0001628280-26-028570.txt : 20260430 0001628280-26-028570.hdr.sgml : 20260430 20260430065313 ACCESSION NUMBER: 0001628280-26-028570 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 21 CONFORMED PERIOD OF REPORT: 20251231 FILED AS OF DATE: 20260430 DATE AS OF CHANGE: 20260430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TIC Solutions, Inc. CENTRAL INDEX KEY: 0002032966 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] ORGANIZATION NAME: 07 Trade & Services EIN: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-42524 FILM NUMBER: 26919943 BUSINESS ADDRESS: STREET 1: 200 SOUTH PARK ROAD STREET 2: SUITE 350 CITY: HOLLYWOOD STATE: FL ZIP: 33021 BUSINESS PHONE: 954-495-2112 MAIL ADDRESS: STREET 1: 200 SOUTH PARK ROAD STREET 2: SUITE 350 CITY: HOLLYWOOD STATE: FL ZIP: 33021 FORMER COMPANY: FORMER CONFORMED NAME: ACUREN CORP DATE OF NAME CHANGE: 20240806 10-K/A 1 tic-20251231.htm 10-K/A tic-20251231
0002032966FYfalse2025iso4217:USDxbrli:shares00020329662025-01-012025-12-3100020329662025-06-3000020329662026-03-0600020329662025-10-012025-12-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
(Amendment No. 1)
x
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025
OR
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM to                   
Commission File Number 001-42524
TIC Solutions, Inc.
(Exact name of Registrant as specified in its Charter)
Delaware66-1076867
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
200 South Park Road, Suite 350, Hollywood, Florida
33021
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (954) 495-2112
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.0001 per shareTICNew York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o     No x
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes o     No x
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x     No o
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).  Yes x     No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated fileroAccelerated filerxNon-accelerated filero
Smaller reporting companyoEmerging growth companyo
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  x
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).  o
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes o     No x
The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the last business day of the registrant’s most recently completed second fiscal quarter was approximately $583.2 million. For purposes of this computation, all officers, directors, and 10% beneficial owners of the registrant are deemed to be affiliates. Such determination should not be deemed to be an admission that such officers, directors, or 10% beneficial owners are, in fact, affiliates of the registrant.
The number of shares of the Registrant’s common stock outstanding as of April 24, 2026 was 221,042,604.
DOCUMENTS INCORPORATED BY REFERENCE
None.


Table of Contents

i

EXPLANATORY NOTE
TIC Solutions, Inc. (the “Company”) is filing this Amendment No. 1 (this “Amendment”) to its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“Fiscal 2025”) that was filed with the Securities and Exchange Commission (“SEC”) on March 12, 2026 (the “Original Form 10-K”) for the purpose of including certain information required by Part III of Form 10-K. This information was previously omitted from the Original Form 10-K in reliance on General Instruction G(3) to Form 10-K, which permits the information in Part III to be incorporated in the Form 10-K by reference from our definitive proxy statement if such statement is filed no later than 120 days after the end of our fiscal year. In addition, in accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), Item 15 of Part IV of the Original Form 10-K is hereby amended to include as new Exhibits 31.3 and 31.4 the certifications required under Section 302 of the Sarbanes-Oxley Act of 2002.
In addition, this Amendment also amends Part II “Item 9B. Other Information” by adding a Rule 10b5-1 trading arrangement entered into by Dickerson Wright, a director of the Company, during the three months ended December 31, 2025, which was inadvertently omitted from the disclosure included in the Original Form 10-K.
Except as described above, no other changes have been made to the Original Form 10-K. This Amendment does not affect any other section of the Original Form 10-K and speaks as of the filing date of the Original Form 10-K. Among other things, forward-looking statements made in the Original Form 10-K have not been revised to reflect events that occurred or facts that became known to us after the filing of the Original Form 10-K, and such forward-looking statements should be read in their historical context. Accordingly, this Amendment should be read in conjunction with the Company’s other filings made with the SEC subsequent to the filing of the Original Form 10-K.

1

PART II
Except as otherwise specified, all references herein to the “Company,” “TIC Solutions,” “we,” “us” or “our” refer to TIC Solutions, Inc. and “Fiscal” refers to the fiscal year ended December 31 of each applicable year.
ITEM 9B. OTHER INFORMATION.
(b) 10b5-1 Trading Plans
None of the Company's directors or officers adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of SEC Regulation S-K) during the three months ended December 31, 2025, except as described in the table below:
Name and TitleDate Adopted or Terminated
Type of Trading Arrangement(1)
Nature of Trading ArrangementDuration of
Trading Arrangement
Aggregate Number
of Securities
Dickerson Wright, DirectorDecember 8, 2025 (Adopted)Rule 10b5-1 Trading ArrangementSaleMay 11, 2026 to March 15, 2027, or such earlier date upon which all transactions are completed or expire without executionUp to 1,200,000 shares
(1)     The trading arrangement marked as a “Rule 10b5-1 trading arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.
2

PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.
BOARD OF DIRECTORS
We believe all of our directors bring to our Board of Directors, or the Board, a wealth of experiences derived from their service in executive, director or managerial roles. Biographical and other information for our directors, as of April 24, 2026, is set forth below.
NameAgePosition
Robert A.E. Franklin34Executive Chairman of the Board
Sir Martin E. Franklin61Co-Chairman of the Board
Talman B. Pizzey61Director
Antoinette C. Bush69Independent Director
Rory Cullinan66Lead Independent Director
Elizabeth Meloy Hepding48Independent Director
Benjamin Heraud44President, Chief Executive Officer and Director
Peter A. Hochfelder64Independent Director
James E. Lillie64Independent Director
Byron Roth63Independent Director
Dickerson Wright79Independent Director
Robert A. E. Franklin
BACKGROUND:
Robert A.E. Franklin has served as one of our directors since May 2023 and Co-Chairman since July 2024 (including as Executive Chairman since August 2025). Mr. Franklin currently serves on the Board of Sweet Oak Parent, LLC, a diversified platform for consumable products, including Royal Oak Enterprises, LLC and Whole Earth Brands, Inc. He also currently serves as Chairman of Triton Long-Term Investments LLC and was a director of Double Diamond Distillery LLC from June 2017 to December 2021. Mr. Franklin has been actively involved in prior acquisition vehicles, including Nomad Holdings Limited (the vehicle that became Nomad Foods Limited) and J2 Acquisition Limited (the vehicle that became APi Group Corporation). Prior to joining Mariposa Capital, LLC as a partner in November 2016, Mr. Franklin previously served as an investment associate at TOMS Capital, a New York-based family office, from September 2014 to September 2016 and an investment banking analyst at Barclays Capital, focusing on technology, media and telecommunications from June 2013 to August 2014. Mr. Franklin is the son of the Co-Chairman of the Board, Sir Martin E. Franklin.
Executive Chairman
Age: 34
DIRECTOR SINCE:
2023
SKILLS & QUALIFICATIONS:
We believe Mr. Franklin’s qualifications to serve on our Board of Directors include his investment experience and his prior board experience.
3

Sir Martin E. Franklin
BACKGROUND:
Sir Martin is one of our co-founders and has served as a director since our inception in December 2022 and Co-Chairman since July 2024. Sir Martin is the founder and CEO of Mariposa Capital, LLC, a Miami-based private investment office focused on long-term value creation across various industries, and Chairman and controlling shareholder of Sweet Oak Parent, LLC, a diversified platform for consumable products, including Royal Oak Enterprises, LLC and Whole Earth Brands, Inc. Sir Martin is also the Co-founder and Co-Chairman of Nomad Foods Limited, the Founder and Executive Chairman of Element Solutions Inc1 and the co-Chairman of APi Group Corporation. He previously served as a director of Restaurant Brands International, Inc. from 2014 to 2019. Sir Martin was the co-founder and Chairman of Jarden Corporation (“Jarden”) from 2001 until April 2016 when Jarden merged with Newell Brands Inc (“Newell”) serving also as its CEO from 2001 to 2011 and its Executive Chairman from 2011 to 2016. Prior to co-founding Jarden in 2001, Sir Martin served as the Chairman and/or Chief Executive Officer of three public companies between 1992 to 2000: Benson Eyecare Corporation, Lumen Technologies, Inc., and Bollé Inc. Sir Martin is the father of the Executive Chairman of the Board, Robert A.E. Franklin.
Co-Chairman
Age: 61
DIRECTOR SINCE:
2022
SKILLS & QUALIFICATIONS:
We believe Sir Martin’s qualifications to serve on our Board of Directors include his leadership, extensive experience as a member of other corporate boards and his knowledge of public companies.
1 On March 23, 2026, Sir Martin announced that he will step down as Executive Chairman and as a director of the Board of Element Solutions Inc., effective at its 2026 Annual Meeting
Talman B. Pizzey
BACKGROUND:
Talman B. Pizzey has served as one of our directors since July 2024 following the Acuren Acquisition. Mr. Pizzey also served as our President and Chief Executive Officer from July 2024 until March 2026 and Chief Executive Officer of ASP Acuren and its affiliated companies from December 2019 until March 2026. Prior to his tenure as Chief Executive Officer, Mr. Pizzey was the Chief Operating Officer for ASP Acuren’s Canadian businesses since 2005, holding various positions at the company and its predecessors since 2005.
Director
Age: 61
DIRECTOR SINCE:SKILLS & QUALIFICATIONS:
2024We believe Mr. Pizzey’s qualifications to serve on our Board of Directors include his leadership skills and his experience in the safety and compliance industry.
Antoinette C. Bush
BACKGROUND:
Antoinette C. Bush has served as one of our directors since July 2024. Ms. Bush served as a Senior Advisor to News Corp from 2022 to 2024 and, from 2013 to 2022, Ms. Bush served as the Executive Vice President and Global Head of Government Affairs for News Corp. Prior to joining News Corp, Ms. Bush was a partner at Skadden, Arps, Slate, Meagher, & Flom LLP heading the firm’s Communications Law Practice Group. Ms. Bush’s experience includes serving as Executive Vice President of Northpoint Technology Ltd, where she led legal and regulatory strategy, and as Senior Counsel to the Communications Subcommittee of the U.S. Senate Committee on Commerce, Science, and Transportation. In the non-profit arena, Ms. Bush serves on a number of boards, including as the current chair of the board of directors of The HistoryMakers, a Regent for the Smithsonian Institution and the Board of Children’s National Hospital. Ms. Bush also serves on the board of directors of Ares Management Corporation and Ubicquia, Inc. Previous board service includes Radius Global Infrastructure, Inc. (f/k/a Digital Landscape Group, Inc.) and CNA Financial.
Director
Age: 69
DIRECTOR SINCE:
2024
COMMITTEES:
Compensation, Nominating and Corporate Governance
SKILLS & QUALIFICATIONS:
We believe Ms. Bush’s qualifications to serve on our Board of Directors include her board experience and her legal experience.
4

Rory Cullinan
BACKGROUND:
Rory Cullinan has served as one of our directors since May 2023 and Lead Independent Director since July 2024. Mr. Cullinan currently serves on the board of directors of Cervecera CCU Chile Limitada and Embotelladoras Chilenas Unidas S.A. and on the advisory board of Delancey Real Estate Asset Management Limited, to which he was appointed in 2007. From September 2017 to October 2019, Mr. Cullinan also served on the board of J2 Acquisition Limited (the vehicle that became APi Group Corporation). From August 2009 until March 2015, Mr. Cullinan was an executive officer of various companies within the Royal Bank of Scotland Group, during which time he was Chief Executive Officer of both the Non-Core Division and Asset Protection Scheme and the Capital Resolution Group, and subsequently Executive Chairman of the Corporate and Institutional Banking (“CIB”) and Capital Resolution Group. Whilst Executive Chairman of the CIB and Capital Resolution Group, Mr. Cullinan led the $3 billion IPO of Citizens Financial Group, Inc. From August 2007 until 2009, Mr. Cullinan was a board member of the Renaissance Group, during which the Renaissance Group established the then largest private equity fund in Russia for $600 million. Mr. Cullinan has previously served as an executive director of the Royal Bank of Scotland Group plc from 2001 until 2005. He was the Head of Financial Services at Permira Advisors LLC from 2005 until 2006.
Director
Age: 66
DIRECTOR SINCE:
2023
COMMITTEES:
Audit (chair)
SKILLS & QUALIFICATIONS:
We believe Mr. Cullinan’s qualifications to serve on our Board of Directors include his executive and board experience.
Elizabeth Meloy Hepding
BACKGROUND:
Elizabeth Meloy Hepding has served as one of our directors since July 2024 and has served as the senior vice president of strategy and corporate development at Ingersoll Rand Inc. (NYSE: IR) since July 2021. Prior to that, Ms. Hepding served as vice president, corporate development at PurposeBuilt Brands, Inc. from September 2019 to July 2021. Prior to joining PurposeBuilt Brands, Ms. Hepding was senior vice president, strategy and corporate development at Essendant Inc. from August 2016 until April 2019 and served in various senior roles at Essendant Inc. from April 2013. Ms. Hepding began her career in investment banking, spending more than a decade in the industry, primarily at UBS Investment Bank where she held roles of increasing responsibility.
Director
Age: 48
DIRECTOR SINCE:
2024
COMMITTEES:
Audit, Nominating and Corporate GovernanceSKILLS & QUALIFICATIONS:
We believe Ms. Hepding’s qualifications to serve on our Board of Directors include her finance background and experience in corporate strategy.
Benjamin Heraud
BACKGROUND:
Benjamin Heraud is our Chief Executive Officer and has served as one of our directors since August 2025. Mr. Heraud previously served as our President and Chief Operating Officer from August 2025 until March 2026. Prior to joining TIC Solutions, Mr. Heraud was Chief Executive Officer of NV5 Global, Inc. (“NV5”) from January 2025 until its acquisition by us in August 2025. From March 2024 until January 2025, Mr. Heraud served as the Co-Chief Executive Officer of NV5, and prior to that he served as Chief Operating Officer for NV5 since May 2017 when he joined NV5 through the acquisition of Energenz. Mr. Heraud co-founded Energenz in Hong Kong in November 2009 and was the Chief Executive Officer from 2013 through to its acquisition by NV5 in 2017.
Chief Executive Officer and Director
Age: 44
DIRECTOR SINCE:
2025
SKILLS & QUALIFICATIONS:
We believe Mr. Heraud’s qualifications to serve on our Board of Directors include his more than 20 years of technical experience in the field of energy management consulting, building systems commissioning, analytics and design oversight.
5

Peter A. Hochfelder
BACKGROUND:
Peter A. Hochfelder has served as one of our directors since July 2024. Mr. Hochfelder also currently acts as a private investor in various industries. Mr. Hochfelder was a co-founder and Managing Member of Brahman Management, L.L.C., a New York City based private investment partnership, until his retirement in 2016. Previously, Mr. Hochfelder served on the board of Jarden Corporation, a consumer products company, from 2015 to 2016. Mr. Hochfelder is also involved in and committed to many philanthropic organizations, including serving on the Board of Directors of HELP USA, Brothers for Life and Community-Police Relations Foundation.
Director
Age: 64
DIRECTOR SINCE:
2024
COMMITTEES:
Audit,
Compensation (chair)
SKILLS & QUALIFICATIONS:
We believe Mr. Hochfelder’s qualifications to serve on our Board of Directors include his investment and board experience.
James E. Lillie
BACKGROUND:
James E. Lillie has served as one of our directors since July 2024. Mr. Lillie has also served as a director of APi Group Corporation since September 2017 and as Co-Chair since October 2019. Previously, he served as Jarden’s Chief Executive Officer from June 2011 until Jarden’s business combination with Newell in 2016. From 2003 to 2011, Mr. Lillie served as Jarden’s Chief Operating Officer and President (from 2004). From 2000 to 2003, Mr. Lillie served as Executive Vice President of Operations at Moore Corporation, Limited. From 1999 to 2000, Mr. Lillie served as Executive Vice President of Operations at Walter Industries, Inc., a Kohlberg, Kravis, Roberts & Company (“KKR”) portfolio company. From 1990 to 1999, Mr. Lillie held a succession of senior level management positions across a variety of disciplines including human resources, manufacturing, finance and operations at World Color, Inc., another KKR portfolio company. Since June 2015, Mr. Lillie has served on the board of directors of Nomad Foods Limited and served on the board of directors of Tiffany & Co. from February 2017 until January 2021.
Director
Age: 64
DIRECTOR SINCE:
2024
COMMITTEES:
Compensation, Nominating and Corporate Governance (chair)
SKILLS & QUALIFICATIONS:
We believe Mr. Lillie’s qualifications to serve on our Board of Directors include his operational experience and board experience.
Byron Roth
BACKGROUND:
Byron Roth has served as one of our directors since August 2025, following TIC Solutions' acquisition of NV5 Global, Inc. Byron is the Executive Chairman of Roth Capital Partners, LLC, a full service investment bank, which he has led since 1992. Mr. Roth co-founded three private investment firms: Rx3 Ventures LP, a fund focused on consumer growth investments, RIVI Capital LLC, with investments in the precious metals mining sector, and Aceras Life Sciences LLC, which provides capital to companies for the development of novel medical innovations. He also co-founded two asset management firms: Cortina Asset Management, acquired by Silvercrest Asset Management (NASDAQ: SAMG), and EAM Investors LLC.
Director
Age: 63
DIRECTOR SINCE:
2025
SKILLS & QUALIFICATIONS:
We believe Mr. Roth’s qualifications to serve on our Board of Directors include his broad industry perspective regarding finance, governance and oversight.
6

Dickerson Wright
BACKGROUND:
Dickerson Wright has served as one of our directors since August 2025. Mr. Wright was previously the Executive Chairman of the Board of Directors of NV5 from March 2024 until its acquisition by TIC Solutions in August 2025. From January 2015 until March 2024, Mr. Wright served as the Chief Executive Officer and Chairman of the Board of NV5. From NV5’s inception in September 2011 until January 2015, he served as its President.
Director
Age: 79
DIRECTOR SINCE:SKILLS & QUALIFICATIONS:
2025We believe Mr. Wright’s qualifications to serve on our Board of Directors include his more than 45 years of uninterrupted experience in managing and developing engineering companies.
7

Our Executive Officers
Set forth below is certain information relating to our current executive officers. Biographical information with respect to Mr. Heraud is set forth above under “Board of Directors.”
NameAgePosition
Benjamin Heraud44Chief Executive Officer
Kristin Schultes46Chief Financial Officer
MaryJo O’Brien63Chief Human Resources Officer
Kristin Schultes
BACKGROUND:
Kristin Schultes has served as our Chief Financial Officer since December 2024. Prior to joining TIC Solutions, Ms. Schultes served as the Vice President of Corporate Development at APi Group Corporation, a business services provider of safety and specialty services since January 2021. Prior to that, Ms. Schultes held several key financial and operational leadership positions at Gardner Builders as well as Metropolitan Mechanical Contractors, Inc., a portfolio company of APi Group Corporation, including as President and Chief Financial Officer. Ms. Schultes began her career in public accounting working with Deloitte and Grant Thornton, where she focused on attestation, M&A and Sarbanes-Oxley compliance.
Chief Financial Officer
December 2024 to Present
Age: 46
MaryJo O’Brien
BACKGROUND:
MaryJo O’Brien was appointed as our Chief Human Resources Officer in August 2025 following our acquisition of NV5 Global, Inc. (the “NV5 Acquisition”). Prior to August 2025, Ms. O’Brien served as a member of the board of directors of NV5 since June 2018 and served as NV5’s Executive Vice President, Chief Administrative Officer and Secretary from September 2011 until August 2025. Ms. O’Brien previously served as Executive Vice President of Human Resources and Administration of NV5 from January 2010 to September 2011. Ms. O’Brien has more than 35 years of experience in human resources, administration and the engineering and consulting industry. From March 2008 through November 2009, Ms. O’Brien served as the Director of Human Resources for Nova Group Services, Inc. From 2002 to 2008, Ms. O’Brien held various management positions with Bureau Veritas North America. Further, Ms. O’Brien served in similar human resources and administrative capacities for Testing Engineers - San Diego and U.S. Laboratories from 1987 to 2002.
Chief Human Resources Officer
August 2025 to
Present
Age: 63
Corporate Governance
Corporate Governance Guidelines
Our Board of Directors is responsible for overseeing the management of our company. The Board of Directors has adopted Corporate Governance Guidelines (“Governance Guidelines”) which set forth our governance principles relating to, among other things:
director independence;
director responsibilities;
mandatory retirement age for independent directors;
board structure and meetings; and
the performance evaluation of our Board of Directors.
Our Governance Guidelines are available in the Investor Relations section of our website at www.ticsolutions.com.
8

Board Committees
Our Board of Directors has three standing committees: an Audit Committee, a Compensation Committee and a Nominating and Corporate Governance Committee. Copies of these committee charters setting forth the responsibilities of each committee are available in the Investor Relations section of our website at www.ticsolutions.com, and such information is also available in print to any stockholder who requests it through our Investor Relations department. The committees will periodically review their respective charters and recommend any needed revisions to the Board of Directors. The following is a summary of the composition of each committee:
Name
Audit Committee
Compensation Committee
Nominating and Corporate Governance Committee
Antoinette C. Bush
X
X
Rory Cullinan
 X*
Elizabeth Meloy Hepding
X
X
Peter A. Hochfelder
X
 X*
James E. Lillie
X
 X*
*    Denotes Chair of applicable Committee.
Audit Committee
The Board of Directors has adopted a written Audit Committee Charter that governs the responsibilities of the Audit Committee. The Audit Committee is responsible for, among other things:
overseeing preparation of our financial statements, the financial reporting process and our compliance with legal and regulatory matters;
appointing and overseeing the work of our independent auditor;
preapproving all auditing services and permitted non-auditing services to be performed for us by our independent auditor and approving the fees associated with such work;
approving the scope of the annual audit;
reviewing interim and year-end financial statements;
overseeing our cybersecurity and information technology risks, controls and procedures;
overseeing our internal audit function, if any, reviewing any significant reports to management arising from such internal audit function and reporting to the Board of Directors; and
approving the audit committee report required to be included in our annual proxy statement.
The Audit Committee has the power to investigate any matter brought to its attention within the scope of its duties and to retain counsel for this purpose where appropriate. Pursuant to the Audit Committee Charter, the Audit Committee reviews and pre-approves all audit and non-audit services performed by our independent accountant.
The Board of Directors has reviewed the background, experience, and independence of the Audit Committee members and based on this review, has determined that each member of the Audit Committee:
meets the independence requirements of the New York Stock Exchange (“NYSE”) governance standards;
meets the enhanced independence standards for audit committee members required by the SEC; and
is financially literate, knowledgeable and qualified to review financial statements.
In addition, the Board of Directors has determined that each of Messrs. Cullinan and Hochfelder qualify as an “audit committee financial expert” under the SEC regulations.
Compensation Committee
The Board of Directors has adopted a written Compensation Committee Charter that governs the responsibilities of the Compensation Committee. The Compensation Committee is responsible for, among other things:
assisting the Board of Directors in developing and evaluating potential candidates for executive positions;
reviewing and approving corporate goals and objectives with respect to compensation for the Chief Executive Officer (“CEO”), evaluating the CEO’s performance and recommending to the Board of Directors, the CEO’s compensation based on such evaluation;
determining the compensation of other non-CEO executive officers and all equity awards to such executive officers and other employees;
9

reviewing on a periodic basis compensation and benefits paid to directors and recommending such compensation to the Board of Directors for approval;
reviewing and approving our equity-based compensation plans and incentive compensation plans, including reviewing and approving equity awards issued under such plans; and
approving the compensation committee report on executive compensation (if and to the extent) required to be included in our annual proxy statement.
The Board of Directors has reviewed the background, experience and independence of the Compensation Committee members and based on this review, has determined that each member of the Compensation Committee:
meets the independence requirements of the NYSE governance standards;
is a “non-employee director” within the meaning of Rule 16b-3 under the Exchange Act; and
meets the enhanced independence standards for Compensation Committee members established by the SEC.
Nominating and Corporate Governance Committee
The Board of Directors has adopted a written Nominating and Corporate Governance Committee Charter that governs the responsibilities of the Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee is responsible for, among other things:
assisting our Board of Directors in identifying prospective director nominees and recommending nominees for each annual meeting of stockholders to our Board of Directors;
leading the search for individuals qualified to become members of the Board of Directors and selecting director nominees to be presented for stockholder approval at our annual meetings;
reviewing the Board of Directors’ committee structure and recommending to the Board of Directors for approval directors to serve as members of each committee;
developing and recommending to the Board of Directors for approval a set of corporate governance guidelines and generally advising the Board of Directors on corporate governance matters;
reviewing such corporate governance guidelines on a periodic basis and recommending changes as necessary;
overseeing any self-evaluations of the Board and each committee; and
reviewing director nominations submitted by stockholders.
The Nominating and Corporate Governance Committee may, when it deems appropriate, delegate certain of its responsibilities to one or more Nominating and Corporate Governance Committee members or subcommittees. In making nominations, the Nominating and Corporate Governance Committee is required to submit candidates who have the highest personal and professional integrity, who have demonstrated exceptional ability and judgment and who shall be most effective, in conjunction with the other nominees to the Board of Directors, in collectively serving the long-term interests of the stockholders. In evaluating nominees, the Nominating and Corporate Governance Committee is required to take into consideration the following attributes, which are desirable for a member of the Board of Directors: leadership, independence, interpersonal skills, financial acumen, business experiences, industry knowledge and diversity of viewpoints.
The Board of Directors has reviewed the background, experience and independence of the Nominating and Corporate Governance Committee members and based on this review, has determined that each member of the Nominating and Corporate Governance Committee meets the independence requirements of the NYSE governance standards and SEC rules and regulations.
Code of Business Conduct and Ethics
Our Board of Directors has adopted a written Code of Conduct (“Code of Conduct”) that establishes the standards of ethical conduct applicable to all our directors, officers, and employees. In addition, our Board of Directors has adopted a written Code of Ethics for Senior Financial Officers (“Code of Ethics”) applicable to our chief executive officer, chief financial officer, chief accounting officer, controller and other senior financial officers. Copies of our Code of Conduct and Code of Ethics are publicly available in the Investor Relations section of our website at www.ticsolutions.com. Any waiver of our Code of Ethics with respect to our chief executive officer, chief financial officer, chief accounting officer, controller or persons performing similar functions may only be authorized by our Board of Directors and will be disclosed as promptly as practicable, as may be required under applicable SEC and NYSE rules on our Investor Relations section of our website at www.ticsolutions.com.
10

