Document:

EX-10.2

 Exhibit 10.2 

Execution Version 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made effective as of November 5, 2013, by and among RigNet,
Inc., a Delaware corporation (the “Company”), and Digital Investments LP (formerly known as, Dynamo Investment Partners L.P.), an exempted limited partnership organized under the laws of the Cayman Islands (the
“Holder”). 
 The Holder is party to a Purchase Agreement, dated as of August 14, 2013, by and between Energy Growth
Holding AS, Energy Growth AS, Cubera Secondary KS, KKR European Fund III, Limited Partnership and the Holder, as amended on September 18, 2013 (the “Purchase Agreement”), pursuant to which the Holder acquired 4,049,691 shares
of the Company’s Common Stock, par value $0.001 per share (the “Common Stock”) and warrants to purchase 700,309 shares of the Common Stock (the “Warrants”), which Warrants were subsequently exercised on
September 24, 2013 to acquire the underlying 700,309 shares of Common Stock. 
 Certain capitalized terms used in this Agreement are
defined in paragraph 10 of this Agreement. 
 The parties hereto agree as follows: 

1. Demand Registrations. 

a. Requests for Registration. Subject to the limitations contained in this Agreement, at any time after the date of this Agreement and
from time to time thereafter until the termination of this Agreement, the Holder may request, and the Company shall effect, a registration under the Securities Act of all or part of its Registrable Securities. All registrations requested pursuant to
this paragraph 1(a) are referred to in this Agreement as “Demand Registrations”. Each request for a Demand Registration shall specify the approximate number of Registrable Securities requested to be registered. Within ten
(10) business days after receipt of any such request, the Company will give written notice of such requested registration to all other holders of the Company’s securities who are entitled by virtue of the Other Agreement to include such
securities in the Demand Registration (the “Other Stockholders”) and, except as provided in paragraph 1(c) below, will include in such registration all such securities of such Other Stockholders with respect to which the Company has
received written requests for inclusion therein within fifteen (15) business days after the receipt of the Company’s notice by the Other Stockholders. 

b. Number and Size of Requests. The Holder is entitled to request an aggregate of two (2) Demand Registrations on Form S-l or any
similar long form registration statement and unlimited Demand Registrations on Form S-3 or any similar short form registration statement; provided, however, no demand shall be made for a Demand Registration on Form S-l if the Company
is eligible to use Form S-3 or any similar short form registration statement for such Demand Registration. No Demand Registration on Form S-1 shall be requested for less than Twenty Million Dollars ($20,000,000) worth of Registrable Securities. No
Demand Registration on Form S-3 shall be requested for less than Twenty Million Dollars ($20,000,000) worth of Registrable Securities. 

 c. Priority on Demand Registrations. If a Demand Registration is an underwritten offering
and the managing underwriters advise the Company and the Holder that, in such underwriter’s opinion, the aggregate number of securities requested to be included in such offering by the Holder together with securities required to be included by
the Company pursuant to requests of the Other Stockholders pursuant to the Other Agreement exceeds the number of securities which can be sold in an orderly manner in such offering within a price range acceptable to the Holder and a majority of the
outstanding Registrable Securities (as such term is defined in the Other Agreement and referred to herein as the “Other Registrable Securities”) requesting registration under the Other Agreement, then the Company will include in such
registration, prior to the inclusion of any other securities, the maximum number of Registrable Securities requested to be included by the Holder together with securities of the Other Stockholders required to be included, which, in the opinion of
such underwriters, can be sold in an orderly manner within such price range, pro rata among the Holder and the respective Other Stockholders on the basis of the number of shares of Registrable Securities owned by the Holder and the number of
securities owned by the Other Stockholders eligible for inclusion in the Demand Registration pursuant to the Other Agreement on a fully diluted basis outstanding immediately prior to such registration. 

d. Restrictions on Demand Registrations. The Company will not be obligated to effect any Demand Registration (i) within twelve
(12) months after the effective date of any Demand Registration, (ii) during any period in which the Company is in the process of negotiating or preparing, and ending on a date ninety (90) days following the effective date of, a
registration statement pertaining to an underwritten public offering of securities for the account of the Company or (iii) during any period in which the Company is in possession of material information concerning the Company or its business
and affairs, the public disclosure of which would have a material adverse effect on the Company. In any given twelve (12) month period, the Company may effect one (1) postponement for up to one hundred eighty (180) days of the filing
or the effectiveness of a registration statement for a Demand Registration if, in the opinion of the Company’s Board of Directors, such Demand Registration or offering of securities would reasonably be expected to have a material adverse effect
on any plan of the Company or any of its subsidiaries to engage in any material acquisition of assets outside the ordinary course of business, any material merger, consolidation, or tender offer, or any other transaction; provided,
however, that in such event, the Holder will be entitled to withdraw such request and, if such request is withdrawn, such Demand Registration will not count as one of the permitted Demand Registrations, and the Company will pay all
registration expenses in connection with such registration. 
 e. Effective Registration Statement. A Demand Registration shall not
be presumed to have been requested if a registration statement with respect thereto shall not have become effective (unless such Demand Registration has not become effective due solely to the refusal of the Holder to proceed with the registration,
provided such refusal is not due to the advice of its counsel that the registration statement, or the prospectus contained therein, or other documents incorporated by reference therein, contain or contains an untrue statement of a material fact or
omits a statement of material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing), regardless of whether any Registrable Securities are sold pursuant to such
registration. 

  
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 2. Piggyback Registrations. 

a. Right to Piggyback. Whenever the Company proposes to register any of its securities under the Securities Act (whether such
registration is a primary registration on behalf of the Company or a secondary registration on behalf of any other person holding any of the Company’s securities) other than a Demand Registration and the registration form to be used is anything
other than Forms S-4 or S-8 or any successor forms (a “Piggyback Registration”), or in connection with mergers, acquisitions or exchange offers, the Company will give prompt written notice to the Holder of its intention to effect
such a registration and the estimated price range of such offering and, except as provided in paragraph 2(b) below, will include in such registration all Registrable Securities with respect to which the Company has received a written request for
inclusion therein within fifteen (15) business days after the Holder’s receipt of the Company’s notice. 
 b. Priority on
Piggyback Registrations. If a Piggyback Registration is an underwritten registration and the managing underwriters advise the Company that in their opinion the number of securities requested by the Holder to be included in any Piggyback
Registration causes the aggregate number of securities to be sold in such Piggyback Registration to exceed the number of securities which can be sold in an orderly manner in such offering within a price range acceptable to the Company, the Company
will include in such registration (i) first, the securities the Company proposes to sell which, in the opinion of such underwriters, can be sold in an orderly manner within such price range, (ii) second, the Registrable Securities
requested to be included in such registration by the Holder and the Other Registrable Securities requested to be included in such registration by the Other Stockholders which in the opinion of such underwriters can be sold in an orderly manner
within such price range, pro rata among the Holder and the Other Stockholders of such securities on the basis of the number of shares owned by the Holder and each such Other Stockholder on a fully diluted basis immediately prior to such registration
and (iii) third, any other securities requested to be included in such registration, which, in the opinion of such underwriters, can be sold in an orderly manner within such price range. 

