Document:

EX-10.3

 Exhibit 10.3 

Execution Version 

AMENDMENT NO. 9 TO UNSECURED TERM LOAN CREDIT AGREEMENT 

This AMENDMENT NO. 9 TO UNSECURED TERM LOAN CREDIT AGREEMENT (this “Amendment”), dated as of November 1, 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 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. Amendments to the Credit Agreement. Upon the Ninth Amendment Effective Date,
the parties hereto agree that the Credit Agreement shall be amended as follows: 
 (a) New Definitions. Section 1.1 of the Credit
Agreement is amended to add the following new definitions: 

  
 2 

 “Quest Purchase Agreement” means that certain Equity Purchase Agreement (together
with all annexes, schedules and exhibits thereto, as amended, supplemented or otherwise modified from time to time) dated as of August 14, 2022, between the Borrower, as the seller, and Baker Hughes Holdings LLC, a Delaware limited liability
company, as the purchaser. 
 “Quest Retained Proceeds” means the $26,000,000 Net Cash Proceeds permitted to be retained by the
Borrower in respect of the Quest Sale, pursuant to the calculation of such Net Cash Proceeds set forth on Annex B. 
 “Quest
Sale” means the sale, transfer or assignment of certain Company Interests (as defined in the Quest Purchase Agreement) and collective assets of the issuers of such respective Company Interests pursuant to the Quest Purchase Agreement.

 (b) Clause (i) of the definition of “Applicable Premium Trigger Event” is, effective as of the Ninth Amendment Effective
Date, hereby amended and restated in its entirety as follows: 
 (i) any payment by any Loan Party of all, or any part, of the principal
balance of any Term Loan for any reason (including any optional prepayment or mandatory prepayment other than any prepayment made pursuant to Section 2.5(b)(i) that is not a prepayment in connection
with an Asset Disposition consummated in accordance with Section 8.5(m) or Section 8.5(o) (it being understood that any mandatory prepayment from Net Cash
Proceeds of any Asset Dispositions consummated in accordance with Section 8.5(m) or Section 8.5(o) shall constitute an Applicable Premium
Trigger Event), but excluding a Corporate Change of Control) whether before or after (A) the occurrence of an Event of Default, (B) the commencement of any Insolvency Event, and notwithstanding any acceleration (for any reason) of the
Obligations or (C) pursuant to Section 2.11; 
 (c) Section 2.5(b)(i) of the Credit
Agreement is, effective as of the Ninth Amendment Effective Date, hereby amended and restated in its entirety as follows:  
 (i) in
an aggregate amount equal to 100% of the Net Cash Proceeds received by any Loan Party or any Subsidiary from all Asset Dispositions permitted by Section 8.5(m), or
Section 8.5(o) (resulting, in the case of Asset Dispositions pursuant to Section 8.5(o), in aggregate Net Cash Proceeds in excess of $15,000,000) or
Casualty Events within three (3) Business Days of the receipt of such Net Cash Proceeds by such Person; provided, however, that with respect to any Net Cash Proceeds received by any Loan Party or any Subsidiary from
any Asset Disposition that constitutes the Quest Sale and is permitted by Section 8.5(m), (A) the Borrower (or other applicable Loan Party or Subsidiary) may retain the Quest Retained Proceeds, it being
understood that any Net Cash Proceeds from the Quest Sale in excess of the amount of the Quest Retained Proceeds shall be subject to a mandatory prepayment hereunder and (B) such prepayment shall be made within one (1) Business Day of the
receipt of such Net Cash Proceeds by such Person and; provided further, that, other than with respect to Net Cash Proceeds received (A) for Asset Dispositions consummated in accordance with
Section 8.5(o) that exceed $15,000,000 in the aggregate and (B) for Asset Dispositions consummated in accordance with Section 8.5(m) (for each of
(A) and (B) above, the ability of any Loan Party or any Subsidiary thereof to reinvest proceeds shall be subject to the express written consent of the Agent), so long as no Event of Default shall have occurred and be continuing, such Net Cash
Proceeds shall not be required to be so applied at the election of the Borrower to the extent 

  
 3 

 
such Loan Party or such Subsidiary reinvests, within twelve (12) months of receipt of such Net Cash Proceeds, all or any portion of such Net Cash Proceeds in assets used in the business of
the Loan Parties and their Subsidiaries; provided further, that if, prior to the expiration of such twelve (12) month period, the Borrower, directly or through its Subsidiaries, shall have entered into a binding
agreement providing for such investment on or prior to the date that is six (6) months after the expiration of such twelve (12) month period, such twelve (12) month period shall be extended to an eighteen (18) month period;
provided further, if such Net Cash Proceeds shall have not been so reinvested, such Net Cash Proceeds shall be immediately applied to prepay the Loans; provided further, that, notwithstanding the foregoing,
other than with respect to Asset Dispositions consummated pursuant to Section 8.5(m) and Section 8.5(o), no such prepayment shall be required if the
aggregate amount of Net Cash Proceeds received in any calendar year from Asset Dispositions and Casualty Events is less than $5,000,000 (which amount shall be increased by any unused portion of such $5,000,000 exclusion from the immediately
preceding year up to a maximum amount of $10,000,000, provided for the avoidance of doubt such limit shall not at any time exceed $10,000,000). 

