SEC Form 4 · accession 0001127602-18-033667
TEAM INC · TISI
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Amerino Gatti
Officer — CEO · Director
Period of report
Nov 15, 2018
Accepted (ET)
Nov 19, 2018 · 2:26 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000318833
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF1,F2 | — | Nov 15, 2018 | A | 22,210 | A | — | Nov 15, 2028 | Common Stock | 22,210 | 22,210 | D |
| Performance Stock UnitsF3 | $0.00 | holding | — | — | — | Jan 24, 2023 | Jan 24, 2023 | Common Stock | 350,000 | 350,000 | D |
Explanation of responses
- F1Stock Units convert on a 1-for-1 basis into shares of Team Common Stock.
- F2Stock Units vest 25% on 11/15/2019, 11/15/2020, 11/15/2021 and 11/15/2022, 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.
- F3Each performance stock unit ("PSU") represents a contingent right to receive one share of Common Stock. Twenty percent (20%) of the PSUs will vest and become non-forfeitable on the date on which each Common Stock price milestone specified in the Performance Unit Award Agreement dated January 24, 2018 is achieved during the performance period beginning January 24, 2018 and ending January 24, 2023 (or, if later, January 24, 2019), subject to continued employment through the applicable vesting date.