CONFIDENTIAL SEVERANCE AGREEMENT AND RELEASE(with Agreement of Non-Solicitation and Non-Competition and Special Vesting Agreement)by and betweenTeam, Inc. and Ted W. OwenConfidential Severance Agreement and Release • September 19th, 2017 • Team Inc • Services-miscellaneous repair services • Texas
Ted W. Owen is a resident of Houston, Texas and has been the President and Chief Executive Officer of Team, Inc. In this Confidential Severance Agreement and Release (this “Agreement”), “Employee” means Ted W. Owen and “Team” means Team, Inc. and its affiliated entities. Employee and Team, Inc. are entering into this Agreement on September 18, 2017. The purpose of this Agreement is to state the conditions of Employee’s termination of employment and to resolve any employment-related issues that exist or might exist between Employee and Team. Reference is made to the Letter Agreement for Consulting Services, of even date herewith, between Team, Inc. and Employee (the “Consulting Agreement”).
LETTER AGREEMENT FOR CONSULTING SERVICESTeam Inc • September 19th, 2017 • Services-miscellaneous repair services • Texas
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 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 Employee’s availability for consulting services because of his unique knowledge, gained from his work as Chief Executive Officer, of the Company, its operations, and its business. In light of Employee’s unique knowledge, the Company derives value commensurate with the fees provided in this Agreement from Employee’s availability to provide consulting services, regardless of whether the Company actually requests Employee’s consulting services at any particular time.
PERSONAL & CONFIDENTIAL Mr. Gary G. Yesavage c/o Team, Inc. 13131 Dairy Ashford, Suite 600 Sugar Land, Texas 77478 Dear Gary:Team Inc • September 19th, 2017 • Services-miscellaneous repair services • Texas
This letter sets forth our mutual understanding and agreement concerning your service as interim Chief Executive Officer of Team, Inc. (“Team”).
