<SEC-DOCUMENT>0001171843-15-005593.txt : 20151019
<SEC-HEADER>0001171843-15-005593.hdr.sgml : 20151019
<ACCEPTANCE-DATETIME>20151019160526
ACCESSION NUMBER:		0001171843-15-005593
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20151015
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20151019
DATE AS OF CHANGE:		20151019

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:		151164299

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>gff8k_101915.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font-size: 18pt; text-align: center; margin-top: 9pt; margin-bottom: 0"><B>UNITED STATES </B></P>

<P STYLE="font-size: 18pt; text-align: center; margin-top: 0; margin-bottom: 0"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><B>WASHINGTON, DC 20549 </B></P>

<P STYLE="font-size: 18pt; text-align: center; margin: 9pt 0 0"><B>FORM 8-K </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 9pt 0 0"><B>CURRENT REPORT </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>Pursuant to Section&nbsp;13 or 15(d) of</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>The Securities Exchange Act of 1934 </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 9pt 0 0"><B>Date of report (Date of earliest event reported): October 15,
2015 </B></P>

<P STYLE="font-size: 24pt; text-align: center; margin: 9pt 0 0"><B>TEAM, Inc. </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>(Exact Name of Registrant as Specified in Charter) </B></P>

<P STYLE="font-size: 10pt; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <td style="width: 34%; layout-grid-mode: line">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</td>
    <td style="width: 32%; layout-grid-mode: line">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</td>
    <td style="width: 32%; layout-grid-mode: line">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; layout-grid-mode: line; text-align: center"><font style="font-size: 10pt"><b>Delaware</b></font></td>
    <td style="vertical-align: bottom; layout-grid-mode: line">&nbsp;</td>
    <td style="vertical-align: top; layout-grid-mode: line; text-align: center"><font style="font-size: 10pt"><b>001-08604</b></font></td>
    <td style="vertical-align: bottom; layout-grid-mode: line">&nbsp;</td>
    <td style="vertical-align: top; layout-grid-mode: line; text-align: center"><font style="font-size: 10pt"><b>74-1765729</b></font></td></tr>
<tr>
    <td style="vertical-align: top">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0"><b>(State or Other Jurisdiction</b></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0 0 0.75pt"><b>of Incorporation)</b></P></td>
    <td style="vertical-align: bottom; layout-grid-mode: line">&nbsp;</td>
    <td style="vertical-align: top">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0"><b>(Commission</b></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0 0 0.75pt"><b>File Number)</b></P></td>
    <td style="vertical-align: bottom; layout-grid-mode: line">&nbsp;</td>
    <td style="vertical-align: top">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0"><b>(IRS Employer</b></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0 0 0.75pt"><b>Identification No.)</b></P></td></tr>
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<P STYLE="font-size: 10pt; text-align: center; margin: 9pt 0 0"><B>13131 Dairy Ashford, Suite 600 </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>Sugar Land, Texas 77478 </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>(Address of Principal Executive Offices and Zip Code) </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 9pt 0 0"><B>Registrant&rsquo;s telephone number, including area code: (281)&nbsp;331-6154
</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 9pt 0 0"><B>Not Applicable </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>(Former name or former address, if changed since last report) </B></P>

<P STYLE="font-size: 10pt; margin: 9pt 0 0">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:</P>

<P STYLE="font-size: 10pt; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
    <td style="width: 4%; layout-grid-mode: line"><font style="font: 10pt Wingdings">&uml;</font></td>
    <td style="layout-grid-mode: line"><font style="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 &mdash; CFR 230.425) </font></td></tr>
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<P STYLE="font-size: 10pt; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<tr style="vertical-align: top">
    <td style="width: 4%; layout-grid-mode: line"><font style="font: 10pt Wingdings">&uml;</font></td>
    <td style="layout-grid-mode: line"><font style="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 &mdash; CFR 240.14a-12) </font></td></tr>
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<P STYLE="font-size: 10pt; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<tr style="vertical-align: top">
    <td style="width: 4%; layout-grid-mode: line"><font style="font: 10pt Wingdings">&uml;</font></td>
    <td style="layout-grid-mode: line"><font style="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the &mdash; Exchange Act (17 CFR 240.14d-2(b)) </font></td></tr>
</table>
<P STYLE="font-size: 10pt; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
    <td style="width: 4%; layout-grid-mode: line"><font style="font: 10pt Wingdings">&uml;</font></td>
    <TD STYLE="layout-grid-mode: line"><font style="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the &mdash; Exchange Act (17 CFR 240.13e-4(c)) </font></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
</table>
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<P STYLE="font-size: 10pt; margin: 0"><B></B></P>

