CONRAD INDUSTRIES INC
AMENDMENT NO. 3 TO EMPLOYMENT AGREEMENT - J. PARKER CONRAD
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.1 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AMENDMENT NO. 3 TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>EMPLOYMENT AGREEMENT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">This Amendment No. 3 to
Employment Agreement (this &#147;Third Amendment&#148;), by and among Conrad Industries, Inc., a Delaware corporation, Conrad Shipyard, L.L.C., a Louisiana limited liability company (together, the &#147;Company&#148;), and J. Parker Conrad
(&#147;Executive&#148;) is hereby entered into effective as of September 15, 2003. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>W I T N E S S E T H: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><B>WHEREAS</B>, the Company and Executive have entered into that certain Employment Agreement, dated as of March 31, 1998, as amended by that certain Amendment No. 1 to Employment Agreement, dated as of March 31, 2001, by and between the
Company and Executive, and that certain Amendment No. 2 to Employment Agreement, dated as of March 31, 2002, by and between the Company and Executive (as amended, the &#147;Employment Agreement&#148;); and </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>WHEREAS</B>, the Company and Executive desire to further amend the
Employment Agreement as set forth herein; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>NOW,
THEREFORE</B>, for and in consideration of the continued employment of Executive by the Company and the payment of salary and other compensation to Executive by the Company, the parties hereto agree as follows: </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section 1.</B>&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly amended hereby,
all of the terms and provisions of the Employment Agreement shall remain in full force and effect. Capitalized terms used herein, unless otherwise defined herein, shall have the meaning given to them in the Employment Agreement. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Section 2.</B>&nbsp;&nbsp;&nbsp;&nbsp;The first sentence of paragraph 2(a)
of the Employment Agreement is hereby amended to read in its entirety as follows: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:32%"><FONT
FACE="Times New Roman" SIZE="2">The base salary payable to Executive during the term shall be </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:32%"><FONT FACE="Times New Roman" SIZE="2">$209,475 per year, payable in accordance
with the Company&#146;s </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:32%"><FONT FACE="Times New Roman" SIZE="2">payroll procedures for executives, but not less frequently than </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:32%"><FONT FACE="Times New Roman" SIZE="2">monthly. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><I>[signatures appear on the following page] </I></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be duly executed and signed as
of the date indicated above. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3" WIDTH="91%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">CONRAD INDUSTRIES, INC.</FONT></P></TD></TR>
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<TD VALIGN="top" WIDTH="7%"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
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<TD VALIGN="top" WIDTH="91%"><FONT FACE="Times New Roman" SIZE="2">/s/ M<SMALL>ICHAEL</SMALL> J. H<SMALL>ARRIS</SMALL></FONT></TD></TR>
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<TD VALIGN="bottom" WIDTH="91%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Michael J. Harris</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Chairman, Compensation Committee of the Board of Directors of Conrad Industries, Inc.</FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" WIDTH="91%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">CONRAD SHIPYARD, L.L.C.</FONT></P></TD></TR>
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<TD VALIGN="top" WIDTH="7%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></P></TD>
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<TD VALIGN="top" WIDTH="91%"><FONT FACE="Times New Roman" SIZE="2">/s/ K<SMALL>ENNETH</SMALL> G. M<SMALL>YERS</SMALL>, J<SMALL>R</SMALL>.</FONT></TD></TR>
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<TD VALIGN="bottom" ALIGN="center" WIDTH="91%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Kenneth G. Myers, Jr.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">President</FONT></P></TD></TR>
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<TD VALIGN="top" WIDTH="100%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">EXECUTIVE</FONT></P></TD></TR>
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<TD VALIGN="top" WIDTH="100%"><FONT FACE="Times New Roman" SIZE="2">/<SMALL>S</SMALL>/ J. P<SMALL>ARKER</SMALL> C<SMALL>ONRAD</SMALL></FONT></TD></TR>
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<TD VALIGN="bottom" ALIGN="center" WIDTH="100%"><FONT FACE="Times New Roman" SIZE="2">J. Parker Conrad</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Amendment No. 3
to Employment Agreement </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">J. Parker Conrad </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">Page 2 </FONT></P>
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