SEC Contract Filing

Filing Date: 2020-11-06

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>3
<FILENAME>rnet-ex103_239.htm
<DESCRIPTION>EX-10.3 PERFORMANCE UNIT AWARD AGREEMENT BY AND BETWEEN THE COMPANY AND ERROL OLIVIER
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:-7.69%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Hlk54972781"></a>Exhibit 10.3</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:-7.69%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:18pt;text-align:center;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;">PERFORMANCE UNIT AWARD AGREEMENT<br /></p>
<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This PERFORMANCE UNIT AWARD AGREEMENT (this &#8220;<font style="font-weight:bold;font-style:italic;">Agreement</font>&#8221;) is made by and between RigNet, Inc. a Delaware corporation (the &#8220;<font style="font-weight:bold;font-style:italic;">Company</font>&#8221;), and Errol Oliver (the &#8220;<font style="font-weight:bold;font-style:italic;">Holder</font>&#8221;) effective as of January 8, 2020 (the &#8220;<font style="font-weight:bold;font-style:italic;">Grant Date</font>&#8221;).&nbsp;&nbsp;The Company hereby grants to the Holder the Performance Units specified herein (the &#8220;<font style="font-weight:bold;font-style:italic;">Performance Units</font>&#8221;), which each Performance Unit represents a right to receive a share of Stock based upon the terms and conditions of this Agreement, as well as the achievement of the metrics set forth herein in exchange for such awarded Performance Units:</p>
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<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td>
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<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><font style="font-weight:bold;">Definitions.</font>&nbsp;&nbsp;For purposes of this Agreement, the following terms shall have the meanings indicated below:</p></td></tr></table></div>
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<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a.</font></p></td>
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<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:12pt;"><font style="font-size:10pt;">&#8220;</font><font style="font-weight:bold;font-style:italic;font-size:10pt;">2020 Performance Period</font><font style="font-size:10pt;">&#8221; means January 1, 2020 through December 31, 2020.</font></p></td></tr></table></div>
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<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:12pt;"><font style="font-size:10pt;">&#8220;</font><font style="font-weight:bold;font-style:italic;font-size:10pt;">AEBITDA</font><font style="font-size:10pt;">&#8221; means Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization as reported by Company in its filings with the Securities and Exchange Commission as adjusted to eliminate foreign exchange impacts and as further adjusted by the Board pursuant to Section 6 hereof.</font></p></td></tr></table></div>
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