December 28, 2012 via E-Mail: [email protected] James R. Jim Crenshaw 9611 Sotherloch Lake Dr. Spring, Texas 77379 RE: Offer of Employment Dear Jim: (March 7th, 2013)
I am pleased to confirm our offer for you to join RigNet as Vice President & General ManagerWestern Hemisphere, based in Houston and reporting directly to Mark Slaughter, CEO and President. This position will commence with a monthly salary of $16,666.67, which equates to $200,000.00 on an annual basis. In addition, you will be a participant in the Companys Management Incentive Program (MIP) with an annual target payout of 50% of your base salary, settled in cash. You will also be recommended to the RigNet Board of Directors for participation in the Companys Long-Term Incentive Program (LTIP) for next year. Your 2013 LTIP recommendation will be targeted at 100% of your base salary. Please note that these LTIP awards have been historically awarded annually and in a combination of restricted stock and stock options.