(d) Section 2.5(b) of the Credit Agreement is, effective as of the Ninth Amendment Effective Date, hereby amended by adding the following
section (iv) at the end of such subsection:  
 (iv) immediately upon the receipt by any Loan Party or any of its Subsidiaries of
any Net Cash Proceeds of any Indebtedness incurred pursuant to Section 8.1(q) or Net Cash Proceeds of any Sale and Leaseback Transactions consummated in accordance with
Section 8.5(n), in an aggregate amount equal to 50% of the Net Cash Proceeds of such Indebtedness or Sale and Leaseback Transaction, as applicable; provided, however, that,
solely with respect to Net Cash Proceeds of any Indebtedness incurred pursuant to Section 8.1(q)(i) on or prior to January 31, 2023, an amount of up to $5,000,000 of such Net Cash Proceeds shall be
excluded from such calculation, it being understood that 50% of such Net Cash Proceeds in excess of $5,000,000 shall be subject to a mandatory prepayment hereunder. 

(e) Section 8.1(q) of the Credit Agreement is, effective as of the Ninth Amendment Effective Date, hereby amended and restated in its
entirety as follows: 
 Indebtedness of any Loan Party or any of its Subsidiaries consisting of (i) mortgage debt secured by Real
Property or equipment of any Loan Party or any Subsidiary (and the proceeds of such Real Property or equipment consisting entirely of cash and Cash Equivalents) incurred on arm’s length terms or terms more favorable to the Loan Party or
Subsidiary incurring such mortgage debt, in an amount not to exceed the remaining Maximum Sale and Leaseback and Mortgage Debt Amount at the time such mortgage debt is incurred or (ii) Indebtedness resulting from Sale and Leaseback Transactions
permitted pursuant to Section 8.5(n); provided, that no Indebtedness consisting of mortgage debt incurred pursuant this Section 8.1(q) shall
have a final scheduled maturity earlier than the date that is six (6) months following the sixth anniversary of the Closing Date; provided further, that the principal amount of Indebtedness incurred pursuant to
clause (i) of this Section 8.1(q) shall not exceed $30,000,000 in the aggregate; provided further, that 50% of the Net Cash Proceeds of any such Indebtedness incurred pursuant to this
Section 8.1(q) shall be applied towards a mandatory prepayment of the Obligations in accordance with Section 2.5(b); provided,
further, that, solely with respect to Net Cash Proceeds of any Indebtedness incurred pursuant to Section 8.1(q)(i) on or prior to January 31, 2023, an amount of up to $5,000,000 of
such Net Cash Proceeds shall be excluded from such calculation, it being understood that 50% of such Net Cash Proceeds in excess of $5,000,000 shall be subject to a mandatory prepayment; and 

  
 4 

 (f) Section 8.5(m) of the Credit Agreement is, effective as of the Ninth Amendment
Effective Date, hereby amended by adding the following language at the end of such subsection: 
 ; provided, that, with
respect to any Net Cash Proceeds received from any such disposition that constitutes the Quest Sale, the Borrower (or other applicable Loan Party or Subsidiary) may retain the Quest Retained Proceeds, it being understood that any Net Cash Proceeds
from the Quest Sale in excess of the amount of the Quest Retained Proceeds shall be subject to a mandatory prepayment of the Obligations hereunder (inclusive, for the avoidance of doubt, of any Applicable Premium) in accordance with
Section 2.5(b); 
 (g) Section 8.5(n) of the Credit Agreement is, effective as of the
Ninth Amendment Effective Date, hereby amended by adding the following language at the end of such subsection: 
 ; provided,
that 50% of the Net Cash Proceeds of such Sale and Leaseback Transaction pursuant to this Section 8.5(n) shall be applied towards a mandatory prepayment of the Obligations in accordance with
Section 2.5(b); and 
 (h) Effective as of the Ninth Amendment Effective Date, the Credit
Agreement is amended to add Annex B with Annex B attached hereto. 
 2. Effectiveness. This Amendment shall become effective on
the date the following conditions are satisfied (the “Ninth Amendment Effective Date”): 
 (a) the Agent shall have received
counterparts to this Amendment, duly executed by the parties hereto; 
 (b) 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. 8 to Term Loan Credit Agreement, dated as of the Ninth Amendment Effective
Date, by and among the Borrower, the guarantors party thereto, each of the lenders party thereto from time to time and Atlantic Park Strategic Capital Fund, L.P. (“Amendment No. 8 to Term Loan Credit Agreement”),
duly executed by each of the parties thereto; 

  

	 	(ii)	 that certain Amendment No. 2 to Credit Agreement, dated as of the Ninth Amendment Effective Date, by and
among the Borrower, the lenders party thereto from time to time and Eclipse Business Capital LLC (“Amendment No. 2 to ABL Credit Agreement”), duly executed by each of the parties thereto; 

 

	 	(iii)	 a certificate of a Responsible Officer of the Borrower in the form attached hereto as Annex A, including
all annexes and exhibits thereto; and 

  

	 	(iv)	 that certain Board Rights Agreement, dated as of the date hereof, by and between the Borrower and Atlantic
Park; and 

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

  
 5 

 (d) substantially simultaneously, the Quest Sale shall have been consummated. 