Insider Trading Policy
We have adopted an insider trading policy (the “Insider Trading Policy”) applicable to directors, officers, and employees of the Company and its subsidiaries. We believe the Insider Trading Policy is reasonably designed to promote compliance with the insider trading laws, rules and regulations and the applicable listing requirements of the NYSE. A copy of our Insider Trading Policy was filed as an exhibit to the Original Form 10-K and this Amendment.
Anti-Hedging Policy
Our Insider Trading Policy makes clear that no employee or director may engage in hedging transactions or any other forms of monetization transactions that hedge or offset, or are designed to hedge or offset, any decrease in the market value of our equity securities.
ITEM 11. EXECUTIVE COMPENSATION.
COMPENSATION DISCUSSION AND ANALYSIS
Overview
This Compensation Discussion and Analysis provides information regarding our executive compensation philosophy, programs and decisions for 2025 for our named executive officers. For 2025, our named executive officers (“NEOs”) were:
Benjamin Heraud(1)
Chief Executive Officer
Talman Pizzey(1)
Director and Former Chief Executive Officer
Kristin SchultesChief Financial Officer
MaryJo O’BrienChief Human Resources Officer
Richard Tong(2)
Former General Counsel
Fiona Sutherland(3)
Former General Counsel
Greg Conaway(4)
Former Chief Accounting Officer
(1)    Effective March 31, 2026, Mr. Pizzey retired as Chief Executive Officer (CEO) and Mr. Heraud succeeded Mr. Pizzey as CEO. Prior to being appointed as CEO, Mr. Heraud served as our President and Chief Operating Officer.
(2)    Mr. Tong was appointed as General Counsel in connection with the closing of the NV5 Acquisition in August 2025. Effective December 31, 2025, Mr. Tong retired from his position as General Counsel.
(3)    Effective August 12, 2025, Ms. Sutherland no longer served as our General Counsel and on September 30, 2025, Ms. Sutherland’s employment with the Company terminated.
(4)    Effective April 11, 2025, Mr. Conaway’s employment with the Company was terminated.
Compensation Philosophy and Objectives
Our Compensation Committee’s guiding principle when reviewing and determining executive compensation is to ensure that the Company’s compensation policies, practices and decisions attract and retain our key employees necessary to support the Company’s growth and success, both operationally and strategically, and to motivate executives to achieve short- and long-term goals with the ultimate objective of creating sustainable improvements in stockholder value by:
appropriately rewarding executives for their contributions to our successful performance;
providing that a significant portion of each executive’s compensation is “at risk” and tied to overall Company, business unit and individual performance;
balancing short- and long-term compensation elements to motivate and reward superior performance without encouraging excessive or unnecessary risk taking; and
designing compensation programs that align with the interests of our stockholders.
Compensation Governance Practices
Our executive compensation governance practices are intended to support the needs of the business, drive performance, and ensure management alignment with the short- and long-term interests of our stockholders. Selected key policies embedded in our executive compensation program are set forth below:
pay for performance with a substantial majority of pay dependent on performance;
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use multi-year vesting terms for annual executive officer equity awards;
balance short and long-term incentives;
engage an independent compensation consultant;
benchmark compensation to peer and market data during compensation decision-making process;
provide limited excessive perquisites to executives;
prohibit liberal share recycling; and
prohibit hedging or short sales of the Company’s stock.
Executive Compensation Setting Process
Review of the Compensation Committee
Our Board of Directors has adopted a written Compensation Committee Charter that governs the responsibilities of our Compensation Committee. The Compensation Committee is responsible for, among other things:
the design, implementation and administration of short- and long-term compensation (including benefits and awards under our 2024 Equity Incentive Plan (the “Equity Incentive Plan”)) for directors and executive officers;
reviewing and approving corporate goals and objectives with respect to compensation for the CEO, evaluating the CEO’s performance and recommending to the Board the CEO’s compensation based on such evaluation; and
determining compensation for non-CEO Company executive officers.
When making compensation decisions, the Compensation Committee analyzes data relating to our peer group (as identified below in “Peer Group and Market Benchmarking”) and considers the dynamics of operating in the Testing, Inspection, Certification and Compliance (TICC), engineering, and geospatial services industries, the importance of rewarding and retaining talented and experienced executives to continue to guide the Company, the alignment of our executive compensation program with stockholders’ interests and Company’s past-year performance and growth. In reviewing and determining executive compensation, the Compensation Committee also considers: compensation levels at peer group companies derived from compensation surveys provided by outside consultants; the achievement of specific pre-established financial goals; a subjective determination of the executives’ past performance and expected future contributions to the Company; and past equity awards granted to such executives. In connection with the 2025 executive compensation program design, the Compensation Committee received analyses, guidance and recommendations, including information on executive compensation market trends and practices of peer group companies, provided by Mercer and Aon. Mercer and Aon do not perform any other services for the Company other than consulting services provided to the Compensation Committee. The Compensation Committee has reviewed the independence of each of Mercer and Aon in light of SEC rules and NYSE requirements regarding compensation consultants and has concluded that the work for the Compensation Committee during 2025 did not raise any conflicts of interest.
Peer Group and Market Benchmarking
In connection with developing an executive compensation program for 2025, the Compensation Committee identified a representative peer group in the same or similar industries that the Compensation Committee believes is representative of the labor market from which we recruit talent. Factors used to select the peer group included industry, revenues, profitability, market capitalization, and a qualitative review of potential companies’ business fundamentals to ensure alignment with our Company. Several companies were identified whose business models more closely align with the Company, but which have a larger revenue base. The approach taken by the Compensation Committee in selecting the primary peer group excluded these larger companies from the market data review but included them as “reference peers” for the purpose of providing qualitative data about program design for the Compensation Committee’s reference.
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The primary peer group is composed of the following companies:
DXP Enterprises
NV5 Global *
Expro Group Holdings N.V.
Matrix Service Company
Helix Energy Solutions Group
Oil States International
Enpro
Forum Energy Technologies
Archrock
DMC Global
ESCO Technologies
Onion Group Holdings
Columbus McKinnon
Mistras Group
Team
Enerpac Tool Group
*    Prior to the NV5 Acquisition.
The reference peer group is composed of the following companies: Oceaneering International, MYR Group, APi Group Corporation, and Jacobs Solutions. From time to time, the Compensation Committee will use other peer groups to evaluate and determine executive compensation.
The Compensation Committee expects to continue to utilize outside compensation and benefits consultants from time to time to assist the Compensation Committee in designing executive pay, compensation design and other related matters. The information from any outside consultant regarding pay practices at peer companies will be used by the Compensation Committee as a resource in its deliberations regarding executive compensation and will be useful in determining the marketplace competitiveness as well as reasonableness and appropriateness of our executive compensation programs.
Role of Executives in Establishing Compensation
Our CEO provides input on individual performance and competitive pay positioning of our executive management team, including our NEOs. Our CEO then makes recommendations to the Compensation Committee regarding the target compensation, job leveling and grading for such executive officers.
Components of the Executive Compensation Program
Our Board of Directors approved executive employment agreements for Mr. Pizzey and Ms. Schultes and, on March 31, 2026, for Mr. Heraud (collectively, the “Employment Agreements”) which provide for a base salary, annual cash incentive award, annual time- and performance-based equity incentive awards (each, an “LTI Award”) and participation in our employee benefits plans. Ms. O’Brien has an employment agreement with NV5 Holdings, LLC, a subsidiary of the Company. Messrs. Tong and Conaway and Ms. Sutherland did not have employment agreements with the Company.
The Company’s 2025 executive compensation program contained three primary components: Base Salary; Annual Short-Term Incentive Compensation, and Long-Term Incentive Compensation. The Compensation Committee believes that a combination of these components provides the NEOs with a competitive executive compensation package that serves to motivate and retain the executive while promoting the Company’s pay-for-performance philosophy.
In the first quarter of 2025, the Compensation Committee approved, and the Company implemented, a 2025 executive compensation program. The 2025 executive compensation program was intended to attract and retain a high caliber of executive talent, align incentives with stockholder’s interests, and support the Company’s pay-for-performance philosophy. From time to time, the Compensation Committee also approves discretionary awards to executives in connection with their initial employment or for extraordinary performance, a significant contribution to the Company’s strategic objectives or other retention or business purposes.

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The following table summarizes the primary components of the 2025 executive compensation program:
ComponentFixed or VariableComponent Goal(s)Key Features and Considerations
Base SalaryFixed short term cashAttract and retain key talentPeer group and market-based data; Role; Performance; Pay equity; Compensation history and executive potential
Annual Cash Incentive AwardVariable short term cash and equityAttract and retain key talent

Motivate and reward achievement of annual financial Company performance targets
Award amounts are established as a percentage of base salary based on role and responsibilities and retention objectives

Awards generally determined and paid based on achievement of Company financial performance goals after conclusion of year
Annual Long Term Incentive AwardsVariable long-term equityAttract and retain key talent

Motivate and reward achievement of Company financial performance targets supporting long-term strategic plan
Award amounts based on role and responsibility; pay equity; past performance/executive potential; and retention objectives/risks

Awards are a blend time-based and performance-based equity, with heavy reliance on long-term performance awards to balance retention and long-term performance goals
Benefits and other PerquisitesNot applicableAttract and retain key talent with appropriate health and welfare benefitsParticipation in health, welfare and retirement benefit plans, generally on the same terms as all other full-time employees

Limited additional benefits consistent with the competitive marketplace
Base Salary
The Compensation Committee believes a competitive base salary, in combination with health, welfare and retirement benefits, serves to attract and retain high-quality executives needed to lead our complex business.
At the beginning of each fiscal year, the Compensation Committee reviews our chief executive officer’s salary recommendations for each NEO (other than himself) and then sets base salary levels for such year based on a number of factors, including compensation market data, the position’s complexity and level of responsibility, the position’s importance in relation to other executive positions, and the assessment of the executive’s performance and other circumstances, including, for example, experience in that position. In addition, the Compensation Committee takes into consideration evaluations of each individual NEO, market changes and the economic and business conditions affecting the Company at the time of the evaluation and the resulting target total cash compensation as compared to market data.
In March 2025, the Compensation Committee evaluated the base salaries of its executive officers based on peer group compensation data provided by Mercer. Mr. Pizzey’s base salary was set at $691,256 in July 2024 in connection with the Acuren Acquisition and no further changes were subsequently made. Ms. Schultes joined the Company in December 2024 and received an increase in her base salary in December 2025 from $450,000 to $550,000 based on new market data from Aon and broadened responsibilities. Ms. Sutherland’s base salary was increased from $222,577 to $300,000 in March 2025. Mr. Conaway joined the Company in November 2024 and did not receive an increase in his base salary in 2025.
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In August 2025, the Company completed its acquisition of NV5 Global, Inc. and appointed (i) Mr. Heraud as President and Chief Operating Officer of the Company, (ii) Mr. Tong as General Counsel of the Company, and (iii) Ms. O’Brien as Chief Human Resources Officer of the Company. In connection with such appointments, the Compensation Committee approved a base salary of $550,000 for Mr. Heraud, while Mr. Tong and Ms. O’Brien maintained their pre-NV5 Acquisition base salaries.
Annual Cash Incentive Compensation
2025 Annual Cash Incentive for Mr. Pizzey and Mses. Schultes and Sutherland Opportunity.
In 2025, Company executives had an opportunity to earn cash incentive compensation based on the achievement of annual performance goals that were based, in large part, on the annual budget process and approved by the Compensation Committee. The Compensation Committee annually reviews the appropriateness of the performance metrics, their correlation to the Company’s overall growth strategy and the impact of such performance metrics on long-term stockholder value, and, when it deems appropriate makes changes to the metrics. For 2025, Messrs. Pizzey and Conaway and Mses. Schultes and Sutherland were eligible for an annual cash incentive opportunity as outlined below.
Named Executive OfficerTarget Annual Incentive as a Percentage of Salary
Talman Pizzey100%
Kristin Schultes100%
Fiona Sutherland(1)
50%
Greg Conaway(2)
40%
(1)    Ms. Sutherland’s employment with the Company terminated on September 30, 2025 and, as such, she did not receive annual cash incentive compensation for 2025.
(2)    Mr. Conaway’s employment with the Company terminated on April 11, 2025, and as such, he did not receive annual cash incentive compensation for 2025.
Performance Metric, Target and Payout. Payouts under the annual cash incentive portion of the executive compensation plan can range from 0% to 200% of target, with a threshold payout of 50% of target and a maximum payout of 200% of target based on achievement against the performance targets. If the performance target was achieved between the threshold level and target or between the target and maximum level, the amount of the annual cash incentive payment with respect to that performance goal is calculated on a linear basis from the threshold level or target level, as applicable.
For 2025, the Compensation Committee determined that the annual cash incentive compensation paid to our NEOs would be based on performance against the consolidated Adjusted EBITDA of $186 million for which the executive would receive 100% of his or her target bonus. In the event 90% of the Adjusted EBITDA target was met, the executive would receive 50% of his or her target bonus and in the event the target was exceeded by 10% or more, the executive would receive a range of 150% to 200% of his or her target bonus. In March 2026, the compensation committee determined that the threshold amount was not met. Adjusted EBITDA is calculated based on earnings before interest, taxes, depreciation and amortization and excludes the impact of certain non-cash and non-recurring items. The Compensation Committee believes that our NEOs can impact Adjusted EBITDA and that it is one of the most important performance metrics used by investors, stockholders and creditors as an indicator of the performance of the Company’s business.
In early 2026, the Compensation Committee evaluated the Company’s 2025 performance and determined that our 2025 consolidated Adjusted EBITDA was below the threshold and, as such, Mr. Pizzey and Ms. Schultes would not receive a payout under the 2025 annual incentive program. Notwithstanding the foregoing, the Compensation Committee, recognizing Ms. Schultes’ individual performance and contributions and the need to retain and incentivize Ms. Schultes, approved a one-time grant of 44,408 time-based restricted stock units that vest on September 16, 2027. Mr. Pizzey retired effective March 31, 2026, and did not receive a similar one-time grant.
2025 Annual Incentive for Messrs. Heraud and Tong and Ms. O’Brien
Prior to the NV5 Acquisition, the compensation committee for NV5 eliminated annual cash bonuses for executive officers beginning in 2015 in favor of all incentive compensation being granted in the form of annual equity incentive awards of time-based restricted stock. As such, Mr. Heraud and Ms. O’Brien received 49,301 and 20,045 restricted stock units, respectively, based on NV5’s 2025 performance. Messrs. Heraud and Tong and Ms. O’Brien did not receive an annual cash incentive bonus for 2025. Going forward, Mr. Heraud and Ms. O’Brien will participate in our annual cash incentive program.
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Annual Long-Term Incentive Awards
Long-term incentive awards granted by the Compensation Committee are intended to align the financial interests of our executives with those of the stockholders of the Company. We believe that stockholders’ interests are best served by balancing the focus of executives’ decisions between short and long-term measures. We also believe that providing our executives with opportunities to acquire significant stakes in the Company’s growth incentivizes and rewards executives for sound business decisions and high-performance team environments, while fostering the accomplishment of short- and long-term strategic objectives and improvement in stockholder value, all of which are essential to our ongoing success. We expect our executive officers and other key management personnel to be and remain stockholders in the Company.
Long-term incentive awards are granted under (i) our 2024 Equity Incentive Plan, or the Plan, which was approved by our Board of Directors effective as of July 30, 2024 in connection with the closing of the Acuren Acquisition, or (ii) such other long-term incentive plans, programs and arrangements that are or may be established and modified from time to time by the Compensation Committee. Our NEOs are eligible to participate in the Plan and any other long-term incentive plan, program and/or arrangements applicable to senior-level executives as established and modified from time to time by the Compensation Committee, in its sole discretion.
The 2025 executive compensation program adopted by the Compensation Committee includes the grant of long-term incentive awards under the Plan. The Compensation Committee believes that the structure of long-term incentive awards should correlate the value of any such award to the achievement by the Company of long-term and strategic objectives. As such, the Compensation Committee expects that a significant percentage of the amount of long-term incentive awards will be subject to the achievement of Company performance goals. Time-based awards are awarded as part of a balanced approach to encourage retention and ensure that the Company’s compensation programs do not encourage excessive risk-taking.
Opportunity and Design. The Compensation Committee annually determines the value of each executive NEO’s long-term incentive award based on each officer’s role, responsibilities, performance and potential, market data and retention objectives.
Pursuant to our executive compensation program, in April 2025, the Compensation Committee approved the grant of a mix of performance-based and time-based restricted stock units to the then named executive officers. The time-based restricted stock units represented 1/3 of the total target award amount and vest on the third anniversary of the grant date. The performance-based restricted stock units represented 2/3 of the total target award amount (assuming performance and vesting at target levels) and vest at threshold or target levels of 50% or 100%, respectively, if the applicable performance goal is met at the corresponding threshold or target level.
In April 2025, the Compensation Committee approved the following target long-term incentive awards for our NEOs:
Named Executive Officer2025 Time-Based
Restricted Stock Units (#)
2025 Performance-Based
Restricted Stock Units (#)
2025 Total Long-Term Incentive Award ($)
Talman Pizzey73,333146,667$2,021,800.00 
Kristin Schultes30,00060,000$827,100.00 
Fiona Sutherland20,00040,000$551,400.00 
Effective September 30, 2025, Ms. Sutherland forfeited the above time-based and performance-based restricted stock units in connection with the termination of her employment with the Company. In addition, in connection with Mr. Pizzey’s retirement, effective March 31, 2026, the (i) 73,333 time-based restricted stock units were accelerated and immediately vested, (ii) 73,333 of the performance-based restricted stock units remain outstanding and will continue to vest subject to the Company’s achievement of its 2026 adjusted EBITDA target and (iii) the remaining 73,334 performance-based restricted stock units were forfeited. In early 2026, the Compensation Committee approved an adjustment to increase the Adjusted EBITDA target for Ms. Schultes’ 2025 performance-based restricted stock units to account for the NV5 Acquisition. Mr. Conaway’s employment with the Company terminated prior to the Compensation Committee’s approval of the annual target long-term incentive awards.
Performance Metric. For the 2025 long-term incentive award, the performance metric is a three-year cumulative adjusted EBITDA goal and the achievement of the goal will be determined by the Compensation Committee following the three-year performance period of January 1, 2025 through December 31, 2027.
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On August 4, 2025, in connection with his appointment to President and Chief Operating Officer of the Company, the Compensation Committee approved a grant of 35,715 time-based restricted stock units and 35,714 performance-based restricted stock units to Mr. Heraud. The time-based restricted stock units vest on September 30, 2028 and the performance-based stock units, to the extent earned, vest on September 30, 2026 based on NV5’s achievement of its full year 2025 adjusted EBITDA target. The performance criteria for Mr. Heraud’s performance-based restricted stock units was not met.
Mr. Tong and Ms. O’Brien did not receive an equity grant during 2025.
Transaction Bonus
In August 2025, the Compensation Committee approved a one-time transaction bonus of 60,000 performance-based restricted stock units to Ms. Schultes in connection with the closing of the NV5 Acquisition. The performance-based restricted stock units vest on September 30, 2026 between 0% to 100% based on the achievement of the Company’s annualized savings target.
Benefits and Other Perquisites
We provide employees, including the NEOs, with a range of employee benefits including life and health insurance, disability benefits and retirement benefits (as described below), that are designed to assist in attracting and retaining skilled employees critical to our long-term success, providing basic financial stability, and to be competitive with market practice.
Most of our employees, prior to the NV5 acquisition, including certain of our NEOs, are eligible to participate in the Company’s 401(k) Plan (the “Acuren 401(k) Plan”). Pursuant to the Acuren 401(k) Plan, employees may elect to contribute a portion of their current compensation to the Acuren 401(k) Plan, in an amount up to the statutorily prescribed annual limit. The Acuren 401(k) Plan provides the option for the Company to make matching contributions.
Company matching contributions allocated to certain NEOs under the Acuren 401(k) Plan, and amounts paid by the Company for the car allowance for NEOs and for certain relocation expense reimbursements are shown in the “All Other Compensation” column in the Summary Compensation Table in the “Executive Compensation” section.
Benefits and Other Perquisites with respect to Messrs. Heraud and Tong and Ms. O’Brien
For 2025, Messrs. Heraud and Tong and Ms. O’Brien were entitled to participate in the NV5 401(k) plan that allows employees to accumulate assets to fund their retirement benefits. The NV5 401(k) plan allows us to maintain a competitive retirement package. The NV5 401(k) plan is available to all employees who have completed at least 30 days of service. For 2025, the matching contributions to the NV5 401(k) Plan were discretionary based on the profitability of NV5. Historically, the Company has primarily issued restricted stock awards in lieu of discretionary contributions to the NV5 401(k) Plan. The amounts of these NV5 401(k) related restricted stock awards for Messrs. Heraud and Tong and Ms. O’Brien under the NV5 401(k) Plan are included in the “All Other Compensation” column of the Summary Compensation Table. It is anticipated that the NV5 401(k) plan will be merged with and into the Acuren 401(k) plan in 2027.
Employee Stock Purchase Plan
Most of our domestic and Canadian employees, including our NEOs, are eligible to participate in the Company’s Employee Stock Purchase Plan (the “ESPP”). Sales of shares of our common stock under the ESPP are generally made pursuant to offerings that are intended to satisfy the requirements of Section 423 of the Internal Revenue Code. The ESPP permits employees of the Company, including our NEOs, to purchase common stock at a discount equal to 85% of the lesser of (i) the market value of our common stock on the first day of the offering period, or (ii) the market value of our common stock on the purchase date, whichever is lower. Participants are subject to eligibility requirements and may not purchase more than 500 shares of common stock in any offering period or more than $10,000 of common stock in a year under the ESPP.
Other Compensation-Related Practices and Policies
Severance
The Employment Agreements include certain severance benefits which are described in more detail under the “Potential Payments Upon Termination or Change in Control” section below.
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Clawback Policy
Our Executive Officer Clawback Policy applies to excess incentive-based compensation received by any officers subject to Section 16 of the Exchange Act ("covered officers") in the event of a required accounting restatement. The policy is intended to comply with the final rules regarding recovery of erroneously awarded compensation as promulgated by the SEC and the NYSE. Subject to limited exceptions, the policy provides that the Company will recover the incentive-based compensation received by each covered officer during the prior three fiscal years that exceeds the amount that the covered officers otherwise would have received had the incentive-based compensation been determined based on the restated financial statements.
Policies and Practices Relating to the Timing of Equity Awards
We generally grant annual equity-based awards during the first quarter of our fiscal year, although such timing may change from year to year. The Compensation Committee may, in its sole discretion, also consider and approve interim or mid-year grants (or grants made on another basis) from time to time based on business needs, changing compensation practices, or other factors. The Compensation Committee does not grant equity in anticipation of the release of material non-public information for the purpose of affecting the value of executive compensation.
Compensation Committee Interlocks and Insider Participation
None of our compensation committee members is or has been an officer or employee of TIC Solutions. During 2025, none of our executive officers served as a director of another entity, one of whose executive officers served on the Compensation Committee, and none of our executive officers served as a member of the compensation committee of another entity, whose executive officers served as a member of our Board.
COMPENSATION COMMITTEE REPORT
The Compensation Committee has reviewed and discussed the disclosure set forth above under the heading “Compensation Discussion and Analysis” with management and, based on such review and discussions, it has recommended to the Board that the “Compensation Discussion and Analysis” be included in this Amendment to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
The Compensation Committee
Peter Hochfelder, Chair
Antoinette C. Bush
James E. Lillie
The information contained above under the caption “Compensation Committee Report” will not be considered to be “filed” with the SEC, nor will that information be incorporated by reference into any future filing under the Securities Act or the Exchange Act, except to the extent that the Company specifically incorporates it by reference into a filing.
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EXECUTIVE COMPENSATION TABLES
Summary Compensation Table
The following table summarizes the compensation for our NEOs for the fiscal years ended December 31, 2025, 2024 and 2023:
Name and Principal PositionYear
Salary ($)
Bonus ($)
Stock Awards ($)(1)
Non-Equity Incentive Plan Compensation ($)(2)
All Other Compensation ($)(3)
Total ($)
Talman Pizzey(4)(5)
2025$708,697 $— $2,021,800 $— $11,185 $2,741,682 
Former Chief Executive Officer2024$599,100 $— $2,200,000 $369,734 $10,435 $3,179,269 
2023$533,611 $— $— $647,499 $8,890 $1,190,000 
Kristin Schultes(6)
2025$453,846 $— $1,441,500 $— $499,525 $2,394,871 
Chief Financial Officer2024$243,188 $— $600,000 $58,896 $1,132 $903,216 
Benjamin Heraud (5)2025$232,692 $— $750,005 $— $3,552 $986,249 
Chief Executive Officer
MaryJo O’Brien2025$139,615 $— $— $— $1,099 $140,714 
Chief Human Resources Officer
Richard Tong(7)
2025$181,923 $300,000 $— $— $435,884 $917,807 
Former General Counsel
Fiona Sutherland(8)
2025$254,914 $72,540 $551,400 $— $570,204 $1,449,058 
Former General Counsel2024$274,038 $— $600,000 $72,246 $7,352 $953,636 
2023$211,538 $— $937,464 $105,821 $9,621 $1,264,444 
Greg Conaway(9)
2025$129,101 $— $— $— $172,719 $301,820 
Former Chief Accounting Officer
(1)    The amount reported represents the aggregate grant date fair value of the restricted stock units granted to our NEOs calculated in accordance with FASB ASC Topic 718, Share-based Compensation, as discussed in “Note 17 Share-Based Compensation” of the notes to our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. This amount does not reflect the actual value that will be recognized by the recipient upon the vesting of the restricted stock units or the sale of the underlying shares.
(2)    Amounts reported in this column represent amounts paid under our annual cash incentive compensation program as described in the “Compensation Discussion and Analysis”.
(3)    Amounts reported in this column represent, in each case, the following payments to, or on behalf of, the NEOs: health expenses, 401(k) matches, and, in the case of Mr. Pizzey, a car allowance. For Messrs. Tong and Conaway and Ms. Sutherland, amounts reported in this column include $430,000, $168,000, and $557,562, respectively, in severance payments. None of the other items reported in this column individually exceeded $10,000.
(4)    Mr. Pizzey and Ms. Sutherland were paid in CAD. The table has been converted to USD at a 0.73 rate for the year ended December 31, 2025, a 0.69 rate for the year ended December 31, 2024 and a 0.76 rate for the year ended December 31, 2023.
(5)    Effective March 31, 2026, Mr. Pizzey retired from his position as Chief Executive Officer and Mr. Heraud succeeded Mr. Pizzey as Chief Executive Officer.
(6)    Effective December 11, 2025, Ms. Schultes’ base salary was increased from $450,000 to $550,000.
(7)    Effective December 31, 2025, Mr. Tong retired from his position as General Counsel.
(8)    Effective August 12, 2025, in connection with our integration of NV5, we appointed Mr. Tong as our General Counsel. Ms. Sutherland remained employed by us until September 30, 2025, to assist with transition matters.
(9)    Effective April 11, 2025, Mr. Conaway’s employment with the Company was terminated.    
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Grants of Plan-Based Awards During 2025
The table below provides information regarding equity and incentive awards granted to our NEOs during fiscal 2025.
Estimated Future Payouts
Under Non-Equity
Incentive Plan
Awards (1)
Estimated Future Payouts Under Equity Incentive Plan Awards (2)
All other stock awards: Number of shares of stock or units
(#) (3)
Grant date fair value of stock awards
($) (4)
NameGrant DateThreshold
($)
Target
($)
Maximum
($)
Award TypeThreshold
(#)
Target
(#)
Talman Pizzey4/11/2025332,500 665,000 1,330,000 PSU73,333 146,667 — 1,347,870 
4/11/2025— — — RSU73,333 673,930 
Kristin Schultes4/11/2025225,000 450,000 900,000 PSU30,000 60,000 — 551,400 
4/11/2025— — — RSU— — 30,000 275,700 
8/21/2025— — — 
PSU(5)
30,000 60,000 — 614,400 
Benjamin Heraud (6)
8/4/2025— — — PSU17,857 35,714 — 374,997 
8//2025— — — RSU— — 35,715 375,008 
MaryJo O’Brien(7)
— — — — — — — 
Richard Tong(7)
— — — — — — — 
Fiona Sutherland4/11/202575,000 150,000 300,000 PSU20,000 40,000 — 367,600 
4/11/2025— — — RSU— — 20,000 183,800 
Greg Conaway(8)
— — — — — — — 
(1)    The amounts in these columns reflect potential payments of annual cash incentive compensation based on 2025 performance. The 2025 annual cash incentive payments were made in March 2026. The actual amounts paid under our annual cash incentive compensation program are the amounts reflected in the Non-Equity Incentive Plan Compensation column of the Summary Compensation Table.
(2)    This column represents the number of PSUs granted in 2025 to the NEOs. The threshold and target amounts reflect the maximum number of shares that may be earned assuming that 50% and 100% of the applicable performance target is achieved. See footnote 3 to the Summary Compensation Table and page 16 of the CD&A for additional information.
(3)    This amount represents the number of RSUs granted in 2025 to the NEOs. The RSUs vest on the third anniversary of the grant date.
(4)    Each amount reported in this column represents the grant date fair value of the applicable award which was determined pursuant to FASB ASC Topic 718. The actual amounts that will be received by our NEOs with respect to these performance-based awards will be determined at the end of the performance period based upon our actual stock price performance, which may differ from the performance that was deemed probable at the date of the grant.
(5)    On August 21, 2025, Ms. Schultes received a retention stock award.
(6)    Mr. Heraud’s employment with the Company began in August 2025 following the NV5 Acquisition and as such, he did not receive an award under the Company’s non-equity incentive plan.
(7)    Ms. O’Brien’s and Mr. Tong’s employment with the Company began in August 2025 following the NV5 Acquisition and, as such, they did not receive an equity or non-equity award for the fiscal year ended December 31, 2025.
(8)    Mr. Conaway’s employment with the Company terminated on April 11, 2025, and as such, he did not receive an award under the Company’s equity and non-equity incentive plans.
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Employment Arrangements
Mr. Pizzey
On September 19, 2024, we entered into an employment agreement with Mr. Pizzey, pursuant to which he is entitled to (i) an annual base salary of CAD $947,810, (ii) an annual cash incentive with a target opportunity equal to 100% of his annual base salary, (iii) an annual long-term equity incentive award having a grant date value of not less than $2.2 million and (iv) participate in our employee benefits plans.
Ms. Schultes
On November 20, 2024, we entered into an employment agreement with Ms. Schultes to serve as Chief Financial Officer, pursuant to which she is entitled to (i) an annual base salary of $450,000, (ii) an annual cash incentive opportunity equal to 100% of her annual base salary, (iii) an annual long-term equity incentive award having a grant date value of not less than $900,000 and (iv) participate in our employee benefits plans. In addition, under the terms of the agreement, Ms. Schultes received (i) a relocation allowance equal to $275,000 in January 2025 and (ii) reimbursements of temporary housing costs through August 2025.
Ms. Schultes base salary was increased in December 2025 from $450,000 to $550,000. In March 2026, the Compensation Committee further increased Ms. Schultes base salary from $550,000 to $600,000.
Mr. Heraud
Effective August 4, 2025, Mr. Heraud was entitled to receive (i) a base salary of $550,000, (ii) a $6,000 per annum car allowance, and (iii) a grant of restricted stock units with a value of $750,000 (50% time-based and 50% performance-based).
On March 31, 2026, we entered into an employment agreement with Mr. Heraud to serve as Chief Executive Officer, pursuant to which he was entitled to (i) an annual base salary of $700,000, (ii) an annual cash incentive with a target opportunity equal to 100% of his annual base salary, (iii) an annual long-term equity incentive award equal to at least 250% of his then current base salary and (iv) participate in our employee benefits plans.
Ms. O’Brien
Ms. O’Brien has an employment agreement with NV5 Holdings, LLC, a subsidiary of the Company. Pursuant to her employment agreement, Ms. O’Brien is entitled to (i) an initial base salary of $120,000 (which has subsequently been increased, and for 2025 was $330,000), (ii) up to a 50% performance bonus based on criteria established by the Compensation Committee and (iii) participate in our employee benefits plans. In March 2026, the Compensation Committee increased Ms. O’Brien’s base salary to $375,000.
21

