Document:

EdgarFiling

Exhibit 10.2

 

 

	
         

        transition, SEVERANCE, and
        release AGREEMENT WITH REAFFIRMATION OBLIGATIONS

         

        (with Agreement of Non-Solicitation and Non-Competition and Special
        Vesting Agreement)

         

        Between

         

        Team, Inc. and Greg L. Boane

         

 

 

A.                
INTRODUCTION

 

Greg L. Boane is a resident of Texas and has
been an employee working for Team, Inc. In this Agreement, “Employee” means Greg L. Boane, and “Team” means
Team, Inc., Team Industrial Services, Inc. and its affiliated entities and predecessor and successor entities. Employee has received
this Transition, Severance, and Release Agreement with Reaffirmation Obligations (the “Agreement”) on November 26,
2018, and the last day of Employee’s employment will be February 28, 2019 (the “Last Day of Employment”). The
purpose of this Agreement is to state the conditions of Employee’s termination without cause and to resolve any employment-related
issues that exist or might exist between Employee and Team. This Agreement is presented to Employee for Employee to sign as a condition
to Employee’s receipt of certain benefits as set forth in the Team, Inc. Corporate Executive Officer Compensation and Benefits
Continuation Policy, as amended (the “Severance Policy”). Reference is made to the Letter Agreement for Consulting
Services, of even date herewith, between Team, Inc. and Employee (the “Consulting Agreement”).

 

B.                
TEAM’S PROMISES TO EMPLOYEE

 

In exchange for the promises of Employee set
forth below and Employee’s continued compliance with these promises, Team agrees to do the following:

 

(1)              
Continued Pay Through Last Day of Employment. Employee will continue at-will employment with Team in the position
of Special Advisor to the Chief Executive Officer to provide transition services to Team through the Last Day of Employment, and
Team agrees to continue paying Employee his current base salary, less applicable withholdings as required by law or currently in
place (“Base Salary”), on the regular Team pay dates through the Last Day of Employment, so long as neither Team nor
Employee has terminated the employment relationship as set forth in Section D(5) below.

 

(2)              
Severance Pay.

 

(a)               
Continuation of Base Monthly Salary. Team agrees to provide severance pay to Employee in the form of a continuation
of the Employee’s base monthly salary at the Employee’s base monthly salary level immediately prior to the Last Day
of Employment for fifteen (15) months. If such base salary continuation payments do not exceed the Employee’s Compensation
Limit, as defined in the Severance Policy, such payments shall be made in thirty (30) equal installments payable on the 15th and
again on the last day of each month, beginning on the last day of the second month following the month in which the Employee’s
Last Day of Employment occurs (and after the expiration of the seven-day revocation period stated in the Reaffirmation referenced
below). If such base salary continuation payments exceed the Employee’s Compensation Limit, as defined in the Severance Policy,
(a) a separate payment equal to the difference between the Employee’s base salary continuation payments and the Employee’s
Compensation Limit shall be paid to the Employee on or before the later of the 15th day of the third month following the end of
the Employee’s taxable year in which the Employee’s Last Day of Employment occurs or the 15th day of the third month
following the end of the Company’s taxable year in which the Employee’s Last Day of Employment occurs (and after the
expiration of the seven-day revocation period stated in the Reaffirmation referenced below), and (b) those salary continuation
payments that do not exceed the Employee’s Compensation Limit shall be made in thirty (30) equal installments payable on
the 15th and again on the last day of each month, beginning on the last day of the second month following the month in which the
Employee’s Last Day of Employment occurs (and after the expiration of the seven-day revocation period stated in the Reaffirmation
referenced below). For purposes of Section 409A (defined below), the Employee’s right to a series of installment payments
shall be treated as a right to a series of separate payments.

 

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(b)              
Lump Sum Payment. Team also agrees to provide additional severance pay in the form of a single sum payment in the
amount of Twenty Thousand Five Hundred Dollars ($20,500.00) of which (i) Five Thousand ($5,000) (paid in lieu of the outplacement
services provided under the Severance Policy) is to be payable within fifteen days following the Last Day of Employment (and after
the expiration of the seven-day revocation period stated in the Reaffirmation referenced below) and (ii) Fifteen Thousand Five
Hundred Dollars ($15,500.00) to be payable on the 60th day following the Last Day of Employment (and after the expiration of the
seven-day revocation period stated in the Reaffirmation referenced below).

 

(c)               
The Severance Pay may be eligible for reduction in accordance with Section II of the Severance Policy. From the Severance
Pay, Team also will withhold, as required, for state and federal taxes, FICA, and other required payroll deductions, but will not
withhold for the Team, Inc. Salary Deferral Plan and Trust (“401(k) Plan”), health and welfare plans or other benefit
plans. The Severance Payment will not be eligible for employer matching under the 401(k) Plan.

 

(3)              
Special Vesting Agreement. Following the Last Day of Employment and after the expiration of the seven-day revocation
period stated in the Reaffirmation referenced below, the unvested restricted stock units set forth on Exhibit A-1 to this Agreement
shall continue to vest in accordance with their terms, subject to Employee’s continued employment through the applicable
vesting dates. Subject to Employee’s provision of the Consulting Services (as defined in the Consulting Agreement) pursuant
to the Consulting Agreement through the earlier of (a) May 31, 2019, and (b) (i) the termination of the Consulting Agreement pursuant
to Section 1(a) of the Consulting Agreement or (ii) the termination of the Consulting Agreement by the Company pursuant to Section
1(e) of the Consulting Agreement (such earlier date, the “Consulting Termination Date”), Team will vest Employee’s
unvested time-based restricted stock units previously awarded pursuant to the Team, Inc. 2006 Stock Incentive Plan (as amended,
the “2006 Plan”), the Team, Inc. 2016 Equity Incentive Plan (as amended, the “2016 Plan”) or the Team,
Inc. 2018 Equity Incentive Plan (as amended, collectively with the 2006 Plan and the 2016 Plan, the “Plan Documents”),
as applicable, such associated Restricted Stock Unit Agreements as listed on Exhibit “A” (the “RSU Agreements”),
except as otherwise provided in this Agreement, and deliver the underlying shares to Employee in accordance with the original vesting
schedule as set forth on Exhibit “A” to this Agreement under the “Future Delivery Dates” column (the “Special
Vesting”). From the Special Vesting, Team will withhold, as required, for any local, state and federal taxes, FICA, and other
required payroll deductions (“Deductions”), but will not withhold for the 401(k) Plan, health and welfare plans or
other benefit plans. The Special Vesting will not be eligible for employer matching under the 401(k) Plan. To the extent that any
of the Deductions are required at or prior to the delivery date of the underlying shares, Team, at its option, may withhold the
required amount of the Deductions from any other compensation due Employee or require Employee to remit such required Deductions
to Team in cash prior to delivery of the shares. If Employee violates any of the provisions of this Agreement or breaches Employee’s
obligations under the Consulting Agreement, then any shares of Team’s stock that would have been delivered to Employee on
a “Future Delivery Date” shall be forfeited on the date such violation occurs. All other terms and conditions of
the RSU Agreements and the Plan Documents remain in full force and effect. The parties agree that this Section shall be deemed
to be a “Special Vesting Agreement” for purposes of the time-based Restricted Stock Unit Awards listed on Exhibit “A”.

