SEC Contract Filing

Filing Date: 2016-11-04

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>indemnificationagreementin.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<div><a name="sF9B647DDC8848CFBBD2B2FC5C0055ED3"></a></div><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Exhibit 10.1</font></div></div><div><br></div><div style="line-height:120%;padding-bottom:24px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">[Form of]</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;"><br>INDEMNIFICATION AGREEMENT</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">(with directors and officers)</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This Indemnification Agreement (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) is made as of the __ day of ____, ____ (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Effective Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;), by and between Gulf Island Fabrication, Inc., a Louisiana corporation (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Corporation</font><font style="font-family:inherit;font-size:12pt;">&#8221;), and _______________ (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Indemnitee</font><font style="font-family:inherit;font-size:12pt;">&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In consideration of Indemnitee&#8217;s service as a [director/officer] of the Corporation commencing on or before the date hereof, the Corporation and Indemnitee do hereby agree as follows:</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:left;text-indent:48px;"><font style="padding-bottom:16px;text-align:left;font-family:inherit;font-size:12pt;font-weight:bold;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Agreement to Serve.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Indemnitee agrees to serve or continue to serve as a [director/officer] of the Corporation for so long as Indemnitee is elected or appointed or until such earlier time as Indemnitee tenders a resignation in writing.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Limitation of Liability.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">To the fullest extent permitted by the Articles of Incorporation and By-Laws of the Corporation in effect on the Effective Date and, if and to the extent the Articles of Incorporation and By-Laws are amended to permit further limitations, in effect at any time prior to the determination of liability, Indemnitee shall not be personally liable in damages for breach of Indemnitee&#8217;s fiduciary duty as a director or officer. The Board of Directors of the Corporation will not take any action to effect any amendment to the Articles of Incorporation or By-Laws the effect of which would be to deny, diminish or encumber Indemnitee&#8217;s right to exculpation under this Section&#160;2, except as otherwise may be required to comply with applicable law.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">3.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Maintenance of Insurance.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The Corporation represents that it presently maintains in force and effect directors and officers liability insurance (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">D&amp;O Insurance</font><font style="font-family:inherit;font-size:12pt;">&#8221;) policies that provide primary and excess coverage on behalf of the Corporation&#8217;s directors and officers on the terms and conditions specified therein (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Insurance Policies</font><font style="font-family:inherit;font-size:12pt;">&#8221;). Subject only to the provisions of Section&#160;3(b) hereof, the Corporation hereby agrees that, so long as Indemnitee shall continue to serve as a director or officer (or shall continue at the request of the Corporation to serve i