In response to the impacts of the novel coronavirus or COVID-19 on the business of Team, Inc. (the “Company”), our Chief Executive Officer (“CEO”) recommended, and our Board of Directors (the “Board”) unanimously approved, the following temporary actions related to our 2020 compensation:

During the remainder of 2020, the Board and the Compensation Committee of the Board will evaluate these temporary compensation actions at their respective regular quarterly meetings or as otherwise deemed necessary.

Item 7.01 Regulation FD Disclosure

On April 1, 2020, the Company issued a press release announcing certain cost reduction actions in response to the current market volatility, operational disruption related to the novel coronavirus COVID-19 pandemic, and the oil and gas industry outlook. Such measures include the reduction in salaries for the executive leadership team; lowering of the 2020 annual capital expenditure plan by more than 30%; rationalization of facilities and elimination of all non-essential costs; furloughing of technicians that do not have scheduled work and related support staff; implementing rolling furloughs and/or reduced salaries/hourly rates for certain non-executive corporate positions; suspending the Company’s Executive Deferred Compensation Retirement Plan and the Team, Inc. 401(k) Plan’s employer match; and reducing other overhead costs to better align with current market demands. A copy of the press release is filed herewith as Exhibit 99.1.

The information furnished in this Item 7.01 and the information attached to this Form 8-K as Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits. The following exhibit is furnished as part of Item 5.02 of this Current Report on Form 8-K:

TEAM INC Exhibit
EX-99.1 2 a8-kexhibit991costreduc.htm EXHIBIT 99.1 Exhibit Exhibit 99.1NEWS RELEASE Contact: Susan Ball EVP,…
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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.