Common use of Award of Performance Based Restricted Stock Units Clause in Contracts

Award of Performance Based Restricted Stock Units. 1.1 Subject to the terms of this Agreement, effective as of the Date of Grant, Gulf Island hereby grants to the Participant an award of ___________ (the “Target Award”) performance-based restricted stock units ("PSUs"). Each PSU represents the right to receive one share of Common Stock, subject to the terms and conditions set forth in this Agreement and the Plan. The actual number of PSUs that may be earned will depend on the Company’s level of achievement and certification of the performance goal specified in Section 1.2 during the period beginning January 1, 2021, and ending December 31, 2021 (the “Performance Period”). Any PSUs that are deemed not subject to vesting as of the end of the Performance Period shall be forfeited. 1.2 Provided the Participant satisfies the service conditions set forth in Section 1.5, between 0% and 200% of the Target Award may be earned based on the Company’s consolidated adjusted EBITDA relative to the targets set forth below for the Performance Period in accordance with the following matrix (such amount referred to herein as the “Final PSUs”): Threshold 50% Target 100% Maximum 200% {N4413744.3} 1.3 For purposes of this Agreement, EBITDA represents earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA represents EBITDA less the impact of Xxxxxxxx costs, gains and losses from assets held for sale and other non-recurring items. 1.4 Following the end of the Performance Period, the Committee shall, within a reasonably practicable time, determine the results of the performance goal set forth in Section 1.2 and the resulting number of Final PSUs, if any, that may be earned based on the level of achievement of the performance goal. Such determination shall be final, conclusive and binding on the Participant, and on all other persons, to the maximum extent permitted by law. Any portion of the Target Award in excess of the Final PSU amount shall immediately be forfeited. 1.5 The Final PSUs shall vest, subject to the conditions of Sections 2 and 3, on the following dates (each, a “Vesting Date”): Scheduled Vesting Date Amount of Final PSUs To Vest First Anniversary of Date of Grant 33% Second Anniversary of Date of Grant 33% Third Anniversary of Date of Grant Remaining balance

Award of Performance Based Restricted Stock Units. 1.1 Subject to the terms of this Agreement, effective as of the Date of Grant, Gulf Island hereby grants to the Participant an award of ___________ (the “Target Award”) performance-based restricted stock units ("PSUs"). Each PSU represents the right to receive one share of Common Stock, subject to the terms and conditions set forth in this Agreement and the Plan. The actual number of PSUs that may be earned will depend on the Company’s level of achievement and the Committee’s certification of the performance goal metrics specified in Section 1.2 during the period beginning January 1, 202120__, and ending December 31, 2021 20__ (the “Performance Period”). Any PSUs that are deemed not subject to vesting as of the end of the Performance Period shall be forfeited. 1.2 Provided the Participant satisfies the service conditions set forth in Section 1.5, between 0% and 200% of the Target Award may be earned based on the Company’s consolidated adjusted EBITDA relative to the targets set forth below for achievement during the Performance Period in accordance of the performance metrics set forth on Appendix A hereto, as determined by the Committee (with the following matrix (such amount referred to herein as the “Final PSUs”): Threshold 50% Target 100% Maximum 200% {N4413744.3}). 1.3 For purposes of this Agreement, EBITDA represents earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA represents EBITDA less the impact of Xxxxxxxx costs, gains and losses from assets held for sale and other non-recurring items. 1.4 Following the end of the Performance Period, the Committee shall, within a reasonably practicable time, determine the results of the performance goal metrics set forth in Section 1.2 on Appendix A and the resulting number of Final PSUs, if any, that may be earned based on the level of achievement of the performance goalmetrics. Such determination shall be final, conclusive and binding on the Participant, and on all other persons, to the maximum extent permitted by law. Any portion of the Target Award in excess of the Final PSU amount shall immediately be forfeited. 1.5 1.4 The Final PSUs shall vest, subject to the conditions of Sections 2 and 3, on the following dates (each, a “Vesting Date”): Scheduled Vesting Date Amount of Final ofFinal PSUs To Vest First Anniversary of Date of Grant 33% Second Anniversary of Date of Grant 33% Third Anniversary of Date of Grant Remaining balance

