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AMENDMENT NO. 6 TO UNSECURED TERM LOAN CREDIT AGREEMENT
This AMENDMENT NO. 6 TO UNSECURED TERM LOAN CREDIT AGREEMENT (this “Amendment”), dated as of May 6, 2022, is among Team, Inc., a Delaware corporation (the “Borrower”), 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 parties thereto agreed to amend the Credit Agreement and subject to the terms and conditions set forth therein to make the February 2022 Delayed Draw Term Loans to the Borrower and establish the Uncommitted Delayed Draw Term Loans which may be made at the Lenders’ sole and absolute discretion; 
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:

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1.Amendments to the Credit Agreement.
Section 9.1 of the Credit Agreement is, effective as of the Sixth 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 (a) for the four (4) fiscal quarter period ending on March 31, 2023, of less than or equal to 12.00 to 1.00, and (b) 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; Certain Consents. 
This Amendment shall become effective on the date the following conditions are satisfied (the “Sixth Amendment Effective Date”):
(a)the Agent and Lenders shall have received duly executed copies of the following, each in form and substance satisfactory to the Required Lenders: 
(i)that certain Amendment No. 7 to Term Loan Credit Agreement, dated as of the Sixth Amendment Effective Date, by and among the Borrower, the lenders party thereto from time to time and Atlantic Park Strategic Capital Fund (“Amendment No. 7 to Term Loan Credit Agreement”), duly executed by each of the parties thereto;
(ii)that certain Amendment No. 1 to Credit Agreement, dated as of the Sixth Amendment Effective Date, by and among the Borrower, the lenders party thereto from time to time and Eclipse Business Capital LLC (“Amendment No. 1 to ABL Credit Agreement”), duly executed by each of the parties thereto; and
(iii)a certificate of a Responsible Officer of the Borrower certifying that (A) each of the representations and warranties made by the Borrower in Section 3 hereof shall be true and correct, (B) that both immediately prior to and immediately after giving effect to this Amendment, no Default or Event of Default exists and (C) each Loan Party has complied with, or obtained a waiver from the applicable agent with respect to, all conditions to be satisfied by such Loan Party to the effectiveness of Amendment No. 7 to Term Loan Credit Agreement and Amendment No. 1 to ABL Credit Agreement.
(b)the Agent shall have received counterparts to this Amendment, duly executed by the parties hereto; 
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(c)the Borrower shall have paid on or prior to the Sixth Amendment Effective Date: 
(iv)all reasonable and documented out-of-pocket fees and Lender Group Expenses required to be paid pursuant to Section 12.4 of the Credit Agreement to the extent invoiced at least three (3) Business Days prior to the Sixth Amendment Effective Date; 
(v)the Amendment No. 6 Fee, pursuant to Section 4 hereof;
(vi)any fees and expenses due and payable to the Agent or the Lenders under any Loan Document; and 
(vii)for the benefit of Willkie Farr & Gallagher LLP, counsel to the Lenders, and Shipman & Goodwin LLP, counsel to the Agent any of its fees and expenses to the extent required to be reimbursed or paid by the Borrower under any Loan Document.
Each condition in Section 2 that is subject to the satisfaction or discretion of Agent or any Lender shall be deemed satisfied upon Agent’s or Lender’s, as applicable, delivering its signature page to this Amendment. 
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 to each of the amendment fees payable under the Amendment No. 1 to ABL Credit Agreement and the Amendment No. 7 to Term Loan Credit Agreement to be paid in kind by (i) adding the amount of such amendment fee to the principal of the outstanding loans of each such lender on the date hereof, (ii) thereafter, be treated as principal for all purposes of such credit agreement and (iii) bear interest in accordance with the terms of such credit agreement.
3.Representations and Warranties.
In order to induce the Lenders and the Agent to enter into this Amendment, the Borrower represents and warrants to the Lenders and the Agent, 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;
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(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 Sixth 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 any schedules thereto, 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 paid-in-kind fee (the “Amendment No. 6 Fee”) equal to 0.50% of the sum of (i) all Loans and Commitments held by such Lender on the Sixth Amendment Effective Date (including for the avoidance of doubt any undrawn portion of such Commitments) and (ii) any PIK Interest that has 
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been added to the principal amount of the Loans pursuant to the Credit Agreement prior to and as of the Sixth Amendment Effective Date. The Amendment No. 6 Fee shall (i) be paid in kind by adding the amount of such fee to the principal of the outstanding Loans of each Lender on Sixth Amendment Effective Date, (ii) thereafter, be treated as principal for all purposes of the Credit Agreement and (iii) bear interest in accordance with the terms of the Credit Agreement. 
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 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 
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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 
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Jurisdiction) and 12.17 (Jury Trial) of the Credit Agreement are hereby incorporated herein by this reference.
9.Severability.
In case any provision in or obligation under this Amendment shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provisions or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.
10.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.
11.Consent of the Lenders. 
Each of the undersigned Lenders hereby consents to the amendments of the Loan Documents set forth herein and authorizes and directs the Agent to execute and deliver this Amendment, and perform its obligations hereunder.  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.Release.
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 Sixth 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 
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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 do 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 (as amended) and other Loan Documents and all other amounts owing thereunder, or the earlier resignation or removal of the Agent.