3. Registration Procedures. Whenever the Holder has requested that any Registrable Securities be registered pursuant to this Agreement,
the Company will use reasonable efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof. Pursuant to such registration, the Company will: 

a. as soon as practicable, but in any event within ninety (90) days of a request for registration of Registrable Securities, prepare and
file with the Commission a registration statement with respect to such Registrable Securities and use its reasonable efforts to cause such registration statement to become effective (provided that, before filing a registration statement or
prospectus or any amendments or supplements thereto, if requested, the Company will furnish to the counsel of the Holder copies of all such documents proposed to be filed, which documents will be subject to the review and reasonable comment of such
counsel with respect to any disclosure pertaining to such Holder); 

  
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 b. as soon as practicable, prepare and file with the Commission such amendments and supplements
to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period of either (i) one hundred twenty (120) days (subject to extension pursuant to the
last paragraph of this paragraph 3) or, if such registration statement relates to an underwritten offering, such period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sales of
Registrable Securities by an underwriter or dealer, or (ii) such shorter period as will terminate when all of the securities covered by such registration statement have been disposed of in accordance with the intended methods of disposition by
the seller or sellers thereof set forth in such registration statement (but in any event not before the expiration of any longer period required under the Securities Act), and comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such registration statement; 

c. furnish to the Holder such number of copies of such registration statement, each amendment and supplement thereto (in each case including
all exhibits), the prospectus included in such registration statement (including each preliminary prospectus) and any other prospectus filed under Rule 424 under the Securities Act such other documents as the Holder may reasonably request in order
to facilitate the disposition of the Registrable Securities; 
 d. if required, use its reasonable efforts to (i) register or qualify
such Registrable Securities under such other securities or blue sky laws of such jurisdictions as the Holder or underwriter reasonably requests and (ii) do any and all other acts and things which may be reasonably necessary or advisable to
enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller (provided, however, that the Company will not be required to (x) qualify generally to do business in any
jurisdiction where it would not otherwise be required to qualify but for this subparagraph, (y) subject itself to taxation in any such jurisdiction or (z) consent to general service of process in any such jurisdiction); 

e. notify the Holder at any time when a prospectus relating to the Registrable Securities is required to be delivered under the Securities
Act, of the happening of any event as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, is the subject
of any stop order, or is otherwise not in compliance with the Securities Act or other applicable laws and, at the request of any underwriter or any such seller, prepare a supplement or amendment to such prospectus so that, as thereafter delivered to
the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading; 

f. cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then
listed and, if not so listed, to use reasonable efforts to be quoted on the NASDAQ national market automated quotation system; 

  
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 g. enter into such customary agreements (including underwriting agreements in customary form)
and take all such other actions as the Holder may reasonably request in order to expedite or facilitate the disposition of such Registrable Securities; 

h. make available for inspection by any underwriter participating in any disposition pursuant to such registration statement and any attorney,
accountant or other agent retained by any underwriter, all relevant financial and other records, corporate documents and properties of the Company, and use reasonable efforts to cause the Company’s officers, directors, employees and independent
accountants to supply all information reasonably requested by any such underwriter, attorney, accountant or agent in connection with such registration statement; 

j. otherwise use its reasonable efforts to comply with all applicable rules and regulations of the Commission; and 

The Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in subparagraph
(e) above, the Holder will forthwith discontinue its distribution of Registrable Securities pursuant to the registration statement relating to such Registrable Securities until its receipt of the copies of the supplemented or amended prospectus
contemplated by subparagraph (e) above. In the event the Company shall give any such notice, the applicable time period mentioned in subparagraph (b) above during which a Registration Statement is to remain effective shall be extended by
the number of days during the period from and including the date of the giving of such notice pursuant to subparagraph (e) above, to and including the date when each seller of a Registrable Security covered by such registration statement shall
have received the copies of the supplemented or amended prospectus contemplated by subparagraph (e) above. 
 4. Rights Granted to
Third Persons. Notwithstanding any other rights granted to the Holder hereunder, in the event that the Company shall after the date of this Agreement grant rights and benefits to register any of its securities to any other person (including,
without limitation, the Other Stockholders) which are similar to, greater than, or more favorable to the interests of others when compared to those rights granted to the Holder hereunder (whether by amendment of the Other Agreement or otherwise),
the Holder shall be entitled to exercise rights similar to those granted to such persons and this Agreement shall be amended ipso facto to the fullest extent necessary to grant such similar, greater or more favorable rights and benefits to the
Holder; provided, however, that this Section 4 shall not apply to any rights granted under the Other Agreement as such agreement is in effect on the date of this Agreement. 

5. Registration Expenses. 

a. Expenses Paid by the Company. All expenses incident to any Demand Registration or Piggyback Registration effected pursuant to this
Agreement and the Company’s performance of or compliance with this Agreement will be borne by the Company, including, without limitation, all registration and filing fees, fees and expenses of compliance with securities or blue sky laws,
duplicating and printing expenses, road show expenses, messenger and delivery expenses, and fees and disbursements of counsel for the Company and 

  
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all independent public accountants, underwriters (excluding discounts and commissions with respect to Registrable Securities) and other persons retained by the Company. In addition, in connection
with any Demand Registration or Piggyback Registration, the Company will bear the Company’s internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the
expense of any annual audit or quarterly review, the expense of any liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued by the Company are then
listed or quoted on the NASDAQ national market automated quotation system. In connection with each Demand Registration, the Company will reimburse the Holder for the reasonable fees and disbursements of one counsel chosen by the Holder; provided,
however, that if any Other Registrable Securities are also included in such Demand Registration, the Company will only pay for one counsel mutually agreed by Holder and the holders of the Other Registrable Securities. 

b. Expenses Paid by the Holder. The Holder will pay any underwriters’ discount or commission and registration fees applicable to
the Registrable Securities, and any other expenses incurred by the Holder which are not borne by the Company as provided above. 
 6.
Indemnification. 
 a. Indemnification by the Company. In connection with the sale or transfer of any Registrable Securities
registered pursuant to this Agreement, the Company agrees to indemnify, to the extent permitted by law, the Holder along with its officers, managers, partners, owners and directors, each other person who participates as an underwriter in the
offering for sale of such Registrable Securities and each person who controls such person or underwriter (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses caused by any third party claim
relating to any failure or alleged failure of compliance with the Securities Act or other applicable laws, including any untrue or alleged untrue statement of material fact contained in any registration statement, prospectus or preliminary
prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, and the Company will reimburse the Holder, and
each such officer, director, manager, partner, owner, underwriter and controlling person for reasonable legal or any other expenses incurred by them in connection with defending any such loss, claim, liability, action or proceeding, except insofar
as the same arises out of or is based upon an untrue statement or alleged untrue statement, or omission or alleged omission, made in such registration statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment or
supplement, in reliance upon and in conformity with written information prepared and furnished to the Company by the Holder specifically for use in the preparation thereof which information contained any untrue statement of any material fact or
omitted to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and provided that the Company shall not be liable to any person who is authorized to distribute the final prospectus
in any such registration or any other person who controls such person within the meaning of the Securities Act, in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense
arises out of such person’s failure to send or give a copy of the final prospectus, as the same may be then 

  
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supplemented or amended, to the person asserting an untrue statement or alleged untrue statement or omission or alleged omission at or prior to the written confirmation of the sale of the
securities to such person if such statement or omission was corrected in such final prospectus. 
 b. Indemnification by the Holder of
Registrable Securities. In connection with any registration statement in which the Holder is participating, the Holder will furnish to the Company in writing such information regarding the Holder and, if such registration is not an underwritten
registration, such information regarding the distribution of such securities, as the Company reasonably requests for use in connection with any such registration statement or prospectus. If such registration statement or prospectus or any
preliminary prospectus or any amendment thereof or supplement thereto contains any untrue or alleged untrue statement of material fact contained in any information or affidavit so furnished in writing by the Holder, or if such information or
affidavit omits or allegedly omits a material fact required to be stated therein or necessary to make the statements therein not misleading, the Holder, to the extent permitted by law, will indemnify the Company, its directors and officers and each
person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses resulting from such untrue or alleged untrue statement of material fact or omission; provided,
however, that the obligation to indemnify will be individual to the Holder and not joint or joint and several with any other seller or prospective seller of securities and will be limited to the net amount of proceeds received by the Holder
from the sale of Registrable Securities pursuant to such registration statement. 
 c. Defense of Claims. Any person entitled to
indemnification hereunder will (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification and, (ii) unless in such indemnified party’s reasonable judgment a conflict of
interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided,
however, that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations under the preceding provisions of this paragraph 7, except to the extent that the indemnifying
party is actually prejudiced by such failure to give notice. If such defense is assumed, the indemnifying party will not be subject to any liability for any settlement made by the indemnified party without the indemnifying party’s consent (but
such consent will not be unreasonably withheld). 
 d. Survival; Contribution. The indemnification provided for under this Agreement
will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director, manager, partner, owner or controlling person of such indemnified party and will survive the transfer of
securities and the termination of this Agreement. The Company also agrees to make such provisions, as are reasonably requested by any indemnified party, for contribution to such party in the event the Company’s indemnification is unavailable or
limited for any reason. 
 e. Registration and Qualification under Other Securities Laws. Indemnification similar to that specified
above in this paragraph 7 (with appropriate modifications) shall be given by the Company and the Holder with respect to any required registration or other qualification of securities under any Federal or state law or regulation of any governmental
authority, other than the Securities Act. 

