RigNet,Inc. (NASDAQ:RNET) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
On February2, 2018, in connection with Mr.Schneider’s departure from the Company, Mr.Schneider and the Company entered into a Separation Agreement and General Release (the “Separation Agreement”).
The Company and Mr.Schneider were also parties to an employment agreement dated November24, 2015 (the “Original Agreement”), filed with the Securities and Exchange Commission (the “SEC”) on February29, 2016 as Exhibit 10.9 to the Company’s Annual Report on Form 10-K, and an amendment to the Original Agreement dated April20, 2016, filed with the SEC on April22, 2016 (the “Employment Agreement”) which provides for severance payments and benefits subject to the execution of the Company’s standard release.The Separation Agreement provides that in consideration for the release set forth in the Separation Agreement, and for the acknowledgement and reaffirmation of his post-employment obligations, Mr.Schneider will receive certain separation benefits, including a lump sum cash payment of $866,470 and two lump sum cash payments of $162,500 payable on March31, 2018 and March31, 2019 respectively. In addition, 7000 shares of restricted stock units held by Mr.Schneider will become vested in accordance with the applicable award agreement and 5,212 stock options held by Mr.Schneider may be exercised on or before March27, 2018.
The description of the Separation Agreement contained herein does not purport to be complete and is qualified in its entirety by reference to the complete text of the Separation Agreement. A copy of the Separation Agreement will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ending December31, 2017.
About RigNet,Inc. (NASDAQ:RNET)
RigNet, Inc. (RigNet) is a provider of digital technology solutions to the oil and gas industry. The Company provides managed remote communications, managed services and collaborative applications, focusing on offshore and onshore drilling rigs, energy production facilities, and energy maritime. The Company operates through three segments: Eastern Hemisphere, Western Hemisphere and RigNet Systems Integration and Automation. The Company’s Eastern Hemisphere segment provides remote communications services for customers and rig sites located on the eastern side of the Atlantic Ocean. The Company’s Western Hemisphere segment provides remote communications services for onshore and offshore customers and rig sites located on the western side of the Atlantic Ocean. The Company’s RigNet Systems Integration and Automation segment designs, assembles, installs and commissions solutions for customer telecommunications systems.
