Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 

AMENDMENT NO. 10 TO UNSECURED TERM LOAN CREDIT AGREEMENT 

This AMENDMENT NO. 10 TO UNSECURED TERM LOAN CREDIT AGREEMENT (this “Amendment”), dated as of November 4, 2022,
is among Team, Inc., a Delaware corporation (the “Borrower”), the Guarantors party hereto, each of the Lenders party hereto, and Cantor Fitzgerald Securities, as agent (the “Agent”). 

This Amendment and the rights and obligations evidenced hereby are subordinate in the manner and to the extent set forth in that certain
Subordination Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Subordination Agreement”) dated as of February 11, 2022, by and among Cantor Fitzgerald Securities, as administrative
agent for all of the Subordinated Lenders under the Unsecured Credit Agreement (as such terms are defined in the Subordination Agreement) (in such capacity, together with its successors and assigns in such capacity, “Subordinated
Agent”), Eclipse Business Capital LLC, as agent for all Senior Lenders (as defined in the Subordination Agreement) party to the Senior Credit Agreement (as defined below) (in such capacity, together with its successors and assigns in such
capacity, the “Senior Agent”), Team, Inc., a Delaware corporation (“Borrower Agent”), and each other Loan Parties party thereto, to the indebtedness (including interest) owed by Loan Parties and pursuant to that
certain Credit Agreement, dated as of February 11, 2022 (the “Senior Credit Agreement”), among Loan Parties, Senior Agent and the lenders from time to time party thereto, and the other Senior Debt Documents (as defined in the
Subordination Agreement), as such Senior Credit Agreement and other Senior Debt Documents have been and hereafter may be amended, supplemented or otherwise modified from time to time and to indebtedness refinancing the indebtedness under those
agreements as contemplated by the Subordination Agreement; and each holder of this instrument, by its acceptance hereof, irrevocably agrees to be bound by the provisions of the Subordination Agreement. 

W I T N E S S E T H: 

WHEREAS, the Borrower, the Lenders and Corre Credit Fund, LLC as the predecessor agent (the “Predecessor Agent”)
entered into that certain Unsecured Term Loan Credit Agreement, dated as of November 9, 2021 (as amended, supplemented, restated, amended and restated or otherwise modified from time to time, the “Credit Agreement”; capitalized
terms used in this Amendment but not otherwise defined herein shall have the respective meanings given thereto in the Credit Agreement); 

WHEREAS, the Borrower and the Lenders entered into that certain Amendment No. 1 to Unsecured Term Loan Credit Agreement, dated as
of November 30, 2021, under which the Lenders agreed to amend the Credit Agreement and subject to the terms and conditions set forth therein, to (i) extend the payment date for interest in the form of PIK Interest with respect to the
Initial Term Loans, (ii) extend the date upon which the Borrower must deliver a fully executed ABL Consent to, in each case, 11:59 P.M. on December 6, 2021, and (iii) extend the date upon which the Borrower must issue the Underlying
Warrants to 11:59 P.M. on December 7, 2021; 
 WHEREAS, the Borrower and the Lenders entered into that certain Amendment
No. 2 to Unsecured Term Loan Credit Agreement, dated as of December 6, 2021, under which the Lenders agreed to amend the Credit Agreement and subject to the terms and conditions set forth therein, to (i) extend the payment date for
interest in the form of PIK Interest with respect to the Initial Term Loans and (ii) extend the date upon which the Borrower must deliver a fully executed ABL Consent to, in each case, 11:59 P.M. on December 7, 2021; 

 WHEREAS, the Borrower and the Lenders entered into that certain Amendment No. 3
to Unsecured Term Loan Credit Agreement, dated as of December 7, 2021, under which the Lenders agreed to amend the Credit Agreement and subject to the terms and conditions set forth therein, to (i) extend the payment date for interest in
the form of PIK Interest with respect to the Initial Term Loans, (ii) extend the date upon which the Borrower must deliver a fully executed ABL Consent and (iii) extend the date upon which the Borrower must issue the Underlying Warrants
to, in each case, 11:59 P.M. on December 8, 2021; 
 WHEREAS, the Borrower, the Lenders, the Predecessor Agent and the Agent
entered into that certain Resignation, Consent and Appointment Agreement and Amendment No. 4 to Unsecured Term Loan Credit Agreement, dated as of December 8, 2021, under which the parties thereto agreed to appoint the Agent as successor
agent to the Predecessor Agent under the Credit Agreement and agreed to amend the Credit Agreement subject to the terms and conditions set forth therein; 

WHEREAS, the Borrower, the Lenders and the Agent entered into that certain Amendment No. 5 to Unsecured Term Loan Credit
Agreement, dated as of February 11, 2022, under which the Lenders agreed to amend the Credit Agreement and subject to the terms and conditions set forth therein, to (i) make the February 2022 Delayed Draw Term Loans and (ii) at the
Lenders’ sole and absolute discretion, make the Uncommitted Delayed Draw Terms Loans; 
 WHEREAS, the Borrower, the Lenders and
the Agent entered into that certain Amendment No. 6 to Unsecured Term Loan Credit Agreement, dated as of May 6, 2022, under which the Lenders agreed to amend the Credit Agreement and subject to the terms and conditions set forth therein,
to amend the financial covenants; 
 WHEREAS, the Borrower, the Lenders and the Agent entered into that certain Amendment No. 7
to Unsecured Term Loan Credit Agreement, dated as of June 28, 2022, under which the Lenders agreed to amend the Credit Agreement and, subject to the terms and conditions set forth therein, to extend the February 2022 Delayed Draw Availability
Period through October 31, 2022; 
 WHEREAS, the Borrower, the Lenders and the Agent entered into that certain Amendment
No. 8 to Unsecured Term Loan Credit Agreement, dated as of October 4, 2022, under which the Lenders agreed to amend the Credit Agreement and subject to the terms and conditions set forth therein, to increase the total principal amount
outstanding under the Credit Agreement by approximately $57.0 million in exchange for the cancellation of approximately $57.0 million of aggregate principal amount of the 2017 Senior Convertible Notes and to extend the February 2022
Delayed Draw Availability Period through December 31, 2022; 
 WHEREAS, the Borrower, the Lenders and the Agent entered into
that certain Amendment No. 9 to Unsecured Term Loan Credit Agreement, dated as of November 1, 2022, under which the Lenders agreed to amend the Credit Agreement and subject to the terms and conditions set forth therein, to allow retention
of the Quest Retained Proceeds from the Quest Sale; 
 WHEREAS, the Borrower, the Lenders and the Agent have agreed, subject to the
terms and conditions set forth herein, to amend the Credit Agreement as set out in Section 1 hereof; and 
 WHEREAS, the
Borrower and the Lenders are willing to effect such amendments on the terms and conditions contained in this Amendment. 
 NOW,
THEREFORE, in consideration of the premises and further valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

