TEAM INC 8-K

What Happened

• Team, Inc. (TISI) filed an 8-K (Item 5.02) confirming that Keith Tucker departed as Chief Executive Officer effective January 31, 2026. The company says the departure was a termination without cause and not due to any disagreement with the company. On February 6, 2026, the company and Mr. Tucker entered into a Severance and Consulting Agreement and Release.

Key Details

• $1,125,000 in severance payable in equal installments over 18 months (represents 18 months of base salary).
• Cash bonus: an amount equal to what Mr. Tucker would have received for the 2025 performance period, payable when similar management bonuses are paid.
• $19,000 lump-sum payment for health and welfare benefits.
• Equity: outstanding unvested time-based RSUs immediately vest; performance share units remain outstanding but any payout will be prorated to 78% based on performance vesting.
• Consulting: Mr. Tucker will serve as a consultant for 12 months for $375,000.
• Payments are conditioned on Mr. Tucker signing a general release and complying with restrictive covenants, including 24-month non‑competition and non‑solicitation obligations.
• The full separation agreement is attached as Exhibit 10.1 to the 8-K.

Why It Matters

• For investors, this creates near-term cash and equity costs (severance, consulting fee, accelerated RSU vesting and potential PSU payouts) that the company will recognize and may affect reported compensation expense and share-based compensation.
• The consulting arrangement provides transitional leadership support for up to 12 months, while restrictive covenants may limit Mr. Tucker’s ability to compete or solicit employees for 24 months.
• The filing documents the formal terms and conditions of the CEO transition, which is material to governance and executive compensation disclosure.