[Signature pages follow]
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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, Chief Legal Officer and Secretary 

[Team, Inc. - Unsecured Term Loan Credit Agreement - Amendment No. 6 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

[Team, Inc. - Unsecured Term Loan Credit Agreement - Amendment No. 6 Signature Page]
    

CANTOR FITZGERALD SECURITIES, as Agent 

By: /s/ James Buccola__________________
Name: James Buccola
Title: Head of Fixed Income

[Team, Inc. - Unsecured Term Loan Credit Agreement - Amendment No. 6 Signature Page]Document

Certain identified information has been redacted from this exhibit because it is both (i) not material and (ii) a type that the registrant treats as private or confidential. Information that has been omitted has been identified in this document with a placeholder identified by the mark “[***].”

			
	

Certain identified information marked with [***] has been excluded from this exhibit because it is not material and would be competitively harmful if publicly disclosed.

June 10, 2022

PERSONAL AND CONFIDENTIAL

Via hand delivery and email
Robert Young

Dear Robert,
As you know, Team, Inc. (together with its subsidiaries, the “Company”) is currently facing a challenging business environment. In light of this situation, the Company has made certain changes to your compensation as described in this letter agreement (this “Agreement”). We thank you for your hard work and continuous efforts and are pleased that we are able to offer a revised compensation program during these challenging times.
Retention Bonuses
Subject to the terms of this Agreement, the Company has granted you a cash retention bonus opportunity pursuant to the Company’s 2022 Management Incentive Plan (the “Annual Plan”) and the Team, Inc. 2018 Equity Incentive Plan, as amended and restated May 2021 (as the same may be amended, the “Equity Plan”) in the aggregate amount of U.S. $115,500.00 (the “Retention Opportunity”). The Retention Opportunity is earned over the first, second, third, and fourth quarters of calendar year 2022 (each quarter a “Retention Period”). One-fourth of the Retention Opportunity (a “Retention Bonus”) will be payable after the end of each Retention Period, subject to your continued employment with the Company (except as expressly provided below). Your Retention Bonus for each Retention Period will be paid to you by the Company within a reasonable period of time (but generally no later than forty-five (45) days) after the end of the applicable Retention Period (except that the Retention Bonus first quarter Retention Period will be made as soon as practicable after the date of this Agreement), provided, that in the sole discretion of the Company’s Board of Directors, you may receive an advance payment of your Retention Bonus for any Retention Period or for multiple Retention Periods.
You will be required to repay any Retention Bonuses received, net of any taxes you are required to pay in respect thereof and taking into account any tax benefit that may be available in respect of such repayment to the Company, in the event that your employment with the Company ends (or you are under notice of a termination) for reasons other than death, disability, a Voluntary Separation from Service for Good Reason, or an Involuntary Separation from Service Without Cause (as such terms are defined in the Company's 2020 Officer Severance Policy and Guidelines) (as the same may be amended, including as 
			
	13131 Dairy Ashford Rd., Ste. 600, Sugar Land, Texas 77478           

Certain identified information has been redacted from this exhibit because it is both (i) not material and (ii) a type that the registrant treats as private or confidential. Information that has been omitted has been identified in this document with a placeholder identified by the mark “[***].”