1. Amendment to the Credit Agreement. Upon the Tenth Amendment Effective Date, the parties hereto agree that the Credit Agreement shall be amended as
follows: 

  
 2 

 Section 9.1 of the Credit Agreement is, effective as of the Tenth Amendment Effective
Date, hereby amended and restated in its entirety as follows: 
 The Borrower hereby covenants and agrees that the Loan Parties and their
Subsidiaries will maintain a Net Leverage Ratio for the four (4) fiscal quarter period ending on June 30, 2023, and for each four (4) fiscal quarter period ending on the last day of each fiscal quarter thereafter, of less than or
equal to 7.00 to 1.00. 
 2. Effectiveness. This Amendment shall become effective on the date the following conditions are satisfied (the
“Tenth Amendment Effective Date”): 
 (a) the Agent shall have received duly executed copies of the following, each in form
and substance satisfactory to the Agent: 
  

	 	(i)	 that certain Amendment No. 9 to Term Loan Credit Agreement, dated as of the Tenth Amendment Effective
Date, by and among the Borrower, the guarantors party thereto, each of the lenders party thereto and Atlantic Park Strategic Capital Fund, L.P., duly executed by each of the parties thereto; and 

 

	 	(ii)	 that certain Consent Agreement, dated as of the Tenth Amendment Effective Date, by and among the Borrower, the
Guarantors party thereto, each of the lenders party thereto and Eclipse Business Capital LLC, duly executed by each of the parties thereto; 

(b) the Agent shall have received counterparts to this Amendment, duly executed by the parties hereto; and 

(c) each of the representations and warranties made by the Borrower in Section 3 hereof shall be true and correct.

 3. Representations and Warranties. 

In order to induce the Lenders to enter into this Amendment, the Borrower represents and warrants to the Lenders, for itself and for each other
Loan Party, as follows: 
  

	 	(a)	 that both immediately prior to and immediately after giving effect to this Amendment, no Default or Event of
Default exists; 

  

	 	(b)	 the execution, delivery and performance by the Borrower of this Amendment and the consummation of the
transactions contemplated hereby have been duly authorized by all necessary corporate action, do not contravene the Borrower’s Governing Documents and do not and will not contravene any Material Contract; 

 

	 	(c)	 this Amendment has been duly executed and delivered on behalf of the Borrower; 

 

	 	(d)	 this Amendment constitutes a legal, valid and binding obligation of the Borrower enforceable against the
Borrower in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, Debtor Relief Laws or similar laws affecting the enforcement of creditors’ rights generally and by general
principles of equity; 

  
 3 

	 	(e)	 that the representations and warranties listed in the Credit Agreement and the other Loan Documents are true,
correct and complete in all material respects as of the Tenth Amendment Effective Date (except that such materiality qualifier shall not apply to any representations and warranties that already are qualified or modified by materiality in the text
thereof); and 

  

	 	(f)	 all written disclosure provided to the Lenders regarding the Borrower, the other Loan Parties and their
Subsidiaries, their businesses and the transactions contemplated hereby, including the schedules to this Amendment, furnished by or on behalf of the Borrower, the other Loan Parties and their Subsidiaries (other than projections, forward looking
information or information of a general economic or general industry nature) is true and correct in all material respects and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the
statements made therein, in the light of the circumstances under which they were made, not materially misleading. Projections and forward looking information (including forecasts and other forward-looking information) were based on good faith
estimates and assumptions believed to be reasonable at the time made; it being recognized by the Agent and the Lenders that such projections are as to future events and are not to be viewed as facts, the projections are subject to significant
uncertainties and contingencies, many of which are beyond the control of the Borrower, the other Loan Parties and the Subsidiaries, that no assurance can be given that any particular projections will be realized and that actual results during the
period or periods covered by any such projections may differ from the projected results and such differences may be material. 

 4.
Amendment Fee. As consideration for each Lender’s agreement to enter into this Amendment, the Borrower agrees to pay (or cause to be paid) to such Lender a fee (the “Amendment No. 10 Fee”) in the amount
and in the manner set forth on Annex A hereto. 
 5. Entire Agreement. This Amendment, the Credit Agreement (including giving effect to the
amendments set forth in Section 1 above), and the other Loan Documents (collectively, the “Relevant Documents”) constitute the entire agreement among the parties, supersede any prior written and verbal agreements among them
with respect to the subject matter hereof and thereof, and shall bind and benefit the parties and their respective successors and permitted assigns. This Amendment shall be deemed to have been jointly drafted, and no provision of it shall be
interpreted or construed for or against a party because such party purportedly prepared or requested such provision, any other provision or this Amendment as a whole. No promise, condition, representation or warranty, express or implied, not set
forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty. Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant
Documents, no representations, warranties or commitments, express or implied, have been made by any party to any other party in relation to the subject matter hereof or thereof. None of the terms or conditions of this Amendment may be changed,
modified, waived or cancelled orally or otherwise, except in writing and in accordance with Section 12.5 of the Credit Agreement (Amendments, Waivers and Consents). 

