Amerino Gatti - May 12, 2021 Form 4 Insider Report for TEAM INC (TISI)

Role: Chairman & CEO, Director
Signature: /s/ Amerino Gatti
Stock symbol: TISI
Transactions as of: May 12, 2021
Transactions value $: $0
Form type: 4
Date filed: 5/14/2021, 03:51 PM
Next filing: Jul 2, 2021

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	TISI	Performance Stock Units	Options Exercise	$0	+466K		$0.00	466K	May 12, 2021	Common Stock	466K		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Performance stock units convert into common stock on a one-for-one basis.
F2	On May 12, 2021 the reporting person entered into a Performance Unit Award Agreement pursuant to which the reporting person was granted performance stock units ("PSU") covering 465,909 shares of Company common stock (the "Common Stock"). Each PSU represents a contingent right to receive one share of Common Stock. The PSUs vest in three equal installments (i) based on the date on which each Common Stock price milestone specified in the Performance Unit Award Agreement is achieved during the performance period beginning May 12, 2021 and ending May 12, 2024 and (ii) as to each such installment (x) fifty percent (50%) if the reporting person remains continuously employed by the Company until the later of (A) May 12, 2022, and (B) the attainment of the applicable performance measure and (y) fifty percent (50%) if the reporting person remains continuously employed by the Company until May 12, 2024.

Content

Performance stock units convert into common stock on a one-for-one basis.

On May 12, 2021 the reporting person entered into a Performance Unit Award Agreement pursuant to which the reporting person was granted performance stock units ("PSU") covering 465,909 shares of Company common stock (the "Common Stock"). Each PSU represents a contingent right to receive one share of Common Stock. The PSUs vest in three equal installments (i) based on the date on which each Common Stock price milestone specified in the Performance Unit Award Agreement is achieved during the performance period beginning May 12, 2021 and ending May 12, 2024 and (ii) as to each such installment (x) fifty percent (50%) if the reporting person remains continuously employed by the Company until the later of (A) May 12, 2022, and (B) the attainment of the applicable performance measure and (y) fifty percent (50%) if the reporting person remains continuously employed by the Company until May 12, 2024.