 

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(4)              
2018 Executive Incentive Compensation Plan. Employee will be eligible for any incentive award earned under the terms
and conditions of the 2018 Executive Incentive Compensation Plan for named executive officers, subject to approval of the Compensation
Committee, under the same terms and conditions as if Employee was continuously employed through the date of the award, and without
reduction due to this Agreement being signed prior to the end of the calendar year or due to Employee’s Last Day of Employment
occurring before the date the award is paid. This amount will be paid at the same time as awards are paid to other recipients under
the 2018 Executive Incentive Compensation Plan.

 

(5)              
Non-disparagement. Team agrees that it will instruct its corporate executive officers not publish or make in any
manner any oral or written statements about Employee that are untrue, defamatory, disparaging, malicious, obscene, threatening,
harassing, intimidating or discriminatory and which are designed to harm.

 

(6)              
Acknowledgement and Agreement. Employee acknowledges that all of the consideration provided in this Agreement by
Team is not owed to Employee without his agreement to and compliance with all terms of this Agreement. Any breach by Employee of
this Agreement or the Consulting Agreement will relinquish Employee’s rights to the consideration from Team under this Agreement,
including all of the payments made under Sections B(2), any future vesting of unvested shares under Section B(3), and forfeiture
of any Returnable Share Value as stated in the RSU Agreements under Section 3(B). Employee acknowledges and agrees that, except
as provided in this Agreement, the Consulting Agreement and the Reaffirmation Agreement, Employee shall have no entitlement to
any additional compensation from Team in respect of Employee’s employment or termination of employment.

 

C.                
EMPLOYEE’S PROMISES TO TEAM

 

In exchange for the promises of Team set forth
above, Employee promises to do the following:

 

(1)              
Resignation as an Officer or Director. Employee hereby resigns, effective as of November 30, 2018, as (i) Executive
Vice President, Chief Financial Officer of Team, Inc., and (ii) as an officer or director of any subsidiary or affiliate of Team,
Inc. and Employee agrees to take any further action reasonably requested by Team, Inc. to effectuate the foregoing.

 

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(2)              
Transition Services Agreement. Employee agrees to continue at-will employment with Team in the position of Special
Advisor to the Chief Executive Officer to provide transition services to Team through the Last Day of Employment. Employee agrees
that during the remaining period of Employee’s employment, Employee shall continue to abide by all of Team’s policies
and codes of conduct, any agreements Employee has with Team or legal obligations owed by Employee to Team, and to assist with the
transition of Employee’s duties or other duties as requested by Team.

 

(3)              
Reaffirmation and Ratification of Agreement on or after Last Day of Employment. Employee has been given at least
twenty-one (21) days to review this Agreement, and if he does not accept this Agreement by returning an executed copy to Team on
or before December 17, 2018, this offer will expire. Because it is expected that Employee will sign this Agreement prior to the
Last Day of Employment and will continue Employee’s employment with Team to provide transition services after signing this
Agreement, as a condition of this Agreement and part of the consideration stated in this Agreement, Employee agrees to sign an
acknowledgement on or immediately after the Last Day of Employment (“Reaffirmation”), acknowledging current compliance
with this Agreement and ratifying and re-affirming each promise made in this Agreement, including the release and covenant not
to sue, as of the date Employee signs that Reaffirmation. No payments or consideration will be provided under this Agreement unless
and until this Agreement and the Reaffirmation are signed and not revoked by Employee and after the signing and expiration without
revocation by Employee of the seven-day revocation period provided under the Reaffirmation.

 

(4)              
General Release and Covenant Not to Sue. Employee hereby releases and discharges Team, its subsidiaries (past and
present), business units, divisions, affiliates, successors, assigns, lessees, underwriters, insurers, stockholders, trustees,
directors, officers, officials, managers, representatives, employees and agents from all legal, equitable, or administrative claims
or any claims for wrongful discharge, discrimination, retaliation, harassment, breach of contract, intentional or negligent infliction
of emotional distress, defamation, interference with employment related contract, or any other employment related cause of action
based on federal, state, or local law or the common law, whether in tort or in contract that Employee may have against any of them
from the beginning of time to the effective date of this Agreement. Employee agrees that this release includes, but is not limited
to, any claims arising from Employee’s employment with and termination from Team, as well as all employment-related claims
for any form of compensation, severance, contract claims or privacy rights, or any other claims arising before the date this Agreement
is signed. Employee represents that Employee has been paid in full all compensation of any form which was owed to Employee through
the date this Agreement was signed. Employee agrees that this release includes any employment-related claim Employee may have,
including employment-related claims of which Employee may not presently be aware. Subject to the Protected Rights, Employee promises
not to sue, file any sort of claim, or seek or receive monetary or other damages or relief regarding any of the claims released
in this Agreement, whether the claim is filed by Employee or others.