Outstanding Equity Awards at Fiscal Year-End
The following table provides information concerning unvested time-based and performance-based restricted stock for each NEO outstanding as of the end of the fiscal year ended December 31, 2025. Each restricted stock grant is shown separately for each NEO.
Stock Awards
NameGrant DateAward
Type
Number of Shares or
Units of Stock That Have
Not Vested
(#)
Market Value of Shares or Units of Stock That Have Not Vested ($)(1)
Equity Incentive Plan Awards: # of Unearned Shares, Units or Other Rights that Have Not Vested (#)
Equity Incentive Plan Awards: Market or
Payout Value
of Unearned
Shares, Units
or Other
Rights that
Have Not
Vested
($)(1)
Talman Pizzey7/30/2024
RSU(2)
73,333 741,397 — — 
7/30/2024
PSU(3)
— — 55,000 556,050 
4/11/2025
RSU(4)
73,333 741,397 — — 
4/11/2025
PSU(5)
— — 73,334 741,407 
Kristin Schultes12/3/2024
RSU(2)
20,000 202,200 — — 
12/3/2024
PSU(3)
— — 15,000 151,650 
4/11/2025
RSU(4)
30,000 303,300 — — 
4/11/2025
PSU(5)
— — 30,000 303,300 
8/21/2025
PSU(6)
— — 30,000 303,300 
Benjamin Heraud8/4/2025
RSU(4)
35,715 361,079 — — 
8/4/2025
PSU(7)
— — 17,857 180,534 
MaryJo O’Brien(8)
— — — — — — 
Richard Tong(8)
— — — — — — 
Fiona Sutherland(9)
— — — — — — 
Greg Conaway(10)
— — — — — — 
(1)    For our performance-based restricted stock units, the number of units and the market value is reflected at threshold. The market value of the time-based restricted stock units and the performance-based restricted stock units is calculated by multiplying the closing price of our common stock on December 31, 2025 ($10.11) by the number of units.
(2)    These restricted stock units vest 33 1/3% on the first through third anniversaries of the grant date.
(3)    Subject to the volume weighted average price ("VWAP") of the Issuer's Common Stock reaching a specified price over a ten (10) consecutive trading day period at any time during the period commencing on February 18, 2025 and ending on the fifth anniversary of the grant date (the "VWAP Achievement Period"), these performance based restricted stock units shall vest on the later of (x) the first anniversary of the grant date and (y) the calendar day following the last day of the VWAP Achievement Period.
(4)    These restricted stock units vest on the third anniversary of the grant date.
(5)    These performance restricted stock units have a three-year performance period and to the extent earned will vest on the third anniversary of the grant date. The number of shares of Common Stock that will be earned is subject to decrease based on the results of the performance condition.
(6)    These performance based restricted stock units, to the extent earned, will vest on September 30, 2026. The number of shares of Common Stock that will be earned is subject to decrease based on the results of the performance condition.
(7)    These performance restricted stock units vest upon certain financial performance metrics of NV5 and to the extent earned will vest on September 30, 2026. The number of shares of Common Stock that will be earned is subject to decrease based on the results of the performance condition.
22

(8)    Ms. O’Brien’s and Mr. Tong’s employment with the Company began in August 2025 following the NV5 Acquisition and, as such, they did not receive stock awards for the fiscal year ended December 31, 2025.
(9)    Ms. Sutherland’s employment with the Company terminated on September 30, 2025. As a result, 110,000 restricted stock units that had not vested as of the effective date of her termination were forfeited as per the terms of the award.
(10)    Mr. Conaway’s employment with the Company terminated on April 11, 2025. As a result, 20,000 restricted stock units that had not vested as of the effective date of his termination were forfeited as per the terms of the award.
Stock Vested During 2025
The following table provides information regarding vesting of restricted stock units and the value realized on vesting of restricted stock units on an aggregated basis during the fiscal year ended December 31, 2025 for each of the NEOs.
Stock Awards (1)
Name
# of Shares Acquired on Vesting (#) (3)
Value Realized on Vesting ($) (4)
Talman Pizzey36,667 419,837 
Kristin Schultes10,000 95,300 
Benjamin Heraud(2)
— — 
MaryJo O’Brien(2)
— — 
Richard Tong(2)
— — 
Fiona Sutherland10,000 114,500 
Greg Conaway(2)
— — 
(1)    These columns reflect restricted stock units previously awarded to the NEOs that vested during 2025.
(2)    Messrs. Heraud, Tong and Conaway and Ms. O’Brien had no vesting events during 2025.
(3)    Of these amounts, shares were withheld by us to cover tax withholding obligations as follows: Mr. Pizzey, 0 shares; Ms. Schultes, 3,060 shares and Ms. Sutherland, 4,800 shares.
(4)    Calculated based on the closing price of a share of Common Stock on the applicable vesting dates.
Potential Payments Upon Termination or Change in Control
Our Employment Agreements with Mr. Pizzey and Ms. Schultes (each an “Executive,” and collectively the “Executives”) provide for severance payments under certain circumstances. Under these Employment Agreements, the Company may terminate Executive’s employment at any time with or without “cause,” as defined in the Employment Agreements, and Executive may terminate employment at any time for “good reason,” as defined in the applicable Employment Agreements.
If we terminate Mr. Pizzey’s employment without cause or if Mr. Pizzey terminates his employment for good reason, Mr. Pizzey would be entitled to receive (i) an amount equal to two times (x) his base salary and (y) his target annual bonus, payable in equal installments over a 12-month period, (ii) his pro-rata annual bonus for the year in which the termination occurs, (iii) any earned and accrued but unpaid base salary up to the date of termination, (iv) any unpaid annual bonus with respect to any completed fiscal year, (v) accrued but unused PTO, (vi) his vested employee benefits and (vii) continued COBRA benefits for 24 months following the date of termination. Mr. Pizzey would not be entitled to any unearned salary, bonus or other benefits if we were to terminate his employment for cause or if Mr. Pizzey were to terminate his employment voluntarily without good reason. Mr. Pizzey’s employment agreement terminated on March 31, 2026 in connection with Mr. Pizzey’s retirement and the Company and Mr. Pizzey entered into a Separation Agreement (the “Pizzey Separation Agreement”). Pursuant to the Pizzey Separation Agreement, (i) all of Mr. Pizzey’s outstanding and unvested time-based restricted stock units accelerated and vested, (ii) 110,000 of Mr. Pizzey’s outstanding and unvested performance-based share units (“PSUs”) awarded on July 30, 2024 will remain outstanding and continue to vest in accordance with their terms, (iii) in consideration of Mr. Pizzey’s services with the Company for the remainder of the 2026 fiscal year, 73,333 of Mr. Pizzey’s 146,667 outstanding and unvested PSUs awarded on April 11, 2025, will remain outstanding and continue to vest in accordance with amended performance criteria for the 2026 fiscal year and (iv) Mr. Pizzey’s remaining PSUs were forfeited.
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If we terminate Ms. Schultes’ employment without cause or if Ms. Schultes terminates her employment for good reason, Ms. Schultes would be entitled to receive (i) an amount equal to one times (x) her annual base salary and (y) her target annual bonus, payable in equal installments over a 12-month period, (ii) her pro-rata annual bonus for the year in which the termination occurs, (iii) any earned and accrued but unpaid base salary up to the date of termination, (iv) any unpaid annual bonus with respect to any completed fiscal year, (v) accrued but unused PTO, (vi) her vested employee benefits and (vii) continued COBRA benefits for 12 months following the date of termination. Ms. Schultes would not be entitled to any unearned salary, bonus or other benefits if we were to terminate her employment for cause or if Ms. Schultes were to terminate her employment voluntarily without good reason.
As a result of the NV5 Acquisition, if Mr. Heraud is terminated prior to August 4, 2026, he would be entitled to (i) one year’s base salary, (ii) accrued but unused PTO, and (iii) up to one year continuation of COBRA benefits. In addition, effective March 31, 2026, if we terminate Mr. Heraud’s employment without cause or if Mr. Heraud terminates his employment for good reason, Mr. Heraud would be entitled to receive (i) an amount equal to one times his base salary payable in equal installments over a 12-month period, (ii) his pro-rata annual bonus for the year in which the termination occurs, (iii) any earned and accrued but unpaid base salary up to the date of termination, (iv) any unpaid annual bonus with respect to any completed fiscal year, (v) accrued but unused PTO, (vi) his vested employee benefits and (vii) continued COBRA benefits for 12 months following the date of termination. Mr. Heraud would not be entitled to any unearned salary, bonus or other benefits if we were to terminate his employment for cause or if Mr. Heraud were to terminate his employment voluntarily without good reason.
Ms. O’Brien is not entitled to any severance or related benefits upon termination, including upon a change in control of the Company. However, as a result of the NV5 Acquisition, if Ms. O’Brien is terminated prior to August 4, 2026, she would be entitled to (i) one year’s base salary, (ii) accrued but unused PTO, and (iii) up to one year continuation of COBRA benefits.
Effective August 12, 2025, in connection with our integration of NV5, Ms. Sutherland ceased to be our General Counsel and remained employed by us until September 30, 2025, to assist with transition matters. Pursuant to the Separation Letter dated August 21, 2025, Ms. Sutherland received a lump sum payment of (i) $768,627 and (ii) continuation of health benefits until December 31, 2025, in connection with her separation from the Company.
Effective August 12, 2025, in connection with our integration of NV5, Mr. Tong was appointed as General Counsel and effective December 31, 2025, Mr. Tong retired from his position as General Counsel. Pursuant to the Separation Agreement dated October 24, 2025, Mr. Tong was entitled to receive (i) a $300,000 retention bonus, (ii) a lump sum cash payment of $430,000, and (iii) up to one year continuation of COBRA benefits.
Effective April 11, 2025, Mr. Conaway’s employment with the Company was terminated. In connection with Mr. Conaway’s separation with the Company, Mr. Conaway received a lump sum cash payment of $168,000 and his accrued but unpaid benefits.
The following table shows the estimated benefits payable to each NEO in the event of termination of employment and/or change in control of the Company. The amounts shown assume that a termination of employment or a change in control occurs on December 31, 2025. The amounts do not include payments or benefits provided under insurance or other plans that are generally available to all full-time employees.
24

NameTermination without Cause or for Good Reason Not in Connection with a Change in Control ($)
Termination without Cause or for Good Reason in Connection with a Change in Control ($)(2)
Talman Pizzey(1)
          Cash Severance(3)
2,750,165 2,750,165 
          Pro Rata Bonus(4)
687,541 687,541 
          Benefits(5)
— — 
          Total3,437,706 3,437,706 
Kristin B. Schultes
          Cash Severance(6)
910,958 910,958 
          Pro Rata Bonus(4)
455,479 455,479 
          Benefits(5)
— — 
          Total1,366,437 1,366,437 
Benjamin Heraud(7)
          Cash Severance(4)
91,667 641,667 
          Accrued Performance Bonus— 374,690 
          Health Benefits(5)
5,037 5,037 
          Total96,704 1,021,394 
MaryJo O’Brien(7)
          Cash Severance— 330,000 
          Accrued Performance Bonus— — 
          Health Benefits(5)
— 19,294 
          Total 349,294 
(1)    Mr. Pizzey is paid in CAD. The table has been converted to USD at a 0.73 rate for the year ended December 31, 2025.
(2)    Mr. Pizzey and Ms. Schultes are not entitled to enhanced benefits in connection with a Change in Control.
(3)    This amount reflects, in the event the termination occurs not in connection with a Change in Control, a payment equal to two times the sum of Mr. Pizzey’s (x) base salary for the year in which the termination or resignation occurs and (y) his annual bonus target.
(4)    For Mr. Pizzey and Ms. Schultes, this amount was calculated based on the minimum annual bonus target for 2025 that each would be entitled to, which was equal to 100% of their base salary. For Mr. Heraud, this amount represents the base salary for the remainder of his employment term under his employment agreement with NV5, which as of December 31, 2025 was two months.
(5)    This amount reflects the value of health benefits and other fringe benefit plans and arrangements applicable to the NEOs.
(6)    This amount reflects, in the event the termination occurs not in connection with a Change in Control, a payment equal to one times the sum of Ms. Schultes (x) base salary for the year in which the termination or resignation occurs and (y) her annual bonus target. Effective December 11, 2025, Ms. Schultes’ base salary was increased from $450,000 to $550,000.
(7)    As a result of the NV5 Acquisition, if Mr. Heraud or Ms. O’Brien are terminated within one year of the consummation of the NV5 Acquisition (August 4, 2025), each would be entitled to (i) one year’s base salary, (ii) accrued performance bonus and (iii) continuation of COBRA benefits for up to one year.
CEO PAY RATIO
As required by Section 953(b) of the Dodd-Frank Act, and Item 402(u) of Regulation S-K, we are providing the following information about the relationship of the median annual total compensation of our employees and the annual total compensation of our former CEO, Mr. Pizzey. To identify our median employee and calculate such employee’s annual total compensation, we used the following methodology:
Determination date. We selected December 31, 2025, the last day of our fiscal year, as the determination date for identifying the median employee. As of December 31, 2025, our employee population consisted of approximately 11,286 individuals working at the Company and its subsidiaries, of which approximately 7,046 are based in the United States and approximately 4,240 are based outside of the United States.
25

Employee Population. In determining the identity of the median employee, we excluded 23 based in China, 7 based in France, 23 based in Germany, 3 based in Indonesia, 8 based in Italy, 8 based in Japan, 11 based in Macau, 63 based in the Philippines, 7 based in South Korea, 10 based in Thailand, and 100 employees based in the United Kingdom, who represented less than 5% of our employee population. As a result, the Company’s employee population used for determining the median employee was approximately 11,023 individuals, including 7,046 employees based in the United States and approximately 3,977 employees based outside of the United States.
Consistently applied compensation measure. To identify the median employee, we used the gross pay of all of our employees, excluding our CEO, our China, France, Germany, Indonesia, Italy, Japan, Macau, Philippines, South Korea, Thailand, and United Kingdom-based employees, and independent contractors and consultants who were not paid directly by the Company. We did not make any cost-of-living or other adjustments in identifying the median employee and we did not annualize the pay of any employees who were not employed for the full year.
We then calculated the 2025 total annual compensation of such median employee in accordance with the requirements of the executive compensation rules for the Summary Compensation Table (Item 402(c)(2)(x) of Regulation S-K). Under this calculation, the median employee’s annual total compensation was $52,243.
Utilizing the same executive compensation rules, and consistent with the amount reported in the “Total” Column of our Summary Compensation Table for 2025 above for our CEO, the annual total compensation of our CEO was $2,741,682. The resulting ratio of the annual total compensation of our CEO to the annual total compensation of the median employee was 52 to 1. This ratio represents a reasonable estimate calculated in a manner consistent with SEC rules based on the methodology described above.
The SEC rules for identifying the median employee and calculating the pay ratio based on that employee’s annual total compensation allow companies to adopt a variety of methodologies, to apply certain exclusions and to make reasonable estimates and assumptions that reflect their employee populations and compensation practices. As a result, the pay ratio reported by other companies may not be comparable to the pay ratio reported above, as other companies have different employee populations and compensation practices, and may utilize different methodologies, exclusions, estimates and assumptions in calculating their own pay ratios.
This information is being provided in response to SEC disclosure requirements. Neither the Compensation Committee nor management of the Company uses the pay ratio measure in making any compensation decisions.
DIRECTOR COMPENSATION
For the fiscal year ended December 31, 2025, we have adopted the following non-employee director compensation policy:
Annual Retainer. Each independent director is entitled to an annual cash fee of $50,000. Our lead independent director is entitled to an additional $20,000 annual cash fee.
Committee Fees. Members of any of our committees are entitled to an additional annual cash fee of $2,500. Each of the chairs of our committees is entitled to an additional $7,500 annual cash fee.
Annual Equity Award. Each independent director will be granted annually a number of restricted stock units equal to $100,000 at the date of issue. The restricted stock units will vest and settle into shares of common stock on the one-year anniversary of the date of grant.
Independent directors with more than one year of service are expected to directly own at least 1,000 shares of our common stock. In addition, our directors are entitled to be reimbursed by us for reasonable expenses incurred by them in the course of their duties as a director of TIC Solutions.
Messrs. Cullinan, Hochfelder, Lillie, Roth and Wright and Mses. Bush and Hepding were paid compensation for their respective services on our Board of Directors. Sir Martin and Mr. Franklin did not receive any additional compensation for services as a director. In addition, Mr. Pizzey, who served as our Chief Executive Officer, and Mr. Heraud, who served as our President and Chief Operating Officer, were not entitled to receive any additional compensation for their services as a director.
26

2025 Director Compensation Table
The table below sets forth the non-employee director compensation for the year ended December 31, 2025.
NameFees Earned or
Paid in Cash ($)
Stock Awards ($)(2)(3)
Total ($)
Sir Martin E. Franklin(1)
— — — 
Robert A.E. Franklin(1)
— — — 
Antoinette C. Bush(4)
55,000 100,000 155,000 
Rory Cullinan(5)
77,500 100,000 177,500 
Elizabeth Meloy Hepding(6)
55,000 100,000 155,000 
Peter A. Hochfelder(7)
60,000 100,000 160,000 
James E. Lillie(8)
60,000 100,000 160,000 
Byron Roth(9)
20,548 100,000 120,548 
Dickerson Wright(9)
20,548 100,000 120,548 
(1)    Sir Martin and Mr. Franklin did not receive a fee in connection with their service as non-executive directors.
(2)    Represents the aggregate grant date fair values of restricted stock units granted during 2025, computed in accordance with FASB ASC Topic 718. For a discussion of valuation assumptions used in calculating the amounts in 2025, see “Note 17. Share-Based Compensation” of the notes to our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
(3)    The following table sets forth the aggregate number of restricted stock units outstanding, as of December 31, 2025, for each of our independent directors.
Name
Restricted Stock Units
Unexercised Stock Options
Antoinette C. Bush
9,017
Rory Cullinan
9,01750,000
Elizabeth Meloy Hepding
9,017
Peter A. Hochfelder
9,017
James E. Lillie
9,017
Byron Roth9,524
Dickerson Wright
9,524
(4)    Includes an additional cash fee for service as a member of the Compensation Committee and the Nominating and Corporate Governance Committee.
(5)    Includes an additional cash fee for service as our lead independent director and as chair of the Audit Committee.
(6)    Includes an additional cash fee for service as a member of the Audit Committee and the Nominating and Corporate Governance Committee.
(7)    Includes an additional cash fee for service as chair of the Compensation Committee and as a member of the Audit Committee.
(8) Includes an additional cash fee for service as chair of the Nominating and Corporate Governance Committee and as a member of the Compensation Committee.
(9) Represents the pro-rated cash fee received for services as an independent director beginning on August 4, 2025.
27

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.
Based solely upon information made available to us, the following table sets forth certain information regarding the beneficial ownership of our common stock by: (i) each person known by us to beneficially own 5% or more of our outstanding common stock; (ii) each member of the Board; (iii) each named executive officer; and (iv) the members of the Board and our current executive officers as a group. The percentage ownership information shown in the table is based upon 221,042,604 shares of common stock outstanding as of April 24, 2026.
Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the securities. Except as otherwise indicated, each person or entity named in the table has sole voting and investment power with respect to all shares of our capital shown as beneficially owned, subject to applicable community property laws. In computing the number and percentage of shares beneficially owned by a person, shares that may be acquired by such person (for example, upon the exercise of options or warrants) within 60 days of the date of this Amendment are counted as outstanding, while these shares are not counted as outstanding for computing the percentage ownership of any other person.
Unless otherwise indicated, the address of each person named in the table below is c/o TIC Solutions, Inc., 200 South Park Road, Suite 350, Hollywood, Florida 33021.
Beneficial OwnerNumber of Shares BeneficiallyPercent of Outstanding Shares
5% Stockholders:
Alyeska Master Fund, L.P.21,155,826(1)9.6 %(2)
Entities managed by Viking Global Investors LP34,360,000
(3)(4)
15.5 %
Permian Investment Partners, LP21,945,094
(5)
9.9 %
P3-EQ, LLC15,231,090
(6)
6.9 %
Gates Capital Management, L.P.14,836,121
(7)
6.7 %
Named Executive Officers and Directors:
Sir Martin E. Franklin13,215,535(8)5.9 %
Robert A.E. Franklin1,117,394(9)*
Antoinette C. Bush10,000*
Rory Cullinan72,500
(10)
*
Elizabeth Meloy Hepding10,000*
Benjamin Heraud115,465*
Peter A. Hochfelder10,000*
James E. Lillie1,816,291
(11)
*
Byron Roth
*
Dickerson Wright8,001,396(12)3.6 %
Talman Pizzey502,958*
Kristin Schultes6,940*
Fiona Sutherland5,200
*
Richard Tong
*
MaryJo O’Brien290,269*
Greg Conaway
*
All Directors and Executive Officers as a Group25,173,948(13)11.4 %
*    Represents beneficial ownership of less than one percent (1%) of our outstanding common stock.
28