  
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 f. Advancement of Expenses. Upon the prior express approval of the indemnifying party,
which approval shall not be unreasonably withheld, the indemnification required by this paragraph 7 shall be made by periodic payments of the amount thereof during the course of the defense, as and when bills are received or expense, loss, damage or
liability is incurred, subject to refund if it is determined the party incurring such expenses is not entitled to be indemnified under this Agreement. 

7. Underwritten Registrations. 

a. Demand Underwritten Registrations. If the proposed sale by the Holder is an underwritten offering of Registrable Securities pursuant
to a Demand Registration, the Company will enter into an underwriting agreement in customary form with the underwriters for such offering. Such agreement shall be reasonably satisfactory in substance and form to the Company, the Holder, a majority
of the Other Registrable Securities requesting registration under the Other Agreement, and the underwriters and shall contain such representations and warranties by the Company and such other terms as are generally prevailing in agreements of this
type, including, without limitation, indemnities substantially as provided in paragraph 7. 
 b. Demand or Piggyback Underwritten
Registrations. The Holder shall be a party to the Company’s underwriting agreement. No underwriting agreement (or other agreement in connection with such offering) shall require the Holder to make any representations or warranties to or
agreements with the Company or the underwriters other than representations, warranties or agreements regarding the Holder, the Registrable Securities, the Holder’s intended method of distribution and any other representation required by law or
that are reasonably requested by the underwriter. 
 c. Participation in Underwritten Registrations. No person may participate in any
registration hereunder which is underwritten unless such person agrees to sell such person’s securities on the basis provided in any underwriting arrangements approved by the person or persons entitled hereunder to approve such arrangements at
the price approved by such person or persons. 
 8. Preparation; Reasonable Investigation. In connection with the preparation and
filing of each registration statement under the Securities Act pursuant to this Agreement, the Company will give each Holder of Registrable Securities registered under such registration statement, their underwriters, if any, and their respective
counsel the reasonable opportunity to participate in the preparation of such registration statement, each prospectus included therein or filed with the Commission, and each amendment thereof or supplement thereto, and will give any such underwriters
and their counsel such access to its books and records and such opportunities to discuss the business of the Company with its officers and the independent public accountants who have certified its financial statements as shall be necessary, in the
opinion of such underwriters’ counsel, to conduct a reasonable investigation within the meaning of the Securities Act. 

  
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 9. Definitions. 

a. “Affiliate” shall have the meaning set forth in Securities Exchange Commission Rule 405, promulgated under the Securities
Act. 
 b. “Commission” means the Securities and Exchange Commission or any other federal agency at the time administering
the Securities Act. 
 c. “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

d. “Other Agreement” means that certain Amended and Restated Registration Rights Agreement, effective as of June 20,
2005, by and among the Company and the other parties thereto, as filed on the Commission’s EDGAR filing system as Exhibit 4.2 to the Company’s registration statement on Form S-1 denoted by registration number 333-169723, as such agreement
may be amended or amended and restated from time to time. 
 e. “Public Offering” shall mean a firmly-committed
underwritten sale of shares of Common Stock of the Company pursuant to a registration statement filed under the Securities Act, in which the aggregate price paid by the public for the shares of Common Stock exceeds One Million Dollars ($1,000,000).

 f. “Registrable Securities” means the 4,049,691 shares of Common Stock received by the Holder pursuant to the Purchase
Agreement together with the 700,309 shares of Common Stock received by the Holder in connection with the exercise of the Warrants and any other securities received on account of the foregoing in any stock split, stock dividend, recapitalization or
similar event; provided, however, that such securities will cease to be Registrable Securities when they have been distributed to the public pursuant to an offering registered under the Securities Act or pursuant to a transaction
exempt from registration under Rule 144 under the Securities Act (or any similar rule then in force) or when all such securities may be distributed to the public under Rule 144 in any three month period. 

g. “Securities Act” means the Securities Act of 1933, as amended. 

10. Termination. This Agreement, other than the provisions of paragraph 6, insofar as such provisions relate to completed offerings,
and paragraph 11 shall terminate, except with respect to a registration previously requested or in process, at the earlier of (a) August 26, 2016, (b) any breach of that certain Nondisclosure and Standstill Agreement between the
Company and the Holder dated as of even date herewith or (c) such other date as is mutually agreed upon by the Company and the Holder. 

11. Assignment. Notwithstanding anything herein to the contrary, the Registration Rights of the Holder granted by this Agreement are
transferable to any recipient of a Registrable Security that acquires the same in a lawful manner and is (i) a partner or retired partner of the Holder if it is a partnership, (ii) a member or former member of the Holder if it is a limited
liability company, (iii) an officer or director or any former officer or director of the Holder if it is a corporation, (iv) an Affiliate of the Holder or (v) in connection with a pledge of Registrable Securities to a bona fide
lender; provided, however, that no party may be assigned 

  
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any of the foregoing rights unless the Company is given written notice by the assigning party at the time of such assignment stating the name and address of the assignee and identifying the
securities of the Company as to which the rights in question are being assigned; provided, further, that any such assignee shall receive such assigned rights subject to all the terms and conditions of this Agreement. 

13. Miscellaneous. 
 a.
Current Public Information. The Company shall use commercially reasonable efforts to file all reports required to be filed by it under the Securities Act and the Exchange Act, and the rules and regulations adopted by the Commission thereunder
and shall take such further action as any Holder of Restricted Securities (as that term is defined by Rule 144 adopted by the Commission under the Securities Act) may reasonably request to the extent required to enable such Holder to sell Restricted
Securities pursuant to Rule 144 adopted by the Commission under the Securities Act (as such rule may be amended from time to time) or any similar rule or regulation hereafter adopted by the Commission. Upon request, the Company shall deliver to any
Holder of securities of the Company a written statement as to whether it has complied with such requirements. 
 b. Selection of
Underwriters. The Company will select the investment banker(s) and manager(s) to administer any offering effected pursuant to a Demand Registration or Piggyback Registration, provided, however, that in the case of a Demand
Registration such selection shall be subject to the approval of the Holder and a majority of the Other Registrable Securities requesting registration under the Other Agreement, which approval shall not be unreasonably withheld, conditioned or
delayed. 
 c. Remedies. Any person having rights under any provision of this Agreement will be entitled to enforce such rights
specifically to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any
breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or other security) for specific performance and for other injunctive
relief in order to enforce or prevent violation of the provisions of this Agreement. 
 d. Amendments and Waivers. Except as
otherwise provided herein, the provisions of this Agreement may be amended or waived only upon the prior written collective consent of the Company and the Holder. 

e. Successors and Assigns. Except as otherwise provided, all covenants and agreements in this Agreement by or on behalf of any of the
parties hereto will bind and inure to the benefit of the respective successors and assigns of the parties hereto whether so expressed or not. Except as otherwise provided herein or in any express assignment of this Agreement by the Holder, the
provisions of this Agreement which are for the benefit of the Holder are also for the benefit of, and enforceable by, any subsequent Holder of the Registrable Securities, which subsequent Holder shall be presumed to be a “Holder” upon any
transfer made pursuant to the terms of this Agreement. 

