Document:

exh_101.htm

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

 

  

  

  

(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)

 

 

  

  

  

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:_______________________

 

 

  

  

  

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: _____________________________BRC-2015.04.30 - EX10.1

EXHIBIT 10.1

CONSOLIDATED AMENDMENT TO COMPLETE AND PERMANENT RELEASE AND RETIREMENT AGREEMENT
 
Effective on this 21st day of May, 2015 (the “Amendment Date”), Matthew Williamson (“Mr. Williamson” or “You”) and Brady Corporation (the “Company”) hereby enter into this Consolidated Amendment To Complete and Permanent Release and Retirement Agreement (the “Amendment”).  
    
WHEREAS, Mr. Williamson and the Company entered into the Complete and Permanent Release and Retirement Agreement (“Retirement Agreement”) effective February 9, 2015 regarding Mr. Williamson’s retirement from the Company; 

WHEREAS, Mr. Williamson and the Company entered into Amendment No. 1 to Complete and Permanent Release and Retirement Agreement effective April 13, 2015 (“Amendment 1”); and

WHEREAS, Mr. Williamson and the Company desire to further amend the Retirement Agreement, and to revoke Amendment 1 and restate its terms in this Amendment.

NOW, THEREFORE, in consideration of the premises set forth above and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Mr. Williamson and the Company hereby agree as follows:

		
	1.
	Capitalized terms used and not defined in this Amendment have the respective meanings assigned to them in the Retirement Agreement.

		
	2.
	Amendment 1 is hereby revoked and superseded in its entirety by this Amendment.

		
	3.
	The second sentence of Paragraph 1 of the Retirement Agreement is deleted in its entirety and replaced with the following:   

“From the Effective Date to July 31, 2015 (the “Separation Date”), Mr. Williamson will remain employed by the Company and receive his current salary and fringe benefits.”

		
	4.
	The second paragraph of Section 3 of the Retirement Agreement is deleted in its entirety and replaced with the following:

“Mr. Williamson will also be provided the option of: (i)  selecting retiree health insurance benefits or healthcare benefits under COBRA in accordance with the Company’s healthcare plans and applicable law, provided that if Mr. Williamson selects COBRA benefits, the first six (6) months of COBRA benefits will be at  active employee rates and the remaining period of COBRA benefits will be at regular COBRA rates; (ii)  retaining his cell phone fully wiped of all Company-related data and information; (iii)  purchasing his Company vehicle for 80% of its book value as of the Effective Date ( such purchase price to reflect consideration of any funds paid by Mr. Williamson toward the Company’s initial purchase of the vehicle in a manner consistent with the Company’s policies and practices); and (iv) selecting outplacement services chosen by the Company or the payment of $7,500.”

		
	5.
	This Amendment is effective as of the Amendment Date.  Except as expressly provided in this Amendment, all of the terms and provisions of the Retirement Agreement are and will remain in full force and effect. Without limiting the generality of the foregoing, the amendments contained herein will not be construed as amendments to or waiver of any other provisions of the Retirement Agreement. On and after the Effective Date, each reference in the Retirement Agreement to "this Agreement," "the Agreement," "hereunder," "hereof," "herein" or words of like import will mean and be a reference to the Retirement Agreement as amended by this Amendment.

		
	6.
	This Amendment is governed by, and construed in accordance with, the laws of the State of Wisconsin, without regard to its conflict of law provisions.

		
	7.
	This Amendment constitutes the sole and entire agreement of Mr. Williamson and the Company with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to such subject matter.

	
			
	Date: May 21, 2015
	 
	/s/ MATTHEW WILLIAMSON

	 
	 
	Matthew Williamson

	 
	 
	 

	 
	 
	 

	 
	 
	Brady Corporation

	 
	By:
	/s/ J. MICHAEL NAUMAN

	 
	 
	Its Authorized Representative

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00245-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00245-of-00352.parquet"}]]