In addition, to the extent necessary for any purpose under the Credit Agreement or any other Loan Documents, the Agent and Lenders party to
this Amendment hereby consent (A) to the amendment fee payable under the Amendment No. 2 to ABL Credit Agreement and (B) to the amendment fee payable under the Amendment No. 8 to Term Loan Credit Agreement to be paid in kind, in
such amounts as shall have been disclosed in writing to the Agent and the Lenders by the Borrower prior to the execution and delivery of this Amendment by (i) adding the amount of such amendment fee to the principal of the outstanding loans of
such lender on the date hereof, (ii) thereafter, be treated as principal for all purposes of the Senior Credit Agreement and the 2020 Term Loan Credit Agreement, respectively, and (iii) bear interest in accordance with the terms of the
Senior Credit Agreement and the 2020 Term Loan Credit Agreement, respectively. 
 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; 

  

	 	(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 Ninth 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-

  
 6 

	 	
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. 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). 
 5. 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 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. 

6. 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 

  
 7 

 
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. 
 7. 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. 
 8. 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. 
 9. 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. 
 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. 
 10.
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.

 11. 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, 

  
 8 

 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 Ninth 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 11 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. 

  
 9 

 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. 9 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. 9 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, 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. 9 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. 9 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. 9 Signature Page] 

 
			
	CANTOR FITZGERALD SECURITIES, as Agent
		
	By:	 	 /s/ Gary Cocco

	Name: Gary Cocco
	Title: Senior Vice President and Assistant General Counsel

 [Unsecured Term Loan Credit Agreement - Amendment No. 9 Signature Page] 

 Annex A 

See attached. 

 Annex B 

See attached.EX-10.4

 Exhibit 10.4 

Execution Version 

BOARD RIGHTS AGREEMENT 

This BOARD RIGHTS AGREEMENT (this “Agreement”), dated as of November 1, 2022, is entered into by and among
(i) Team, Inc., a Delaware corporation (the “Company”) and (ii) Atlantic Park Strategic Capital Fund, L.P. (“Atlantic Park,” and together with its Affiliates, including APSC Holdco II, L.P., that
Beneficially Own Common Stock, the “Investors”). 
 RECITALS 

WHEREAS, on December 18, 2020, the Company entered into a credit agreement with Atlantic Park, as agent, and APSC Holdco I, L.P., as
lender (as amended, amended and restated, modified and/or supplemented from time to time, including by the Eighth Amendment, the “Term Loan Credit Agreement”), pursuant to which the Company borrowed a term loan; 

WHEREAS, on December 18, 2020, the Company issued to APSC Holdco II, L.P. a warrant to purchase in the aggregate up to 3,582,949 shares
of the Company’s common stock, $0.30 par value per share (“Common Stock”), upon the terms and conditions set forth in that certain common stock purchase warrant, dated as of December 18, 2020 (the “Initial
Warrant”); 
 WHEREAS, on November 9, 2021 and December 8, 2021, the Initial Warrant was amended and restated to provide
for, among other things, the purchase in the aggregate of up to 5,000,000 shares of Common Stock, upon the terms and conditions set forth in that certain second amended and restated common stock purchase warrant, dated as of December 8, 2021
(as the same may be amended, amended and restated, modified and/or supplemented from time to time, the “Atlantic Park Warrant”); 

WHEREAS, on February 11, 2022, the Company entered into a second amended and restated registration rights agreement (the “A&R
Registration Rights Agreement”) with APSC Holdco II, L.P. and the other warrantholders party thereto to provide certain registration rights with respect to the Atlantic Park Warrant and the warrants of such other warrantholders party
thereto; 
 WHEREAS, concurrently with the signing of this Agreement, the Company entered into Amendment No. 8 (the “Eighth
Amendment”) to the Term Loan Credit Agreement with Atlantic Park, as agent, the other financial institutions party thereto and the guarantors party thereto; 

WHEREAS, in accordance with the terms of the Term Loan Credit Agreement and the Commitment Letter (as defined herein), the Investors currently
have the ability to appoint one observer to the Board (as defined herein) and nominate one director to the Board; 
 WHEREAS, the parties
agree that, without limiting any rights under the Term Loan Credit Agreement or the Commitment Letter, the parties intend to provide that the Investors shall maintain the ability to appoint one observer to the Board and nominate one director to the
Board, including in the event that the obligations under the Term Loan Credit Agreement are no longer outstanding; and 

  
 1 

 WHEREAS, in connection with, and effective upon, the consummation of the transactions
contemplated by the Eighth Amendment, the Company and the Investors wish to set forth certain understandings between such parties with respect to certain board designation rights. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1 Certain Definitions. As used in this Agreement, the following terms shall have the
following meanings: 
 “Affiliate” of any Person means any other Person, directly or indirectly, Controlling, Controlled by
or under common Control with such particular Person. 
 “Agreement” has the meaning set forth in the preamble to this
Agreement. 
 “Atlantic Park” has the meaning set forth in the preamble to this Agreement. 

“Atlantic Park NDA” means that certain Confidentiality Agreement dated November 18, 2021 between the Company and
Atlantic Park. 
 “Atlantic Park Warrant” has the meaning set forth in the Recitals. 