  
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 f. Severability. Whenever possible, each provision of this Agreement will be interpreted
in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of this Agreement. 
 g. Counterparts. This Agreement may be executed in two or more
counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together will constitute one and the same Agreement. 

h. Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of
this Agreement. 
 i. Governing Law. All questions concerning the construction, validity and interpretation of this Agreement and the
exhibits and schedules hereto will be governed by the internal law, and not the conflict of laws provisions, of the State of New York. 
 j.
Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be presumed to have been given when delivered personally to the recipient,
sent to the recipient by facsimile or by reputable express courier service (charges prepaid) or mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid. Such notices, demands and other communications
will be sent to each party to this Agreement at the address indicated below, or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party: 

If to the Company, to it at: 
 RigNet, Inc. 

1880 S. Dairy Ashford, Suite 300 

Houston, Texas 77077 
 Attention:
William D. Sutton 
 Facsimile No.: 281-674-0101 

With a copy to (which shall not constitute notice hereunder): 

Norton Rose Fulbright 
 Fulbright
Tower 
 1301 McKinney St., Suite 5100 

Houston, Texas 77010 
 Attention:
Brian P. Fenske 
 Facsimile No.: 713-651-5246 

If to the Holder, to it at: 
 c/o Kohlberg Kravis
Roberts & Co. L.P. 
 9 West 57th Street, Suite 4200 

  
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 New York, New York 10019 

Attention: David Sorkin, Esq. 

Fax: (212) 750-0003 
 With a copy to (which
shall not constitute notice hereunder): 
 Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
New York 10017 
 Attention: Gary Horowitz, Esq. 

Phone: (212) 455-2000 
 Fax:
(212) 455-2502 
 k. Inconsistent Agreements. The Company will not enter into agreements which legally conflict with this
Agreement. 
 l. Legend. The certificates representing the Registrable Securities will contain a legend referring to this Agreement.

 m. Registration Not Required. The Company will not be obligated to include any shares of Registrable Securities in a Demand
Registration or a Piggyback Registration if the requested registration is not at that time required to permit the proposed disposition or any resale of such Registrable Securities without restrictions on transfer under the Securities Act. 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date first
written above. 
  

			
	“COMPANY”
	
	RIGNET, INC.
		
	By:	 	/s/ Mark B. Slaughter
		 	Name: Mark B. Slaughter
		 	Title: CEO & President
	
	“HOLDER”
	
	DIGITAL OILFIELD INVESTMENTS LP
		
	By:	 	Digital Oilfield Investments GP Limited, its general partner
		
	By:	 	/s/ Mattia Caprioli
		 	Name: Mattia Caprioli
		 	Title: Director

 [Signature Page to Registration Rights Agreement]EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made effective as of August 26, 2013 (the “Effective
Date”) by and between Targacept, Inc., a Delaware corporation (“Employer” or the “Company”), and Patrick C. Rock, an individual resident of the District of Columbia (“Employee”). 

RECITALS: 
 WHEREAS,
Employer considers the availability of Employee’s services to be important to the management and conduct of Employer’s business and desires to secure the continued availability of Employee’s services; and 

WHEREAS, Employee is willing to continue to make his services available to Employer on the terms and subject to the conditions set forth
herein; 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows: 

1. Employment. Upon the Effective Date, and to facilitate an orderly transition of duties and responsibilities, Employee will hold the
initial, interim position of Deputy General Counsel of Employer, and shall be employed as Senior Vice President and General Counsel of Employer for the remainder of the Term (as defined in Section 2) effective on the date after the last day of
employment of Employer’s current Senior Vice President, Legal Affairs, General Counsel and Secretary, such date to be no later than October 1, 2013. Employee will be located at Employer’s principal executive offices in Winston-Salem,
North Carolina or such other location as may be approved by Employer’s chief executive officer. Employee hereby accepts and agrees to such employment. Employee shall perform such duties and shall have such powers, authority and responsibilities
as are customary for one holding the position of Senior Vice President and General Counsel of a business similar to Employer and shall additionally render such other services and duties as may be reasonably assigned to him from time to time by
Employee’s assigned manager, Employer’s chief executive officer or Employer’s Board of Directors (the “Board”). 

2. Term of Employment. Employee’s employment with Employer shall continue until terminated as provided in Section 6 or
Section 7 (the period from the Effective Date to the effective date of such termination, the “Term”). Any termination of Employee’s employment with Employer or this Agreement shall not affect the parties’ continuing
obligations under Section 5, which shall survive any such termination. 
 3. Compensation. 

(a) For all services rendered by Employee to Employer under this Agreement, Employer shall pay to Employee, during the Term, an annual base
salary of not less than $316,000, payable in equal monthly installments ($26,333.33 per month) in arrears in accordance with the customary payroll practices of Employer. During the Term, Employee’s annual base salary shall be reviewed and
subject to increase in accordance with Employer’s standard policies and procedures. 

  
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 (b) Employee shall be eligible to earn an annual bonus during the Term of up to 35% of
Employee’s annual base salary or such higher amount as may be determined by the Board (or a compensation committee thereof) from time to time (Employee’s “Target Annual Bonus”). Eligibility for the Target Annual Bonus
shall be based upon the achievement of performance objectives established by, or in a manner approved by, the Board (or a compensation committee thereof) in consultation with Employer’s chief executive officer and shall be payable within thirty
(30) days after the end of each fiscal year. 
 (c) All amounts payable hereunder shall be subject to such deductions and withholdings as
shall be required by law, if any. 
 (d) Employee shall also be entitled during the Term to holidays, sick leave and other time off and to
participate in those life, health or other insurance plans and other employee retirement and welfare benefit programs, plans, practices and benefits generally made available from time to time to similarly situated executives of Employer; provided
that nothing herein shall obligate Employer to continue any of such programs, plans, practices or benefits for Employee if discontinued for all other similarly situated executives of Employer. Without limiting the foregoing, Employee shall be
entitled to paid vacation during each fiscal year of the Term of not less than twenty (20) days. 
 4. Reimbursement of
Expenses. Employer shall pay or reimburse Employee for all reasonable travel and other expenses incurred by Employee in performing the duties of his employment under this Agreement and also, to the extent consistent with Employer’s policy,
for any dues and costs of membership for appropriate professional organizations and continuing professional education, in each case subject to such reasonable documentation and substantiation as Employer shall require. 

5. Covenants of Employee. 

(a) Covenant Not to Compete. Employee covenants that during the Noncompetition Period (as defined in Section 5(g)) and within the
Noncompetition Area (as defined in Section 5(h)), he shall not, directly or indirectly, as principal, agent, officer, director, shareholder, member, employee, consultant or trustee, or through the agency of any person, firm, corporation,
partnership, limited liability company, association or other entity (collectively, “Entity”), engage in the Business (as defined in Section 5(i)). Without limiting the generality of the foregoing, Employee agrees that during
the Noncompetition Period and within the Noncompetition Area, he shall not be (i) the owner of the outstanding capital stock or other equity interests of any Entity (other than Employer or its affiliates) that, directly or indirectly, engages
in the Business; or (ii) an officer, director, partner, manager, member, consultant or employee of any Entity that, directly or indirectly, engages in the Business; provided that this Section 5(a) shall not prevent Employee from
(A) being an executive or otherwise working in the same or similar capacity for any area or division of any Entity to the extent that such area or division does not, directly or indirectly, engage in the Business or (B) beneficially owning
less than 1% of the stock of a corporation traded on a national securities exchange (including, without limitation, the NASDAQ Stock Market). 

