Document:

<PAGE>

                                                                   EXHIBIT 10.10

                          CONSOLIDATED AMENDMENT NO. 2
                                       TO
                                CREDIT AGREEMENT

         This Consolidated Amendment No. 2 to Credit Agreement (this
"Amendment"), dated as of March 26, 2003, is entered into by and between
PREFORMED LINE PRODUCTS COMPANY ("Borrower") and NATIONAL CITY BANK ("Bank").

                                   WITNESSETH:

         WHEREAS, the parties have entered into a Credit Agreement dated
December 30, 1994, as amended by First Amendment to Credit Agreement dated as of
November 30, 1997, Second Amendment to Credit Agreement dated as of July 6,
2000, and Consolidated Amendment No. 1 to Credit Agreement dated as of October
31, 2002 (as amended, the "Credit Agreement"; all terms used in the Credit
Agreement being used herein with the same meaning); and

         WHEREAS, the parties desire to further amend certain provisions of the
Credit Agreement to amend certain covenants; and

         WHEREAS, Borrower has requested that Bank waive certain requirements of
the Credit Agreement which have not been met and Bank is willing to honor
Borrower's request subject to the terms and conditions of this Amendment; and

         WHEREAS, in light of the fact that certain terms set forth in previous
amendments have been affected by later amendments and/or will be affected by
this Amendment and for ease of reference, the parties also desire to restate and
consolidate in this Amendment all amendments to the Credit Agreement that are
effective on and as of the date hereof;

         NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements contained herein and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties agree as follows:

SECTION I - AMENDMENTS TO CREDIT AGREEMENT

A.       Subsections 2A.01 through 2A.05 of the Credit Agreement are hereby
amended in their entirety to read as follows:

         2A.01 AMOUNT -- The amount of the subject commitment is twenty million
         and 00/100ths dollars ($20,000,000.00), but that amount may be reduced
         from time to time pursuant to subsection 2A.03 and the subject
         commitment may be terminated pursuant to section 5B.

         2A.02 TERM -- The subject commitment shall commence as of the date of
         this Agreement and shall remain in effect on a revolving basis through
         January 1, 2006 (the expiration date) EXCEPT that a later expiration
         date may be established from time to time pursuant to subsection 2A.05
         and EXCEPT that the subject commitment shall end in

<PAGE>

         any event upon any earlier reduction thereof to zero pursuant to
         subsection 2A.03 or any earlier termination pursuant to section 5B.

         2A.03 OPTIONAL REDUCTIONS -- Borrower shall have the right, at all
         times and without the payment of any premium, to permanently reduce the
         amount of the subject commitment by giving Bank one banking day's prior
         written notice of the amount of each such reduction and the effective
         date thereof subject, however, to the following:

                  (a) No such reduction shall reduce the subject commitment to a
                  lesser aggregate amount than the sum of the aggregate unpaid
                  principal balance of the fixed-rate loans then outstanding
                  plus the aggregate undrawn face amounts of the outstanding
                  subject LCs plus the aggregate unpaid principal balance of any
                  fixed- rate loans and aggregate face amounts of any subject
                  LCs to be obtained pursuant to any unfulfilled credit request
                  under subsection 2B.02.

                  (b) Concurrently with each reduction Borrower shall prepay
                  such part, if any, of the principal of the subject loans then
                  outstanding as may be in excess of the amount of the subject
                  commitment as so reduced. Subsection 2B.13 and section 6C
                  shall apply to each such prepayment.

         2A.04 COMMITMENT FEE -- Borrower agrees to pay Bank a commitment fee

                  (a) based on the average daily difference between the amount
                  of the subject commitment from time to time in effect and the
                  aggregate of the unpaid principal balance of all subject loans
                  then outstanding plus the undrawn face amount of all
                  outstanding subject LCs,

                  (b) computed (on the basis of a 360-day year and the actual
                  number of days elapsed) at a rate of one-fifth of one percent
                  (1/5%) per annum so long as the subject commitment remains in
                  effect and

                  (c) payable in arrears on October 1, 2002 and on the first day
                  of each January, April, July and October thereafter and at the
                  end of the subject commitment.

         2A.05 EXTENSION OF SUBJECT COMMITMENT -- Whenever Borrower furnishes
         its audited financial statements to Bank pursuant to clause (b) of
         subsection 3A.01, commencing with Borrower's audited financial
         statements for its fiscal year ending December 31, 2002, Borrower may
         request that the subject commitment be extended one year to the
         December 31 next following the expiration date then in effect. Bank
         agrees to give consideration to each such request; but in no event
         shall Bank be committed to extend the subject commitment, nor shall the
         subject commitment be so extended, unless and until both Borrower and
         Bank shall have executed and delivered an extension agreement
         substantially in the form of Exhibit C with the blanks appropriately
         filled.

                                      - 2 -

<PAGE>

B.       Clauses (a) and (b) of subsection 2B.11 are hereby amended in their
entirety to read as follows:

                  (a) Prior to maturity each MM loan shall bear interest at a
                  rate equal to the money market rate in effect at the start of
                  the applicable contract period plus one percent (1%) per
                  annum.

                  (b) Prior to maturity each LIBOR loan shall bear interest at a
                  rate equal to the LIBO pre-margin rate in effect at the start
                  of the applicable contract period plus one percent (1%) per
                  annum.

C.       Subsection 3B.01 of the Credit Agreement is hereby amended in its
entirety to read as follows:

                  3B.01 NET WORTH -- Borrower will not suffer or permit the
                  consolidated net worth (exclusive of the cumulative foreign
                  currency translation adjustment component thereof as reflected
                  in Borrower's financial statements) of the companies at any
                  time to be less than the required minimum amount in effect at
                  the time in question. The required minimum amount shall be one
                  hundred twenty million dollars ($120,000,000) EXCEPT that that
                  amount shall be permanently increased as of the end of each
                  fiscal quarter of Borrower by an amount equal to fifty percent
                  (50%) of Borrower's consolidated net income, if any, after
                  taxes, for the quarter then ending. The determination of
                  Borrower's net worth shall exclude the amount, if any, of
                  Borrower's after-tax loss on the sale of Superior Modular
                  Products up to $10,000,000.

