Document:

EX-10.1

 Exhibit 10.1 

Form for 2015 Awards 

PERFORMANCE SHARE UNIT AGREEMENT 

This PERFORMANCE SHARE UNIT AGREEMENT (this “Agreement”) is by and between Gulf Island Fabrication, Inc. (“Gulf Island” or
the “Company”) and <<Participant Name>> (the “Participant”). 
 WHEREAS, Gulf Island has adopted the
2015 Stock Incentive Plan (the “Plan”), under which the Compensation Committee (the “Committee”) of the Board of Directors of Gulf Island, or its delegee, may, among other things, grant performance-based restricted stock units
payable in shares of Gulf Island common stock, no par value per share (the “Common Stock”), to officers and key employees of Gulf Island or its subsidiaries (collectively, the “Company”); and 

WHEREAS, the Committee believes that entering into this Agreement with the Participant is consistent with the purpose for which the Plan was
adopted. 
 NOW, THEREFORE, Gulf Island and the Participant hereby agree as follows: 

Section 1. The Plan. The Plan, a copy of which has been made available to the Participant, is incorporated by reference and made a
part of this Agreement as if fully set forth herein. This Agreement uses a number of defined terms that are defined in the Plan or in the body of this Agreement. These defined terms are capitalized wherever they are used. 

Section 2. Award. 

(a) On <<Grant Date>> (the “Grant Date”), Gulf Island granted
             performance-based restricted stock units, referred to herein as performance share units (“PSUs”) to the Participant, subject to the terms and conditions of
this Agreement and the Plan. The number of PSUs granted represents the target award (the “Target Award Level”). Each PSU granted hereunder represents the right to receive from the Company, on the vesting date set forth in Section 2(e)
or such earlier date as provided in Section 3 of this Agreement, one share of common stock, no par value of the Company (the “Common Stock”), free of any restrictions. The Participant shall have no rights, including but not limited
to, voting and dividend rights, in the shares of Common Stock underlying the RSUs unless and until such shares are issued to the Participant. 

(b) Depending on the Company’s achievement of the performance goal specified in Section 2(c) during the period beginning
January 1, 2015 and ending December 31, 2016 (the “Performance Period”), the Participant shall receive from the Company the number of shares of Common Stock to which the earned PSUs relate, free of any restrictions, as determined
pursuant to Section 2(d), except as otherwise provided in Section 3. 

 (c) The number of PSUs that are earned and vested shall be based upon the Company’s total
shareholder return relative to the total shareholder return of the Company’s “Peer Group” listed on Schedule A attached hereto (“Relative TSR”) in accordance with the following matrix: 

Relative TSR 
  

							
	 Performance Level Compared to Peer Group
	  	Performance
Percentage(%)	 
			
		  	 Below 25th Percentile
	  	 	0	% 
	 Threshold
	  	 25th Percentile
	  	 	50	% 
	 Target
	  	 50th Percentile
	  	 	100	% 
	 Maximum
	  	 75th Percentile or above
	  	 	150	% 

 (i) Total shareholder return as applied to the Company or any company in the peer group means
stock price appreciation from the beginning to the end of the Performance Period, including monthly reinvestment of dividends and distributions paid during the Performance Period. 

