Business Context and Reporting Period
This Form 8-K reports on the 2026 Annual Meeting of Shareholders held by TEAM, Inc. on May 20, 2026. The filing details the outcomes of five shareholder proposals, including the election of directors, executive compensation approval, auditor ratification, warrant share issuance authorization, and an amendment to the company's equity incentive plan.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance events and shareholder voting results rather than financial performance data.
Material Changes and Voting Results
Shareholders approved all five proposals presented at the Annual Meeting. Key outcomes include:
- Director Elections: Three Class I directors (Anthony R. Horton, Evan S. Lederman, and K. Niclas Ytterdahl) were re-elected for three-year terms expiring in 2029.
- Equity Plan Amendment: Shareholders approved an increase of 250,000 shares available for issuance under the Team, Inc. 2018 Equity Incentive Plan. This amendment became effective on February 18, 2026, subject to this shareholder approval.
- Executive Compensation: The advisory vote on named executive officer compensation for fiscal year 2026 was approved.
- Auditor Ratification: KPMG LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2026.
- Warrant Issuance: Shareholders approved the issuance of common stock underlying specific warrants, including shares issued below the Minimum Price to the Adjustment Floor, pursuant to NYSE Listing Rule 312.03(c).
Guidance, Outlook, and Risks
The filing text does not contain management commentary on future guidance, outlook, specific risks, contingencies, or unusual items. The document serves strictly as a current report of the shareholder meeting results.
Investor Verification Checklist
- Verify the full terms of the 250,000 share increase to the Equity Incentive Plan in the Definitive Proxy Statement (Schedule 14A) filed on April 28, 2026.
- Review the specific definitions of "Minimum Price" and "Adjustment Floor" regarding the approved warrant share issuance in the Proxy Statement.
- Confirm the effective date of the Equity Incentive Plan Amendment (February 18, 2026) against the company's internal equity records.
- Check the composition of the Board of Directors following the election of the three Class I directors.