Corporate GovernanceJul 10, 2026, 04:17 PM
Team Inc. Reduces Executive Severance Benefits to 24 Months
AI Summary
Team Inc.'s Board of Directors approved an amendment to its Corporate Executive Officer Compensation and Benefits Continuation Policy. The amendment reduces the benefits payable in connection with a qualifying termination of employment related to a change in control. Specifically, the time period for supplemental salary payments was reduced to 24 months, and the calculation for supplemental compensation (bonus) was clarified to be the higher of the most recent year's actual bonus or the average of the last two years, or target bonus if no annual bonus has been received.
Key Highlights
- Team Inc. amended its Corporate Executive Officer Compensation and Benefits Continuation Policy.
- The amendment reduces benefits for qualifying termination related to a change in control.
- Supplemental salary payment period was reduced to 24 months.
- Supplemental compensation (bonus) calculation was clarified.
- Bonus will be calculated as the higher of the most recent year's actual bonus or the average of the last two years.
- If no annual bonus received, payment will be based on the executive's target bonus.
- Supplemental compensation will be a single sum payment.
Price Impact
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