SEC Contract Filing

Filing Date: 2020-05-22

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>4
<FILENAME>gifi-ex101_7.htm
<DESCRIPTION>EX-10.1 - 2015 STOCK INCENTIVE PLAN AMENDED AND RESTATED
<TEXT>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.1</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;text-transform:uppercase;font-size:12pt;font-family:Times New Roman;font-style:normal;font-variant: normal;">Gulf island fabrication, inc.<br /></p>
<p style="margin-bottom:0pt;text-align:center;margin-top:0pt;text-indent:0%;font-weight:bold;text-transform:uppercase;font-size:12pt;font-family:Times New Roman;font-style:normal;font-variant: normal;">AMENDED AND RESTATED</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;text-transform:uppercase;font-size:12pt;font-family:Times New Roman;font-style:normal;font-variant: normal;">2015 STOCK INCENTIVE PLAN</p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;color:#000000;text-transform:uppercase;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;font-variant: normal;">1.<font style="margin-left:36pt;"></font><font style="text-transform:none;color:#000000;">Purpose</font><font style="font-weight:normal;text-transform:none;color:#000000;">.&nbsp;&nbsp;The purpose of the Gulf Island Fabrication, Inc. Amended and Restated 2015 Stock Incentive Plan (the &#8220;</font><font style="font-weight:normal;text-decoration:underline;text-transform:none;color:#000000;">Plan</font><font style="font-weight:normal;text-transform:none;color:#000000;">&#8221;) is to increase shareholder value and to advance the interests of Gulf Island Fabrication, Inc. (&#8220;</font><font style="font-weight:normal;text-decoration:underline;text-transform:none;color:#000000;">Gulf Island</font><font style="font-weight:normal;text-transform:none;color:#000000;">&#8221;) and its subsidiaries (collectively with Gulf Island, the &#8220;</font><font style="font-weight:normal;text-decoration:underline;text-transform:none;color:#000000;">Company</font><font style="font-weight:normal;text-transform:none;color:#000000;">&#8221;) by furnishing stock-based economic incentives (the &#8220;</font><font style="font-weight:normal;text-decoration:underline;text-transform:none;color:#000000;">Incentives</font><font style="font-weight:normal;text-transform:none;color:#000000;">&#8221;) designed to attract, retain, reward and motivate key employees, officers and directors of the Company and consultants and advisors to the Company and to strengthen the mutuality of interests between service providers and Gulf Island&#8217;s shareholders.&nbsp;&nbsp;Incentives consist of opportunities to purchase or receive shares of Common Stock, no par value per share, of Gulf Island (&#8220;</font><font style="font-weight:normal;text-decoration:underline;text-transform:none;color:#000000;">Common Stock</font><font style="font-weight:normal;text-transform:none;color:#000000;">&#8221;) or cash valued in relation to Common Stock, on terms determined under the Plan.&nbsp;&nbsp;As used in the Plan, the term &#8220;subsidiary&#8221; means any corporation, limited liability company or other entity, of which Gulf Island owns (directly or indirectly) within the meaning of Section 424(f) of the Internal Revenue Code of 1986, as amended (the &#8220;</font><font style="font-weight:normal;text-decoration:underline;text-transform:none;color:#000000;">Code</font><font style="font-weight:normal;text-transform:none;color:#000000;">&#8221;), 50% or more of the total combined voting power of all classes of stock, membership interests, or other equity interests issued thereby.</font></p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;color:#000000;text-transform:uppercase;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;font-variant: normal;">2.<font style="margin-left:36pt;"></font><font style="text-transform:none;color:#000000;">Administration.&nbsp;&nbsp;</font></p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;color:#000000;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2.1.<font style="margin-left:108pt;"></font><font style="color:#000000;">Composition</font><font style="font-weight:normal;color:#000000;">.&nbsp;&nbsp;The Plan shall generally be administered by the Compensation Committee (the &#8220;</font><font style="font-weight:normal;text-decoration:underline;color:#000000;">Committee</font><font style="font-weight:normal;color:#000000;">&#8221;) of the Board of Directors of Gulf Island (the &#8220;</font><font style="font-weight:normal;text-decoration:underline;color:#000000;">Board</font><font style="font-weight:normal;color:#000000;">&#8221;).&nbsp;&nbsp;The Committee shall consist of not fewer than two members of the Board, each of whom shall qualify as a &#8220;non-employee director&#8221; under Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended (the &#8220;</font><font style="font-weight:normal;text-decoration:underline;color:#000000;">1934 Act</font><font style="font-weight:normal;color:#000000;">&#8221;) or any successor rule.</font></p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;color:#000000;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a>2.2.<font style="margin-left:108pt;"></font><font style="color