(1)    Alyeska Investment Group, L.P., the investment manager of Alyeska Master Fund, L.P. (“Aleyska”), has voting and investment control of the shares held by Alyeska. Anand Parekh is the Chief Executive Officer of Alyeska Investment Group, L.P. and may be deemed to be the beneficial owner of such shares. Mr. Parekh, however, disclaims any beneficial ownership of the shares held by Aleyska. The registered address of Aleyska is at c/o Maples Corporate Services Limited, P.O. Box 309, Ugland House, South Church Street George Town, Grand Cayman, KY1-1104, Cayman Islands. Alyeska Investment Group, L.P. is located at 77 W. Wacker, Suite 700, Chicago IL 60601. This amount consists of (i) 17,530,826 shares of common stock, 10,880,826 of which were issued in a private placement, (ii) 3,125,000 shares of common stock issuable upon the exercise of the pre-funded warrant and (iii) 500,000 shares of common stock issuable upon the exercise of public warrants.
(2)    The pre-funded warrant is subject to a beneficial ownership limitation of 9.99%, which restricts the holder from exercising that portion of the warrant that would result in the holder and its affiliates owning, after exercise, a number of shares of common stock in excess of the beneficial ownership limitation.
(3)    Based on a Schedule 13G filed by Viking Global Investors LP on May 15, 2025. This amount consists of (i) 11,338,800 shares of common stock held directly by Viking Global Opportunities Drawdown (Aggregator) LP (“VGODA”), which has the authority to dispose of and vote such shares, which power may be exercised by its general partner, Viking Global Opportunities Drawdown Portfolio GP LLC (“VGODP GP”), and by Viking Global Investors LP (“VGI”) which provides managerial services to VGODA, and (ii) 23,021,200 shares of common stock held directly by Viking Global Opportunities Illiquid Investments Sub-Master LP (“VGOP”), which has the authority to dispose of and vote such shares, which power may be exercised by its general partner, Viking Global Opportunities Portfolio GP LLC (“VGOP GP”), and VGI, which provides managerial services to VGOP. O. Andreas Halvorsen, David C. Ott and Rose Shabet, as Executive Committee members of (i) Viking Global Partners LLC (the general partner of VGI) and (ii) Viking Global Opportunities Parent GP LLC, the sole member of (a) Viking Global Opportunities Drawdown GP LLC (which is the sole member of VGODP GP) and (b) Viking Global Opportunities GP LLC (which is the sole member of VGOP GP), have shared authority to direct the voting and disposition of investments beneficially owned by VGI, VGODP GP and VGOP GP. The mailing address for each of the above entities is c/o Viking Global Investors LP, 600 Washington Boulevard, 11th floor, Stamford, CT 06901.
(4)    Each of VGODA and VGOP holds a limited liability company interest in Mariposa Acquisition IX, LLC (“Mariposa”), an entity managed by Sir Martin E. Franklin, and, as a result, collectively may be deemed to have a pecuniary interest in approximately 75,000 shares of common stock issuable upon conversion of the Series A Preferred Stock held by Mariposa.
(5)    Based on a Schedule 13G amendment filed on April 7, 2026 by Permian Investment Partners, LP (“Permian”). This amount consists of (i) 4,055,692 shares of common stock held directly by Permian Nautilus Master Fund LP (“Nautilus Fund”), (ii) 6,564,498 shares of common stock held directly by Permian Master Fund LP (“Master Fund”), (iii) 1,781,981 shares of common stock held directly by Permian Treble Master Fund, LP (“Treble Fund” and together with the Nautilus Fund and the Master Fund, the “Permian Funds”). The Permian Funds and separately managed accounts, some of which are structured as private funds (collectively, the 'Managed Accounts'), are the record holders of the securities. In regard to the Managed Accounts, Permian, as investment adviser to the Managed Accounts, exercises voting and dispositive power over such securities and may be deemed to be the beneficial owner of the securities. The GP is the general partner of, and may be deemed to beneficially own securities owned by, the Permian Funds. As the investment adviser to the Permian Funds and the Managed Accounts, Permian may be deemed to beneficially own the securities. Permian shares voting and dispositive power over the 21,945,094 shares of common stock with the Permian Funds, Managed Accounts and GP. The mailing address for each of the above entities is c/o Permian Investment Partners LP, 1333 Oak Lawn Ave, Suite 900, Dallas, Texas, 75207.
(6)    Based on a Schedule 13G amendment filed on February 9, 2026 by Progeny 3, Inc. (“Progeny”). P3-EQ, LLC is the beneficial owner of all 15,231,090 shares of common stock. Progeny is the managing member of P3-EQ, LLC and has sole voting and dispositive power over all 15,231,090 shares of common stock. Jon Hemingway is the sole shareholder of Progeny and may be deemed to have beneficial ownership of the common stock held by P3-EQ, LLC. The mailing address for P3-EQ, LLC is c/o Progeny 5209 Lake Washington Blvd NE, Suite 200, Kirkland, Washington 98033.
(7)    Based on a schedule 13G filed by Gates Capital Management, L.P. (“Gates Capital”) on February 17, 2026. This amount consists of shares of our common stock held directly by certain funds (the “Gates Capital Funds”) as to which Gates Capital serves as investment manager. Gates Capital Management GP, LLC (the “General Partner”) is the general partner of Gates Capital, Gates Capital Management, Inc. (the “Corporation”) is the managing member of the General Partner and Jeffrey L. Gates serves as the President of the Corporation. Gates Capital, the General Partner, the Corporation and Mr. Gates share voting and dispositive power over all 14,836,121 shares of our common stock held directly by the Gates Capital Funds. The mailing address for each of the above entities is c/o Gates Capital Management, L.P., 1177 Avenue of the Americas, 46th Floor, New York, New York 10036.
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(8)    Sir Martin beneficially owns 13,215,535 shares of common stock consisting of shared power to vote, or to direct the vote, and shared power to dispose, or to direct the disposition of, 13,215,535 shares of our common stock consisting of (i) 1,952,745 shares held by MEF Holdings, LLLP (“MEF Holdings”), (ii) 5,410,813 shares held by Brimstone Investments LLC (“Brimstone”) and (iii) 4,851,977 shares held by the Martin E. Franklin Revocable Trust (the “Franklin Trust” and together with MEF Holdings and Brimstone, the "Franklin Holders”). Sir Martin disclaims beneficial ownership of any shares in which he does not have a pecuniary interest. The business address of each of the Franklin Holders is 500 South Pointe Drive, Suite 240, Miami Beach, Florida 33139.
(9)    RAEF Family Trust, of which Mr. Franklin is the trustee and a beneficiary, holds (i) 1,117,394 shares of common stock directly and (ii) holds a limited liability company interest in Mariposa Acquisition IX, LLC and, as a result, may be deemed to have a pecuniary interest in approximately 185,000 shares of common stock issuable upon conversion of the Series A Preferred Stock held by Mariposa Acquisition IX, LLC.
(10)    This amount consists of (i) 22,500 shares of common stock held directly by Mr. Cullinan and (ii) 50,000 shares of common stock underlying options to purchase shares of common stock, pursuant to an option deed, which are exercisable at any time until July 31, 2029.
(11)    Mr. Lillie holds (i) 1,816,291 shares of common stock directly and (ii) a limited liability company interest in Mariposa Acquisition IX, LLC and, as a result, may be deemed to have a pecuniary interest in approximately 92,500 shares of common stock issuable upon conversion of the Series A Preferred Stock held by Mariposa Acquisition IX, LLC.
(12)    This amount consists of: (i) 2,301,994 shares of common stock held directly by the Wright Family Trust; (ii) 683,701 shares of common stock held directly by The Lauren Wright GST Exempt Trust C/U Dickerson Wright 2010 GRAT; (iii) 944,148 shares of common stock held directly by The Lauren Wright GST Exempt Trust C/U Katherine Wright 2010 GRAT; (iv) 480,702 shares of common stock held directly by The Lauren Wright GST Non-Exempt Trust C/U Katherine Wright 2010 GRAT; (v) 683,701 shares of common stock held directly by The Stephanie Wright GST Exempt Trust C/U Dickerson Wright 2010 GRAT; (vi) 741,150 shares of common stock held directly by The Stephanie Wright GST Non-Exempt Trust C/U Dickerson Wright 2010 GRAT; (vii) 944,148 shares of common stock held directly by The Stephanie Wright GST Exempt Trust C/U Katherine Wright 2010 GRAT; (viii) 480,702 shares of common stock held directly by The Stephanie Wright GST Non-Exempt Trust C/U Katherine Wright 2010 GRAT; and (ix) 741,150 shares of common stock held directly by The Lauren Wright GST Non-Exempt Trust C/U Dickerson Wright 2010 GRAT. Mr. Wright and his wife, Katherine Wright, are trustees of the foregoing nine trusts. As a trustee, Mr. Wright may be deemed to exercise voting and investment power over the shares held by each trust. Mr. Wright disclaims beneficial ownership of these securities except to the extent of this pecuniary interest therein.
(13)    This amount includes an aggregate of (i) 1,000,000 shares of common stock issuable upon conversion of the Series A Preferred Stock and (ii) 50,000 shares of common stock issuable upon exercise of options to purchase shares of common stock, in each case that are convertible or exercisable within 60 days after April 24, 2026.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.
Policies on Transactions with Related Persons
The Board of Directors has determined that the Audit Committee is best suited to review and approve or ratify transactions with related persons, in accordance with the policy set forth in the Audit Committee Charter. Such review will apply to any transaction or series of related transactions or any material amendment to any such transaction involving a related person and the Company or any subsidiary of the Company. For purposes of the policy, “related persons” will consist of executive officers, directors, director nominees, any stockholder beneficially owning more than 5% of the issued and outstanding common stock, and immediate family members of any such persons. In reviewing related person transactions, the Audit Committee will take into account all factors that it deems appropriate, including whether the transaction is on terms no less favorable than terms generally available to an unaffiliated third party under the same or similar circumstances and the extent of the related person’s interest in the transaction. No member of the Audit Committee will be permitted to participate in any review, consideration or approval of any related person transaction in which the director or any of his immediate family member is the related person.
Transactions with Related Persons
Since January 1, 2025, we have not entered into any related party transactions other than as set forth below.
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Insider Letter Agreement
In connection with our initial public offering, we entered into a letter agreement (the “Insider Letter”) with each of Sir Martin E. Franklin, Mr. Robert Franklin, James E. Lillie and certain other individuals affiliated with Mariposa Acquisition IX, LLC (the “Founder Entity”, and such individuals, the “Founders”) who hold the Series A Preferred Stock, pursuant to which they agreed, among other things that they would not, without our prior written consent, offer, sell, contract to sell, pledge or otherwise dispose of any Series A Preferred Stock (excluding any Common Stock received in respect of their Annual Dividend Amount (as defined in our Certificate of Incorporation) received thereon from time to time), for a period of five years after the closing of our acquisition of ASP Acuren Holdings, Inc. (the “Acuren Acquisition”) (subject to certain customary exceptions).
Registration Rights
Pursuant to the Insider Letter, we have also agreed to provide the Founders and Founder Entity with certain registration rights that require us to provide them with such information and assistance following the Acuren Acquisition, subject to the restrictions described in the paragraph above and customary exceptions, as they may reasonably request to enable it to effect a disposition of all or part of their Common Stock or Warrants, including, without limitation, the preparation, qualification and approval of a prospectus in respect of such Common Stock or Warrants. Concurrently with the closing of the Acuren Acquisition on July 30, 2024, we raised cash proceeds of $666.6 million (net of issuance costs) from the issuance of 58,259,984 shares of Common Stock at $10.00 per share (the “PIPE Financing”) and early exercise of 36,710,124 Warrants at $10.00 per whole share of Common Stock (the “Warrant Financing”). In connection with the Acuren Acquisition, certain entities managed by Viking Global Investors LP (“Viking”), certain entities affiliated with Permian Investment Partners LP (“Permian”) and an entity managed by Progeny 3, Inc. (“Progeny”), each of which beneficially own more than 5% of the Company’s issued and outstanding shares, irrevocably committed to purchase Common Stock in the PIPE Financing. In addition, in connection with the Warrant Financing, each of the Founder Entity, Viking, Permian and Progeny irrevocably committed to exercise their respective Warrants. In exchange for such commitments, we agreed, among other things, that when requested by written notice (delivered not earlier than three months following the Acuren Acquisition), we would use commercially reasonable efforts to promptly enter into a customary registration rights agreement with such entity, which agreement would provide for customary registration rights (subject to customary exceptions) with respect to the Common Stock, or any other equity interests later acquired by such entity in exchange for the Common Stock in connection with a recapitalization, redomiciliation or similar transaction.
Consulting Services Agreement
On July 30, 2024, the Company entered into a Consulting Services Agreement with Mariposa Capital, LLC, an affiliate of Sir Martin. Under this agreement, Mariposa Capital, LLC agreed to provide certain services, including corporate development and consulting services, consulting services with respect to mergers and acquisitions, investor relations services, strategic planning consulting services, capital expenditure allocation consulting services, strategic treasury consulting services and such other services relating to the Company as may from time to time be mutually agreed. In connection with these services, Mariposa Capital, LLC is entitled to receive an annual fee equal to $2.0 million, payable in quarterly installments. The initial term of this agreement terminated on July 30, 2025 and automatically renews for successive one-year terms unless either party notifies the other party in writing of its intention not to renew this agreement no later than 90 days prior to the expiration of the term. This agreement may only be terminated by the Company upon a vote of a majority of our directors. In the event that this agreement is terminated by the Company, the effective date of the termination will be six months following the expiration of the initial term or a renewal term, as the case may be.
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Director Independence
Our Board of Directors reviews the independence of the current and potential members of the Board of Directors in accordance with independence requirements set forth in the NYSE rules and applicable provisions of the Exchange Act. During its review, the Board of Directors considers transactions and relationships between each director and potential directors, as well as any member of his or her immediate family, and the Company and its affiliates, including those related-party transactions contemplated by Item 404(a) of Regulation S-K under the Exchange Act. The Board of Directors must affirmatively determine that the director has no material relationship with the Company, either directly or as a partner, stockholder or officer of an organization that has a relationship with the Company, that, in the opinion of the Board of Directors, would interfere with the exercise of the director’s independent judgment in carrying out the responsibilities of a director. The purpose of this review is to determine whether any such relationships or transactions exist that are inconsistent with a determination that the director is independent. Our Board of Directors has determined that all directors except Sir Martin, Mr. Franklin, Mr. Pizzey, and Mr. Heraud are “independent” as such term is defined by NYSE rules, our corporate governance guidelines and the federal securities laws.
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.
The following table presents fees billed for audit and other services rendered by Grant Thornton UK LLP and PwC in 2024 and PwC in 2025:
Services Provided
2025
 (PwC) ($)
2024
(PwC) ($)
2024
(Grant Thornton) ($)
Audit Fees(1)
$5,000,000$7,505,000$—
Audit-Related Fees(2)
282,000
Tax Fees(3)
2,013,000776,750
All Other Fees(4)
2,000
Total
$7,015,000$8,281,750$282,000
(1)     Fees were for professional services provided in connection with audits and interim reviews of our consolidated financial statements, as well as the preparation of consents, comfort letters, and reviews of SEC filings.
(2)    Fees were for professional services provided in connection with acquisition related activities and the transition to PwC as our independent registered public accounting firm.
(3)    Fees were for professional services rendered for tax compliance and tax consulting services and were primarily related to increased services as a result of the NV5 Acquisition.
(4)    Fees were for software licenses.
Pre-Approval Policies and Procedures for Audit and Permitted Non-Audit Services
The Audit Committee Charter requires that the Audit Committee preapprove all auditing services and permitted non-audit services to be performed by its independent auditor, subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)(B) of the Exchange Act, which are approved by the Audit Committee prior to the completion of the audit. Either the Chair of the Audit Committee acting alone, or the other two members acting jointly, may grant preapprovals of audit and permitted non-audit services, provided that decisions of such subcommittee to grant preapprovals will be presented to the full Audit Committee or the Board at its next scheduled meeting.
Consistent with these policies and procedures, the Audit Committee has approved all of the services rendered by PwC during fiscal year 2025, as described above.
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PART IV
ITEM 15. EXHIBITS, FINANCIAL STATEMENTS AND SCHEDULES.
(b) List of Exhibits.
The following is a list of exhibits filed with this Form 10-K/A.
Exhibit
Number
Description
2.1#
2.2#
3.1
3.2
3.3
4.1@
4.2
4.3
10.1†
10.2†
10.3†
10.4
10.5
10.6#
10.7
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10.8
10.9#
10.10†
10.11
10.12†
10.13†
10.14#
10.15#
10.16†
10.17
10.18
10.19*†
10.20*†
10.21*†
10.22*†#
19.1
21.1@
23.1@
23.2@
31.1@
31.2@
31.3*
31.4*
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*Filed herewith.
**Furnished herewith.
@    Included as an exhibit to the Original Form 10-K.
Management contract or compensatory plan or arrangement.
#Certain schedules to these agreements have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company agrees to furnish a copy of any schedule omitted from the agreements to the SEC upon request.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TIC SOLUTIONS, INC.
Date: April 30, 2026
By:/s/ Benjamin Heraud
Benjamin Heraud
Chief Executive Officer


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EX-10.19 2 richardtongseparationagree.htm EX-10.19 Document

Exhibit 10.19
image.jpg
NV5 Holdings, Inc.
200 South Park Road, Suite 350
Hollywood, Florida 33021
Tel 954.495.2112 / Fax 954.495.2102


October 24, 2025


Mr. Richard Tong
5050 SW 65th Avenue
South Miami, FL 33155


RE:    Separation Agreement and General Release

Dear Richard:

The purpose of this separation agreement (the “Separation Agreement”) is to memorialize the terms and conditions of the termination of your employment with NV5 Holdings, LLC f/k/a NV5 Holdings, Inc. (the “Company”) and role with TIC Solutions, Inc., the parent of the Company (“Parent”), for convenience, as well as that certain Employment Agreement, dated October 1, 2010, as amended, by and among you and the Company (the “Employment Agreement”) Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Employment Agreement. You, the Company, Parent and/or Company Group are referred to hereinafter individually as a “Party” or collectively as the “Parties”.

To ensure that your separation from the Company occurs on mutually acceptable terms, this Separation Agreement, along with the General Release of Claims on Exhibit A attached hereto and made a part hereof (the “General Release”), will summarize the terms and conditions surrounding the termination of your employment including, without limitation, the compensation and benefits that will be provided to you.

Resignation as Officer and Director of the Company; Separation Date

You and the Company hereby acknowledge and agree that the effective date of the termination of your employment with the Company as General Counsel and Corporate Secretary of Parent shall be effective as of 5:00 pm ET on December 31, 2025, unless earlier terminated in writing by you or the Company (the “Separation Date”). You hereby acknowledge and agree that, effective as of the Separation Date, you will be deemed to have resigned from all positions then held as an officer as well as a member of any board of directors, and any committee thereto, of the Company, Parent, and each of their subsidiaries and affiliates (collectively, the “Company Group”).

As of the Separation Date, you hereby acknowledge and agree that this Separation Agreement shall supersede and replace the Employment Agreement; provided, however, those provisions set forth in the “Integration of Employment Agreement; Survival of Certain Provisions” section below that shall survive and remain in full force and effect.

It should be noted that any rights and obligations you may have under that certain Indemnification Agreement, dated March 18, 2011, by and between Parent and you (the “Indemnification Agreement”) shall continue to remain in full force an effect, subject to the terms and conditions set forth therein.

Retention Bonus

For the period from the date of this Separation Agreement through the earlier of (a) the Separation Date or (b) the date on which the Company terminates your employment (the “Transition Period”), you agree to continue to serve the Company in such capacities and perform such transition and other duties as may be specified or reasonably requested by the Company, and you will provide such duties in good faith and abide by all Company policies and procedures. In particular, during the Transition Period, you agree you will (i) use your [reasonable] efforts to advance the interests of the Company and facilitate in the successful transition of your authority, duties and responsibilities in whatever reasonable capacity as may be requested by the Company consistent with your current position as General Counsel and Corporate Secretary; (ii) continue to advise the Company on matters for which you are responsible; (iii) communicate a message consistent with the Company’s direction to key employees,

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customers, and business relations; and (iv) any other duties as reasonably requested by the Company. However, you will not be required to be present daily in the office. During this time you will report to Talman B. Pizzey, CEO of Parent.

To the extent that the Company determines to terminate your employment earlier than the Separation Date as provided in (b) above, the Company agrees to provide you with 30 days advanced notice.
Subject to your continued employment through the last day of the Transition Period and your execution of the General Release attached hereto as Exhibit A, on the first regular payroll date immediately following the end of the Revocation Period (or such later date as may be required under Section 409A of the Code), the Company will pay you a retention bonus of $300,000, less applicable income and employment tax, (the “Retention Bonus”) in one lump sum on the first payroll period immediately following January 1, 2026 in accordance with the Company’s normal payroll processing, which is January 9, 2026.

You hereby acknowledge and agree that you shall forfeit any and all rights to the Retention Bonus in the event you resign your employment for any reason or the event of your death during the Transition Period.

Accrued Obligations

Whether or not you choose to sign this Separation Agreement and the General Release, the Company will pay to you any (a) accrued but unpaid Base Salary you have earned through the Separation Date, (b) reimbursement for reasonable business expenses incurred prior to the Separation Date, subject to Section
4.3 and 4.5 of the Employment Agreement, and (c) any vested accrued but unpaid benefits (including vacation time) provided under the Company’s employee benefit plans, subject to and in accordance with the terms of those plans, in each case, less applicable withholding and employment taxes, all of which shall be paid to in the normal payroll cycle from the Separation Date or such other date as required under the applicable employee benefit plan.

For purposes of this Separation Agreement and the General Release, the amounts described above in this section shall be referred to as the “Accrued Obligations”.

Written Notice of Enforcement of Non-Solicitation

Pursuant to Section 6.3 of the Employment Agreement, in connection with the termination of your employment with the Company, this Separation Agreement shall serve as written notice that the non-solicitation provision in Section 6.3 of the Employment Agreement shall apply to you for a period of one year following the Separation Date, as defined in your Employment Agreement.

Separation Benefits

In the event that you execute and deliver to the Company both the Separation Agreement (which is executed hereby) and the General Release (which is to be signed after your Separation Date), and you do not revoke
the General Release within the time period permitted by law (such period, the “Revocation Period” as defined below), then in exchange for the Company’s enforcement of the non-solicitation provisions set forth in Section 6.3 of your Employment Agreement, the following shall apply (subject to any timing restrictions as may be applicable under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)):

On the first regular payroll date immediately following January 1, 2026 (or such later date as may be required under Section 409A of the Code), which is no event later than January 9, 2026, the Company shall pay you a lump sum amount equal to $430,000, less applicable income and employment tax in accordance with the Company’s normal payroll processing; and

If you (or you and your eligible dependents) timely and properly elect health insurance continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall pay the monthly COBRA premium for you until the earliest of: (i) the date which is one (1) year after such termination; and (ii) the date you are no longer eligible to receive COBRA continuation coverage.

For purposes of this Separation Agreement and the General Release, the benefits described above in this section shall be referred to as the “Separation Benefits”.

It should be noted that in the event of your death prior to the payment of all of the Separation Benefits hereunder, the Company will continue to pay the remainder of such Separation Benefits to your surviving spouse or your estate, as applicable.


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You acknowledge and agree that as of the Separation Date, this Separation Agreement (inclusive of the General Release to be executed after the Separation Date) shall supersede and replace all benefits, rights and obligations in connection with your employment with the Company and role with the Parent. Accordingly, you further acknowledge and agree that this Separation Agreement and the General Release sets forth all compensation and benefits to which you are entitled and shall be paid to you in full satisfaction thereof, in connection with your employment and affiliation with the Company Group.

Integration of Employment Agreement; Survival of Certain Provisions

As of the Separation Date, the Parties acknowledge and agree that this Separation Agreement shall supersede and replace, in its entirety, the Employment Agreement other than the following provisions thereunder: Section 6 (Confidentiality; Unfair Competition), Section 7 (Dispute Resolution), Section 8.2 (Governing Law), Section 8.3 (Severability), Section 8.5 (Mergers and Consolidation; Assignability), Section 8.7 (No Waiver), Section 8.11 (Additional Obligations), and Section 8.15 (Section 409A Compliance), which shall remain in full force and effect. Accordingly, you further acknowledge and agree that (i) this Separation Agreement sets forth all compensation and benefits to which you are entitled under your Employment Agreement; and (ii) in the event that you breach any of the provisions in Section 6 of the Employment Agreement (other than Section 6.2), including without limitation your non-solicitation, non-disclosure, and/or non-disparagement obligations, which survive the termination of such Employment Agreement, the Separation Benefits shall cease immediately and you will no longer be entitled to such benefits. The Company expressly acknowledges the Non-Competition Period provision in Section 6.2 of the Employment Agreement is not enforced. For the avoidance of doubt, the Parties acknowledge that the non-solicitation, confidentiality, non-disparagement, inventions assignment, and all obligations, which survive the termination of such Employment Agreement, shall continue as set forth in the Employment Agreement.
Release Of Claims Against the Company Group

In exchange for and as a condition to receiving the Separation Benefits and the Retention Bonus, you shall knowingly and willingly release the Company Group from any kind of claim you have arising out of or related to your employment and/or the termination of your employment and other affiliation with the Company Group by executing the General Release attached hereto as Exhibit A.

You will be required to execute the General Release, and therefore agree to be bound by the terms and conditions thereof, no earlier than the Separation Date but no later than twenty-two days after such Separation Date.

Severability; Entire Agreement; No Oral Modifications; No Waivers

If a court of competent jurisdiction determines that any of the provisions of this Agreement are invalid or legally unenforceable, all other provisions of this Agreement shall not be affected and are still enforceable. This Separation Agreement and the General Release are intended to be a single integrated contract expressing our entire understanding regarding the subjects it addresses. As such, it supersedes all oral and written agreements and discussions that occurred before the time you sign each of them except as to any obligations you may owe to the Company Group as described in the “Integration of Employment Agreement; Survival of Certain Provisions” section above that remain in effect. This Separation Agreement and the General Release may be amended or modified only by an agreement in writing signed by you and countersigned by an executive officer of both the Company and Parent. The failure by the Company, Parent or you (i) to declare a breach, or (ii) to otherwise assert rights under this Agreement shall not be construed as a waiver of any of rights under this Separation Agreement and the General Release. This Separation Agreement and the General Release may be executed and delivered (including by facsimile or other electronic transmission) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same instrument.

Governing Law; Venue

This Separation Agreement shall in all respects be subject to, governed by and construed in accordance with the laws of the State of Florida, without reference to the principles of conflicts of laws thereof. Any dispute concerning this Separation Agreement shall be resolved pursuant to the dispute resolution provisions of the Employment Agreement.

Acknowledgements and Certifications

You acknowledge and certify that:


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you have read and you understand all of the terms of this Separation Agreement and the General Release on Exhibit A, and are not relying on any representation or statement, written or oral, not set forth in this Separation Agreement and the General Release;
you are signing this Separation Agreement, and shall sign the General Release, knowingly and voluntarily;
you have been advised to consult with an attorney before signing this Separation Agreement and the General Release;
you have the right to consider the terms of this Separation Agreement and the General Release for 21 days; however, you do not have to take all 21 days to consider it, and if you take fewer than 21 days to review this Separation Agreement and the General Release, you expressly waive any and all rights to consider this Separation Agreement and the General Release for the balance of the 21-day review period; and
the General Release includes a release of any claim you might have under the ADEA (the “ADEA Claims”).
For seven (7) days after signing the General Release, you have the right to revoke your release of ADEA Claims (the “Revocation Period”). To revoke your release of ADEA Claims, the revocation or rescission must be in writing and must be delivered by hand or sent by certified mail, return receipt requested, postmarked within the seven (7) day period, and properly addressed to the Company at NV5 Global, Inc., Legal Department - Urgent, 200 South Park Road, Suite 350, Hollywood, FL 33021-8758. Revoking your release of ADEA Claims shall result in the invalidation of this Separation Agreement, in its entirety, as of such revocation date; and
you and the Company and Parent each agree that any changes that have been made to this Separation Agreement and the General Release from the versions originally presented to you do not extend the 21-day period you have been given to consider this Separation Agreement and the General Release, whether those changes are deemed material or non-material.

[Signature Page Follows]


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IF YOU SIGN THIS DOCUMENT AND EXHIBIT A ATTACHED HERETO, IT BECOMES A LEGALLY ENFORCEABLE AGREEMENT EFFECTIVE ON THE DATE SIGNED BY THE COMPANY.



