Robert Averick - May 1, 2024 Form 4 Insider Report for GULF ISLAND FABRICATION INC (GIFI)

Role
Director, 10%+ Owner
Signature
/s/Robert Averick
Stock symbol
GIFI
Transactions as of
May 1, 2024
Transactions value $
$0
Form type
4
Date filed
5/2/2024, 04:01 PM
Previous filing
Apr 3, 2024
Next filing
May 14, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction GIFI Common Stock Options Exercise +8K +44.44% 26K May 1, 2024 Direct F3
holding GIFI Common Stock 1.81M May 1, 2024 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 -60% $0.00 5.33K May 1, 2024 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 May 1, 2023 under the Issuer's Long-Term Incentive Program. The restricted stock units vested on May 1, 2024. Restricted stock units convert into Shares on a one-for-one basis.
F4 The total reflects 5,333 restricted stock units that vest on April 1, 2025.