 

(5)              
Release of Employment Claims including Age Discrimination Claims. This release specifically includes, but is not
limited to, age discrimination claims arising under the Age Discrimination in Employment Act of 1967 and the Older Workers Benefit
Protection Act (“ADEA”), all claims and causes of action arising under Title VII of the Civil Rights Act, the Americans
with Disabilities Act (“ADA”), the Family and Medical Leave Act (“FMLA”), common law torts, any causes
of action or claims arising under or based on the Texas Labor Code including but not limited to Chapters 21, 61, 451, or any other
state or local law, statute, public policy, order, or regulation regarding employment; any claim regarding the enforceability or
scope of any obligations regarding fiduciary duties, non-disclosure, non-competition and non-solicitation; and any and all suits
in tort or contract, Employee Retirement Income Security Act (“ERISA”), and all other claims arising under federal,
state, or local statutes, common law, ordinances, or equity, and any applicable severance policy or plan, stock incentive plan
or policy, or compensation and benefits policy or plan, and all other incentive compensation plans, claims for wages, benefits,
bonuses, vacation pay, severance pay or other compensation, except as otherwise provided above. Employee acknowledges that the
consideration provided for in this waiver and release is in addition to anything of value to which Employee was already entitled.

 

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(6)              
Non-disparagement. Excluding the Protected Rights referenced below, Employee agrees to not publish or make in any
manner any oral or written statements about Team or any of the people or entities released that are untrue, defamatory, disparaging,
malicious, obscene, threatening, harassing, intimidating or discriminatory and which are designed to harm.

 

(7)              
Protected Rights.

 

(a)               
Nothing in this Agreement shall be construed as an attempt to waive any right or claim which: is not waivable as a matter
of law, is provided under this Agreement or arises after the signing of this Agreement and Reaffirmation, involves any vested benefits
pursuant to an ERISA employee benefits plan, unemployment compensation benefits if Employee is otherwise qualified for such benefits
under applicable law, or involves any pending workers’ compensation claim (however Employee represents there are no unfiled
workers’ compensation claims or unreported injuries). To the extent that any such claim cannot be waived as a matter of law,
it is understood that Employee reserves the right to file such claim, but Employee expressly waives Employee’s right to any
relief of any kind should Employee or any other person or entity pursue any claim on Employee’s behalf except as stated below.

 

(b)              
Nothing in this Agreement limits Employee’s ability to file a charge or complaint with the Equal Employment Opportunity
Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange
Commission (“SEC”), or any other federal, state or local governmental agency or commission (“Government Agencies”).
Employee further understands that this Agreement does not limit Employee’s ability to communicate with any Government Agencies
or otherwise participate in any investigation or proceeding that may be conducted by any Government Agencies, including providing
documents or other information, without notice to the Company. Employee understands and recognizes, however, that even if a report
or disclosure is made or a charge is filed by Employee or on Employee’s behalf with a governmental agency, Employee will
not be entitled to any damages or payment of any money or other relief personal to Employee relating to any event which occurred
prior to Employee’s execution of this Agreement; however, excluded from this is any non-waivable recovery rights with the
SEC or as otherwise applicable.

 

(c)               
Neither this Agreement nor any other agreement or policy of Team shall prohibit Employee from making, or submit Employee
to civil or criminal liability under a trade secret law, for the following disclosures: (a) disclosures of trade secrets made in
confidence to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating
a suspected violation of law, or (b) disclosures of trade secrets made in a complaint or other document filed in a lawsuit or other
proceeding, if such filing is made under seal or per court order, or (c) disclosures of trade secrets by a plaintiff to his or
her attorney in a lawsuit for retaliation for reporting a suspected violation of law and use of the trade secret information in
the court proceeding, if any document containing the trade secrets is filed under seal and does not disclose the trade secrets,
except pursuant to court order, or (d) other actions protected as whistleblower activity under applicable law. Employee is not
required to notify Team of these allowed reports or disclosures.

 

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(8)              
Confidentiality and Covenant of Non-Disclosure.

 

(a)               
Employee understands and acknowledges that during the course of Employee’s employment with Team, Employee has had
access to and learned about confidential, secret and proprietary documents, materials and other information, in tangible and intangible
form, of and relating to Team, its affiliated companies, and their businesses and existing and prospective customers, suppliers,
investors and other associated third parties (“Confidential Information”). Further, this access to Confidential Information
will continue through Employee’s Last Day of Employment.

 

(b)              
For purposes of this Agreement, “Confidential Information” includes, but is not limited to, all information
not generally known to the public, in spoken, printed, electronic, or any other form or medium, relating directly or indirectly
to: business processes, practices, methods, policies, plans, publications, documents, research, operations, services, strategies,
techniques, agreements, contracts, terms of agreements, transactions, potential transactions, negotiations, pending negotiations,
know-how, trade secrets, computer programs, computer software, applications, work-in-process, databases, manuals, records, articles,
systems, material, sources of material, supplier information, vendor information, financial information, results, accounting information,
accounting records, legal information, marketing information, advertising information, pricing information, credit information,
design information, payroll information, staffing information, personnel information, employee lists, supplier lists, vendor lists,
developments, reports, internal controls, security procedures, graphics, drawings, sketches, sales information, revenue, costs,
formulae, notes, communications, product plans, ideas, audiovisual programs, inventions, unpublished patent applications, discoveries,
experimental processes, experimental results, specifications, customer information, customer lists, client information, client
lists, manufacturing information, distributor lists, and buyer lists of Team, its affiliated companies or their businesses or any
of its existing or prospective customers, suppliers, investors or other associated third parties, or of any other person or entity
that has entrusted confidential information to Team and which Team is obligated to keep confidential.

 

(c)               
Employee understands that the above list is not exhaustive, and that Confidential Information also includes other information
that is marked or otherwise identified as confidential or proprietary, or that would otherwise appear to a reasonable person to
be confidential or proprietary in the context and circumstances in which the information is known or used.

 

(d)              
Employee understands and agrees that Confidential Information developed by Employee in the course of Employee’s employment
by Team shall be subject to the terms and conditions of this Agreement as if Team furnished the same Confidential Information to
Employee in the first instance. Confidential Information and trade secrets shall not include information that (i) is generally
available to and known by the public at the time of disclosure by Employee, provided that such general availability and knowledge
of the public is through no direct or indirect fault of Employee or person(s) acting on Employee’s behalf; (ii) becomes generally
known within the industry through no fault, act or failure to act, error, effort or breach of this Section by Employee; or (iii)
is obtained from a third party with a legal right to possess and disclose it.

