Document:

Exhibit
10.1

 

STOCK
PURCHASE AGREEMENT

 

THIS
STOCK PURCHASE AGREEMENT (the “Agreement”), made as of February 26, 2021 (the “Effective Date”),
by and among Veniamin Minkov (Republic of Bulgaria Identity Card No. 64779xxxx) (the “Seller”), and
Low Wai Koon (Malaysia Identity Card No. 701108-10-xxxx), (“the “Buyer”). Seller and Buyer, individually
are referred to herein as a “Party,” and collectively as the “Parties”.

 

WI
T N E S S E T H:

 

WHEREAS,
UNEX Holdings Inc., a Nevada corporation (the “Company”) has authorized 75,000,000 shares of common stock,
par value $0.001 per share, of which 2,970,000 shares of common stock are issued and outstanding as of the date hereof, of which
the Seller controls 2,000,000 restricted shares of common stock.

 

NOW,
THEREFORE, in consideration of the mutual promises, covenants, representations and warranties contained herein, and subject
to the terms and conditions hereof, the Parties hereby agree as follows:

 

1.
Sale and Purchase of Control Shares. Seller hereby agrees to sell 2,000,000 restricted shares of the Company’s common
stock (the “Control Shares”) for an aggregate purchase price of Three
Hundred Forty Thousand U.S. dollars (US$340,000), which includes the payment of a consulting fee in the amount of US$20,000
to AC Capital Inc. and Sinogoal Limited (the “Purchase Price”).

 

2.
Closing. On or before February 26, 2021 (the “Closing” or the “Closing Date”):

 

a.
Buyer and Seller shall exchange fully executed copies of the Agreement.

 

b.
Seller shall deliver the certificate(s) evidencing the Control Shares together with valid signed stock power, medallion guaranteed
or other form of signature guarantee that shall be acceptable to the Company’s transfer agent, together with all documents
necessary to effectuate the transfer of the Control Shares to Loeb & Loeb LLP in preparation of the share transfer to be completed
by Action Stock Transfer Corp. upon Closing.

 

c.
Upon receiving the Joint Written Notice as set forth in the escrow agreement dated 31 January, 2021 (the “Escrow Agreement”),
the Escrow Agent shall, without interest, release the escrow money in accordance with the Escrow Agreement.

 

d.
A representative appointed by the Buyer shall be solely responsible for the distribution of the certificates representing the
Control Shares and corresponding stock powers to the Buyer.

 

e.
A representative appointed by the Seller shall be solely responsible for (i) the distribution of the Purchase Price to the Seller,
and (iii) for the distribution of any such fees associated with the Closing, including any and all amounts owed to consultants,
and any and all amounts owing by the Company which shall be paid by the Seller’s representative to make the liabilities
of the Company NIL at Closing.

 

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3.
Conditions to Closing by the Buyer. The obligations of the Buyer to consummate the acquisition of the Control Shares are
subject to the satisfaction of the following conditions:

 

a.
Seller shall deliver to Loeb & Loeb LLP in preparation of the share transfer to be completed by Action Stock Transfer Corp.
upon Closing, the Control Shares with valid signed stock power, medallion guaranteed or other form of signature guarantee that
shall be acceptable to the Company’s transfer agent, together with all documents necessary to effectuate the transfer of
the Control Shares, including, but not limited, to a Board Resolution demonstrating signature authority if the shares are in the
name of a legal entity.

 

b.
The Seller shall acknowledge that the Control Shares being transferred by the Seller are validly, issued fully paid and are non-assessable.

 

c.
At the time of Closing, the Board of Directors shall consist of one current director (the “Existing Director”)
and one director appointed by the Buyer (the “New Director”), and all officers of the Company shall resign
and the new Board of Directors shall appoint new officers designated by the Buyer. Upon compliance by the Company with the information
statement delivery requirements pursuant to Rule 14f-1 under the Securities Exchange Act of 1934, as amended, if applicable, the
Existing Director shall resign and the vacancy created thereby shall be filled by directors designated by the New Director and
the Buyer.

 

d.
Counsel for the Buyer shall have completed a review of the Company’s book, records and filings and shall be satisfied with
the results thereof.

 

e.
At the Closing, the Company shall be current with all of its filings under the Securities Exchange Act of 1934, as amended, none
of which filings shall contain a material misstatement or omission, and be compliant in all material respects with Sarbanes-Oxley
and the rules and regulations promulgated pursuant thereto. At the Closing, the Company shall have made such filings as shall
be required by applicable securities and other laws.

 

f.
No material adverse changes shall have occurred in the business, properties and assets of the Company, other than changes occurring
in the ordinary course of business.

