Document:

Unassociated Document

     

    Exhibit
10.2

     

    TEAM,
INC.

    RESTATED
NON-EMPLOYEE DIRECTORS’ STOCK PLAN

     

    (As
amended through August 1, 2009)

     

    The
following Team, Inc. Restated Non-Employee Directors’ Stock Plan (the “Plan”) is
effective as of December 16, 1991, and (as amended through August 1, 2009)
reads as follows:

     

    1. Purpose. The purpose of the
Plan is to strengthen the ability of Team, Inc. (the “Company”) to attract and
to retain the services of experienced and knowledgeable independent individuals
as members of the Board of Directors of the Company, to extend to them the
opportunity to acquire a proprietary interest in the Company so that they will
apply their best efforts for the benefit of the Company, and to provide those
individuals with an additional incentive to continue in their position, all
being for the best interest of the Company and its stockholders. In furtherance
of such purpose, Non-Employee Directors (as defined below) shall be eligible to
receive Options or Awards for their services as members of the Board, in
addition to any other compensation which such Non-Employee Directors may be
entitled to receive.

     

    2. Definitions.

     

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

     

    (b)
“Affiliates” means any one or more corporations which are members of a
“parent-subsidiary controlled group” as such term is defined in
Section 1563(a)(1)(A) of the Code, except that “more than 50 percent” shall
be substituted for “at least 80 percent” each place it appears in
Section 1563(a)(1)(A) of the Code.

     

    (c)
“Award” means an award of Common Stock under the Plan.

     

    (d)
“Awardee” means a person to whom an Award has been granted under the
Plan.

     

    (e)
“Board” means the Board of Directors of the Company.

     

    (f)
“Code” means the Internal Revenue Code of 1986, as amended.

     

    (g)
“Common Stock” means the Company’s $0.30 par value Common Stock.

     

    (h) “Date
of Grant” means the date on which an Option or Award is granted under the
Plan.

     

    (i)
“ERISA” means the Employee Retirement Income Security Act of 1974, as
amended.

     

    (j)
“Exercise Price” means the value per share of Common Stock that is equal to one
hundred percent (100%) of the Fair Market Value of a share of Common Stock
on the last date preceding the Date of Grant on which sales of the Common Stock
occurred on the Nasdaq Global Select Market or other primary market or exchange
on which the Common Stock is traded.

     

    (k) “Fair
Market Value” means the mean of the opening and closing prices of the Common
Stock reported on the composite tape or other reporting medium (for securities
listed on the Nasdaq Global Select Market or other primary market or exchange on
which the Common Stock is traded) as of the relevant date; provided, however,
that if the Common Stock does not trade on the relevant date, such price shall
be determined based upon the mean of the opening and closing prices of the
Common Stock on the next preceding date on which trades occurred; and provided
further, however, that should the primary market or exchange on which the Common
Stock is traded adopt a continuous twenty-four trading policy, “Fair Market
Value” for purposes of this Plan shall mean the price of the Common Stock on the
last trade prior to 4:30 p.m., New York time, on any relevant date.

     

    (l)
“Non-Employee Director” means those members of the Board who are not employees
of the Company or any of its Affiliates.

     

    (m)
“Option” means an option granted under the Plan. No Option shall be an
“incentive stock option” (as defined in Section 422A of the
Code).

     

    (n)
“Optionee” means a person to whom an Option, which is not expired, has been
granted under the Plan.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (o)
“Successor” means the legal representative of the estate of a deceased Optionee
or Awardee or the person or persons who acquire the right to exercise an Option
or own an Award by bequest or inheritance or by reason of the death of any
Optionee or Awardee.

     

    (p)
“Termination of Directorship” of an Optionee or Awardee means the cessation of
such Optionee’s or Awardee’s relationship with the Company that qualified him
for an Option or an Award for any reason; provided, however, that if an Optionee
or Awardee is both a director and officer of the Company, it shall mean such
date as such person ceases to be both an officer and director.

