Document:

EX-4.1

 Exhibit 4.1 

FIRST AMENDMENT TO STOCKHOLDERS AGREEMENT 

THIS FIRST AMENDMENT TO STOCKHOLDERS AGREEMENT (this “Amendment”) is made and entered into as of
March 6, 2018 (the “Amendment Date”), by and among Chaparral Energy, Inc., a Delaware corporation (the “Company”), and the Stockholders. 

RECITALS: 

A.    WHEREAS, the Company and the Stockholders entered into that certain Stockholders Agreement, dated as of
March 21, 2017 (as amended, restated or modified from time to time, the “Stockholders Agreement”); 

B.    WHEREAS, the Company and the Stockholders desire to amend the Stockholders Agreement to, among other things,
eliminate certain restrictions on the ability of the Company to take certain actions without obtaining Stockholder Approval; 

C.    WHEREAS, Section 5.10 of the Stockholders Agreement provides that, subject to certain
exceptions, an amendment of the Stockholders Agreement shall be in writing and subject to receipt of Stockholder Approval; 

D.    WHEREAS, on January 12, 2018, the Board of Directors of the Company authorized and approved this Amendment at a
special meeting of the Board of Directors; 
 E.    WHEREAS, on March 6, 2018, holders of at least two-thirds of the Outstanding Company Common Stock by affirmative vote or written consent authorized and approved this Amendment at a special meeting of stockholders; 

F.    WHEREAS, this Amendment shall be deemed to be valid, binding and enforceable in accordance with its terms, and each
Stockholder shall be deemed to be bound hereby, in each case without the need for execution of this Amendment by any party hereto other than the Company; and 

G.    WHEREAS, the Company and the Stockholders desire to amend the Stockholders Agreement on the terms and conditions set
forth herein. 
 AGREEMENT: 

NOW, THEREFORE, in consideration of the Recitals, the mutual covenants and agreements contained in this Amendment, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

1.1    Definitions; Sections. 

(a)    Capitalized terms used herein but not otherwise defined shall have the meaning given to them in the Stockholders
Agreement. 

 (b)    Article and Section references herein shall refer to the applicable
Article and Section in the Stockholders Agreement. 
 1.2    Amendments. 

(a)    Clause (x) of Section 2.1(a) of the Stockholders Agreement is hereby deleted in its
entirety and replaced with the following: 
 (x)    on or prior to December 15, 2018, any initial
public offering of Company Common Stock or other class of equity securities of the Company (it being understood that, following December 15, 2018, the actions set forth in this clause (x) shall not require Stockholder Approval pursuant to
this Section 2.1(a)); provided that this Section 2.1(a)(x) shall not apply to actions required of the Company pursuant to the Registration Rights Agreement; and 

(b)    Section 4.1(d) of the Stockholders Agreement is hereby deleted in its entirety and replaced with the
following: 
 (d)    Exempt Securities. Notwithstanding the foregoing provisions of this
Section 4.1, Qualified Stockholders shall not have the right to participate in the issuance of any New Securities which are otherwise authorized to be issued in accordance with this Agreement (i) if such New Securities
were issued as consideration in any merger, consolidation or combination with or acquisition of securities or assets of another Person in exchange for New Securities, (ii) if made upon conversion or exercise of any rights, convertible
securities, options or warrants to purchase Company Common Stock or other capital stock of the Company, (iii) if made by any Subsidiary of the Company to the Company or any of its direct or indirect wholly owned Subsidiaries, (iv) if made
as securities which are the subject of a registration statement being filed under the Securities Act pursuant to a Qualified IPO, (v) if made to Directors, officers, employees or consultants as compensation pursuant to any Equity Incentive
Plans approved in accordance with Section 2.1, (vi) if such New Securities were issued in connection with the Backstop Commitment Agreement (as defined in the Plan), or in connection with the consummation of the Rights
Offering (as defined in the Plan) in accordance with the Plan, (vii) if such New Securities were issued or sold pursuant to a private placement or other transaction exempt from or not subject to the registration requirements of the Securities
Act, to the extent such transaction does not result in the issuance of more than 100,000 shares of Company Common Stock and does not result in more than 100 new holders of Company Common Stock, or (viii) if such New Securities were issued
pursuant to any pro rata stock split or stock dividend (the New Securities described in the foregoing clauses (i) through (viii), “Exempt Securities”). 

ARTICLE II 

2.1    Effect of Amendment. This Amendment shall not constitute an amendment or modification of any provision
of, or schedule or exhibit to, the Stockholders Agreement not expressly referred to in this Amendment. Except as expressly amended or modified in this 

  
 PAGE 2 

FIRST AMENDMENT TO STOCKHOLDERS AGREEMENT 

 
Amendment, the provisions of the Stockholders Agreement are and remain in full force and effect. Whenever the Stockholders Agreement is referred to in the Stockholders Agreement or in any other
agreement, document or instrument, such reference shall be deemed to be to the Stockholders Agreement, as amended by this Amendment, whether or not specific reference is made to this Amendment. 

2.2    Governing Law. This Amendment and the rights of the parties hereunder will be governed by,
interpreted, and enforced in accordance with the laws of the State of Delaware, without reference to conflicts of law principles. 