6. Full Force and Effect of Credit Agreement. This Amendment is a Loan Document. Except as expressly modified hereby, all terms and provisions of the
Credit Agreement and all other Loan Documents remain in full force and effect and nothing contained in this Amendment shall in any way impair the validity or enforceability of the Credit Agreement or the Loan Documents, or alter, waive, annul, vary,
affect, or 

  
 4 

 
impair any provisions, conditions, or covenants contained therein or any rights, powers, or remedies granted therein. This Amendment shall not constitute a modification of the Credit Agreement or
any of the other Loan Documents or a course of dealing with Agent or the Lenders at variance with the Credit Agreement or the other Loan Documents such as to require further notice by Agent or any Lender to require strict compliance with the terms
of the Credit Agreement and the other Loan Documents in the future, except in each case as expressly set forth herein. The Borrower acknowledges and expressly agrees that Agent and the Lenders reserve the right to, and do in fact, require strict
compliance with all terms and provisions of the Credit Agreement and the other Loan Documents (subject to any qualifications set forth therein), as amended herein. 

7. Counterparts; Effectiveness. This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of
which shall constitute an original, but all of which when taken together shall constitute a single contract. Except as provided in Section 2 above, this Amendment shall become effective when the Agent shall have received counterparts hereof
that, when taken together, bear the signatures of each of the parties hereto. Delivery of an executed counterpart of a signature page of this Amendment by facsimile, electronic email or other electronic imaging means (e.g., “pdf” or
“tif”) shall be effective as delivery of a manually executed counterpart of this Amendment. The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to this
Amendment or any document to be signed in connection with this Amendment and the transactions contemplated hereby (including without limitation assignment and assumptions, amendments or other borrowing requests, waivers and consents) shall be deemed
to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and
National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Each of the parties represents and warrants to the other parties that it has the
corporate capacity and authority to execute this Amendment through electronic means and there are no restrictions for doing so in that party’s constitutive documents. 

8. Governing Law; Jurisdiction; Waiver of Jury Trial. THE VALIDITY, INTERPRETATION AND ENFORCEMENT OF THIS AMENDMENT AND ANY DISPUTE ARISING OUT OF OR
IN CONNECTION WITH THIS AMENDMENT, WHETHER SOUNDING IN CONTRACT, TORT OR EQUITY OR OTHERWISE, SHALL BE GOVERNED BY THE INTERNAL LAWS (AS OPPOSED TO THE CONFLICTS OF LAW PROVISIONS OTHER THAN SECTION 5-1401 OF
THE NEW YORK GENERAL OBLIGATIONS LAW) AND DECISIONS OF THE STATE OF NEW YORK. Sections 12.15 (Submission to Jurisdiction) and 12.17 (Jury Trial) of the Credit Agreement are hereby incorporated herein by this reference. 

9. References. All references in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import
referring to the Credit Agreement and each reference to the “Credit Agreement”, (or the defined term “Agreement”, “thereunder”, “thereof” of words of like import referring to the Credit Agreement) in the other
Loan Documents shall mean and be a reference to the Credit Agreement as amended hereby and giving effect to the amendments contained in this Amendment. 

10. Reaffirmation. Except as expressly amended hereby, all of the terms and provisions of the Credit Agreement and all other Loan Documents are and
shall remain in full force and effect and are hereby ratified and confirmed. In furtherance of the foregoing, each of the Loan Parties hereto hereby irrevocably and unconditionally ratifies its guarantee of the Obligations under the Guaranty,
including, without limitation, any additional Obligations resulting from or incurred pursuant to this Amendment. 

  
 5 

 Each of the Loan Parties hereto, as debtor, guarantor, assignor, or in any other similar capacity in which
such Loan Party acts as accommodation party, guarantor, or indemnitor, as the case may be, hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Loan Documents to which it
is a party (after giving effect hereto) and (ii) to the extent such Loan Party guaranteed the Obligations under or with respect to the Loan Documents, ratifies and reaffirms such guarantee and confirms and agrees that such guarantee includes
all of the Obligations as amended hereby. 
 11. Consent of the Lenders. Each of the undersigned Lenders hereby consents to the amendments of the
Loan Documents set forth in this Amendment and authorizes and directs the Agent to execute and deliver this Amendment and perform its obligations thereunder. The Lenders and the Loan Parties acknowledge and agree that the obligations of such Person
under Section 11.6 and 12.4 of the Credit Agreement shall apply to this direction and the actions taken by the Agent hereunder. 
 12.
Releases. By its execution hereof and in consideration of the terms herein and other accommodations granted to the Borrower on behalf of itself and each of the Loan Parties, and its or their successors, assigns and agents, the Borrower on
behalf of itself and each of the Loan Parties hereby expressly forever waives, releases and discharges any and all claims (including cross-claims, counterclaims, and rights of setoff and recoupment), causes of action (whether direct or derivative in
nature), demands, suits, costs, expenses and damages (collectively, the “Claims”) any of them may, as a result of actions or inactions occurring on or prior to the Tenth Amendment Effective Date, have or allege to have as of the
date of this Amendment or at any time thereafter (and all defenses that may arise out of any of the foregoing) of any nature, description, or kind whatsoever, based in whole or in part on facts, whether actual, contingent or otherwise, now known,
unknown, or subsequently discovered, whether arising in Law, at equity or otherwise, against the Agent or any Lender, their respective affiliates, agents, principals, managers, managing members, members, stockholders, “controlling persons”
(within the meaning of the United States federal securities laws), directors, officers, employees, attorneys, consultants, advisors, agents, trusts, trustors, beneficiaries, heirs, executors and administrators of each of the foregoing (collectively,
the “Released Parties”) arising out of, or relating to, this Amendment, the Credit Agreement, the other Loan Documents and any or all of the actions and transactions contemplated hereby or thereby, including any actual or alleged
performance or non-performance of any of the Released Parties hereunder or under the Loan Documents (the “Released Matters”). In entering into this Amendment, the Borrower on behalf of itself
and each Loan Party expressly disclaims any reliance on any representations, acts, or omissions by any of the Released Parties and hereby agrees and acknowledges that the validity and effectiveness of the releases set forth above does not depend in
any way on any such representation, acts and/or omissions or the accuracy, completeness, or validity thereof. The provisions of this Section 12 shall survive the termination of this Amendment and the Loan Documents and the payment in full in
cash of all Obligations of the Loan Parties under or in respect of the Credit Agreement and other Loan Documents and all other amounts owing thereunder. 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused this instrument to be made,
executed and delivered by their duly authorized officers as of the day and year first above written. 
  