 

g.
The Company shall have no debts, no guarantees, no assets (contingent or otherwise) and no securities convertible into, or exchangeable
or exercisable for, its securities immediately prior to the Closing.

 

h.
The Company shall have no “strikes” with FINRA (e.g., no late 10-K or 10-Q filings).

 

i.
At the Closing, the Company’s common stock shall be DTC eligible.

 

j.
There shall be outstanding no options, warrants, or other securities exercisable or exchangeable for, or convertible into, shares
of the Company’s common stock or any other security of the Company.

 

k.
The Buyer shall have received from the Company all information necessary, in the sole discretion of the Buyer, to trace the title
of the shares of the Company common stock from original issuance through the date of the Closing as well as the exemptions, if
any, relied upon in connection therewith, and shall be satisfied therewith. Such information shall include, without limitation,
all subscriptions, securities purchase agreements, cancelled checks relating thereto, and bank statements and deposit receipts
of the Company unmarked and marked to indicate the dates upon which the subscription proceeds of each current or former stockholder
were deposited with such bank. The officers and directors of the Company and accountants and/or auditors of the Company immediately
prior to Closing shall upon request provide to Buyer and the designees thereof written confirmation of the accuracy and completeness
of such information and any customary thereof prepared by or on behalf of any stockholder.

 

    	 	2	 

    	 

    

 

l.
The transactions contemplated by this Agreement shall have been approved by all required corporate actions of the parties.

 

m.
The parties intend to satisfy the terms of this Agreement in such a manner as to minimize the tax effect on the parties and agree
to consider reasonable changes to the structure of the transaction in order to minimize taxes to be incurred by the parties.

 

n.
The Seller shall cause each of the officers and directors of the Company to do all such further acts as shall be required to permit
the Company to file any required documents (including 10-Ks, 10-Qs, 8-Ks, federal and state tax returns, or otherwise) to be filed
at or following the Closing of the transactions contemplated hereby which reflect the business and operations of the Company prior
to the Closing, and shall execute and deliver all certifications, if any, required to be filed by the Company with respect to
financial statements of the Company reflecting in whole or in part the business and operations of the Company prior to such Closing.

 

o.
At the Closing, the Seller shall deliver to the Buyer the CCC and CIK codes, related passwords and any other codes or passwords
necessary of for the proper operations of the Company at it is now operated.

 

p.
At the Closing the Seller shall deliver to the Buyer all the corporate books and records, including but not limited to the following:

 

1.
All secretarial records

2.
All business invoices

3.
All bank statements

4.
All tax returns

5.
All accounting records

6.
All bookkeeping software and/or data files which describe the business activities of the Company

 

q.
The Seller shall cause the Company to terminate all existing contracts without liability and shall provide to the Buyer with written
documentation that such contracts have been cancelled.

 

r.
The Seller shall provide the Buyer with written evidence that all liabilities of the Company have been paid-off and settled reducing
the Company’s liabilities to NIL at Closing.

 

    	 	3	 

    	 

    

 

4.
Representations and Warranties of Seller. The Seller hereby represents and warrants to the Buyer, that the statements in
the following paragraphs of this Section 4 are all true and complete as of the Effective Date and the Closing Date:

 

a.
Full Power and Authority. The Seller represent that it has full power and authority to sell, transfer and deliver the Control
Shares which are owned by or under the legal control of the Seller in accordance with the terms of this Agreement, and otherwise
to consummate and close the transaction provided for in this Agreement in the manner and upon the terms herein specified.

 

b.
Fully Paid and Non-Assessable. The Seller warrants that the Control Shares being transferred by the Seller have been validly
issued, are fully paid, and are non-assessable.

 

c.
Options, Warrants and Other Rights and Agreements Affecting Company Stock. The Seller warrants that the Company has no
authorized or outstanding options, warrants, calls, subscriptions, rights, convertible securities or other securities as defined
in the Federal Securities Act of 1933 (“Securities”) or any commitments, agreements, arrangements or understandings
of any kind or nature obligating Company, in any such case, to issue shares of Company common stock or other Securities or securities
convertible into or evidencing the right to purchase shares of Company capital stock or other Securities. Neither the Seller nor
the Company is a party of any agreement, understanding, arrangement or commitment, or bound by any Articles or By-Law provision
which creates any rights in any person with respect to the authorization, issuance, voting, sale or transfer of any shares of
Company’s Stock or other Securities.

 

d.
Conduct of Business in Compliance With Regulatory and Contractual Requirements. The Seller warrants that the Company is
not currently conducting any business that is not in compliance with all laws and nor is Company in (i) violation of any laws
of any governmental entities, or (ii) violation of any restrictive or similar covenant, agreement, commitment, understanding or
arrangement.

