Company: TISI
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0000318833-25-000030
Chunk: 53

Company: TEAM INC
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 53
---
 cause or a voluntary separation for good reason occur. In exchange for such benefits, the executive must enter into a general release and six-month non-competition agreement with the Company.

For purposes of the Executive Severance Policy, the following definitions apply:

A “change in control” has the same meaning as set forth in the Equity Incentive Plan and generally means the first to occur of any of the following events:

a. any person is or becomes the beneficial owner, directly or indirectly, of 50% or more of the combined voting power of the Company or 90% or more of the Company’s operating assets, other than in certain limited transactions; or

b. except for certain transactions, the consummation of a merger, consolidation, or other reorganization of the Company.

A “voluntary separation for good reason” means the termination of employment by the executive upon the occurrence of any of the following events without the consent of the executive:

a. a material diminution in the base compensation of the executive;

b. a material change in geographic work location for an executive to a location more than 50 miles from the executive’s current work location; or

c. a material diminution in the executive’s authorities, duties or responsibilities, and position within the leadership team; provided, however, that a “voluntary separation for good reason” shall not be considered to occur solely because an executive’s authorities, duties or responsibilities, and position are reallocated to other senior executives based on a good faith determination by the Board that such reallocation is necessary in order for the Company to adequately address material growth and/or expansion of the business.

An “involuntary termination of employment without cause” means a termination from employment that is not the result of:

a. a good faith determination by the Board that the executive knowingly committed material acts involving fraud, dishonesty or violations of criminal or other statutes; or

b. a good faith determination by the Board that the executive knowingly violated the Company’s Code of Business Conduct and Ethics.

<div align='center'>36</div>

The Board administers the Executive Severance Policy consistent with Section 409A of the Code and makes the final good faith determination on whether or not an involuntary termination is for cause or without cause; whether or not a voluntary termination is for good reason; and whether or not a change of control event has occurred and is objectively determinable.

<div align='center'>37</div>

#### PAY VERSUS PERFORMANC

#### E
The following table shows the total