D.       Subsection 3B.04 of the Credit Agreement is hereby amended in its
entirety to read as follows:

                  3B.04 PRETAX INTEREST COVERAGE -- Borrower will not suffer or
                  permit the aggregate, determined as of the last day each
                  fiscal quarter (commencing with the present fiscal quarter),
                  of

                           (a) the net income of the companies for the previous
                               four (4) quarters plus

                           (b) the aggregate interest expense of the companies
                               for the previous four (4) quarters plus

                           (c) the aggregate federal, state and local income
                               taxes of the companies for the previous four (4)
                               quarters plus

                           (d) the following amounts for the following periods:

<TABLE>
<S>                                             <C>
For the four (4) quarters ending 3/31/03        $7,588,000
For the four (4) quarters ending 6/30/03        $7,588,000
</TABLE>

                                      - 3 -

<PAGE>

<TABLE>
<S>                                             <C>
For the four (4) quarters ending 9/30/03        $2,900,000
For the four (4) quarters ending 12/31/03
   and each measurement period thereafter       $        0
</TABLE>

                               plus

                           (e) any noncash goodwill impairment charges incurred
                               by Borrower during the previous four (4) quarters
                               (but not earlier than December 31, 2002)

                  to be less than an amount equal to three hundred percent
                  (300%) of the aggregate interest expense of the companies for
                  the previous four quarters, all as determined on a
                  consolidated basis.

E.       Subsection 3D.01 of the Credit Agreement is hereby amended in its
entirety to read as follows:

         3D.01    EQUITY TRANSACTIONS -- No Company will

                  (a) be a party to any merger or consolidation, PROVIDED, that
                  if no default under this Agreement shall then exist and if
                  none would thereupon begin to exist, this clause (a) shall not
                  apply to any merger or consolidation involving only
                  subsidiaries, any merger of Borrower with one or more
                  subsidiaries in which Borrower is the surviving corporation,
                  or any dissolution and liquidation of a subsidiary,

                  (b) lease as lessor, sell, sell-leaseback or otherwise
                  transfer (whether in one transaction or a series of
                  transactions) all or any substantial part of its fixed assets
                  EXCEPT chattels that shall have become obsolete or no longer
                  useful in its present business,

                  (c) except for the merger transactions permitted under clause
                  (a) of this subsection, purchase or otherwise acquire all or
                  substantially all of the capital stock or the assets and
                  business of any corporation or other business enterprise if
                  the aggregate amount of all such purchases and acquisitions
                  would exceed $20,000,000 for any one transaction or
                  $30,000,000 in the aggregate, or

                  (d) make any investment in the stock or other equity
                  securities of its subsidiaries if the aggregate amount of such
                  investments would exceed ten million dollars ($10,000,000),
                  EXCEPT that this clause (d) shall not apply to acquisitions
                  permitted under clause (c) of this subsection or to Borrower's
                  existing investments in the stocks and other equity securities
                  of subsidiaries or any other investments fully disclosed in
                  Borrower's most recent 4A.02 financial statements.

F.       The following new section 2C is hereby added to the Credit Agreement:

                                      - 4 -

<PAGE>

         2C. LETTERS OF CREDIT -- Bank agrees that so long as the subject
         commitment remains in effect Bank will issue such letters of credit
         (each, a subject LC) for Borrower's account as Borrower may from time
         to time request subject, however, to the conditions of this Agreement.

                  2C.01 MAXIMUM -- Bank shall not issue any subject LC if, after
                  giving effect thereto,

                           (a) the aggregate undrawn balance of all then
                           outstanding subject LCs would exceed five hundred
                           thousand dollars ($500,000) or

                           (b) the sum of the aggregate outstanding subject
                           loans plus the aggregate undrawn balance of all then
                           outstanding subject LCs would exceed the subject
                           commitment as then in effect.

                  2C.02 TERM -- No subject LC shall permit any draft to be drawn
                  thereunder on a date (the "last draw date") that is more than
                  one (1) year after the date of its issue, nor shall any
                  subject LC permit the last draw date to be later than the
                  third (3rd) banking day next preceding the expiration date.

                  2C.03 FORM -- Each subject LC shall

                           (a) be issued in such form as Bank may reasonably
                           require,

                           (b) be either a commercial letter of credit used
                           solely for the importation of goods in the ordinary
                           course of Borrower's business or a standby letter of
                           credit, and

                           (c) be denominated in United States dollars.

                  2C.04 COMMISSION -- Borrower shall pay Bank at the issuance of
                  each subject LC a non-refundable commission equal to

                           (a) Bank's standard percentage fee of the face amount
                           of each commercial import letter of credit, or

                           (b) one percent (1%) of the face amount of each
                           standby letter of credit

                  plus any other standard fees for issuance, amendment,
                  registration or draws or any similar act generally charged by
                  Bank in respect of letters of credit issued by it.

                  2C.05 REIMBURSEMENT -- Borrower agrees to reimburse Bank for
                  each draft or other item paid by Bank pursuant to or otherwise
                  in respect of any subject LC.

                                      - 5 -

<PAGE>

                  2C.06 SUBJECT LOAN BACK-UP -- In the event of a draw under any
                  subject LC, Bank is irrevocably authorized to prepare, to sign
                  Borrower's name to, and to deliver on Borrower's behalf an
                  appropriate credit request requesting a RR loan in an amount
                  equal to the reimbursement amount plus any interest thereon.
                  Bank will make the requested RR loan even if any default under
                  this agreement shall then exist under the Agreement and even
                  if Borrower for any other reason would then not be entitled to
                  obtain any subject loan. Bank shall disburse all such loan
                  proceeds directly to Bank to satisfy Borrower's reimbursement
                  liability.