(d) The number of shares of Common Stock issuable to Participant under this award shall be a number of shares of Common Stock determined by
multiplying the number of PSUs granted under this Agreement by the Performance Percentage earned for the level of achievement of the performance criteria as determined by the Committee. Performance results between the Threshold, Target and Maximum
levels will be interpolated based on actual results between the Threshold, Target and Maximum. 
 (e) The Committee shall, within a
reasonably practicable time following the last day of the Performance Period, certify the extent, if any, to which the Relative TSR metric has been achieved with respect to the Performance Period and the number of PSUs, if any, earned as a result of
such achievement. Such certification shall be final, conclusive and binding on the Participant, and on all other persons, to the maximum extent permitted by law. Payment in respect of the earned PSUs shall be made promptly following the
Committee’s certification of the attainment of the Relative TSR metric, but in any event, no later than April 1 of the year following the year in which the Performance Period ends. The Committee retains discretion to decrease the amount
payable to the Participant if it deems appropriate, but shall not increase the amount payable to the Participant to an amount that is higher than the amount payable under the formula described herein. Any PSUs that are not earned as a result of the
failure to meet the conditions set forth herein shall immediately be forfeited. 
 (f) All payments in respect of earned and vested PSUs
shall be made in freely transferable shares of Common Stock. No fractional shares of Common Stock shall be issued pursuant to this award, and any fractional share resulting from any calculation made in accordance with the terms of this Agreement
shall be rounded down to the next whole share. 
 Section 3. Early Termination; Change of Control. 

(a) Subject to Section 3(b) below, in the event of the Participant’s termination of employment prior to the end of the Performance
Period due to (i) any reason other than termination by the Participant or by the Company for Cause as determined by the Company in its sole discretion, (ii) death, (iii) disability (within the meaning of Section 22(e)(3) of the
Internal Revenue Code of 1986, as amended (the “Code”)), or (iv) Retirement (as hereinafter defined), 

  
 2 

 
the Participant shall forfeit as of the date of termination a number of PSUs determined by multiplying the number of PSUs by a fraction, the numerator of which is the number of full months
following the date of termination, death, disability or Retirement to the end of the Performance Period and the denominator of which is twenty four. The Committee shall determine the number of PSUs forfeited and the number of shares of Common Stock
to be issued to the Participant or his beneficiary in accordance with Section 2(e) based on the achievement of the Relative TSR metric for the entire Performance Period. As used herein, “Retirement” is defined as the voluntary
termination of employment at or after age 65 with at least five years of service. In the event Participant voluntarily terminates his or her employment or the Company terminates Participant’s employment for Cause, Participant shall forfeit, as
of the date of termination, all PSUs and any right or claim to any portion of such award. 
 (b) In the event of a Change of Control, the
PSUs shall be converted into a time-based award vesting in full on the last day of the Performance Period at the Target Award Level, subject to Participant’s continued employment with the Company through such vesting date. Notwithstanding the
foregoing, if, within one year following such Change of Control (but prior to the last day of the Performance Period), the Participant’s employment is terminated by the Company without Cause or by such Participant for Good Reason, the Target
Award Level of the award shall vest and the Participant shall be entitled to receive an equivalent number of shares of Common Stock as soon as administratively practical following Participant’s termination, but no later than 30 days thereafter.

 Section 4. Forfeiture of Award. 

(a) If the Participant engages in grossly negligent conduct or intentional misconduct that either (i) requires the Company’s
financial statements to be restated at any time beginning on the Date of Grant and ending on the third anniversary of the end of the Performance Period or (ii) results in an increase of the value of the Participant’s PSUs upon vesting,
then the Committee, after considering the costs and benefits to the Company of doing so, may seek recovery for the benefit of the Company of the after-tax portion of the difference between the value of the shares of Common Stock received upon
vesting of the PSUs and the value that would have been received based on the restated financial statements or absent the increase described in part (ii) above (the “Excess Value”). All determination regarding the value of the award
shall be made solely by the Committee in good faith. 
 (b) The PSUs granted hereunder are also subject to any clawback policies the Company
may adopt in order to conform to the requirements of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any resulting rules issued by the SEC or national securities exchanges thereunder. 

(c) If the Committee determines that the Participant owes any amount to the Company under Sections 4(a) or 4(b) above, the Participant
shall pay to the Company, without interest, the Excess Value (or the amount recoverable under Section 4(b)). The Participant acknowledges that the Company may, to the fullest extent permitted by applicable law, deduct the amount owed from any
amounts the Company owes the Participant from time to time for any reason (including without limitation amounts owed to the Participant as salary, wages, reimbursements or other compensation, fringe benefits, retirement benefits or vacation pay).
Whether or not the Company elects to make any such set-off in whole or in part, if the Company does not recover by means of set-off the full amount the Participant owes it, the Participant hereby agrees to pay immediately the unpaid balance to the
Company. 