  
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 (b) Nondisclosure Covenant. The parties acknowledge that Employer and its affiliates are
enterprises the success of which is attributable largely to the ownership, use and development of certain valuable confidential and proprietary information (“Proprietary Information”) and that Employee’s employment with
Employer will involve access to and work with Proprietary Information. Employee acknowledges that his relationship with Employer is a confidential relationship and agrees that he shall: (i) keep and maintain all Proprietary Information in
strictest confidence; (ii) not, either directly or indirectly, use any Proprietary Information for his own benefit; and (iii) not, either directly or indirectly, divulge, disclose or communicate any Proprietary Information in any manner
whatsoever to any person or Entity, other than to employees or agents of Employer having a need to know such Proprietary Information to perform their responsibilities on behalf of Employer or to other persons or Entities in the normal course of
Employer’s business. This nondisclosure obligation shall apply to all Proprietary Information, whether or not Employee participated in the development thereof. Upon termination of his employment with Employer for any reason, Employee will
return to Employer all Proprietary Information in any medium and all other documents, data, materials or property of Employer (including any copies thereof) in his possession. For purposes of this Agreement, the term “Proprietary
Information” shall include any and all information related to the business of Employer, any of its affiliates or any third party whose information Employee had access to by virtue of his employment with Employer, or to any of their respective
products, services, sales or operations, that is not generally known to the public, specifically including, but without limitation: trade secrets; processes; formulae; compounds and properties thereof; data; files; research results; computer
programs or related source codes or object codes; improvements; inventions; techniques; business, operating, marketing, partnering or merger and acquisition plans; strategies; forecasts; copyrightable material; suppliers; vendors; methods and manner
of operations; information relating to the identity, needs and location of all past, present and prospective customers; and information with respect to the internal affairs of Employer and its affiliates. Such Proprietary Information may or may not
contain legends or other written notice that it is of a confidential or proprietary nature. The parties stipulate that, as between them, the above-described matters are important and confidential and gravely affect the successful conduct of the
business of Employer and its affiliates and that any breach of the terms of this Section 5(b) shall be a material breach of this Agreement. 

(c) Nonsolicitation Covenant. Employee covenants that during the Noncompetition Period he shall not, directly or indirectly, on behalf
of himself or any Entity, solicit, induce or encourage any person to leave the employ of Employer. 
 (d) Inventions. All inventions,
designs, formulae, processes, discoveries, drawings, improvements and developments made by Employee, either solely or in collaboration with others, during his employment with Employer, whether or not during working hours, and relating to any
methods, apparatus, products, compounds, services or deliverables that are made, furnished, sold, leased, used or developed by Employer or its affiliates or that pertain to the business of Employer (the “Developments”) shall become
and remain the sole property of Employer. Employee shall disclose promptly in writing to Employer all such Developments. Employee acknowledges and agrees that all Developments shall be deemed “works made for hire” within the meaning of the
United States Copyright Act, as amended. If, for any reason, such Developments are not deemed 

  
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works made for hire, Employee hereby assigns to Employer all of his right, title and interest (including, but not limited to, copyright and all rights of inventorship) in and to such
Developments. At the request and expense of Employer, whether during or after employment with Employer, Employee shall make, execute and deliver all application papers, assignments or instruments, and perform or cause to be performed such other
lawful acts as Employer may deem necessary or desirable in making or prosecuting applications, domestic or foreign, for patents (including reissues, continuations and extensions thereof) and copyrights related to such Developments or in vesting in
Employer full legal title to such Developments. Employee shall assist and cooperate with Employer or its representatives in any controversy or legal proceeding relating to such Developments or any patents, copyrights or trade secrets with respect
thereto. If for any reason Employee refuses or is unable to assist Employer in obtaining or enforcing its rights with respect to such Developments, he hereby irrevocably designates and appoints Employer and its duly authorized agents as his agents
and attorneys-in-fact to execute and file any documents and to do all other lawful acts necessary to protect Employer’s rights in the Developments. Employee expressly acknowledges that the special foregoing power of attorney is coupled with an
interest and is therefore irrevocable and shall survive (i) his death or incompetency, (ii) the termination of his employment with Employer and (iii) the termination of this Agreement. 

(e) Independent Covenants. Each of the covenants on the part of Employee contained in Sections 5(a), (b), (c) and (d) shall
be construed as an agreement independent of each other such covenant. The existence of any claim or cause of action of Employee against Employer, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by
Employer of any such covenant. 
 (f) Reasonableness; Injunction. Employee acknowledges that his covenants contained in this
Section 5 are reasonably necessary for the protection of Employer, its affiliates and their respective businesses and that such covenants are reasonably limited with respect to the activities prohibited, the duration thereof, the geographic
area thereof, the scope thereof and the effect thereof on Employee and the general public. Employee further acknowledges that violation of the covenants would immeasurably and irreparably damage Employer and its affiliates and, by reason thereof,
Employee agrees that for violation or threatened violation of any of the provisions of this Agreement, Employer shall, in addition to any other rights and remedies available to it at law or otherwise, be entitled to an injunction to be issued by any
court of competent jurisdiction enjoining and restraining Employee from committing any violation or threatened violation of this Agreement. Employee consents to the issuance of such injunction. 

(g) Noncompetition Period. “Noncompetition Period” shall mean the period commencing on the Effective Date and
continuing until (i) nine (9) months following termination of Employee’s employment with Employer, unless clause (ii) applies, or (ii) if applicable, the last day of the Severance Period pursuant to Section 7(d)(A).

 (h) Noncompetition Area. The “Noncompetition Area” shall consist of the entire world, North America, the United
States and Europe. 

  
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 (i) Business. For the purposes of this Agreement, the “Business” shall
mean the business of developing, manufacturing, marketing or selling any therapeutic product: (i) that contains or is comprised of, in whole or in part, a chemical compound that modulates or otherwise affects any nicotinic acetylcholine
receptor in humans; or (ii) that is substantially similar to, or competitive with, any product candidate in development, or any product manufactured, marketed or sold, by Employer during Employee’s employment with Employer; provided,
however, that during the portion of the Noncompetition Period after termination of Employee’s employment, no product or product candidate will be considered competitive with the Company’s products or product candidates unless it is
substantially similar to, or competitive with, a product candidate in development, or a product manufactured, marketed or sold, by Employer during the five (5)-year period ending on the date of termination of Employee’s employment. 

6. Disability. Upon the “disability” of Employee, this Agreement and the employment relationship hereunder may be terminated
by action of the Board upon thirty (30) days prior written notice (the “Disability Notice”), such termination to become effective only if such disability continues. If, prior to the effective time of the Disability Notice,
Employee shall recover from such disability and return to the full-time active discharge of his duties, then the Disability Notice shall be of no further force and effect and Employee’s employment shall continue as if the same had been
uninterrupted. If Employee shall not so recover from his disability and return to his duties, then his employment with Employer and this Agreement shall terminate at the effective time of the Disability Notice. Such termination shall not prejudice
any benefits payable to Employee that are fully vested as of the date of such termination. Prior to the effective time of the Disability Notice, Employee shall continue to earn all compensation to which Employee would have been entitled as if he had
not been disabled, such compensation to be paid at the time, in the amounts, and in the manner provided in Section 3(a). A “disability” of Employee shall be deemed to exist at all times that Employee is considered by the insurer which
has issued any policy of disability insurance owned by Employer or for which premiums are paid by Employer (the “Employer Policy”) to be totally disabled under the terms of such policy. In the event there is no Employer Policy,
“disability” shall mean the inability, by reason of physical or mental incapacity, impairment or infirmity, of Employee to perform, upon request, his regular duties for six (6) consecutive months and the determination of the existence
or nonexistence of disability shall be made by a medical doctor who is licensed to practice medicine in the State of North Carolina mutually acceptable to the Board and to Employee (or, if Employee is incapacitated, his spouse). 

7. Termination. 
 (a) If
Employee shall die during the Term, this Agreement and the employment relationship hereunder will automatically terminate on the date of death, which date shall be the last day of the Term; provided that such termination shall not prejudice any
benefits payable to Employee or Employee’s beneficiaries that are fully vested as of the date of death. 

