Team, Inc. Announces Grant Roscoe to Transition Out of President and to Serve as an Advisor
February 05, 2021 at 11:06 am
Share
TEAM, Inc. in its Current Report on Form 8-K dated January 15, 2021, effective January 18, 2021, Grant Roscoe, President – Operations, has agreed to transition out of his current role and to serve as an advisor to the Company in connection with the Company’s announced strategic reorganization. As previously announced, Mr. Roscoe will remain with the Company in such an advisory capacity through March 15, 2021. In connection with the transition roles for Mr. Roscoe and his eventual departure from TEAM, the Company and Mr. Roscoe have entered into a Transition, Severance, and Release Agreement (the “Severance Agreement”) dated effective as of January 15, 2021. The Severance Agreement provides for Mr. Roscoe’s continued employment as an at-will employee of the Company in the role of Special Advisor to the Chief Executive Officer, or any other role as directed by the Chief Executive Officer, and to provide transition services to the Company until Mr. Roscoe’s last day of employment on March 15, 2021. The Company will pay Mr. Roscoe (i) his current base salary until his last day of employment, and (ii) severance pay in the amount of $531,250 following his last day of employment, with such severance payment to be paid in equal installments over a 15 month period, all pursuant to the Team, Inc. Corporate Executive Officer Compensation and Benefits Continuation Policy (the “Severance Policy”).
Team, Inc. is a provider of specialty industrial services. The Company offers its clients access to a full suite of conventional, specialized, and proprietary mechanical, heat-treating, and inspection services. The Companyâs segments include Inspection and Heat Treating (IHT) and Mechanical Services (MS). IHT provides conventional and advanced non-destructive testing services primarily for the process, pipeline and power sectors, pipeline integrity management services, and field heat treating services, as well as associated engineering and condition assessment services. IHT also provides non-destructive testing services and metallurgical and chemical processing services. MS provides solutions designed to serve clients' needs during both the operational (onstream) and off-line states of their assets. Its onstream services include a range of standard custom-engineered leak repair and composite solutions, and hot tapping and line stopping, and on-line valve insertion solutions.
TEAM, INC. 