  
 3 

 Section 5. Miscellaneous. 

(a) The Participant understands and acknowledges that he is one of a limited number of employees of the Company who have been selected to
receive grants of PSUs and that the grant is considered confidential information. The Participant hereby covenants and agrees not to disclose the award of PSUs pursuant to this Agreement to any other person except (i) the Participant’s
immediate family and legal or financial advisors who agree to maintain the confidentiality of this Agreement, (ii) as required in connection with the administration of this Agreement and the Plan as it relates to this award or under applicable
law, (iii) to the extent the terms of this Agreement have been publicly disclosed by the Company and (iv) as may be required pursuant to Section 16 of the Securities Exchange Act of 1934. 

(b) At the time that all or any portion of the PSUs are earned and pay out, the Participant must deliver to Gulf Island the amount of any
taxes required by law to be withheld. In accordance with the terms of the Plan, the Participant may satisfy the tax withholding obligation by delivering currently owned shares of Common Stock or by electing to have Gulf Island withhold from the
shares of the Participant otherwise would receive hereunder shares of Common Stock having a value equal to the minimum amount required to be withheld (as determined under the Plan). 

(c) The authority to manage and control the operation and administration of this Agreement shall be vested in the Committee, and the Committee
shall have all powers with respect to this Agreement as it has with respect to the Plan. Any interpretation of this Agreement by the Committee and any decision made by it with respect to this Agreement shall be final and binding on all persons. 

(d) Notwithstanding anything in this Agreement to the contrary, the terms of this Agreement shall be subject to the terms of the Plan, and
this Agreement is subject to all interpretations, amendments, rules and regulations promulgated by the Committee from time to time pursuant to the Plan. 

(e) This award is intended to satisfy the short-term deferral exception to the requirements of Section 409A of the Internal Revenue Code
of 1986, as amended (“Section 409A”), and shall be interpreted, construed and administered in accordance with such exception. Notwithstanding anything in this Agreement to the contrary, if the PSUs constitute “deferred
compensation” under Section 409A and the vesting and payout of any PSUs is accelerated pursuant to Section 3, a distribution of the shares of Common Stock issuable to the Participant shall be delayed for a period of six months after
the Participant’s termination of employment, if the Participant is a key employee (as defined under Section 409A) and if so required pursuant to Section 409A. If settlement of the PSUs is so delayed, the PSUs shall be settled within
30 days of the date that is the six-month anniversary of the Participant’s termination of employment. Notwithstanding any provision to the contrary herein, distributions to be made upon a termination of employment hereunder may only be made
upon a “separation from service” as defined under Section 409A. In no event shall a Participant, directly or indirectly, designate the calendar year of payment. 

  
 4 

 (f) Each notice relating to this Agreement shall be in writing and delivered in person or by mail
to Gulf Island at its office, 16255 Park Ten Place, Suite 280, Houston, TX, 77084, to the attention of the Secretary or at such other address as Gulf Island may specify in writing to the Participant by a notice delivered in accordance with this
Section 5(f). All notices to the Participant shall be delivered to the Participant’s address on file with the Company or at such other address as the Participant may specify in writing to the Secretary by a notice delivered in accordance
with this Section 5(f) and Section 5(m). 
 (g) Neither this Agreement nor the rights of Participant hereunder shall be
transferable by the Participant during his life other than by will or pursuant to applicable laws of descent and distribution. No rights or privileges of the Participant in connection herewith shall be transferred, assigned, pledged or hypothecated
by Participant or by any other person in any way, whether by operation of law, or otherwise, and shall not be subject to execution, attachment, garnishment or similar process. In the event of any such occurrence, this Agreement shall automatically
be terminated and shall thereafter be null and void. 
 (h) Nothing in this Agreement shall confer upon the Participant any right to
continue in the employment of the Company, or to interfere in any way with the right of the Company to terminate the Participant’s employment relationship with the Company at any time. 

