TEAM INC 8-K

What Happened
Team, Inc. (TISI) filed an 8‑K (June 23, 2026) reporting that Nelson Haight will leave his role as Executive Vice President and Chief Financial Officer effective June 22, 2026, and will briefly serve as a Special Advisor through July 3, 2026. The company entered a separation agreement with Haight that provides cash and equity-related separation payments. The Board appointed Clinton Roeder as Executive Vice President and Chief Financial Officer effective June 22, 2026; Roeder’s hire is documented in an offer letter and the company will enter its standard indemnity agreement with him.

Key Details

• Nelson Haight departure effective June 22, 2026; will remain as senior advisor through July 3, 2026 and receive base salary through that date.
• Haight Separation Agreement payments: $603,750 paid in equal installments over 15 months (reflecting 15 months of base salary), a prorated 2026 bonus at target (paid on or before Jan 31, 2027), and a $15,500 lump sum for healthcare.
• Haight equity: outstanding unvested time‑based RSUs will immediately vest; unvested performance share units (PSUs) remain subject to performance but any payout will be prorated to 92%. Receipt of benefits is conditioned on signing a release and complying with 12‑month non‑compete/non‑solicit covenants.
• Clinton Roeder hire effective June 22, 2026: base salary $500,000, annual cash bonus target 75% of base, and equity grants valued at roughly $500,000 (30% RSUs vesting one‑third annually over 3 years; 70% PSUs cliff vesting Dec 31, 2028 based on 3‑year Adjusted EBITDA), subject to continued employment.

Why It Matters
A CFO transition can affect investor confidence and near‑term financial oversight. The separation agreement creates a defined cash and equity cost (cash payments plus immediate RSU vesting) that may affect short‑term compensation expense and share dilution. The new CFO, Clinton Roeder, brings multi‑industry finance and operational experience and a compensation package tying a substantial portion of pay to multi‑year Adjusted EBITDA performance, aligning his incentives with operational results. The filing notes no disagreement with Haight over company operations, and the change appears orderly with transitional support.