Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of report (Date of earliest event reported): September 24, 2009
TEAM,
Inc.
(Exact
Name of Registrant as Specified in Charter)
Texas
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001-08604
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74-1765729
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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200
Hermann Drive
Alvin,
Texas 77511
(Address
of Principal Executive Offices and Zip Code)
Registrant’s
telephone number, including area code: (281) 331-6154
Not
Applicable
(Former
name or former address, if changed since last report)
Check the
appropriate line below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
¨
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Written
communications pursuant to Rule 425 under the Securities Act (17 — CFR
230.425)
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 — CFR
240.14a-12)
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¨
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the — Exchange Act (17 CFR
240.14d-2(b))
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¨
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the — Exchange Act (17 CFR
240.13e-4(c))
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Item
5.02
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Departure
of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain
Officers.
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(e) The Board of Directors
(the “Board”) of Team, Inc. (the “Company”) previously approved, subject to
shareholder approval, (1) an amendment to the First Amended and Restated Team,
Inc. 2006 Stock Incentive Plan (the “Plan”) to establish the maximum amount of
compensation that may be paid to a participant for a performance-based award if
the performance goal is obtained, and (2) an amendment to the Restated
Non-Employee Directors’ Stock Option Plan (the “Directors’ Plan”) to:
(i) authorize the issuance of common stock awards; (ii) terminate the
automatic grant of options; and (iii) make certain technical revisions and
improvements. At the Company’s annual shareholders meeting held on
September 24, 2009, the Company’s shareholders approved the amendments to the
Plan and the Directors’ Plan, which are attached to this Current Report on Form
8-K as Exhibits 10.1 and 10.2, respectively, and are incorporated by reference
herein.
Item
9.01
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Financial
Statements and Exhibits
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10.1
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Team,
Inc. 2006 Stock Incentive Plan (As Amended and Restated August 1,
2009).
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10.2
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Team,
Inc. Restated Non-Employee Directors’ Stock Plan (As Amended and Restated
August 1, 2009).
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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TEAM,
INC. |
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By:
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/s/
André C. Bouchard |
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André
C. Bouchard |
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Senior
Vice President – Administration, General Counsel and
Secretary |
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Dated: September
30, 2009
EXHIBIT
INDEX
Exhibit
no.
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Description
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10.1
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Team,
Inc. 2006 Stock Incentive Plan (As Amended and Restated August 1,
2009)
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10.2
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Team,
Inc. Restated Non-Employee Directors’ Stock Plan (As Amended and Restated
August 1, 2009)
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