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EXHIBIT 10(ab)
FIRST AMENDMENT
TO
EMPLOYMENT AGREEMENT
The Employment Agreement (the "Employment Agreement") dated as of
June 1, 1997 by and between Team, Inc. ("Team") and Xxxxxxx Xxxx ("Xxxx") is
hereby amended by this "First Amendment" which is dated as of August 12, 1998
and made retroactive to June 1, 1998 (the "Effective Date").
WITNESSETH:
WHEREAS, Xxxx is the Chief Executive Officer and Chairman of the Board
of Directors (the "Board") of Team; and,
WHEREAS, during a meeting of the Board which was held July 30, 1998,
the Board considered various proposed modifications to the Employment Agreement
but decided to defer action with respect thereto pending further assessment of
certain management issues; and,
WHEREAS, the Board, at Ryan's request, has approved an immediate
interim adjustment ("Interim Adjustment") to Ryan's base compensation pending
the final resolution of issues related to Ryan's Employment Agreement.
NOW, THEREFORE, Team and Xxxx hereby agree as follows:
I. The Employment Agreement is hereby amended by adding the following
language to the end of paragraph 2(a):
"Notwithstanding the foregoing, from and after June 1, 1998 and
throughout the remainder of the Employment Period, Xxxx shall be paid
Monthly Salary Payments of $16,666.66 per month as Base Compensation
rather than the $8,333.33 Monthly Salary Payments provided for in the
first sentence of paragraph 2(a). Team shall, as promptly as
practical hereafter, pay Xxxx the difference between the $8,333.33
Monthly Salary Payments heretofore actually paid Xxxx for the months
of June and July 1998 and the Revised Monthly Salary Payments of
$16,666.66. Ryan's entitlement to be paid $100,000 for the Post
Employment Term, as provided in the first sentence of paragraph 2(a),
is not altered in any respect by the this First Amendment."
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II. Paragraph 4 of the Employment Agreement is hereby amended to read as
follows:
"4. Term. The Term ("Term") of this Agreement commenced effective
June 1, 1997 and unless sooner terminated by mutual agreement
of the parties or by termination "for cause" pursuant to
Section 5(b), shall terminate on the fourth annual anniversary
of the last day of the Post Employment Period."
III. Except as amended by Items I and II above, the Employment Agreement
remains in full force and effect and is hereby reaffirmed by the
parties. The Employment Agreement, as amended by this First
Amendment, sets forth the entire agreement of the parties with respect
to Ryan's employment and his entitlement to receive compensation from
Team.
IN WITNESS WHEREOF, the Xxxx and Team have executed this First
Amendment to the Employment Agreement on the 12th day of August to be
effective as of June 1, 1998.
/s/ XXXXXX X. XXXXXXXX
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Xxxxxx X. Xxxxxxxx, Director
of Team, Inc., with
authorization of the entire
Board
/s/ XXXXXXX X. XXXX
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Xxxxxxx X. Xxxx, individually