Dated: October 24, 2025/s/ Richard Tong
RICHARD TONG
Dated: October 24, 2025NV5 HOLDINGS, LLC
By: /s/ MaryJo O’Brien
Name: MaryJo O'Brien
Title: Executive Vice President and Secretary
Dated: October 24, 2025NV5 GLOBAL, INC.
By: /s/ MaryJo O’Brien
Name: MaryJo O'Brien
Title: Executive Vice President and Secretary
Dated: October 24, 2025TIC SOLUTIONS, INC.
By: /s/ Tal Pizzey
Name: Tal Pizzey
Title: CEO

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EXHIBIT A
GENERAL RELEASE OF CLAIMS

1.    Richard Tong (“Executive”), for Executive and Executive’s family, heirs, executors, administrators, legal representatives and their respective successors and assigns, in exchange for the Separation Benefits and Retention Bonus set forth in the Separation Agreement dated [ ], 2025 (the “Agreement”), does hereby release and forever discharge the Company, its former and current parents, subsidiaries, divisions, affiliates, predecessors, successors and assigns, and each of their former and current agents, employees, officers, directors, shareholders, members, partners, trustees, heirs, joint venturers, attorneys, representatives, owners and servants (collectively, the “Released Parties”) from any and all actions, causes of action, suits, controversies, claims and demands whatsoever (collectively, “Claims”), whether known or unknown, that Executive ever had, now has or may have based upon any matter, fact, cause or thing, occurring from the beginning of time up to and including the date Executive executes this General Release, including, without limitation, all Claims regarding Executive’s employment with the Company, any events that may have occurred during the course of Executive’s employment or the termination of Executive’s employment, or any other matters or Claims of any kind or nature. This includes, without limitation, a release of any and all Claims for unpaid wages, holiday pay, overtime, bonuses or other compensation, breach of contract, wrongful discharge, disability benefits, life, health and medical insurance, sick leave, or any other fringe benefit, employment discrimination, unlawful harassment, retaliation, emotional distress, violations of public policy, defamation, fraudulent misrepresentation or inducements and severance pay and any other federal, state or local laws, statutes, rules, ordinances or regulations, whether equal employment laws, statutes, rules or regulations or otherwise. Without limiting the generality of the release provided above, Executive expressly waives any and all claims under Age Discrimination in Employment Act (“ADEA”) that Executive may have as of the date hereof. Executive further understands that, by signing this General Release, Executive is in fact waiving, releasing and forever giving up any claim under the ADEA as well as all other laws within the scope of this Section 1 that may have existed on or prior to the date hereof. Notwithstanding anything in this Section 1 to the contrary, this General Release shall not apply to (i) any right Executive has to the Separation Benefits and Retention Bonus; (ii) any rights to receive any payments or benefits to which Executive is entitled under COBRA, (iii) any rights or claims that may arise as a result of events occurring after the date this General Release is executed, (iv) any indemnification and advancement rights Executive may have as a former employee, officer or director of the Company or its subsidiaries including under the Indemnification Agreement, (v) any claims for benefits under any directors’ and officers’ liability policy maintained by the Company or its affiliates in accordance with the terms of such policy, and (vi) Executive’s rights to the Accrued Obligations (as defined in the Employment Agreement). Capitalized words used but not defined herein shall have the respective meanings given to them in the Agreement.

Executive understands and agrees that the claims released in this Section 1 include not only claims presently known to Executive, but also all unknown or unanticipated claims, rights, demands, actions, obligations, liabilities and causes of action of every kind and character that would otherwise come within the scope of the released claims as described in this Section 1. Executive understands that Executive may hereafter discover facts different from what Executive now believes to be true that, if known, could have materially affected this General Release, but Executive nevertheless waives and releases any claims or rights based on different or additional facts.

2.    Executive represents that Executive has not filed against the Released Parties any complaints, charges, or lawsuits arising out of Executive’s employment, or any other matter arising on or prior to the date of this General Release, and covenants and agrees that Executive will never individually or with any person file, or commence the filing of any lawsuits, complaints or proceedings with any governmental agency, or against the Released Parties with respect to any of the matters released by Executive pursuant to Section 1 hereof; except that nothing in this General Release, including the provisions of this Section and Section 1 above, shall prevent Executive from filing a charge or complaint with or from participating in an investigation or proceeding conducted by the Equal Employment Opportunity Commission (EEOC), National Labor Relations Board (NLRB), the Securities and Exchange Commission, or any other federal, state or local agency charged with the enforcement of any laws. However, to the extent any such charge or complaint or any other Claim is made against any of the Released Parties (including by the EEOC or NLRB), Executive expressly waives any claim to any form of monetary or other damages, or any other form of individual recovery or relief in connection with any such charge, complaint or claim other than as prohibited by applicable law; provided, that nothing in this General Release
1


prohibits or prevents the Executive from receiving individual monetary awards or other individual relief by virtue of participating in such federal whistleblower programs.

3.    Executive represents, warrants and agrees that (i) Executive’s employment with the Company has terminated, and (ii) other than the Separation Benefits, the Retention Bonus, and the Accrued Obligations, the Company owes Executive no wages, overtime pay, commissions, bonuses, sick pay, personal leave pay, severance pay, vacation pay or other compensation or benefits or payments or form of remuneration of any kind or nature, other than that specifically provided for in this General Release and the Separation Agreement.

4.    Executive acknowledges and reaffirms Executive’s continuing obligations to the Company, including those under Section 6 (excluding Section 6.2) of the Employment Agreement.

5.    Executive hereby acknowledges and agrees that (i) Executive has up to 21 days to sign this General Release, (ii) changes to the terms of this General Release, whether material or immaterial, will not restart this 21-day period, and (iii) Executive may knowingly and voluntarily waive this 21-day period by signing this General Release earlier. Executive also understands that Executive shall have seven days following the date on which Executive signs this General Release within which to revoke it by providing a written notice of Executive’s revocation to the Company.

6.    Executive acknowledges Executive’s obligations to return all Company property pursuant to Section 6.5 of the Employment Agreement and hereby acknowledges, covenants and agrees that Executive has done so and has complied with and, if applicable, will continue to comply with, all of Executive’s obligations under that Section.

7.    Executive acknowledges and agrees that this General Release shall in all respects be subject to, governed by and construed in accordance with the laws of the State of Florida, without reference to the principles of conflicts of laws thereof. Any dispute concerning this General Release shall be resolved pursuant to the dispute resolution provisions of the Employment Agreement. Photographic and electronically created copies of this signed General Release may be used in lieu of the originals for any purpose.

8.    Executive acknowledges that Executive has read this General Release, that Executive has been advised that Executive should consult with an attorney before Executive executes this General Release, and that Executive understands all of its terms and executes it voluntarily and with full knowledge of its significance and the consequences thereof.

9.    This General Release shall become irrevocable on the eighth day following Executive’s execution of this General Release, unless previously revoked in accordance with Section 4 above.


Intending to be legally bound hereby, Executive has executed this General Release on      , 2025.




Richard Tong








ADMIN 700212382v1

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EX-10.20 3 maryjoobrienemploymentagre.htm EX-10.20 Document

Exhibit 10.20
EMPLOYMENT AGREEMENT
THIS AGREEMENT is made as of 1st day of October, 2010 between VERTICAL V, INC. a Delaware corporation (“Company”), and MARY JO O’BRIEN (“Executive”), a resident of the State of California.
RECITALS
A. Company desires to employ Executive, and Executive desires to become employed by Company, on the terms, and subject to the conditions, contained herein.
NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
1. Employment. Subject to the terms and conditions hereof, Company shall employ Executive, and Executive shall serve in such employment.
2. Term. The term of employment (“Term”) of Executive by Company hereunder shall commence on the date of this Agreement and continue until (a) 30 days after either party provides to the other party written notice of termination. In the event of any notice of termination pursuant to Section 2(a) above, Company shall have the right, following such notice, to relieve Executive of any or all of Executive’s duties and responsibilities hereunder, and to assign Executive to transition-related duties.
3. Duties. Offices.
3.1 Executive shall serve under the direction of the Chief Executive Officer of Company, or her designee, and in accordance with the policies of Company in effect from time to time (the “Policies”), faithfully and to the best of her ability perform the duties of such position, which shall include serving in the role of Executive Vice President and Chief Administration Officer of the Company.
3.2 During the Term, Executive shall devote her entire and exclusive working time, energy and skills to such employment and shall not render any services of a business, commercial or professional nature to any person or organization other than Company or its subsidiaries or be engaged in any other business activity, without the prior written consent of Company. Executive may make and manage personal investments of Executive’s choice and serve in any capacity with any civic, educational or charitable organization without seeking or obtaining approval by Company; provided that such activities and services do not interfere or conflict with the performance of Executive’s duties hereunder or create any conflict of interest with such duties, as determined by Company.

3.3 Executive shall have such additional duties with respect to other segments of the business of Company and its affiliates or subsidiaries (the “Vertical V Group”) in the United States engaged in the same or related fields as Company is engaged in, as well as such other duties, as Company may from time to time assign to Executive.
3.4 Executive shall provide services from such location or locations as may be necessary for Executive to fulfill her obligations hereunder, it being understood that such duties hereunder may involve extensive travel.
4. Compensation And Benefits. During the Term, Executive shall be entitled, subject to applicable federal, state and local withholding obligations, to the following:
4.1 Base salary at the rate of One Hundred Twenty Thousand Dollars ($120,000) per annum (“Base Salary”), payable in periodic installments in accordance with the regular payroll practices of Company. The Base Salary shall, during the term hereof, be subject to discretionary increase, as approved by the Board of Directors, in accordance with Company’s compensation policies, as they may be established from time to time. After any such increase, “Base Salary” shall refer to any increased amount.
4.2 Executive will be eligible for up to a fifty percent (50%) performance bonus based on criteria established upon employment. In order to be eligible to receive a bonus payment, Executive must be actively employed by Company, and not working under any written notice of termination, on the date such bonus is to be paid. First year bonus will be prorated and based on achievement of fourth quarter objectives.



4.3 Executive shall be entitled to reimbursement for expenses of Executive incurred in connection with the Business in an amount not to exceed on an annual basis ten (10%) of Executive’s Base Salary.
4.4 Participation, to the extent Executive meets all eligibility requirements, in all United States employee benefit plans and employee benefits programs maintained by Company and made available to other executive officers of Company employed in the United States having responsibilities comparable to those of Executive, including, but not limited to, group hospitalization, medical and disability plans, life insurance plans, retirement savings plans, and paid holidays. Executive will accrue PTO time at the rate of four weeks per year in accordance with the Company’s Executive PTO Policy, which be amended from time to time. If the Company adopts a stock bonus, stock option or executive bonus program, Employee shall be entitled to participate in such program on the same terms applicable to other executives of the Company of a similar compensation level (including consideration of any Success Fees earned by Executive).
4.5 Reimbursement for reasonable and necessary direct, out-of-pocket expenses incurred by Executive in the performance of her duties hereunder and approved by Company, subject to the submission by Executive of such documentation in such form as Company may from time to time require.
5. Termination. The employment of Executive hereunder shall terminate immediately upon the happening of any of the following:

5.1 the death of Executive;
5.2 if Executive shall be unable, by virtue of illness or physical or mental disability or incapacity to perform Executive’s essential job functions hereunder, whether with or without reasonable accommodations in substantially the manner and to the extent required hereunder prior to the commencement of such disability for a total period of 90 days, whether or not such days are consecutive, during any consecutive twelve month period (“Disability”);
5.3 the termination of this Agreement by Company for Cause; “Cause” meaning:
5.3.1 default or other breach by Executive of her or her obligations under this Agreement, including, but not limited to any failure or refusal by Executive to perform his or her responsibilities hereunder, other than as a result of Disability; provided that Company has first given Executive written notice and a reasonable opportunity of not less than 15 days to cure the condition giving rise to the alleged breach or failure;
5.3.2 (a) misconduct, dishonesty or insubordination; (b) use of illegal drugs or abuse of alcohol such as to interfere with the performance of Executive’s obligations hereunder; (c) commission of a felony or crime involving moral turpitude, dishonesty, theft or fraud; or (d) material failure by Executive to comply with applicable laws or governmental regulations with respect to Company operations or the performance of Executive’s duties;
5.4 The termination of this Agreement by either party on written notice pursuant to Section 2, above.
5.5 Payments Following Termination. Upon termination of her employment under this Agreement, Company shall only be required to pay to Executive such portion of the Base Salary and Draw as shall have accrued and remain unpaid through the effective date of termination, and shall have no further obligation whatsoever to Executive, other than reimbursement of previously incurred expenses which are appropriately reimbursable under Company’s policies regarding expense reimbursement. The foregoing notwithstanding, in the event termination of employment is due to the death of Executive, then Company shall continue to pay to Executive’s estate her Base Salary and Draw for the period through the end of the calendar month in which such death occurs. Executive shall be paid any Success Fee due Executive as of the end of the fiscal year of the Company during which the termination occurs, for any transaction which has closed in such fiscal year, subject to offset for any Draw paid Executive for such fiscal year through the date of termination.



6. Confidentiality; Unfair Competition.
6.1 Executive recognizes and acknowledges that the Company is attempting to grow through the acquisition of businesses in its industry and related industries and that such activities are highly competitive and that during the course of her employment he shall have access to significant proprietary and confidential information belonging to Company and the VERTICAL V Group related to such activities. Executive therefore covenants and agrees, for the duration of this Agreement and for a one (1) year period after termination, not to use (other than in furtherance of Company’s business interests during the Term) or disclose any confidential proprietary information of Company or any member of the VERTICAL V Group, including, but not limited to lists of merger and acquisition targets and their officers whom Executive has contacted during her employment (“Information”). Executive shall retain all such Information in trust for the sole benefit of Company. Executive shall present all business opportunities arising from Information to the Company in writing during the Non-Competition Period. The Company shall within thirty (30) days of receiving Executive’s request indicate whether the Company is going to pursue such business opportunity. If the Company waives in writing pursuing a business opportunity, Executive may pursue such business opportunity and Executive’s obligations under this section with respect to such business opportunity shall be terminated.
6.2 At its sole and unfettered discretion, Company may, at any time up to and including the date of termination of Executive’s employment hereunder for any reason whatsoever, give Executive written notice of Non-Competition. The foregoing notwithstanding, in the event Executive seeks to resign from employment giving less than thirty (30) days written notice as required by Sections 2 and 5.4 above, the period during which Company may give Executive written notice of Non-Competition shall be extended until ten (10) days following Executive’s resignation. Such Non-Competition Period can be for a period of up to twelve (12) months following the termination of Executive’s employment. During the Non-Competition Period, Executive shall not, without the prior written consent of Company, directly or indirectly and whether as principal or as agent, officer, director, employee, consultant or otherwise, alone or in association with any other person, carry on, or be engaged, concerned or take part in, or render services to, or own, share in the earnings of or invest in the stocks, bonds, or other securities of, any person or business entity engaged the business of engineering, inspection or testing, or any other business conducted by Company or any other member of the VERTICAL V Group as of the date of such termination; provided that the direct or indirect ownership by Executive as an inactive investor of not more than five percent of the outstanding voting securities of an entity listed for trading on a national stock exchange or quoted on any nationally recognized automated quotation system shall not be deemed a violation of the provisions of this Agreement. As consideration and compensation to Executive for, and subject to Executive’s adherence to the covenants and limitations set forth in this Section 6.2, Company shall, for and during the Non-Competition Period, continue to pay Executive’s Base Salary in the same manner as if Executive continued to be employed by Company. This Section 6.2 shall not apply to any business opportunity to which the Company waives Executive’s obligations under Section 6.1 above.
6.3 Until one (1) year following the termination of Executive’s employment hereunder for any reason whatsoever, Executive shall not, as principal, proprietor, director, officer, partner, shareholder, employee, member, manager, consultant, agent, independent contractor or otherwise, for himself or on behalf of any other person or entity (except Company or an affiliate of Company, in either case at Company’s request), directly or indirectly:
6.3.1 approach or solicit business from any current customer of Company with whom Executive had contact on Company’s behalf during the two years immediately preceding such termination (a “Customer”) (except to the extent necessary solely to ascertain whether such person or entity is a Customer as defined herein) in connection with (i) engineering, inspection or testing services or related businesses or (ii) any other product or service similar to any provided by Company or any other member of the VERTICAL V Group at the time of such termination;
6.3.2 hire, approach, counsel or attempt to induce any person who is then in the employ of Company or any member of the VERTICAL V Group to leave such employment; or
6.3.3 aid, assist or counsel any other person, firm or corporation to do any of the above.
6.4 Executive shall not, at any time during the Term or thereafter, disrupt, disparage, impair or interfere with the business of Company or any other member of the VERTICAL V Group, whether by way of disrupting its relationships with customers, agents, representatives or vendors, disparaging or diminishing the reputation of such Company or other member of the VERTICAL V Group or otherwise.



6.5 All written materials, records and documents made by Executive or coming into Executive’s possession during the Term or thereafter concerning the business or affairs of Company or any other member of the VERTICAL V Group, together with all intellectual and industrial property rights attached thereto shall be the sole property of Company and its affiliates; and, upon termination of Executive’s employment or at the request of Company at any time during Executive’s employment, Executive shall promptly deliver the same to Company or any other member of the VERTICAL V Group designated by it. Executive shall render to Company or to any other member of the VERTICAL V Group designated by it such reports of the activities undertaken by Executive or conducted under Executive’s direction pursuant hereto during the Term as such company may reasonably request.
6.6 Executive hereby agrees that any and all improvements, inventions, discoveries, developments, creations, formulae, processes, methods, designs and works of authorship, and any documents, things, or information relating thereto, whether patentable or not (individually and collectively, “Work Product”) within the scope of or pertinent to any field of business or research in which Company or any other member of the VERTICAL V Group is engaged or is considering engaging, which Executive may conceive or make, or may have conceived or made during Executive’s employment with Company, whether before or after the date hereof and whether alone or with others, at any time during or outside of normal working hours, and all intellectual property rights attached thereto shall be and remain the sole and exclusive property of Company. Company shall have the full right to use, assign, license or transfer all rights to or relating to Work Product, Executive shall, whenever requested to do so by Company (whether during Executive’s employment or thereafter), at Company’s expense, execute any and all applications, assignments, or other instruments, and do all other things (including giving testimony in any legal proceeding) which Company may deem necessary or appropriate in order to (a) apply for, obtain, maintain, enforce, or defend letters patent or copyright registrations of the United States or any other country for any Work Product, or (b) assign, transfer, convey, or otherwise make available to Company or any other member of the VERTICAL V Group any right, title or interest which Executive might otherwise have in any Work Product. Executive shall promptly communicate, disclose, and, upon request, report upon and deliver all Work Product to Company, and shall not use or permit any Work Product to be used for any purpose other than on behalf of Company and its affiliates, whether during Executive’s employment or thereafter.
6.7 In view of the services which Executive shall perform, which services are special, unique, extraordinary and intellectual in character and which shall place Executive in a position of confidence and trust with the customers and employees of Company and other members of the VERTICAL V Group (“Affiliates”) and provide to Executive access to confidential financial information, trade secrets, “know-how” and other confidential and proprietary information, Executive expressly acknowledges that the restrictive covenants set forth in this Section 6 are reasonable and necessary to protect and maintain the proprietary and other legitimate business interests of Company and its Affiliates and that the enforcement of such restrictive covenants shall not prevent Executive from earning a livelihood. Executive further acknowledges that the remedy at law for any breach or threatened breach of this Section 6, if such breach or threatened breach is held by a court to exist, shall be inadequate and, accordingly, that Company and its Affiliates shall, in addition to all other available remedies, be entitled to injunctive relief without being required to post bond or other security and without having to prove the inadequacy of the available remedies at law. Executive waives trial by jury and agrees not to plead or defend on grounds of adequate remedy at law or any element thereof in an action by Company and/or any Affiliate against Executive for injunctive relief or for specific performance of any obligation pursuant to this Agreement. The period of time during which the provisions of Section 6 shall apply shall be extended by the length of time during which Executive is in breach of the terms of this Section 6.
6.8 If any portion of the provisions of this Section 6 is held to be unenforceable for any reason, including but not limited to the duration of such provision, the territory being covered thereby or the type of conduct restricted therein, the parties agree that the court is authorized and directed to modify the duration, geographic area and/or other terms of such provisions to the maximum benefit of Company as permitted by law, and, as so modified, said provision shall then be enforceable. If the courts of any one or more jurisdictions hold such provisions wholly or partially unenforceable by reason of the scope thereof or otherwise, it is the intention of the parties hereto that such determination not bar or in any way affect Company’s right to the relief provided for herein in the courts of any other jurisdictions as to breaches or threatened breaches of such provisions in such other jurisdictions, the above provisions as they relate to each jurisdiction being, for this purpose, severable into diverse independent covenants.



7. Dispute Resolution.
7.1 Any dispute or controversy between Company and Executive relating to this Agreement or relating to or arising out of Executive’s employment with Company, (except any claim by Company relating to Section 6, above) shall be settled by binding arbitration before a single arbitrator in Florida, pursuant to the Commercial Arbitration Rules of the American Arbitration Association (“AAA”). Each party shall bear its own costs, expenses and fees, including, without limitation, attorneys’ fees and experts’ fees with respect to any such arbitration. The parties shall share equally the fees of the arbitrator and the AAA. The arbitration proceeding, as well as all evidence and the dispute presented therein, shall be strictly confidential, provided, however, that judgment upon any resulting arbitration award may be entered in any court of competent jurisdiction.
7.2 Company shall not be required to arbitrate any dispute arising between it and Executive relating to Section 6, above, but shall have the right to institute judicial proceedings in a court of competent jurisdiction within the State(s) of Florida, with respect to such dispute or claim. Executive hereby consents to, and waives any objection to, the personal jurisdiction and venue of the aforesaid courts, and waives any claim that the aforesaid courts constitute an inconvenient forum and any right to trial by jury. If such judicial proceedings are instituted, the parties agree that such proceedings shall not be stayed pending the outcome of any arbitration proceedings hereunder.
8. Miscellaneous.
8.1 Notices. All notices, demands or other communications required or provided hereunder shall be in writing and shall be deemed to have been given and received when delivered in person or transmitted by facsimile transmission to the respective parties, or five days after dispatch by certified mail, postage prepaid, addressed to the parties at the addresses set forth below or at such other addresses as such parties may designate by notice to the other parties, in accordance with the provisions of this Section 8.1:
If to Company:Vertical V, Inc.
200 South Park Road, Suite 350
Hollywood, FL 33021-8798
Attn: Dickerson Wright
If to Executive:Mary Jo O’Brien
17352 Abrigo Way
Ramona, CA 92065
8.2 Governing Law. This Agreement shall be governed by, construed and applied, and all disputes relating to or arising from this Agreement shall be resolved, in accordance with, the internal laws of the State of Florida without giving effect to conflict of laws principles thereof.
8.3 Severability. If any provision of this Agreement is held invalid or unenforceable, the remainder shall nevertheless remain in full force and effect. If any provision is held invalid or unenforceable with respect to particular circumstances, it shall nevertheless remain in full force and effect in all other circumstances.
8.4 Entire Agreement. This Agreement represents the entire understanding of the parties with respect to the subject matter hereof and supersedes and replaces in its entirety all prior agreements and understandings, oral or written, between the parties hereto with respect to the subject matter hereof. No other representations, promises, agreements or understandings regarding the subject matter hereof shall be of any force or effect unless in writing, executed by the party to be bound, and dated subsequent to the date hereof.



8.5 Mergers and Consolidation; Assignability. If Company, or any Successor Company, as defined in this Section 8.5, shall at any time be merged or consolidated into or with any other corporation or corporations, or if substantially all of the assets of Company or any such Successor Company shall be sold or otherwise transferred to another corporation, the provisions of this Agreement shall be binding upon and shall inure to the benefit of the continuing corporation or the corporation resulting from such merger or consolidation or the corporation to which such assets shall be sold or transferred (“Successor Company”) and any such assignment of this Agreement shall be binding upon, and this Agreement shall continue to inure to the benefit of, Executive. This Agreement may be assigned without Executive’s consent to any member of the VERTICAL V Group in connection with the underwritten public offering of the securities of such member. Without Executive’s prior written consent, except as provided in the two foregoing sentences, this Agreement shall not be assignable by Company or by any Successor Company. This Agreement shall not be assignable by Executive and any purported assignment of rights or delegation of duties under this Agreement by Executive shall be void.
8.6 Amendment. This Agreement may not be canceled, changed, modified, or amended orally, and no cancellation, change, modification or amendment hereof shall be effective or binding unless in a written instrument signed by Company and Executive. A provision of this Agreement may be waived only by a written instrument signed by the party against whom or which enforcement of such waiver is sought.
8.7 No Waiver. The failure at any time either of Company or Executive to require the performance by the other of any provision of this Agreement shall in no way affect the full right of such party to require such performance at any time thereafter, nor shall the waiver by either Company or Executive of any breach of any provision of this Agreement be taken or held to constitute a waiver of any succeeding breach of such or any other provision of this Agreement.
8.8 Execution. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
8.9 Headings. The headings contained in this Agreement are for reference purposes only, and shall not affect the meaning or interpretation of this Agreement.
8.10 Affiliate. For the purposes hereof, the term “Affiliate” means any person controlling, controlled by or under common control with any other person.
8.11 Additional Obligations. Both during and after the Term, Executive shall, upon reasonable notice, furnish Company with such information as may be in Executive’s possession, and cooperate with Company, as may reasonably be requested by Company (and, after the Term, with due consideration for Executive’s obligations with respect to any new employment or business activity) in connection with any litigation in which Company or any Affiliate is or may become a party. Company shall reimburse Executive for all reasonable expenses incurred by Executive in fulfilling Executive’s obligations under this Section 8.11. Company shall use its best efforts to assure that requests for Executive’s assistance under this Section 8.11 do not interfere with Executive’s obligations to any subsequent employer.
8.12 No Conflict. Executive represents and warrants that Executive is not subject to any agreement, order, judgment or decree of any kind which would prevent Executive from entering into this Agreement or performing fully Executive’s obligations hereunder. Executive acknowledges being instructed: (a) that it is the Company’s policy not to seek access to or make use of trade secrets or confidential business information belonging to other persons or organizations, including but not limited to competitors or former employers; and (b) that Executive should not, under any circumstances, reveal to the Company or any Affiliate or make use of trade secrets or confidential business information belonging to any other person or organization. Executive represents and warrants that Executive has not violated and shall not violate such instructions.
8.13 Survival. Executive’s obligations as set forth in Section 6 represent independent covenants by which Executive is and shall remain bound notwithstanding any breach or claim of breach by Company, and shall survive the termination or expiration of this Agreement.

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
Company:
Vertical V, Inc.
By:/s/ Dickerson Wright
Name:Dickerson Wright
Title:Chief Executive Officer

Executive:
By:/s/ MaryJo O’Brien
Name:MaryJo O’Brien





FIRST AMENDMENT
EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO THE EMPLOYMENT AGREEMENT (the “Amendment”) is made and entered into on this 18th day of March, 2011, by and between NV5, Inc. a Delaware corporation (the “Company”), and Mary Jo O’Brien (hereinafter called the “Executive”).
R E C I T A L S
A. The Company and the Executive entered into an Employment Agreement dated October 1, 2010.
B. The Company intends to Amend the Employment Agreement to set forth in the terms of Executive’s Employment Agreement, as set forth herein.
AGREEMENT
NOW, THEREFORE, in consideration of the premises and mutual covenants set forth herein, the parties agree as follows:
8.14 Change in Control of the Company
(a) Change in Control. In the event that (i) a Change in Control (as defined in paragraph (b) of this Section) of the Company shall occur during the Term of Employment, the Company shall (1) pay to the Executive any unpaid Base Salary through the effective date of termination, (2) pay to the Executive as a single lump sum payment, within thirty (30) days of the termination of his employment hereunder, the sum of (x) an amount equal to the Executive’s Base Salary for a term of two (2) years, plus (y) any unused vacation pay and the value of the annual fringe benefits (based upon their cost to the Company) be provided to the Executive, for the year immediately preceding the year in which his employment terminates, plus (z) the value of the portion of his benefits under any savings, pension or profit sharing plans that are forfeited under those plans by reason of the termination of his employment hereunder. Further, if a Change in Control occurs during the Term of Employment, then the Executive’s equity awards, if any, shall immediately vest notwithstanding any other provisions of such equity award agreements to the contrary. The Company shall have no further liability hereunder (other than for reimbursement for reasonable business expenses incurred prior to the date of termination).
(b) For purposes of this Agreement, the term “Change in Control” shall mean:
(i) Approval by the shareholders of the Company of (x) a reorganization, merger, consolidation or other form of corporate transaction or series of transactions, in each case, with respect to which persons who were the shareholders of the Company immediately prior to such reorganization, merger or consolidation or other transaction do not, immediately thereafter, own more than 50% of the combined voting power entitled to vote generally in the election of directors of the reorganized, merged or consolidated company’s then outstanding voting securities, in substantially the same proportions as their ownership immediately prior to such reorganization, merger, consolidation or other transaction, or (y) a liquidation or dissolution of the Company or (z) the sale of all or substantially all of the assets of the Company (unless such reorganization, merger, consolidation or other corporate transaction, liquidation, dissolution or sale is subsequently abandoned); or (ii) the acquisition in a transaction or series of related transactions (other than from the Company) by any person, entity or “group”, within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act, of more than 50% of either the then outstanding shares of the Company’s Common Stock or the combined voting power of the Company’s then outstanding voting securities entitled to vote generally in the election of directors (hereinafter referred to as the ownership of a “Controlling Interest”) excluding, for this purpose, any acquisitions by (1) the Company or its Subsidiaries, (2) any person, entity or “group” that as of the Commencement Date of this Agreement owns beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act) of a Controlling Interest or (3) any employee benefit plan of the Company or its Subsidiaries.
(c) Notwithstanding the foregoing, the provisions of this Section 8.14 shall only apply if (i) the payments to be made hereunder are not subject to Section 409A of the Internal Revenue Code, or (ii) any such Change in Control would also constitute a change in the ownership or effective control of the Company, or a change in the ownership of a substantial portion of the assets of the Company, within the meaning of Treas. Reg. Section 1.409A-3(i)(5).
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.