Award of Performance Based Restricted Stock Units. 1.1 Subject to the terms of this Agreement, effective as of the Date of Grant, Gulf Island hereby grants to the Participant an award of ___________ (the “Target Award”) performance-based restricted stock units ("PSUs"). Each PSU represents the right to receive one share of Common Stock, subject to the terms and conditions set forth in this Agreement and the Plan. The actual number of Whether the PSUs that may be earned will depend on the Company’s level of achievement and the Committee’s certification of the performance goal metrics specified in Section 1.2 during the period beginning January 1, 20212024, and ending December 31, 2021 2024 (the “Performance Period”). Any PSUs that are deemed not subject to vesting as of the end of the Performance Period shall be forfeited. 1.2 Provided the Participant satisfies the service conditions set forth in Section 1.51.4, between 0% the PSUs may vest and 200% of the Target Award may be earned based on if the Company’s consolidated actual adjusted EBITDA relative to the targets set forth below cash flow for the Performance Period is break-even or above (as set forth in accordance the materials presented to the Committee) (the “Performance Metric”), as determined by the Committee (with the following matrix (such amount referred to herein as the “Final PSUs”): Threshold 50% Target 100% Maximum 200% {N4413744.3}). 1.3 For purposes of this Agreement, EBITDA represents earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA represents EBITDA less the impact of Xxxxxxxx costs, gains and losses from assets held for sale and other non-recurring items. 1.4 Following the end of the Performance Period, the Committee shall, within a reasonably practicable time, determine the results of Performance Metric and whether the performance goal set forth in Section 1.2 and the resulting number of Final PSUs, if any, that PSUs may be earned based on the level of achievement of the performance goalearned. Such determination shall be final, conclusive and binding on the Participant, and on all other persons, to the maximum extent permitted by law. Any portion of If the Target Award in excess of Performance Metric is not achieved, the Final PSU amount PSUs shall immediately be forfeited. 1.5 1.4 The Final PSUs shall vest, subject to the conditions of Sections 2 and 3, on the following dates (each, a “Vesting Date”): Scheduled Vesting Date Amount of Final ofFinal PSUs To Vest First Anniversary of Date of Grant 33% Second Anniversary of Date of Grant 33% Third Anniversary of Date of Grant Remaining balance

Award of Performance Based Restricted Stock Units. 1.1 Subject to the terms of this Agreement, effective as of the Date of Grant, Gulf Island hereby grants to the Participant an award of ___________ (the “Target Award”) performance-based restricted stock units ("PSUs"). Each PSU represents the right to receive one share of Common Stock, subject to the terms and conditions set forth in this Agreement and the Plan. The actual number of PSUs that may be earned will depend on the Company’s level of achievement and the Committee’s certification of the performance goal specified in Section 1.2 during the period beginning January 1, 20212022, and ending December 31, 2021 2022 (the “Performance Period”). Any PSUs that are deemed not subject to vesting as of the end of the Performance Period shall be forfeited. 1.2 Provided the Participant satisfies the service conditions set forth in Section 1.5, between 0% and 200% of the Target Award may be earned based on the Company’s consolidated adjusted EBITDA relative to the targets set forth below for achievement during the Performance Period of the strategic initiatives set forth on Appendix A hereto, as determined and evaluated in accordance the sole discretion of the Committee (with the following matrix (such amount referred to herein as the “Final PSUs”): Threshold 50% Target 100% Maximum 200% {N4413744.3}). 1.3 For purposes of this Agreement, EBITDA represents earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA represents EBITDA less the impact of Xxxxxxxx costs, gains and losses from assets held for sale and other non-recurring items. 1.4 Following the end of the Performance Period, the Committee shall, within a reasonably practicable time, determine the results of the performance goal set forth in Section 1.2 and the resulting number of Final PSUs, if any, that may be earned based on the level of achievement of the performance goal. Such determination shall be final, conclusive and binding on the Participant, and on all other persons, to the maximum extent permitted by law. Any portion of the Target Award in excess of the Final PSU amount shall immediately be forfeited. 1.5 1.4 The Final PSUs shall vest, subject to the conditions of Sections 2 and 3, on the following dates (each, a “Vesting Date”): Scheduled Vesting Date Amount of Final PSUs To Vest First Anniversary of Date of Grant 33% Second Anniversary of Date of Grant 33% Third Anniversary of Date of Grant Remaining balance