  
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 (b) Employer may terminate this Agreement and the employment relationship hereunder at any time,
with or without Just Cause, effective at such time as may be determined by Employer’s chief executive officer or the Board; provided that any termination with Just Cause shall require written notice to Employee. “Just Cause”
shall mean: (i) Employee’s willful and material breach of this Agreement and his continued failure to cure such breach to the reasonable satisfaction of the Board within thirty (30) days following written notice of such breach to
Employee from the Board; (ii) Employee’s conviction of, or entry of a plea of guilty or nolo contendere to a felony or a misdemeanor involving moral turpitude; (iii) Employee’s willful commission of an act of fraud, breach of
trust, or dishonesty including, without limitation, embezzlement, that results in material damage or harm to the business, financial condition or assets of Employer; (iv) Employee’s intentional damage or destruction of substantial property
of Employer; (v) Employee’s violation of Employer’s policies prohibiting employment discrimination or workplace harassment; or (vi) Employee’s commission of any act (or omission) contrary to applicable ethical or
professional standards established by Employer or Employee’s profession. Notwithstanding the foregoing, “Just Cause” shall not mean any action or inaction under sub-clause (i) above to the extent it results from Employee’s
required compliance with an ethical obligation applicable to Employee’s conduct as an attorney-at-law. Just Cause shall be determined by the Board in its reasonable discretion and the particulars of any determination shall be provided to
Employee in writing. At any time within ninety (90) days of receipt by Employee in writing of such determination, Employee may object to such determination in writing and submit the determination to arbitration in accordance with
Section 9(j). If such determination is overturned in arbitration, Employee will be treated as having been terminated without Just Cause and shall be entitled to the benefits of Section 7(d). 

(c) Employee may voluntarily terminate his employment with Employer on thirty (30) days prior written notice to Employer. 

(d) Upon any termination pursuant to this Section 7, Employee shall be entitled to receive a lump sum equal to (i) any base salary
earned and due but not yet paid through the effective date of termination plus (ii) any bonus or other compensation earned and due pursuant to the express terms of any Company plan or program but not yet paid through the effective date of
termination, such lump sum to be payable within thirty (30) days after such effective date of termination. 
 In addition, if this
Agreement and Employee’s employment hereunder is terminated by Employer (or its successor) other than for Just Cause (and, for clarity, other than as a result of Employee’s death), or by Employee within one (1) year following the
first occurrence of Good Reason, Employee shall be entitled to the following: 
 (A) severance, payable monthly, in an amount
and for a period as follows: (1) if such termination occurs concurrent with or within twelve (12) months following, or in connection with but prior to, a Change in Control, the sum of Employee’s then current monthly base salary plus
one-twelfth (1/12th) of Employee’s Target Annual Bonus, for twelve (12) months following such termination; or (2) if otherwise, Employee’s then current monthly base salary
for nine (9) months following such termination (the time period in clause (1) or clause (2), whichever is applicable, the “Severance Period”); provided that, in the event the aggregate amount payable in the Severance
Period based on the foregoing would exceed the greater of: 
 (x) two times the lesser of: 

(aa) the sum of Employee’s annualized compensation based upon his annual base salary for his taxable year preceding his
taxable year in which his employment hereunder terminates (adjusted for any increase during that year that was expected to continue indefinitely if Employee’s employment had not terminated); or 

  
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 (bb) the maximum amount that may be taken into account under a qualified plan
pursuant to Section 401(a)(17) of the Internal Revenue Code of 1986, as amended (the “Code”), for the year in which Employee’s employment hereunder is terminated; or 

(y) the maximum amount that would be exempt under Section 409A of the Code; 

then, Employer (or its successor) shall pay the amount of such excess to Employee in a lump sum on the date that is two and one-half months following the end
of Employer’s (or its successor’s) taxable year during which the termination of Employee’s employment occurs. 

(B) if such termination occurs concurrent with or within twelve (12) months following, or in connection with but prior to,
a Change in Control, full acceleration of vesting for unvested options to purchase capital stock, and restricted stock or other equity-based awards (if any), of Employer (or its successor) held by Employee and outstanding as of the effective date of
termination; and otherwise six (6) months acceleration of vesting for unvested options to purchase capital stock, and restricted stock or other equity-based awards (if any), of Employer (or its successor) held by Employee and outstanding as of
the effective date of termination. The terms of this clause (B) shall be deemed incorporated into each option or similar agreement evidencing an award made to Employee before or after the Effective Date. 

(C) continuation of (1) the life insurance benefits coverage and (2) the health care (including medical and dental)
benefits coverage, in each case provided to Employee (and, if applicable, his spouse and dependents) at his date of termination at the same level and in the same manner as if his employment had not terminated (subject to the customary changes in
such coverages if Employee reaches age 65 or similar events), for the Severance Period; provided that (x) Employer shall have no obligation under the foregoing clause (2) unless Employee shall have made a timely election of continuation
under the Consolidated Omnibus Budget Reconciliation Act of 1985 (commonly referred to as “COBRA”) and (y) the same percentage of the total cost for such life insurance or health care coverage as Employee was paying at the time of
termination shall continue during the Severance Period to be paid by Employee. If the terms of any of Employer’s group health, dental or term life insurance plans referred to in this section do not permit continued participation by Employee or
if permitting such continued participation would result in the imposition of an excise tax against Employer under Section 4980D (or any successor section) of the Code, then Employer will arrange for other coverage providing substantially
similar benefits at the same contribution level of Employee. 

  
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 (D) outplacement counseling services selected by Employee, up to a maximum of
$10,000 and provided that (1) such expense is incurred by Employee on or before the second anniversary of December 31 of the year during which the termination of Employee’s employment occurs and (2) such amount is paid by
Employer on or before the third anniversary of December 31 of the year during which the termination of Employee’s employment occurs. 

(e) If Employer (or its successor) terminates Employee’s employment for Just Cause, Employee shall forfeit any unexercised vested or
unvested stock options (and other equity-based awards, to the extent unvested, if any) at the date of termination. If Employee terminates his employment or if Employer (or its successor) terminates Employee’s employment without Just Cause,
Employee shall have, with respect to each vested stock option, until the earlier of (i) three (3) months from the date of termination or (ii) the last day of the applicable option period/term to exercise such vested stock option. 

(f) For purposes of this Agreement: 

“Change in Control” shall be deemed to have occurred on the earliest of the following dates: 

(i) the date any entity or person shall have become the beneficial owner of, or shall have obtained voting control over, more
than fifty percent (50%) of the outstanding Common Stock of Employer; 
 (ii) the date of the consummation of:
(A) a merger, consolidation, reorganization or similar business transaction of Employer with or into another corporation or other business entity (each, a “corporation”), in which Employer is not the continuing or surviving
entity or pursuant to which any shares of Common Stock of Employer would be converted into cash, securities or other property of another entity, other than a transaction of Employer in which holders of Common Stock immediately prior to the
transaction continue to own at least 50% of the outstanding Common Stock, or if Employer is not the surviving entity, the common stock (or other voting securities) of the surviving entity immediately after the transaction as immediately before; or
(B) the sale or other disposition of all or substantially all of the assets of Employer; or 
 (iii) the date on which
the Continuing Directors (as defined below) do not constitute a majority of the Board (or, if applicable, the Board of Directors of a successor corporation to the Company), where the term “Continuing Director” means at any date a
member of the Board (A) who was a member of the Board on the date of this Agreement, or (B) who was nominated or elected subsequent to such date by at least a majority of the directors who were Continuing Directors at the time of such
nomination or election or whose election to the Board was recommended or endorsed by at least a majority of the directors who were Continuing Directors at the time of such nomination or election; provided, however, that there shall be excluded from
this clause (B) any individual whose initial assumption of office occurred as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or
consents, by or on behalf of a person other than the Board. 

  
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 (For the purposes herein, the term “person” shall mean any individual,
corporation, partnership, group, association or other person, as such term is defined in Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), other than Employer, a
subsidiary of Employer or any employee benefit plan(s) sponsored or maintained by Employer or any subsidiary thereof, and the term “beneficial owner” shall have the meaning given the term in Rule 13d-3 under the Exchange Act.) 