COMPANY:
NV5, Inc.
By:/s/ Dickerson Wright
Name:Dickerson Wright
Title:Chairman and Chief Executive Officer
EXECUTIVE:
By:/s/ Mary Jo O’Brien
Name:Mary Jo O’Brien






SECOND AMENDMENT
EMPLOYMENT AGREEMENT

THIS SECOND AMENDMENT TO THE EMPLOYMENT AGREEMENT (the “Amendment”) is made and entered into on this 11th day of August, 2015, by and between NV5, Inc., a Delaware corporation (the “Company”), and Mary Jo O’Brien (hereinafter called the “Executive”).

RECITALS.

A. The Company and the Executive entered into an Employment Agreement dated October 1, 2010 (the “Initial Employment Agreement”). On March 18, 2011, the Initial Employment Agreement was amended by that certain First Amendment to Employment Agreement between the Company and Executive (the “First Amendment”).

B. The Company intends to amend the Employment Agreement and the First Amendment, as set forth herein.
AGREEMENT
NOW, THEREFORE, in consideration of the premises and mutual covenants set forth herein, the parties agree as follows:

1. Recitals; Definitions. The foregoing recitals are incorporated herein by reference. Capitalized terms not defined herein shall have the meaning set forth in the Initial Employment Agreement, as amended by the First Amendment. Any references to the “Agreement” shall mean the Initial Employment Agreement as amended by the First Amendment and this Second Amendment.

2. Amendments.
a.
Any reference in the Agreement to “Vertical V, Inc.”, shall be replaced with “NV5, Inc.”

b.
Section 5.5 of the Agreement is hereby amended and restated to read as follows:

“Payments Following Termination. Upon termination of her employment under this Agreement, Company shall only be required to pay to Executive such portion of the Base Salary as shall have accrued and remain unpaid through the effective date of termination, and shall have no further obligation whatsoever to Executive, other than reimbursement of previously incurred expenses which are appropriately reimbursable under Company’s policies regarding expense reimbursement. Such amounts shall be paid no later than thirty (30) days after the termination of her employment. The foregoing notwithstanding, in the event termination of employment is due to the death of Executive, then Company shall continue to pay to Executive’s estate her Base Salary for the period through the end of the calendar month in which such death occurs. Such amounts shall be paid no later than thirty (30) days after her death.”

c.
Section 8.14 of the Agreement is hereby amended and restated to read as follows:
Change in Control of the Company.

8.14.1 In the event that a Change in Control (as defined in Section 8.14.3) of the Company shall occur during the Term of employment, the Company shall continue to employ Executive for a period of at least one (1) year after such Change in Control. Notwithstanding the foregoing, in the event that the Company terminates Executive’s employment with the Company for any reason at any time after a Change in Control, Executive shall be entitled to the following:




8.14.1.1
any unpaid Base Salary through the effective date of termination of employment, if applicable, which shall be paid no later than thirty (30) days after such termination;

8.14.1.2
an amount that equals (i) one (1) year of Executive’s Base Salary and accrued performance bonus, plus (ii) any unused vacation pay to be provided to the Executive, for the year immediately preceding the year in which his employment terminates, which shall be paid no later than thirty (30) days after such termination; and

8.14.1.3
to the extent permitted under applicable law, if Executive timely and properly elects continuation coverage under COBRA, the Company shall pay the monthly COBRA premium for the Executive until the earliest of: (i) the date the Executive is no longer eligible to receive COBRA continuation coverage; and (ii) the date which is one (1) year after such termination.
8.14.2 Further, if a Change in Control occurs during the Term, then notwithstanding the terms of any equity incentive plan or award agreements as applicable, all outstanding equity-based compensation awards shall become fully vested and the restrictions thereon shall lapse upon a Change in Control.

8.14.3 For purposes of this Agreement, the term “Change in Control” shall mean:
8.14.3.1
Approval by the shareholders of the Company of (x) a reorganization, merger, consolidation or other form of corporate transaction or series of transactions, in each case, with respect to which persons who were the shareholders of the Company immediately prior to such reorganization, merger or consolidation or other transaction do not, immediately thereafter, own more than 50% of the combined voting power entitled to vote generally in the election of directors of the reorganized, merged or consolidated company’s then outstanding voting securities, in substantially the same proportions as their ownership immediately prior to such reorganization, merger, consolidation or other transaction, or (y) a liquidation or dissolution of the Company or (z) the sale of all or substantially all of the assets of the Company (unless such reorganization, merger, consolidation or other corporate transaction, liquidation, dissolution or sale is subsequently abandoned); or




8.14.3.2
the acquisition in a transaction or series of related transactions (other than from the Company) by any person, entity or “group”, within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act, of more than 50% of either the then outstanding shares of the Company’s Common Stock or the combined voting power of the Company’s then outstanding voting securities entitled to vote generally in the election of directors (hereinafter referred to as the ownership of a “Controlling Interest”) excluding, for this purpose, any acquisitions by (1) the Company or its Subsidiaries, (2) any person, entity or “group” that as of the Commencement Date of this Agreement owns beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act) of a Controlling Interest or (3) any employee benefit plan of the Company or its Subsidiaries.
8.14.4 Notwithstanding the foregoing, the provisions of this Section 8.14 shall only apply if (i) the payments to be made hereunder are not subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), or (ii) any such Change in Control would also constitute a change in the ownership or effective control of the Company, or a change in the ownership of a substantial portion of the assets of the Company, within the meaning of Treas. Reg. Section 1.409A-3(i)(5).”

d.
A new Section 8.15 is hereby added and shall read as follow:
Section 409A Compliance.

8.15.1 General. It is the intention of both the Company and the Executive that the benefits and rights to which the Executive is entitled pursuant to this Agreement comply with Code Section 409A, to the extent that the requirements of Code Section 409A are applicable thereto, and the provisions of this Agreement shall be construed in a manner consistent with that intention. If the Executive or the Company believes, at any time, that any such benefit or right that is subject to Code Section 409A does not so comply, it shall promptly advise the other and shall negotiate reasonably and in good faith to amend the terms of such benefits and rights such that they comply with Code Section 409A (with the most limited possible economic effect on the Executive and on the Company).

8.15.2 Distributions on Account of Separation from Service. To the extent required to comply with Code Section 409A, any payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment (or any other similar term) shall be made only in connection with a “separation from service” with respect to the Executive within the meaning of Code Section 409A.

8.15.3 No Acceleration of Payments. Neither the Company nor the Executive, individually or in combination, may accelerate any payment or benefit that is subject to Code Section 409A, except in compliance with Code Section 409A and the provisions of this Agreement, and no amount that is subject to Code Section 409A shall be paid prior to the earliest date on which it may be paid without violating Code Section 409A.

8.15.4 Six Month Delay for Specified Employees. In the event that the Executive is a “specified employee” (as described in Code Section 409A), and any payment or benefit payable



pursuant to this Agreement constitutes deferred compensation under Code Section 409A, then the Company and the Executive shall cooperate in good faith to undertake any actions that would cause such payment or benefit not to constitute deferred compensation under Code Section 409A. In the event that, following such efforts, the Company determines (after consultation with its counsel) that such payment or benefit is still subject to the six-month delay requirement described in Code Section 409A(2)(b) in order for such payment or benefit to comply with the requirements of Code Section 409A, then no such payment or benefit shall be made before the date that is six months after the Executive’s “separation from service” (as described in Code Section 409A) (or, if earlier, the date of the Executive’s death). Any payment or benefit delayed by reason of the prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period.

8.15.5 Treatment of Each Installment as a Separate Payment. For purposes of applying the provisions of Code Section 409A to this Agreement, each separately identified amount to which the Executive is entitled under this Agreement shall be treated as a separate payment. In addition, to the extent permissible under Code Section 409A, any series of installment payments under this Agreement shall be treated as a right to a series of separate payments.

8.15.6 Reimbursements and In-Kind Benefits. To the extent that reimbursements and in-kind benefits provided under this Agreement are subject to Code Section 409A, such reimbursements and in-kind benefits shall meet the following requirements: (i) the amount of expenses eligible for reimbursement or in-kind benefits provided to Executive during any calendar year will not affect the amount of expenses eligible for reimbursement or in-kind benefits provided to Executive in any other calendar year; (ii) the reimbursements for expenses for which Executive is entitled to be reimbursed shall be made on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred; and (iii) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit.”

3. Effect of Amendment. All the terms and conditions of the Agreement affected by the terms of this Second Amendment shall remain in full force and effect between the Parties.

4. Entire Agreement. The Initial Employment Agreement, together with the First Amendment and this Second Amendment, constitutes and represents the entire agreement between the Parties hereto and supersedes any prior understandings or agreements, written or verbal, between the parties hereto respecting the subject matter herein. The Agreement may be amended, supplemented, modified or discharged only upon an agreement in writing executed by all of the parties hereto.

5. Severability. Whenever possible, each provision of this Second Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Second Amendment is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision of this Second Amendment or any action in any other jurisdiction, but this Second Amendment shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

6. Counterparts. This Second Amendment may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. Signatures presented by facsimile transmission shall be deemed effective at the time of transmission and shall be replaced by original signatures as soon thereafter as practicable.




IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

Company:
NV5, Inc.
By:/s/ Dickerson Wright
Name: Dickerson Wright
Title: Chief Executive Officer
Executive:
By:/s/ Mary Jo O'Brien
Name: Mary Jo O’Brien




THIRD AMENDMENT
EMPLOYMENT AGREEMENT

THIS THIRD AMENDMENT TO THE EMPLOYMENT AGREEMENT (the “Amendment”) is made and entered into on this 1st day of March 2024, by and between NV5 Holdings, Inc., a Delaware corporation (the “Company”), and MaryJo OBrien (hereinafter called the “Employee”).

RECITALS

A.NV5, Inc. and the Employee entered into an Employment Agreement dated October 1, 2010 (the “Initial Employment Agreement”) in respect of services as an executive officer of NV5 Global, Inc., a Delaware corporation (the “Parent Company”).

B.The Company intends to assume the Initial Employment Agreement, amended as set forth herein.

AGREEMENT

NOW, THEREFORE, in consideration of the premises and mutual covenants set forth herein, the parties agree as follows:

1.Recitals; Definitions. The foregoing recitals are incorporated herein by reference. Capitalized terms not defined herein shall have the meaning set forth in the Initial Employment Agreement. Any references to the “Agreement” shall mean the Initial Employment Agreement, as amended, and this Third Amendment and any references to the Company shall include the Parent Company unless the context otherwise requires.

2.Amendments.

a.Section 5.4 is amended to read as follows:

5.4 The termination of this Employment Agreement by either party on written notice pursuant to Section 2, above. Further, if Executive is terminated without Cause as defined in Section 5.3 in the Initial Employment Agreement, then all of Executive’s Equity Awards, if any, shall immediately vest on the day of termination. Reference is made to that certain Indemnification Agreement dated March 18, 2011; whereas the Company’s obligation to indemnify Executive, shall continue post termination.

3.Effect of Amendment. All the terms and conditions of the Agreement affected by the terms of this Third Amendment shall remain in full force and effect between the Parties.

4.Entire Agreement. The Initial Employment Agreement, together with Amendments, constitutes and represents the entire agreement between the Parties hereto and supersedes any prior understandings or agreements, written or verbal, between the parties hereto respecting the subject matter herein. The Agreement may be amended, supplemented, modified or discharged only upon an agreement in writing executed by all of the parties hereto.

5.Severability. Whenever possible, each provision of this Third Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Third Amendment is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision of this Third Amendment or any action in any other jurisdiction, but this Third Amendment shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

6.Counterparts. This Third Amendment may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. Signatures presented by facsimile transmission shall be deemed effective at the time of transmission and shall be replaced by original signatures as soon thereafter as practicable.
[Remainder of page intentionally left blank]



IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

COMPANY
NV5 HOLDINGS, INC.
By: /s/ Dickerson Wright
Name:
Title:
Dickerson Wright
Chief Executive Officer
EXECUTIVE:
By:/s/ MaryJo OBrien
Name: MaryJo OBrien






FOURTH AMENDMENT EMPLOYMENT AGREEMENT

This Fourth Amendment to Employment Agreement (this “Amendment”) is made and entered into on May 14, 2025 by and between NV5 Holdings, LLC. (formerly known as NV5 Holdings, Inc.), a Delaware corporation (the “Company”) and MaryJo O’Brien (“Executive,” together with the Company, the “Parties” and, each, a “Party”).
RECITALS
A.The Parties are parties to a certain Employment Agreement dated as of October 1, 2010, as heretofore amended (the “Employment Agreement”).

B.The Parties desire to amend the Employment Agreement to provide for a termination by Executive for Good Reason (as defined below) and the implications of such termination.

AGREEMENT

NOW, THEREFORE, in consideration of the premises and mutual covenants set forth herein, the Parties agree as follows:

1. Recitals; Definitions. The foregoing recitals are incorporated herein by reference. Capitalized terms not defined herein shall have the meaning set forth in the Employment Agreement. Any references to the “Agreement” shall mean the Employment Agreement, as amended by this Amendment.

2. Amendments.
a. Section 5.4 of the Agreement is amended and restated in its entirety as follows:

5.4 The termination of this Agreement by either party on written notice pursuant to Section 2, above. Further, if the Company terminates Executive’s employment without Cause or Executive terminates Executive’s employment for Good Reason (as defined in Section 5.4.1 below), then, notwithstanding the terms of any equity incentive plan or award agreements, as applicable, all of Executive’s equity awards from the Company and/or its affiliates, if any, shall immediately vest on the day of termination. The Company’s obligations under that certain Indemnification Agreement between the parties dated March 18, 2011 shall continue post termination of Executive’s employment.

b. The following shall be added to the Agreement as a new Section 5.4.1:

5.4.1 For purposes of this Agreement, “Good Reason” shall mean: (i) the assignment to Executive of any significant duties or responsibilities that are inconsistent with Executive’s position, or any other action by the Company, in each case, which results in a material diminution in Executive’s position, authority, duties or responsibilities; (ii) any failure by the Company to comply with any of the provisions of Section 4 of this Agreement; (iii) a material breach by the Company of its obligations to Executive under this Agreement; or (iv) the Company’s requiring Executive to be based at any office or location more than 30 miles outside of the area for which Executive was originally hired to work except where such change in work location does not represent a material change in the geographic



location at which Executive is required to provide services. Notwithstanding the foregoing, Executive’s termination shall not constitute a termination for “Good Reason” as a result of any of the above events unless: (1) Executive first provides the Company with written notice thereof within ninety (90) days after the occurrence of such event, (2) to the extent correctable, Company fails to cure the circumstance or event so identified within thirty (30) days after receipt of such notice, and (3) the effective date of Executive’s termination for Good Reason occurs no later than thirty (30) days after the expiration of Company’s cure period. Nothing in this Section 5.4.1 shall limit the Company’s right to contest any assertion that Executive may make with respect to any such event or circumstance. Notwithstanding the foregoing, during the Term, in the event that the Company reasonably believes that Executive may have engaged in conduct that could constitute Cause hereunder, the Company may, in its sole and absolute discretion, suspend Executive from performing or alter Executive’s duties hereunder for a period of up to sixty (60) days, and, in such event, such suspension shall not constitute an event pursuant to which Executive may terminate this Agreement with Good Reason; provided, however, that no such suspension shall alter the Company’s obligations under this Agreement (including, without limitation, its obligations to provide Executive compensation and benefits) during such period of suspension.

3. Effect of Amendment. All the terms and conditions of the Agreement, as amended by this Amendment, shall remain in full force and effect between the Parties.

4. Entire Agreement. The Employment Agreement, together with this Amendment, constitutes and represents the entire agreement between the Parties with respect to the subject matter thereof and supersedes any and all prior understandings or agreements, written or verbal, between the parties hereto respecting such subject matter. The Agreement may be amended, supplemented, modified or discharged only upon an agreement in writing executed by the Parties.

5. Severability. Whenever possible, each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision of this Amendment or any action in any other jurisdiction, but this Amendment shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

6. Counterparts. This Amendment may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. Photographic copies, electronically scanned copies, and other facsimiles of this Amendment (including such signed counterparts) may be used in lieu of the originals for any purpose.


[The remainder of this page is intentionally blank; signature page follows.]




IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

NV5 HOLDINGS, LLC.

By: /s/ Richard Tong
Richard Tong
Executive Vice President



/s/ MaryJo O'Brien
MaryJo O’Brien



[Signature page to Fourth Amendment to Employment Agreement.]





EX-10.21 4 benheraudemploymentagreeme.htm EX-10.21 Document

Exhibit 10.21

EXECUTIVE EMPLOYMENT AGREEMENT

THIS EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”) is made as of the 31st day of March 2026 (the “Effective Date”) by and between TIC Solutions, Inc. (“Company”) and Benjamin Heraud (“Executive”).

WHEREAS, the Company desires to employ the Executive as its Chief Executive Officer and Executive desires to accept such employment under the terms and conditions hereof.

WHEREAS, the Company desires to amend and restate Executive’s current employment agreement dated as of March 1, 2024 with its subsidiary, NV5 Holdings, Inc. (the “Prior Employment Agreement”) with respect to the Executive’s employment with the Company.

NOW, THEREFORE, in consideration of the promises and the mutual agreements contained herein, the Company and Executive each hereby agree as follows:

ARTICLE I

DEFINITIONS

1.1Definitions. As used herein, the following terms shall have the following meanings.

(a)Benefit Continuation” means the continued participation for Executive and his eligible dependents in the Company Group’s medical and dental benefit plans, via an effective election by Executive under COBRA.

(b)Benefit Plans” means all medical and dental benefit plans of the Company Group and any group life insurance, group accident insurance and group disability insurance plans of the Company Group, in each case, as may be in effect from time to time.

(c)Board” means the board of directors of the Company.

(d)Business” means providing nondestructive testing and examination, inspection, rope access, materials engineering, maintenance, repair, industrial, and similar services; manufacturing products relating to nondestructive testing and examination; and marketing, selling, and distributing such products and services.

(e)Cause” means any of the following:

(i)the willful and continuous failure by Executive to substantially perform Executive’s duties with the Company or any member of the Company Group (other than any such failure resulting from Executive’s incapacity due to physical or mental illness) within thirty (30) days after a written demand for substantial performance is delivered to Executive by the Board which specifically identifies the manner in which the Board believes that Executive has not substantially performed Executive’s duties,

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(ii)misconduct or gross negligence by Executive provided (A) the Board has determined that the resulting harm to the Company Group from Executive’s misconduct or gross negligence cannot be adequately remedied, or (B) Executive fails to correct any resulting harm to the Company Group within thirty (30) days after a written demand for correction is delivered to Executive by the Board which specifically identifies both the manner in which the Board believes that Executive has engaged in misconduct or gross negligence and an appropriate method of correcting any resulting harm to the Company Group,
(iii)Executive’s conviction of or the entering of a plea of guilty or nolo contendere to the commission of a felony,
(iv)fraud, embezzlement, or theft, against the Company Group, or a willful material violation by Executive of a policy or procedure of the Company Group, resulting, in any case, in economic harm to the Company Group, or
(v)A breach of Executive’s representations or warranties contained in Section 3.1.
(f)COBRA” means the continuation coverage requirements for “group health plans” under Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, including codifications and rules thereunder and successor provisions and rules thereto.
(g)Code” means the Internal Revenue Code of 1986, as amended, and the regulations and other guidance promulgated by the Treasury Department and the Internal Revenue Service thereunder.
(h)Competitive Products or Services” means any services or products competitive with any product or service sold, offered for sale, or under development by the Company Group as of the date of Executive’s termination of employment.
(i)Company Group” means the Company, together with any direct or indirect subsidiary of the Company, as well as any business, corporation, partnership, limited liability company or other entity designated by the Board and in which the Company or a subsidiary holds a controlling ownership interest, directly or indirectly.
(j)Confidential Information” as used in Sections 2.5, 2.6 and 2.7 of this Agreement, means all confidential and proprietary information, data, documents, records, materials, and other trade secrets and/or other proprietary business information of the Company Group that is not readily available to competitors, outside third parties and/or the public, including without limitation, (i) data, designs, plans, notes, memoranda, work sheets, formulas, processes, patents, pricing, production methods and techniques, financial information and information about current or prospective customers and/or suppliers and customer and supplier lists; (ii) employees, research, goodwill, production, prices, costs, margins, and operating unit financial performance, salaries and expertise, customer preferences, contact information, key contacts, credit and purchasing history, and purchasing requirements and preferences; (iii) business methods, processes, practices or procedures; (iv) computer software and technology development; and (v) marketing, pricing strategies, business plans, and business strategy, including acquisition, merger and/or divestiture strategies.
(k)Customer” means any individual or entity that is a customer of the Company Group with whom Executive dealt, for whom Executive had direct supervisory, sales, or service responsibility, for whom Executive has knowledge is a customer of the Company Group, or about whom Executive received or had access to Confidential Information as a result of Executive’s employment and in the case of the employment having ended, at any time during the last twelve months of Executive’s employment with the Company.

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(l)Disability” means Executive’s inability, or failure, to perform the essential functions of his position, with or without reasonable accommodation, for any period of six (6) months or more in any twelve (12) month period, by reason of any medically determinable physical or mental impairment.
(m)Equity Plan” means that certain Company 2024 Equity Incentive Plan, as may be amended from time to time, or any subsequent equity plan adopted by the Company in which the Executive participates.
(n)Good Reason” means the occurrence of one or more of the following conditions without the consent of Executive:
(i)a material diminution in Executive’s authority, duties, or responsibilities;
(ii)any action or inaction that constitutes a material breach by the Company of this Agreement;
(iii)a material diminution in the Executive’s Base Salary or Annual Bonus opportunity; or
(iv)the Company’s requiring the Executive to be based at any office or location more than 100 miles outside of the area for which Executive was originally hired to work except where such change in work location does not represent a material change in the geographic location at which Executive is required to provide services.
In order for a termination of employment to be on account of “Good Reason,” Executive must provide the Company with a written notice within ninety (90) days of the initial existence of a condition constituting Good Reason, must afford the Company thirty (30) days in which to remedy the condition, and if no such cure has been effectuated, must terminate employment within six (6) months of the initial existence of the identified condition constituting Good Reason.
(o)NV5” means NV5 Global, Inc.
(p)Person” means an individual, a partnership, a corporation, an association, a joint stock company, a limited liability company, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof.
(q)Potential Customer” means a potential customer of the Company Group whom Executive solicited or helped the Company Group solicit or about whom Executive learned Confidential Information as a result of Executive’s employment and in the case of the employment having ended, at any time during the last twelve months of Executive’s employment with the Company.
(r)PPACA” means the Patient Protection and Affordable Care Act of 2010 and the related regulations and guidance promulgated thereunder.
(s)Restricted Employee” means any individual who Executive knows is an employee or officer of the Company Group at the time of contact or solicitation and with whom Executive had direct contact as a result of employment with the Company Group or whose identity Executive learned as a result of employment with the Company Group.
(t)Termination Date” means the date on which the Employment Period ends hereunder.

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ARTICLE II
EMPLOYMENT
1.1Employment. The Company agrees to employ Executive and Executive hereby accepts such employment with the Company, upon the terms and conditions set forth in this Agreement, for an indeterminate term as an employee at will subject to the supervision, will and pleasure of the Board until such termination occurs in accordance with Section 2.4 hereof (the “Employment Period”).

1.2Position and Duties.

(a)During the Employment Period, Executive shall serve as the Chief Executive Officer of the Company, and such other title and position of the Company’s subsidiaries as may be assigned to him from time to time. As Chief Executive Officer, Executive’s duties shall be as may be prescribed by the Company’s constituent documents and as may be assigned by the Board from time to time, commensurate with Executive’s positions. Executive shall report to the Board. Executive agrees to serve in any additional director, officer, or manager positions with the Company or any of its subsidiaries for no additional consideration upon the request of the Company.

(b)Executive shall devote his best efforts and his full business time and attention (except for permitted vacation periods and reasonable periods of illness or other incapacity) to the business and affairs of the Company Group. The Executive shall perform his duties and responsibilities to the best of his abilities in a diligent, trustworthy, businesslike and efficient manner. In the performance of his duties hereunder, Executive shall at all times report and be subject to the lawful direction of the Board and perform his duties hereunder subject to and in accordance with the resolutions or any other determinations of the Board and the governing documents of the Company (and if applicable, member of the Company Group) and applicable law. During the Employment Period, Executive shall not become an employee of any Person or entity other than any member of the Company Group nor engage in any other business or occupation including, without limitation, any activity that (i) conflicts with the interests of the Company Group, (ii) interferes with the proper and efficient performance of his duties for the Company Group, or (iii) interferes with the exercise of his judgment in the best interests of the Company Group. For the avoidance of doubt, should Executive wish to join the board of directors of any other operating business, entity or person, Executive shall first obtain the prior, written approval of the Chief Executive Officer prior to accepting any such directorship.

1.3Base Salary, Bonus, Long Term Incentives and Benefits.

(a)Base Salary. Subject to the terms of this Agreement, in consideration of Executive’s agreements contained herein, for each fiscal year of the Company during the Employment Period, Executive shall receive a Base Salary at an annual rate of Seven Hundred Thousand Dollars and No Cents ($700,000.00) (“Base Salary”), with such Base Salary payable in installments consistent with the Company’s normal payroll schedule, subject to applicable withholding and other taxes. Executive’s Base Salary in subsequent fiscal years may be subject to adjustment pursuant to Section 2.3(e) hereof and any increase in such amount shall become the Base Salary under this Section 2.3(a).


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(b)Bonus Plan. During the Employment Period, Executive shall be eligible to receive an annual bonus (an “Annual Bonus”) under the Company’s annual incentive compensation plan, program and/or arrangements applicable to senior-level executives as established and modified from time to time by the Compensation Committee of the Board within its sole discretion (the “Bonus Plan”). For the fiscal year commencing January 1, 2026 (the “2026 Fiscal Year”), Executive shall have a target bonus opportunity equal to 100% of his current Base Salary and a stretch bonus opportunity of 200% of his current Base Salary, in each case, subject to performance criteria to be established by the Compensation Committee of the Board within the first three (3) months of each fiscal year. For each fiscal year immediately following the 2026 Fiscal Year, Executive shall have a target bonus opportunity equal to 100% of his current Base Salary, subject to performance criteria to be established by the Compensation Committee of the Board within the first three (3) months of each fiscal year. Payment of Annual Bonuses, if any, to Executive shall be made in the fiscal year immediately following the fiscal year to which the Annual Bonus relates, in the same form and manner and at the same time that other senior-level executives receive their annual incentive compensation awards.