“A&R Registration Rights Agreement” has the meaning set forth in the Recitals. 

A Person shall be deemed the “Beneficial Owner” of and shall be deemed to “Beneficially Own” any shares of
Common Stock that such Person or any of such Person’s affiliates (as defined in Rule 12b-2 under the Exchange Act) or associates (as defined in Rule 12b-2 under the
Exchange Act) is deemed to “beneficially own” (as determined in accordance with Rule 13d-3 of the Exchange Act, but without giving effect to any exercise or conversion limitation or
“blocker” contained within the terms of any security exercisable or exchangeable for, or convertible into, Common Stock), together with any Common Stock so beneficially owned by any other persons whose beneficial ownership would be
aggregated with such Person for purposes of Section 13(d) of the Exchange Act. 
 “Board” means the Board of Directors
of the Company. 
 “Board Confidentiality Policy” means the confidentiality policy applicable to the Board (as amended,
amended and restated, modified and/or supplemented from time to time). 
 “Board Observer” has the meaning set forth in
Section 2.1(a) of this Agreement. 
 “Business Days” means any day except Saturday, Sunday and
any day on which banking institutions in New York, New York generally are closed as a result of federal, state or local holiday. 

  
 2 

 “Commission” means the U.S. Securities and Exchange Commission. 

“Commitment Letter” has the meaning set forth in Section 4.10 of this Agreement. 

“Common Stock” has the meaning set forth in the Recitals. 

“Company” has the meaning set forth in the preamble to this Agreement. 

“Company Competitor” means any Person that directly engages in business activities that compete with those material business
activities engaged in by the Company; provided that no private equity or similar investment fund (including the Investors) shall be deemed to engage in business activities that compete with those engaged in by the Company solely by virtue of any
such fund’s ownership or Control of portfolio companies or individual investments as long as no information regarding the Company obtained by such Person in such Person’s role as a Board Observer or an Investor Director is shared with such
portfolio company or investment or any individual serving as a director, officer or any similar role with any such portfolio company or other investment. 

“Control” means the possession, directly or indirectly, of the power to direct, or cause the direction of, the management and
policies of a Person, whether through the ownership of voting securities or other ownership interests, by contract or otherwise. The terms “Controlled” and “Controlling” shall have correlative meanings. 

“Corporate Governance and Nominating Committee” means the the Corporate Governance and Nominating Committee of the Board.

 “Director Threshold Amount” has the meaning set forth in Section 2.2(a) of this Agreement.

 “Eighth Amendment” has the meaning set forth in the Recitals. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Issuance” has the meaning assigned to it in the Atlantic Park Warrant. 

“Independent Committee” shall have the meaning set forth in the definition of “Independent Committee” in the Term
Loan Credit Agreement. 
 “Initial Warrant” has the meaning set forth in the Recitals. 

“Investor Director” has the meaning set forth in Section 2.2(a) of this Agreement. 

“Investor Representative” means Atlantic Park. 

“Investors” has the meaning set forth in the preamble to this Agreement. 

  
 3 

 “Necessary Action” means, with respect to a specified result, all actions
(to the extent such actions are permitted by applicable law, rule or regulation and, in the case of any action by the Company that requires a vote or other action on the part of the Board, to the extent such action is consistent with the fiduciary
duties that the Company’s directors may have in such capacity) necessary to cause such result, including, to the extent applicable, (i) including the Investor Director in the Board’s slate of nominees to the stockholders for each
election of the class of directors in which the Investor Director is placed, (ii) including the Investor Director in the proxy statement prepared by management of the Company in connection with soliciting proxies for every meeting of the
stockholders of the Company called with respect to the election of the class of directors in which the Investor Director is placed, and at every adjournment or postponement thereof, and on every action or approval by written consent of the Board
with respect to the election of the class of directors in which the Investor Director is placed (and recommending the shareholders of the Company vote in favor of such Investor Director’s election at all times), (iii) not nominating any
candidate for the slate of nominees for each election of the class of directors in which the Investor Director is placed in opposition to the election of an Investor Director, (iv) seeking the adoption of stockholders’ resolutions and
amendments to the organizational documents of the Company if necessary, (v) executing necessary agreements and instruments, and (vi) making or causing to be made, with governmental, administrative or regulatory authorities, all filings,
registrations or similar actions that are required to achieve such result. 
 “Observation Period” has the meaning set
forth Section 2.1(a) of this Agreement. 
 “Observer Threshold Amount” has the meaning set forth
in Section 2.1(a) of this Agreement. 
 “Person” means any individual, corporation, firm,
partnership, joint venture, limited liability company, estate, trust, business association, organization, any court, administrative agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality, domestic or
foreign and any subdivision thereof or other entity, and also includes any managed investment account. 
 “Proceeding”
means any suit, action or proceeding. 
 “Selected Courts” have the meaning set forth in
Section 4.2 of this Agreement. 
 “Term Loan Credit Agreement” shall have the meaning set forth
in the Recitals. 
 “Qualification Requirement” has the meaning set forth in Section 2.2(a) of
this Agreement. 
 Section 1.2 Rules of Construction. Unless the context otherwise requires: 

(a) References in the singular or to “him,” “her,” “it,” “itself” or other
like references, and references in the plural or the feminine or masculine reference, as the case may be, shall also, when the context so requires, be deemed to include the plural or singular, or the masculine or feminine reference, as the case may
be; 
 (b) References to Articles and Sections shall refer to articles and sections of this Agreement, unless otherwise specified; 

  
 4 

 (c) The headings in this Agreement are for convenience and identification only and are not
intended to describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision thereof; 
 (d) This
Agreement shall be construed without regard to any presumption or other rule requiring construction against the party that drafted and caused this Agreement to be drafted; and 

(e) References to “including” in this Agreement shall mean “including, without limitation,” whether or not so
specified. 
 ARTICLE II 

GOVERNANCE MATTERS 

Section 2.1 Board Observation Rights. 

