Document:

Exhibit

Exhibit 10.2

13131 Dairy Ashford, Suite 600 
Sugar Land, Texas 77478

September 18, 2017

Ted W. Owen
c/o Team, Inc.
13131 Dairy Ashford, Suite 600
Sugar Land, Texas  77478

LETTER AGREEMENT FOR CONSULTING SERVICES

Dear Ted:

This letter agreement for consulting services (“Consulting Agreement”) shall set forth the terms of our understanding in connection with the consulting services to be provided by you to Team, Inc. (the “Company”).  This Agreement shall be binding on any successor to the Company, including in the event of a Change of Control.  The Company values Employee’s availability for consulting services because of his unique knowledge, gained from his work as Chief Executive Officer, of the Company, its operations, and its business.  In light of Employee’s unique knowledge, the Company derives value commensurate with the fees provided in this Agreement from Employee’s availability to provide consulting services, regardless of whether the Company actually requests Employee’s consulting services at any particular time.

Capitalized terms used in this Consulting Agreement that are not defined in this Consulting Agreement shall have the meanings ascribed to them in the Confidential Severance Agreement and Release, of even date herewith, between you and the Company.

1.Term.  You shall render the Consulting Services (as defined below) to the Company, on the terms and conditions set forth in this Consulting Agreement, during the period beginning on January 1, 2018 and ending on June 30, 2018 (the “Term”); provided, that the Term, and this Consulting Agreement, shall terminate prior to June 30, 2018 (a) upon your death or physical or mental incapacity; (b) at the election of the Company, upon your  breach of your obligations under this Consulting Agreement; (c) at your election, by reason of the Company’s breach of the Company’s obligations under this Consulting Agreement; (d) by mutual consent of both parties; or (e) by you or the Company by the giving of 14 days’ prior written notice to the other Party.  

2.Consulting Services.  You agree that during the Term you shall assist with the transition of your duties as Chief Executive Officer of the Company to your successor as reasonably requested by the Company and, as reasonably requested by the Company you shall generally assist with the transition of the business operations of the Company (together, the “Consulting  Services”). During the Term, you will be reasonably available for the 

purpose of rendering (and to the extent requested shall provide), for up to forty (40) hours per week, the Consulting Services pursuant to this Consulting Agreement.  You agree to provide the Consulting Services at the Company’s headquarters in Sugar Land, Texas and you further agree to reasonable travel, at the Company’s expense, in furtherance of the Consulting Services.

3.Fees.  The Company shall pay you at the rate of $50,000 per month during the Term, in monthly installments, payable on the first business day of each month during the Term.  In addition, you will be entitled to reimbursement for all reasonable, documented expenses associated with your services requested by the Company under this Consulting Agreement. In the event that the Consulting Agreement terminates pursuant to Section 1(a) or is terminated by the Company pursuant to Section 1(e) prior to June 30, 2018, the Company will continue to pay the monthly fee through June 30, 2018.  Except as provided in the immediately preceding sentence, the Company will have no obligation to pay the consulting fee following any other termination of this Consulting Agreement and the Consulting Services.

4.Independent Contractor.  You understand that your relationship with the Company shall be that of an independent contractor and you shall not be considered an employee of the Company for tax purposes or for any other purposes whatsoever.  You specifically understand and agree that you will not be entitled to, nor be eligible to participate in, any benefits or privileges offered or given by the Company or any of its affiliates to their respective employees as a result of the relationship established by this Consulting Agreement. You agree that during the term of this Consulting Agreement you will not be an agent of the Company or any of its affiliates, and that you will have no authority, implied or actual, to act on behalf of the Company or any of its affiliates or to enter into any agreement that would bind either the Company or any of its affiliates.  

5.Federal, State, and Local Taxes.  Federal, state, and local income tax and payroll tax of any kind shall not be withheld or paid by the Company on your behalf.  You understand that you are responsible to pay income taxes according to law.  If you are not a corporation, you further understand that you may be liable for self-employment (social security) tax to be paid by you according to law.

6.No Conflict. During the term of this Consulting Agreement, you agree that you will not engage in any activity which shall be in direct or indirect conflict with the services provided to the Company, without the prior written consent of the Company.  

7.Non-Assignability.  You may not assign this Consulting Agreement without the prior written permission of the Company.  Any attempt to assign any rights, duties, or obligations that arise under this Consulting Agreement without such permission shall be void.

8.Complete Agreement. This Consulting Agreement shall be governed by the laws of the State of Texas and constitutes the entire agreement between the Company and you with respect to the services to be performed hereunder.  This Consulting Agreement 

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supersedes all prior writings and representations with respect to the Consulting Services and may be modified or rescinded only by a writing signed by both parties or their authorized agents.  

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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If this letter correctly sets forth your understanding of your consulting relationship with the Company, please indicate your approval and acceptance below and return one copy of this letter to me.

	
					
	 
	 
	 
	Very truly yours,

	 
	 
	 
	 

	 
	 
	 
	TEAM, INC.

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ André C. Bouchard

	 
	 
	 
	 
	 

	 
	 
	 
	Title:
	EVP, Chief Legal Officer

	 
	 
	 
	 
	 

	Accepted and Agreed to this

	17th day of September, 2017.

