UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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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 July 7, 2026, the Board of Directors of Team, Inc. (the “Company”) approved an amendment (the “Amendment”) to the Team, Inc. Corporate Executive Officer Compensation and Benefits Continuation Policy, as amended and restated February 9, 2022 (the “Policy”), to reduce the benefits payable in connection with a qualifying termination of employment related to a change in control (as determined under the Policy).
Pursuant to the Amendment, all references in Section III of the Policy (Severance Benefits for Involuntary Separation from Service Without Cause or Voluntary Separation from Service for Good Reason Related to Change in Control) to time periods of longer than 24 months for supplemental salary payments or supplemental compensation were replaced with a time period of 24 months.
Further, pursuant to the Amendment, the supplemental compensation payment related to forgone annual incentive or bonus will be calculated as follows: Based on the period of months upon which a covered executive’s supplemental salary payment is determined under Section III of the Policy, the executive will receive a supplemental compensation payment computed using the higher of the most recent year’s actual bonus paid or the average bonus paid for the last two years. In the event a covered executive has not yet received an annual bonus, such supplemental compensation payment will be calculated based on the executive’s target bonus. This supplemental compensation payment will be made in a single sum payment on the same date that the covered executive’s supplemental salary payment is required to be paid under Section III of the Policy and will be in addition to any other incentive or bonus compensation earned, but not yet paid, prior to an applicable change in control.
The foregoing description of the Amendment is qualified in its entirety by the full text thereof, a copy of which is attached as Exhibit 10.1 and incorporated by reference herein.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits.
| Exhibit number | Description | |
| 10.1† | Amendment No. 1 to the Team, Inc. Corporate Executive Officer Compensation and Benefits Continuation Policy | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
† Management contract or compensatory plan or arrangement.
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/ James C. Webster | |
| James C. Webster | ||
| Executive Vice President, Chief Legal Officer and Secretary | ||
Dated: July 10, 2026