This FIRST AMENDMENT TO COOPERATION AGREEMENT (this Amendment) is made, entered into on February 25, 2020, by and among Gulf Island Fabrication, Inc., a Louisiana corporation (the Company), Piton Capital Partners, LLC, a Delaware limited liability company (Piton Partners), and Kokino LLC, a Delaware limited liability Company (Kokino and, together with Piton Partners, Piton). Each of the Company, Piton Partners and Kokino are referred to herein as a party and collectively the Company, Piton and Kokino are referred to herein as parties.
WHEREAS, the parties entered into a Cooperation Agreement dated November 2, 2018 (the Agreement);
WHEREAS, in accordance with Section 16(f) of the Agreement, the parties desire to amend the Agreement to (i) extend the Termination Date and (ii) increase the Ownership Cap, in each case as set forth in more detail below, (iii) and make certain other conforming changes; and
WHEREAS, all capitalized, undefined terms used herein have the meanings ascribed to them in the Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:
1. Amendments to the Agreement.
a. The term 2020 Annual Meeting in Section 3 of the Agreement, which is included in the definition of Termination Date, is replaced with 2021 Annual Meeting. For the avoidance of doubt, the term 2020 Annual Meeting is not replaced in Sections 1(a) or 1(f).
b. The figure 12.5% in Section 3(a)(i) of the Agreement, which is included in the definition of Ownership Cap, is replaced with 15%.
c. The first sentence of the second paragraph of the resignation letter attached as Exhibit A to the Agreement is amended to read in its entirety as follows:
I hereby irrevocably resign, effective immediately and subject to acceptance of my resignation by the Board, from my position as a director of Gulf Island Fabrication, Inc. and from any and all committees of its Board of Directors on which I serve, if at any time prior to the 2021 Annual Meeting, Pitons beneficial ownership in the Company falls below the Piton Minimum Ownership other than as a result of issuances of Common Stock by the Company after the date hereof.
d. Jones Walker LLPs notice information in Section 12 of the Agreement is replaced with the following:
Jones Walker LLP
445 North Blvd, Ste 800
Baton Rouge, LA 70802
Attention: Alexandra C. Layfield
Telephone: (225) 248-2030