 

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(e)               
Acknowledgment. Employee understands that the nature of Employee’s position has provided Employee with access
to and knowledge of Confidential Information and placed Employee in a position of trust and confidence with Team. Employee further
understands and acknowledges that Team’s ability to reserve the Confidential Information for the exclusive knowledge and
use of Team is of great competitive importance and commercial value to Team, and that improper use or disclosure by Employee is
likely to result in unfair or unlawful competitive activity or might cause Team to incur financial costs, loss of business advantage,
liability under confidentiality agreements with third parties, civil damages or criminal penalties.

 

(f)               
Disclosure and Use Restrictions. Employee ratifies all prior agreements concerning this subject matter and re-states
here that Employee agrees and covenants: (i) to treat all Confidential Information as strictly confidential; (ii) not to directly
or indirectly disclose, publish, communicate or make available Confidential Information, or allow it to be disclosed, published,
communicated or made available, in whole or part, to any entity or person whatsoever (including other employees of Team not having
a need to know and authority to know and use the Confidential Information in connection with the business of Team and, in any event,
not to anyone outside of the direct employ of Team) except as required in the performance of any of Employee’s remaining
authorized employment duties to Team, if any, and only with the prior consent of an authorized officer acting on behalf of Team
in each instance (and then, such disclosure shall be made only within the limits and to the extent of such duties or consent);
and (iii) not to access or use any Confidential Information, and not to copy any documents, records, files, media or other resources
containing any Confidential Information, or remove any such documents, records, files, media or other resources from the premises
or control of Team, except as required in the performance of any of Employee’s remaining authorized employment duties to
Team or with the prior consent of an authorized officer acting on behalf of Team in each instance (and then, such disclosure shall
be made only within the limits and to the extent of such duties or consent). This Agreement does not, in any way, restrict or impede
Employee from exercising protected rights to the extent that such rights cannot be waived by agreement or from complying with any
applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided
that such compliance does not exceed that required by the law, regulation or order. Employee shall promptly provide written notice
of any such order or non-waivable legal right to the senior legal officer of Team. Further, this Agreement does not prevent Employee
from exercising the Protected Rights addressed above, including making a good faith report or related disclosures to any governmental
agency or entity regarding potential violations of applicable federal, state or local law or to take other actions protected as
whistleblower activity under applicable law. Employee is not required to notify the Company of any actions or disclosures pursuant
to these Protected Rights.

 

(g)               
Duration of Confidentiality Obligations. Employee understands and acknowledges that Employee’s obligations
under this Agreement with regard to any particular Confidential Information shall commence immediately and shall continue so long
as the information protected remains confidential in nature.

 

(9)              
Non-Solicitation and Non-Interference. Employee acknowledges that the highly competitive nature of Team’s business,
Employee’s position with Team, and the Confidential Information, company relationships, training, and goodwill provided to
Employee during his employment with Team, support Employee’s promises not to solicit or interfere with the Company’s
relationships with its customers and employees as stated below, during his employment with the Company and for a period of two
(2) years after Employee’s employment ends (“the Restricted Period”) regardless of the reason for the separation,
within the United States and Canada (the “Restricted Territory”).

 

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(a)               
Non-Solicitation of Employees. During the Restricted Period and in the Restricted Territory, Employee agrees and
covenants not to directly or indirectly solicit, hire, recruit, attempt to hire or recruit, or induce the resignation or termination
of employment of any employee of Team with whom Employee worked or about whom Employee had access to Confidential Information during
Employee’s employment with Team. This restriction shall not include any former, current, or potential employee of Team for
whom Employee had no responsibility, no involvement, and about whom he had no access to Confidential Information during his employment
with Team. This restriction does not apply to postings and advertisements regarding job opportunities which are made available
to the public and are not directed specifically toward Team employees.

 

(b)              
Non-Solicitation of Customers. Employee understands and acknowledges that because of Employee’s experience
with and relationship to Team, Employee has had access to and learned about much or all of Team’s customer information. “Customer
Information” includes, but is not limited to, names, phone numbers, addresses, e-mail addresses, order history, order preferences,
chain of command, pricing information and other confidential information identifying facts and circumstances specific to the customer
and relevant to sales and/or services.

 

(i)                
Employee understands and acknowledges that loss of this customer relationship and/or goodwill will cause significant and
irreparable harm to Team.

 

(ii)              
During the Restricted Period and in the Restricted Territory, Employee agrees and covenants, not to directly or indirectly
conduct business with, solicit, contact (including but not limited to e-mail, regular mail, express mail, telephone, fax, text
and instant message), attempt to contact or meet with Team’s current or prospective customers (defined as potential customers
towards whom Team has, within the last two years of Employee’s employment, taken significant steps towards establishing a
customer relationship) for purposes of conducting business which is competitive to that of Team.

 

(iii)            
This restriction shall only apply to: (a) Customers or prospective customers of Team that Employee had direct or indirect
contact with in any way during the last two years of Employee’s employment with Team; or (b) Customers or prospective customers
about whom Employee has had access to trade secret or Confidential Information or Customer Information during Employee’s
last two years of employment with Team.

 

(10)          
Non-Compete. Because of Team’s legitimate business interest in protecting its Confidential Information, confidential
training, and goodwill to which Employee has had access during Employee’s employment with Team, and in return for all of
the good and valuable consideration offered to Employee, Employee agrees and covenants not to engage in the Prohibited Activity
during the Restricted Period and in the Restricted Territory.

 

(a)               
For purposes of this non-compete clause, “Prohibited Activity” is carrying on or engaging in any activity as
an employee, employer, owner, operator, manager, advisor, consultant, contractor, agent, partner, director, stockholder, officer,
investor, lender, or any other similar capacity engaged in by Employee on Employee’s own behalf or on behalf of any person
or entity carrying on or engaged in a business similar to and competitive with the business of Team and that provides any of the
services or product sales as Team provides as listed on the websites of Team (including affiliate or subsidiary companies), including
such entities engaged in the business of: specialty maintenance and construction services required in maintaining high temperature
and high pressure piping systems and vessels utilized in heavy industry, which service includes, but is not limited to, inspection
and assessment, field heat treating, leak repair, composite repair, fugitive emissions control, hot tapping, isolation test plugs,
line stops or line plugs, wet tapping, line freezes or line thaws, field machining, welding, technical bolting or torquing, concrete
repair and restoration, field and shop valve repair and sales, installation, distribution, maintenance and warranty work for valves
and valve products and service of waterworks valves, clamps and enclosures and any other services or products Team currently provides,
including designing, developing, manufacturing, distributing or assembling equipment or products to support such services. Employee
expressly acknowledges and agrees that, due to the nature of Employee’s employment with Team, any activities falling within
the definition of Prohibited Activity would necessarily and inevitably involve the use and/or disclosure by Employee of Team’s
trade secrets and Confidential Information. Restricted Territory and Prohibited Activity do not include any territory or geographic
area or other portion of the business of Team in which Employee did not participate in the business of Team or take active steps
to engage in the business of Team or about which Employee had no access to Confidential Information, training, business relationships,
or goodwill of Team during the last two years of Employee’s employment with Team.