			
	TEAM, INC., as Borrower
		
	By:	 	 /s/ André C. Bouchard

	Name: André C. Bouchard
	 Title: Executive Vice President, Administration, Chief

          Legal Officer and Secretary

 [Unsecured Term Loan Credit Agreement - Amendment No. 10 Signature Page] 

 
			
	AGGRESSIVE EQUIPMENT COMPANY, LLC
	DK VALVE & SUPPLY, LLC
	FURMANITE, LLC
	FURMANITE AMERICA, LLC
	FURMANITE WORLDWIDE, LLC
	QUALSPEC, LLC
	ROCKET ACQUISITION, LLC
	TANK CONSULTANTS, LLC
	TANK CONSULTANTS MECHANICAL SERVICES, LLC
	TCI SERVICES, LLC
	TCI SERVICES HOLDINGS, LLC
	TEAM INDUSTRIAL SERVICES, INC.
	TEAM INDUSTRIAL SERVICES INTERNATIONAL, INC.
	TEAM QUALSPEC, LLC
	TEAM TECHNICAL SCHOOL, LLC
	TQ ACQUISITION, INC.
	GLOBAL ASCENT, LLC
	KANEB FINANCIAL, LLC
	FURMANITE LOUISIANA, LLC
	as Guarantors
		
	By:	 	 /s/ André C. Bouchard

	Name: André C. Bouchard
	Title: Executive Vice President, Administration,
		 	  Chief Legal Officer and Secretary

 [Unsecured Term Loan Credit Agreement - Amendment No. 10 Signature Page] 

 
			
	TISI ACQUISITION INC.
	TISI CANADA INC.
	as Guarantors
		
	By:	 	 /s/ André C. Bouchard

	Name: André C. Bouchard
	Title: Executive Vice President, Administration, Chief Legal Officer and Secretary, Managing Director
	
	FURMANITE B.V.
	FURMANITE HOLDING B.V.
	TEAMINC EUROPE B.V.
	TEAM INDUSTRIAL SERVICES EUROPE B.V.
	TEAM VALVE REPAIR SERVICES B.V.
	THRESHOLD INSPECTION & APPLICATION TRAINING EUROPE B.V.
	TEAM INDUSTRIAL SERVICES NETHERLANDS B.V.
	QUALITY INSPECTION SERVICES B.V.
	as Guarantors
		
	By:	 	 /s/ André C. Bouchard

	Name: André C. Bouchard
	Title: Authorised Signatory

 [Unsecured Term Loan Credit Agreement - Amendment No. 10 Signature Page] 

							
	EXECUTED by FURMANITE INTERNATIONAL FINANCE LIMITED, a private limited company organized under the laws of England and Wales, as a Guarantor, by one director	 		 	         

 
	 	 Signed: /s/ André C.
Bouchard                    
 André C.
Bouchard
 Director

				
	EXECUTED by TEAM INDUSTRIAL SERVICES INSPECTION LIMITED, a private limited company organized under the laws of England and Wales, as a Guarantor, by one director	 		 		 	 Signed: /s/ André C.
Bouchard                    
 André C.
Bouchard
 Director

				
	EXECUTED by TEAM INDUSTRIAL SERVICES (UK) HOLDING LIMITED, a private limited company organized under the laws of England and Wales, as a Guarantor, by one director	 		 		 	 Signed: /s/ André C.
Bouchard                    
 André C.
Bouchard
 Director

				
	EXECUTED by TEAM VALVE AND ROTATING SERVICES LIMITED, a private limited company organized under the laws of England and Wales, as a Guarantor, by one director	 		 		 	 Signed: /s/ André C.
Bouchard                    
 André C.
Bouchard
 Director

				
	EXECUTED by TIS UK LIMITED LIMITED, a private limited company organized under the laws of England and Wales, as a Guarantor, by one director	 		 		 	 Signed: /s/ André C.
Bouchard                    
 André C.
Bouchard
 Director

 [Unsecured Term Loan Credit Agreement - Amendment No. 10 Signature Page] 

 
			
	CORRE OPPORTUNITIES QUALIFIED MASTER FUND, LP, as Lender
		
	By:	 	 /s/ John Barrett

	Name: John Barrett
	Title: Authorized Signatory
	
	CORRE HORIZON FUND, LP, as Lender
		
	By:	 	 /s/ John Barrett

	Name: John Barrett
	Title: Authorized Signatory
	
	CORRE HORIZON II FUND, LP, as Lender
		
	By:	 	 /s/ John Barrett

	Name: John Barrett
	Title: Authorized Signatory

 [Unsecured Term Loan Credit Agreement - Amendment No. 10 Signature Page] 

 
			