                  2C.07 UNCONDITIONAL OBLIGATION -- The obligation of Bank to
                  make, and of Borrower to pay, the RR loans made pursuant to
                  the preceding section shall be absolute and unconditional and
                  shall be performed under all circumstances, including (without
                  limitation)

                           (a) any lack of validity or enforceability of the
                           subject LC in question,

                           (b) the existence of any claim, offset, defense or
                           other right that Borrower may have against the
                           beneficiary of such subject LC or any of its
                           successors in interest,

                           (c) the existence of any claim, offset, defense or
                           other right that Bank may have against Borrower or
                           any of its affiliates or against the beneficiary of
                           such subject LC or any of their successors in
                           interest,

                           (d) the existence of any fraud or misrepresentation
                           in the presentment of any draft or other item drawn
                           and paid under such subject LC or

                           (e) any payment of any draft or other item by Bank
                           which does not strictly comply with the terms of such
                           subject LC provided such payment shall not have
                           constituted gross negligence or willful misconduct.

G.       The following new subsection 5B.04 is hereby added to the Credit
Agreement:

         5B.04 SUBJECT LCs -- If the maturity of the subject indebtedness shall
         be accelerated pursuant to subsection 5B.01 or 5B.02, Borrower shall
         immediately deposit with Bank, as security for Borrower's obligation to
         reimburse Bank for any then outstanding subject LCs, cash or acceptable
         marketable securities having a fair cash value equal to the sum of the
         aggregate undrawn balance of any then outstanding subject LCs. For this
         purpose, acceptable marketable securities include only those referred
         to in clause (v) of subsection 3D.02.

H.       Section 6H of the Credit Agreement is hereby renumbered section 6I and
the following new subsection 6H is hereby added to the Credit Agreement:

                                      - 6 -

<PAGE>

         6H. INDEMNITY: MISCELLANEOUS COSTS/SUBJECT LCs -- Borrower agrees to
         defend and indemnify Bank against, and to hold Bank harmless from, any
         loss, liability, damage, claim, cost, or expense relating to Bank's
         issuance or maintenance of any subject LC or to Bank's payment of any
         draft drawn thereunder, excluding any such loss, liability, damage,
         claim, cost, or expense resulting from Bank's gross negligence or
         willful misconduct.

I.       Section 6I is hereby amended in its entirety to read as follows:

         6I. CERTIFICATE FOR INDEMNIFICATION -- Each demand by Bank for payment
         pursuant to section 6A, 6B, 6C, 6D, 6E, 6F, 6G or 6H shall be
         accompanied by a certificate setting forth the reason for the payment,
         the amount to be paid, and the computations and assumptions in
         determining the amount, which certificate shall be presumed to be
         correct in the absence of manifest error. In determining the amount of
         any such payment, Bank may use reasonable averaging and attribution
         methods.

SECTION II - WAIVER

         Bank hereby waives all violations of subsection 3B.04 of the Credit
Agreement which occurred prior to the date hereof. The execution, delivery and
effectiveness of this Amendment and the specific waiver set forth herein shall
not operate as a waiver of any other right, power or remedy of Bank under the
Credit Agreement or constitute a continuing waiver of any kind.

SECTION III - CONDITIONS PRECEDENT

         It is a condition precedent to the effectiveness of this Amendment
that, prior to or on the date hereof, the following items shall have been
delivered to Bank (in form and substance acceptable to Bank):

         (A) an Amended and Restated Promissory Note ("Amended Note") in favor
         of Bank, in the form of Exhibit A to this Amendment, with all blanks
         appropriately completed, duly executed by Borrower;

         (B) a list of the names and addresses of Borrower's subsidiaries and
         Borrower's ownership percentage of each dated September 12, 2002 to be
         attached hereto as Schedule A;

         (C) a list of all of Borrower's loans to others, including but not
         limited to subsidiaries, as of June 30, 2002 to be attached hereto as
         Schedule B;

         (D) a list of all security interests, mortgages or other voluntary or
         involuntary liens on any of Borrower's real or personal property as of
         October 31, 2002, to be attached hereto as Schedule C; and

                                      - 7 -

<PAGE>

         (E) such other documents as Bank may request to implement this
         Amendment and the transactions contemplated hereby.

Bank acknowledges that items (A) through (D) have been delivered to Bank. If
Bank shall consummate the transaction contemplated hereby prior to the
fulfillment of any of the conditions precedent set forth above, the consummation
of such transaction shall constitute only an extension of time for the
fulfillment of such conditions and not a waiver thereof. Upon receipt of the
properly completed and executed Amended Note, Bank agrees to return to Borrower
the previously executed note respecting the subject loans and the same shall be
marked "Replaced" or "Substituted" or with words of like meaning.

SECTION IV - REPRESENTATIONS AND WARRANTIES

         Borrower hereby represents and warrants to Bank that:

         (A) none of the representations and warranties made in subsections
         4B.01 through 4B.09 of the Credit Agreement has ceased to be true and
         complete in any material respect as of the date hereof; and

         (B) as of the date hereof no "default under this Agreement" has
         occurred that is continuing.

SECTION V - ACKNOWLEDGMENTS CONCERNING OUTSTANDING LOANS

         Borrower acknowledges and agrees that, as of the date hereof, all of
Borrower's outstanding loan obligations to Bank are owed without any offset,
defense, claim or counterclaim of any nature whatsoever. Borrower authorizes
Bank to share all credit and financial information relating to Borrower with
Bank's parent company and with any subsidiary or affiliate company of Bank or of
Bank's parent company.

SECTION VI - REFERENCES

         On and after the effective date of this Amendment, each reference in
the Credit Agreement to "this Agreement", "hereunder", "hereof", or words of
like import referring to the Credit Agreement, and each reference in the subject
notes or other related writings to the "Credit Agreement", "thereof", or words
of like import referring to the Credit Agreement shall mean and refer to the
Credit Agreement as amended hereby. The Credit Agreement, as amended by this
Amendment, is and shall continue to be in full force and effect and is hereby
ratified and confirmed in all respects. To the extent any amendment set forth in
any previous amendment is omitted from this Amendment, the same shall be deemed
eliminated as between Borrower and Bank as of the date hereof. The execution,
delivery and effectiveness of this Amendment shall not operate as a waiver of
any right, power or remedy of Bank under the Credit Agreement or constitute a
waiver of any provision of the Credit Agreement except as specifically set forth
herein. From and after the date of this Amendment references in the Credit
Agreement to

                                      - 8 -

<PAGE>

Exhibit B shall be deemed to be references to the form of the Amended Note
attached hereto as Exhibit A.