 

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(b)              
Any business, company, partnership, entity, or other form of organization that offers any of the products and/or services
of the type offered by Team (including, its affiliated or subsidiary companies), in the Restricted Territory shall be considered
to be carrying on or engaged in a business similar to and competitive with the business of Team.

 

(c)               
Nothing in this Agreement shall prohibit Employee from purchasing or owning less than five percent (5%) of the publicly
traded securities of any corporation, provided that such ownership represents a passive investment and that Employee is not a controlling
person of, or a member of a group that controls, such corporation.

 

(11)          
Trade Secrets. Employee agrees that Employee will not, without prior written approval of Team, disclose to anyone
outside Team or use, for Employee’s own private benefit or the benefit of any third party, any trade secrets or Confidential
Information proprietary to Team (including its affiliated or subsidiary companies), or which Team is obligated to protect, including,
but not limited to, all processes, designs, formulas, inventions, computer programs, know how, technical information, marketing
strategies and plans, pricing information, and customer lists or other compilations of information belonging to Team or its affiliated
or subsidiary companies or their customers.

 

(12)          
Return of Team Property. Employee warrants and agrees that, as of the Last Day of Employment, Employee has returned
(or will return) to Team, without undertaking any unauthorized modification or deletion, all of Team’s property in Employee’s
possession or control relating to Employee’s employment with Team, including but not limited to, Company issued vehicles,
computers, computer equipment, other equipment, Confidential Information, files, records, manuals, memoranda, documents, keys,
access cards, credit cards, phone cards and all of the tangible and intangible property belonging to Team, or its affiliates, (hard
copy or electronic) or its or their vendors, contractors, subcontractors, customers or prospective customers. Employee will not
retain any copies or summaries, electronic or otherwise, of such property, unless agreed to in writing by an authorized senior
level officer of Team, Inc. Notwithstanding the foregoing, to the extent such Company property is not in Employee’s possession
on the Last Day of Employment, Employee covenants and agrees to use Employee’s best efforts to retrieve such Company property
and return to the Company as soon after Employee’s Last Day of Employment as reasonably possible.

 

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(13)          
Remedies. Employee agrees to fully comply with each of the terms of this Agreement in return for the opportunity
to receive the consideration promised by Team, which Employee acknowledges and agrees is good, valuable, and sufficient consideration
to support the agreements contained herein. Team will provide the consideration specified above only in return for Employee’s
promises made and continued compliance with all terms of this Agreement, including Employee’s promises to continue to abide
by any other obligations owed by Employee to Team under applicable law or other agreements, to the extent such obligations involve
duties of a fiduciary, non-disclosure, non-competition, or non-solicitation of customers or employees. Strict compliance with and
satisfaction of this Agreement is a specific condition for the consideration provided by Team under this Agreement, with such compliance
and satisfaction determined by Team in its sole discretion.

 

Employee understands that the promises and restrictions
set forth in this Agreement may limit Employee’s ability to engage in certain actions but acknowledges that Employee has
been provided sufficient consideration or benefits under this Agreement to justify such restrictions. Employee acknowledges that
money damages would not be sufficient remedy for any breach of this Agreement by Employee, and Team shall be entitled to enforce
such provisions by specific performance and injunctive or other equitable relief as remedies for such breach or any threatened
breach. Such remedies shall not be deemed the exclusive remedies for such breach, but shall be in addition to all remedies available
at law or in equity to Team, including the recovery of damages involved in such breach, attorneys’ fees and costs, forfeiture
of the opportunity to receive the consideration under this Agreement including any payments or any vesting of restricted stock
units, and forfeiture of any amounts paid or prior vesting provided under this Agreement, and all remedies available to Team pursuant
to other agreements with Employee or under any applicable law. It is expressly understood and agreed that Team and Employee consider
each of the restrictions and obligations contained or referenced in this Agreement to be reasonable and necessary to protect the
business of Team.

 

(14)          
Notification to Subsequent Employers. Employee further acknowledges that in order to enforce his obligations under
this Agreement, Team may need to notify subsequent actual or potential employers or others of Employee’s obligations under
this Agreement. Employee agrees to notify Team of the identity of his employers for the Restricted Period before accepting a position
with such employers, and Employee consents to Team providing notification to these employers or others involved, of Employee’s
ongoing obligations to Team under this Agreement or under other applicable law.

 

(15)          
Tolling of Restricted Period. The duration of the Restricted Period shall be tolled and suspended for any period
that Employee is in violation of these covenants up to a period of two years, unless such tolling is disallowed under applicable
law.

 

(16)          
Intellectual Property. Employee hereby irrevocably assigns to Team, for no additional consideration, Employee’s
entire right, title and interest in and to all discoveries, writings, works of authorship, technologies, software developments,
inventions, improvements, ideas and other works or intellectual property arising from Employee’s employment with Team, including
the right to sue, counterclaim and recover for all past, present and future infringement, misappropriation or dilution thereof,
and all rights corresponding thereto throughout the world.