2.3    Consent to Jurisdiction; WAIVER OF JURY TRIAL. 

(a)    Consent to Jurisdiction. The Company and each Stockholder (i) irrevocably submits to the exclusive
jurisdiction of any state court in the State of Delaware, and the United States District Court for the District of Delaware (and the appropriate appellate courts), for the purposes of any suit, action or other proceeding arising out of this
Amendment and (ii) agrees to commence any such action, suit or proceeding either in the United States District Court for the District of Delaware or if such suit, action or other proceeding may not be brought in such court for jurisdictional
reasons, in any state court in the State of Delaware. Notwithstanding the foregoing, any party hereto may commence an action, suit or proceeding with any governmental body anywhere in the world for the sole purpose of seeking recognition and
enforcement of a judgment of any court referred to in the first sentence of this Section 2.3(a). The Company and each Stockholder further (x) agrees that service of any process, summons, notice or document by U.S.
registered mail to such party’s respective address set forth on the Stockholder Registry (or in the case of the Company, at the Company’s principal office) shall be effective service of process for any action, suit or proceeding in
Delaware with respect to any matters to which it has submitted to jurisdiction in this Section 2.3(a) and (y) irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or
proceeding arising out of this Amendment in (A) any state court in the State of Delaware, or (B) the United States District Court for the District of Delaware, and hereby further irrevocably and unconditionally waives and agrees not to
plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

(b)    WAIVER OF JURY TRIAL. THE COMPANY AND EACH STOCKHOLDER HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, INVOLVING OR OTHERWISE IN RESPECT OF THIS AMENDMENT OR SUCH STOCKHOLDER’S OWNERSHIP OF COMPANY COMMON STOCK. THE COMPANY AND EACH
STOCKHOLDER (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE COMPANY OR ANY STOCKHOLDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE COMPANY OR SUCH STOCKHOLDER WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT THE COMPANY AND EACH STOCKHOLDER HAS BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 2.3(B). 

  
 PAGE 3 

FIRST AMENDMENT TO STOCKHOLDERS AGREEMENT 

 2.4    Severability. If any provision of this Amendment is held
to be illegal, invalid, or unenforceable under any present or future laws applicable to the Company effective during the term of the Stockholders Agreement, such provision will be fully severable; this Amendment will be construed and enforced as if
such illegal, invalid, or unenforceable provision had never comprised a part of this Amendment; and the remaining provisions of this Amendment will remain in full force and effect and will not be affected by the illegal, invalid, or unenforceable
provision or by its severance from this Amendment. 
 2.5    Entire Agreement. This Amendment and the other
agreements expressly referenced in this Amendment constitute the complete and exclusive statement of agreement among the Company and the Stockholders with respect to the subject matter hereof. This Amendment supersedes all prior written and oral
statements by and among the Company and the Stockholders or any of them, and except as otherwise specifically contemplated by this Amendment, no representation, statement, or condition or warranty not contained in this Amendment will be binding on
the Stockholders or the Company or have any force or effect whatsoever. 
 2.6    Further Assurances. The
Stockholders agree, without further consideration, to execute such further instruments and to take such further actions as may be necessary or desirable to carry out the purposes and intent of this Amendment. 

[Remainder of Page Intentionally Left Blank] 

  
 PAGE 4 

FIRST AMENDMENT TO STOCKHOLDERS AGREEMENT 

 The foregoing Amendment is hereby executed as of the Amendment Date. 

 

			
	CHAPARRAL ENERGY, INC.
		
	By:	 	 /s/ K. Earl Reynolds

		
		 	K. Earl Reynolds
		 	Chief Executive Officer

 SIGNATURE PAGE TO 

FIRST AMENDMENT TO STOCKHOLDERS AGREEMENTExhibit

Exhibit 10.1

Execution Version

SEVENTH AMENDMENT TO CREDIT AGREEMENT
THIS SEVENTH AMENDMENT TO CREDIT AGREEMENT (this “Seventh Amendment”), dated as of March 8, 2018, is by and among TEAM, INC., a Delaware corporation (the “Borrower”), the Guarantors (as defined in the Credit Agreement referenced below), the banks listed as Lenders on the signature pages hereof (the “Lenders”), and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer (in said capacity as Administrative Agent, the “Administrative Agent”).
BACKGROUND
A.The Borrower, the Guarantors, the Lenders, and the Administrative Agent are parties to that certain Third Amended and Restated Credit Agreement, dated as of July 7, 2015, as amended by that certain First Amendment to Credit Agreement, dated as of December 2, 2015, that certain Second Amendment and Commitment Increase to Credit Agreement, dated as of February 29, 2016, that certain Third Amendment to Credit Agreement, dated as of August 17, 2016, that certain Fourth Amendment and Limited Waiver to Credit Agreement, dated as of December 19, 2016, that certain Fifth Amendment to Credit Agreement, dated as of May 5, 2017 and that certain Sixth Amendment to Credit Agreement, dated as of July 21, 2017, but effective as of June 30, 2017 (said Third Amended and Restated Credit Agreement, as amended, the “Credit Agreement”; the terms defined in the Credit Agreement and not otherwise defined herein shall be used herein as defined in the Credit Agreement).
B.    The Borrower has requested that the Lenders make certain amendments to the Credit Agreement, as more fully set forth herein, and the Lenders have agreed to amend the Credit Agreement, subject to the terms and conditions herein.
C.    Pursuant to a Limited Consent dated December 29, 2017, the Required Lenders consented to the contribution by Furmanite Offshore Services, Inc. of the shares of Furmanite Holding B.V. to Team Industrial Services Europe B.V. in exchange for shares of Team Industrial Services Europe B.V. (collectively, “The Netherlands Transfer”).  In connection with The Netherlands Transfer, and as part of an internal restructuring, the Borrower intends to consummate the Investments, Restricted Payments and Dispositions described on Schedule 1 to this Seventh Amendment (collectively, “The Subsidiary Reorganization”). The Borrower has requested that the Lenders (i) consent to extend the deadline for the Borrower to make certain deliveries in connection with The Netherlands Transfer and (ii) consent to The Subsidiary Reorganization.  The Lenders have agreed to extend such deadline and consent to The Subsidiary Reorganization, subject to the terms and conditions herein.
NOW, THEREFORE, in consideration of the covenants, conditions and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are all hereby acknowledged, the parties hereto covenant and agree as follows:
1.    AMENDMENTS.  
(a)    Section 1.01 of the Credit Agreement is hereby amended by adding the following defined terms thereto in proper alphabetical order:

“LIBOR Screen Rate” means the LIBOR quote on the applicable screen page the Administrative Agent designates to determine LIBOR (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time).
“LIBOR Successor Rate” has the meaning specified in Section 3.07.
“LIBOR Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the definition of Base Rate, Eurocurrency Rate, Interest Period, LIBOR Quoted Currency, timing and frequency of determining rates and making payments of interest and other administrative matters as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption of such LIBOR Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists, in such other manner of administration as the Administrative Agent determines in consultation with the Borrower).  
“Scheduled Unavailability Date” has the meaning specified in Section 3.07.
“Seventh Amendment” means that certain Seventh Amendment to Credit Agreement, dated as of March 8, 2018, among the Borrower, the Lenders party thereto and the Administrative Agent.
“Seventh Amendment Date” means the date that all of the conditions of effectiveness set forth in Section 4 of the Seventh Amendment are satisfied. 
(b)    The definition of “Consolidated EBITDA” set forth in Section 1.01 of the Credit Agreement is hereby amended to read as follows:
“Consolidated EBITDA” means, for any period, for the Borrower and its Subsidiaries on a Consolidated basis, without duplication, an amount equal to the sum of (a) Consolidated Net Income, (b) Consolidated Interest Charges, (c) the amount of taxes, based on or measured by income (including state franchise and margin taxes based upon income), deducted in determining such Consolidated Net Income, (d) the amount of depreciation and amortization expense deducted in determining such Consolidated Net Income, (e) any net loss reducing Consolidated Net Income in connection with any disposition of assets, (f) to the extent deducted in determining Consolidated Net Income, non-cash adjustments for currency exchanges in accordance with GAAP, (g) to the extent deducted in determining Consolidated Net Income, financing fees, financial and other advisory fees, accounting fees, legal fees (and similar advisory and consulting fees), and related costs and expenses incurred by the Borrower or any Subsidiary in connection with Permitted Acquisitions and permitted asset sales (whether or not consummated) in an aggregate amount not to exceed $2,000,000 in any fiscal year, (h) to the extent 

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deducted in determining Consolidated Net Income, the amount of any unusual, extraordinary or non-recurring charges, costs, and expenses including, without limitation, such charges, costs, and expenses for (1) the restructuring, integration or reorganization of the Borrower or any Subsidiary, (2) goodwill, fixed asset or intangible asset impairment in accordance with GAAP, (3) the settlement of litigation or other claims against the Borrower or any Subsidiary and (4) the severance of employees of the Borrower or any Subsidiary, (i) to the extent deducted in determining Consolidated Net Income, ERP system implementation expenses; provided that the aggregate amount for any cash fees, expenses, charges and costs that are included in clauses (h) and (i) with respect to any period of four consecutive Fiscal Quarters (A) through and including December 31, 2017, shall not exceed $25,000,000 for such period, and (B) thereafter, shall not exceed 3% of Consolidated EBITDA for such period, in each case as approved by the Administrative Agent in writing, provided further that the aggregate amounts set forth in clauses (A) and (B) above shall exclude up to $7,000,000 in restructuring expenses incurred by the Borrower or any Subsidiary in connection with any reduction in force that occurred in 2017, (j) non-cash losses of the Borrower and its Subsidiaries from foreign exchange conversions and mark-to-market adjustments to foreign exchange hedge agreements (or other derivatives) reducing such Consolidated Net Income, (k) other non-recurring expenses of the Borrower and its Subsidiaries reducing such Consolidated Net Income which do not represent a cash item in such period or any future period, and, without duplication, (l) non-cash expenses of the Borrower and its Subsidiaries associated with stock-based compensation reducing such Consolidated Net Income which do not represent a cash item in such period or any future period and (m) to the extent deducted in determining Consolidated Net Income, the integration and severance costs related to Borrower’s 2018/2019 restructuring project, non-routine legal costs, non-routine executive transition costs, and non-routine professional fees; provided that (x) the aggregate amount for any such costs and fees incurred in 2018 that are included in this clause (m) with respect to any period of four consecutive Fiscal Quarters shall not exceed $30,000,000 for such period, and (y) the aggregate amount for any such costs and fees incurred in 2019 that are included in this clause (m) with respect to any period of four consecutive Fiscal Quarters shall not exceed $7,000,000 for such period, in each case as approved by the Administrative Agent in writing, provided, further, for the avoidance of doubt, fees, costs, expenses or charges shall not be added back to Consolidated EBITDA pursuant to clauses (g), (h), (i), (k), (l) and (m) above to the extent such costs or fees were incurred more than four Fiscal Quarters prior to the date of determination of Consolidated EBITDA,
minus 
the following to the extent included in calculating such Consolidated Net Income; (i) Federal, state, local and foreign income tax credits of the Borrower and its Subsidiaries for such period, (ii) all non-cash items increasing Consolidated Net Income for such period, (iii) non-cash gains of the Borrower and its Subsidiaries from foreign exchange conversions and mark-to-market adjustments to foreign 