(i) This Agreement shall be governed by and construed in accordance with the laws of the State of Texas. For purposes of litigating any
dispute that arises directly or indirectly from the relationship of the parties evidenced by the grant of PSUs or this Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of the courts of Harris County, Texas, or the
federal courts for the United States for the Southern District of Texas. 
 (j) If any term or provision of this Agreement, shall at any
time or to any extent be invalid, illegal or unenforceable in any respect as written, the Participant and Gulf Island intend for any court construing this Agreement to modify or limit such provision so as to render it valid and enforceable to the
fullest extent allowed by law. Any such provision that is not susceptible of such reformation shall be ignored so as to not affect any other term or provision hereof, and the remainder of this Agreement, or the application of such term or provision
to persons or circumstances other than those as to which it is held invalid, illegal or unenforceable, shall not be affected thereby and each term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law.

 (k) The Plan and this Agreement contain the entire agreement between the parties with respect to the subject matter contained herein and
may not be modified, except as provided herein or in the Plan or as it may be amended from time to time by a written document signed by each of the parties hereto, including by electronic means as provided in Section 5(m). Any oral or written
agreements, representations, warranties, written inducements, or other communications with respect to the subject matter contained herein made prior to the execution of the Agreement shall be void and ineffective for all purposes. 

(l) Gulf Island’s obligation under the Plan and this Agreement is an unsecured and unfunded promise to pay benefits that may be earned in
the future. The Participant or any successor in interest shall be and remain a general creditor of Gulf Island in the same manner as any other creditor having a general claim for matured and unpaid compensation. 

  
 5 

 (m) Gulf Island may, in its sole discretion, deliver any documents related to the
Participant’s current or future participation in the Plan by electronic means or request the Participant’s consent to participate in the Plan by electronic means. By accepting the terms of this Agreement, the Participant hereby consents to
receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by Gulf Island or a third party designated by Gulf Island. 

(n) The Participant acknowledges that a waiver by Gulf Island of a breach of any provision of this Agreement shall not operate or be construed
as a waiver of any other provision of this Agreement, or of any subsequent breach by the Participant or any other Plan participant. 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered on the day and year first above written. 
  

					
	GULF ISLAND FABRICATION, INC.
		
	By:		  

			Name:		
			Title:		
	
	  

	{Insert name}
	Award Recipient

  
 7 

 Schedule A 

PEER GROUP COMPANIES 
  

			
			Cal Dive International, Inc.
			Helix Energy Solutions Group Inc.
			McDermott International, Inc.
			Oceaneering International, Inc.
			Subsea 7 SA.
			Technip SA
			TETRA Technologies, Inc..

 If any peer group company’s Relative TSR shall cease to be publicly available (due to a business
combination, receivership, bankruptcy or other event) or if any such company is no longer publicly held, the Committee shall exclude that company from the peer group. 

PLEASE PRINT AND KEEP A COPY FOR YOUR RECORDS 

  
 A-1EX-10.2

 Exhibit 10.2 

RESTRICTED STOCK UNIT AGREEMENT 

This RESTRICTED STOCK UNIT AGREEMENT (this “Agreement”) is by and between Gulf Island Fabrication, Inc. (“Gulf Island” or
the “Company”) and <<Participant Name>> (the “Award Recipient”). 
 WHEREAS, the Committee believes
that entering into this Agreement with the Award Recipient is consistent with the purpose for which the Plan was adopted. 
 NOW, THEREFORE,
Gulf Island and the Award Recipient hereby agree as follows: 
 1. 

