SEC Contract Filing

Filing Date: 2024-11-12

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>2
<FILENAME>teaminc-amendedrestatedsir.htm
<DESCRIPTION>EX-10.3
<TEXT>
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<title>Document</title></head><body><div id="ic3a7dd4e16224788acd55499c54414f2_1"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:15.75pt">AMENDED AND RESTATED SUBSTITUTE </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:15.75pt">INSURANCE REIMBURSEMENT FACILITY AGREEMENT</font></div><div style="text-align:center"><font><br></font></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">This Amended and Restated Substitute Insurance Reimbursement Facility Agreement (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%;text-decoration:underline">Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">&#8221;) is entered into and effective as of September 16, 2024 (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%;text-decoration:underline">Effective Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">&#8221;) by and between 1970 Group, Inc. (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%;text-decoration:underline">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">&#8221;), a Delaware corporation, and TEAM, INC. (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%;text-decoration:underline">Customer</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">&#8221;), a Delaware corporation, (Company and Customer are individually referred to herein as a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%;text-decoration:underline">Party</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">&#8221; and collectively, as the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%;text-decoration:underline">Parties</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">&#8221;). Additional definitions used in this Agreement are set forth in </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%;text-decoration:underline">Schedule B</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%;text-decoration:underline"> </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:13.65pt;text-decoration:underline">RECITALS</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:13.80pt">I.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:13.80pt;padding-left:29.01pt">Customer and Company entered into that certain Substitute Insurance Reimbursement Facility Agreement effective as of September 29, 2022 (as amended prior to the date hereof, (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:13.80pt;text-decoration:underline">Original Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:13.80pt">&#8221;), pursuant to which the Company provided a substitute insurance reimbursement facility to Customer on the terms set forth therein and obtained letters of credit (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:13.80pt;text-decoration:underline">Original Letter of Credit</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:13.80pt">&#8221;) for Customer from an NAIC approved financial institution as collateral for Customer&#8217;s workers&#8217; compensation, commercial automotive and&#47;or general liability insurance policies&#59;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:13.80pt">II.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:13.80pt;padding-left:25.02pt">As a condition to the Company renewing the Original Letter of Credit for Customer, Customer and the Company desire to amend and restate the Original Agreement in its entirety as set forth herein&#59;</font></