3

exchange hedge agreements (or other derivatives), and (iv) any net gain increasing such Consolidated Net Income in connection with any disposition of assets.  
For purposes of calculating the Interest Coverage Ratio, the Total Leverage Ratio and the Senior Secured Leverage Ratio as at any date, Consolidated EBITDA shall be calculated on a pro forma basis (as certified by the Borrower to the Administrative Agent) assuming that all acquisitions made, and all Dispositions completed, during the four consecutive Fiscal Quarters then most recently ended had been made on the first day of such period (but without any adjustment for projected cost savings or other synergies unless otherwise approved by the Administrative Agent). 
(c)    The definition of “Financial Covenants” set forth in Section 1.01 of the Credit Agreement is hereby amended to read as follows:
“Financial Covenants” means the financial covenants set forth in clauses (a) and (c) of Section 7.13.
(d)    Article III of the Credit Agreement is hereby amended by adding a new Section 3.07 to the end thereof to read as follows:
3.07    LIBOR Successor Rate.  Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Borrower or Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to Borrower) that the Borrower or Required Lenders (as applicable) have determined, that:
(a)    adequate and reasonable means do not exist for ascertaining LIBOR for any requested Interest Period, including, without limitation, because the LIBOR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or 
(b)    the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made available, or used for determining the interest rate of loans (such specific date, the “Scheduled Unavailability Date”), or
(c)    syndicated loans currently being executed, or that include language similar to that contained in this Section, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR, 
then, reasonably promptly after such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable,  the Administrative Agent and the Borrower may amend this Agreement to replace LIBOR with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark (if any) incorporated therein) (any such proposed rate, a “LIBOR Successor Rate”), together with any proposed LIBOR Successor Rate Conforming 

4

Changes and any such amendment shall become effective at 5:00 p.m. (New York time) on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders do not accept such amendment.  
If no LIBOR Successor Rate has been determined and the circumstances under clause (a) above exist or the Scheduled Unavailability Date has occurred (as applicable), the Administrative Agent will promptly so notify the Borrower and each Lender.  Thereafter, (x) the obligation of the Lenders to make or maintain Eurocurrency Rate Loans shall be suspended, (to the extent of the affected Eurocurrency Rate Loans or Interest Periods), and (y) the Eurocurrency Rate component shall no longer be utilized in determining the Base Rate.  Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurocurrency Rate Loans (to the extent of the affected Eurocurrency Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans (subject to the foregoing clause (y)) in the amount specified therein.
Notwithstanding anything else herein, any definition of LIBOR Successor Rate shall provide that in no event shall such LIBOR Successor Rate be less than zero for purposes of this Agreement.
(e)    Section 6.01 of the Credit Agreement is hereby amended to (i) delete “and” at the end of clause (a) thereof, (ii) delete the “.” at the end of clause (b) and substitute “; and” in lieu thereof and (iii) add a new clause (c) thereto to read as follows:
(c)    until such time, if any, that the Borrower has delivered a Compliance Certificate pursuant to Section 6.02(b) which indicates that the Senior Secured Leverage Ratio is less than or equal to 2.50 to 1.00, as soon as available, but in any event within thirty (30) days after the last day of each calendar month (commencing with the first fiscal month ending February 28, 2018), a Consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such month, and the related Consolidated statements of income or operations and cash flows for such month and for the portion of the Borrower’s current Fiscal Year then ended, setting forth in each case in comparative form the figures for the corresponding month of the previous Fiscal Year and the corresponding portion of the previous Fiscal Year, all in reasonable detail and certified by a Responsible Officer of the Borrower as fairly presenting the financial condition, results of operations and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal period-end audit adjustments and the absence of footnotes; provided that, statements submitted in accordance with this Section 6.01(c) at the end of each quarter are to be considered preliminary and are subject to tax provision and other pre-filing adjustments, but will be updated pursuant to submission of final financial statements in accordance Sections 6.01(a) or (b), as applicable.