SECTION VII - GOVERNING LAW

         This Amendment, and the respective rights and obligations of the
parties hereto, shall be construed in accordance with and governed by Ohio law.

         IN WITNESS WHEREOF, the Borrower and the Bank have caused this
Amendment to be executed by their authorized officers as of the date and year
first above written.

NATIONAL CITY BANK                              PREFORMED LINE PRODUCTS
                                                COMPANY

By: /Patrick M. Pastore/                        By: /Eric R. Graef/

Printed Name: Patrick M. Pastore                Printed Name: Eric R. Graef

Title: Senior Vice President                    Title: Vice President - Finance

                                      -9-

<PAGE>

                      AMENDED AND RESTATED PROMISSORY NOTE

$20,000,000.00             _____________, Ohio              _____________, 2002

FOR VALUE RECEIVED, the undersigned, PREFORMED LINE PRODUCTS COMPANY, an Ohio
corporation, ("Borrower"), promises to pay to the order of NATIONAL CITY BANK
("Bank"), at the address specified on the bills received by Borrower from Bank
(or at such other place as Bank may from time to time designate by written
notice), the principal sum of

                      TWENTY MILLION AND 00/100THS DOLLARS

(or, if less, the aggregate unpaid principal balance from time to time shown on
the reverse side hereof or as may be entered in a loan account on Bank's books
and records, or both), together with interest computed in the manner provided in
the Credit Agreement referred to below, which principal and interest is payable
in accordance with provisions in the Credit Agreement.

This note is issued pursuant to a Credit Agreement dated as of December 30,
1994, as amended from time to time (as amended, the "Credit Agreement") by and
between Borrower and Bank. This note is issued in substitution for that certain
$20,000,000.00 Tranche A Promissory Note and that certain $20,000,000.00 Tranche
B Promissory Note, both dated as of November 30, 1997 (collectively, the "Old
Note"). This Note is not intended as a novation of the obligations of Borrower
under the Old Note but rather is merely a restatement of the obligations
thereunder after giving effect to the most recent amendment to the Credit
Agreement.

Reference is made to the Credit Agreement for the definitions of certain terms,
for provisions governing the making of subject loans, the acceleration of the
maturity thereof, rights of prepayment, and for other provisions to which this
note is subject. Any endorsement by the payee on the reverse side of this note
(or any allonge thereto) shall be presumptive evidence of the data so endorsed.

Address:                                   PREFORMED       LINE         PRODUCTS
COMPANY
  660 Beta Drive
  Mayfield Village, Ohio 44143             By:       EXHIBIT--DO NOT SIGN
                                              ---------------------------------

                                           Printed Name:_______________________

                                           Title:______________________________

                                    EXHIBIT A<PAGE>
EXHIBIT 10.1

                           MEMORANDUM OF UNDERSTANDING

         This Memorandum of Understanding ("MOU") is entered into as of March
27, 2003 by and among TEAM America, Inc., an Ohio corporation ("Team"),
Stonehenge Opportunity Fund, LLC, a Delaware limited liability company ("SOF"),
Provident Financial Group, Inc., an Ohio corporation ("PFG"), and Professional
Staff Management, Inc. a Utah corporation ("PSMI"). RECITALS

         A.       Team has previously issued to SOF, PFG and PSMI (sometimes
                  collectively, the "Preferred Holders"), respectively, 80,000,
                  10,000 and 20,000 shares of Team's Series 2000 9.75%
                  Cumulative Convertible Redeemable Class A Preferred Shares
                  (the "Class A Preferred"), which constitutes all the issued
                  and outstanding shares of Class A Preferred.

         B.       Team has previously issued to SOF, PFG and PSMI, respectively,
                  warrants to purchase a total of 1,333,333, 148,148 and 296,296
                  (in each case, subject to adjustment) of Team's Common Shares,
                  without par value (the "Old Warrants").

         C.       Team and SOF entered into that certain Bridge Agreement, dated
                  as of April 9, 2002 (the "Bridge Note"), under which Team is
                  obligated to pay $1,500,000.00 to SOF and TEAM has other
                  obligations to SOF. In addition, Team has agreed to pay, or
                  reimburse SOF for, SOF's attorney fees in the amount of
                  $17,000.00.

         D.       Team has negotiated a restructuring (the "Restructuring") of
                  its Credit Agreement dated December 28, 2000, as amended to
                  date (the "Senior Credit Agreement"), among Team, The
                  Provident Bank, The Huntington National Bank ("Huntington
                  Bank") and the other lenders set forth on Exhibit A to the
                  Senior Credit

<PAGE>

                  Agreement (collectively, the "Senior Lenders"), which
                  Restructuring contemplates the execution of a Third Amendment
                  to the Senior Credit Agreement ("Third Amendment")
                  restructuring such credit facility into a $6,000,000 Term A
                  Loan (the "Term Loan A") and a $3,060,175.08 Term B Loan (the
                  "Term Loan B") and a $914,000 Letter of Credit facility ("LOC
                  Facility"), on the terms and conditions set forth in the Third
                  Amendment, a copy of which is attached hereto as Exhibit A.
                  The Term Loan A, Term Loan B, LOC Facility and other
                  obligations under the Senior Credit Agreement are collectively
                  referred to as the Senior Obligations.

         E.       In order to facilitate the Restructuring, Team and the
                  Preferred Holders desire to enter into a recapitalization
                  agreement (the "Recapitalization Agreement") whereby, at the
                  closing of the transactions contemplated thereunder (the
                  "Recap Closing"), (i) SOF would exchange the Bridge Note for
                  the Subdebt Note, as defined below, and (ii) each Preferred
                  Holder would surrender to Team its shares of Class A Preferred
                  and the Old Warrants in consideration for Team's issuance of
                  new preferred shares, new common shares and new warrants, on
                  the terms and subject to the conditions referred to herein and
                  to be set forth in the Definitive Documents, as defined below
                  (the "Recapitalization").

