SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
  
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Bouchard Andre C

(Last) (First) (Middle)
13131 DAIRY ASHFORD

(Street)
SUGAR LAND TX 77478

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
TEAM INC [ TISI ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Exec VP & Chief Legal Officer
3. Date of Earliest Transaction (Month/Day/Year)
11/15/2023
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 11/15/2023 M 512(1) A $0 8,547 D
Common Stock 11/15/2023 M 299(1) A $0 8,846 D
Common Stock 11/15/2023 M 8,721(1) A $0 17,567 D
Common Stock 11/15/2023 F 2,238(2) D $0 15,329 D
Common Stock 1,059 I 401K Plan
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Stock Units (3) 11/15/2023 M 8,721 (4) 11/15/2032 Common Stock 8,721 $0 17,441 D
Restricted Stock Units (3) 11/15/2023 M 512 (5) 11/15/2030 Common Stock 512 $0 0 D
Restricted Stock Units (3) 11/15/2023 M 299 (6) 11/15/2029 Common Stock 299 $0 0 D
Explanation of Responses:
1. Represents vesting of Restricted Stock Units and conversion to Team Common Stock.
2. Represents Stock Units withheld to satisfy tax obligations.
3. Each restricted stock unit represents a contingent right to receive one share of TISI Common Stock.
4. Stock Units Vest one-third on 11/15/2023, 11/15/2024 and 11/15/2025, unless earlier terminated in accordance with the Plan Stock Units will automatically be converted into shares of Common Stock in accordance with the respective vesting schedule.
5. Stock Units vest one third on 11/15/2021, 11/15/2022 and 11/15/2023, unless earlier terminated in accordance with the Plan. Stock Units will automatically be converted into shares of Common Stock in accordance with vesting schedule.
6. Stock Units vest 25% on 11/15/2020, 11/15/2021, 11/15/2022 and 11/15/2023, unless earlier terminated in accordance with the Plan. Stock Units will automatically be converted into shares of Common Stock in accordance with the respective vesting schedule.
Remarks:
/s/ Andre C. Bouchard 11/16/2023
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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