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(f)    Section 7.01(t) of the Credit Agreement is hereby amended to read as follows: 
(t)    Cash collateral or other Liens securing letters of credit set forth on Schedule 7.03; and
(g)    All references to “Consolidated Total Assets” set forth in clauses (i), (k) and (l) of Section 7.02 shall be replaced with the defined term “Consolidated Tangible Assets”. 
(h)    Section 7.02(j) of the Credit Agreement is hereby amended to read as follows: 
 (j)    Investments in Subsidiaries that are not Guarantors, other than those permitted by subsection (i) above, provided that (A) prior to such date (after the Fifth Amendment Effective Date), if any, that the Total Leverage Ratio is less than 4.00 to 1.00 for at least two consecutive Fiscal Quarters of the Borrower, the aggregate amount of such Investments, together with all other Investments made pursuant to Sections 7.02(i)(y), 7.02(k) and 7.02(l), does not exceed 5.0% of Consolidated Tangible Assets at any time outstanding and (B) from and after the date (after the Fifth Amendment Effective Date), if any, that the Total Leverage Ratio is less than 4.00 to 1.00 for at least two consecutive Fiscal Quarters of the Borrower, the aggregate amount of such Investments in Subsidiaries that are not Guarantors shall not exceed $7,500,000 at any time outstanding; 
(i)    Section 7.03(b) of the Credit Agreement is hereby amended to read as follows: 
(b)    Indebtedness outstanding as of the Seventh Amendment Effective Date and listed on Schedule 7.03 and any refinancings, refundings, renewals or extensions thereof; provided that the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder;
(j)    Section 7.13(a) of the Credit Agreement is hereby amended to read as follows:
(a)    Interest Coverage Ratio.  Permit the Interest Coverage Ratio at the end of any Fiscal Quarter set forth below to be less than the ratio set forth below opposite such Fiscal Quarter:
	
		
	Fiscal Quarter Ending
	Minimum 
Interest Coverage Ratio

	December 31, 2017
	3.00 to 1.00

	March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018
	2.25 to 1.00

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	March 31, 2019 and each Fiscal Quarter thereafter
	2.50 to 1.00

(k)    Section 7.13(b) of the Credit Agreement is hereby amended to read as follows:
(b)    Intentionally Omitted
(l)    Section 7.13(c) of the Credit Agreement is hereby amended to read as follows:
(c)    Senior Secured Leverage Ratio.  The Borrower shall not permit the Senior Secured Leverage Ratio at the end of any Fiscal Quarter set forth below to be greater than the ratio set forth below opposite such Fiscal Quarter:

	
		
	Fiscal Quarter Ending
	Maximum Senior Secured Leverage Ratio

	December 31, 2017, March 31, 2018 and June 30, 2018
	4.25 to 1.00

	September 30, 2018, December 31, 2018, March 31, 2019 and June 30, 2019
	3.50 to 1.00

	September 30, 2019 and each Fiscal Quarter thereafter
	2.75 to 1.00

(m)    Schedule 7.03 of the Credit Agreement, Existing Indebtedness, is hereby amended to be in the form of Schedule 7.03 to this Seventh Amendment.
(n)    Exhibit B to the Credit Agreement, the form of the Compliance Certificate, is hereby amended to be in the form of Exhibit B to this Seventh Amendment.
(o)    Exhibit P to the Credit Agreement, the form of the Available Borrowing Assets Report, is hereby amended to be in the form of Exhibit P to this Seventh Amendment.
2.    LIMITED CONSENT AND WAIVER.  
(a)    Subject to the satisfaction of the conditions of effectiveness set forth in Section 4 hereof, the Administrative Agent and the Required Lenders hereby (x) consent to The Subsidiary Reorganization and (y) waive compliance with the provisions of Sections 7.02, 7.05 and 7.06 of the Credit Agreement which would prohibit The Subsidiary Reorganization.  This Consent (a) is limited to the items set forth in the immediately preceding sentence and the steps set forth on Schedule 1 hereto, (b) shall not alter, modify, amend or affect any other terms or provisions of the Credit Agreement or any other Loan Document and (c) shall automatically terminate and be of no further force or effect if the Borrower does not deliver within 60 days of the date hereof (or such later date as agreed to by the Administrative Agent in its sole discretion) all Collateral Documents and amendments thereto, and other documents and certificates necessary or advisable, after giving 