         NOW, THEREFORE, for valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties agree as follows:

         1. At the Recap Closing, Team shall execute and deliver to SOF, as
payee, a new subordinated debt instrument (the "Subdebt Note"), which will
replace the Bridge Note. At the

                                       2
<PAGE>

Recap Closing, accrued and unpaid interest on the Bridge Note will be waived and
cancelled by SOF. The Subdebt Note shall include, without limitation, the
following terms:

                  1.1      The Subdebt Note will be subordinate to the Senior
                           Obligations and the existing Letters of Credit
                           outstanding in the approximate amount of $2,000,000
                           to Huntington Bank. The subordination will be on
                           commercially reasonably terms, including a standstill
                           period imposed on SOF not to exceed 180 days.

                  1.2      The Subdebt Note will be in the original principal
                           amount of $1,517,000.00.

                  1.3      The Subdebt Note will accrue interest commencing at
                           the Recap Closing at an annual rate of 200 basis
                           points over the rate set for the Term Loan B,
                           compounded annually. The interest rate would increase
                           to 20% in the event that the Subdebt Note is not paid
                           when due. The interest shall accrue at such rate but
                           shall not be paid in cash to the holders of the
                           Subdebt Note until all of the Senior Obligations have
                           been paid in full in cash.

                  1.4      The maturity date of the Subdebt Note will be June
                           30, 2006, at which time all principal, accrued
                           interest and other amounts due thereunder will become
                           due and payable.

                  1.5      The Subdebt Note will not be convertible to any
                           equity security of Team. The Subdebt Note will not be
                           secured by any assets of Team or any of its
                           subsidiaries.

                                       3
<PAGE>

                  1.6      Among other provisions protective of SOF, the Subdebt
                           Note (and/or the other Definitive Documents, as
                           defined below) will contain language providing for
                           the following: (i) cognovit/confession of judgment;
                           (ii) waiver of the right to a jury trial; (iii)
                           cross-default with the Term Loan A and Term Loan B
                           and the documents ancillary thereto; (iv)
                           representations, warranties, covenants and events of
                           default comparable to and no more onerous on Team
                           than those contained in the Senior Credit Agreement.

         2. At the Recap Closing, each of the Preferred Holders agrees to
surrender its shares of Class A Preferred and its Old Warrants, including all
rights and powers related thereto, in exchange for both (i) the consideration
referred to in Sections 3 and 4 hereof and (ii) shares of a new issue of Series
2003 Class B Preferred Shares of Team, without par value (the "New Preferred
Shares"). At the Recap Closing, accrued and unpaid dividends on the Class A
Preferred will be waived and cancelled by the Preferred Holders. The Board of
Directors of Team shall take all action necessary to fix the terms of the New
Preferred Shares, which shall include, without limitation, the following terms:

                  2.1      The New Preferred Shares will have an aggregate
                           liquidation preference equal to $2,500,000.00 plus
                           accrued and unpaid dividends.

                  2.2      The New Preferred Shares will be owned as follows:
                           72.72% by SOF; 9.095% by PFG; and 18.185% by PSMI.

                                       4
<PAGE>

                  2.3      The New Preferred Shares will accrue an annual
                           cumulative, compound, preferred dividend at the rate
                           of 200 basis points over the annual interest rate set
                           for Term Loan B. In the event of a demand for
                           redemption of New Preferred Shares, as described in
                           Section 2.4, the dividend rate would increase to 20%
                           in respect of those New Preferred Shares, until the
                           liquidation preference thereof is paid in full.

                  2.4      At any time and from time to time following July 1,
                           2006, and so long as the Senior Obligations have been
                           paid in full in cash or otherwise satisfied, the
                           holders of the New Preferred Shares (the "New
                           Preferred Holders"), with the consent of holders of
                           no fewer than 2/3rds of the New Preferred Shares, may
                           demand that Team redeem all or any portion of the New
                           Preferred Shares then outstanding for a cash amount
                           per share (the "Redemption Amount") equal to the
                           liquidation preference thereof.

                  2.5      If the funds of Team legally available for the making
                           of dividends or the purchase of the New Preferred
                           Shares otherwise contemplated hereunder on a
                           particular date (after taking into consideration any
                           legally permissible increase in the fair value of
                           Team's tangible and intangible assets for this
                           purpose) are insufficient to make such dividends or
                           to purchase the total number of New Preferred Shares
                           to be purchased on such date, or the payment of such
                           funds would render Team insolvent or be likely to

                                       5
<PAGE>

                           cause its auditors to issue an audit opinion with a
                           "going concern" exception, then, to the extent funds
                           are legally available or could be paid without
                           rendering Team insolvent or causing Team's auditors
                           to issue an audit opinion with a "going concern"
                           exception ("Available Funds"), such Available Funds
                           shall be used to make the maximum possible amount of
                           such dividends or to purchase the maximum possible
                           number of such New Preferred Shares, as applicable,
                           in each case ratably among the holders of such New
                           Preferred Shares entitled to receive such dividends
                           or the holders of such New Preferred Shares entitled
                           to be purchased based upon the total amount to be
                           paid to each such holder. The New Preferred Shares
                           not purchased in such a case shall remain
                           outstanding. Thereafter, whenever Team has
                           accumulated sufficient Available Funds to do so, such
                           Available Funds shall immediately be used to make
                           such distributions or dividends or to purchase the
                           entire balance of the New Preferred Shares that Team
                           has become obliged to make or purchase but which Team
                           has not theretofore made or purchased, as applicable,
                           in each case ratably among the holders of such New
                           Preferred Shares entitled to receive such
                           distributions or dividends or the holders of such New
                           Preferred Shares entitled to be purchased based upon
                           the total amount to be paid to each such holder.

