Company: TISI
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0000318833-25-000030
Chunk: 46

Company: TEAM INC
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 46
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 maximum performance of $88.3 million;

• Free Cash Flow target of $40 million with threshold performance of $32 million and maximum performance of $56 million.

• Safety performance target TRIR of 0.20 with threshold performance at 0.21 and maximum performance at 0.18; and

• Company Strategic Objectives were established for our senior executives as a group to focus our senior executives on key strategic priorities, including the improvement of our balance sheet and liquidity, reducing our cost structure and identifying strategic growth opportunities for the Company to enhance shareholder value.

• Additionally, Individual Objectives were established for each of our senior executives to accomplish specific objectives, including:

◦ For Mr. Tucker – (i) continuing to strengthen the Company culture to optimize safety, quality and financial performance, (ii) recruiting or promoting leadership in key growth areas and (iii) improving profitability and efficiency.

◦ For Mr. Haight – (i) improving overall liquidity; (ii) executing on an investor relations strategy; (iii) reducing corporate and SG&A costs; and (iii) transitioning to new software systems for greater efficiencies.

In evaluating the achievement of the 2024 performance goals, the Compensation Committee determined the following:

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• The Company achieved an Adjusted EBITDA performance which exceeded the threshold level of performance but was below the target level of performance;

• The Company achieved a Free Cash Flow performance which exceeded the target level of performance at 173.3% of the target;

• The Company achieved safety performance of a 0.19 TRIR, which exceeded the target level of performance by 150% of target; and

• Each of Messrs. Tucker and Haight were determined to have met their Strategic Objectives at 150% of the target level of performance. The Compensation Committee noted that in 2024 the Company (i) continued to improve its capital structure; (ii) executed and sustained significant cost reductions again and (iii) continued to execute on various strategic growth opportunities.

Mr. Tucker was deemed to have met his Individual Objectives at 150% of the target level of performance. The Compensation Committee highlighted the continued progress made in 2024 toward strengthening the company culture through Mr. Tucker’s enactment of robust quality, health, safety and environmental initiatives and a global communications program resulting in improvements in key areas of focus for quality and safety, and improved cost management delivering a meaningful increase in 2024 Adjusted EBITDA performance. The Compensation Committee also recognized