     

    3. Administration of Plan. The
Board shall administer the Plan and shall have such powers and authority as may
be necessary for them to carry out their functions as described in the Plan. The
Board shall have the authority and discretion to construe and interpret the Plan
and to make all other determinations necessary for Plan administration and to
prescribe, amend and rescind any rules and regulations relating to the Plan. All
interpretations, determinations and actions of the Board shall be final and
binding on all parties.

     

    The Board
shall have the responsibility, subject to the provisions of the Plan, to
identify the Non-Employee Directors to whom, and the time at which, Options and
Awards may be granted, and the number of shares of Common Stock covered by each
Option or Award; to establish the terms and conditions of the respective Option
or Award agreements, which need not be identical, including, but without
limitation, terms covering the payment of the Exercise Price of the Option and
conditions of the Award.

     

    4. Common Stock Subject to Options and
Awards. The aggregate number of shares of the Company’s Common Stock
which may be issued upon exercise of Options or under Awards granted under the
Plan shall not exceed 1,220,000 subject to adjustment under the provisions of
Paragraph 8. The shares of Common Stock to be issued upon the exercise of
Options or under Awards may be authorized but unissued shares, shares issued and
reacquired by the Company or shares bought on the market for the purposes of the
Plan. In the event any Option shall, for any reason, terminate or expire or be
surrendered without having been exercised in full, or any Award shall not vest
or the shares thereunder be forfeited, the shares subject to such Option or
Award shall again be available for Options or Awards to be granted under the
Plan.

     

    5. Participants. Options and
Awards may be granted under the Plan to any person who is a Non-Employee
Director (as that term is defined above) of the Board.

     

    6. Option Agreements. Any Option
granted under this Plan shall be evidenced by an agreement (“Option Agreement”),
which shall be approved as to form and substance by the Board. Each Option
Agreement shall be executed by an officer of the Company and the applicable
Optionee. All Options and Option Agreements granted under the Plan shall be
subject to the following limitations and conditions:

     

    (a) Option Price. The Option
price per share with respect to each Option shall be the Exercise
Price.

     

    (b) Exercise Period of Option.
Options may be exercised at any time during the period beginning on the date of
vesting of the particular options to be exercised and ending ten (10) years
after the Date of Grant, subject to earlier termination under paragraphs 6(g)
and (h) below.

     

    (c) Vesting. In the terms of an
Option Agreement, the Board may include such vesting terms and conditions of an
Option as they shall deem appropriate, and they may include terms of forfeiture
of Options under circumstances as may be set forth in the Option
Agreement.

     

    (d) Vesting of Shareholder
Rights. Neither an Optionee nor his Successor shall have any of the
rights of a shareholder of the Company by reason of holding an Option, and such
shareholder rights will not vest until the certificates evidencing the shares
purchased are properly delivered to such Optionee or his Successor.

     

    (e) Exercise of Option. Each
Option or portion thereof shall be exercisable from time to time over a period
commencing on the date of vesting in accordance with this Plan and ending upon
the expiration or termination of the exercise period of the Option. The Exercise
Price of an Option shall be payable upon the exercise of the Option in cash, by
certified or cashier’s check, or, with the consent of the Board, by assigning
and delivering to the Company shares of Common Stock owned by the Non-Employee
Director that have been held by the Non-Employee Director for at least six
(6) months prior to the date of exercise or, with the consent of the Board,
a combination of cash and such shares. Any shares so assigned and delivered to
the Company in payment or partial payment of the Exercise Price shall be valued
at the Fair Market Value on the date of exercise. Exercise of an Option shall
not be effective until the Company has received written notice of exercise. Such
notice must specify the number of whole shares to be purchased and be
accompanied by payment in full of the aggregate Exercise Price for the number of
shares purchased. The Company shall not in any case be required to sell, issue,
or deliver a fractional share with respect to any Option.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (f) Nontransferability of Option.
No Option shall be transferable or assignable by an Optionee otherwise than by
will or the laws of descent and distribution or pursuant to a qualified domestic
relations order as defined in the Code or Title I of ERISA, or the rules
thereunder. Each Option shall be exercisable, during the Optionee’s lifetime,
only by such Optionee. No Option shall be pledged or hypothecated in any way and
no Option shall be subject to execution, attachment, or similar process except
with the express consent of the Board.