 

e.
Legal Proceedings. The Seller warrants that there is not and Seller is not aware of any action, suit, proceeding, claim,
arbitration, or investigation by any governmental entity or other person (i) to which Company is or may be a party relating to
the activities of the Company prior to the Closing Date, (ii) threatened against or relating to Company or any of Company’s
assets or businesses, (iii) challenging Company’s right to execute, acknowledge, seal, deliver, perform under or consummate
the transactions contemplated by this Agreement, or (iv) asserting any rights with respect to any of the Control Shares, and there
is no basis for any such action, suit, proceeding, claim, arbitration or investigation.

 

f.
Closing Date Assets and Liabilities. The Seller warrants that at Closing the Company will have no assets and no debt of
any kind including no outstanding tax liabilities and that all existing contracts entered into by the Company shall be cancelled
without liability.

 

g.
Leases and Other Agreements. The Seller warrants that at Closing the Company will have no outstanding leases, nor will
it be subject to any other Agreement.

 

h.
Employment Contracts. The Seller warrants that at Closing the Company will have no outstanding employment obligation of
any kind.

 

i.
Employees. The Seller warrants that at Closing, the Company shall have no obligations whatsoever, for any compensation
or other amounts payable to any employee, director, consultant or independent contractor of Company, including, but not limited
to bonus, salary, compensation, accrued vacation, fringe, pension or profit sharing benefits, or severance paid or payable to
any employee, director, consultant or independent contractor of Company relating to service with or for the Company at any time
prior to the Closing Date.

 

    	 	4	 

    	 

    

 

j.
Disclosure. The Seller warrants that it has disclosed to the Company in this Agreement all material facts related to the
transactions contemplated by this Agreement. No representation or warranty of the Seller contained in this Agreement or other
agreements and instrument referred to in this Agreement, and no statement contained in any certificate, schedule, list or other
writing furnished to Buyer pursuant to the provisions of this Agreement contains any untrue statement of a material fact, or omits
to state a material fact necessary in order to make the statements herein or therein not misleading.

 

k.
SEC Compliance. The Seller warrants that the Company is current on all its filings with the SEC, none of such filings contain
a material misstatement or omission, and the Company is in compliance in all material respects with Sarbanes-Oxley and the rules
and regulations promulgated thereunder.

 

5.
Representations of Buyer. The Buyer hereby represents to the Seller that the statements in the following paragraphs of
this Section 5 are all true and complete as of the Closing:

 

a.
Source of Funds. The Buyer hereby represents that the funds used for the Purchase Price are not the proceeds of, nor are
intended for or being transferred in the furtherance of, any illegal activity or activity prohibited by federal or state laws.
Such illegal activity may include, but are not limited to, tax evasion; financial misconduct; environmental crimes; activity involving
drugs and other controlled substances; counterfeiting; espionage; kidnapping; smuggling; copyright infringement; entry of goods
into the United States by means of false statements; terrorism; terrorist financing or other material support of terrorists or
terrorism; arms dealing; bank fraud; wire fraud; mail fraud; concealment of assets or any effort by conspiracy or otherwise to
defeat, defraud or otherwise evade, any party or the court in a bankruptcy proceeding, a receiver, a custodian, a trustee, a marshal,
or any other officer of the court or government or regulatory official; bribery or any violation of the Foreign Corrupt Practices
Act; trading with enemies of the United States; forgery; or fraud of any kind. Buyer further warrant that all transfers of monies
will be in accordance with the Money Laundering Control Act of 1986 as amended.

 

b.
Full Power and Authority. The Buyer represents that they have full power and authority to enter into this Agreement and
to consummate the transactions contemplated hereby.

 

c.
Investment Experience. The Buyer understands that purchase of the Control Shares involves substantial risk. The Buyer:

 

i.
has experience as purchasers in securities of companies in the development stage and acknowledges that they can bear the economic
risk of Buyer’ investment in the Control Shares;

 

ii.
has such knowledge and experience in financial, tax, and business matters so as to enable the Buyer to evaluate the merits and
risks of an investment in the Control Shares and Debt, to protect the Buyer’s own interests in connection with the investment
and to make an informed investment decision with respect thereto; and

 

    	 	5	 

    	 

    

  

iii.
are purchasing for investment intent and without a view towards a distribution.

 

d.
No Oral Representations. No oral or written representations have been made other than or in addition to those stated in
this Agreement. The Buyer is not relying on any oral or written statements made by the Seller, the Seller’s representatives,
employees or affiliates in purchasing the Control Shares.

 

e.
Compliance. The Buyer shall comply with all applicable securities laws, rules and regulations regarding this Agreement,
the transactions contemplated hereby and all related transactions.

