness evidenced by this note and the Whitney Note is a
continuation of and an increase in the indebtedness evidenced by the Original
Notes, which indebtedness is in no way extinguished or diminished hereby, and
nothing contained in this note shall be construed (a) as a novation of the
Original Notes or any collateral securing same; (b) as payment of any amount of
principal or interest on the Original Notes; or (c) to release, cancel,
terminate, or otherwise impair the status or priority of the liens created by
the Collateral Documents (as defined in the Loan Agreement) and Borrower hereby
ratifies, confirms, and approves the continuing existence, validity, priority,
and binding effect of the Collateral Documents.

                                    BORROWER:

                                    GULF ISLAND FABRICATION, INC.

                                    BY: /s/ KERRY J. CHAUVIN
                                       -----------------------------------------
                                            KERRY J. CHAUVIN
                                            CHAIRMAN & CEO

                                       3
<PAGE>

                           COMMERCIAL PROMISSORY NOTE
                                   (REVOLVING)

$10,000,000.00                                            New Orleans, Louisiana
                                                              September 30, 2002

         FOR VALUE RECEIVED, the undersigned ("BORROWER", whether one or more),
in solido, promises to pay to the order of WHITNEY NATIONAL BANK ("BANK"), as
provided below, at 228 St. Charles Avenue, New Orleans, Louisiana 70130, the sum
of TEN MILLION AND NO/100 DOLLARS ($10,000,000.00), with interest thereon from
date until paid, at the rates specified in the Loan Agreement (as hereinafter
defined). All payments shall be applied first to interest, then to other charges
and insurance premiums (if applicable), then to principal.

         This note is one of the notes referred to in, is subject to the terms
and conditions of, and is entitled to the benefits of, that certain Eighth
Amended and Restated Revolving Credit Agreement, dated as of January 1, 2000, as
amended by that certain First Amendment thereto dated as of September 21, 2000,
that certain Second Amendment thereto dated as of October 24, 2001, that certain
Third Amendment thereto dated as of November 19, 2001, and by that certain
Fourth Amendment thereto dated as of the date hereof, by and among Borrower, the
Existing Subsidiaries (as defined therein), Bank and Bank One, NA ("BANK ONE"),
in its individual capacity and as agent for Bank and Bank One (the "LOAN
AGREEMENT"), which Loan Agreement, among other things, contains provisions for
the maximum amount of credit to be made available hereunder, certain fees,
acceleration of the maturity hereof upon the happening of certain stated events,
and also for prepayments on account of principal hereof prior to the maturity
hereof upon the terms and conditions therein specified. Bank may from time to
time make advances to Borrower under the Loan Agreement, the aggregate unpaid
principal balance of which shall not exceed the principal amount stated herein.
Borrower shall be obligated to repay only the actual amount advanced, plus
interest and appropriate penalties calculated as provided in this Note. Bank, at
Bank's election, may exercise any and all rights and remedies described in this
note through Bank One, as Bank's agent.

         SINGLE PAYMENT NOTE/SINGLE PRINCIPAL PAYMENT, PERIODIC INTEREST
INSTALLMENTS. PRINCIPAL SHALL BE PAYABLE IN FULL ON DECEMBER 31, 2004, AND
INTEREST THEREON SHALL BE PAYABLE ON THE LAST DAY OF SEPTEMBER, 2002, AND THE
LAST DAY OF EACH CALENDAR QUARTER THEREAFTER.

         A. SECURITY. This note is secured by all of the Collateral Documents
(as defined in the Loan Agreement).

         B. LATE PAYMENT. A payment is not deemed made until funds are collected
and made available to Bank. If any payment, whether the payment represents
principal or interest or both, is not paid in full when due, whether during the
term of this note or at maturity, and such nonpayment shall have continued for a
period of five (5) days following written notice thereof by Bank to Borrower,
Bank may impose upon and collect from Borrower a late charge equal to five

<PAGE>

percent (5%) of the unpaid amount of the payment then due and owing. Late
charges imposed under this section shall not be less than $25.00 nor more than
$100.00 per occurrence.

         C. DEFAULT. If this note is in default, Bank may, at its option and
without notice or demand, declare immediately due and payable the entire unpaid
balance of the note.

