Robert Averick - 01 May 2023 Form 4 Insider Report for GULF ISLAND FABRICATION INC (GIFI)

Role: Director, 10%+ Owner
Signature: /s/ Robert Averick
Issuer symbol: GIFI
Transactions as of: 01 May 2023
Transactions value $: $0
Form type: 4
Filing time: 03 May 2023, 16:13:58 UTC
Previous filing: 14 Mar 2023
Next filing: 15 May 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	GIFI	Common Stock						1.81M	01 May 2023	Foot Note	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	Award	$0	+8K	+100%	$0.00	16K	01 May 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	Each restricted stock unit is the economic equivalent of one share of the Issuer's common stock. Each restricted stock unit represents a contingent right to receive one share of the Issuer's common stock on May 1, 2024. The restricted stock units were received as a grant or award.
F4	This is the total of all restricted stock units held by Mr. Averick, including those with different terms and conditions, as of the filing date of this Form 4.