 

(17)          
Internal Revenue Code Section 409A. Employee and Team acknowledge and agree that: the form and timing of any payments
and benefits to be provided pursuant to this Agreement are either (i) intended to be exempt from or to comply with one or more
exceptions to the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and applicable Treasury Regulations
thereunder (“Section 409A”), including the requirement for a six-month suspension on payments or benefits to “specified
employees” as defined in Section 409A that are not otherwise permitted to be paid within the six-month suspension period,
or (ii) for the payments subject to the Special Vesting Agreement, comply with the payment timing rules under Section 409A. The
parties further acknowledge and agree that for purposes of Section 409A, Employee does not have discretion with respect to the
timing of the payment of any amounts provided under this Agreement. Notwithstanding any provision of this Agreement to the contrary,
Team, its affiliates, subsidiaries, successors, and each of their respective officers, directors, employees and representatives,
neither represent nor warrant the tax treatment under any federal, state, local, or foreign laws or regulations thereunder (individually
and collectively referred to as the “Tax Laws”) of any payment or benefits contemplated by this Agreement including,
but not limited to, when and to what extent such payments or benefits may be subject to tax, penalties and interest under the Tax
Laws.

 

    	10

    

    

 

(18)          
No Knowledge of Wrongdoing or Fraud. Other than that which has been previously disclosed by Employee to the audit
services department or senior officers of Team in writing prior to the Effective Date, Employee warrants that, to Employee’s
knowledge, (i) Employee is not aware of any improper financial reporting, posting, or accounting irregularities at Team, including,
but not limited to, fraud, embezzlement, malfeasance, or financial misrepresentations; and (ii) Employee fairly represented in
all material respects the financial condition, results of operations, cash flows, and safety status of the operations under Employee’s
control.

 

(19)          
Further Assurances and Cooperation. During Employee’s employment with Team and thereafter, Employee agrees
to provide truthful testimony and information and to otherwise reasonably cooperate with Team or any of its affiliates, representatives,
officers, directors, or agents in connection with the defense, prosecution, or evaluation of any pending or potential claims or
proceedings involving or effecting Team that relate to any decisions in which Employee participated or any matter of which Employee
has or had knowledge.

 

(20)          
Venue; Applicable Law. The venue for any dispute between the parties arising from or relating to this Agreement or
Employee’s obligations hereunder shall be exclusively in the federal and state courts of Harris County, Texas, unless another
forum is required by applicable law. This Agreement shall be construed in accordance with the laws of the State of Texas, without
regard to the conflict of law provisions of any jurisdiction. Both Employee and

Team waive a trial by jury of any or all issues arising in any action or proceeding between them or their successors, under or
connected with this Agreement, and consent to trial by the judge.

 

(21)          
No Admission of Liability. The parties understand and acknowledge that this Agreement constitutes a compromise and
settlement of any current or potential claims. No action taken by the parties hereto, either previously or in connection with this
Agreement shall be deemed or construed to be (a) an admission of the truth or falsity of any current or potential claims theretofore
made, or (b) an acknowledgement or admission by either party of any fault or liability whatsoever to the other party or to any
third party.

 

(22)          
Representations; Modifications; Severability; Assignment. Employee acknowledges that Employee has not relied upon
any representations or statements, written or oral, not set forth in this Agreement. This Agreement supplements and does not limit
or restrict or alter in any way any legal obligations or agreements regarding fiduciary duties, non-disclosure, non-disparagement,
non-solicitation, and non-competition. This Agreement cannot be modified except in writing and signed by both parties. However,
if any part of this Agreement is found to be unenforceable by a court of competent jurisdiction, then such unenforceable portion
shall be modified by the court to be enforceable. If modification is not possible, then such unenforceable provision will be severed
from and shall have no effect upon the remaining portions of the Agreement. Team may assign its rights and obligations under this
Agreement, and this Agreement inures to the benefit of any successor of Team.

 

    	11

    

    

 

(23)          
No Waiver.  No failure by either party at any time to give notice of any breach by the other party of, or to require
compliance with, any condition or provision of this Agreement shall (i) be deemed a waiver of similar or dissimilar provisions
or conditions at the same or at any prior or subsequent time or (ii) preclude insistence upon strict compliance in the future.

 

(24)          
Notices. Any notices regarding acceptance, rejection, revocation or any other matters arising under this Agreement
shall be sent by a method of delivery which provides a receipt of delivery and shall be addressed as provided below. Any change
of contact information listed below shall be promptly reported to the other party at the address below. Notices to Employee should
be addressed to Employee’s home address on file with Team. Notices to Team should be addressed to the EVP, Chief Legal Officer
for Team, Inc. located at 13131 Dairy Ashford, Suite 600, Sugar Land, Texas 77478. Such notice may be delivered by fax to xxx.xxx.xxxx
or electronic mail (with confirmed receipt) to xxxxx@Teaminc.com.

 

D.                
MISCELLANEOUS TERMS AGREED TO BY THE PARTIES

 

In exchange for the promises made by and to
Employee and Team, they mutually agree to the following terms:

 

(1)              
Either party may enforce the Agreement in court if the other party breaches it or threatens to breach it.

 

(2)              
If a court or governmental agency finds any part illegal or refuses to enforce any part of the Agreement, the remainder
of this Agreement will not be affected and will remain in force, with the specific exception that if the waiver and release of
claims are found to be invalid or unenforceable, Employee agrees to return all amounts paid pursuant to this Agreement.

 

(3)              
Team does not admit violating any state, federal, or local laws by entering into this Agreement.

 

(4)              
This Agreement and the Reaffirmation to be signed on or after the Last Day of Employment contain the entire and only Agreement
between Team and Employee regarding Employee’s transition duties and termination of employment. All oral or written promises
or assurances that are not contained in the Agreement are waived, invalid, and unenforceable, other than any otherwise existing
obligations of Employee under contract or under the law regarding duties of confidentiality, non-solicitation, or non-competition
or fiduciary duties, which shall remain in full force and effect. This Agreement may not be modified except in a writing signed
by Employee and an authorized officer of Team.

 

(5)              
Early Termination of Employment. Team shall have the right to terminate Employee’s employment at any time for
any reason. If Employee’s termination occurs after this Agreement has been presented to Employee and is determined by the
CEO of the Company to have been for “Cause,” Employee shall not be entitled to any further payments or benefits under
this Agreement and Team shall have the right to recover any benefits already provided under this Agreement. For purposes of this
Agreement, “Cause” shall mean (i) the commission of a crime involving dishonesty, breach of trust, or physical harm
to any person; (ii) employee willfully engages in conduct that is in bad faith and materially injurious to Team, including but
not limited to, misappropriation of trade secrets, fraud, or embezzlement; (iii) a material breach of this Agreement or (iv) Employee’s
willful refusal to implement or follow a lawful policy or directive of Team.