         Each of the following shall constitute a default under this note: if
this note is not paid in accordance with its terms and such nonpayment in
accordance with its terms shall have continued for a period of five (5) days
following written notice of such default by Bank to Borrower; or the occurrence
of an Event of Default, as defined in the Loan Agreement.

         D. ATTORNEY'S FEES. Borrower agrees to pay the reasonable fees of any
attorney at law who may be employed to recover the amount hereof, or any part
hereof, in principal or interest, or to protect any security herefor or the
interest of the holder hereof, or to compromise or to take any other action with
regard hereto, which fees shall not exceed twenty-five percent (25%) of the
amount then owing hereon or sought to be collected, protected, or preserved.

         E. PREPAYMENT. Borrower may prepay the note in full or in part at any
time in accordance with the terms of the Loan Agreement.

         F. WAIVER OF DEFENSES. Each party waives presentment for payment,
demand, notice of nonpayment, demand, and protest, and agrees that the time of
payment hereof may be extended from time to time, one or more times, without
notice of such extension or extensions, and without further consent. The term
"PARTY" as used in this note, means each maker, endorser, guarantor, or other
surety of this note, including any person or entity pledging or mortgaging
property to secure this note and their heirs, successors, or assigns. Without
notice to, or consent of, any party, Bank may substitute, release, discharge, or
otherwise alter the obligation of any party, without affecting in any way the
obligation of any other party. No waiver of any right by Bank shall be
effective, unless in writing and signed by Bank. No delay by Bank in the
exercise of any right shall affect such right, nor preclude future exercise of
such similar rights. As used herein, the term "BANK" shall be deemed to include
not only Bank and its successors and assigns, but also any transferee(s),
endorsee(s), or future holder(s) of this note.

         G. INTEREST CALCULATION. Interest shall be calculated as specified in
the Loan Agreement.

         H. ELECTION OF LAW. This note shall be governed by and construed under
the law of the State of Louisiana. Each party agrees that any action arising out
of this note, or any renewals or substitutions for this note, may be brought in
any competent court in the Parish of Orleans, State of Louisiana.

         This note, together with that certain Commercial Promissory Note
(Revolving) dated the date hereof, in the principal sum of $10,000,000.00,
executed by Borrower, payable to the order of Bank One, bearing interest at the
per annum rate set forth herein (the "BANK ONE NOTE"), is given in renewal and
rearrangement and not in novation or discharge of: (a) that certain promissory
note of Borrower payable to the order of Bank, dated October 24, 2001, in the
amount of $10,000,000.00, and (b) that certain

                                       2
<PAGE>

promissory note of Borrower payable to the order of Bank One, October 24, 2001,
in the amount of $10,000,000.00 (both of the foregoing promissory notes being
collectively referred to as the "ORIGINAL NOTES").

         The indebtedness evidenced by this note and the Bank One Note is a
continuation of the indebtedness evidenced by the Original Notes, which
indebtedness is in no way extinguished or diminished hereby, and nothing
contained in this note shall be construed (a) as a novation of the Original
Notes or any collateral securing same; (b) as payment of any amount of principal
or interest on the Original Notes; or (c) to release, cancel, terminate, or
otherwise impair the status or priority of the liens created by the Collateral
Documents (as defined in the Loan Agreement) and Borrower hereby ratifies,
confirms, and approves the continuing existence, validity, priority, and binding
effect of the Collateral Documents.

                                    BORROWER:

                                    GULF ISLAND FABRICATION, INC.

                                    BY: /s/ KERRY J. CHAUVIN
                                       -----------------------------------------
                                            KERRY J. CHAUVIN
                                            CHAIRMAN & CEO

                                       3<PAGE>

                                                                    EXHIBIT 10.1

                     NOTE AND WARRANT SUBSCRIPTION AGREEMENT

                       -----------------------------------

                           INTERLEUKIN GENETICS, INC.

                       -----------------------------------

     This Note and Warrant Subscription Agreement (this "Agreement") is made
between Interleukin Genetics, Inc., a Delaware corporation (the "Company"), and
the undersigned prospective purchaser (the "Investor") who is subscribing hereby
for a 15% one-year term note (the "Note") and a warrant (the "Warrant" and
together with the Note, the "Securities") to purchase shares of common stock,
$0.001 par value per share (the "Common Stock") of the Company. The Securities
shall have an aggregate purchase price equal to the Purchase Price (as defined
in Section P below. The original principal amount of the Note will be equal to
the Purchase Price. The number of shares of Common Stock which the Warrant will
entitle the holder to purchase (the "Warrant Shares") will be equal to the
Purchase Price DIVIDED BY $1.00, rounded down to the nearest whole number, and
the exercise price of the Warrant will be $2.50 per Warrant Share.