(a) For the period (the “Observation Period”) beginning on the date hereof and continuing for so long as the Investors
Beneficially Own at least 3% of the issued and outstanding Common Stock (excluding any outstanding Common Stock issued as a result of an Excluded Issuance) (the “Observer Threshold Amount”), the Investor Representative, acting on
behalf of the Investors, shall have the right to appoint, by written notice to the Company, one individual representative (the “Board Observer”) to attend (but not record) and participate in all meetings of the Board in a non-voting observer capacity and, except as set forth herein, receive all deliverables provided to the Board. Notwithstanding anything herein to the contrary, an individual may not be a Board Observer if such
individual is an employee or director of a Company Competitor. 
 (b) The Company shall give the Board Observer copies of all notices,
consents, minutes and other materials, financial or otherwise, which the Company provides to the Board in connection with meetings of the Board to be held during such time frame; provided that (i) if the Board Observer does not, upon the
request of the Company, before attending any meetings of the Board or receiving any such materials, execute and deliver to the Company (to the extent not previously executed) a confidentiality agreement reasonably acceptable to the Company (it being
understood that (x) the restrictions contained in such confidentiality agreement shall be no more restrictive than those generally acceptable to non-executive directors of the Company and (y) the
Atlantic Park NDA shall be a form that is reasonably acceptable to the Company), such Board Observer may be excluded from access to any material or meeting or portion thereof if the Board determines in good faith that such exclusion is reasonably
necessary to protect confidential proprietary information of the Company or confidential proprietary information of third parties that the Company is required to hold in confidence, to comply with law, rule or regulation; (ii) a Board Observer
may be excluded from access to any material or meeting or portion thereof if the Board determines in good faith that (A) such exclusion is reasonably necessary to preserve the attorney-client privilege between the Company or its subsidiaries
and counsel, or any privilege under any common interest or joint defense doctrine, or to comply with applicable law, rule or regulation or (B) such materials or discussion relates to items in which the Investors, the Investor Representative or
their Affiliates have a conflict of interest or otherwise relate to any potential transactions between or among the Company or its Affiliates and such Persons; and (iii) nothing herein shall prevent the Board from taking action by written
consent; provided, however, that the 

  
 5 

 
Company shall provide written notice to the Investor Representative and such Board Observer of (x) any meeting of the Board from which the Board Observer is to be excluded, at the same time
as notice of such meeting is given to members of the Board and (y) any action taken by written consent of the Board at the same time as the form of such written consent is given to members of the Board. For the avoidance of doubt, the Board
Observer shall not constitute a member of the Board, shall not be taken into account or required for purposes of establishing a quorum, and shall not be entitled to vote on, or consent to, any matters presented to the Board. 

(c) It is acknowledged that, as of the date hereof,
                 serves as the Investor Representative’s Board Observer, and her appointment as an observer of the Board pursuant to the Commitment Letter shall
constitute her appointment as a Board Observer hereunder (and, for the avoidance of doubt, the Atlantic Park NDA shall satisfy any requirement to execute a confidentiality agreement provided in clause (i) of the first proviso in
Section 2.1(b)). The Investor Representative, acting on behalf of the Investors, may remove or change the individual serving as the Board Observer for any reason, with or without cause. If for any reason, the individual
serving as the Board Observer is removed or otherwise ceases to serve as the Board Observer, the Investor Representative, acting on behalf of the Investors, may, by written notice to the Company and in accordance with
Section 2.1(a), appoint a replacement Board Observer during any Observation Period. For the avoidance of doubt, the aggregate number of Board Observers under this Agreement and the Commitment Letter at any given time shall
never exceed one (except to the extent separately agreed by the Investors and the Company after the date hereof), and the Board Observer shall be subject to the Board Confidentiality Policy. 

(d) The Board Observer may at any time elect, solely in his or her discretion and upon written notice to the Company, to cease attending
meetings of the Board and receiving any deliverables provided to the Board. Such election may be revoked by the Board Observer (and the Board Observer shall have the right to attend meetings of the Board and receive deliverables provided to the
Board in accordance with the terms of the Agreement as if such election were not made) at any time upon two (2) Business Days’ notice in writing to the Company. 

Section 2.2 Board Nomination Rights. 