AWARD OF RESTRICTED STOCK UNITS 

1.1 On <<Grant Date>> (the “Date of Grant”), and upon the terms and conditions of the Plan and this Agreement,
and in consideration of services rendered, Gulf Island awarded (the “RSU Award”) to the Award Recipient <<Grant Amount>> restricted stock units (the “RSUs”), that vest, subject to Sections 2 and 4 hereof, as
follows: 
  

					
	 Scheduled Vesting Date
	  	Amount of
RSUs To Vest	 
		
	 First Anniversary of Date of Grant
	  	 	33	% 
		
	 Second Anniversary of Date of Grant
	  	 	33	% 
		
	 Third Anniversary of Date of Grant
	  	 	Remaining balance	  

 2. 

TERMS OF 
 RESTRICTED STOCK UNITS

 2.1 Each RSU represents the right to receive from Gulf Island, upon vesting, one share of Common Stock, free of any restrictions. 

2.2 The RSUs may not be sold, assigned, donated, transferred, exchanged, pledged, hypothecated or otherwise encumbered. The Award Recipient
shall have no rights, including but not limited to, voting and dividend rights, in the shares of Common Stock underlying the RSUs unless and until such shares are issued to the Award Recipient, or as otherwise provided in this Agreement. 

2.3 If the RSUs have not already vested in accordance with Section 1.1 above, the RSUs shall vest and all restrictions set forth in
Section 2.2 shall lapse, if there has been a Change of Control, and within one year following such Change of Control the Award Recipient’s employment with the Company is terminated by the Company without Cause or by such participant with
Good Reason, as further described in Section 12.10 of the Plan. 

  
 1 

 3. 

ISSUANCE OF SHARES UPON VESTING 

3.1 As soon as practicable after the vesting of the RSUs, but no later than 30 days from such date, Gulf Island will credit the Award
Recipient’s brokerage account with the shares of Common Stock issuable upon vesting. If the Award Recipient has not established a brokerage account, the shares will be held by Gulf Island’s transfer agent until such time as the Award
Recipient opens an account. 
 3.2 Upon issuance of such shares of Common Stock, the Award Recipient is free to hold or dispose of such
shares, subject to applicable securities laws and any internal policy then in effect and applicable to the Award Recipient, such as Gulf Island’s Insider Trading Policy. 

4. 
 TERMINATION OF EMPLOYMENT 

If the Award Recipient’s employment terminates for any reason prior to the vesting of some or all of the RSUs (except in connection with
a Change of Control as described in Section 2.3 above and Section 12.10 of the Plan), all unvested RSUs granted hereunder shall immediately be forfeited. 

5. 
 FORFEITURE OF AWARD 

5.1 If the Award Recipient engages in grossly negligent conduct or intentional misconduct that either (a) requires the Company’s
financial statements to be restated at any time beginning on the Date of Grant and ending on the third anniversary of the end of the final vesting date set forth in Section 1.1 or (b) results in an increase of the value of the RSUs upon
vesting, then the Committee, after considering the costs and benefits to the Company of doing so, may seek recovery for the benefit of the Company of the difference between the shares of Common Stock received upon vesting during the three-year
period following such conduct and the shares of Common Stock that would have been received based on the restated financial statements or absent the increase described in part (b) above (the “Excess Shares”). All determinations
regarding the amount of the Excess Shares shall be made solely by the Committee in good faith. 
 5.2 The RSU Award granted hereunder is
also subject to any clawback policies the Company may adopt in order to conform to the requirements of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any resulting rules issued by the United States Securities
and Exchange Commission or national securities exchanges thereunder. 
 5.3 If the Committee determines that the Award Recipient owes any
amount to the Company under Sections 5.1 or 5.2 above, the Award Recipient shall return to the Company the Excess Shares (or the shares recoverable under Section 5.2) acquired by the Award Recipient pursuant to this Agreement (or other
securities into which such shares have been converted or exchanged) or, if no longer held by the Award Recipient, the Award Recipient shall pay to the Company, without interest, all cash, securities or other assets received by the Award Recipient
upon the sale or transfer of such shares. The Award Recipient acknowledges that the Company may, to the fullest extent permitted by applicable law, deduct such amount owed from any 

  
 2 

 
amounts the Company owes the Award Recipient from time to time for any reason (including without limitation amounts owed to the Award Recipient as salary, wages, reimbursements or other
compensation, fringe benefits, retirement benefits or vacation pay). Whether or not the Company elects to make any such set-off in whole or in part, if the Company does not recover by means of set-off the full amount the Award Recipient owes it, the
Award Recipient hereby agrees to pay immediately the unpaid balance to the Company. 
 6. 