(c)Annual LTI Awards. During the Employment Period, shall be eligible to participate in the Equity Plan and any other long term incentive plan, program and/or arrangements applicable to senior-level executives as established and modified from time to time by the Compensation Committee of the Board, within its sole discretion. So long as Executive continues to be employed with the Company as of the applicable grant dates, subject to annual approval by the Compensation Committee of the Board, Executive will be awarded long-term compensation awards under the Equity Plan and/or such other plans, programs or arrangements (each an “LTI Award”) having a grant date value of not less than 250% of Executive’s then Base Salary (the “Annual LTI Amount”). The Annual LTI Amount shall be granted in the form of restricted stock units, performance shares or other forms of equity or long-term incentive as determined by the Compensation Committee of the Board and on terms to be specified by the Compensation Committee of the Board in its discretion.

(d)Benefits. During the Employment Period, Executive shall be entitled to participate in all medical, dental, hospitalization, accidental death and dismemberment, disability, travel and life insurance plans, and any and all other plans as are presently and hereinafter offered by the Company Group to all of its executive personnel, including savings, pension, profit-sharing and deferred compensation plans, subject to the general eligibility and participation provisions set forth in such plans. Executive agrees to use any accrued but unused paid time off, to the extent there is any; upon using any such accrued time off, Executive will participate in the Company’s Flexible Time Off program currently in effect. The Company reserves the right to amend, modify, or terminate any benefits and paid time off programs at any time in its sole discretion, subject to the terms of such benefit plans and applicable law.

(e)Annual Review. Notwithstanding anything to the contrary in this Agreement, during the Employment Period, Executive’s Base Salary, Annual Bonus and long-term incentive opportunity shall be reviewed and set annually by the Compensation Committee of the Board, within its sole discretion.

(f)Intentionally Omitted.
1.4Termination.

(a)General. The Employment Period shall terminate upon the earliest to occur of (i) Executive’s death, (ii) a termination by the Company by reason of Executive’s Disability, (iii) a termination by the Company with or without Cause, or (iv) a termination by Executive with or without Good Reason. Upon any termination of Executive’s employment for any reason, except as may otherwise be requested by the Company in writing and agreed upon in writing by Executive, Executive shall resign from any and all directorships, committee memberships or any other positions Executive holds with the Company Group.


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(b)Termination for Cause or Voluntary Termination. If Executive is terminated by the Company for Cause or if the Executive voluntarily terminates his employment without Good Reason, the Executive shall be entitled only to his (i) accrued yet unpaid Base Salary through the Termination Date, payable as and when such accrued Base Salary would otherwise be payable and (ii) vested employee benefits in accordance with the terms of the applicable plan or program (collectively, the “Accrued Obligations”). Other than as specifically set forth in this Section 2.4(b), the Company shall have no further liability or obligation hereunder after the Termination Date.

(c)Termination Without Cause or for Good Reason.

(i)Except as set forth in Section 2.4(h) of this Agreement, if the Executive is involuntarily terminated by the Company without Cause or terminates his employment for Good Reason, the Executive shall be entitled to (x) the Accrued Obligations; (ii) any unpaid Annual Bonus with respect to any completed fiscal year which has not been paid as of the Termination Date, payable at the time the Company pays the Annual Bonus to the other Bonus Plan participants.

(ii)Provided the Executive has executed and not revoked the General Release referred to in Section 2.4(i) below and provided that Executive complies with Sections 2.5 and 2.7 below, Executive shall also be entitled to:
(1)severance pay in an aggregate amount equal to one (1) times his annual Base Salary as in effect under Section 2.3(a) (the “Severance Amount”), payable in equal installments over a 12-month period (the “Severance Period”), with the first payment being made on the first payroll date occurring on or after the Payment Commencement Date described in Section 2.4(i) below, less applicable income and employment tax withholdings;
(2)an amount equal to the product of (A) the Executive’s Annual Bonus for the year in which the Termination Date occurs, determined in accordance with the Bonus Plan in a manner consistent with that applicable to other senior executives in the Bonus Plan generally, multiplied by (B) a fraction, (1) the numerator of which is the number of days elapsed in the performance year as of the date of termination, and (2) the denominator of which is 365 (the “Pro Rata Bonus”), which Pro Rata Bonus shall be paid at the same time that the Annual Bonus is paid to other participants in the Bonus Plan generally in respect of the applicable performance year; and
(3)Benefit Continuation for the Severance Period, at the Company’s expense; provided, however, that if the Company’s providing Benefit Continuation would violate the non-discrimination rules applicable to non-grandfathered plans, or would result in the imposition of penalties under applicable rules, the Company shall have the right to amend this Section 2.4(h)(ii) in a manner it determines, in its sole discretion, to comply with the PPACA.


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(iii)Notwithstanding anything to the contrary in this Agreement, in the event that Executive is determined to be a “specified employee” in accordance with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and the regulations and other guidance issued thereunder for purposes of any Severance Amounts under this Section 2.4(c), such Severance Amounts shall begin on or be payable on the first payroll date that is more than six (6) months following the date of separation from service, but only to the extent that such payments do not satisfy either the short term deferral exception to Section 409A described in 26 CFR § l.409A-l(b)(4) (“Short Term Deferral Exception”) or, to the extent such payments do not satisfy the Short Term Deferral Exception, the involuntary termination exception to Section 409A described in 26 CFR § l.409A-l(b)(9). At all times, the right to all such installment payments made under this subsection (c) shall be treated as the right to a series of separate payments within the meaning of 26 CFR § l.409A-2(b)(2)(iii). In the event that a termination of employment occurs on or after December 1st of a calendar year that would entitle the Executive to Severance Amounts or Enhanced Severance Amounts under Section 2.4(c)(ii) above, and such Severance Amounts are payable prior to the first payroll date that is more than six (6) months following the date of separation from service, such severance benefits shall commence no earlier than the first payroll date in the following calendar year and within ninety (90) days after such separation from service. Any amount that (i) is payable upon termination of Executive’s employment with the Company under any provision of this Agreement, and (ii) is subject to the requirements of Section 409A, shall not be paid unless and until the Executive has Separated from Service as defined in Treasury Regulation Section l.409A-l(h).

(d)No Mitigation. To the extent that Executive shall receive compensation for personal services from employment other than with the Company subsequent to a termination of Executive’s employment with the Company, the amounts so earned shall not be offset against the amounts (if any) due under this Agreement following Executive’s termination of employment.

(e)Severance Forfeiture. Executive agrees that Executive shall be entitled to the Severance Amount only if Executive does not breach the provisions of the General Release, the Non-Compete or other material terms of this Agreement at any time during the period for which such payments are to be made. The Company’s obligation to make such payments will terminate upon the occurrence of any material breach during the Severance Period.

(f)No Additional Severance. Executive hereby agrees that no severance compensation of any kind, nature or amount shall be payable to Executive, except as expressly set forth in this Section 2.4 and Executive hereby irrevocably waives any claim for any other severance compensation.

(g)Death or Disability. The Company’s obligation under this Agreement terminates on the last day of the month in which the Executive’s death occurs or on the date of termination of employment on account of Executive’s Disability. The Company shall pay to Executive, or the Executive’s estate, all previously earned and accrued but unpaid Base Salary up to such Termination Date, payable as and when such accrued Base Salary would otherwise be payable. Thereafter, Executive or his estate shall not be entitled to any further Base Salary, Annual Bonus or benefits for that year or any subsequent year, except as may be provided in an applicable benefit plan or program.


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(h)Cap on Certain Payments by the Company; Payment Procedures. Notwithstanding any provision in this Agreement, in the event that any payment or benefit of any type by the Company Group to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (all such payments and benefits, including, without limitation, the Compensation Incentive Amount, being hereinafter referred to as the “Total Payments”), would exceed the greatest amount that could be paid to Executive without Executive incurring an excise tax imposed by Section 4999 of the Code (or any similar tax that may be imposed), then the Total Payments to Executive under this Agreement (or any other employee plan, program, agreement or other arrangement) shall be reduced (or appropriately adjusted) to the maximum amount which may be paid without Executive becoming subject to such excise tax, but only if the net after-tax proceeds of such reduced amount would be greater than the net after-tax proceeds (taking into account the excise tax) of the unreduced Total Payments. If a reduction in the Total Payments is required under this Section 2.4(h), the Total Payments shall be reduced by the Company in its reasonable discretion in the following order: (i) reduction of any cash payment; (ii) reducing of vesting acceleration of equity awards; and (iii) reduction of other benefits paid or provided. In the event that acceleration of vesting of equity awards is to be reduced, such acceleration of vesting will be cancelled in the reversed order of the dates of grant for the equity awards. If two or more equity awards are granted on the same date, each award will be reduced on a pro-rata basis. Executive shall be advised of the determination as to which compensation will be reduced and the reasons therefor, and Executive and his advisors will be entitled to present information that may be relevant to that determination. In no event will the Company Group pay any excise tax imposed by Section 4999 of the Code or otherwise on behalf of Executive. No amounts or benefits which constitute nonqualified deferred compensation subject to Section 409A shall be forfeited or reduced pursuant to this Section 2.4(h) until all amounts and benefits not subject to Section 409A have been forfeited, and reduction or forfeiture of amounts subject to Section 409A shall be made first (to the extent necessary) out of payments and benefits which are due at the latest future date.

For purposes of determining whether any of the Total Payments will be subject to the Excise Tax and the amount of such excise tax: (A) the Total Payments shall be treated as “parachute payments” within the meaning of Section 280G(b)(2) of the Code, and all “excess parachute payments” within the meaning of Section 280G(b)(1) of the Code shall be treated as subject to the excise tax, unless, and except to the extent that, in the written opinion of independent compensation consultants, counsel or auditors of nationally recognized standing (the “Independent Auditors”) selected by the Company and reasonably acceptable to Executive, the Total Payments and benefits (in whole or in part) do not constitute parachute payments, or such excess parachute payments (in whole or in part) represent reasonable compensation for services actually rendered within the meaning of Section 280G(b)(4) of the Code in excess of the base amount within the meaning of Section 280G(b)(3) of the Code or are otherwise not subject to the excise tax, and (B) the value of any non-cash benefits or any deferred payment or benefit shall be determined by the Independent Advisors in accordance with the principles of Section 280G(d)(3) and (4) of the Code. For purpose of determining the amount of the net after-tax proceeds of the reduced and unreduced Total Payments pursuant to this Section 2.4(h), Executive shall be deemed (I) to pay federal income and employment taxes at the applicable rates of federal income and employment taxation for the calendar year in which the compensation would be payable; and (II) to pay any applicable state or local income taxes at the applicable rates of taxation for the calendar year in which the compensation would be payable taking into account any effect on federal income taxes from payment of state and local income taxes.


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(i)General Release. Any payments due to Executive under this Section 2.4 (other than the earned and accrued obligations on any payments due on account of Executive’s death) shall be conditioned upon Executive’s execution of a general release of claims in the form attached hereto as Exhibit A (subject to such modifications as the Company reasonably may request) that becomes irrevocable within sixty (60) days of the Termination Date. Payment of any amounts subject to Executive’s release shall be delayed until the 61st day following the Termination Date (the “Payment Commencement Date”) and any payments that are so delayed shall be paid on the Payment Commencement Date. If the sixty (60) day period following the Termination Date overlaps two (2) calendar years, then if and to the extent required to comply with Section 409A, any payment due to Executive under this Section 2.4 shall not be made on or before the January 1 of the second overlapped year. If the foregoing release is executed and delivered and no longer subject to revocation as provided in the preceding sentence, then the following shall apply:

(i)To the extent any such cash payment or continuing benefit to be provided is not “deferred compensation” for purposes of Section 409A, then such payment or benefit shall commence upon the first scheduled payment date immediately after the date the release is executed and no longer subject to revocation (the “Release Effective Date”). The first such cash payment shall include payment of all amounts that otherwise would have been due prior to the Release Effective Date under the terms of this Agreement had such payments commenced immediately upon the Termination Date, and any payments made thereafter shall continue as provided herein. The delayed benefits shall in any event expire at the time such benefits would have expired had such benefits commenced immediately following the Termination Date.

(ii)To the extent any such cash payment or continuing benefit to be provided is “deferred compensation” for purposes of Section 409A, then such payments or benefits shall be made or commence upon the sixtieth (60) day following the Termination Date. The first such cash payment shall include payment of all amounts that otherwise would have been due prior thereto under the terms of this Agreement had such payments commenced immediately upon the Termination Date, and any payments made thereafter shall continue as provided herein. The delayed benefits shall in any event expire at the time such benefits would have expired had such benefits commenced immediately following the Termination Date.
All payments shall be subject to deductions for customary withholdings, including without limitation, federal and state withholding taxes and social security taxes. If Executive dies during the Severance Period, any remaining Severance Amounts shall be paid to his surviving spouse, or if there is no surviving spouse, to his estate.
1.5Confidential Information.

(a)Executive recognizes that the Company Group is engaged in the business of providing nondestructive testing and examination, inspection, rope access, materials engineering, maintenance, repair, industrial, and similar services; manufacturing products relating to nondestructive testing and examination; and marketing, selling, and distributing such products and services (collectively, the “Company’s Business”), which business requires for its successful operation the fullest security of its Confidential Information of which Executive will acquire knowledge during the course of his employment.

(b)Executive shall use his best efforts and diligence both during and after his employment with the Company, regardless of how, when or why Executive’s employment ends, to protect the confidential, trade secret and/or proprietary character of all Confidential Information. Executive shall not, directly or indirectly, use (for himself or another) or disclose any Confidential Information, for so long as it shall remain proprietary or protectable as confidential or trade secret information, except as may be necessary for the performance of Executive’s duties for the Company Group.


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(c)Executive shall promptly deliver to the Company, at the termination of the Employment Period or at any other time at the Company’s request, without retaining any copies, whether in written form or in any technological form, all documents, information and other material in Executive’s possession or control containing, reflecting and/or relating, directly or indirectly, to any Confidential Information.

(d)Executive’s obligations under this Section 2.5 shall also extend to the confidential, trade secret and proprietary information learned or acquired by Executive during his employment from others with whom the Company Group has a business relationship.

(e)Permitted disclosures. Nothing in this Agreement shall be construed to prevent disclosure of Confidential Information as may be required by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or an authorized government agency, provided that the disclosure does not exceed the extent of disclosure required by such law, regulation, or order. Executive shall promptly provide written notice of any such order to an authorized officer of the Company Group. Further, nothing in this Agreement is intended to prevent Executive from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that Executive has reason to believe is unlawful.

(f)Notice of Immunity Under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act of 2016. Notwithstanding any other provision of this Agreement:

(i)Executive will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that is made: (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and solely for the purpose of reporting or investigating a suspected violation of law; or (2) in a complaint or other document that is filed under seal in a lawsuit or other proceeding; and
(ii)if Executive files a lawsuit for retaliation by the Company Group for reporting a suspected violation of law, Executive may disclose the Company Group’s trade secrets to Executive’s attorney and use the trade secret information in the court proceeding if Executive (1) files any document containing the trade secret under seal; and (2) does not disclose the trade secret, except pursuant to court order.
1.6Competitive Activity.

(a)During the period commencing on the date hereof and ending on the date that Executive is no longer employed by or providing services to the Company Group (the “Restricted Period”), Executive will not, within any geographic region over which Executive had supervisory responsibility (the “Restricted Territory”): (i) provide to any person or entity engaged in the Business (each a “Competitive Business”) the same or similar services that Executive provided to the Company Group in the course of his employment; (ii) provide to any Competitive Business any services that require or inevitably will require disclosure of the Company Group’s trade secrets or other Confidential Information; or (iii) loan money or otherwise provide financial assistance to any person or entity engaged in the Business; provide, however, that nothing in this Agreement prohibits Executive from owning an interest in a mutual fund which has invested an entity engaged in the Business or otherwise owning less than two percent (2%) of a publicly traded company engaged in the same, so long as such investment is a passive investment and Executive is not directly or indirectly involved in the management or operation of such company.

(b)Following expiration of the Restricted Period in Section 2.6(a) of this Agreement, Executive shall continue to be obligated under Section 2.5 of this Agreement not to use or to disclose Confidential Information so long as it shall remain proprietary or protectable as confidential or trade secret information.

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(c)Executive understands that the intention of Sections 2.5 and 2.6 of this Agreement is not to prevent the Executive from earning a livelihood and Executive agrees nothing in this Agreement would prevent Executive from earning a livelihood utilizing his general professional or technical skills in any business which is not directly or indirectly in competition with the Company Group.

(d)Executive agrees that during Executive’s employment with the Company, the Executive will not, other than on behalf of the Company, directly or indirectly: (i) sell, attempt to sell, or assist in selling any Competitive Products or Services to any Customer or Prospective Customer of the Company Group; (ii) provide any Competitive Products or Services to any Customer or Prospective Customer; (iii) have contact with, solicit, or direct or assist in the contact or solicitation of any Customers for the purpose of selling or providing any Competitive Products or Services; or (iv) induce or attempt to induce any of the Company Group’s Customers, vendors, suppliers, or other business relations to cease doing business with the Company Group, in whole or in part.

(e)Executive agrees that during Executive’s employment with the Company, the Executive will not, directly or indirectly, (i) solicit or induce or attempt to solicit or induce any Restricted Employee to leave employment with the Company Group or cease performing services for the benefit of the Company Group or (ii) hire any Restricted Employee to provide services to anyone other than the Company Group.

(f)In addition to any other remedies available to Company, including but not limited to injunctive relief as specified in Section 3.12 below, Executive’s material breach of Section 2.6 of this Agreement shall relieve the Company of its obligations (if any) to pay any further Severance Amounts under this Agreement.
1.7Ideas, Inventions and Discoveries.

(a)Executive shall promptly disclose to the Company any ideas, inventions or discoveries, whether or not patentable, which Executive may conceive or make (alone or with others) during the Employment Period, whether or not during working hours, and which, directly or indirectly (i) relate to matters within the scope of Executive’s duties or field of responsibility during Executive’s employment with the Company; or (ii) are based on Executive’s knowledge of the actual or anticipated business or interest of the Company Group; or (iii) are aided by the use of time, materials, facilities or information of the Company Group.

(b)Executive hereby assigns to the Company or its designee, without further compensation, all of the right, title and interest in all such ideas, inventions or discoveries in all countries of the world except for patents currently held by Executive developed outside of employment with the Company.

(c)Without further compensation but at the Company’s expense, Executive shall give all testimony and execute all patent applications, rights of priority, assignments and other documents and in general do all lawful things requested of Executive by the Company to enable the Company to obtain, maintain and enforce protection of such ideas, inventions and discoveries for and in the name of the Company or its designee, as the case may be, in all countries of the world. However, should Executive render any of the services in this Section 2.7(c) during a two (2) year period following termination of Executive’s employment, Executive shall be compensated at a rate per hour equal to the Base Salary Executive received from the Company at the time of termination and shall be reimbursed for reasonable out-of-pocket expenses incurred in rendering the services.

(d)Notwithstanding anything to the contrary herein, the parties agree that the provisions of this Section 2.7 do not apply to any invention that qualifies fully under the provisions of Section 2870 of the California Labor Code, which states as follows:

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ANY PROVISION IN AN EMPLOYMENT AGREEMENT WHICH PROVIDES THAT AN EMPLOYEE SHALL ASSIGN, OR OFFER TO ASSIGN, ANY OF HIS OR HER RIGHTS IN AN INVENTION TO HIS OR HER EMPLOYER SHALL NOT APPLY TO AN INVENTION THAT THE EMPLOYEE DEVELOPED ENTIRELY ON HIS OR HER OWN TIME WITHOUT USING THE EMPLOYER’S EQUIPMENT, SUPPLIES, FACILITIES, OR TRADE SECRET INFORMATION EXCEPT FOR THOSE INVENTIONS THAT EITHER: (1) RELATE AT THE TIME OF CONCEPTION OR REDUCTION TO PRACTICE OF THE INVENTION TO THE EMPLOYER’S BUSINESS, OR ACTUAL OR DEMONSTRABLY ANTICIPATED RESEARCH OR DEVELOPMENT OF THE EMPLOYER; OR (2) RESULT FROM ANY WORK PERFORMED BY THE EMPLOYEE FOR THE EMPLOYER.  TO THE EXTENT A PROVISION IN AN EMPLOYMENT AGREEMENT PURPORTS TO REQUIRE AN EMPLOYEE TO ASSIGN AN INVENTION OTHERWISE EXCLUDED FROM BEING REQUIRED TO BE ASSIGNED UNDER CALIFORNIA LABOR CODE SECTION 2870(a), THE PROVISION IS AGAINST THE PUBLIC POLICY OF THIS STATE AND IS UNENFORCEABLE.
ARTICLE III

MISCELLANEOUS

1.1Executive’s Representations. Executive hereby represents and warrants to the Company that (i) Executive’s execution, delivery and performance of this Agreement do not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which he is bound, and (ii) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of Executive, enforceable in accordance with its terms. Executive hereby acknowledges and represents that he fully understands the terms and conditions contained herein.

1.2Survival. Sections 2.5, 2.6 and 2.7 and Sections 3.3 through 3.14 shall survive and continue in full force in accordance with their terms notwithstanding any termination of the Employment Period.
1.3Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement will be in writing and will be deemed to have been given when delivered personally, mailed by certified or registered mail, return receipt requested and postage prepaid, or sent via a nationally recognized overnight courier, or sent via facsimile to the recipient. Such notices, demands and other communications will be sent to the address indicated below:


To the Company:    c/o TIC Solutions, Inc.
200 South Park Road
Suite 350
Hollywood, Florida
Attention: General Counsel
Copy (which will not constitute notice) to:

Greenberg Traurig, P.A.
401 East Las Olas Boulevard Suite 2000
Fort Lauderdale, FL 33301
Attention: Brian Gavsie and Flora Perez
Facsimile: (954) 765-1477

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Email: ***

To Executive:    Benjamin Heraud
At the address on file with the Company,
or such other address or to the attention of such other Person as the recipient party shall have specified by prior written notice to the sending party.
1.4Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law. If any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, (a) the parties agree that such provision(s) will be enforced to the maximum extent permissible under the applicable law and a court of competent jurisdiction may so modify the objectionable provision as to make it valid, reasonable, and enforceable, and (b) any invalidity, illegality or unenforceability of a particular provision will not affect any other provision of this Agreement.
1.5Successors and Assigns. Except as otherwise provided herein, all covenants and agreements contained in this Agreement shall bind and inure to the benefit of and be enforceable by the Company, and their respective successors and assigns. This Agreement is personal to Executive and except as otherwise specifically provided herein, this Agreement, including the obligations and benefits hereunder, may not be assigned to any party by Executive. This Agreement shall also be enforceable by the Executive against any of the Company’s successors or assigns.
1.6Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement.
1.7Counterparts. This Agreement may be executed in one or more identical counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.
1.8Waiver. Neither any course of dealing nor any failure or neglect of either party hereto in any instance to exercise any right, power or privilege hereunder or under law shall constitute a waiver of such right, power or privilege or of any other right, power or privilege or of the same right, power or privilege in any other instance. All waivers by either party hereto must be contained in a written instrument signed by the party to be charged therewith, and, in the case of the Company, by its duly authorized officer.
1.9Entire Agreement. This instrument constitutes the entire agreement of the parties in this matter and shall supersede any other agreement between the parties, oral or written, concerning the same subject matter (including, but not limited to, the Prior Employment Agreement any offer letter entered into by and between the parties which, for the avoidance of doubt, shall no longer have any force or effect as of the Effective Date).
1.10Amendment. This Agreement may be amended only by a writing which makes express reference to this Agreement as the subject of such amendment and which is signed by Executive and by a duly authorized officer of the Company.
1.11Governing Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by and construed in accordance with the domestic law of the State of California, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of California or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of California.

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1.12Remedies. Each of the parties to this Agreement will be entitled to enforce its rights under this Agreement specifically, to recover damages and costs (including reasonable attorneys’ fees) caused by any breach of any provision of this Agreement and to exercise all other rights existing in its favor. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement, including, without limitation, Sections 2.5, 2.6 and 2.7 hereof, and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or deposit) for specific performance and/or other injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement.
1.13Exit Interview. To ensure a clear understanding of this Agreement, Executive agrees, at the time of termination of Executive’s employment, to engage in an exit interview with the Company at a time and place designated by the Company and at the Company’s expense. Executive understands and agrees that during said exit interview, Executive may be required to confirm that he will comply with his on-going obligations under this Agreement. The Company may elect, at its option, to conduct the exit interview by telephone.
1.14Future Employment. Executive shall disclose the existence of this Agreement to any new employer or potential new employer which offers products or services that compete with the Company’s Business if such new employment commences within twelve (12) months following Executive’s termination of employment with the Company. Executive consents to the Company informing any subsequent employer of Executive, or any entity which the Company in good faith believes is, or is likely to be, considering employing Executive, of the existence and terms of this Agreement if such subsequent employment commences (or is expected to commence) within twelve (12) months following the Executive’s termination of employment with the Company.
1.15Effectiveness of Agreement. This Agreement has been executed and delivered on the date set forth on the signature page below and shall automatically become effective on the Effective Date.
1.16Section 409A. To the extent that any payments pursuant to this Agreement are subject to Section 409A, it is intended that this Agreement shall be administered in a manner that will comply with or meet an exception from Section 409A and this Agreement shall be interpreted in accordance with such intent. Any reimbursements by the Company to the Executive of any eligible expenses under this Agreement that are not excludable from the Executive’s income for Federal income tax purposes (the “Taxable Reimbursements”) shall be made by no later than the last day of the taxable year of the Executive following the year in which the expense was incurred. The amount of any Taxable Reimbursements and the value of any in-kind benefits to be provided to the Executive, during any taxable year of the Executive shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year of the Executive. The right to Taxable Reimbursement, or in- kind benefits, shall not be subject to liquidation or exchange for another benefit.

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IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement as of the date set forth above and it shall be automatically effective as of the Effective Date.

TIC SOLUTIONS, INC.

                            
By: /s/ Kristin Schultes        
Kristin Schultes, CFO






















[Signature Page to Employment Agreement]
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IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement as of the date set forth above and it shall be automatically effective as of the Effective Date.

