Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
OnNovember 17, 2021 , the following members of the Board of Directors (the "Board") ofTeam, Inc. (the "Company") notified the Company that they will step down from the Board effectiveNovember 22, 2021 :Louis Waters ,Brian Ferraioli ,Robert Skaggs ,Candice Koederitz ,Gary Yesavage , Craig Martin andMichael Lucas (collectively, the "Departing Directors"). As a result of the Departing Directors' voluntary resignations, the Departing Directors will also step down from their respective committee memberships effectiveNovember 22, 2021 . There were no known disagreements between the Departing Directors and the Company that led to their respective resignations from the Board. At a Board meeting onNovember 17, 2021 , the Governance Committee of the Board recommended to the Board that it would be advisable and in the best interests of the Company and its stakeholders to (i) accept the voluntary resignations of the Departing Directors, (ii) decrease the size of the Board to seven (7) Directors, (iii) appoint two (2) new Directors, (iv) designate classifications for each Director serving on the Board and (v) assign committees for each Director serving on the Board. The Board approved the Governance Committee's recommendation by resolution onNovember 17, 2021 , with effect fromNovember 22, 2021 . The Board then appointedTed Stenger andJ. Michael Anderson as members of the Board effectiveNovember 22, 2021 , pursuant to the terms of (i) the Subordinated Term Loan Credit Agreement, datedNovember 9, 2021 , among the Company,Corre Credit Fund, LLC , as agent, and the lenders party thereto and (ii) the Commitment Letter Agreement, datedNovember 9, 2021 , among the Company,Corre Partners Management, LLC andAtlantic Park Strategic Capital Fund, L.P. No plan, contract or other arrangement was entered into at the time of their appointments or otherwise exists between the Company andTed Stenger andJ. Michael Anderson . EffectiveNovember 22, 2021 , the Board will consist ofAmerino Gatti ,Sylvia Kerrigan ,Anthony Horton ,Evan Lederman ,Ted Stenger ,Jeffery Davis , andJ. Michael Anderson . The Board has appointedAnthony Horton as Chair,Sylvia Kerrigan ,Jeffery Davis ,Evan Lederman andTed Stenger to the Special Committee. The Board has appointedTed Stenger as Chair,Evan Lederman , andAnthony Horton to the Audit Committee. The Board has appointedJeffrey Davis as Chair,Sylvia Kerrigan andJ. Michael Anderson to the Compensation Committee. The Board has appointedSylvia Kerrigan as Chair,Jeffery Davis andJ. Michael Anderson to theCorporate Governance and Nominating Committee .Amerino Gatti remains as Chairman and Chief Executive Officer andSylvia Kerrigan remains as Lead Independent Director of the Company. Exhibit number Description 104 Cover Page Interactive Data File
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