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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): MARCH 9, 2006
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TEAM, INC.
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(Exact Name of Registrant as Specified in Charter)
TEXAS 001-08604 74-1765729
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(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
200 HERMANN DRIVE
ALVIN, TEXAS 77511
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(Address of Principal Executive Offices and Zip Code)
Registrant's telephone number, including area code: (281) 331-6154
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NOT APPLICABLE
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(Former name or former address, if changed since last report)
Check the appropriate line below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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ITEM 5.02. DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF PRINCIPAL OFFICERS
(b) On March 9, 2006, Team, Inc. (the "Company") received notice from E.
Patrick Manuel of his intent to resign as a director of the Company effective
immediately. Mr. Manuel advised the Company that he was voluntarily resigning
because a member of Mr. Manuel's family was contemplating making an investment
in an entity that currently offers services that are similar to some of the
services currently provided by the Company. While it is not clear that such an
investment, if made, would constitute a conflict of interest for Mr. Manuel, he
informed the Company that he wanted to avoid even an appearance of a potential
conflict of interest.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TEAM, INC.
By: /s/ Gregory T. Sangalis
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Gregory T. Sangalis
Senior Vice President - Law &
Administration
Dated: March 10, 2006