	CANTOR FITZGERALD SECURITIES, as Agent
		
	By:	 	 /s/ James Buccola

	Name: James Buccola
	Title: Head of Fixed Income

 [Unsecured Term Loan Credit Agreement - Amendment No. 10 Signature Page] 

 Annex A 

See attached.Document

Exhibit 10.12

EMPLOYMENT AGREEMENT
THIS AGREEMENT, dated as of November   5  , 2018, is made by and between TransDigm Group Incorporated, a Delaware corporation (the “Company”), and Halle Terrion (the “Executive”).
RECITALS:
WHEREAS, the Executive holds the position of General Counsel, Chief Compliance Officer and Secretary of the Company; and 
WHEREAS, the parties would like to enter into an employment agreement on the terms and subject to the conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below, the parties hereto agree as follows:
1.  Certain Definitions.
(a)  “Annual Base Salary” shall have the meaning set forth in Section 4(a).
(b)  “Board” shall mean the Board of Directors of the Company.
(c)  “Cause” shall mean either of the following:  (i) the repeated failure by the Executive, after written notice from the Board, substantially to perform her material duties and responsibilities as an officer or employee or director of the Company or any of its subsidiaries (other than any such failure resulting from incapacity due to reasonably documented physical or mental illness), or (ii) any willful misconduct by the Executive that has the effect of materially injuring the business of the Company or any of its subsidiaries, including, without limitation, the disclosure of material secret or confidential information of the Company or any of its subsidiaries.
(d)  “COBRA” shall mean the Consolidated Omnibus Budget Reconciliation Act of 1985, as may be amended from time to time.
(e)  “Code” shall mean the Internal Revenue Code of 1986, as amended.  Reference to a Section of the Code includes all rulings, regulations, notices, announcements, decisions, orders and other pronouncements that are issued by the United States Department of the Treasury, the Internal Revenue Service, or any court of competent jurisdiction that are lawful and pertinent to the interpretation, application or effectiveness of such Section.
(f)  “Common Stock” shall mean the common stock of the Company, $0.01 par value per share.
(g)  “Company” shall have the meaning set forth in the preamble hereto.
(h)  “Compensation Committee” shall mean the Compensation Committee of the Board whose members shall be appointed by the Board from time to time.
(i)  “Date of Termination” shall mean (i) if the Executive’s employment is terminated by reason of her death, the date of her death, and (ii) if the Executive’s employment is terminated pursuant to Sections 5(a)(ii) - (vi), the date specified in the Notice of Termination.
(j)  “Disability” shall mean the Executive’s absence from employment with the Company due to:  (i) her inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve months; or (ii) such medically determinable physical or mental impairment, which can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, and for which the Executive is receiving income replacement benefits for a period of not less than three months under an accident and health plan covering the Company’s employees.
(k)  “Effective Date” shall mean the date of this Agreement.
(l)  “Equity Compensation Agreements” shall mean any written agreements between the Company and the Executive pursuant to which the Executive holds or is granted options to purchase Common Stock, including, without limitation, agreements evidencing options granted under any option plan adopted or maintained by the Company for employees generally, and any management deferred compensation or similar plans of the Company.
(m)  “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

(n)  “Executive” shall have the meaning set forth in the preamble hereto.
(o)  “Good Reason” shall mean the occurrence of any of the following:  (i) a material diminution in the Executive’s title, duties or responsibilities, without her prior written consent, or (ii) a reduction of the Executive’s aggregate cash compensation (including bonus opportunities), benefits or perquisites, without her prior written consent, or (iii) any material breach of this Agreement by the Company.
(p)  “Notice of Termination” shall have the meaning set forth in Section 5(b).
(q)  “Payment Period” shall have the meaning set forth in Section 6(b).
(r)  “Specified Employee” shall have the meaning set forth in Code Section 409A
(s)  “Term” shall have the meaning set forth in Section 2.
2.  Employment.  The Company shall employ the Executive, for the period set forth in this Section 2, in the position(s) set forth in Section 3 and upon the other terms and conditions herein provided.  The term of employment under this Agreement (the “Term”) shall be for the period beginning on the Effective Date and ending on December 31, 2023 unless earlier terminated as provided in Section 5.
3.  Position and Duties.  During the Term, the Executive shall serve as General Counsel, Chief Compliance Officer and Secretary of each of the Company and its subsidiary, TransDigm, Inc. (“TransDigm”), with such customary responsibilities, duties and authority as may from time to time be assigned to the Executive by the Chief Executive Officer.  During the Term, the Executive shall devote substantially all her working time and efforts to the business and affairs of the Company and TransDigm; provided, that it shall not be considered a violation of the foregoing for the Executive to (i) with the prior consent of the Board (which consent shall not unreasonably be withheld), serve on corporate, industry, civic or charitable boards or committees, and (ii) manage her personal investments, so long as none of such activities significantly interferes with the Executive’s duties hereunder.
4.  Compensation and Related Matters.
(a)  Annual Base Salary.  During the Term, the Executive shall receive a base salary at a rate of $450,000 per annum, payable in accordance with the Company’s normal payroll practices, which shall be reviewed by the Compensation Committee annually and may be increased, but not decreased, upon such review (the “Annual Base Salary”).
(b)  Bonus.  For each fiscal year during the Term, the Executive shall be eligible to participate in the Company’s annual cash bonus plan in accordance with terms and provisions which shall be consistent with the Company’s executive bonus policy in effect as of the date hereof.  The Executive’s target bonus for fiscal year 2018 and thereafter will be 40% of her Annual Base Salary and may be increased, but not decreased, from time to time.
(c)  Non-Qualified Deferred Compensation.  During the Term, the Executive shall be eligible to participate in any non-qualified deferred compensation plan or program (if any) offered by the Company to its executives.
(d)  Long Term Incentive Compensation.  During the Term, the Executive shall be entitled to participate in the Option Plan or any successor plan thereto.
(e)  Benefits.  During the Term, the Executive shall be entitled to participate in the other employee benefit plans, programs and arrangements of the Company now (or, to the extent determined by the Board or Compensation Committee, hereafter) in effect which are applicable to the senior officers of the Company generally, subject to and on a basis consistent with the terms, conditions and overall administration thereof (including the right of the Company to amend, modify or terminate such plans).
(f)  Expenses.  Pursuant to the Company’s customary policies in force at the time of payment, the Executive shall be reimbursed for all expenses properly incurred by the Executive on the Company’s behalf in the performance of the Executive’s duties hereunder.
(g)  Vacation.  The Executive shall be entitled to an amount of annual vacation days, and to compensation in respect of earned but unused vacation days in accordance with the Company’s vacation policy as in effect as of the Effective Date.  The Executive shall also be entitled to paid holidays in accordance with the Company’s practices with respect to same as in effect as of the Effective Date.

