Corporate W2 contract
And I agree that he is underbilling. At his level, he should be billing closer to $150- his industry is a specialized one and the offshore developers are better able to produce when he is available to manage the architecture.
But as I said, there are a lot more techs than jobs here. Sometimes the better path is to take what you can get. It could easily be that Slappy is looking for more specialized folks that are in shorter supply.