 

    	12

    

    

 

Either party may terminate Employee’s
employment at any time for any reason. In the event of such early termination for any reason other than for “Cause”,
as described above, Employee shall be entitled to all payments and benefits due pursuant to Section B of this Agreement, except
for the continuation of Base Salary beyond the actual termination date, as set forth in Sections B(1) and C(2) above.

 

E.                
EMPLOYEE’S ASSURANCES TO TEAM

 

The Agreement is a legal document with legal
consequences. Team wants to be certain that Employee fully understands the legal effect of signing this Agreement. Employee, therefore,
makes the following assurances:

 

(1)              
Employee has carefully read the complete Agreement.

(2)              
The Agreement is written in language that is understandable to Employee.

(3)              
Employee understands all of the provisions of this Agreement.

(4)              
Employee understands that this Agreement is a waiver of any and all rights Employee may have against Team and all the other
parties listed in Section C(4), including any and all rights under the Age Discrimination in Employment Act for claims of age discrimination.

(5)              
Employee wants to enter this Agreement. Employee recognizes that the Agreement is financially beneficial to him and that
Employee willingly waives any and all rights in exchange for the promises of Team in this Agreement.

(6)              
Employee enters this Agreement freely and voluntarily. Employee is not under coercion or duress whatsoever in considering
or agreeing to the provisions of this Agreement.

(7)              
Employee understands that this Agreement is a contract and that either party may enforce it.

(8)              
Employee has been given a period of twenty-one (21) calendar days to consider the terms of the offer contained in this Agreement.
This twenty-one (21) day period has provided Employee with sufficient time to consider his options and to seek the advice of legal
counsel, tax or financial advisors, family members, and anyone else whose advice Employee values. Employee understands that Employee
does not need to take twenty-one (21) calendar days to consider this Agreement if Employee does not wish to do so, but Employee
understands that any decision to sign before that time has expired has been made voluntarily and not because of any fraud or coercion
or improper conduct by Team.

(9)              
After signing this Agreement, Employee has a period of seven (7) calendar days to revoke. Employee can revoke this Agreement
by notifying Team in writing of his wish to do so within the seven (7) day period. The notice of revocation must be sent as designated
in the Notices Section. In fact, this Agreement is not effective until the eighth (8th) calendar day after it is signed by Employee,
provided the Agreement is not revoked by that day (the “Effective Date”). No payments under this Agreement (other than
continued regular compensation during employment) shall be made until after the Effective Date of this Agreement and under the
Reaffirmation Agreement.

(10)          
Employee agrees and acknowledges that, without all of his promises in this Agreement, Employee is not otherwise entitled
to any consideration or amount(s) that may be paid under this Agreement.

 

    	13

    

    

 

(11)          
Team has urged Employee, in writing, to review this document with Employee’s lawyer prior to signing.

 

PLEASE READ AND CONSIDER THIS
AGREEMENT CAREFULLY BEFORE SIGNING IT. THIS AGREEMENT CONTAINS A GENERAL RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS EMPLOYEE MAY HAVE
AGAINST TEAM.

 

IN WITNESS WHEREOF, the parties have executed this Agreement as
of the date set forth below with their signatures.

 

Employee:

 

	/s/ Greg L. Boane	 	November 26, 2018
	GREG L.BOANE	 	(Date Signed)
	 	 	 
	 	 	 
	TEAM, INC.	 	 
	 	 	 
	By: 	/s/ Amerino Gatti	 	November 26, 2018
	 	 	(Date Signed)
	Name: 	Amerino Gatti	 	 
	 	 	 
	Its: Chief Executive Officer	 	 

 

 

 

 

 

 

 

    	14

    

    

 

Exhibit “A”

 

Team, Inc. Unvested Restricted Stock Units 

 

Vesting and Delivery Schedule

 

 

 

	Original	 	Original	 	Current	 	Future
	Grant Date	 	#
    Granted	 	#
    Unvested1	 	Delivery Dates
	 	 	 	 	 	 	 
	October 15, 2015	 	 	5,012	 	 	 	1,253	 	 	October 15, 2019
	 	 	 	 	 	 	 	 	 	 	 
	November 15, 2016	 	 	6,114	 	 	 	1,528	 	 	November 15, 2019
	 	 	 	 	 	 	 	1,529	 	 	November 15, 2020
	 	 	 	 	 	 	 	 	 	 	 
	November 15, 2017	 	 	15,326	 	 	 	3,832	 	 	November 15, 2019
	 	 	 	 	 	 	 	3,831	 	 	November 15, 2020
	 	 	 	 	 	 	 	3,832	 	 	November 15, 2021
	 	 	 	 	 	 	 	 	 	 	 
	November 15, 2018	 	 	11,105	 	 	 	2,776	 	 	November 15, 2019
	 	 	 	 	 	 	 	2,776	 	 	November 15, 2020
	 	 	 	 	 	 	 	2,776	 	 	November 15, 2021
	 	 	 	 	 	 	 	2,777	 	 	November 15, 2022
	Total Unvested	 	 	 	 	 	 	26,910	 	 	 

 

 

 

 

 

 

 

_________________

1 Estimated delivery amounts, prior
to withholding for taxes.

 

15EdgarFiling

	 	Exhibit
    10.3

 

 

13131 Dairy Ashford, Suite 600 

Sugar Land, Texas 77478

 

November 26, 2018

 

Greg L. Boane

c/o Team, Inc.

13131 Dairy Ashford, Suite 600

Sugar Land, Texas 77478

 

 

LETTER AGREEMENT FOR CONSULTING SERVICES

 

Dear Greg:

 

This letter agreement for consulting services
(“Consulting Agreement”) shall set forth the terms of our understanding in connection with the consulting services
to be provided by you (“Consultant”) to Team, Inc. (the “Company”). This Agreement shall be binding on
any successor to the Company, including in the event of a Change of Control. The Company values Consultant’s availability
for consulting services because of his unique knowledge, gained from his work as Chief Financial Officer, of the Company, its operations,
and its business. In light of Consultant’s unique knowledge, the Company derives value commensurate with the fees provided
in this Agreement from Consultant’s availability to provide consulting services, regardless of whether the Company actually
requests Consultant’s consulting services at any particular time.