5.  Termination.
(a)  The Executive’s employment hereunder may be terminated by the Company or the Executive, as applicable, without any breach of this Agreement only under the following circumstances and in accordance with subsection (b):
(i)  Death.  The Executive’s employment hereunder shall terminate upon her death.
(ii)  Disability.  If the Company determines in good faith that the Executive has incurred a Disability, the Company may give the Executive written notice of its intention to terminate the Executive’s employment.  In such event, the Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive, provided that within such 30 day period the Executive shall not have returned to full-time performance of her duties.  The Executive shall continue to receive her Annual Base Salary until the 90th day following the date of the Notice of Termination.
(iii)  Termination for Cause.  The Company may terminate the Executive’s employment hereunder for Cause.
(iv)  Resignation for Good Reason.  The Executive may terminate her employment hereunder for Good Reason.
(v)  Termination without Cause.  The Company may terminate the Executive’s employment hereunder without Cause.
(vi)  Resignation without Good Reason.  The Executive may resign her employment hereunder without Good Reason.
(b)  Notice of Termination.  Any termination of the Executive’s employment by the Company or by the Executive under this Section 5 (other than termination pursuant to subsection (a)(i)) shall be communicated by a written notice from the Chief Executive Officer of the Company or the Executive to the other indicating the specific termination provision in this Agreement relied upon, (and, in the case of Resignation for Good Reason, setting forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under Section 5(a)(iv), and specifying a Date of Termination which, in the case of Resignation for Good Reason or Resignation without Good Reason pursuant to Section 5(a)(iv) or 5(a)(vi), respectively, shall be at least 90 days following the date of such notice (a “Notice of Termination”).  In the event of the Executive’s Resignation for Good Reason pursuant to Section 5(a)(iv), the Company shall have the right, if the basis for such Good Reason is curable, to cure the same within 30 days following the receipt of the Notice of Termination, and Good Reason shall not be deemed to exist if the Company cures the event giving rise to Good Reason within such 30 day period.  The Executive shall continue to receive her Annual Base Salary, annual bonus and all other compensation and perquisites referenced in Section 4 through the Date of Termination.
6.  Severance Payments.
(a)  Termination for any Reason.  In the event the Executive’s employment with the Company is terminated for any reason, the Company shall pay the Executive (or her beneficiary in the event of her death) any unpaid Annual Base Salary that has accrued as of the Date of Termination, any unreimbursed expenses due to the Executive in accordance with the Company’s expense reimbursement policy and an amount equal to compensation for accrued but unused sick days and vacation days.  The Company shall permit the Executive to elect to continue health plan coverage in accordance with the requirements of applicable law (e.g. COBRA coverage), at the applicable monthly cost charged for such coverage (the “Monthly COBRA Coverage Continuation Rate”).  The Company may require the Executive to complete and file any election forms that are generally required of other employees to obtain COBRA coverage; and the Executive’s COBRA coverage may be terminable in accordance with applicable law.  The Executive shall also be entitled to accrued, vested benefits under the Company’s benefit plans and programs as provided therein.  The Executive shall be entitled to the additional payments and benefits described below only as set forth herein.