 

6.
Indemnification of Buyer. The Seller shall indemnify and hold harmless the Buyer from and against any losses, damages or
expenses which may be suffered or incurred by the Buyer arising from or by reason of the inaccuracy of any statement, representation
or warranty of the Seller made herein or any certificate delivered in connection herewith, or the failure of Seller to perform
any agreement made by them herein. The Buyer shall give the Seller prior written notice of any claim, demand, suit or action with
respect to which indemnity may be sought pursuant to this Section. The Seller, in every such case, shall have the right at its
sole expense and cost to participate in contesting the validity or the amount of any such claim, demand, suit or action. In the
event that the Buyer suffers loss, damage or expense and is entitled to indemnification under this Section, the amount of any
such loss, damage or expense shall be assessed against and shall be paid by the Seller.

 

7.
Indemnification of Seller. The Buyer shall indemnify the Seller and shall hold the Seller harmless, on demand, from and
against any losses, damages or expenses which may be suffered or incurred by the Seller arising from or by reason of the inaccuracy
of any statement, representation or warranty of the Buyer made herein or in any document or instrument delivered by the Buyer
in connection with the transactions herein contemplated, or the failure of the Buyer to perform any agreement or covenant made
by it herein or in any document or instrument delivered by Buyer to Seller in connection with the transaction herein contemplated.

 

8.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada, without
giving effect to any other choice or conflict of law provision that would cause the application of the laws of any other jurisdiction
other than the State of Nevada.

 

9.
Term/Survival. The terms of this Agreement shall be effective as of the Effective Date, and shall survive the termination
of this Agreement.

 

10.
Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the
respective successors and assigns of the parties.

 

11.
Counterparts. This Agreement may be executed in person or electronically in two or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same agreement. A telefaxed copy of this Agreement
shall be deemed an original.

 

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12.
Headings. The headings used in this Agreement are for convenience of reference only and shall not be deemed to limit, characterize
or in any way affect the interpretation of any provision of this Agreement.

 

13.
Ambiguities. Each Party and its counsel have participated fully in the review and revision of this Agreement. The Parties
understand and agree that any rule of construction to the effect that ambiguities are to be resolved against the drafting party
shall not apply in interpreting this Agreement. The language in this Agreement shall be interpreted as to its fair meaning and
not strictly for or against any Party.

 

14.
Costs, Expenses. Each Party hereto shall bear its own costs in connection with the preparation, execution and delivery
of this Agreement.

 

15.
Modifications and Waivers. No change, modification or waiver of any provision of this Agreement shall be valid or binding
unless it is in writing, dated subsequent to the execution of this Agreement, and signed by all the Parties. No waiver of any
breach, term, condition or remedy of this Agreement by any Party shall constitute a subsequent waiver of the same or any other
breach, term, condition or remedy. All remedies, either under this Agreement, by law, or otherwise afforded the Buyer shall be
cumulative and not alternative.

 

16.
Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision(s)
shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision(s) were so excluded
and shall be enforceable in accordance with its terms.

 

17.
Entire Agreement. This Agreement constitutes the entire agreement and understanding of the Parties with respect to the
subject matter hereof and supersedes any and all prior negotiations, correspondence, agreements, understandings duties or obligations
between the Parties with respect to the subject matter hereof.

 

18.
Further Assurances. From and after the date of this Agreement, upon the request of the Buyer or the Seller, the Buyer and
the Seller shall execute and deliver such instruments, documents or other writings as may be reasonably necessary or desirable
to confirm and carry out and to effectuate fully the intent and purposes of this Agreement.

 

19.
Notices. All notices or other communications required or permitted by this Agreement shall be in writing and shall be deemed
to have been duly received:

 

a.
if given by telecopier or email, when transmitted and received if transmitted on a business day and during normal business hours
of the recipient, and otherwise on the next business day following transmission;

 

b.
if given by certified or registered mail, return receipt requested, postage prepaid, three business days after being deposited
in the U.S. mails; and

 

c.
if given by courier or other means, when received or personally delivered, and, in any such case, addressed as indicated herein,
or to such other addresses as may be specified by any such Person to the other Person pursuant to notice given by such Person
in accordance with the provisions of this Section 19.

  

[Signature
Page Follows]

 

    	 	7	 

    	 

    

 

In
witness whereof, this Agreement has been duly executed by the parties hereto as of the date first above written.

 

	 	Seller:
    Veniamin Minkov
	 	 
	 	/s/
    Veniamin Minkov
	 	 
	 	Buyer:
    Low Wai Koon
	 	 
	 	/s/
    Low Wai Koon
	 	 
	 	Number
    of Restricted Shares Purchased: 2,000,000

 

    	 	8gifi-ex101_21.htm

Exhibit 10.1

EMPLOYMENT AGREEMENT

	

	
THIS EMPLOYMENT AGREEMENT (this "Agreement") is entered into as of April 16, 2021 (the "Effective Date"), by and between Gulf Island Fabrication, Inc., a Louisiana corporation (the "Company") and Christian G. Vaccari ("Employee") (collectively the “Parties”).