(a) For so long as the Investors collectively Beneficially Own at least 5% of the issued and outstanding Common Stock (the “Director
Threshold Amount”), the Company shall, upon written request by the Investor Representative, take all Necessary Action, subject to the following provisos, to cause one member of the Board to consist of the nominee designated in writing
by the Investor Representative, acting on behalf of the Investors, hereunder (the “Investor Director”), subject to the Qualification Requirements (as defined below). Notwithstanding anything to the contrary in this
Section 2.2(a), the Corporate Governance and Nominating Committee may choose not to nominate or appoint an Investor Director, as the case may be, if the election or appointment of such candidate to the Board would result in
the Company failing to comply with any rule or regulation of the Commission or any national securities exchange on which the Company’s Common Stock is listed or admitted to trading or any other applicable law, rule or regulation, and if the
Corporate Governance and Nominating Committee so chooses not to nominate or appoint an Investor Director, then in the case of an election of a candidate to the Board, the Investor Representative may designate in writing a replacement director
nominee until an Investor Director that is a suitable candidate, as determined by the Corporate Governance and 

  
 6 

 
Nominating Committee, is nominated. The Corporate Governance and Nominating Committee shall take all Necessary Action to ensure that the Investor Representative is able to designate a member to
the Board pursuant to this Section 2.2(a), subject to the Qualification Requirements. A nominee shall not be eligible to serve as an Investor Director if such nominee (A) does not satisfy the skill and experience
qualifications for service as a director of the Company applicable to all directors of the Company (it being understood that any determination that a nominee Investor Director does not satisfy such qualifications must be made by a majority of the
full Board in good faith, (B) is prohibited from serving as an independent director pursuant to any applicable law (including, without limitation, the Exchange Act and the Clayton Antitrust Act of 1914, as amended) or rule or regulation of the
Commission or any national securities exchange on which the Company’s Common Stock is listed or admitted to trading, (C) is an employee or director of a Company Competitor or (D) does not irrevocably agree in writing, in a form
reasonably acceptable to both the Investor Representative and the Company, subject to applicable law, to immediately resign from the Board in the event that (1) the Investors collectively cease to hold the Director Threshold Amount, or
(2) the conditions specified in Section 2.2(c) shall have occurred (the conditions set forth in sub-sections (A) through (D) collectively, the “Qualification
Requirement”). For the avoidance of doubt, (x) the Investor Director under this Agreement shall also satisfy the definition of the “Independent Director” under the Term Loan Credit Agreement, (y) the aggregate number of
Investor Directors under this Agreement and “Independent Directors” under the Term Loan Credit Agreement at any given time shall never exceed one (except to the extent separately agreed by the Investors and the Company after the date
hereof) and (z) the initial Investor Director as of the date of this Agreement shall be Evan Lederman (who shall be deemed, solely as of the date hereof, to satisfy, and who the Company agrees satisfies, all qualification and other requirements
hereunder, including the Qualification Requirement, for the appointment of an Investor Director). 
 (b) Subject to the other provisions of
this Section 2.2, the Investor Director designated by the Investor Representative and elected as a member of the Board shall serve as the Investor Director until the expiration of his or her term of office, and in such case
the Investor Representative, acting on behalf of the Investors, may designate a successor Investor Director in accordance with Section 2.2(a) hereof upon prompt written notice to the Company at least ninety
(90) calendar days prior to the one-year anniversary of the filing of the proxy statement in connection with the annual meeting of the stockholders of the Company immediately preceding the annual meeting
for the election of the class of directors in which the Investor Director is placed. 
 (c) In the event that the Investor Director fails to
satisfy sub-sections (B) or (C) of the Qualification Requirement, the Investors agree, promptly upon (and in any event within five (5) Business Days following) receipt of a written request from the
Company, to cause the Investor Director who at any given time is disqualified from serving on the Board pursuant to this Section 2.2(c) to resign from the Board effective immediately or to cause such Investor Director to be
removed from the Board in accordance with Section 2.2(d). 
 (d) In the event of the resignation, death or removal
(including removal for cause) of any Investor Director from the Board (including pursuant to Section 2.2(c)), or the Investor Director ceases to be a member of the Board at any time and for any reason, the Investor
Representative, acting on behalf of the Investors, shall have the right but not the obligation, such determination to be made in the sole discretion of the Investor Representative and subject to the 

  
 7 

 
other provisions of this Section 2.2, to designate in writing a successor Investor Director to the Board to fill the resulting vacancy on the Board, subject to the
Qualification Requirement. In the event that the Investor Representative chooses not to designate in writing a director to fill the resulting vacancy on the Board in accordance with the terms and conditions herein, the resulting vacancy shall remain
until the Investor Representative designates a successor Investor Director in accordance with this Section 2.2. 

(e) For so long as the Investors collectively Beneficially Own the Director Threshold Amount, the Company shall (i) take all Necessary
Action to cause the Investor Director to be or remain a member of the Independent Committee or any similar independent or special committee of the Board (if any) and (ii) not remove the Investor Director without cause (provided, for the
avoidance of doubt, that upon such removal for cause, the Investor Representative shall have the right to designate a successor in accordance with Section 2.2(d)); it being understood that, without prejudice to or limiting
or modifying in any way the rights of Atlantic Park or the Investors under the Term Loan Credit Agreement, the Company shall have no obligations under this Agreement to maintain the Independent Committee. 