(b)  Termination without Cause, Resignation for Good Reason or Termination by Reason of Death or Disability.  Subject to Sections 6(c) and (d) and the restrictions contained herein, in the event of the Executive’s Termination without Cause (pursuant to Section 5(a)(v)), Resignation for Good Reason (pursuant to Section 5(a)(iv)) or termination by reason of death or Disability (pursuant to Section 5(a)(i) or (ii), respectively), the Company shall pay to the Executive the amounts described in subsection (a).  In addition, subject to Sections 6(c) and (d) and the restrictions contained herein, and in the case of Termination without Cause (pursuant to Section 5(a)(v), Resignation for Good Reason (pursuant to Section 5(a)(iv) or Disability (pursuant to Section 5(a)(ii)) subject to the Executive’s execution and non-revocation of a customary release in favor of the Company (the “Release”) no later than thirty (30) days following the Date of Termination, the Company shall pay to the Executive (or his beneficiary in the event of his death) an amount equal to the “Severance Amount” described below.  For purposes of this Agreement the Severance Amount is equal to the sum of:
(i)  1.25 times her Annual Base Salary,
(ii)  1.25 times the greater of (A) the total of all bonuses paid (or payable) to executive in respect of the fiscal year ending immediately prior to the Date of Termination, excluding any bonuses that are extraordinary in nature (e.g., a transaction related bonus) or (B) the target bonuses for the fiscal year in which the Date of Termination falls, determined in accordance with the Company’s bonus program or programs, if any, and 
(iii)  15.0 times the difference of (A) the Monthly COBRA Continuation Coverage Rate determined as of the Date of Termination for the Executive’s applicable health plan coverage as in effect on such date, less (B) the monthly cost to Executive that is being charged for such coverage as of the Date of Termination.
The Severance Amount as so determined shall be payable to the Executive (or her beneficiary) in substantially equal installments over the 12 month period following the Date of Termination (the “Payment Period”) commencing no later than thirty (30) days following the execution and non-revocation of the Release, in accordance with the Company’s regular payroll practices.  The first installment payment shall include all amounts that would have otherwise been paid to the Executive during the period beginning on the Date of Termination and ending on the first installment payment date.  Notwithstanding the foregoing, in the event that the end of the thirty (30) day notice and revocation period for the Release would result in the first installment payment occurring in the taxable year following the year in which the Date of Termination occurs, the first installment payment shall be made in the taxable year following the year in which the Date of Termination occurs.
(c)  Benefits Provided Upon Termination of Employment.  If the Executive’s termination or resignation does not constitute a “separation from service,” as such term is defined under Code Section 409A, the Executive shall nevertheless be entitled to receive all of the payments and benefits that the Executive is entitled to receive under this Agreement on account of her termination of employment.  However, the payments and benefits that the Executive is entitled to under this Agreement shall not be provided to the Executive until such time as the Executive has incurred a “separation from services” within the meaning of Code Section 409A.
(d)  Payments on Account of Termination to a Specified Employee.  Notwithstanding the foregoing provisions of Sections 6(a) or 6(b), in the event that the Executive is determined to be a Specified Employee at the time of her termination of employment under this Agreement (or, if later, her “separation from service” under Code Section 409A), to the extent that a payment, reimbursement or benefit under Section 6(b) is considered to provide for a “deferral of compensation” (as determined under Code Section 409A), then such payment, reimbursement or benefit shall not be paid or provided until six months after the Executive’s separation from service, or her death, whichever occurs first.  Any payments, reimbursements or benefits that are withheld under this provision for the first six months shall be payable in a lump sum on the 181st day after such termination of employment (or, if later, separation from service).The restrictions in this Section 6(d) shall be interpreted and applied solely to the minimum extent necessary to comply with the requirements of Code Section 409A(a)(2)(B).  Accordingly, payments, benefits or reimbursements under Section 6(b) or any other part of this Agreement may nevertheless be provided to Executive with the six-month period following the date of Executive’s termination of employment under this Agreement (or, if later, her “separation from service” under Code Section 409A), to the extent that it would nevertheless be permissible to do so under Code Section 409A because those payments, reimbursements or benefits are (i) described in Treasury Regulations Section 1.409A-l(b)(9)(iii) (i.e., payments within the limitations therein that are being made on account of an involuntary termination or termination for good reason, within the meaning of the Treasury Regulations), or (ii) described in Treasury Regulation Section 1.409A-1(b)(4) (i.e., payments which are treated as short-term deferrals within the meaning of the Treasury Regulations), or (iii) benefits described in Treasury Regulations Section 1.409A-l(b)(9)(v) (e.g. health care benefits).

7.  Competition; Nonsolicitation.
(a)  During the Term and, following any termination of Executive’s employment, for a period equal to (i) the Payment Period, in the case of a termination of employment for which payments are made pursuant to Section 6(b) hereof, or (ii) 24 months from the date of such termination in the event of a voluntary termination of employment by the Executive without Good Reason, or a termination by the Company for Cause, the Executive shall not, without the prior written consent of the Board, directly or indirectly engage in, or have any interest in, or manage or operate any person, firm, corporation, partnership or business (whether as director, officer, employee, agent, representative, partner, security holder, consultant or otherwise) that engages in any business (other than a business that constitutes less than 5% of the relevant entity’s net revenue and a proportionate share of its operating income) which competes with any business of the Company or any entity owned by it anywhere in the world; provided, however, that the Executive shall be permitted to acquire a stock interest in such a corporation provided such stock is publicly traded and the stock so acquired does not represent more than one percent of the outstanding shares of such corporation.
(b)  During the Term and for a period of two years following any termination of the Executive’s employment, the Executive shall not, directly or indirectly, on her own behalf or on behalf of any other person or entity, whether as an owner, employee, service provider or otherwise, solicit or induce any person who is or was employed by, or providing consulting services to, the Company or any of its subsidiaries during the twelve-month period prior to the date of such termination, to terminate their employment or consulting relationship with the Company or any such subsidiary.
(c)  In the event the agreement in this Section 7 shall be determined by any court of competent jurisdiction to be unenforceable by reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive in any other respect, it shall be interpreted to extend only over the maximum period of time for which it may be enforceable, and/or over the maximum geographical area as to which it may be enforceable and/or to the maximum extent in all other respects as to which it may be enforceable, all as determined by such court in such action.
8.  Nondisclosure of Proprietary Information.
(a)  Except as required in the faithful performance of the Executive’s duties hereunder or pursuant to subsection (c), the Executive shall, in perpetuity, maintain in confidence and shall not directly, indirectly or otherwise, use, disseminate, disclose or publish, or use for her benefit or the benefit of any person, firm, corporation or other entity any confidential or proprietary information or trade secrets of or relating to the Company, including, without limitation, information with respect to the Company’s operations, processes, products, inventions, business practices, finances, principals, vendors, suppliers, customers, potential customers, marketing methods, costs, prices, contractual relationships, regulatory status, compensation paid to employees or other terms of employment, except for such information which is or becomes publicly available other than as a result of a breach by the Executive of this Section 8, or deliver to any person, firm, corporation or other entity any document, record, notebook, computer program or similar repository of or containing any such confidential or proprietary information or trade secrets.  The parties hereby stipulate and agree that as between them the foregoing matters are important, material and confidential proprietary information and trade secrets and affect the successful conduct of the businesses of the Company (and any successor or assignee of the Company).
(b)  Upon termination of the Executive’s employment with the Company for any reason, the Executive shall promptly deliver to the Company all correspondence, drawings, manuals, letters, notes, notebooks, reports, programs, plans, proposals, financial documents, or any other documents concerning the Company’s customers, business plans, marketing strategies, products or processes and/or which contain proprietary information or trade secrets.
(c)  The Executive may respond to a lawful and valid subpoena or other legal process but shall give the Company the earliest possible notice thereof, shall, as much in advance of the return date as possible, make available to the Company and its counsel the documents and other information sought and shall assist such counsel in resisting or otherwise responding to such process.
9.  Injunctive Relief.  It is recognized and acknowledged by the Executive that a breach of the covenants contained in Sections 7 and 8 will cause irreparable damage to the Company and its goodwill, the exact amount of which will be difficult or impossible to ascertain, and that the remedies at law for any such breach will be inadequate.  Accordingly, the Executive agrees that in the event of a breach of any of the covenants contained in Sections 7 and 8, in addition to any other remedy which may be available at law or in equity, the Company shall be entitled to specific performance and injunctive relief.
10.  Survival.  The expiration or termination of the Term shall not impair the rights or obligations of any party hereto which shall have accrued hereunder prior to such expiration.