     

    (g) Termination of Directorship.
Upon an Optionee’s Termination of Directorship, such Optionee’s Option
privileges shall be limited to the shares which were immediately purchasable by
such Optionee at the date of such Termination of Directorship, and such Option
privileges shall expire unless exercised by such Optionee on or before the
second annual anniversary date of the date of such Termination of Directorship.
The granting of an Option to an eligible person does not alter in any way the
rights of the Company, the Board or shareholders to remove such person as a
director or officer at any time or for any reason allowable under the law or the
Company’s Articles of Incorporation or Bylaws, nor does it confer upon such
person any rights or privileges except as specifically provided for in the
Plan.

     

    (h) Death of Optionee. If an
Optionee dies while such Optionee is a member of the Board, such Optionee’s
Option to purchase the total number of shares covered by the applicable Option
Agreement shall thereupon become fully exercisable and shall remain exercisable
by the Optionee’s Successor until the close of business on the first annual
anniversary date of the Optionee’s death, at which time they shall
expire.

     

    7. Award Agreements. Any Award
granted under this Plan shall be evidenced by an agreement (“Award Agreement”)
which shall be approved in form and substance by the Board. Each Award Agreement
shall be executed by an officer of the Company and the applicable Awardee.
Awards shall be granted in accordance with the following:

     

    (a) Terms and Conditions. Each
Award shall have such terms and conditions as the Board shall provide in the
Award Agreement in their discretion.

     

    (b) Vesting. In the terms of an
Award Agreement, the Board may include such vesting terms and conditions of an
Award as they shall deem appropriate, and they may include terms of forfeiture
of shares received under an Award under circumstances as may be set forth in the
Award Agreement.

     

    (c) Non-Transferability. An Award
and any interest therein shall not be transferable or assignable prior to full,
unqualified ownership of the Common Stock granted under the Award vesting in the
Awardee, and/or the expiration of any period of forfeiture, except by will or
the laws of descent and distribution or pursuant to a qualified domestic
relations order as defined in the Code of Title I of ERISA or the rules
thereunder.

     

    (d) Shareholder Rights. An
Awardee shall not be a shareholder of any Common Stock under an Award or have
any rights as a shareholder until certificates representing such stock are
properly issued to such Awardee.

     

    (e) Termination of Directorship.
Upon an Awardee’s Termination of Directorship, such Awardee’s Award privileges
shall be limited to the shares vested at the date of such Termination of
Directorship. The granting of an Award shall not alter in any way the rights of
the Company, the Board or shareholders to remove such person as a director or
officer at any time or for any reason allowable under the law or the Company’s
Articles of Incorporation or Bylaws, nor does it confer upon such person any
rights of privileges except as specifically provided for in the
Plan.

     

    8. Adjustments.

     

    (a) In
the event that the outstanding shares of Common Stock of the Company are
hereafter increased or decreased or changed into or exchanged for a different
number or kind of shares or other securities of the Company or of another
corporation, by reason of a recapitalization, reclassification, stock split-up,
combination of shares, or dividend or other distribution payable in capital
stock, appropriate adjustment shall be made by the Board in the number and kind
of shares for the purchase of which Options may be granted under the Plan, and
for Award shares not vested or still subject to forfeiture under an Award
(“Conditional Award”). In addition, the Board shall make appropriate adjustment
in the number and kind of shares as to which outstanding Conditional Awards
shall vest and Options, or portions thereof then unexercised, shall be
exercisable, to the end that the proportionate interest of the holder of the
Option or Award shall, to the extent practicable, be maintained as before the
occurrence of such event. Any such adjustment in outstanding Options shall be
made without change in the total price applicable to the unexercised portion of
the Option but with a corresponding adjustment in the Exercise
Price.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (b) In
the event that the Board shall adopt resolutions recommending the dissolution or
liquidation of the Company, any Option granted under the Plan shall terminate as
of a date to be fixed by the Board, provided that not less than thirty
(30) days’ written notice of the date so fixed shall be given to each
Optionee and each such Optionee shall have the right during such period to
exercise his Option as to all or any part of the shares covered thereby,
including shares as to which such Option would not otherwise be exercisable by
reason of an insufficient lapse of time. The Award Agreements shall provide for
the effects on a Conditional Award of such an event.