     FOR EXAMPLE: if the Investor subscribes for $50,000 of Securities, the
     Investor will purchase a Note in the original principal amount of $50,000
     and will receive a Warrant to purchase 50,000 shares of Common Stock at an
     exercise price of $2.50 per share.

     This subscription is submitted to the Company in accordance with and
subject to the terms and conditions described in this Agreement. In
consideration of the Company's agreement to sell the Securities to the Investor
upon the terms and conditions contained herein, the Investor agrees and
represents as follows:

A.  TERMS OF SUBSCRIPTION.

     1.  The Investor hereby irrevocably subscribes for and agrees to purchase
the Securities for the Purchase Price. The Investor encloses herewith a check or
has caused a wire transfer to be initiated, in each case payable to "Mintz Levin
as Escrow Agent for Interleukin Genetics, Inc." in the full amount of the
Purchase Price (the "Payment").

     2.  The Investor understands that Payment by check or wire transfer as
provided in Paragraph 1 above shall be delivered to the Agent pursuant to the
terms of the Escrow Agreement in the form attached as EXHIBIT A hereto (the
"Escrow Agreement"). The Payment (or, in the case of the rejection of a portion
of the Investor's subscription, the part of the Payment relating to such
rejected portion) will be returned promptly, without interest, if the Investor's
subscription is rejected in whole or in part at any time prior to the closing
notwithstanding the Company's signature hereto. Upon receipt by the Company of
the requisite payments for all

<PAGE>

Securities to be purchased by the subscribers whose subscriptions are accepted
(each, a "Purchaser") the Company may schedule a closing. At the closing, Notes
and Warrants will each be issued in the name of each such Purchaser, and the
name of such Purchaser will be registered on the books of the Company as the
record owner of such Note and Warrant and the Agent will release the aggregate
Payments to the Company. The Company will issue and deliver to each Purchaser a
Note in the form attached as EXHIBIT B hereto and a Warrant in the form attached
as EXHIBIT C hereto. The Investor understands that the Company is offering
certain registration rights with respect to the Warrant Shares as more fully set
forth in the Registration Rights Agreement in the form attached as EXHIBIT D
hereto (the "Registration Rights Agreement").

     3.  The Investor hereby agrees to be bound hereby and by the terms of the
Escrow Agreement and Registration Rights Agreement upon the (i) execution and
delivery to the Company of this Subscription Agreement and (ii) acceptance by
the Company of the Investor's subscription (the "Subscription").

     4.  The Investor agrees that the Company may, in its sole and absolute
discretion, reduce the Investor's subscription to any amount of Securities that
in the aggregate does not exceed the amount of Securities hereby applied for
without any prior notice to or further consent by the Investor. The Investor
hereby irrevocably constitutes and appoints the Company and each officer of the
Company, each of the foregoing acting singly, in each case with full power of
substitution, the true and lawful agent and attorney-in-fact of the Investor,
with full power and authority in the Investor's name, place and stead, to amend
this Subscription Agreement, to effect any of the foregoing provisions of this
Paragraph 4.

     5.  The Company shall not, without the consent of the holders of Notes
representing a majority of the outstanding indebtedness represented by all Notes
issued pursuant to Paragraph 2 above, grant a security interest in any of the
Company's Intellectual Property; PROVIDED, HOWEVER, that this Paragraph 5 shall
not apply to any Intellectual Property which is or becomes the subject of any
license, sublicense, research, collaboration, development, joint venture,
partnership, strategic alliance or other agreement or arrangement which is not
exclusively a financing transaction. The term "Intellectual Property" shall mean
the Company's existing patents, copyrights, trademarks, tradenames,
servicemarks, trade secrets and applications for any of the foregoing (as
applicable).

B.  ACCREDITED INVESTOR. The Investor is an "accredited investor" as such term
is defined in Regulation D under the Securities Act of 1933, as amended (the
"Securities Act"), for the following reason (PLEASE INITIAL ONE OR MORE):

    ____  My individual income was in excess of $200,000 in each of the past two
          years, or my joint income with my spouse was in excess of $300,000 in
          each of those years, and I reasonably expect my income to reach the
          same level in the current year.

