A team manager can be added by a company manager (or higher) and linked to 1 or more teams. In addition, your team can be manager of several companies within 1 environment. Handy when you run several separate BVs and when the team manager's team is divided over those BVs. Per company you can assign the permissions (rights).
Location manager
The team manager role has extensive permissions that are disabled by default. For example, you can grant a team manager the rights to create employees or submit changes. Essentially, they're a company manager, but limited to one or more teams.