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<P STYLE="font-size: 10pt; margin: 0"><B>Item&nbsp;5.02. Departure of Directors or Certain Officers; Election of Directors, Appointment
of Certain Officers, Compensatory Arrangements of Certain Officers</B></P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-right: 0; margin-left: 0">On October 15, 2015, the Compensation Committee (&ldquo;Compensation
Committee&rdquo;) of the Board of Directors of Team, Inc. (the &ldquo;Company&rdquo;) awarded restricted stock unit (&ldquo;RSU&rdquo;)
and long term performance stock unit (&ldquo;LTPSU&rdquo;) awards to certain executive officers of the Company pursuant to the
Company&rsquo;s 2006 Stock Incentive Plan, as amended and restated (the &ldquo;Plan&rdquo;).&nbsp;</P>

<P STYLE="font-size: 10pt; margin-right: 0; margin-left: 0">The LTPSUs awarded to the executive officers are measured and realized
over a performance cycle covering three fiscal years. Each LTPSU represents the right to receive, if and to the extent designated
performance goals covering the three-fiscal-year performance cycle are satisfied, a share of Company common stock following completion
of the performance cycle. At the end of the performance cycle, LTPSUs are to be distributed (if earned) in shares of Company common
stock based upon the Committee&rsquo;s determination of the level of achievement of the financial performance targets set for the
performance cycle. If the Company fails to meet the threshold performance targets after three years, no LTPSUs will be earned and
no payout of LTPSUs will be made with respect to the performance cycle. If the Company&rsquo;s performance exceeds the target performance
goals, the executive may receive additional LTPSUs above the target number, subject to a specified maximum contained in the award.</P>

<P STYLE="font-size: 10pt; margin-right: 0; margin-left: 0">The RSUs awarded to the executive officers permit each of them to
receive, on predetermined dates upon expiration of applicable restrictions, shares in an amount equal to a specified number of
shares of Company common stock.&nbsp;&nbsp;The restrictions on the RSUs expire in equal annual installments over four years from
the date of the initial grant, unless earlier terminated in accordance with the Plan. The RSUs issued to the executive officers
are as set forth below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B><U>Name</U></B></TD>
    <TD COLSPAN="2"><B><U>Restricted Stock Units (# of RSUs)</U></B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">Ted W. Owen</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 28%">10,024</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Philip J. Hawk</TD>
    <TD>&nbsp;</TD>
    <TD>8,592</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Arthur F. Victorson</TD>
    <TD>&nbsp;</TD>
    <TD>7,876</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Peter W. Wallace</TD>
    <TD>&nbsp;</TD>
    <TD>6,645</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Jeffrey L. Ott</TD>
    <TD>&nbsp;</TD>
    <TD>5,728</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Declan G. Rushe</TD>
    <TD>&nbsp;</TD>
    <TD>5,728</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Andr&eacute; C. Bouchard</TD>
    <TD>&nbsp;</TD>
    <TD>5,728</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Greg L. Boane</TD>
    <TD>&nbsp;</TD>
    <TD>5,012</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font-size: 10pt; margin-right: 0; margin-left: 0"><BR>
Grants of RSUs were awarded pursuant to the Form of Award Agreement, filed as Exhibit 10.1 to the Company&rsquo;s Report on Form
8-K filed on October 17, 2013, and incorporated herein by reference. &nbsp;Grants of LTPSUs were made pursuant to the Form of
Performance Share Award Agreement filed as Exhibit 10.1 to the Company&rsquo;s Form 10-Q filed on January 8, 2015, both agreements
are incorporated herein by reference.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>SIGNATURES </B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 9pt 0 0">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.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0.25in 0 0"><B>TEAM, INC. </B></P>

<P STYLE="font-size: 10pt; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0; text-align: left; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid">By: /s/ Andr&eacute; C. Bouchard</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Andr&eacute; C. Bouchard</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Executive Vice President, Administration, <BR>
Chief Legal Officer and Secretary</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin-top: 0; text-align: left; margin-bottom: 0"></P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 9pt 0 0">Dated: October 19, 2015</P>

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