Section 2.3 Governance Obligations. The Investors shall cause the Investor Director to provide to the
Company, prior to nomination and appointment and on an on-going basis while serving as a member of the Board, such information and materials, including completed director and officer questionnaires, as the
Company routinely receives from other non-executive members of the Board or as is required to be disclosed in proxy statements under applicable law, rule or regulation or as is otherwise reasonably requested
by the Company from time to time from all members of the Board in connection with the governance, legal, regulatory, auditor or national securities exchange requirements of the Company. The Investor Director shall be subject to all codes of conduct
and policies generally applicable to non-executive members of the Board (including, without limitation, the Board Confidentiality Policy), provided that the Investor Director shall not be subject to any
code of conduct or other confidentiality policies that are more onerous on the Investor Director than those imposed on each other member of the Board. 

Section 2.4 Reimbursement of Expenses. The Company shall reimburse the Investor Director and the Board
Observer for all reasonable and documented out-of-pocket expenses incurred in connection with such Investor Director’s or such Board Observer’s participation
in the meetings of the Board, including all reasonable and documented travel, lodging and meal expenses, consistent with the Company’s expense reimbursement policies that apply to other non-executive
directors serving on the Board. The Company shall pay all reasonable and documented expenses (including reasonable and documented legal fees and expenses for one principal counsel for the Investors and, as applicable, additional local or regulatory
counsel) of the Investors in connection with entry into this Agreement and any amendments or modifications hereof, and the Investors’ enforcement and protection of their rights hereunder; provided that such expenses of the Investors
shall also be deemed “Obligations” (as such term is defined in the Term Loan Credit Agreement) payable pursuant to Section 12.4 of the Term Loan Credit Agreement, for so long as the Term Loan Credit Agreement is in effect. 

  
 8 

 Section 2.5 D&O Insurance; Compensation.
The Investor Director shall be covered as an insured by the Company’s directors and officers indemnity insurance coverage on customary terms consistent with the coverage for other non-executive
directors, and the Company shall maintain in full force and effect directors’ and officers’ liability insurance in reasonable amounts from established and reputable insurers to the same extent it indemnifies and provides insurance for the non-executive directors of the Board. The Investor Director shall be entitled to any cash or equity compensation and/or indemnification (including by entry into any indemnification agreement) available to the other non-executive directors of the Board. 
 ARTICLE III 

TERMINATION 

Section 3.1 Termination. This Agreement shall terminate upon the earlier of (a) the date on
which the Investors collectively cease to hold the Observer Threshold Amount and (b) written agreement of the parties hereto to terminate this Agreement; provided, however, that the termination of this Agreement shall not
relieve any party hereto with respect to any liability for breach of this Agreement prior to such termination. 
 ARTICLE IV 

MISCELLANEOUS 

Section 4.1 Notices. Any notice or other communication provided for or permitted to be given pursuant
to this Agreement by a party hereto to any other party hereto must be in writing and is duly given (a) one (1) Business Day after being deposited with a nationally recognized overnight delivery service company that tracks deliveries, addressed
to such other party, with overnight service guaranteed, all charges paid and proof of receipt requested, (b) when delivered in person to such other party or (c) when sent via email, upon the sender’s receipt of an acknowledgement from
the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such email is sent after 5:00 p.m., New
York time on a business day, such notice will be deemed received on the next business day. In each case the notice or communication should be addressed as follows: 
  

	 	(a)	 If to the Investors: 

Iron Park Capital Partners 
 527
Madison Avenue 
 25th Floor 

New York, NY 10022 
 Attention:
Viral Naik 
 Email: viral.naik@ironparkcap.com 

and 
 alterDomus (Cortland) 

225 W. Washington St. 
 9th
Floor 
 Chicago, IL 60606 

Attention: Mike Kumor 
 Email:
mike.kumor@alterdomus.com 

  
 9 

 with a copy to (which shall not constitute notice): 

Davis Polk & Wardwell LLP 

450 Lexington Ave 
 New York, NY
10017 
 Attention: Damian S. Schaible; David Schiff 

Email: damian.schaible@davispolk.com; david.schiff@davispolk.com 
  

	 	(b)	 If to the Company: 

Team, Inc. 
 13131 Dairy Ashford
Rd., Suite 600 
 Sugar Land, TX 77478 

Attention: Butch Bouchard 

Email: butch.bouchard@teaminc.com 

with a copy to (which shall not constitute notice): 

Kirkland & Ellis LLP 

609 Main St. 
 Houston, TX 77002

 Attention: Christopher T. Greco; Whitney C. Fogelberg; Bryan D. Flannery 

Email: christopher.greco@kirkland.com; 

whitney.fogelberg@kirkland.com; bryan.flannery@kirkland.com 

Section 4.2 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. This
Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without giving effect to any choice-of-law principles
that would require the application of the laws of any other jurisdiction. Each party hereto hereby irrevocably and unconditionally submits, for itself and its properties, to the exclusive jurisdiction of the Court of Chancery of the State of
Delaware and the United States District Court for the District of Delaware and the appellate courts therefrom (the “Selected Courts”) and waives any objection to venue being laid in the Selected Courts whether based on the grounds
of forum non conveniens or otherwise and hereby agrees not to commence any such Proceeding other than before one of the Selected Courts; provided, however, that a party may commence any Proceeding in a court other than a Selected Court solely for
the purpose of enforcing an order or judgment issued by one of the Selected Courts; (b) consents to service of process in any Proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, or by recognized
international express carrier or delivery service, to the Company or the Investors at their addresses referred to in Section 4.1; provided, however, that nothing herein shall affect the right of any party
hereto to serve process in any other manner permitted by law; and (c) TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT
TO TRIAL BY JURY IN ANY ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS AGREEMENT, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, 