	

	
In consideration of the respective agreements of the Company and Employee set forth below and other good and valuable consideration, the Company and Employee agree as follows:

1.Employment.  The Company shall employ Employee upon the terms and conditions set forth in this Agreement, which terms and conditions shall be effective as of the Effective Date.

2.Term of Employment.  This Agreement shall commence on the Effective Date and shall continue until April 15, 2022 (the “Employment Term”). Employee’s employment will terminate on April 15, 2022, unless terminated by either party at an earlier date.

3.Position and Duties.

(a)During the Employment Term, Employee will work remotely and will serve as “Consultant.” Employee will be a W-2 employee of the Company and will report directly to the Company’s President and Chief Executive Officer (“CEO”). Employee will provide needed services and support for Hornbeck, assist with the shutdown of facilities in Jennings and Lake Charles, and perform other duties and responsibilities, all given to him during the Employment Term by the President and CEO. 

(b)During the Employment Term, Employee shall serve the Company faithfully and to the best of his ability in a diligent, trustworthy and professional manner and shall devote his business time, attention and efforts to the business of the Company.  During the Employment Term, Employee shall not serve as an employee, consultant, officer or director of, or otherwise perform services for compensation for, any other person or entity without the prior written consent of the President and CEO, which consent will not be unreasonably withheld.  Notwithstanding the foregoing, Employee may participate in charitable and personal investment activities, so long as any such activities or services do not interfere with the performance of Employee's duties and responsibilities hereunder or otherwise violate the provisions hereof.

4.Compensation.

(a)During the Employment Term, Employee shall receive an annual base salary of $167,500 ("Base Salary"). This Base Salary shall be paid in accordance with the Company's normal payroll policies and procedures.

(b)During the Employment Term, Employee shall be entitled to participate in all employee health and welfare benefit plans and programs of the Company for which employees of the Company are generally eligible in accordance with the terms thereof.  The Company provides no assurance as to the adoption or continuance of any particular employee benefit plan or program, and Employee's participation in any such plan or program shall be subject to the provisions, rules and regulations applicable thereto.

(c)The Company shall reimburse Employee for all reasonable and necessary out-of-pocket business expenses incurred by him during the Employment Term in the performance of his duties and responsibilities hereunder, consistent with the Company's policies in effect from 

{N4365466.4}

 

time to time with respect to travel, entertainment and other business expenses and subject to the Company's normal policies and procedures for expense verification and documentation.

(d)Employee has twenty-two days of accrued and unused vacation which must be used prior to December 31, 2021, or they will be lost. These vacation days will not roll over to 2022.  Employee shall not earn or be entitled to any additional vacation in 2022. 

5.Confidential Information.  

(a)Employee understands that during the course of his employment relationship with the Company and his new position as Consultant, Employee has and will continue to have access to valuable information relating to the business and operations of the Company that is non-public, confidential, proprietary, and/or trade secret in nature and would be particularly valuable to the Company’s competitors, and that the Company desires and makes efforts to safeguard the confidentiality of all such information. For purposes of this Agreement, “Confidential Information” means any information, knowledge or data of any nature and in any form (including information that is electronically transmitted or stored on any form of magnetic or electronic storage media) relating to the past, current or prospective business or operations of the Company that is not generally known to persons engaged in businesses similar to those conducted or contemplated by the Company, whether produced by the Company or any of its consultants, agents or independent contractors or by Employee, and whether or not marked confidential, including, without limitation, information relating to the Company’s salary information, benefit information, any special employment arrangements, personnel issues, financial matters, cash position, any plans that management may have concerning the operations of the Company in general or any specific department, any and all information regarding products and services, business plans, manuals, works of authorship, service techniques, processes, research and development methods or techniques, operating procedures, trade secrets, purchasing methods or practices, employment or personnel data, marketing strategies or techniques, financial information, employee lists,  customer lists, vendor lists, and internal notes and memoranda relating to any of the foregoing provided, however, that the term “Confidential Information” shall exclude (i) any information, knowledge or data which is publicly available from widely circulated information (unless such information has become publicly available due to Employee’s breach of his obligations under this Agreement) or was acquired prior to employment with the Company and (ii) information, knowledge or data provided to Employee by a third person who, by the provision of such information, knowledge or data, is not violating his own duty of confidentiality to the Company. This applies to all matters discussed in monthly sales meetings, annual review meetings, personnel meetings, and any other meetings where confidential or sensitive information is discussed. 