WITHHOLDING TAXES; TAX TREATMENT 

6.1 At the time that all or any portion of the RSUs vest, the Award Recipient must deliver to Gulf Island the amount of any taxes required by
law to be withheld. In accordance with the terms of the Plan, the Award Recipient may satisfy the tax withholding obligation by delivering currently owned shares of Common Stock or by electing to have Gulf Island withhold from the shares of the
Award Recipient otherwise would receive hereunder shares of Common Stock having a value equal to the minimum amount required to be withheld (as determined under the Plan). 

6.2 The RSUs are intended to constitute short-term deferrals under Section 409A of the Code (“Section 409A”), and the
regulations and guidance issued thereunder. However, each Award Recipient should consult his or her own tax advisor as to the tax effect of amounts payable to the Award Recipient under the Plan. Gulf Island reserves the right to amend this Agreement
to the extent it reasonably determines is necessary in order to preserve the intended tax consequences of the RSU Award in light of Section 409A and any regulations or other guidance promulgated thereunder. Neither the Company nor the members
of the Committee shall be liable for any determination or action taken or made with respect to this Agreement or the RSU Award granted thereunder. 

7. 
 ADDITIONAL CONDITIONS 

Anything in this Agreement to the contrary notwithstanding, if at any time Gulf Island further determines, in its sole discretion, that the
listing, registration or qualification (or any updating of any such document) of the shares of Common Stock issuable pursuant hereto is necessary on any securities exchange or under any federal or state securities or blue sky law, or that the
consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with the issuance of shares of Common Stock pursuant hereto, such shares of Common Stock shall not be issued, in whole or in part,
or the restrictions thereon removed, unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to Gulf Island. Gulf Island agrees to use commercially reasonable
efforts to issue all shares of Common Stock issuable hereunder on the terms provided herein. 

  
 3 

 8. 

NO CONTRACT OF EMPLOYMENT INTENDED 

Nothing in this Agreement shall confer upon the Award Recipient any right to continue in the employment of the Company, or to interfere in any
way with the right of the Company to terminate the Award Recipient’s employment relationship with the Company at any time. 
 9. 

BINDING EFFECT 
 This Agreement
may not be transferred, assigned pledged or hypothecated in any manner at law or otherwise, other than by will or by the laws of descent and distribution, if applicable, and shall not be subject to execution, attachment or similar process. This
Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, legal representatives and permitted successors. Without limiting the generality of the foregoing, whenever the term
“Award Recipient” is used in any provision of this Agreement under circumstances where the provision appropriately applies to the heirs, executors, administrators or legal representatives to whom this award may be transferred by will or by
the laws of descent and distribution, the term “Award Recipient” shall be deemed to include such person or persons. 
 10. 

INCONSISTENT PROVISIONS 
 The RSUs
granted hereby are subject to the terms, conditions, restrictions and other provisions of the Plan as fully as if all such provisions were set forth in their entirety in this Agreement. If any provision of this Agreement conflicts with a provision
of the Plan, the Plan provision shall control. The Award Recipient acknowledges that a copy of the Plan and a prospectus summarizing the Plan was distributed or made available to the Award Recipient and that the Award Recipient was advised to review
such materials prior to entering into this Agreement. The Award Recipient waives the right to claim that the provisions of the Plan are not binding upon the Award Recipient and the Award Recipient’s heirs, executors, administrators, legal
representatives and successors. 
 11. 