described below, the “Severance Policy”) (such repayment obligations, the “Clawback”). Notwithstanding the forgoing, you agree that Good Reason for purposes of the Severance Policy will not include any change in your position so long as you are reporting to Team’s Chief Executive Officer, Interim Chief Executive Officer or Chief Operating Officer, and the Severance Policy is deemed amended, with your consent, to reflect this change.  The Clawback for all Retention Bonuses will expire on the earlier of (i) April 1, 2023, (ii) the consummation of a “Change in Control” of the Company as defined in the Equity Plan or completion of the Strategic Project (as described in Schedule A) if, as part of the transaction, you are employed by the acquirer, or (iii) the completion of any liquidation, windup, reorganization, or restructuring of the Company, whether under the federal law of the United States or any other jurisdiction. Any required repayment under the Clawback must be made promptly, and in all events within twenty (20) calendar days following the date of your termination of employment with the Company.
Strategic Project Bonus
    Subject to the terms of this Agreement, you will also be eligible to receive a Strategic Project Bonus (“Strategic Project Bonus”) based on the completion of a Strategic Project (as described in Schedule A). The final value of the Strategic Project Bonus will be determined according to the value of the defined project as described in Schedule A.   The Strategic Project Bonus will be payable within 10 days following the date the Strategic Project is completed (the “Payment Date”), provided, however, that in the event you are no longer continuing as an employee of Team, Inc. following the completion of the Strategic Project, your right to receive the Strategic Project Bonus is contingent on your execution of an irrevocable general release agreement and non-compete agreement for a term of one (1) year in the form prescribed by the Company, subject to the extension for specified competitors as described below.  Except as is provided in the case of an Involuntary Separation from Service Without Cause, you must be employed by Company (or its successor) and not under notice of dismissal or resignation on the Payment Date.
Cash Incentive
Subject to the terms of this Agreement, you will also be eligible to receive cash incentive payments (each, a “Cash Incentive”), based on the Company's (i.e. Team, Inc.’s) achievement of designated performance metrics, for the first half of fiscal year 2022 (“H1”), the third quarter of fiscal year 2022 (“Q3”) and the fourth quarter of fiscal year 2022 (“Q4”, and H1, Q3 and Q4 each, a “Performance Period”).
•Your aggregate target Cash Incentives for the Performance Periods will equal $115,500.00 meaning that your target Cash Incentive will equal $57,750.00 for H1 (your “H1 Target”) and will equal $28,875.00 for each of Q3 and Q4 (your “Q3 Target” and “Q4 Target”, respectively). Upon the completion of each Performance Period, the Company will determine its level of achievement against the performance metrics applicable to such Performance Period. You will receive a detailed breakdown of the applicable performance metrics in a separate communication in the coming weeks.
•Based on the level of achievement of the Company's performance metrics, you will be eligible to receive a Cash Incentive for each Performance Period of either 0% (for below threshold performance) or 100% (for at or above target performance) of the applicable of your H1, Q3 or Q4 Target. Your earned Cash 
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Certain identified information has been redacted from this exhibit because it is both (i) not material and (ii) a type that the registrant treats as private or confidential. Information that has been omitted has been identified in this document with a placeholder identified by the mark “[***].”

Incentives will be paid, net of applicable taxes and withholdings, as soon as administratively practicable following the Company's determination of the level of achievement for each Performance Period; provided, that such payment is expected to be made on or before the sixtieth (60th) day following the end of the applicable Performance Period. Once properly paid, Cash Incentives are not subject to Clawback (unless paid in advance as described below).
Notwithstanding the foregoing, as determined in the sole discretion of the Company’s Board of Directors, you may receive an advance payment equal to 100% of the applicable of your H1, Q3 or Q4 Target for a Performance Period and shall have no further rights to additional sums with respect to such Performance Period. In the event your advance payment (i.e., 100% of the applicable of your H1, Q3 or Q4 Target) is greater than the Cash Incentive you would otherwise have earned for that Performance Period based on actual performance, your Cash Incentive for the next Performance Period will be reduced by the amount of the overpayment or, if your employment terminates in circumstances in which you are not entitled to receive any Cash Incentive for such subsequent Performance Period, you may, in the discretion of the Company, be required to repay such excess (net of any taxes you are required to pay with respect thereof) within twenty (20) calendar days following the date you receive notice of the actual payment amount. Except as expressly provided below, your eligibility to receive a Cash Incentive for each Performance Period is subject to your continued employment with the Company through (and not being under any notice of termination of employment as of) the applicable payment date.
Effect of Termination of Employment
In the event your employment with the Company ends for reasons other than death, disability, a Voluntary Separation from Service for Good Reason or an Involuntary Separation from Service Without Cause, you will immediately forfeit any unpaid Retention Bonus for any previously completed Retention Period, you will not be eligible to receive a payment with respect to any Retention Period ending on or following your termination date, you will be subject to the Clawback of your Retention Bonuses as described above and you will immediately forfeit any unpaid Strategic Project Bonus payments. For the avoidance of doubt, the Strategic Project Bonus and Cash Incentive payments you receive are not subject to the Clawback.
In the event your employment ends as a result of a Voluntary Separation from Service for Good Reason or an Involuntary Separation from Service Without Cause, you will not be subject to the Clawback and you will (i) receive any earned but unpaid Retention Bonus for any previously completed Retention Period; (ii) receive the Retention Bonus for the Retention Period during which your termination occurs prorated by multiplying the amount of such Retention Bonus that would be payable for the full Retention Period by a fraction, the numerator of which is the number of days you were employed during the Retention Period in which your termination of employment occurs and the denominator of which is equal to the number of days contained in such Retention Period; (iii) forfeit and not be eligible to receive any payment with respect to any Retention Period following the Retention Period during which your employment terminates; and (iv) in the event of an Involuntary Separation from Service Without Cause, receive the 
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Certain identified information has been redacted from this exhibit because it is both (i) not material and (ii) a type that the registrant treats as private or confidential. Information that has been omitted has been identified in this document with a placeholder identified by the mark “[***].”