    ____  My individual net worth or joint net worth with my spouse exceeds
          $1,000,000.

                                       2

<PAGE>

    ____  The Investor is a trust, corporation or partnership with total assets
          in excess of $5,000,000, not formed for the specific purpose of
          acquiring the Securities, whose purchase of the Securities will be
          directed by a person whose knowledge and experience in financial and
          business matters is such that he or she is capable of evaluating the
          merits and risks of the investment in the Securities.

    ____  The Investor is an entity in which all of the equity owners are
          accredited investors.

    ____  Other (Please specify):
                                 -----------------------------------------------

          ----------------------------------------------------------------------

C.  EXPERIENCE AND SUITABILITY. The Investor has such knowledge and experience
in financial and business matters to evaluate the merits and risks of an
investment in the Securities and to make an informed decision relating thereto.
The Investor has the financial capability for making and protecting the
investment and can afford a complete loss of the investment. The investment is a
suitable one for the Investor.

D.  NO NEED FOR LIQUIDITY. The Investor is aware that this investment may not be
readily liquidated in case of an emergency and that the Securities being
purchased may have to be held for an indefinite period of time. The Investor's
overall commitment to investments which are not readily marketable is not
excessive in view of my/its net worth and financial circumstances and the
purchase of the Securities will not cause such commitment to become excessive.
In view of such facts, the Investor has adequate means of providing for any
current needs, anticipated future needs and possible contingencies and
emergencies and has no need for liquidity in the investment in the Securities.
The Investor is able to bear the economic risk of this investment.

E.  OPPORTUNITY TO INVESTIGATE. Prior to the execution of this Agreement, the
Investor and/or the Investor's adviser(s) has/have had the opportunity to ask
questions of, and receive answers from, representatives of the Company
concerning the terms and conditions of this transaction, and the finances,
operations, business and prospects of the Company. The Investor and/or the
Investor's adviser(s) has/have also had the opportunity to obtain additional
information necessary to verify the accuracy of information furnished about the
Company. Accordingly, the Investor and/or the Investor's adviser(s) has/have
independently evaluated the risks of purchasing the Securities, and the Investor
has received information with respect to all matters which the Investor
considers material to the Investor's decision to make this investment. The
Investor has read the Private Placement Memorandum dated July 25, 2002,
accompanying this Subscription Agreement (the "Private Placement Memorandum").

F.  RISK FACTORS. The Investor is aware that a public market does not exist for
the Securities and that the Securities may not be sold except in compliance with
applicable federal and state securities laws. The Investor understands that the
Company has made no assurances that a public market will ever exist for the
Securities and that, even if a public market exists in the future, the Investor
may not readily be able to sell the Securities. The Investor has considered

                                       3

<PAGE>

each of these risks regarding an investment in the Company and the Securities,
and has carefully reviewed the description of certain risk factors described in
the Private Placement Memorandum,. The Investor understands that the risks
described in such Memorandum are not a complete list of risks involved in an
investment in the Company.

G.  INVESTMENT PURPOSE. The Investor is acquiring the Securities for the
Investor's own account for the purpose of investment and not with a view to, or
for resale in connection with, the distribution thereof, nor with any present
intention of distributing or selling the Securities. The Investor understands
that neither the Securities nor the Warrant Shares have been registered under
the Securities Act or the securities laws of any state, and the Investor hereby
agrees not to make any sale, transfer or other disposition of any such
Securities or Warrant Shares unless either (i) the Securities or Warrant Shares,
as applicable, first shall have been registered under the Securities Act and all
applicable state securities laws, or (ii) an exemption from such registration is
available, and the Company has received such documents and agreements from the
Investor and the transferee as the Company requests at such time. In the event
of any such sale, transfer or other disposition of any of the Securities or
Warrant Shares, the Investor shall deliver to the Company's transfer agent, with
a copy to the Company, a Certificate of Subsequent Sale in the form attached as
SCHEDULE 1 hereto, so that the Note, Warrant and/or Warrant Shares may be
properly transferred.