11.  Binding on Successors.  This Agreement shall be binding upon and inure to the benefit of the Company, the Executive and their respective successors, assigns, personnel and legal representatives, executors, administrators, heirs, distributees, devisees, and legatees, as applicable.
12.  Governing Law.  This Agreement shall be governed, construed, interpreted and enforced in accordance with the substantive laws of the State of Ohio.
13.  Validity.  The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.
14.  Notices.  Any notice, request, claim, demand, document or other communication hereunder to any party shall be effective upon receipt (or refusal of receipt) and shall be in writing and delivered personally or sent by telex, telecopy, or certified or registered mail, postage prepaid, as follows:
(a)  If to the Company, to:
TransDigm Group Incorporated
The Tower at Erieview
1301 E. 9th Street, Suite 3000
Cleveland, Ohio 44114
Attention:  Kevin Stein, CEO
(b)  If to the Executive, to her at the address set forth below under her signature;
or at any other address as any party shall have specified by notice in writing to the other party in accordance with this Section 14.
15.  Counterparts.  This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same agreement.
16.  Entire Agreement; Prior Employment Agreement.  The terms of this Agreement, together with the Equity Compensation Agreements are intended by the parties to be the final expression of their agreement with respect to the employment of the Executive by the Company and may not be contradicted by evidence of any prior or contemporaneous agreement.  The parties further intend that this Agreement, and the aforementioned contemporaneous documents, shall constitute the complete and exclusive statement of its terms and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding to vary the terms of this Agreement.
17.  Amendments; Waivers.  This Agreement may not be modified, amended, or terminated except by an instrument in writing, signed by the Executive and the Chief Executive Officer.  By an instrument in writing similarly executed, the Executive or the Company may waive compliance by the other party or parties with any provision of this Agreement that such other party was or is obligated to comply with or perform; provided, however, that such waiver shall not operate as a waiver of, or estoppel with respect to, any other or subsequent failure.  No failure to exercise and no delay in exercising any right, remedy or power hereunder shall preclude any other or further exercise of any other right, remedy or power provided herein or by law or in equity.
18.  No Inconsistent Actions.  The parties hereto shall not voluntarily undertake or fail to undertake any action or course of action inconsistent with the provisions or essential intent of this Agreement.  Furthermore, it is the intent of the parties hereto to act in a fair and reasonable manner with respect to the interpretation and application of the provisions of this Agreement.
19.  Arbitration.  Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three arbitrators in Cleveland, Ohio, in accordance with the rules of the American Arbitration Association then in effect.  Judgment may be entered on the arbitrator’s award in any court having jurisdiction; provided, however, that the Company shall be entitled to seek a restraining order or injunction in any court of competent jurisdiction to prevent any continuation of any violation of the provisions of Section 7 or 8 of this Agreement and the Executive hereby consents that such restraining order or injunction may be granted without the necessity of the Company’s posting any bond; and provided further, that the Executive shall be entitled to seek specific performance of her right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement.  Each of the parties hereto shall bear its share of the fees and expenses of any arbitration hereunder.

20.  Indemnification and Insurance; Legal Expenses.  During the Term and so long as the Executive has not breached any of her obligations set forth in Sections 7 and 8, the Company shall indemnify the Executive to the fullest extent permitted by the laws of the State of Delaware, as in effect at the time of the subject act or omission, and shall advance to the Executive reasonable attorneys’ fees and expenses as such fees and expenses are incurred (subject to an undertaking from the Executive to repay such advances if it shall be finally determined by a judicial decision which is not subject to further appeal that the Executive was not entitled to the reimbursement of such fees and expenses) and he shall be entitled to the protection of any insurance policies the Company shall elect to maintain generally for the benefit of its directors and officers (“Directors and Officers Insurance”) against all costs, charges and expenses incurred or sustained by her in connection with any action, suit or proceeding to which he may be made a party by reason of her being or having been a director, officer or employee of the Company or any of its subsidiaries or her serving or having served any other enterprise as a director, officer or employee at the request of the Company (other than any dispute, claim or controversy arising under or relating to this Agreement).  The Company covenants to maintain during the Term for the benefit of the Executive (in her capacity as an officer and director of the Company) Directors and Officers Insurance providing customary benefits to the Executive.
(SIGNATURE PAGE FOLLOWS)

IN WITNESS WHEREOF, the parties have executed this Agreement on the date and the year first above written.
TRANSDIGM GROUP INCORPORATED

          
By:  ________________________
Name:    Kevin Stein
Title:    Chief Executive Officer

EXECUTIVE

______________________________
Halle Terrion

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