The Board shall have full and final authority, in its discretion, to determine whether a Change in Control of Employer has occurred pursuant to
the above definition, the date of the occurrence of such Change in Control and any incidental matters relating thereto. 
 “Good
Reason” shall mean the occurrence of any of the following events without Employee’s express written consent: 

(i) the material breach by Employer (or its successor) of any material provision of this Agreement; 

(ii) any purported termination of the employment of Employee by Employer (or its successor) that is not effected in accordance
with this Agreement; 
 (iii) any failure of Employer (or its successor) to pay Employee any amounts of salary or bonus
compensation that have become due and payable to Employee within thirty (30) days after Employee has given Employer (or its successor) notice of demand therefor; 

(iv) a reduction in Employee’s annual base salary unless the reduction is part of, and at the same percentage as, an
across-the-board salary reduction for all similarly-situated executives; 
 (v) any material diminution in Employee’s
duties, responsibilities, authority, reporting structure, status or title, unless approved in writing by Employee; or 
 (vi)
being required by Employer to relocate to a location more than fifty (50) miles from Employer’s corporate offices as of the Effective Date (Winston-Salem, North Carolina); 

provided that Good Reason pursuant to any of clauses (i), (ii), (iii), (iv), (v) or (vi) above shall be conditional on (A) Employee having
provided written notice to Employer (or its successor) of the initial existence of any or all of the foregoing events within ninety (90) days of the initial existence of such event and (B) such event continuing to exist thirty
(30) days after the date of such written notice from Employee. 

  
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 (g) Except as otherwise provided in this Section 7, upon termination of this Agreement for
any reason, Employee shall not be entitled to any form of severance benefits, including benefits otherwise payable under any of Employer’s regular severance plans or policies, or any other payment whatsoever. Employee agrees that (i) the
payment of any severance or other benefits pursuant to this Section 7 shall be contingent on the delivery by Employee to Employer of a release and waiver of legal claims related to the employment relationship between Employee and Employer in a
form reasonably acceptable to Employer and (ii) the payments and benefits provided hereunder, subject to the terms and conditions hereof, shall be in full satisfaction of any rights which he might otherwise have or claim by operation of law, by
implied contract or otherwise, except for rights which he may have under any employee benefit plan of Employer. Notwithstanding anything to the contrary in this Section 7, any release referenced in this Section 7(g) must be executed and
provided to Employer, and the period for revoking same must have expired, before the forty-fifth (45th) day following the effective date of termination of employment (or shall otherwise be
structured in a manner so that all payments under this Section 7 are exempt from or made in compliance with Section 409A of the Code). Specifically but without limitation, if any payments made under this Section 7 are not exempt from
Section 409A of the Code and if the forty-five (45) day period described in the preceding sentence begins in one tax year and extends into a second tax year, such payments shall commence during the second tax year. 

(h) To the extent applicable, Employer and Employee intend that this Agreement comply with Section 409A of the Code. The parties hereby
agree that this Agreement shall at all times be construed in a manner to comply with Section 409A and that should any provision be found not in compliance with Section 409A, the parties are hereby contractually obligated to execute any and
all amendments to this Agreement deemed necessary and required by legal counsel to achieve compliance with Section 409A. In the event amendments are required to be made to this Agreement to comply with Section 409A, Employer shall use its
best efforts to provide Employee with substantially the same payments he would have been entitled to pursuant to this Agreement had Section 409A not applied, but in a manner that is compliant with Section 409A. The manner in which the
immediately preceding sentence shall be implemented shall be the subject of good faith negotiations of the parties. The parties also agree that in no event shall any payment required to be made pursuant to this Agreement that is considered deferred
compensation within the meaning of Section 409A be accelerated in violation of Code Section 409A. 
 (i) Notwithstanding anything
in this Agreement to the contrary, in the event it shall be determined that (i) any payment, award, benefit or distribution (or any acceleration of any payment, award, benefit or distribution) by Employer (or its successor) or any entity which
effectuates a Change in Control (or any of its affiliated entities) to or for the benefit of Employee (whether pursuant to the terms of this Agreement or otherwise) (the “Payments”) would be subject to the excise tax imposed by
Section 4999 of the Code (the “Excise Tax”), and (ii) the reduction of the amounts payable to Employee under this Agreement to the maximum amount that could be paid to Employee without giving rise to the Excise Tax (the
“Safe Harbor Cap”) would provide Employee with a greater after-tax amount than if such amounts were not reduced, then the amounts payable to Employee under this Agreement shall be reduced (but not below zero) to the Safe Harbor

  
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Cap. Unless Employer (or its successor) and Employee agree otherwise, the reduction of the amounts payable hereunder, if applicable, shall be made to the extent necessary in the following order:
(i) first, any such Payments that became fully vested prior to the Change in Control and that pursuant to paragraph (b) of Treas. Reg. § 1.280G-1, Q/A 24, are treated as contingent compensation payments solely by reason of the
acceleration of their originally scheduled dates of payment will be reduced, by cancellation of the acceleration of their vesting; (ii) second, any severance payments or benefits, performance-based cash or equity incentive awards, or other
contingent compensation payments the full amounts of which are treated as contingent on the Change in Control where paragraphs (b) and (c) of Treas. Reg. § 1.280G-1, Q/A 24 do not apply, will be reduced; and (iii) third, any cash
or equity incentive awards, or nonqualified deferred compensation amounts, that vest solely based on Employee’s continued service with Employer (or its successor), and that pursuant to paragraph (c) of Treas. Reg. § 1.280G-1, Q/A 24,
are treated as contingent on the Change in Control because they become vested as a result of the Change in Control, will be reduced, first by cancellation of any acceleration of their originally scheduled dates of payment (if payment with respect to
such items is not treated as automatically occurring upon the vesting of such items for purposes of Section 280G of the Code) and then, if necessary, by canceling the acceleration of their vesting. In each case, the amounts of the contingent
compensation payments will be reduced in the inverse order of their originally scheduled dates of payment or vesting, as applicable, and will be so reduced only to the extent necessary to achieve the required reduction. For purposes of reducing the
Payments to the Safe Harbor Cap, only amounts payable under this Agreement (and no other Payments) shall be reduced. If the reduction of the amounts payable hereunder would not result in a greater after-tax result to Employee, no amounts payable
under this Agreement shall be reduced pursuant to this provision. 
 (A) All determinations required to be made under this
Section 7(i) shall be made by the public accounting firm that is retained by Employer (or its successor) as of the date immediately prior to the Change in Control (the “Accounting Firm”), which shall provide detailed supporting
calculations both to Employer (or its successor) and Employee within fifteen (15) business days of the receipt of notice from Employer (or its successor) or Employee that there has been a Payment, or such earlier time as is requested by
Employer (or its successor). Notwithstanding the foregoing, in the event (i) the Board shall determine prior to the Change in Control that the Accounting Firm is precluded from performing such services under applicable auditor independence
rules or (ii) the Audit Committee of the Board determines that it does not want the Accounting Firm to perform such services because of auditor independence concerns or (iii) the Accounting Firm is serving as accountant or auditor for the
person(s) effecting the Change in Control, the Board shall appoint another nationally recognized public accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder).
All fees, costs and expenses (including, but not limited to, the costs of retaining experts) of the Accounting Firm shall be borne by Employer (or its successor). If payments are reduced to the Safe Harbor Cap or the Accounting Firm determines that
no Excise Tax is payable by Employee without a reduction in payments, the Accounting Firm shall provide a written opinion to Employee to such effect, that Employee is not required to report any Excise Tax on Employee’s federal income tax
return, and that the failure to report the Excise Tax, if any, on Employee’s applicable federal income tax return will not result in the imposition of a negligence or similar penalty. The determination by the Accounting Firm shall be binding
upon Employer (or its successor) and Employee (except as provided in Section 7(i)(B) below). 