H.  LEGENDS. The Investor understands that until the Securities and Warrant
Shares have been registered under the Securities Act and applicable state
securities laws each certificate representing such Securities or Warrant Shares
shall bear a legend substantially similar to the following:

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
     UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAW
     AND THEY MAY NOT BE SOLD OR OTHERWISE TRANSFERRED BY ANY PERSON, INCLUDING
     A PLEDGEE, UNLESS EITHER A REGISTRATION STATEMENT WITH RESPECT TO SUCH
     SHARES SHALL BE EFFECTIVE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
     THE CORPORATION SHALL HAVE RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO
     THE CORPORATION THAT THE TRANSACTION IS EXEMPT FROM REGISTRATION UNDER SUCH
     ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

The Investor further understands that until the Warrant Shares have been
registered under the Securities Act and applicable state securities laws each
certificate representing such Warrant Shares shall also bear a legend
substantially similar to the following:

     THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A REGISTRATION
     RIGHTS AGREEMENT DATED JULY __, 2002, A COPY OF WHICH IS AVAILABLE FOR
     INSPECTION AT THE OFFICES OF THE COMPANY OR WILL BE MADE AVAILABLE UPON
     REQUEST.

                                       4

<PAGE>

H.  NO REGULATORY APPROVAL OF MERITS. The Investor understands that neither the
Securities and Exchange Commission nor the commissioner or department of
securities or attorney general of any state has passed upon the merits or
qualifications of, nor recommended nor approved, the Securities. Any
representation to the contrary is a criminal offense.

I.  INDEPENDENT ADVICE. The Investor understands that the Investor is urged to
seek independent advice from professional advisors relating to the suitability
for the Investor of an investment in the Company in view of the Investor's
overall financial needs and with respect to the legal and tax implications of
such an investment.

J.  RESTRICTIONS ON TRANSFER. The Investor shall not, directly or indirectly,
sell, transfer, assign, pledge, bequeath, hypothecate, mortgage, grant any proxy
with respect to, or in any way encumber or otherwise dispose of the Securities
except in compliance with this Agreement.

K.  INDEMNIFICATION. The Investor understands the meaning and legal consequences
of this Agreement and agrees to indemnify and hold harmless the Company and each
director and officer thereof from and against any and all loss, damage or
liability due to or arising out of a breach of any representation, warranty or
agreement of the Investor contained in this Agreement.

L.  AUTHORITY AND NONCONTRAVENTION. The execution and performance hereof
violates no order, judgment, injunction, agreement or controlling document to
which the Investor is a party or by which the Investor is bound. If an
organization, (i) the Investor is duly organized, validly existing and in good
standing under the laws of the jurisdiction in which it has been formed; (ii)
the Investor has the right and power under its organizational instruments to
execute, deliver and perform its obligations hereunder; and (iii) this Agreement
has been duly authorized by all necessary action on the part of all officers,
directors, partners, stockholders and trustees and will not violate any
agreement to which the Investor is a party; and (iv) the individual executing
and delivering this Agreement has the requisite right, power, capacity and
authority to do so on behalf of the organization. The Investor has not been
organized for the purpose of subscribing for the Securities.

M.  DURATION. The Investor understands that the Investor may not cancel,
terminate or revoke this Agreement or any agreement made by the Investor
hereunder and that this Agreement shall survive the Investor's death or
disability and shall be binding upon the Investor's heirs, executors,
administrators, successors and assigns.

N.  CONFIDENTIAL INFORMATION. The Investor represents to the Company that, at
all times during the Company's offering of the Securities, the Investor has
maintained in confidence all non-public information regarding the Company
received by the Investor from the Company or its agents, and covenants that it
will continue to maintain in confidence such information until such information
(a) becomes generally publicly available other than through a violation of this
provision by the Investor or its agents or (b) is required to be disclosed in
legal proceedings (such as by deposition, interrogatory, request for documents,
subpoena, civil investigation demand, filing with any governmental authority or
similar process), provided, however, that before making any use or disclosure in
reliance on this subparagraph (b) the Investor shall give the Company at least
fifteen (15) days prior written notice (or such shorter period as required by

                                       5

<PAGE>

law) specifying the circumstances giving rise thereto and will furnish only that
portion of the non-public information which is legally required and will
exercise its best efforts to obtain reliable assurance that confidential
treatment will be accorded any non-public information so furnished.