                                       6
<PAGE>

                  2.6      The approval of a majority in interest of the holders
                           of the New Preferred Shares, voting separately as a
                           class, will be required for any of the following: (i)
                           Team to increase the amount of senior debt (i.e., any
                           indebtedness senior in priority or right of payment
                           to the Subdebt Note or the New Preferred Shares) to
                           an amount greater than the outstanding senior debt
                           under the Term Loan A and the Term Loan B at the date
                           of the closing of the Restructuring, plus $914,000.00
                           in outstanding Letters of Credit; (ii) any additional
                           letters of credit issued by Huntington Bank for the
                           benefit of Team or its subsidiaries or any additional
                           equipment lease transactions with Huntington Bank;
                           (iii) any amendment or change to the rights,
                           preferences, privileges or powers of the New
                           Preferred Shares; (iv) any action that authorizes,
                           creates or issues shares of any class of shares
                           having rights, preferences, privileges or powers
                           superior to or on parity with the New Preferred
                           Shares; (v) any increase or decrease in the
                           authorized number of New Preferred Shares; (vi) any
                           sale of all or substantially all of the assets of
                           Team; (vii) any amendment or waiver of any provisions
                           of Team's articles of incorporation or code of
                           regulations that affects the rights, preferences,
                           privileges or powers of the New Preferred Shares; or
                           (viii) the payment of any dividend on Team's Common
                           Shares or any other class of equity securities on a
                           parity with or junior to the New Preferred Shares.

                                       7
<PAGE>

         The Preferred Holders acknowledge and agree that the New Preferred
Shares will not be convertible to common shares of Team nor any other security
issued by Team, nor will the New Preferred Shares have any voting rights (other
than the approval rights noted above).

         3.       At the Recap Closing, each of the Preferred Holders, as
additional consideration for the surrender of its shares of Class A Preferred,
will receive the following common shares of Team: SOF will receive 3,560,438
common shares, PFG will receive 444,090 common shares, and PSMI will receive
795,472 common shares (collectively, the "New Common Shares"). The New Common
Shares will be subject to a Registration Rights Agreement to be negotiated in
good faith and executed by the Preferred Holders and Team in form and substance
similar to that certain Registration Rights Agreement, dated as of December 28,
2000, among Team, SOF and PFG.

         4.       At the Recap Closing, the Preferred Holders will receive
warrants to purchase an aggregate number of common shares of Team (the "New
Warrants"), at a strike price of $0.50 per share, equal to 15% of the fully
diluted common shares of Team immediately subsequent to the Recap Closing, to be
allocated prorata as follows: 72.72% to SOF; 9.095% to PFG; and 18.185% to PSMI.
The fully diluted common shares shall include all then outstanding common
shares, including the New Warrants and any other warrants or other securities
issued in connection with the Restructuring or the Recapitalization, and any
common shares issuable upon exercise of all outstanding options and warrants
with a strike price equal to or less than $1.50, but excluding any common shares
held in treasury or issuable upon exercise of any outstanding options or
warrants with a strike price greater than $1.50. The New Warrants will have a
term of 10 years, be transferable, contain a cashless exercise feature, include
customary anti-dilution terms, and include other customary terms.

                                       8
<PAGE>

         5. The Recapitalization is subject to the approval by the requisite
number of Team shareholders, as required by law or by Team's articles of
incorporation, of amendments to Team's articles of incorporation in order to
create the New Preferred Shares and to opt out of the provisions of O.R.C.
Section 1701.831 and O.R.C. Chapter 1704 (the "Amendments"). Team agrees to use
its best efforts to cause its shareholders to take all necessary actions,
including adopting the Amendments, to permit the transactions contemplated by
the Recapitalization Agreement to be consummated, including the issuance of the
New Preferred Shares, the New Common Shares and the New Warrants at its next
shareholders' meeting. The Preferred Holders hereby agree, and those persons
listed on Exhibit B hereto agree, to execute a Voting Agreement by which, among
other things, the shareholders signatory thereto agree to vote any common shares
owned by such shareholder in favor of Recapitalization Agreement and any other
related shareholder action (the "Voting Agreement").

         6. Team will use its best efforts in accordance with law and Team's
code of regulations ("Code of Regulations") to cause its Board of Directors to
be reduced to seven (7) members and have Mr. Tetzlaff, Ms. Faulkner, Mr.
Mancuso, Mr. Thomas and Mr. Strauss resign. Team will use its best efforts to
cause the Board to initially consist of Team's CEO and CFO, Mr. Robbins, Mr.
McCreary and Mr. Jessee, and have a nominating committee undertake to find two
(2) more independent Board Members reasonably acceptable to the chief executive
officer of Team. Team will use its best efforts to cause its Code of Regulations
to be amended accordingly. The Voting Agreement described in Section 5 hereto,
will obligate each shareholder signatory to vote for a Board of Directors as set
forth in this Section 5.

         7. Team's Board of Directors will have the right to retain counsel
independent from Team at any time the Board deems it prudent to retain such
outside counsel, at Team expense.

                                       9
<PAGE>

         8. Each party hereto shall bear its own costs incurred in the
activities under this MOU unless otherwise agreed to in writing by the parties;
provided however, SOF's reasonable legal fees and expenses incurred in
connection with the negotiation and closing of the Restructuring and the
Recapitalization will be paid or reimbursed by Team immediately after Team pays
or reimburses Provident's, PFG's and the Huntington Bank's legal fees and
expenses.

         9. At the Recap Closing, the Bridge Note and any interest accrued
thereon, the Class A Preferred and any dividends attributable thereto, the Old
Warrants, and all documents executed incidental with the issuance of the Class A
Preferred (including, without limitation, the Securities Purchase Agreement
dated as of December 28, 2000; the Put Option Agreement dated as of December 28,
2000; the Voting Agreement dated as of December 28, 2000; the Stock Restriction
Agreements dated as of December 28, 2000; the Bridge Agreement and related
Unconditional Guaranty's of Payment and Performance all dated April 9, 2002; the
Amendment to Securities Purchase Agreement dated May 15, 2001; and the Security
Agreement dated May 15, 2001 and related documents) shall be deemed cancelled,
void and of no further force and effect, and SOF shall release any and all
claims, defenses or causes of action which it had, has or may have thereunder or
arising therefrom against Team, its subsidiaries or the Senior Lenders, provided
it receives a mutual release from Team and the Senior Lenders.

