Evan Lederman
TEAMAbout Evan Lederman
Evan S. Lederman (age 45) is an independent Class I director of Team, Inc. (TISI) since November 7, 2021; his current term runs through the 2026 annual meeting . He is Partner/Co-Head, Credit at J.F. Lehman & Company, and previously was a Partner and Global Risk Committee member at Fir Tree Capital Management; earlier he practiced restructuring and litigation law at Weil, Gotshal & Manges and Cravath, Swaine & Moore. He holds a B.A. and J.D. from New York University and has over twenty years of experience across law, credit investing, restructurings, and board service .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Fir Tree Capital Management | Partner; Co-head of credit, restructuring, legal assets, activist, private equity-oriented strategies; member of Global Risk Committee | 2011–2021 | Co-managed energy and infrastructure investments; activist and restructuring experience |
| Weil, Gotshal & Manges LLP | Attorney (Business Restructuring and Litigation) | Not disclosed | Restructuring and litigation practice |
| Cravath, Swaine & Moore LLP | Attorney (Litigation) | Not disclosed | Litigation practice |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| J.F. Lehman & Company | Partner/Co-Head, Credit | Current | Focused on aerospace, defense, infrastructure, maritime, governmental & environmental services sectors |
| Riviera Resources (fka LINN Energy) | Director | Current | Public company board |
| Puris Corporation | Director | Current | Private company board |
| Prior boards (selected) | Director | Prior | Amplify Energy, Roan Resources, Ultra Petroleum, New Emerald Energy, Midstates Petroleum, Deer Finance Litigation Funding, Inland Pipe Rehabilitation, GemAgain LLC |
Board Governance
- Independence: The Board determined all directors except the Executive Chairman are independent under NYSE and SEC rules; Lederman is independent .
- Board/Committee attendance: The Board met 18 times in 2024; no director attended fewer than 75% of Board and applicable committee meetings; all directors attended the 2024 annual meeting .
- Board structure: Seven directors across three staggered classes; Lederman is Class I with term expiring 2026 .
- Investor nomination history: Lederman was appointed under an APSC-related term loan amendment (APSC as agent for lenders) in October 2021 ; APSC and Corre have ongoing board rights under agreements (observer/nomination/chair rights) subject to ownership thresholds .
| Committee | Member | Chair | Notes |
|---|---|---|---|
| Audit | Yes | No (Chair: Edward J. Stenger) | Audit met 6 times in 2024; Stenger and Horton designated “audit committee financial experts” (Lederman not designated) |
| Compensation | No | — | Committee met 8 times in 2024 |
| Corporate Governance & Nominating | No | — | Committee met 5 times in 2024 |
| Executive | No | — | Did not meet in 2024 |
Fixed Compensation
- Director program (2024): All-cash, paid quarterly—annual retainer $172,500; additional retainers: Lead Independent Director $25,000; Audit Chair $15,000; Compensation Chair $12,500; Governance & Nominating Chair $7,500 .
- 2024 fees earned: Lederman received $0 in 2024 director compensation (vs peers receiving cash retainers) .
| Item | Amount |
|---|---|
| Annual Director Retainer (program) | $172,500 |
| Additional Chair/Lead Independent retainers | $7,500–$25,000 depending on role |
| Lederman – 2024 Fees Earned | $0 |
Notes: The proxy indicates the director compensation program is paid entirely in cash; no equity grants to directors are disclosed. Lederman’s $0 director compensation in 2024 is atypical relative to peers and suggests he did not receive cash retainers in that period .
Performance Compensation
- Directors: No performance-based director compensation or equity grants are disclosed; the program is all-cash retainers/fees only .
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Overlap |
|---|---|---|
| Riviera Resources (fka LINN Energy) | Director | Upstream energy; TISI serves industrial/inspection services—no direct competitor disclosed |
| Puris Corporation | Director | Private company; no disclosed overlap |
| Prior boards (Amplify Energy, Roan Resources, Ultra Petroleum, etc.) | Former Director | Energy sector exposure; no disclosed conflicts with TISI customers/suppliers |
Expertise & Qualifications
- Credit and restructuring expertise; distressed and special situations investor; extensive board experience across public and private companies .
- Legal training and experience in business restructuring and litigation; NYU B.A. and J.D. .
- Board-level competency breadth at TISI includes corporate governance, finance, risk management, strategy; the Board’s skill matrix highlights diversified director competencies overall (see director profile and matrix context).
Equity Ownership
| Metric | Value |
|---|---|
| Beneficial ownership (shares) | 7,528 shares |
| Shares outstanding (record date 4/22/2025) | 4,493,391 shares |
| Ownership as % of outstanding | ~0.17% (7,528 / 4,493,391) |
| Pledged/Hedged shares | Company policy prohibits pledging and hedging by directors |
| Director ownership guidelines | Non-management directors expected to own Common Stock valued at the lesser of 1x annual Board retainer or 20,000 shares; compliance period of three years from Feb 2023 revision (to Feb 2026) |
Note: The proxy does not state Lederman’s compliance status under the guidelines; compliance deadline for revised guidelines is February 2026 for directors .
Governance Assessment
Strengths
- Independence and committee service: Independent director on the Audit Committee; Board met frequently; no attendance shortfalls in 2024; independent directors held 12 executive sessions, supporting robust oversight .
- Risk and controls focus: Audit Committee oversight of financial controls, cybersecurity risk, and related-party transactions; established charter and processes; KPMG independence monitored .
- Alignment policies: Prohibitions on hedging/pledging and director ownership guidelines (with a set compliance window) enhance alignment with shareholders .
Potential Risks/Watch Items
- Investor-affiliated appointment history: Lederman’s initial appointment was made pursuant to an APSC-related credit agreement (APSC acting as agent for lenders); APSC and Corre have continuing board rights tied to ownership/financing, reflecting investor influence within the boardroom. The Board nevertheless affirms Lederman’s independence under NYSE/SEC standards .
- Director compensation anomaly: Lederman recorded $0 in 2024 director compensation, whereas peers received cash retainers; this is atypical and may reflect separate arrangements (e.g., affiliation or waiver), but the proxy does not elaborate. Monitor for any implications for director incentives and independence optics .
- Ownership level: As of record date, Lederman beneficially owned 7,528 shares (~0.17% of outstanding). While guidelines exist, the proxy does not disclose his compliance status ahead of the February 2026 deadline; continued tracking of progress toward the guideline is warranted .
Related-Party/Conflicts
- Policy and disclosure: The company maintains a Related Party Transaction Policy with Audit Committee approval requirements; the 2025 proxy describes the policy and does not list specific transactions requiring disclosure in the section .
Executive/Board Process Signals
- Compensation governance: Compensation Committee uses an independent advisor (WTW) and reviews peer groups; clawback policy adopted to comply with NYSE rules .
- Board leadership and oversight: Separate Executive Chairman, CEO, and Lead Independent Director roles; active engagement on strategy and risk .
Overall: Lederman brings deep credit/restructuring and board experience with strong alignment policies in place. Key monitoring items are the investor-appointed origin context, the unusual $0 director compensation in 2024, and progress toward director ownership guidelines (deadline Feb 2026) .