Company: TISI
Filing Date: 2025-06-20
Form Type: 11-K
Source: 0000318833-25-000050
Chunk: 5

Company: TEAM INC
Filing Date: 2025-06-20
Form: 11-K
Chunk 5
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 to 6% of eligible compensation on a pay period basis in 2024. The Company calculates a true up matching contribution for the participants who were employed by the Company on the last day of the contribution period. The true up contribution period is determined by the Company’s Benefits Administration Committee. The Company may also make an additional matching employer contribution at plan year end and a discretionary non-elective employer contribution on a plan year basis to eligible employees, as defined by the Plan, that are employed on the last day of the contribution period. There was no additional matching employer contribution or discretionary non-elective employer contribution made for the plan year ended December 31, 2024.

Contributions from Plan participants and the Company discretionary matching contributions are recorded in the plan year in which the participant contributions are withheld from compensation.

(d) Participant Accounts

Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contribution, Company matching contribution and non-elective employer contributions, and the Plan’s earnings or losses net of administrative expenses. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

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(e) Investments

Participants may direct the investment of their contributions into mutual funds, a collective investment trust fund or a unitized fund comprised of Team’s common stock and a money market fund. Contributions can be invested on a percentage allocation basis in any increment of 1%. Company contributions are allocated on the same basis as the participants have elected to allocate their contributions. Participants may change investment options at any time.

(f) Vesting and Forfeited Accounts

Participants are vested immediately in their contributions plus actual earnings thereon. Vesting in the Company’s matching and non-elective employer contributions plus actual earnings thereon is based on continuous years of service as follows:

| Years of service   |     | Percentage of 
 employer      
 contribution  
 that          
 becomes       
 vested        |     |     |   |
| Less than one year |     |               |     |   0 | % |
| One year           |     |               |     |  20 |   |
| Two years          |     |               |     |  40 |   |
| Three years        |     |               |     |  60 |   |
| Four years         |     |               |     |  80 |   |
| Five years or more |     |               |