Form 8-K Filing

0001171843-15-004511.txt : 20150810 0001171843-15-004511.hdr.sgml : 20150810 20150810153106 ACCESSION NUMBER: 0001171843-15-004511 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150807 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150810 DATE AS OF CHANGE: 20150810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEAM INC CENTRAL INDEX KEY: 0000318833 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS REPAIR SERVICES [7600] IRS NUMBER: 741765729 STATE OF INCORPORATION: TX FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08604 FILM NUMBER: 151040522 BUSINESS ADDRESS: STREET 1: 13131 DAIRY ASHFORD STREET 2: SUITE 600 CITY: SUGAR LAND STATE: TX ZIP: 77478 BUSINESS PHONE: 2813316154 MAIL ADDRESS: STREET 1: 13131 DAIRY ASHFORD STREET 2: SUITE 600 CITY: SUGAR LAND STATE: TX ZIP: 77478 8-K 1 document.htm FORM 8-K FILING DOCUMENT Form 8-K Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 7, 2015

TEAM, Inc.
(Exact name of registrant as specified in its charter)

Delaware	001-08604	74-1765729
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

13131 Dairy Ashford, Suite 600 Sugar Land, Texas	77478
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (281) 331-6154

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
	[ ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
	[ ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
	[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
	[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

(b) On August 7, 2015, Mr. Jack M. Johnson, Jr. a member of the Board of Directors (the "Board") of Team, Inc. (the "Company") notified the Company that he will retire from the Board effective as of the date of the Company's 2015 Annual Meeting of Stockholders.

(d) On August 7, 2015, the Board of the Company appointed Mr. Michael A. Lucas to the Board. Mr. Lucas will serve as a Class II director until his term expires at the 2015 annual meeting of shareholders, at which time he will stand for election by the Company's shareholders. Pursuant to the Board's standard compensation policy for non-employee directors, Mr. Lucas will receive a $50,000 annual cash retainer payable quarterly in arrears and will be eligible for an annual stock award of $75,000 following the Company's Annual Meeting of Shareholders.

Mr. Lucas, 54, is currently the President and Chief Executive Officer of Powell Industries (NYSE; POWL). No family relationships exist between Mr. Lucas and any of the Company's other directors or executive officers. There are no arrangements between Mr. Lucas and any other person pursuant to which Mr. Lucas was nominated as a director, nor are there any transactions to which the Company is or was a participant and in which Mr. Lucas has a material interest subject to disclosure under Item 404(a) of Regulation S-K.

Item 9.01. Financial Statements and Exhibits.

Exhibit number

Description

99.1

Team, Inc.'s Press Release issued August 10, 2015

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		TEAM, Inc. (Registrant)
August 10, 2015 (Date)		/s/ André C. Bouchard André C. Bouchard Executive Vice President, Administration, Chief Legal Officer & Secretary

EX-99 2 newsrelease.htm PRESS RELEASE Team, Inc. Announces Changes to Its Board of Directors

EXHIBIT 99.1

Team, Inc. Announces Changes to Its Board of Directors

SUGAR LAND, Texas, Aug. 10, 2015 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE:TISI) today announced that Michael A. Lucas, 54, has been appointed to the Team Board of Directors. Mr. Lucas is the President and Chief Executive Officer of Powell Industries (NASDAQ:POWL). Prior to becoming the CEO of Powell Industries, Mr. Lucas spent fourteen years at Emerson most recently as President of Emerson Network Power, Energy Systems. Mr. Lucas will stand for re-election at Team's upcoming Annual Meeting of Shareholders in September 2015.

Team also announced today that Jack M. Johnson, Jr., 76, has informed Team of his intention to retire from the Team Board of Directors at the end of his current term on September 24, 2015. Mr. Johnson has served with distinction on Team's Board of Directors for 24 years. Mr. Johnson is the Managing General Partner of Wintermann & Company, President of Winco Agriproducts, a director of Security State Bank in Anahuac, Texas, a director of the Colorado Land Trust and a past chairman of the Lower Colorado River Authority. Following his retirement from the Board, Mr. Johnson will continue to be associated with Team as a Director Emeritus.

Team's Executive Chairman, Phil Hawk, said: "We are grateful for Jack Johnson's contributions and leadership to Team over the past 24 years. We are also pleased to be able to add the strong leadership of Mike Lucas to our Board in order to continue Team's legacy of strong board leadership".

About Team, Inc.

Headquartered near Houston, Texas, Team Inc. is a leading provider of specialty industrial services, including inspection and assessment, required in maintaining and installing high-temperature and high-pressure piping systems and vessels that are utilized extensively in the refining, petrochemical, power, pipeline and other heavy industries. Team offers these services in over 150 locations throughout the world. Team's common stock is traded on the New York Stock Exchange under the ticker symbol "TISI".

Certain forward-looking information contained herein is being provided in accordance with the provisions of the Private Securities Litigation Reform Act of 1995. We have made reasonable efforts to ensure that the information, assumptions and beliefs upon which this forward-looking information is based are current, reasonable and complete. Such forward-looking statements involve estimates, assumptions, judgments and uncertainties. There are known and unknown factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking information. Such known factors are detailed in the Company's Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission, and in other reports filed by the Company with the Securities and Exchange Commission from time to time. Accordingly, there can be no assurance that the forward-looking information contained herein will occur or that objectives will be achieved. We assume no obligation to publicly update or revise any forward-looking statements made today or any other forward-looking statements made by the company, whether as a result of new information, future events or otherwise.

CONTACT: Greg L. Boane (281) 388-5541