UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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):
AUGUST 18, 2006 (AUGUST 14, 2006)
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TEAM, INC.
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(Exact Name of Registrant as Specified in Charter)
TEXAS 001-08604 74-1765729
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(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
200 HERMANN DRIVE
ALVIN, TEXAS 77511
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(Address of Principal Executive Offices and Zip Code)
Registrant's telephone number, including area code: (281) 331-6154
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NOT APPLICABLE
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(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:
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.02. TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT
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On August 17, 2006, Team, Inc. (the "Company") and Mr. Emmett J. Lescroart, a
member of the Company's board of directors, mutually agreed to terminate the
Consulting Agreement that was entered into effective on July 30, 2004. The
Consulting Agreement served to allow the Company to use Mr. Lescroart as a
consultant, as needed. Mr. Lescroart provided no consulting services to the
Company in fiscal year 2006 and has not provided any thus far in fiscal year
2007. The Company had no obligation to pay Mr. Lescroart under the Consulting
Agreement unless services were rendered. The parties mutually agreed to
terminate the agreement since no services were being rendered and none are
anticipated in the foreseeable future. There is no early termination fee or
other compensation due.
ITEM 5.02. DEPARTURE OF DIRECTOR
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On August 14, 2006, the Company was informed that one of its Class II
directors, Mr. E. Theodore Laborde, would not stand for reelection at this
year's annual stockholder meeting scheduled for September 28, 2006. The Company
is unaware of any disagreement between Mr. Laborde and the Company on any matter
relating to the Company's operations, policies or practices.
The Company had been in the process of identifying a nominee for the
vacancy that was created by the resignation of Mr. E. Patrick Manuel earlier
this year from the Board of Directors. Accordingly, at a Board meeting held on
August 14, 2006, the Board unanimously reduced the size of the Board from eight
to seven and nominated Mr. Robert A. Peiser to stand for election as a Class II
director at the annual stockholder meeting. Mr. Peiser is currently the
President and CEO of Imperial Sugar Company, a $1.2 billion publicly traded
refiner and marketer of sugar products. In addition, the Board unanimously
nominated the remaining two Class II Directors, Messrs. Jack M. Johnson, Jr. and
Vincent D. Foster, for re-election at the annual stockholder meeting.
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.
TEAM, INC.
By: /s/ Gregory T. Sangalis
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Gregory T. Sangalis
Senior Vice President - Law &
Administration
Dated: August 18, 2006