7

effect to The Subsidiary Reorganization, to evidence the pledge of sixty-five percent (65%) of the Equity Interests of each Material Foreign Subsidiary that is owned directly by a Domestic Subsidiary.
(b)    Subject to the satisfaction of the conditions of effectiveness set forth in Section 4 hereof, the Administrative Agent and the Required Lenders hereby agree to an extension until 60 days after the date hereof (or such later date as agreed to by the Administrative Agent in its sole discretion) for the Borrower to deliver all Collateral Documents and amendments thereto, opinions and other documents and certificates necessary or advisable, after giving effect to The Netherlands Transfer, to evidence the pledge of sixty-five percent (65%) of the Equity Interests of Team Industrial Services Europe B.V. (including (1) delivery of a notarial deed or deeds or amendments thereto to be executed by Bank of America, N.A., Team Industrial Services International, Inc., Furmanite Offshore Services, Inc. and Team Industrial Services Europe B.V. and (2) delivery of a confirmation of pledge by issuer executed by Team Industrial Services Europe B.V.).
3.    REPRESENTATIONS AND WARRANTIES TRUE; NO EVENT OF DEFAULT.  By its execution and delivery hereof, the Borrower represents and warrants that, as of the date hereof, and immediately after giving effect to this Seventh Amendment:
(a)    the representations and warranties of the Borrower and each other Loan Party contained in Article II, Article V and each other Loan Document, or which are contained in any document that has been furnished under or in connection herewith or therewith, are (i) with respect to representations and warranties that contain a materiality qualification, true and correct and (ii) with respect to representations and warranties that do not contain a materiality qualification, are true and correct in all material respects, and except that for purposes hereof, except (x) to the extent Administrative Agent has been previously notified of any changes in the facts on which such representations and warranties were based in a certificate delivered to Administrative Agent pursuant to Section 6.02(b) of the Credit Agreement, (y) the representations and warranties contained in Sections 5.05(a) and (b) shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b), respectively, and (z) any representation and warranty that by its terms is made only as of an earlier date, is true and correct in all material respects (or in the case of such representations and warranties that are subject to a materiality qualification, in all respects) as of such earlier date;
(b)    no Default exists;
(c)    (i) the Borrower and each Guarantor has full power and authority to execute and deliver this Seventh Amendment, (ii) this Seventh Amendment has been duly executed and delivered by the Borrower and each Guarantor and (iii) this Seventh Amendment and the Credit Agreement, as amended hereby, constitute the legal, valid and binding obligations of the Borrower and each Guarantor, enforceable in accordance with their respective terms, except as enforceability may be limited by applicable Debtor Relief Laws and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and except as rights to indemnity may be limited by federal or state securities laws;

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(d)    neither the execution, delivery and performance of this Seventh Amendment or the Credit Agreement, as amended hereby, nor the consummation of any transactions contemplated herein or therein, will (i) conflict with any Organization Documents of the Borrower or any Guarantor, (ii) violate any Applicable Law applicable to the Borrower or any Guarantor in any material respect (other than failures to obtain governmental authorizations, make filings or provide notices, etc. which do not violate Section 5.03 of the Credit Agreement), or (iii) conflict with any Contractual Obligation to which the Borrower or a Guarantor is a party or affecting the Borrower, any Guarantor or the properties of the Borrower or any of its Subsidiaries or any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower, any Guarantor or their property is subject, except in each case referred to in this clause (iii) for such violations, breaches and defaults that, individually or in the aggregate could not reasonably be expected to have a Material Adverse Effect; and
(e)    no authorization, approval, consent, or other action by, notice to, or filing with, any Governmental Authority or other Person not previously obtained is required to be obtained or made by (i) the Borrower as a condition to the execution, delivery or performance by the Borrower of this Seventh Amendment or (ii) any Guarantor as a condition to the acknowledgement by any Guarantor of this Seventh Amendment.
4.    CONDITIONS OF EFFECTIVENESS.  All provisions of this Seventh Amendment shall be effective upon satisfaction of, or completion of, the following:
(a)    the Administrative Agent shall have received counterparts of this Seventh Amendment executed by Lenders comprising the Required Lenders;
(b)    the Administrative Agent shall have received counterparts of this Seventh Amendment executed by the Borrower and acknowledged by each Guarantor;
(c)    the representations and warranties set forth in Section 3 of this Seventh Amendment shall be true and correct; 
(d)    the Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent and its counsel, such other documents, certificates and instruments as the Administrative Agent shall require; 
(e)    all fees and expenses of Winstead PC, counsel to the Administrative Agent, shall have been paid in immediately available funds; and
(f)    the Administrative Agent shall have received in immediately available funds for the account of each Lender executing this Seventh Amendment the amount set forth in the fee letter dated March 8, 2018 among the Borrower, the Administrative Agent and MLPFS. 
5.    GUARANTOR’S ACKNOWLEDGMENT.  By signing below, each Guarantor (a) acknowledges, consents and agrees to the execution, delivery and performance by the Borrower of this Seventh Amendment, (b) acknowledges and agrees that its obligations in respect of its Guaranty are not released, diminished, waived, modified, impaired or affected in any manner by this Seventh Amendment or any of the provisions contemplated herein, (c) ratifies and confirms its 