         10. [Intentionally omitted.]

         11. This MOU shall terminate on the first to occur of (a) the mutual
termination of the MOU by the parties hereto; (b) the failure of Team to
consummate the Restructuring in accordance with the Third Amendment by or before
July 31, 2003; (c) the failure of the Closing Conditions, as defined below, to
be met on or before July 31, 2003; or (d) the Recap Closing.

                                       10
<PAGE>

         12. This MOU contemplates the drafting and execution of definitive
documents, including, without limitation, a Recapitalization Agreement, the
Subdebt Note, the terms of the New Preferred Shares and the New Warrants, and a
Voting Agreement, and any other document reasonably necessary to carry out the
purposes of this MOU and reasonably satisfactory to the Senior Lenders
(collectively, the "Definitive Documents"). Upon the execution and delivery of
this MOU by the parties hereto, counsel to SOF shall commence drafting the
Definitive Documents. The Definitive Documents shall contain terms and
provisions customary for such documents, including representations, warranties
and covenants of Team, closing conditions ("Closing Conditions") and closing
deliveries. Without limiting the generality of the foregoing, the Closing
Conditions will include the taking of the actions of the directors and
shareholders of Team as referred to herein, the contemporaneous or prior closing
of the Restructuring and the delivery to SOF, PFG and PSMI of a legal opinion
addressed to them in form and substance reasonably satisfactory to SOF and PFG
rendered by outside Ohio legal counsel to Team reasonably satisfactory to SOF
and PFG, dated the date of the Recap Closing, to the following effects: (i) the
Definitive Agreements have been duly authorized, executed and delivered by Team
and are enforceable against Team, without conflict with Team's governing
Documents, other agreements or applicable law; (ii) the New Preferred Shares and
the New Common Shares issued in the Recapitalization are validly issued and
outstanding, fully paid and non-assessable and that there is no impairment on
the ability to vote the New Common Shares or the New Preferred Shares (in
accordance with their terms) under Ohio law; (iii) the New Warrants are
exercisable in accordance with their terms and the shares issuable upon exercise
of the New Warrants will be validly issued and outstanding, fully paid and
non-assessable and that there will be no impairment on our ability to vote such
shares under Ohio law; and (iv) such other matters

                                       11
<PAGE>

of law as SOF or PFG may reasonably request. Also, SOF and PFG shall have the
right to review in advance and provide comments to the proxy solicitation
materials to be used by Team in respect of seeking the shareholder approvals
contemplated hereunder, and Team shall incorporate into those documents
commercially reasonable comments thereto provided by SOF or PFG. Any dispute
concerning the terms of the Definitive Documents shall be resolved as provided
in Section 17. The parties shall act in good faith and cooperate reasonably to
complete the transactions contemplated by this MOU and shall execute such other
and further documents as may be required to accomplish such purposes.

         13. This MOU is binding on all parties hereto. This MOU and any
Definitive Documents shall be governed by and construed in accordance with the
internal laws of the Sate of Ohio, without regard to conflicts of law
principles.

         14. No amendment or modification of this MOU shall be effective unless
approved in writing by all parties hereto.

         15. Each party hereto represents and warrants that it has the requisite
authority to enter into this MOU, and this MOU shall be binding upon and
enforceable against such signatory hereto.

         16. No party may assign this MOU or any of its rights or obligations
under this MOU.

         17. Any controversy or claim arising out of or relating to this MOU or
the specific terms of the Definitive Documents shall be settled by arbitration
in accordance with the following provisions:

                  (a)      Disputes Covered. The agreement of the parties to
                           arbitrate covers all disputes concerning the specific
                           terms of the Definitive Documents. In addition, the
                           arbitrators selected according to procedures set
                           forth below

                                       12
<PAGE>

                           shall determine the arbitrability of any matter
                           brought to them, and their decision shall be final
                           and binding on the parties.

                  (b)      Forum. The forum for the arbitration shall be
                           Columbus, Ohio.

                  (c)      Law. The governing law for the arbitration shall be
                           the law of the State of Ohio, without reference to
                           its conflicts of law provisions.

                  (d)      Selection. There shall be three arbitrators, unless
                           the parties are able to agree on a single arbitrator.
                           In the absence of such agreement within ten (10) days
                           after the initiation of an arbitration proceeding,
                           SOF or PFG shall select one arbitrator and Team shall
                           select one arbitrator, and those two arbitrators
                           shall then select, within ten (10) days, a third
                           arbitrator. If those two arbitrators are unable to
                           select a third arbitrator within such ten (10)-day
                           period, a third arbitrator shall be appointed by the
                           commercial panel of the American Arbitration
                           Association. The decision in writing of at least two
                           of the three arbitrators shall be final and binding
                           upon the parties.

                  (e)      Administration. The arbitration shall be administered
                           by the American Arbitration Association.

                  (f)      Rules. The rules of arbitration shall be the
                           Commercial Arbitration Rules of the American
                           Arbitration Association, as modified by any other
                           instructions that the parties may agree upon at the
                           time, except that each party shall have the right to
                           conduct discovery in any manner and to the extent
                           authorized by the Federal Rules of Civil Procedure as
                           interpreted by

                                       13
<PAGE>

                           the federal courts. If there is any conflict between
                           those Rules and the provisions of this section, the
                           provisions of this section shall prevail.

                  (g)      Substantive Law. The arbitrators shall be bound by
                           and shall strictly enforce the terms of this MOU and
                           may not limit, expand or otherwise modify its terms.
                           The arbitrators shall make a good faith effort to
                           apply substantive applicable law, but an arbitration
                           decision shall not be subject to review because of
                           errors of law. The arbitrators shall be bound to
                           honor claim of privilege or work-product doctrine
                           recognized at law, but the arbitrators shall have the
                           discretion to determine whether any such claim of
                           privilege or work product doctrine applies.

                  (h)      Decision. The arbitrators' decision shall provide a
                           reasoned basis for the resolution of each dispute and
                           for any award. The arbitrators shall not have power
                           to award damages in connection with any dispute in
                           excess of actual compensatory damages and shall not
                           multiply actual damages or award consequential or
                           punitive damages.