(b)Employee agrees that during and after the termination of Employee's employment relationship with the Company, Employee will not communicate, divulge, or make available to any person or entity (other than the Company, its customers, or other entities or persons expressly authorized by the Company to receive such information) any of the aforementioned Confidential Information except upon the prior written authorization of the Company or as may be required by law or legal process. Employee further agrees that upon the termination of Employee's employment relationship, Employee will deliver promptly to the Company any such information in Employee's possession (whether in electronic or hard copy form), including any duplicates thereof and any notes or other records Employee has prepared with respect thereto. If the provisions of any applicable law or the order of any court would require Employee to disclose 

{N4365466.4}2

 

or otherwise make available any such information, Employee shall provide the Company with prompt prior written notice of such required disclosure and a reasonable opportunity to contest the requirement of such disclosure or apply for a protective order with respect to such information through the appropriate proceedings.  Employee also acknowledges and agrees that he is not authorized to access any Company information for any purpose other than furthering the business interests of the Company and Confidential Information shall not be forwarded to personal email addresses or third parties without the express written consent of the Company.  Employee also is not authorized to delete any such Confidential Information, Work Product (as defined below) or the business information of the Company (including all acquisition prospects, lists and contact information) prior to his termination. 

(c)Employee may have certain rights under the Defend Trade Secrets Act of 2016, Pub. L. 114-153. An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that: (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual: (X) files any document containing the trade secret under seal; and (Y) does not disclose the trade secret, except pursuant to court order.

(d)Employee acknowledges and agrees that the Company owns all right, title, and interest in and to all Work Product (as defined below).  Employee hereby assigns to the Company all right, title, and interest in and to all discoveries, concepts, ideas, inventions, innovations, improvements, developments, methods, processes, programs, designs, analyses, drawings, reports, patents, patent applications, all other proprietary information, and all similar or related information (in each case whether or not patentable or reduced to practice), all copyrights and copyrightable works, all trade secrets, Confidential Information, and know‐how, and all other intellectual property rights that both (i) are conceived, reduced to practice, developed, or made by Employee while employed or engaged by or on behalf of the Company, and (ii) either (a) relate to the Company's actual or anticipated business, research and development, or existing or future products or services, (b) are conceived, developed, contributed to, made, or reduced to practice by Employee (either solely or jointly with others) while providing services to the Company (including any intellectual property rights), or (c) results from any work performed by Employee for the Company ("Work Product").  Any copyrightable work prepared in whole or in part by Employee in the course of Employee's service to the Company shall be deemed a "work made for hire" under applicable copyright laws, and the Company shall own all right, title, and interest therein and thereto, including all intellectual property rights.  To the extent that any such copyrightable work is not a "work made for hire," Employee hereby assigns to the Company all right, title, and interest in and to such copyrightable work, including all intellectual property rights.  Upon request of the President and CEO, Employee shall promptly disclose such Work Product to the President and CEO and perform all actions reasonably requested by the President and CEO (whether during or after Employee's employment) to establish and/or confirm the Company’s ownership of the Work Product (including executing and delivering assignments, consents, powers of attorney, applications and other instruments and providing testimony).

{N4365466.4}3

 

(e)Employee understands that the Company will receive from third parties confidential or proprietary information ("Third Party Information") subject to a duty on the Company's part to maintain the confidentiality of such information and to use it only for certain limited purposes.  Without in any way limiting the provisions of this Section 5, Employee will hold Third Party Information in the strictest confidence and will not disclose Third Party Information to anyone (other than personnel and consultants of the Company who need to know such information in connection with their work for the Company) or use, except in connection with Employee's service to the Company, Third Party Information unless expressly authorized by the President and CEO in writing.  Employee shall not have the right to access any Third Party Information for any reason other than the furtherance of the Company’s business.

6.Noncompetition and Nonsolicitation.   

(a)Employee understands and agrees that the Company has recently sold its shipyard business to Bollinger Houma Shipyards LLC, said business defined as: (a) fabricating newbuild marine vessels, (b) providing marine repair and maintenance services, and (c) performing marine vessel conversion projects to permit such vessel’s use for a different type of activity or enhance its capacity or functionality. Attachment “A” contains the restrictive covenants contained in the Asset Purchase Agreement that bind the Company per the terms therein. Employee acknowledges and agrees that he will abide by the restrictive covenants contained in Attachment “A” during the Employment Term, and that any failure to do so will result in Employee’s immediate termination.