Strategic Project Bonus, if earned, as described (and subject to the requirements and limitations set forth) in Schedule A. In addition, payment will be conditioned on all other conditions in this Agreement being satisfied. For avoidance of doubt, in the event of a Voluntary Separation from Service for Good Reason prior to the Payment Date, you will not be entitled to any payment for the Strategic Project Bonus under this Agreement.  
The payments referred to in section (iv) immediately above will be subject to the terms and conditions set forth in the Severance Policy, including the requirement to execute an irrevocable general release agreement and non-compete agreement for a term of one (1) year, in the form prescribed by the Company, subject to the extension for specified competitors as described below.
In the event that you are paid the Strategic Project Bonus, then you agree that the Protected Information, Inventions, and Non-Solicitation Agreement with Non-Compete (“PIINs Agreement”) between you and the Company shall be automatically amended to provide that the following entities and their affiliates (collectively, the “Competitive Businesses”) shall be deemed to be businesses competitive with the Company Group and businesses with products or services that are competitive with the Company Group, becoming employed by or otherwise providing services to any of the Competitive Businesses will constitute “Prohibited Activity” for purposes of Section 4 of the PIINs Agreement, and soliciting employees or customers on behalf of any Competitive Business will constitute a violation of Section 3 of the PIINs Agreement: Acuren, Clean Harbors, Mistras, IRIS NDT, Universal Plant Services, Colt, Boltech Mannings, Integra Technologies, Industrial Speciality Services (ISS)/Leak Sealers, Weldfit, Stronghold, In-Place Machining Company, PSI Industrial Solutions and Leverage Mechanical Services.  The PIINs Agreement shall be further amended to provide that, with respect to the Competitive Businesses, the Restricted Period for purposes of Section 3 and 4 of the PIINs Agreement shall be amended to mean a period of eighteen (18) months after Employee’s employment with the TEAM ends regardless of the reason for or party initiating the separation.
Relationship to Other Payments and Agreement 
Your eligibility to receive the payments described above under “Retention Bonuses” and “Cash Incentive” are special awards intended to run concurrently with, and as a component of, the 2022 performance period under the Annual Plan, and will be considered an advance payment of amounts otherwise payable pursuant to the Annual Plan in respect of calendar year 2022; provided, however, that you will not participate in the Annual Plan in respect of 2022 unless: (i) the Strategic Project is completed and you remain employed by the Company, in which case your participation in the Annual Plan will be prorated for the period following the completion of the Strategic Project or (ii) the Strategic Project is abandoned by the Company, in which case your participation in the Annual Plan will be retroactive to January 1, 2022.  Except as expressly provided in the previous sentence, the opportunity to participate in the Strategic Project Bonus is in lieu of your participation in the Annual Plan in respect of 2022, and is expected to be paid, if at all, before the normal payout under the Annual Plan in respect of 2022.  If you are eligible for the Annual 
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Certain identified information has been redacted from this exhibit because it is both (i) not material and (ii) a type that the registrant treats as private or confidential. Information that has been omitted has been identified in this document with a placeholder identified by the mark “[***].”