GOVERNING LAW 
 This Agreement
shall be governed by and construed in accordance with the laws of the State of Texas. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by the grant of the RSU Award or this
Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of the courts of Harris County, Texas, or the federal courts for the United States for the Southern District of Texas, and no other courts, where this grant is made
and/or to be performed. 

  
 4 

 12. 

MISCELLANEOUS 
 12.1 The Award
Recipient understands and acknowledges that he is one of a limited number of employees of the Company who have been selected to receive grants of RSU Awards and that the grant is considered confidential information. The Award Recipient hereby
covenants and agrees not to disclose the award of RSU Awards pursuant to this Agreement to any other person except (a) the Award Recipient’s immediate family and legal or financial advisors who agree to maintain the confidentiality of this
Agreement, (b) as required in connection with the administration of this Agreement and the Plan as it relates to this award or under applicable law, (c) to the extent the terms of this Agreement have been publicly disclosed by the Company
and (d) as may be required pursuant to Section 16 of the Securities Exchange Act of 1934. 
 12.2 The authority to manage and
control the operation and administration of this Agreement shall be vested in the Committee, and the Committee shall have all powers with respect to this Agreement as it has with respect to the Plan. Any interpretation of this Agreement by the
Committee and any decision made by it with respect to this Agreement shall be final and binding on all persons. 
 12.3 Notwithstanding
anything in this Agreement to the contrary, the terms of this Agreement shall be subject to the terms of the Plan, and this Agreement is subject to all interpretations, amendments, rules and regulations promulgated by the Committee from time to time
pursuant to the Plan. Terms used but not otherwise defined herein shall have the meanings ascribed to them in the Plan. 
 12.4 Each notice
relating to this Agreement shall be in writing and delivered in person or by mail to Gulf Island at its office, 16225 Park Ten Place, Suite 280, Houston, Texas 77084, to the attention of the Secretary or at such other address as Gulf Island may
specify in writing to the Award Recipient by a notice delivered in accordance with this Section 12.4. All notices to the Award Recipient shall be delivered to the Award Recipient’s address on file with the Company or at such other address
as the Award Recipient may specify in writing to the Secretary by a notice delivered in accordance with this Section 12.4 and Section 12.6. 

12.5 Gulf Island’s obligation under the Plan and this Agreement is an unsecured and unfunded promise to pay benefits that may be earned
in the future. Gulf Island shall have no obligation to set aside, earmark or invest any fund or money with which to pay its obligations under this Agreement. The Award Recipient or any successor in interest shall be and remain a general creditor of
Gulf Island in the same manner as any other creditor having a general claim for matured and unpaid compensation. 
 12.6 Gulf Island may, in
its sole discretion, deliver any documents related to the Award Recipient’s current or future participation in the Plan by electronic means or request the Award Recipient’s consent to participate in the Plan by electronic means. By
accepting the terms of this Agreement, the Award Recipient hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an online or electronic system established and maintained by Gulf Island or a
third party designated by Gulf Island. 
 12.7 The Award Recipient must expressly accept the terms and conditions of this Agreement by
executing this Agreement in a timely manner. If the Award Recipient does not accept the terms of this Agreement, this RSU Award is subject to cancellation. 

  
 5 

 13. 

ENTIRE AGREEMENT; MODIFICATION; WAIVER 

The Plan and this Agreement contain the entire agreement between the parties with respect to the subject matter contained herein and may not
be modified, except as provided in the Plan, as it may be amended from time to time in the manner provided therein, or in this Agreement, as it may be amended from time to time by a written document signed by each of the parties hereto, including by
electronic means as provided in Section 12.6. Any oral or written agreements, representations, warranties, written inducements, or other communications with respect to the subject matter contained herein made prior to the acceptance of the
Agreement shall be void and ineffective for all purposes. 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered on the day and year first above written. 
  

					
	GULF ISLAND FABRICATION, INC.
		
	By:		  

			Name:		
			Title:		
	
	  

	{Insert name}
	Award Recipient

  
 7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}]]