7.Termination of Employment.  Employee's employment with the Company shall terminate upon the date (the "Termination Date") which is the earliest to occur of: (i) the date of the Company's termination of Employee's employment during the Employment Term at the direction of the President and CEO with or without Cause; (ii) the date of Employee's resignation from the Company;  (iii) the date of Employee's death or disqualifying disability (as defined under the Americans with Disabilities Act); or (iv) termination occurring at the expiration of the Employment Term. Except as otherwise provided herein, any termination of employment by the Company shall be effective as specified in a written notice from the President and CEO to Employee.

8.Payments upon Termination of Employment.

(a)In the event that Employee's employment with the Company is terminated without Cause (as defined below) prior to the expiration of the Employment Term, then Employee shall be entitled to receive the equivalent of his then Base Salary through the expiration of the Employment Term (the “Severance Period”), per the requirements of Section 9. 

(b)If Employee's employment with the Company terminates during the Employment Term for any reason other than as a result of Employee's termination without Cause, then Employee shall only be entitled to receive Employee's Base Salary through the Termination Date and reimbursement for business expenses incurred prior to the Termination Date and shall not be entitled to any other salary, compensation or benefits from the Company thereafter, except as otherwise specifically provided for under the Company's employee benefit plans or as otherwise expressly required hereunder or by applicable law. 

(c)The Company may terminate Employee’s employment for Cause during the Employment Term.  For purposes of this Agreement, the President and CEO shall have “Cause” to terminate Employee’s employment hereunder upon Employee’s:

{N4365466.4}4

 

(i)failure to abide by reasonable rules and regulations governing the transaction of business of the Company as determined solely by the President and CEO;

(ii)commission of acts within employment with the Company amounting to gross negligence or intentional misconduct;

(iii)misappropriation of funds or property of the Company or committing any fraud against the Company or against any other person or entity in the course of providing services to the Company;

(iv)breach of any fiduciary duty or otherwise obtaining personal profit or benefit from any transaction which is adverse to the interests of the Company or to the protection or benefits of which the Company is entitled;

(v)commission of a felony or other crime involving moral turpitude; and/or

(vi)material violation of any term of this Agreement.

(d)The Parties agree that Employee’s 33,334 unvested restricted stock units will vest on March 8, 2022 regardless of Employee’s employment status. 

9.Compliance; Release; Payment Terms.  Notwithstanding anything to the contrary set forth in this Agreement, the Company shall not be obligated to make any payments to Employee under Section 8 hereof unless Employee shall have signed a customary general release in favor of the Company, all applicable consideration periods and rescission periods provided by law shall have expired, and Employee has not committed a suspected breach of the terms of Section 5, 6, 10 and 11 hereof as of the dates of the payments.  

10.Return of Records and Property.  Upon termination of his employment with the Company for any or no reason, Employee shall promptly deliver to the Company any and all Company records and any and all Company property in his possession or under his control, including, without limitation, manuals, books, blank forms, documents, letters, memoranda, notes, notebooks, reports, printouts, computer disks, computer tapes, source codes, data, tables or calculations and all copies thereof, documents that in whole or in part contain any trade secrets or confidential, proprietary or other secret information of the Company and all copies thereof, and keys, access cards, access codes, passwords, credit cards, personal computers, telephones and other electronic equipment belonging to the Company or the Company. 

11.Employee's Cooperation.  During Employee’s employment and thereafter, Employee shall cooperate with the Company in any internal investigation, any administrative, regulatory or judicial investigation or proceeding or any dispute with a third party as reasonably requested by the Company (including, without limitation, Employee being available to the Company upon reasonable notice for interviews and factual investigations, appearing at the Company's request to give testimony without requiring service of a subpoena or other legal process, volunteering to the Company all pertinent information and turning over to the Company all relevant documents which are or may come into Employee's possession, all at times and on schedules that are reasonably consistent with Employee's other permitted activities and commitments). In the event the Company requires Employee's cooperation in accordance with this Section 11, the Company, as applicable, shall reimburse Employee solely for reasonable travel expenses (including lodging and meals) upon submission of receipts.

{N4365466.4}5

 

12.Miscellaneous.

(a)Except as provided in this Section 12, all matters relating to the interpretation, construction, application, validity and enforcement of this Agreement shall be governed by the laws of the State of Louisiana.

(b)This Agreement contains the entire agreement of the parties relating to the subject matter of this Agreement and supersedes all prior agreements and understandings with respect to such subject matter, and the parties hereto have made no agreements, representations or warranties relating to the subject matter of this Agreement that are not set forth herein.  

(c)No amendment or modification of this Agreement shall be deemed effective unless made in writing and executed and delivered by Employee and the Company.

(d)No term or condition of this Agreement shall be deemed to have been waived, except by a statement in writing signed by the party against whom enforcement of the waiver is sought.  Any written waiver shall not be deemed a continuing waiver unless specifically stated, shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived.