	 
	 
	 
	 
	 

	By:
	/s/ Ted W. Owen
	 
	 
	 

	 
	Ted W. Owen
	 
	 
	 

	 
	 
	 
	 
	 

	Social Security/Federal Tax ID No.:
	XXX-XX-XXXX
	 

4Exhibit

Exhibit 10.3

13131 Dairy Ashford, Suite 600 
Sugar Land, Texas 77478
September 18, 2017
PERSONAL & CONFIDENTIAL
Mr. Gary G. Yesavage 
c/o Team, Inc. 
13131 Dairy Ashford, Suite 600 
Sugar Land, Texas 77478 

Dear Gary:
This letter sets forth our mutual understanding and agreement concerning your service as interim Chief Executive Officer of Team, Inc. (“Team”).
1.Positions; Term; Duties; Location.  
(a)Commencing September 18, 2017, you will serve as Interim Chief Executive Officer of Team (“CEO”), reporting to the Board of Directors of Team (“Board”).  You will remain a member of the Board during your service as CEO.  
(b)You will be an employee at will and will serve at the pleasure of the Board, meaning that the Board can terminate your service as CEO with or without Cause at any time.  
(c)During your service as CEO, you agree to devote your full business time, energy and skill to the performance of your duties, authorities and responsibilities to Team; provided that the foregoing will not prevent you from (i) serving on the boards of directors of non-profit organizations and, with the prior written approval of the Board (which will not be unreasonably withheld), other for profit companies, (ii) participating in charitable, civic, educational, professional, community or industry affairs, and (iii) managing your passive personal investments so long as such activities in the aggregate do not materially interfere or conflict with your duties or create a potential business or fiduciary conflict.  
(d)You acknowledge that you may be required to travel in connection with the performance of your duties.
2.    Cash Compensation; Participation in Team Benefit Plans; Board Fees.  For so long as you serve as CEO, you will receive cash compensation of $50,000 per month, less applicable withholdings required by law, payable in accordance with Team’s regular payroll schedule and pro-rated for service for any partial month.  Except as set forth below regarding restricted stock units, you will not participate in any employee benefit plans of Team or its subsidiaries.  During your service as CEO, you will not be entitled to receive any payments in respect of your service as a member of the Board.

3.    Restricted Stock Unit Grants
(a)On September 18, 2017, Team will grant to you an award of restricted stock units (the “Service RSUs”) relating to 14,815 shares of common stock of the Team, par value $0.30 per share (“Shares”) pursuant to the Team, Inc. 2016 Equity Incentive Plan (the “EIP”).  The Service RSUs will vest in full and be settled upon the earliest to occur of (a) January 18, 2018, (b) Team’s appointment of a permanent Chief Executive Officer, (c) Team’s termination of your service as CEO without Cause, and (d) your ceasing to serve as interim Chief Executive Officer due to your death or permanent disability, as determined by the Board in its reasonable, good faith discretion  (the earliest to occur of clauses (a), (b), (c) and (d) the  “RSU Vesting Date”), subject to your continued service as CEO through the RSU Vesting Date.  If your service as CEO terminates for any reason prior to the RSU Vesting Date, you will forfeit the Service RSUs.
(b)On September 18, 2017, the Team will grant to you an award of restricted stock units (the “Performance RSUs”) relating to 14,815 Shares pursuant to the EIP.  Such portion of the Performance RSUs will vest and be settled as determined in the Board’s sole discretion based on its assessment of your performance as CEO (and any portion of the Performance RSUs that do not vest shall be forfeit), upon the earliest to occur of (a) Team’s appointment of a permanent Chief Executive Officer, and (b) your ceasing to serve as interim Chief Executive Officer due to your death or permanent disability, a determined by the Board in its reasonable, good faith discretion (the earliest to occur of clauses (a) and (b), the  “PSU Vesting Date”), subject to your continued service as CEO through the PSU Vesting Date.  If your service as CEO terminates for any reason prior to the PSU Vesting Date, you will forfeit the Performance RSUs.  
4.    Expenses.  During your service as CEO, you shall be entitled to receive reimbursement for all reasonable, documented business expenses incurred by you in accordance with the performance of your duties.
5.    Certain Definitions.  For purposes of this agreement, “Cause” shall mean (a) conviction of, or pleading guilty or nolo contendere to, a felony, or (b) your willful and continued failure to perform your duties (except due to mental or physical incapacity).
6.    Your Right to Indemnification.  Team shall indemnify you and hold you harmless to the fullest extent permitted by law against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including advancement of reasonable attorney’s fees), losses, and damages resulting from your good faith performance of your duties and obligations with Team.  Team will cover you under directors’ and officers’ liability insurance both during and, while potential liability exists, after your employment in the same amount and to the same extent as Team covers its other officers and directors.  These obligations will survive the termination of your employment with Team.
7.    Governing Law.  This agreement shall be governed by and construed in accordance with the laws of the State of Texas, without reference to principles of conflict of laws.  This agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representative

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Gary, we are grateful for your strong commitment to Team and we appreciate you’re your leadership during this transition period.
Very truly yours,
/s/ Louis A. Waters

Accepted and Agreed to: 

	
		
	/s/ Gary G. Yesavage

	Gary G. Yesavage

	 
	 

	Dated:
	September 18, 2017

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