 

Capitalized terms used in this Consulting Agreement
that are not defined in this Consulting Agreement shall have the meanings ascribed to them in the Confidential Severance Agreement
and Release, of even date herewith, between you and the Company.

 

1.                 
Term. You shall render the Consulting Services (as defined below) to the Company, on the terms and conditions set
forth in this Consulting Agreement, during the period beginning on March 1, 2019 and ending on May 31, 2019 (the “Term”);
provided, that the Term, and this Consulting Agreement, shall terminate prior to May 31, 2019 (a) upon your death or physical or
mental incapacity; (b) at the election of the Company, upon your breach of your obligations under this Consulting Agreement; (c)
at your election, by reason of the Company’s breach of the Company’s obligations under this Consulting Agreement; (d) by
mutual consent of both parties; or (e) by you or the Company by the giving of 14 days’ prior written notice to the other
Party.

 

2.                 
Consulting Services. You agree that during the Term you shall assist with the transition of your duties as Chief
Financial Officer of the Company to your successor as reasonably requested by the Company and, as reasonably requested by the Company
you shall generally assist with the transition of the business operations of the Company (together, the “Consulting Services”).
During the Term, you will be reasonably available for the purpose of rendering (and to the extent requested shall provide), for
up to forty (40) hours per week, the Consulting Services pursuant to this Consulting Agreement. You agree to provide the Consulting
Services at the Company’s headquarters in Sugar Land, Texas and you further agree to reasonable travel, at the Company’s
expense, in furtherance of the Consulting Services.

 

     

     

    

3.                 
Fees. The Company shall pay you at the rate of $33,500 per month during the Term, in monthly installments, payable
on the first business day of each month during the Term. In addition, you will be entitled to reimbursement for all reasonable,
documented expenses associated with your services requested by the Company under this Consulting Agreement. In the event that the
Consulting Agreement terminates pursuant to Section 1(a) or is terminated by the Company pursuant to Section 1(e) prior to May
31, 2019, the Company will continue to pay the monthly fee through May 31, 2019. Except as provided in the immediately preceding
sentence, the Company will have no obligation to pay the consulting fee following any other termination of this Consulting Agreement
and the Consulting Services.

 

4.                 
Independent Contractor. You understand that your relationship with the Company shall be that of an independent contractor
and you shall not be considered an employee of the Company for tax purposes or for any other purposes whatsoever. You specifically
understand and agree that you will not be entitled to, nor be eligible to participate in, any benefits or privileges offered or
given by the Company or any of its affiliates to their respective employees as a result of the relationship established by this
Consulting Agreement. You agree that during the term of this Consulting Agreement you will not be an agent of the Company or any
of its affiliates, and that you will have no authority, implied or actual, to act on behalf of the Company or any of its affiliates
or to enter into any agreement that would bind either the Company or any of its affiliates.

 

5.                 
Federal, State, and Local Taxes. Federal, state, and local income tax and payroll tax of any kind shall not be withheld
or paid by the Company on your behalf. You understand that you are responsible to pay income taxes according to law. If you are
not a corporation, you further understand that you may be liable for self-employment (social security) tax to be paid by you according
to law.

 

6.                 
No Conflict. During the term of this Consulting Agreement, you agree that you will not engage in any activity which shall
be in direct or indirect conflict with the Consulting Services provided to the Company, without the prior written consent of the
Company. You further agree not to violate any legal obligation or other agreement for the benefit of the Company, including the
Transition, Severance, and Release Agreement, and any obligations or agreements regarding fiduciary duties, non-disclosure, non-disparagement,
non-solicitation or non-competition.

 

7.                 
Non-Assignability by Consultant. You may not assign this Consulting Agreement without the prior written permission
of the Company. Any attempt to assign any rights, duties, or obligations that arise under this Consulting Agreement without such
permission shall be void. The Company may assign its rights and obligations under this Consulting Agreement, and this Consulting
Agreement inures to the benefit of any successor of the Company.

 

    	 	2	 

     

    

8.                 
Applicable Law, Venue, Jury Waiver. This Consulting Agreement shall be governed by the laws of the State of Texas
and constitutes the entire agreement between the Company and you with respect to the Consulting Services to be performed hereunder.
Both Parties to this Agreement waive a trial by jury of any or all issues arising in any action or proceeding between the Parties
hereto or their successors, under or connected with this Agreement and consent to trial by the judge. The Parties agree that any
dispute concerning this Agreement shall be brought only in a court of competent jurisdiction in Harris County, Texas, unless another
forum or venue is required by law. ‎

 

9.                 
No Waiver. No failure by either party at any time to give notice of any breach by the other party of, or to require
compliance with, any condition or provision of this Consulting Agreement shall (i) be deemed a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time or (ii) preclude insistence upon strict compliance in the
future.

 

10.             
Notices. Any notices regarding acceptance, rejection, revocation or any other matters arising under this Consulting
Agreement shall be sent by a method of delivery which provides a receipt of delivery and shall be addressed as provided below.
Any change of contact information listed below shall be promptly reported to the other party at the address below. Notices to Consultant
should be addressed to Consultant’s home address on file with Team. Notices to Team should be addressed to the EVP, Chief
Legal Officer for Team, Inc. located at 13131 Dairy Ashford, Suite 600, Sugar Land, Texas 77478. Such notice may be delivered by
fax to xxx.xxx.xxxx or electronic mail (with confirmed receipt) to xxxxx@Teaminc.com.

 

11.             
Final Agreement. This Consulting Agreement supersedes all prior writings and representations with respect to the
Consulting Services and may be modified or rescinded only by a writing signed by both parties or their authorized agents.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

    	 	3	 

     

    

If this letter correctly sets forth your understanding of your consulting
relationship with the Company, please indicate your approval and acceptance below and return one copy of this letter to me.

 

	 	 	Very truly yours,	 
	 	 	 	 
	 	 	TEAM, INC.	 
	 	 	 	 
	 	By:	 /s/ André C. Bouchard	 
	 	 	 	 
	 	Title:	EVP, Chief Legal Officer 	 
	 	 	 	 

 

Accepted and Agreed to this

26th day of November, 2018.

 

	By:	 	/s/
    Greg L. Boane	 
	 	 	Greg L. Boane	 

 

 

 

 

4

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