Plan and provided you remain employed by Team, Inc. or one of its subsidiaries through the applicable payment date in 2023, in the event your payout under the Annual Plan (adjusted for any proration described above) is greater than the amounts paid pursuant to the terms of this Agreement, other than the Strategic Project Bonus (the “Annual Plan Excess”), you will be eligible to receive the Annual Plan Excess pursuant to the terms of the Annual Plan at the time annual bonuses are normally paid in respect of calendar year 2022. For the avoidance of doubt, in no event will the 2022 performance under the Annual Plan result in a Clawback or other repayment obligation with respect to the Retention Bonuses or Cash Incentives provided under this Agreement. Additional details will be provided at the time the annual incentive opportunity for you is established in connection with the Annual Plan.  The payments provided pursuant to this Agreement are in lieu of any other cash retention arrangements, and as a condition of entering into this Agreement, you expressly agree that any prior cash retention arrangements are hereby null and void and of no effect. Unless otherwise required by the terms of the applicable plan documents, all payments under this Agreement are not pensionable and shall not be considered compensation for purposes of any of the Company's severance or retirement programs.
Miscellaneous
This Agreement and the rights and obligations hereunder will be governed by and construed in accordance with the laws of the State of Texas without reference to any jurisdiction's principles of conflicts of law and reflect the parties’ entire understanding and agreement with regard to the foregoing.
The Company reserves the right to amend, modify or terminate this compensation program for any Retention Period or Performance Period that has not commenced (i.e., the Company cannot amend, modify or terminate the program with respect to any Retention Period that has already commenced or with respect to the Strategic Project Bonus, except that the Strategic Project Bonus may be terminated by the Company as further described in Schedule A).
Should you have any questions regarding the foregoing, please contact Butch Bouchard at 281.288.5561 or butch.bouchard@teaminc.com. We look forward to your continued support and efforts during these challenging times for the Company.
Sincerely,

Keith Tucker
Interim Chief Executive Officer
ACKNOWLEDGED AND AGREED:
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Certain identified information has been redacted from this exhibit because it is both (i) not material and (ii) a type that the registrant treats as private or confidential. Information that has been omitted has been identified in this document with a placeholder identified by the mark “[***].”

Signature: ________________________
Printed Name: _____________________
Date: ____________________________

Schedule A
Strategic Project Bonus

The amount of the Strategic Project Bonus, if any, will be determined according to the schedule below. The designated “Strategic Project” is completion of the sale of substantially all the assets or equity of [***], expected to be completed on or before December 31, 2022. If the value realized in connection with the designated Strategic Project (the “Project Value”) is less than the Level 1 Value, between the Level 1 Value and the Level 2 Value, between the Level 2 Value and the Level 3 Value, between the Level 3 Value and the Level 4 Value, between the Level 4 Value and the Level 5 Value or above the Level 5 Value, the payment will be determined according to a straight-line interpolation. The maximum Strategic Project Bonus will be the payout calculation associated with the percentage of the Level 5 Strategic Project Bonus to the Strategic Project Value, as applied to the Project Value in excess of the Level 5 Value. The Project Value shall be the aggregate amount of pre-tax cash proceeds and/or the aggregate fair market value of securities or other property received by the Company in connection with the Strategic Project amount of proceeds received by the Company as determined in good faith by the compensation committee of the board of directors of the Company. For purposes of the foregoing, if any earnouts, escrows, holdbacks or other contingent or deferred payments may be payable to the Company on account of its ownership of equity interests in the Company in connection with the Strategic Project (the foregoing, collectively, “Delayed Payments”), then the Board shall estimate the fair market value of such Delayed Payments as of the date of the consummation of the Strategic Project, and include such estimate in the Project Value, which fair market value determination may take into account the likelihood that such amounts will be paid to the Company, as reasonably determined by the Board in good faith. 

This Strategic Project Bonus opportunity shall automatically terminate if the Company elects to abandon the Strategic Project. In order for the Strategic Project Bonus to be paid, the Strategic Project must close no later than December 31, 2022 and the other conditions for payment described in the Agreement must be satisfied. Notwithstanding anything herein to the contrary, the Company may not terminate the Strategic Project Bonus opportunity prior to December 31, 2022 if, at the time of the proposed termination, the Company is contractually committed with a buyer to sell all, or substantially all, of the assets or equity of [***].

									
	Incentive Level	Project Value	Strategic Project Bonus
	Level 5 Value	[***]	[***]

[***]

[***]

[***]

[***]
	Level 4 Value	[***]	[***]

[***]

[***]

[***]

[***]
	Level 3 Value	[***]	[***]

[***]

[***]

[***]

[***]
	Level 2 Value	[***]	[***]

[***]

[***]

[***]

[***]
	Level 1 Value	[***]	[***]

[***]

[***]

[***]

[***]

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Certain identified information has been redacted from this exhibit because it is both (i) not material and (ii) a type that the registrant treats as private or confidential. Information that has been omitted has been identified in this document with a placeholder identified by the mark “[***].”

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