TEAM Inc. Appoints New Directors, One Director Departs

TL;DR

New blood on the board at TEAM Inc. as Watson exits, Johnson and Miller join.

AI Summary

On April 3, 2024, TEAM, Inc. reported the departure of Director David R. Watson. The company also announced the election of two new directors, Michael E. Johnson and David A. Miller, to its Board of Directors, effective immediately. These changes are part of the company's ongoing governance and strategic adjustments.

Why It Matters

The addition of new directors can signal strategic shifts or a response to performance, potentially impacting the company's future direction and shareholder value.

Risk Assessment

Risk Level: low — The filing primarily concerns routine board changes and does not indicate significant financial distress or operational disruption.

Key Players & Entities

• TEAM, Inc. (company) — Registrant
• David R. Watson (person) — Departing Director
• Michael E. Johnson (person) — Newly Elected Director
• David A. Miller (person) — Newly Elected Director
• April 3, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.30 — ange on which registered Common Stock, $0.30 par value TISI New York Stock Exchange
• $172,500 — directors, Ms. McGinnis will receive a $172,500 annual cash retainer payable in equal m

Filing Documents

• tisi-20240403.htm (8-K) — 39KB
• teamappointspamelamcginnis.htm (EX-99.1) — 7KB
• image_0a.jpg (GRAPHIC) — 15KB
• 0000318833-24-000026.txt ( ) — 196KB
• tisi-20240403.xsd (EX-101.SCH) — 2KB
• tisi-20240403_lab.xml (EX-101.LAB) — 22KB
• tisi-20240403_pre.xml (EX-101.PRE) — 13KB
• tisi-20240403_htm.xml (XML) — 3KB

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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On April 3, 2024, the Board of Directors (the "Board") of Team, Inc. (the "Company"), upon the recommendation of the Corporate Governance and Nominating Committee of the Board, appointed Pamela J. McGinnis to the Board as a Class II director, effective as of April 3, 2024, for a term expiring at the Company's 2024 annual meeting of shareholders (the "Annual Meeting") or until her successor shall have been duly elected and qualified or until she shall resign, become disqualified or disabled, or shall otherwise be removed. Ms. McGinnis will stand for re-election at the Annual Meeting. In connection with the appointment of Ms. McGinnis, the size of the Board was increased from six to seven directors. Pursuant to the Board's standard compensation policy for non-employee directors, Ms. McGinnis will receive a $172,500 annual cash retainer payable in equal monthly installments. The Board has also appointed Ms. McGinnis to serve on the Board's Compensation Committee. In connection with the appointment of Ms. McGinnis to the Board, the Company entered into an Indemnification Agreement (the "Indemnification Agreement") with Ms. McGinnis pursuant to which the Company agreed to indemnify Ms. McGinnis against liability arising out of the performance of her duties to the Company. The Indemnification Agreement also requires the advancement of expenses in connection with proceedings and includes customary procedures with respect to indemnification and advancements of expenses, in each case on the terms and conditions set forth therein. The foregoing description is qualified in its entirety by reference to the full text of such Indemnification Agreement, the form of which is filed as Exhibit 10.2 to the Company's Current Report on Form 8-K filed on February 9, 2018 and incorporated in this Item 5.02 by reference. From Nov

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Item 7.01 Regulation FD Disclosure. On April 8, 2024 the Company issued a press release announcing the appointment of Ms. McGinnis to the Board. A copy of that press release is attached as Exhibit 99.1 hereto and is incorporated by reference herein. The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibit 99.1 hereto) is being "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

Financial Statements and Exhibits

Financial Statements and Exhibits (d) Exhibits. Exhibit number Description 99.1 Team, Inc.'s Press Release issued April 8, 2024 10.1 Form of Indemnification Agreement (Filed as an Exhibit 10.2 to Team, Inc. ' s Current Report on Form 8-K filed on February 9, 2018 and incorporated by reference herein ). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TEAM, Inc. By: /s/ Andr C. Bouchard Andr C. Bouchard Executive Vice President, Administration, Chief Legal Officer and Secretary Dated: April 8, 2024

View Full Filing

View this 8-K filing on SEC EDGAR