(e)This Agreement shall not be assignable, in whole or in part, by either party without the prior written consent of the other party, except as provided herein.  The Company may, without the consent of Employee, assign and/or transfer its rights and obligations under this Agreement to any corporation or other business entity to which the Company may sell or transfer all or substantially all of its assets, provided that such assignee or transferee assumes the Company's obligations hereunder in writing.  After any such assignment by the Company, the Company shall be discharged from all further liability hereunder and such assignee shall thereafter be deemed to be the "Company" for purposes of all terms and conditions of this Agreement, including this Section 12).

(f)This Agreement may be executed in any number of counterparts, and such counterparts executed and delivered, each as an original, shall constitute one and the same instrument.  

(g)The captions and section headings used in this Agreement are for convenience of reference only and shall not affect the construction or interpretation of this Agreement or any of the provisions hereof.

(h)The Company shall be entitled to deduct or withhold from any amounts owing from the Company to Employee any federal, state, local or foreign withholding taxes, excise tax, or employment taxes imposed with respect to Employee's compensation or other payments from the Company (including, without limitation, wages and bonuses).  

IN WITNESS WHEREOF, Employee and the Company have executed this Employment Agreement as of the date set forth in the first paragraph.

 

			
	
GULF ISLAND FABRICATION, INC.
	
 
	
 

	
 
	
 
	
 

	
By: /s/ Richard W. Heo
	
 
	
/s/ Christian G. Vaccari

	
Printed Name: Richard W. Heo
	
 
	
Christian G. Vaccari

	
Title: President and CEO
	
 
	
 

 

 

{N4365466.4}6

Attachment “A”

 

Section 4.7 Restrictive Covenants

.  Sellers acknowledge that to induce Purchasers to enter into the transactions contemplated by this Agreement, Sellers must agree to certain restrictive covenants relating to the conduct of their business after the Closing.  Sellers further acknowledge that the Business is in a highly technical, competitive, and specialized industry, and that the customer and employee relationships are significant to the operation of the Business and provide it with a competitive advantage.

 

(a)During the Restricted Period, Sellers agree that that they will not directly or indirectly, for their own benefit or on behalf of another Person or to the Purchaser’s detriment:

 

	
 
	
(i)
	
Solicit any of the Business Employees unless (x) Purchasers provide written consent, (y) Purchasers terminated the employment of any such Business Employee, or (z) such Business Employees’ daily duties are to occur outside the Restricted Area;  

 

	
 
	
(ii)
	
Solicit or divert, or attempt to divert, any customer or vendor (existing or prospective) for the construction, creation, repair, conversion or manufacture of any marine vessel during the Restricted Period and the twelve months prior to the Restricted Period, or to induce such party to terminate or cancel an arrangement or contract with any Purchaser.   

 

(b)Sellers further agree, that within the Restricted Area during the Restricted Period, none of them will carry on or engage in, whether as an owner, manager, director, officer, partner, consultant, shareholder, member, agent, advisor, or in any other capacity, the design, construction, creation or manufacturing of marine vessels.   Sellers further agree that none of them will create or acquire any new corporate entity to engage in conduct that would be a breach of this section if Sellers engaged in such conduct.  Notwithstanding the foregoing, the completion of any vessel(s) under construction pursuant to the Specified Excluded Contracts; and any Seller’s exercise of a right under a Specified Excluded Contract shall not be considered a violation of this provision (collectively, the “Permitted Exceptions”).

 

(c)The parties agree that each of the restrictions set forth in this Agreement is reasonable in business description, time, and geographic scope.  The parties further agree that should a court determine that any restriction in this Agreement is unenforceable, such reformed restriction shall be deemed reformed to the minimum extent necessary to provide for its enforcement under applicable law.  The parties further agree that each of the restrictions set forth in this Agreement constitutes a separate restriction.

 

(d)For purposes of this Section 4.7, the following terms shall have the meaning set forth below:

 

	
 
	
(i)
	
“Restricted Period” shall mean the two-year period following the Closing Date.

 

	
 
	
(ii)
	
“Restricted Area” shall mean Terrebonne Parish, St. Mary Parish and Lafourche Parish of the State of Louisiana.

{N4365466.4}A-1

Attachment “A”

 

(e)In the event any restriction (including any of the Restricted Areas) of this Section 4.7 is deemed by a court of competent jurisdiction (pursuant to Section 8.10) to be overly broad, such restriction shall be stricken from this Section 4.7 without affecting the enforceability of the remaining provisions.  In the event the entire restriction is deemed unenforceable by a court of competent jurisdiction, Section 4.7 in its entirety shall be considered stricken from this Agreement.

 

{N4365466.4}A-2

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