Business Context and Reporting Period
Company: TEAM, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: July 7, 2026
Reporting Period: Specific event date of July 7, 2026.
Context: The filing discloses an amendment to the Company's Corporate Executive Officer Compensation and Benefits Continuation Policy regarding severance benefits in the event of a change in control.
Key Financial Metrics
This filing does not contain financial performance data. There are no reported values for revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
The Board of Directors approved an amendment to the executive compensation policy effective July 7, 2026. The material changes include:
- Reduction in Severance Duration: The maximum time period for supplemental salary payments or supplemental compensation in connection with a qualifying termination related to a change in control has been reduced to 24 months (previously longer than 24 months).
- Bonus Calculation Methodology: Supplemental compensation for forgone annual incentives will now be calculated using the higher of the most recent year's actual bonus or the average bonus paid for the last two years. If no bonus has been received, the target bonus will be used.
- Payment Timing: The supplemental compensation payment will be made in a single sum on the same date as the supplemental salary payment.
Guidance, Outlook, and Risks
Management Commentary: The filing states that the description of the amendment is qualified in its entirety by the full text of the amendment attached as Exhibit 10.1.
Risks and Contingencies: The filing does not disclose new operational risks, contingencies, or unusual items beyond the modification of executive compensation terms.
Guidance: No financial guidance or outlook is provided in this report.
Investor Verification Checklist
- Review Exhibit 10.1 for the full legal text of the amendment to the Compensation and Benefits Continuation Policy.
- Verify the specific list of "covered executives" affected by the 24-month cap on severance.
- Confirm the calculation of "target bonus" for executives who have not yet received an annual bonus under the new policy.
- Assess the potential impact of reduced severance benefits on executive retention and future change-in-control scenarios.