Robert Averick - Jun 1, 2023 Form 4 Insider Report for GULF ISLAND FABRICATION INC (GIFI)

Role: Director, 10%+ Owner
Signature: /s/ Robert Averick
Stock symbol: GIFI
Transactions as of: Jun 1, 2023
Transactions value $: $0
Form type: 4
Date filed: 6/2/2023, 04:03 PM
Previous filing: May 25, 2023
Next filing: Aug 14, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	GIFI	Common Stock	Options Exercise		+8K			8K	Jun 1, 2023	Direct	F3
holding	GIFI	Common Stock						1.81M	Jun 1, 2023	See Footnote	F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	GIFI	Restricted Stock Unit	Options Exercise	$0	-8K	-50%	$0.00	8K	Jun 1, 2023	Common Stock	8K		Direct	F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Piton Capital Partners LLC, a Delaware limited liability company ("Piton") and family client of Kokino LLC ("Kokino"), reports beneficial ownership of the Issuer's common stock pursuant to Rule 13d-1 of the Securities Exchange Act of 1934, as amended, pursuant to a Schedule 13D originally filed by Piton with the SEC on March 22, 2018, as amended from time to time.
F2	Indicates shares of the Issuer's common stock ("Shares") beneficially owned by Piton. Mr. Averick manages Piton's investment in the Issuer as a Portfolio Manager of Kokino. Mr. Averick holds an indirect interest in certain Shares through his minority ownership of Piton, which is a client of Kokino (which ownership may be held through Piton's managing member, Piton Capital Management LLC ("PCM")). Also, Mr. Averick's incentive compensation/allocation as an employee of Kokino and member of Piton, which are generally calculated in Kokino's discretion subject to Piton's and PCM's governing documents, may be based on the performance of Shares held by Piton. Such compensation/allocation may be paid or made in cash and/or by way of increasing Mr. Averick's interest in Piton (either directly or indirectly through PCM). Kokino is PCM's managing member.
F3	The reported transaction involved Mr. Averick's receipt of a grant of 8,000 restricted stock units on June 1, 2022 under the Issuer's Long-Term Incentive Program. The restricted stock units vested on June 1, 2023. Restricted stock units convert into Shares on a one-for-one basis.
F4	The total reflects 8,000 restricted stock units that vest on May 1, 2024.