TEAM, Inc. (NYSE:TISI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

TEAM, Inc. (NYSE:TISI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 and to file an additional exhibit. The Amendment does not otherwise amend or change any other disclosure contained in the Original Filing.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 9, 2018, the Company announced that Mr. Grant D. Roscoe has been appointed as President, Operations of the Company.

Mr. Roscoe, age 48, most recently served as Global Vice President of Testing & Subsea for Halliburton. Over his 24-year career in the oil and gas industry, Mr. Roscoe held a number of leadership roles at Halliburton, including Senior Global Integration Manager, Senior Regional Manager Completions—North America, and Global Strategic Business Manager. Earlier in his Halliburton career, he held field operations, engineering and technology positions around the world, including North America and Asia. Before joining Halliburton in 2001, he held various roles at Expro Group and Global Marine. Mr. Roscoe holds a B.S. in Mechanical Engineering from Durban University of Technology and received Business Leadership Development and Leadership Excellence certifications from Texas A&M University’s Mays Business School.

In connection with his appointment as President, Operations, the Company and Mr. Roscoe entered into an offer letter, the material terms of which are as follows:

Base Salary:

$380,000

Annual Bonus:

Target of 60% of base salary; maximum opportunity of 120% of base salary

2018 Annual Equity Award:

2018 long-term incentive opportunity of $350,000, consisting of (i) performance stock units with a grant date fair value of $210,000, with performance metrics measured over a 2-year performance period, and (ii) time-based restricted stock units with a grant date fair value of $140,000, which will vest ratably over a 4-year period

Severance Benefits:

Mr. Roscoe will be eligible to participate in the Company’s severance policy (which includes customary non-compete and release requirements), as in effect from time to time.

Start date:

July 13, 2018

The foregoing description of the offer letter does not purport to be complete and is qualified in its entirety by reference to the full text of the offer letter filed herewith as Exhibit 10.1.

No family relationships exist between Mr. Roscoe and any of the Company’s other directors or executive officers. There are no arrangements between Mr. Roscoe and any other person to which Mr. Roscoe was appointed as President, Operations of the Company, nor are there any transactions to which the Company is or was a participant and in which Mr. Roscoe has a material interest subject to disclosure under Item 404(a) of Regulation S‑K.

The press release that included the announcement of Mr. Roscoe’s appointment was issued on July 9, 2018 and was attached as Exhibit 99.1 to the Original Filing.

Item 5.02 Financial Statements and Exhibits.

(d) Exhibits.

* Filed herewith.

**Furnished in the Original Filing.


TEAM INC Exhibit
EX-10.1 2 exhibit1017-10×18.htm EXHIBIT 10.1 Exhibit Exhibit 10.113131 Dairy Ashford,…
To view the full exhibit click here

About TEAM, Inc. (NYSE:TISI)

Team, Inc. is a provider of specialty industrial services, including inspection and assessment, required in maintaining high temperature and high pressure piping systems and vessels. The Company conducts its operations through three segments: Inspection and Heat Treating Services (IHT) Group, Mechanical Services (MS) Group and Quest Integrity (Quest Integrity) Group. The IHT Group offers inspection services and heat treating services. The MS Group offers both on-stream services and turnaround/project related services, such as leak repair services, fugitive emissions control services, hot tapping services, field machining services and technical bolting services, valve repair services, heat exchanger and maintenance services, isolation and test plug services, valve insertion services and project services. The Quest Integrity Group offers integrity management solutions to the energy industry in the form of quantitative inspection and engineering assessment services and products.

An ad to help with our costs