                  (i)      Expenses. Each party shall bear its own fees and
                           expenses with respect to the arbitration and any
                           proceeding related thereto and the parties shall
                           share equally the fees and expenses of the American
                           Arbitration Association and the arbitrators.

                  (j)      Remedies; Award. The arbitrators shall have power and
                           authority to award any remedy or judgment that could
                           be awarded by a court of law in Franklin County,
                           Ohio. The award rendered by arbitration shall be
                           final

                                       14
<PAGE>

                           and binding upon the parties, and judgment upon the
                           award may be entered in any court of competent
                           jurisdiction in the United States.

         18. This MOU may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and
the same instrument.

         19. This MOU shall not be construed against Team or any party by reason
of Team and/or such party having caused this MOU to be drafted.

IN WITNESS WHEREOF, this Memorandum of Understanding is duly executed by the
parties as of the date first written above.

                                   TEAM AMERICA, INC.

                                   By: ____________________________

                                   STONEHENGE OPPORTUNITY FUND, LLC

                                   By: ____________________________

                                   PROVIDENT FINANCIAL GROUP, INC.

                                   By: ____________________________

                                   PROFESSIONAL STAFF MANAGEMENT, INC.

                                   By: ____________________________

                                   SOLEY FOR PURPOSES OF
                                   SECTION 5. OF THIS MOU:

                                   _______________________________
                                   S. Cash Nickerson

                                   _______________________________
                                   Jay R. Strauss

                                       15

<PAGE>

                                    EXHIBIT B

S. Cash Nickerson
Jay R. Strauss

                                       16
<PAGE>

                                  PSMI ADDENDUM

1.       Notwithstanding anything to the contrary contained in the MOU, the
         Articles of Incorporation of Team, the Code of Regulations of Team or
         any other written agreement entered into by Team or any shareholders of
         Team, Team and PSMI hereby agree that, upon a Sale or Liquidation Event
         (as defined in Paragraph 3 of this Addendum), or the execution of a
         legally binding agreement to effect a Sale or Liquidation Event by Team
         or any shareholders of Team, PSMI shall be entitled to receive an
         additional payment of consideration as set forth below (the "Additional
         Consideration Payment") for the surrender its shares of Class A
         Preferred and its Old Warrants in connection with the MOU and
         Recapitalization Agreement. The Additional Consideration Payment will
         equal the difference between (A) $2,604,363 and (B) (i) the value
         received by PSMI, whether in cash or assets, for its New Preferred
         Shares in connection with such Sale or Liquidation Event, plus (ii) the
         value received by PSMI, whether in cash or assets, for the common
         shares and New Warrants issued to PSMI under the MOU in connection with
         such Sale or Liquidation Event; provided, however, that PSMI shall
         receive such Additional Consideration Payment only if funds are
         available for distribution to Team's common shareholders after the Term
         A, Term B, LOC Facility, Subdebt Note and New Preferred Shares have
         been paid in full, and all obligations of Team under credit or letter
         of credit arrangements with its Senior Lenders and creditors and to the
         holders of New Preferred Shares have been released (excluding those
         obligations set forth in this Addendum); provided, further, that there
         shall be no Additional Consideration Payment to PSMI if the amount
         received by PSMI under the foregoing clause (B) equals or exceeds
         $2,604,363.

2.       If Team receives any cash proceeds from a Sale or Liquidation Event to
         which Team is not entitled to receive as a result of the foregoing
         provisions in Paragraph 1, Team shall promptly pay over such amounts to
         PSMI in accordance with this Addendum, and the Board of Directors,
         acting in good faith and in a commercially reasonable manner, shall
         determine the appropriate allocation of such cash proceeds in
         accordance with the foregoing provisions in the event of a dispute
         among the parties concerning the same, and such determination shall be
         final and binding on all parties.

3.       For all purposes of this MOU and this Addendum, the term "Sale or
         Liquidation Event" shall mean: a sale of all or substantially all of
         Team's business or assets for and to the extent of cash consideration,
         whether such sale is structured as a sale of assets, sale of stock,
         merger or consolidation; provided, however, such sale must be
         consummated, or a legally binding agreement in connection with such
         sale must be executed by Team or any of its shareholders on or before
         December 31, 2003.

4.       Team agrees to and shall include the foregoing provisions of this
         Addendum in an amendment to its Articles of Incorporation or in a
         Certificate of Designation relating to PSMI's New Preferred Shares, and
         in any other document that Team must file with the State of Ohio in
         connection with the Recapitalization Agreement.

5.       Team represents and warrants that as of the date of the MOU and this
         Addendum, it is not a party to any current binding or nonbinding term
         sheet, letter of intent or contract with any

                                       17

<PAGE>

         entity that contemplates a transaction involving the merger, sale,
         consolidation or other transfer of all or substantially all of its
         assets or stock, except as specifically reflected in the MOU.

6.       Unless a Sale or Liquidation Event has occurred, all rights, duties and
         obligations of PSMI and Team under this Addendum, or any other written
         agreement, including any amendment to Team's Articles of Incorporation,
         reflecting the terms of this Addendum, shall terminate automatically as
         of 12:01 a.m. January 1, 2004.

                                          TEAM AMERICA, INC.

                                          By:___________________________

                                          PROFESSIONAL STAFF MANAGEMENT, INC.

                                          By: _________________________

                                       18

<PAGE>
                          ADDENDUM--Waiver of Dividend

1.       All capitalized terms have the same meaning as in the Memorandum of
         Understanding dated as of March 27, 2003 ("MOU").

2.       Notwithstanding anything to the contrary contained in the MOU, the
         Articles of Incorporation of Team, the Code of Regulations of Team or
         any other written agreement entered into by Team or any shareholders of
         Team, Team and SOF hereby agree that, the dividend attributable to the
         Class A Preferred for the period January 1, 2003 through July 31, 2003
         is waived.

3.       All other terms of the MOU remain in full force and effect.

                                        TEAM AMERICA, INC.

                                        By:___________________________

                                        STONEHENGE OPPORTUNITY FUND, LLP

                                        By: _________________________

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