     

    (c) In
the event of a Reorganization (as hereinafter defined) in which the Company is
not the surviving or acquiring company, or in which the Company is or becomes a
wholly owned subsidiary of another company after the effective date of the
Reorganization, then

     

    (i) If
there is no plan or agreement respecting the Reorganization (“Reorganization
Agreement”) or if the Reorganization Agreement does not specifically provide for
the change, conversion or exchange of the shares under outstanding Conditional
Awards and unexercised Options for securities of another corporation, then the
Board shall take such action, and the Options shall terminate, as provided in
subparagraph (b) of this Paragraph 8; or

     

    (ii) If
there is a Reorganization Agreement and if the Reorganization Agreement
specifically provides for the change, conversion, or exchange of the shares
under outstanding Conditional Awards and unexercised Options for securities of
another corporation, then the Board shall adjust the shares under such
outstanding and unexercised Options or Conditional Awards (and shall adjust the
shares remaining under the Plan which are then available to be optioned or
awarded under the Plan, if the Reorganization Agreement makes specific provision
therefor) in a manner not inconsistent with the provisions of the Reorganization
Agreement for the adjustment, change, conversion, or exchange of such stock and
such Options and Conditional Awards.

     

    (d) The
term “Reorganization” as used in subparagraph (c) of this Paragraph 8 shall
mean any statutory merger, statutory consolidation, sale of all or substantially
all of the assets of the Company, or sale, pursuant to an agreement with the
Company, of securities of the Company pursuant to which the Company is or
becomes a wholly owned subsidiary of another company after the effective date or
the Reorganization.

     

    (e)
Adjustments and determinations under this Paragraph 8 shall be made by the
Board, whose decisions shall be final, binding and conclusive.

     

    9. Restrictions on Issuing
Shares. The exercise of each Option and granting of each Award shall be
subject to the condition that if at any time the Company shall determine in its
discretion that the satisfaction of withholding tax or other withholding
liabilities, or that the listing, registration, or qualification of any shares
otherwise deliverable upon such exercise upon any securities exchange or under
any state or federal law, or that the consent or approval of any regulatory
body, is necessary or desirable as a condition of, or in connection with, such
exercise or the delivery or purchase of shares pursuant thereto, then in any
such event, an Option exercise and Award grant shall not be effective unless
such withholding, listing, registration, qualification, consent, or approval
shall have been effected or obtained free of any conditions not acceptable to
the Company. Without limiting the foregoing, the Company will not be obligated
to sell any Shares under an Option or grant an Award unless the Shares are at
the time effectively registered or exempt from registration under the Securities
Act of 1933, as amended, and applicable state securities laws. The Optionee and
Awardee shall make such investment representations to the Company and shall
consent to the imposition of such legends on the stock certificates as are
necessary, in the opinion of the Company’s counsel, to secure to the Company an
appropriate exemption from applicable securities laws if such an exemption is
necessary.

     

    10. Use of Proceeds. The proceeds
received by the Company from the sale of Common Stock pursuant to the exercise
of Options granted under the Plan shall be added to the Company’s general funds
and used for general corporate purposes.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    11. Amendment, Suspension, and
Termination of Plan.

     

    (a) The
Board shall have the power to amend, suspend or terminate the Plan at any time
subject to the other paragraphs of this paragraph 11.

     

    (b) The
Board may not, without the relevant Optionee’s or Awardee’s written consent,
modify the terms and conditions of an Option or Award previously granted under
the Plan.

     

    (c)
Except as may be provided in Paragraph 8, no amendment, suspension or
termination of the Plan shall, without the Optionee’s or Awardee’s written
consent, alter, terminate or impair any right or obligation under any Option or
Award previously granted under the Plan.Unassociated Document

    EXHIBIT
10.20

    WAIVER
AGREEMENT

    

    THIS WAIVER AGREEMENT (“Agreement”) is made
and entered into as of the 23rd day of
September, 2009, by and among Juhl Wind, Inc. (the “Company”) and those
purchasers (the “Purchasers”) of
Series A Preferred Shares pursuant to that certain Securities Purchase Agreement
dated as of June 24, 2008.

