Business Context and Reporting Period
This Form 8-K Current Report was filed by TEAM, Inc. (NYSE: TISI) on June 18, 2026. The filing reports significant changes in executive leadership, specifically the departure of the Chief Financial Officer and the appointment of a successor, effective June 22, 2026.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The document focuses exclusively on executive compensation and separation terms.
- Outgoing CFO Severance: Nelson Haight will receive $603,750 in base salary installments over 15 months, a prorated 2026 annual bonus, and a $15,500 healthcare lump sum.
- Outgoing CFO Equity: Unvested time-based restricted stock units (RSUs) will immediately vest. Performance share units (PSUs) will remain outstanding with payouts prorated at 92% of the units that would vest based on performance criteria.
- Incoming CFO Compensation: Clinton Roeder will receive an initial base salary of $500,000 and an annual cash bonus target of 75% of base salary.
- Incoming CFO Equity: Initial equity grants valued at approximately $500,000, consisting of 30% RSUs (vesting in three annual tranches) and 70% PSUs (cliff vesting on December 31, 2028, based on Adjusted EBITDA).
Material Changes
The primary material change is the replacement of the Executive Vice President and Chief Financial Officer.
- Departure: Nelson Haight is leaving his role as CFO effective June 22, 2026. The departure is not due to any disagreement with the Company regarding operations, policies, or practices.
- Transition: Mr. Haight will serve as a Special Advisor to the CEO from June 22, 2026, through July 3, 2026.
- Appointment: Clinton Roeder has been appointed as the new Executive Vice President and Chief Financial Officer, effective June 22, 2026.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future business performance. The primary risks and contingencies relate to the executive transition:
- Conditions for Severance: Mr. Haight's receipt of separation benefits is conditioned upon the execution of a general release of claims and compliance with restrictive covenants, including non-competition and non-solicitation for 12 months.
- Employment Terms: Mr. Roeder's employment is not for a fixed term. His PSU vesting is contingent on the Company achieving specific Adjusted EBITDA targets over a three-year period ending December 31, 2028.
Investor Verification Checklist
- Verify the total cost of the severance package for Nelson Haight, including the specific calculation of the prorated bonus and the 92% PSU proration.
- Review the specific Adjusted EBITDA performance targets required for Clinton Roeder's performance stock units to vest.
- Confirm the timeline for the transition period and the handover of financial reporting responsibilities between June 22 and July 3, 2026.
- Check for any subsequent filings regarding the appointment of an interim CFO if the transition period extends beyond the initial dates.