Exhibit 10.1
 
FIRST AMENDMENT TO
AMENDED AND RESTATED PUT/CALL OPTION AGREEMENT

This First Amendment (the “Amendment”) to the Amended and Restated Put/Call
Option Agreement dated April 7, 2014 (the “Put/Call Option Agreement”) is made
and entered into this 26th day of May, 2015 by and between Team, Inc., a
Delaware corporation (“Team”) and the shareholders listed on the signature pages
hereto (each, a “Class B Stockholder” and collectively, the “Class B
Stockholders”).  Team and the Class B Stockholders are each referred to as a
“Party” and, collectively, they are sometimes referred to as the “Parties.”

RECITALS

WHEREAS, Team desires to amend the Put/Call Option Agreement to provide for the
settlement of the Call Option in cash, shares of Team Common Stock, or a
combination thereof; and

WHEREAS, capitalized terms used in this Amendment and not defined herein shall
have the meanings set forth in the Put/Call Option Agreement;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties agree as follows:

AGREEMENT

1. The Parties hereby amend and restate Article II of the Put/Call Option
Agreement to read as follows:

ARTICLE II
CALL OPTION

Section 2.1  Call Option.
 
(a) Subject to Section 5.1 hereof, on or after May 31, 2015 (the “Option Date”),
Team shall have the right, but not the obligation, to exercise an option to
purchase all, but not less than all, of the outstanding shares of Class B Stock
(the “Call Option”) for the Settlement Amount in the aggregate, payable at
Team’s sole discretion to each Class B Stockholder either:
 
(i) in cash in an amount equal to the Settlement Amount multiplied by his or her
pro rata portion of the total shares of Class B Stock,
 
(ii) with an aggregate number of unregistered shares of Team Common Stock equal
to (A) the Settlement Amount multiplied by his or her pro rata portion of the
total shares of Class B Stock divided by (B) the Settlement Rate (such formula
is referred to herein as, the “Exercise Price”), or
 
 
 

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(iii) in a combination of cash and shares of Team Common Stock equal to the
Settlement Amount multiplied by his or her pro rata portion of the total shares
of Class B Stock,
 
provided however, that the maximum amount of cash that Team shall pay to any
Class B Stockholder under this Section 2.1 shall not exceed $3,000,000; provided
that any affiliated Class B Stockholders shall be consolidated as one Class B
Stockholder in determining the maximum amount of cash payable to them (i.e., two
or more affiliated Class B Stockholders would be limited to $3,000,000 in cash,
not $6,000,000 or more in cash).
 
A Call Option exercised hereunder shall be completed as soon as practicable
following the finalization of the audited financial statements of the Company
for the fiscal year period ending May 31, 2015, or if such audited statements
have already been issued, then within ten days following the giving of an
executed copy of the exercise notice in the applicable form attached hereto as
Exhibit B (the “Exercise Notice”).
 
(b) Should a Class B Stockholder exercise his or her rights under Section 3.1
below, the Company shall purchase the Class B Stock for an aggregate number of
unregistered shares of Team Common Stock equal to the Exercise Price.
 
Section 2.2  Call Option Exercise Notice.  In order to exercise the Call Option,
Team shall send by written notice at any time prior to 5:00 p.m., Houston time,
to the Class B Stockholder Representative the Exercise Notice.  The Class B
Stockholder Representative shall deliver to Team prior to August 10, 2015, a
schedule setting forth the Class B Stockholders and the cash, stock and/or
combination payouts selected by each Class B Stockholder (the “Class B
Stockholder Schedule”).  In the event that any Class B Stockholder does not
elect the manner to receive his or her pro rata portion of the Settlement Amount
on the Class B Stockholder Schedule, then such Class B Stockholder shall be
deemed to have elected to be paid his or her pro rata portion of the Settlement
Amount under Section 2.1(a)(ii).
 
2.           The second page of Exhibit B of the Put/Call Option Agreement shall
be amended and restated in its entirety to read as set forth in Appendix A to
this Amendment.
 
3.           This Amendment may be executed in counterparts, each of which taken
together shall constitute one and the same instrument.
 
4.           This Amendment shall be governed by and construed and enforced in
accordance with the laws of the same jurisdiction as apply to the Put/Call
Option Agreement.
 
5.           Except as amended herein, the Put/Call Option Agreement shall
remain in full force and effect.  The Put/Call Option Agreement, as amended
hereby, is hereby ratified and re-affirmed by the Parties who specifically
acknowledge the validity and enforceability thereof.
 

 
(signature page to follow)
 

 
 
 

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IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date
first written above.
 
 

  TEAM, INC.   By:  ________________________________     Andre C. Bouchard
Executive VP, Administration,
Chief Legal Officer & Secretary

 
 
CLASS B STOCKHOLDER

___________________________________
Printed Name:_______________________

 
 
 
 

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Appendix A
 
Exhibit B
Exercise Notice

 
If exercise of Call Option:
 

 
NOTICE OF EXERCISE OF CALL OPTION
 

 
To: __________________________
 
Date: _______________________________
 

 
Team, Inc., a Delaware corporation, hereby irrevocably gives notice to
______________ (the “Class B Stockholder Representative”) of the exercise of its
option to purchase _______ shares of Class B Common Stock of TQ Acquisition,
Inc., a Texas corporation, for (i) cash, (ii) unregistered shares of the common
stock, par value $0.30 per share, of Team, Inc., or (iii) a combination thereof,
in accordance with Article II of the Amended and Restated Put/Call Option
Agreement dated April 7, 2014, as amended.
 
TEAM, INC.
 
By: ________________________
 
Name: _____________________________
 
Title: _____________________________
 

 

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