    

    WHEREAS,
the Company and the Purchasers entered into that certain Amendment Agreement
dated March 27, 2009 (the “Amendment
Agreement”), whereby the Company agreed, among other things, to respond
to comments from the Securities and Exchange Commission (the “SEC”) to its amended
registration statement within 10 business days of receipt thereof;

    

    WHEREAS,
the Company received comments from the SEC on September 10, 2009 (the “September 10 SEC
Comments”) in relation to a post-effective amendment to the Company’s
Registration Statement on Form S-1 (File No. 154617) filed August 20, 2009 (the
“Existing Registration
Statement”), and under the terms of the Amendment Agreement, the Company
is obligated to respond to the September 10 SEC Comments no later than September
24, 2009;

    

    WHEREAS,
the parties desire to waive certain terms in the Amendment Agreement in
consideration for certain covenants of the Company.

    

    NOW,
THEREFORE, in consideration of the covenants and agreements set forth herein,
the parties hereby agree as follows:

    

    1.           Capitalized
terms used and not defined herein shall have the meanings ascribed to them in
the Amendment Agreement.

    

    2.           The
Purchasers agree to waive the requirement set forth in Section 2(c)(ii) of the
Amendment Agreement solely as it relates to the September 10 SEC
Comments.

    

    3.           The
Company agrees to respond to the September 10 SEC Comments and file a new
registration statement (the “New Registration
Statement”) registering for resale up to 1,700,000 shares of the
Company’s common stock consisting of (a) 247,900 outstanding shares of the
Company’s common stock previously included under the Existing Registration
Statement and (b) 1,452,100 shares of the Company’s common stock issuable upon
conversion of the Company’s Series B convertible preferred stock no later than
Friday, October 2, 2009.

    

    4.           Except
as expressly modified herein, the Amendment Agreement is and remains in full
force and effect.

    

    5.           Except
as specifically provided in paragraph 2, nothing contained herein shall be
construed as waiving any default under the Amendment Agreement or will affect or
impair any right, power, or remedy of the parties under or with respect to the
Amendment Agreement.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    6.           This
Waiver Agreement may be executed by transmission of facsimile or digital
signatures and in multiple counterparts, each of which will be deemed an
original and all of which together will constitute one and the same
instrument.

     

    [Signature
Page Follows]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
WITNESS WHEREOF, the Company and the Purchasers have agreed to the terms herein
and this Waiver Agreement is effective as of September 23, 2009.

    

    THE
COMPANY:

     

     

    
      
        
          
            
              	
                      JUHL
      WIND, INC.

                    	 
	 	 	 	 
	
                       

                    	
                       /s/John
      P. Mitola

                    	 
	 	By:	John
      P. Mitola	 
	 	Title:	President	 
	 	 	 	 

            

          

        

      

     

    THE
PURCHASERS:

     

    
      
        
          
            	 	VISION
      OPPORTUNITY MASTER FUND, LTD.	 
	 	 	 	 
	
                     

                  	
                     /s/Carl
      Kleidman

                  	 
	 	By:	Carl
      Kleidman	 
	 	Title:	Managing
      Director	 

          

        

      

    

     

    
      
        
          	 	DAYBREAK SPECIAL SITUATIONS MASTER FUND, LTD.	 
	 	 	 	 
	
                   

                	
                   /s/Larry
      Butz

                	 
	 	By:	Larry
      Butz	 
	 	Title:   
      	Managing
      Partner	 
	 	 	 	 

        

      

    

    
       

      
        
          
            
              
                
                  	 	IMTIAZ KHAN	 
	 	 	 	 
	
                           

                        	
                           /s/Imtiaz Khan

                        	 

                

              

            

          

        

      

       

    

    
      
        
          
            
              
                
                  
                    	 	BRUCE MEYERS	 
	 	 	 	 
	
                             

                          	
                             /s/Bruce
      Meyers

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