O.  MISCELLANEOUS.

     1.  NOTICES. Unless otherwise provided, any notice required or permitted
under this Agreement shall be given in writing and shall be deemed effectively
given only upon delivery to each party to be notified by (i) personal delivery,
(ii) telex or telecopier, upon receipt of confirmation of complete transmittal,
or (iii) an internationally recognized overnight air courier, addressed to the
party to be notified at the address as follows, or at such other address as such
party may designate by ten days' advance written notice to the other party: (i)
if to the Company, to: Interleukin Genetics, Inc., 135 Beaver Street, Waltham,
MA 02452, Attention: Chief Financial Officer, with a copy to Mintz, Levin, Cohn,
Ferris, Glovsky and Popeo, P.C., One Financial Center, Boston, MA 02111,
Attention: Stanford N. Goldman, Jr., Esq. or (ii) if to the Investor, at the
address set forth in Section P below, or at such other address as may have been
specified by written notice given in accordance with this paragraph.

     2.  ENTIRE AGREEMENT. This Agreement, the Registration Rights Agreement and
the Escrow Agreement embody the entire agreement and understanding between the
parties hereto with respect to the subject matter hereof and thereof and
supersedes all prior oral or written agreements and understandings relating to
the subject matter hereof and thereof. No statement, representation, warranty,
covenant or agreement of any kind not expressly set forth in this Agreement
shall affect, or be used to interpret, change or restrict, the express terms and
provisions of this Agreement.

     3.  MODIFICATIONS AND AMENDMENTS. The terms and provisions of this
Agreement may be modified or amended only by written agreement executed by the
parties hereto.

     4.  WAIVERS AND CONSENTS. Failure of the Company to exercise any right or
remedy under this Agreement or any other agreement between the Company and the
Investor, or otherwise, or delay by the Company in exercising such right or
remedy, will not operate as a waiver thereof. No waiver by the Company will be
effective unless and until it is in writing and signed by the Company.

     5.  GOVERNING LAW. This Agreement shall be enforced, governed and construed
in all respects in accordance with the laws of The Commonwealth of Massachusetts
as such laws are applied by Massachusetts courts to agreements entered into and
to be performed in Massachusetts by and between residents of Massachusetts, and
shall be binding upon the Investor, the Investor's heirs, estate, legal
representatives, successors and assigns and shall inure to the benefit of the
Company, its successors and assigns. If any provision of this Agreement is
invalid or unenforceable under any applicable statute or rule of law, then such
provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of
law. Any provision hereof that may prove invalid or

                                       6

<PAGE>

unenforceable under any law shall not affect the validity or enforceability of
any other provision hereof.

P.  The Investor is purchasing the Securities as follows (please check as
appropriate):

     ______   individually         ______   in trust

     ______   joint tenants        ______   as a partnership

     ______   tenants in common    ______   other:_______________________

     Name:______________________________________________________________________

     Telephone:_________________________________________________________________

     Home Address:______________________________________________________________

     City:______________________________      State:____________________________

     Zip: ______________________________

     Contact Name (if Investor is an entity):___________________________________

     Business:__________________________________________________________________

     Address:___________________________________________________________________

     City:______________________________      State:____________________________

     Zip: ______________________________

     Business Telephone:_________________________________________

     Communications should be sent to:  ______________ business or

                                        ______________ home address

     Federal Income Tax I.D. No. (Social Security Number for
     Individual Investors) ______________________________

     AMOUNT SUBSCRIBED FOR: $__________________ (the "Purchase Price")

Q.  UNDER PENALTIES OF PERJURY, THE INVESTOR CERTIFIES THAT:

          A. The number shown above is my correct Taxpayer Identification
Number;

                                       7

<PAGE>

          B. The Investor is not subject to backup withholding either because
the Investor has not been notified by the Internal Revenue Service (the "IRS")
that the Investor is subject to backup withholding as a result of a failure to
report all interest or dividends, or the IRS has notified the Investor that the
Investor is no longer subject to backup withholding.

         [THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK]

                                       8
<PAGE>

     IN WITNESS WHEREOF, the Investor has executed this Subscription Agreement
as of this ____ day of July, 2002.

Investor Name:
              ---------------------------------------

                                          (For Co-owners, if applicable)

By:
   --------------------------------       --------------------------------------
Signature                                 Signature

Name                                      Name:
Title:                                    Title:

ACCEPTED:

                                     INTERLEUKIN GENETICS, INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                       9

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