  
 10 

 
TORT OR OTHERWISE, AND AGREES THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND
BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE THE RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT AND TO HAVE ALL MATTERS RELATING TO THIS AGREEMENT
BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 
 Section 4.3 Assignment;
Entire Agreement; Amendments; Waivers. No party hereto may assign any of its rights or obligations under this Agreement without the prior written consent of the other parties hereto;
provided, however, that an Investor may assign any of its rights hereunder to any of its Affiliates. Any attempted assignment in violation of this Agreement shall be void ab initio. This Agreement, the Atlantic Park Warrant, the
A&R Registration Rights Agreement, the Commitment Letter and the Term Loan Credit Agreement constitute the entire agreement between the parties hereto with respect to the subject matter of this Agreement and supersede all prior understandings
(subject to Section 4.10 hereof), whether written or oral, between the Company and the Investors with respect to the contents hereof. This Agreement may not be amended or modified, in whole or in part, except by a written
instrument executed by the Company and the Investor Representative expressly so amending, or modifying this Agreement or any part hereof. Any agreement on the part of any party hereto to any waiver shall be valid only if set forth in an instrument
in writing signed on behalf of such party hereto. No failure or delay on the part of any party hereto in the exercise of any right hereunder shall impair such right or be construed as a waiver of, or acquiescence in, any breach of any agreement
herein, nor shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other right. 

Section 4.4 Specific Performance. Each party hereto agrees that irreparable damage would occur if any
provision of this Agreement were not performed in accordance with the terms hereof and monetary damages, even if available, would not be an adequate remedy. It is accordingly agreed that each party hereto shall be entitled to an injunction, specific
performance and other equitable relief to prevent breaches (or threatened breaches) of this Agreement and to enforce specifically the performance of the terms and provisions hereof, without the necessity of proving irreparable harm or injury as a
result of such breach or threatened breach and without the necessity to post any bond or other security in connection with any such order or injunction, this being in addition to any other remedy to which any party hereto is entitled to at law or in
equity. 
 Section 4.5 Non-Recourse. Each party hereto
agrees that this Agreement may only be enforced against, and any action for breach of this Agreement may only be made against, the parties hereto, and no claims of any nature whatsoever arising under or relating to this Agreement shall be asserted
against any individual, entity or other person other than the parties hereto, and no individual, entity or other person that is not a party hereto shall have any liability arising out of or relating to this Agreement. 

Section 4.6 Parties in Interest. This Agreement shall be binding upon and inure solely to the benefit
of each party hereto and its successors and permitted assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other individual, entity or other person any rights, benefits or remedies of any nature
whatsoever under or by reason of this Agreement; provided that any individual, entity or other person other than the parties hereto shall be an express third-party beneficiary of Section 4.5. 

  
 11 

 Section 4.7 Counterparts. This Agreement may be
executed in any number of counterparts, each of which, when so executed, shall be deemed to be an original and all of which, taken together, shall constitute one and the same agreement. Delivery of an executed counterpart of this Agreement by e-mail or other electronic transmission (including “.pdf” or “.tif” format) shall be as effective as delivery of an original executed counterpart of this Agreement. 

Section 4.8 Severability. If any term, provision, covenant or restriction of this Agreement is held by
a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected,
impaired or invalidated so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to any party hereto. Upon such a determination, the parties hereto shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally
contemplated to the fullest extent possible. 
 Section 4.9 Further Assurances. Each party shall
execute, deliver, acknowledge and file such other documents and take such further actions as may be reasonably requested from time to time by the other parties hereto to give effect to and carry out the transactions contemplated herein. 

Section 4.10 Commitment Letter; Term Loan Credit Agreement. Nothing herein shall be deemed to
limit, impair or supersede in any way the rights of any Investor pursuant to (i) that certain commitment letter (the “Commitment Letter”), dated as of November 9, 2021, by and among the Company, Corre Partners Management,
LLC and Atlantic Park Strategic Capital Fund, L.P. or (ii) the Term Loan Credit Agreement; provided, for the avoidance of doubt, that, except as may be separately agreed by the Investors and the Company after the date hereof,
(x) the number of observers of the Board that the Investors shall be entitled to appoint pursuant to the Commitment Letter and this Agreement shall not exceed one and (y) the number of directors to the Board that the Investors shall be
entitled to designate pursuant to the Term Loan Credit Agreement and this Agreement shall not exceed one. 
 [Remainder of page
intentionally left blank] 
  

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and
delivered, all as of the date first set forth above. 
  

			
	TEAM, INC.
	
	 /s/ André C. Bouchard

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

 [Signature Page to Board Rights Agreement] 

 
			
	ATLANTIC PARK STRATEGIC
	CAPITAL FUND, L.P.
	
	 /s/ George Fan

	Name:	 	George Fan
	Title:	 	Authorized Signatory

 [Signature Page to Board Rights Agreement]

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