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Get filing alertsTeam Inc cuts executive change-in-control severance, caps supplemental salary at 24 months
Filed July 10, 2026 · Period ending July 7, 2026 · ~1 min read
Key Changes
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Board reduced severance benefits for executives terminated following a change in control, capping supplemental salary payments at 24 months down from longer periods previously allowed.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Amendment lowers the company's potential cash payout obligations if executives are terminated after an acquisition or similar transaction.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Bonus severance for change-in-control terminations will be calculated as the higher of most recent actual bonus or two-year average, with new executives receiving target bonus.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR →
Summary
Team Inc's board amended its executive severance policy to reduce benefits payable when executives are terminated following a change in control. The key change caps supplemental salary payments at 24 months, down from longer periods the prior policy allowed. The amendment also standardizes bonus severance calculations to use the higher of the executive's most recent actual bonus or two-year average.
For shareholders, this reduces the company's potential cash obligations in an acquisition scenario. Lower severance commitments can make the company more attractive to acquirers by reducing transaction costs, though the change also reduces executive protections that some view as alignment mechanisms. The amendment applies to all covered executives under the policy and took effect July 7, 2026.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On July 7, 2026, the Board of Directors of Team, Inc. (the “Company”) approved an amendment (the “Amendment”) to the Team, Inc. Corporate Executive Officer Compensation and Benefits Continuation Policy, as amended and restated February 9, 2022 (the “Policy”), to reduce the benefits payable in connection with a qualifying termination of employment related to a change in control (as determined under the Policy).
The Board reduced executive severance benefits triggered by change-in-control terminations. This amendment lowers the company's potential payout obligations if executives are terminated following an acquisition or similar transaction.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 11, 2026 · How we verify