  
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 (B) If it is established pursuant to a final determination of a court or an Internal Revenue
Service (the “IRS”) proceeding, which has been finally and conclusively resolved, that Payments have been made to, or provided for the benefit of, Employee by Employer (or its successor), which are in excess of the limitations
provided in this Section 7(i) (referred to hereinafter as an “Excess Payment”), Employee shall repay the Excess Payment to Employer (or its successor) on demand, together with interest on the Excess Payment at the applicable
federal rate (as defined in Section 1274(d) of the Code) from the date of Employee’s receipt of such Excess Payment until the date of such repayment. As a result of the uncertainty in the application of Section 4999 of the Code at the
time of the determination, it is possible that Payments which will not have been made by Employer (or its successor) should have been made (an “Underpayment”), consistent with the calculations required to be made under this
Section 7(i). In the event that it is determined (i) by the Accounting Firm, Employer (or its successor) (which shall include the position taken by Employer (or its successor), or together with their consolidated group, on their federal
income tax returns) or the IRS or (ii) pursuant to a determination by a court, that an Underpayment has occurred, Employer (or its successor) shall pay an amount equal to such Underpayment to Employee within ten (10) days of such
determination together with interest on such amount at the applicable federal rate from the date such amount would have been paid to Employee until the date of payment. Employee shall cooperate, to the extent Employee’s expenses are reimbursed
by Employer (or its successor), with any reasonable requests by Employer (or its successor) in connection with any contests or disputes with the IRS in connection with the Excise Tax or the determination of the Excess Payment. Notwithstanding the
foregoing, in the event that amounts payable under this Agreement were reduced pursuant to Section 7(i) and the value of stock options is subsequently re-determined by the Accounting Firm within the context of Treasury Regulation §1.280G-1
Q/A 33 that reduces the value of the Payments attributable to such options, Employer (or its successor) shall promptly pay to Employee any amounts payable under this Agreement that were not previously paid solely as a result of Section 7(i),
subject to the Safe Harbor Cap. 
 (j) To the extent required by law or by any policy, plan or agreement (as each may be in effect from time
to time) of Employer, Employer may require Employee to repay to Employer any bonus or other incentive-based or equity-based compensation paid to Employee and to comply with any equity retention policy, stock ownership guidelines or similar
guidelines or policies as may be established by Employer, and Employee hereby expressly agrees to comply with any such requirements. 
 8.
Best Efforts of Employee. Employee agrees that he will at all times during the Term faithfully, industriously and to the best of his ability, experience and talents perform all the duties that may be required of him pursuant to the express
and implicit terms hereof to the reasonable satisfaction of Employer, commensurate with his position. Such duties shall be rendered at such place as Employer designates and Employee acknowledges that he may be required to travel as shall reasonably
be required to promote the business of Employer. To the extent reasonably required by the duties assigned to him, Employee shall during the Term devote substantially all his professional time, attention, knowledge and skills to the business and
interest of Employer, and Employer shall be entitled to all the benefits, profits and other issue arising from or incident to all work, service and advice of Employee. During the Term, Employee shall not be interested, directly or indirectly, in any
manner as partner, manager, officer, director, shareholder, member, adviser, consultant, 

  
 12 

 
employee or in any other capacity in any other business; provided, that nothing herein contained shall be deemed to prevent or limit the right of Employee to beneficially own less than 1% of the
stock of a corporation traded on a national securities exchange (including, without limitation, the NASDAQ Stock Market) as long as such passive investment does not interfere with or conflict with the performance of services to be rendered
hereunder. 
 9. Miscellaneous. 

(a) This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina, without regard to conflicts
of law principles thereof. 
 (b) This Agreement constitutes the entire agreement between Employee and Employer with respect to the subject
matter hereof and supersedes in their entirety any and all prior oral or written agreements, understandings or arrangements between Employee and Employer or any of its affiliates relating to the terms of Employee’s employment by Employer. Any
and all such agreements, understandings and arrangements are hereby terminated and of no force or effect and Employee hereby expressly disclaims any rights under any and all such agreements, understandings and arrangements. This Agreement may not be
amended or terminated except by an agreement in writing signed by both parties or, for clarity in the case of termination, as provided in Section 6 or Section 7. 

(c) This Agreement may be executed in two counterparts, each of which shall be deemed and original and both of which, taken together, shall
constitute one and the same instrument. 
 (d) Any notice or other communication required or permitted under this Agreement shall be
effective only if it is in writing and delivered in person or by nationally recognized overnight courier service or deposited in the mails, postage prepaid, return receipt requested, addressed as follows: 

To Employer: 
 Targacept, Inc.

 100 North Main Street, Suite 1510 

Winston-Salem, North Carolina 27101 

Attn: Chief Executive Officer 

To Employee: 
 Patrick C. Rock

 1661 Crescent Place, N.W., Apt. 510 

Washington, DC 20009 
 Notices given in person
or by overnight courier service shall be deemed given when delivered in person or the day after delivery to the courier addressed to the address required by this Section 9(d), and notices given by mail shall be deemed given three (3) days
after deposit in the mails. Either party may designate by written notice to the other party in accordance herewith any other address to which notices addressed to such designating party shall be sent. 

  
 13 

 (e) The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. It is understood and agreed that no failure or delay by Employer or Employee in exercising any right, power or privilege under this
Agreement shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. 

(f) This Agreement may not be assigned by Employee without the written consent of Employer. This Agreement shall be binding on any heirs,
representatives, successors or assigns of either party. 
 (g) For purposes of this Agreement, employment of Employee by any affiliate of
Employer shall be deemed to be employment by Employer hereunder, and a transfer of employment of Employee from one such affiliate to another shall not be deemed to be a termination of employment of Employee by Employer or a cessation of the Term, it
being the intention of the parties hereto that employment of Employee by any affiliate of Employer shall be treated as employment by Employer and that the provisions of this Agreement shall continue to be fully applicable following any such
transfer. 
 (h) The respective rights and obligations of the parties hereunder (including, without limitation, under Section 7(d)) shall
survive any termination of this Agreement or Employee’s employment with Employer to the extent necessary to preserve such rights and obligations for their stated durations. 

(i) In the event that it shall become necessary for either party to retain the services of an attorney to enforce any terms under this
Agreement, the prevailing party, in addition to all other rights and remedies hereunder or as provided by law, shall be entitled to reasonable attorneys’ fees and costs of suit. 

(j) Except as otherwise provided in this Section 9(j), any controversy or claim arising out of or relating to this Agreement shall be
settled by arbitration in accordance with Commercial Arbitration Rules of the American Arbitration Association then in effect, and judgment upon the award rendered by the arbitration panel, which shall consist of three members, may be entered in any
court having jurisdiction. Any arbitration shall be held in Winston-Salem, North Carolina, unless otherwise agreed in writing by the parties. One arbitrator shall be selected by Employee, one arbitrator shall be selected by Employer, and the third
arbitrator shall be selected by the two arbitrators selected by Employee and Employer. Notwithstanding the foregoing, any claim or dispute with respect to or arising out of any of the covenants in Section 5 or the covenant in Section 8
related to Employee’s interest in other businesses, or any statutory or common law claim of patent infringement, misappropriation of trade secrets, unfair competition, unfair or deceptive trade practices, interference with contract, or
interference with actual or prospective economic or business relations, shall be excluded from this Section 9(j). 
 [remainder of
page intentionally left blank] 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the respective dates
set forth below, effective as of the Effective Date. 
  

									
	Targacept, Inc.	  		 	
				
	 By:
	 	 /s/ Stephen A. Hill
	  		 	 /s/ Patrick C. Rock

	 Name:
	 	 Stephen A. Hill
	  		 	Patrick C. Rock
	 Title:
	 	 President & CEO
	  		 		 	
					
	 Date:
	 	 8/15/13
	  		 	Date:	 	 Aug. 15, 2013

  
 15

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