9

obligations under its Guaranty, and (d) acknowledges and agrees that it has no claim or offsets against, or defenses or counterclaims to, its Guaranty.
6.    REFERENCE TO THE CREDIT AGREEMENT.
(a)    Upon and during the effectiveness of this Seventh Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, or words of like import shall mean and be a reference to the Credit Agreement, as affected and amended by this Seventh Amendment.
(b)    Except as expressly set forth herein, this Seventh Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights or remedies of the Administrative Agent or the Lenders under the Credit Agreement or any of the other Loan Documents, and shall not alter, modify, amend, or in any way affect the terms, conditions, obligations, covenants, or agreements contained in the Credit Agreement or the other Loan Documents, all of which are hereby ratified and affirmed in all respects and shall continue in full force and effect.
7.    COSTS AND EXPENSES.  The Borrower shall be obligated to pay the reasonable costs and expenses of the Administrative Agent in connection with the preparation, reproduction, execution and delivery of this Seventh Amendment and the other instruments and documents to be delivered hereunder.
8.    RELEASE.  As a material part of the consideration for Administrative Agent and Lenders entering into this Seventh Amendment Agreement, each Loan Party signing this Seventh Amendment (singly and collectively, "Releasor") agrees as follows (the "Release Provision"):
(a)    RELEASOR HEREBY RELEASES AND FOREVER DISCHARGES ADMINISTRATIVE AGENT, EACH LENDER AND ADMINISTRATIVE AGENT'S AND EACH LENDER'S RESPECTIVE PREDECESSORS, SUCCESSORS, ASSIGNS, OFFICERS, MANAGERS, DIRECTORS, SHAREHOLDERS, EMPLOYEES, AGENTS, ATTORNEYS, REPRESENTATIVES, PARENT CORPORATIONS, SUBSIDIARIES, AND AFFILIATES (ALL OF THE ABOVE COLLECTIVELY REFERRED TO AS "LENDER GROUP") JOINTLY AND SEVERALLY FROM ANY AND ALL CLAIMS, COUNTERCLAIMS, DEMANDS, DAMAGES, DEBTS, AGREEMENTS, COVENANTS, SUITS, CONTRACTS, OBLIGATIONS, LIABILITIES, ACCOUNTS, OFFSETS, RIGHTS, ACTIONS, AND CAUSES OF ACTION OF ANY NATURE WHATSOEVER OCCURRING PRIOR TO THE DATE HEREOF, INCLUDING, WITHOUT LIMITATION, ALL CLAIMS, DEMANDS, AND CAUSES OF ACTION FOR CONTRIBUTION AND INDEMNITY, WHETHER ARISING AT LAW OR IN EQUITY, PRESENTLY POSSESSED, WHETHER KNOWN OR UNKNOWN, WHETHER LIABILITY BE DIRECT OR INDIRECT, LIQUIDATED OR UNLIQUIDATED, PRESENTLY ACCRUED, WHETHER ABSOLUTE OR CONTINGENT, FORESEEN OR UNFORESEEN, AND WHETHER OR NOT HERETOFORE ASSERTED ("CLAIMS"), WHICH RELEASOR MAY HAVE OR CLAIM TO HAVE AGAINST ANY OF LENDER GROUP.
(b)    Releasor covenants and agrees not to sue any member of Lender Group or in any way assist any other Person in suing Lender Group with respect to any claim released herein, 

10

including but not limited to claims arising out of or related to the Agent and the Lenders' actions, omissions, statements, requests or demands in administering, enforcing, monitoring, collection or attempting to collect the Obligations of any Loan Party, which Obligations were evidenced by the Credit Agreement or the other Loan Documents. 
(c)    The Release Provision may be pleaded as a full and complete defense to, and may be used as the basis for an injunction against, any action, suit, or other proceeding which may be instituted, prosecuted, or attempted in breach of the release contained herein.
(d)    Releasor acknowledges, warrants, and represents to Lender Group that:
(i)    Releasor has read and understands the effect of the Release Provision.  Releasor has had the assistance of independent counsel of its own choice, or has had the opportunity to retain such independent counsel, in reviewing, discussing, and considering all the terms of the Release Provision; and if counsel was retained, counsel for Releasor has read and considered the Release Provision and advised Releasor to execute the same.  Before execution of this Agreement, Releasor has had adequate opportunity to make whatever investigation or inquiry it may deem necessary or desirable in connection with the subject matter of the Release Provision.
(ii)    Releasor is not acting in reliance on any representation, understanding, or agreement not expressly set forth herein.  Releasor acknowledges that Lender Group has not made any representation with respect to the Release Provision except as expressly set forth herein.
(iii)    Releasor has executed this Agreement and the Release Provision thereof as its free and voluntary act, without any duress, coercion, or undue influence exerted by or on behalf of any Person.
(iv)    Releasor is the sole owner of the Claims released by the Release Provision, and Releasor has not heretofore conveyed or assigned any interest in any such claims to any other Person.
(e)    Releasor understands that the Release Provision was a material consideration in the agreement of Administrative Agent and each Lender to enter into this Agreement.
(f)    It is the express intent of Releasor that the release and discharge set forth in the Release Provision be construed as broadly as possible in favor of Lender Group so as to foreclose forever the assertion by Releasor of any claims released hereby against Lender Group.
(g)    If any term, provision, covenant, or condition of the Release Provision is held by a court of competent jurisdiction to be invalid, illegal, or unenforceable, the remainder of the provisions shall remain in full force and effect.
9.    EXECUTION IN COUNTERPARTS.  This Seventh Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which when taken 

11

together shall constitute but one and the same instrument.  For purposes of this Seventh Amendment, a counterpart hereof (or signature page thereto) signed and transmitted by any Person party hereto to the Administrative Agent (or its counsel) by facsimile or other electronic imaging means (e.g., “pdf” or “tif”) is to be treated as an original.  The signature of such Person thereon, for purposes hereof, is to be considered as an original signature, and the counterpart (or signature page thereto) so transmitted is to be considered to have the same binding effect as an original signature on an original document.
10.    GOVERNING LAW; BINDING EFFECT.  This Seventh Amendment shall be governed by and construed in accordance with the laws of the State of Texas applicable to agreements made and to be performed entirely within such state; provided that the Administrative Agent and each Lender shall retain all rights arising under federal law.  This Seventh Amendment shall be binding upon the Borrower, the Guarantors, the Administrative Agent and each Lender and their respective successors and permitted assigns.
11.    HEADINGS.  Section headings in this Seventh Amendment are included herein for convenience of reference only and shall not constitute a part of this Seventh Amendment for any other purpose.
12.    ENTIRE AGREEMENT.  THE CREDIT AGREEMENT, AS AMENDED BY THIS SEVENTH AMENDMENT, AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AS TO THE SUBJECT MATTER THEREIN AND HEREIN AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.
	
	
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IN WITNESS WHEREOF, the parties hereto have executed this Seventh Amendment as of the date above written.
	
				
	 
	 
	TEAM, INC.

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	By:
	/s/ Greg L. Boane

	 
	 
	 
	Greg L. Boane

	 
	 
	 
	Executive Vice President and Chief 

	 
	 
	 
	Financial Officer

	 
	 
	 
	 

	ACKNOWLEDGED AND AGREED:
	 
	 

	 
	 
	 
	 

	TEAM INDUSTRIAL SERVICES, INC.
	 
	 

	TEAM INDUSTRIAL SERVICES
	 
	 

	INTERNATIONAL, INC.
	 
	 

	TQ ACQUISITION, INC.
	 
	 

	TEAM QUALSPEC, LLC
	 
	 

	QUALSPEC LLC
	 
	 

	FURMANITE, LLC
	 
	 

	FURMANITE WORLDWIDE, LLC
	 
	 

	FURMANITE AMERICA, LLC
	 
	 

	FURMANITE OFFSHORE SERVICES, INC.
	 
	 

	 
	 
	 

	 
	 
	 
	 

	By:
	/s/ Greg L. Boane
	 
	 

	 
	Greg L. Boane
	 
	 

	 
	Executive Vice President, Chief
	 
	 

	 
	Financial Officer and Treasurer
	 
	 

	 
	 
	 
	 

	QUEST INTEGRITY GROUP, LLC
	 
	 

	QUEST INTEGRITY USA, LLC
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	By:
	/s/ André C. Bouchard
	 
	 

	 
	André C. Bouchard
	 
	 

	 
	Vice President and Secretary
	 
	 

	 
	 
	 
	 

	ROCKET ACQUISITION, LLC
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	By:
	/s/ Greg L. Boane
	 
	 

	 
	Greg L. Boane
	 
	 

	 
	Vice President and Chief Financial
	 
	 

	 
	Officer
	 
	 

Signature Page to Seventh Amendment

	
				
	 
	 
	 
	 

	TCI SERVICES, LLC
	 
	 

	TANK CONSULTANTS, LLC
	 
	 

	DK VALVE & SUPPLY, LLC
	 
	 

	TCI SERVICES HOLDINGS, LLC
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	By:
	/s/ Greg L. Boane
	 
	 

	 
	Greg L. Boane
	 
	 

	 
	Senior Vice President
	 
	 

	 
	 
	 
	 

Signature Page to Seventh Amendment

	
				
	 
	 
	BANK OF AMERICA, N.A.,

	 
	 
	as Administrative Agent

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	By:
	/s/ Darleen R. DiGrazia

	 
	 
	Name:
	Darleen R. DiGrazia

	 
	 
	Title:
	Vice President

Signature Page to Seventh Amendment

	
				
	 
	 
	BANK OF AMERICA, N.A.,

	 
	 
	as a Lender, L/C Issuer and Swingline Lender

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	By:
	/s/ Adam Rose

	 
	 
	Name:
	Adam Rose

	 
	 
	Title:
	Senior Vice President

Signature Page to Seventh Amendment

	
				
	LENDERS:
	JPMORGAN CHASE BANK, N.A.

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	By:
	/s/ John Kushnerick

	 
	 
	Name:
	John Kushnerick

	 
	 
	Title:
	Executive Director

Signature Page to Seventh Amendment

	
				
	 
	 
	COMPASS BANK

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	By:
	/s/ Ben H. Riggs

	 
	 
	Name:
	Ben H. Riggs

	 
	 
	Title:
	EVP

	 
	 
	 
	 

Signature Page to Seventh Amendment

	
				
	 
	 
	BRANCH BANKING AND TRUST

	 
	 
	COMPANY

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	By:
	/s/ David A. White

	 
	 
	Name:
	David A. White

	 
	 
	Title:
	Senior Vice President

Signature Page to Seventh Amendment

	
				
	 
	 
	SUNTRUST BANK

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	By:
	/s/ Samuel M. Ballesteros

	 
	 
	Name:
	Samuel M. Ballesteros

	 
	 
	Title:
	Senior Vice President

Signature Page to Seventh Amendment

	
				
	 
	 
	KEYBANK NATIONAL ASSOCIATION

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	By:
	/s/ Robert E. Franasiak

	 
	 
	Name:
	Robert E. Franasiak

	 
	 
	Title:
	Senior Vice President

Signature Page to Seventh Amendment

	
				
	 
	 
	BOKF, NA dba Bank of Texas

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	By:
	/s/ Robbie Shackouls

	 
	 
	Name:
	Robbie Shackouls

	 
	 
	Title:
	VP

Signature Page to Seventh Amendment

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