EXECUTIVE
                             By:/s/ Benjamin Heraud        
Name: Benjamin Heraud
Title: Chief Executive Officer





























[Signature Page to Employment Agreement]



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EXHIBIT A
FORM OF RELEASE

GENERAL RELEASE OF CLAIMS

1. (“Executive”), for himself and his family, heirs, executors, administrators, legal representatives and their respective successors and assigns, in exchange for the consideration received pursuant to Section 2.4 (other than earned and accrued obligations) of the Employment Agreement to which this release is attached as Exhibit A (the “Employment Agreement”), does hereby release and forever discharge TIC Solutions, Inc. (the “Company”), its subsidiaries (including, without limitation, Rockwood Service Corporation), affiliated companies, successors and assigns, and its current or former directors, officers, employees, shareholders or agents in such capacities (collectively with the Company, the “Released Parties”) from any and all actions, causes of action, suits, controversies, claims and demands whatsoever, for or by reason of any matter, cause or thing whatsoever, whether known or unknown including, but not limited to, all claims under any applicable laws arising under or in connection with Executive’s employment or termination thereof, whether for tort, breach of express or implied employment contract, wrongful discharge, intentional infliction of emotional distress, or defamation or injuries incurred on the job or incurred as a result of loss of employment. Executive acknowledges that the Company encouraged him to consult with an attorney of his choosing, and through this General Release of Claims encourages him to consult with his attorney with respect to possible claims under the Age Discrimination in Employment Act (“ADEA”) and that he understands that the ADEA is a Federal statute that, among other things, prohibits discrimination on the basis of age in employment and employee benefits and benefit plans. Without limiting the generality of the release provided above, Executive expressly waives any and all claims under ADEA that he may have as of the date hereof. Executive further understands that by signing this General Release of Claims he is in fact waiving, releasing and forever giving up any claim under the ADEA as well as all other laws within the scope of this paragraph 1 that may have existed on or prior to the date hereof. Notwithstanding anything in this paragraph 1 to the contrary, this General Release of Claims shall not apply to (i) any rights to receive any payments or benefits pursuant to Section 2.3(c) and/or 2.4 of the Employment Agreement, (ii) any rights or claims that may arise as a result of events occurring after the date this General Release of Claims is executed, (iii) any indemnification rights Executive may have as a former officer or director of the Company or its subsidiaries or affiliated companies, (iv) any claims for benefits under any directors’ and officers’ liability policy maintained by the Company or its subsidiaries or affiliated companies in accordance with the terms of such policy, and (v) any rights as a holder of equity securities of the Company.

This General Release of Claims is intended to be effective as a general release of and bar to all claims as stated in this paragraph. Accordingly, Executive specifically waives all rights under California Civil Code Section 1542, which states, “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.” Executive acknowledges that Executive may later discover claims or facts in addition to or different from those which Executive now knows or believes to exist with regards to the subject matter of this General Release of Claims, and which, if known or suspected at the time of executing this General Release of Claims, may have materially affected its terms. Nevertheless, Executive waives any and all claims that might arise as a result of such different or additional claims or facts.


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2. Executive represents that he has not filed against the Released Parties any complaints, charges, or lawsuits arising out of his employment, or any other matter arising on or prior to the date of this General Release of Claims, and covenants and agrees that he will never individually or with any person file, or commence the filing of, any charges, lawsuits, complaints or proceedings with any governmental agency, or against the Released Parties with respect to any of the matters released by Executive pursuant to paragraph 1 hereof (a “Proceeding”); provided, however, Executive shall not have relinquished his right to commence a Proceeding to challenge whether Executive knowingly and voluntarily waived his rights under ADEA.

3. Executive hereby acknowledges that the Company has informed him that he has up to [twenty-one (21)][forty-five (45)] days to sign this General Release of Claims and he may knowingly and voluntarily waive that [twenty-one (21)][forty-five (45)] day period by signing this General Release of Claims earlier. Executive also understands that he shall have seven (7) days following the date on which he signs this General Release of Claims within which to revoke it by providing a written notice of his revocation to the Company.

4.Executive acknowledges that this General Release of Claims will be governed by and construed and enforced in accordance with the· internal laws of the State of California applicable to contracts made and to be performed entirely within such State.

5.Executive acknowledges that he has read this General Release of Claims, that he has been advised that he should consult with an attorney before he executes this general release of claims, and that he understands all of its terms and executes it voluntarily and with full knowledge of its significance and the consequences thereof.

6.This General Release of Claims shall take effect on the eighth day following Executive’s execution of this General Release of Claims unless Executive’s written revocation is delivered to the Company within seven (7) days after such execution.


image_01a.jpgBENJAMIN HERAUD
    , 20__






ACTIVE 713796148v6
EX-10.22 5 talpizzeyseparationagreeme.htm EX-10.22 Document
*Certain identified information has been omitted pursuant to
Item 601(b)(10)(iv) of Regulation S-K.

Exhibit 10.22

200 South Park Road, Suite 350
Hollywood, FL, 33021 USA
T 800.218.7450

image_0a.jpg



March 16, 2026


Mr. Talman B. Pizzey

    
    RE:    Separation Agreement, General Release and Board Release
Dear Tal:
The purpose of this separation agreement (the “Separation Agreement”) is to memorialize the terms and conditions of the termination of your employment with TIC Solutions, Inc. (the “Company”) and its subsidiaries and affiliates (together with the Company, the “Company Group”), as well as that certain Employment Agreement, dated September 19, 2024, as amended, by and among you and the Company (the “Employment Agreement”). Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Employment Agreement. All references herein to the “Company” shall be deemed to include and refer to any Canadian subsidiary that employed you.
To ensure that the termination of your employment with the Company occurs on mutually acceptable terms, this Separation Agreement, along with the General Release of Claims on Exhibit A attached hereto and made a part hereof (the “General Release”) and Board General Release of Claims on Exhibit B attached hereto and made a part hereof (the “Board Release”), will summarize the terms and conditions surrounding your resignation including, without limitation, the compensation and benefits that will be provided to you.
Termination Date
The effective date of your resignation, being the termination of your employment, and the Employment Agreement, is March 31, 2026 (“Termination Date”).
Resignation as Officer of the Company
You acknowledge and agree that, effective as of the Termination Date, you will be deemed to have resigned from all positions then held as an officer throughout the Company Group.
Transitional Assistance - Consulting Services
On and after the Termination Date through December 31, 2026, in consideration for the continuation of the Eligible 2025 PSUs (as defined below), you agree that you will provide such services and/or make yourself available as may be necessary to assist the Company with respect to all transition matters and perform such duties as may reasonably be requested of you by the Company including, without limitation, onboarding and transitioning the replacement hire (collectively, the “Services”).
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Accrued Obligations
Whether or not you choose to sign this Separation Agreement, the General Release and the Board Release, the Company will pay to you any (a) accrued but unpaid Base Salary you have earned through the Termination Date, payable as and when such accrued Base Salary would otherwise be payable, (b) accrued but unused paid time off (PTO) as determined in accordance with Company Group policies, payable within thirty (30) days after the Termination Date, and (c) any vested accrued but unpaid benefits provided under the Company’s employee benefit plans, subject to and in accordance with the terms of those plans, in each case, less applicable withholding and employment taxes.
For purposes of this Separation Agreement, the General Release and the Board Release, the amounts described above in this section shall be referred to as the “Accrued Obligations”.
As you are voluntarily resigning, you acknowledge you are not entitled to any notice of termination, pay in lieu of notice, severance or other termination-related payment at common law or under any applicable legislation, including but not limited the Employment Standards Code, RSA 2000, cE-9, by the Company or Company Group for employment under the Employment Agreement or other employment arrangements.

Group Benefits
Following the Termination Date, your extended health and dental benefits will transition to the retirement benefit class and will be further terminated on December 31, 2026. The Company Group's life insurance and long-term disability policies may give you the right to convert to individual policies within a limited time period from your last day of employment. You will be solely responsible for paying any premiums on individual insurance coverage you elect to obtain. We strongly recommend that you take steps as you deem necessary to obtain private insurance coverage to replace your terminated group coverage as soon as possible. Please contact our insurer directly to obtain further details with respect to these options. The Company Group will not take any steps on your behalf to convert group insurance coverage to personal insurance coverage.
Separation Benefits

In the event that you execute and deliver to the Company both the Separation Agreement (which is executed hereby) and the General Release (which is to be signed after your employment ends on or after the Termination Date) and you agree to execute the Board Release and deliver it to the Company within the timeframe specified below under the heading “Release of Claims against the Company Group”, then in lieu of any amounts that you may be entitled to receive under Section 2.4(c) of your Employment Agreement, the following shall apply (subject to any timing restrictions as may be applicable under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)):

All of the unvested portions of your outstanding restricted stock unit awards, specifically 146,667 shares of the common stock of the Company (which consists of 73,333 shares subject to a restricted stock unit award agreement, dated July 30, 2024, and 73,333 shares subject to a restricted stock unit award agreement, dated April 11, 2025) will accelerate and vest in full on the date you deliver the executed General Release to the Company;

With respect to the performance restricted stock unit award granted to you on July 30, 2024 with respect to 110,000 shares of the common stock of the Company (the “2024 PSUs”), you will remain eligible to vest in the 2024 PSUs, subject to the satisfaction of the performance criteria set forth therein, notwithstanding the termination of your employment; and

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With respect to the performance restricted stock unit award granted to you on April 11, 2025 with respect to 146,667 shares of the common stock of the Company (the “2025 PSUs”), the following shall apply: (a) notwithstanding the termination of your employment, you will remain eligible to vest in 73,333 shares subject to the 2025 PSUs (the “Eligible 2025 PSUs”), provided that the performance criteria thereunder will be amended as provided in Exhibit C; and (b) the remaining portion of the of the 2025 PSUs, specifically 73,334 shall be immediately forfeited and no longer have any force or effect as of the Termination Date.

For purposes of this Separation Agreement, the General Release, and the Board Release, the benefits described above in this section shall be referred to as the “Separation Benefits”.

It should be noted that in the event of your death prior to the payment of all of the Separation Benefits hereunder, the Company will continue to pay the remainder of such Separation Benefits to your surviving spouse or your estate, as applicable.

You acknowledge and agree that as of the Termination Date, this Separation Agreement (inclusive of the General Release to be executed after the Termination Date and the Board Release to be executed after your service on the board(s) end) shall supersede and replace all benefits, rights and obligations in connection with your employment with the Company. Accordingly, you further acknowledge and agree that this Separation Agreement, the General Release, and the Board Release sets forth all compensation and benefits to which you are entitled and shall be paid to you in full satisfaction thereof, in connection with your employment with the Company Group.

Integration of Employment Agreement; Survival of Certain Provisions

As of the Termination Date, you acknowledge and agree that this Separation Agreement shall supersede and replace, in its entirety, the Employment Agreement other than the following provisions thereunder: Section 2.4(e) (Severance Forfeiture), Section 2.5 (Confidential Information), Section 2.6 (Competitive Activity), Section 2.7 (Ideas, Inventions and Discoveries), Section 3.12 (Remedies) and Section 3.14 (Future Employment), which shall remain in full force and effect.

For the avoidance of doubt, you acknowledge and agree that the Restricted Period referred to in Section 2.6(a) of your Employment Agreement shall continue through the twenty-four (24) month period ending after the date on which you no longer provide services to the Company Group, which includes your continuing services as a member of the board of directors of the Company and the Company Group. You further acknowledge and agree that your obligations set forth in Sections 2.6(e) and 2.6(f) of the Employment Agreement shall continue through the twenty-four (24) month period ending after the date on which you no longer provide services to the Company Group, which includes your continuing services as a member of the board of directors of the Company and the Company Group.

Accordingly, you further acknowledge and agree that (i) this Separation Agreement sets forth all compensation and benefits to which you are entitled under your Employment Agreement; and (ii) in the event that you breach any of the provisions in Sections 2.5, 2.6 and 2.7 of the Employment Agreement, which survive the termination of such Employment Agreement, the Separation Benefits shall cease immediately and you will no longer be entitled to such benefits.

Release Of Claims Against the Company Group

In exchange for and as a condition to receiving the Separation Benefits, you shall knowingly and willingly release the Company Group from any kind of claim you have arising out of or related to your employment and/or the resignation of your employment and other affiliation with the Company Group by executing the General Release attached hereto as Exhibit A and the Board Release attached hereto as Exhibit B.

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You will be required to execute the General Release, and therefore agree to be bound by the terms and conditions thereof, no earlier than the Termination Date but no later than five business days after such Termination Date. Further, you will be required to execute the Board Release, and therefore agree to be bound by the terms and conditions thereof, no earlier than the date your service on the board(s) end but no later than five business days after such date.

Severability; Entire Agreement; No Oral Modifications; No Waivers

If a court of competent jurisdiction determines that any of the provisions of this Agreement are invalid or legally unenforceable, all other provisions of this Agreement shall not be affected and are still enforceable. This Separation Agreement, the General Release, and the Board Release are intended to be a single integrated contract expressing our entire understanding regarding the subjects it addresses. As such, it supersedes all oral and written agreements and discussions that occurred before the time you sign each of them except as to any obligations you may owe to the Company Group as described in the “Integration of Employment Agreement; Survival of Certain Provisions and Agreements” section above that remain in effect. This Separation Agreement, General Release, and Board Release may be amended or modified only by an agreement in writing signed by you and countersigned by an executive officer of the Company. The failure by the Company or you (i) to declare a breach, or (ii) to otherwise assert rights under this Agreement shall not be construed as a waiver of any of rights under this Separation Agreement, the General Release, and the Board Release. This Separation Agreement, the General Release, and the Board Release may be executed and delivered (including by facsimile or other electronic transmission) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same instrument.

Governing Law; Venue; Waiver of Jury Trial
This Separation Agreement, General Release, and Board Release shall be governed by the laws of the State of Delaware applicable to contracts executed and performed within that State and without respect to conflict of laws principles. The parties hereto irrevocably and unconditionally (i) agree that any suit, action or legal proceeding arising out of or relating to this Agreement shall be brought in the courts of record of New Castle County, Delaware or the court of the United States, District of Delaware; and (ii) consent to the jurisdiction of each such court in any suit, action or proceeding. THE PARTIES HEREBY IRREVOCABLY WAIVE THEIR RIGHT TO A JURY TRIAL WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SEPARATION AGREEMENT, GENERAL RELEASE, AND BOARD RELEASE.
Acknowledgements and Certifications

You acknowledge and certify that:

you have read and you understand all of the terms of this Separation Agreement, the General Release on Exhibit A, and the Board Release on Exhibit B, and are not relying on any representation or statement, written or oral, not set forth in this Separation Agreement, General Release, and Board Release;
you are signing this Separation Agreement, and shall sign the General Release and Board Release, knowingly and voluntarily; and
you have been advised to consult with an attorney before signing this Separation Agreement, General Release, and Board Release.

[Signature Page Follows]
4



IF YOU SIGN THIS DOCUMENT AND EXHIBIT A ATTACHED HERETO, IT BECOMES A LEGALLY ENFORCEABLE AGREEMENT EFFECTIVE ON THE DATE SIGNED BY THE COMPANY.


Dated: March 16, 2026    
/s/ Talman B. Pizzey
TALMAN B. PIZZEY
Dated: March 16, 2026    
TIC SOLUTIONS, INC.
By: /s/ Kristin Schultes
Name:     Kristin Schultes
Title: Chief Financial Officer



5



EXHIBIT A
GENERAL RELEASE OF CLAIMS

1.Talman B. Pizzey (“Executive”), for Executive and Executive’s family, heirs, executors, administrators, legal representatives and their respective successors and assigns, in exchange for the Separation Benefits set forth in the Separation Agreement dated [__], 2026 (the “Agreement”), does hereby forever release and discharge the Company, its former and current parents, subsidiaries, divisions, affiliates, predecessors, successors and assigns, and each of their former and current agents, employees, officers, directors, shareholders, members, partners, trustees, heirs, joint venturers, attorneys, representatives, owners and servants (collectively, the “Released Parties”) from any and all actions, causes of action, suits, controversies, claims and demands whatsoever (collectively, “Claims”), whether known or unknown, that Executive ever had, now has or may have based upon any matter, fact, cause or thing, occurring from the beginning of time up to and including the date Executive executes this General Release, including, without limitation, all Claims regarding Executive’s employment with the Company, the Company Group or any of its predecessors, at any time, any events that may have occurred during the course of Executive’s employment or the termination of Executive’s employment, or any other matters or Claims of any kind or nature. This includes, without limitation, a release of any and all Claims for unpaid wages, holiday pay, overtime, bonuses or other compensation, breach of contract, wrongful discharge, disability benefits, life, health and medical insurance, sick leave, or any other fringe benefit, employment discrimination, unlawful harassment, retaliation, emotional distress, violations of public policy, defamation, fraudulent misrepresentation or inducements and severance pay and any other federal, state, provincial or local laws, statutes, rules, ordinances or regulations, whether equal employment laws, statutes, rules or regulations or otherwise. Without limiting the generality of the release provided above, Executive expressly waives any and all claims arising from or connected with: (a) Executive’s employment with the Company; (b) the cessation of Executive’s employment with the Company; (c) Executive’s loss of office or employment with the Company; (d) the discontinuance and loss of any pension, medical, dental, disability, life and other insurance or welfare plans or benefits sponsored or contributed to by the Company on Executive’s behalf, and Executive acknowledges sole responsibility to replace the insurance or welfare plans or benefits which Executive wishes to continue and to exercise conversion privileges where applicable with respect to such discontinued coverage; (e) any and all claims for salary, wages, termination pay, severance pay, vacation pay, overtime pay, general holiday pay, bonuses, commissions, expenses, allowances, incentive payments, entitlements, or any other remuneration or benefits arising out of Executive’s employment with the Company; (f) any claims against the Company under the Employment Standards Code (Alberta); (g) any claims against the Company under the Alberta Human Rights Act. Notwithstanding anything in this Section 1 to the contrary, this General Release shall not apply to (i) any right Executive has to the Separation Benefits; (ii) any rights or claims that may arise as a result of events occurring after the date this General Release is executed, (iii) any indemnification and advancement rights Executive may have as a former employee, officer or director of the Company or its subsidiaries, (iv) any claims for benefits under any directors’ and officers’ liability policy maintained by the Company or its affiliates in accordance with the terms of such policy, and (v) Executive’s rights to the Accrued Obligations (as defined in the Employment Agreement). Capitalized words used but not defined herein shall have the respective meanings given to them in the Agreement.
Executive understands and agrees that the claims released in this Section 1 include not only claims presently known to Executive, but also all unknown or unanticipated claims, rights, demands, actions, obligations, liabilities and causes of action of every kind and character that would otherwise come within the scope of the released claims as described in this Section 1. Executive understands that Executive may hereafter discover facts different from what Executive now believes to be true that, if known, could have materially affected this General Release, but Executive nevertheless waives and releases any claims or rights based on different or additional facts.
2.Excluding workers’ compensation claims raised in the province of Alberta, Executive represents that Executive has not filed against the Released Parties any complaints, charges, or lawsuits arising out of Executive’s employment, or any other matter arising on or prior to the date of this General Release, and covenants and agrees that Executive will never individually or with any person file, or commence the filing of any lawsuits, complaints or proceedings with any governmental agency, or against the Released Parties with respect to any of the matters released by Executive pursuant to Section 1 hereof; except that nothing in this General Release, including the provisions of this Section and Section 1 above, shall prevent Executive from filing a charge or complaint with or from participating in an
1


investigation or proceeding conducted by the Equal Employment Opportunity Commission (EEOC), National Labor Relations Board (NLRB), the Securities and Exchange Commission, or any other federal, state, provincial or local agency charged with the enforcement of any laws. However, to the extent any such charge or complaint or any other Claim is made against any of the Released Parties (including by the EEOC or NLRB), Executive expressly waives any claim to any form of monetary or other damages, or any other form of individual recovery or relief in connection with any such charge, complaint or claim other than as prohibited by applicable law; provided, that nothing in this General Release prohibits or prevents the Executive from receiving individual monetary awards or other individual relief by virtue of participating in such federal whistleblower programs.
3.Executive represents, warrants and agrees that (i) Executive’s employment with the Company has terminated pursuant to resignation, (ii) in the absence of Executive’s execution of this General Release, the Separation Benefits would not otherwise be due to Executive, and (iii) other than the Separation Benefits and the Accrued Obligations, the Company owes Executive no wages, overtime pay, commissions, bonuses, sick pay, personal leave pay, severance pay, vacation pay, pay in lieu of notice, or other compensation or benefits or payments or form of remuneration of any kind or nature, other than that specifically provided for in this General Release.
4.Executive agrees to fully indemnify and save harmless the Company, from and against all claims, demands, taxes, charges or penalties under the Income Tax Act (Canada), the Alberta Personal Income Tax Act, the Canada Pension Plan Act (Canada), the Employment Insurance Act (Canada) or any other legislation, for or in respect of any failure on the part of the Company, to withhold income tax, premiums or overpayments from all or any part of the payments described herein.
5.Executive acknowledges that Executive has not received any employment insurance benefits pursuant to the Employment Insurance Act (Canada) subsequent to the cessation of Executive’s employment with the Company.
6.Executive agrees that Executive will, at Executive’s own expense, discontinue and withdraw all pending or commenced actions, claims, proceedings and complaints filed with any Court or with any board or tribunal including any complaints under the Employment Standards Code (Alberta) and the Alberta Human Rights Act, relating to, arising from or connected in any manner with Executive’s employment with the Company and the cessation of that employment. Executive further agrees not to initiate any actions, claims, proceedings and complaints relating to Executive’s employment with the Company and the cessation of that employment.
7.Executive acknowledges and reaffirms Executive’s continuing obligations to the Company, including those under Sections 2.5, 2.6 and 2.7 of the Employment Agreement.
8.Executive agrees not to make negative or derogatory comments or comments that could reasonably be construed as derogatory about the Company or any of its employees or representatives to any third parties or through social media, including but not limited to Facebook, LinkedIn and Twitter. This restriction is intended to protect the Company’s legitimate business interests, including its relationships with employees, customers, and clients.
9.Executive agrees that Executive will not disclose the terms of this General Release and settlement to any person other than to Executive’s solicitors, financial advisors and persons with lawful authority to enquire about matters contained in this General Release, provided that such disclosure shall be made only on condition that they maintain the terms of this General Release and settlement confidential. For the sake of clarity, Executive agrees that Executive will not disclose the terms of this General Release and settlement to members of the general public, including employees or former employees of the Company.
10.Executive acknowledges Executive’s obligations to return all Company property and hereby acknowledges, covenants and agrees that Executive has done so and has complied with and, if applicable, will continue to comply with, all of Executive’s obligations under that Section.
11.Executive acknowledges and agrees that this General Release shall in all respects be subject to, governed by and construed in accordance with the laws of the State of Delaware, without reference to the principles of conflicts of laws thereof. Any dispute concerning this General Release shall be resolved pursuant to the dispute resolution provisions
2


of the Employment Agreement. Photographic and electronically created copies of this signed General Release may be used in lieu of the originals for any purpose.
12.Executive acknowledges that Executive has read this General Release, that Executive has been advised that Executive should consult with an attorney before Executive executes this General Release, and that Executive understands all of its terms and executes it voluntarily and with full knowledge of its significance and the consequences thereof.
13.This General Release shall become irrevocable following Executive’s execution of this General Release.

Intending to be legally bound hereby, Executive has executed this General Release on _________________, 2026.
    ________________________________________
    TALMAN B. PIZZEY
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EXHIBIT B
BOARD GENERAL RELEASE OF CLAIMS

1.Talman B. Pizzey (“Executive”), for Executive and Executive’s family, heirs, executors, administrators, legal representatives and their respective successors and assigns, in exchange for the Separation Benefits set forth in the Agreement, and as further reaffirmed in the General Release of Claims dated [__], 2026 (the “General Release”), does hereby forever release and discharge the Released Parties from any and all Claims, whether known or unknown, that Executive ever had, now has or may have based upon any matter, fact, cause or thing, occurring from the beginning of time up to and including the date Executive executes this Board Release, including, without limitation, all Claims regarding Executive’s service with the Company (including as an employee of the Company, employee of Company Group and as a member of the board of directors for the Company and Company Group), any events that may have occurred during the course of Executive’s service on the board(s) or the termination of Executive’s service on the board(s), or any other matters or Claims of any kind or nature. This includes, without limitation, a release of any and all Claims for unpaid wages, holiday pay, overtime, bonuses or other compensation, breach of contract, wrongful discharge, disability benefits, life, health and medical insurance, sick leave, or any other fringe benefit, employment discrimination, unlawful harassment, retaliation, emotional distress, violations of public policy, defamation, fraudulent misrepresentation or inducements and severance pay and any other federal, state, provincial or local laws, statutes, rules, ordinances or regulations, whether equal employment laws, statutes, rules or regulations or otherwise. Without limiting the generality of the release provided above, Executive expressly waives any and all claims arising from or connected with: (a) Executive’s service on the board(s); (b) the cessation of Executive’s service on the board(s); (c) Executive’s loss of office or board service with the Company or the Company Group; (d) the discontinuance and loss of any pension, medical, dental, disability, life and other insurance or welfare plans or benefits sponsored or contributed to by the Company on Executive’s behalf, and Executive acknowledges sole responsibility to replace the insurance or welfare plans or benefits which Executive wishes to continue and to exercise conversion privileges where applicable with respect to such discontinued coverage; (e) any and all claims for salary, wages, termination pay, severance pay, vacation pay, overtime pay, general holiday pay, bonuses, commissions, expenses, allowances, incentive payments, entitlements, or any other remuneration or benefits arising out of Executive’s service on the board(s); (f) any claims against the Company under the Employment Standards Code (Alberta); (g) any claims against the Company under the Alberta Human Rights Act. Notwithstanding anything in this Section 1 to the contrary, this Board Release shall not apply to (i) any right Executive has to the Separation Benefits; (ii) any rights or claims that may arise as a result of events occurring after the date this Board Release is executed, (iii) any indemnification and advancement rights Executive may have as a former employee, officer or director of the Company or its subsidiaries, (iv) any claims for benefits under any directors’ and officers’ liability policy maintained by the Company or its affiliates in accordance with the terms of such policy, and (v) Executive’s rights to the Accrued Obligations (as defined in the Employment Agreement). Capitalized words used but not defined herein shall have the respective meanings given to them in the Agreement and the General Release.
Executive understands and agrees that the claims released in this Section 1 include not only claims presently known to Executive, but also all unknown or unanticipated claims, rights, demands, actions, obligations, liabilities and causes of action of every kind and character that would otherwise come within the scope of the released claims as described in this Section 1. Executive understands that Executive may hereafter discover facts different from what Executive now believes to be true that, if known, could have materially affected this Board Release, but Executive nevertheless waives and releases any claims or rights based on different or additional facts.
2.Excluding workers’ compensation claims raised in the province of Alberta, Executive represents that Executive has not filed against the Released Parties any complaints, charges, or lawsuits arising out of Executive’s employment, or any other matter arising on or prior to the date of this General Release, and covenants and agrees that Executive will never individually or with any person file, or commence the filing of any lawsuits, complaints or proceedings with any governmental agency, or against the Released Parties with respect to any of the matters released by Executive pursuant to Section 1 hereof; except that nothing in this General Release, including the provisions of this Section and Section 1 above, shall prevent Executive from filing a charge or complaint with or from participating in an investigation or proceeding conducted by the EEOC, NLRB, the Securities and Exchange Commission, or any other federal, state, provincial or local agency charged with the enforcement of any laws. However, to the extent any such charge or complaint or any other Claim is made against any of the Released Parties (including by the EEOC or NLRB),
1


Executive expressly waives any claim to any form of monetary or other damages, or any other form of individual recovery or relief in connection with any such charge, complaint or claim other than as prohibited by applicable law; provided, that nothing in this General Release prohibits or prevents the Executive from receiving individual monetary awards or other individual relief by virtue of participating in such federal whistleblower programs.
3.Executive represents, warrants and agrees that (i) Executive’s service with the boards of the Company and the Company Group have terminated, (ii) in the absence of Executive’s execution of this Board Release, the Separation Benefits would not otherwise be due to Executive, and (iii) other than the Separation Benefits and the Accrued Obligations, the Company owes Executive no wages, overtime pay, commissions, bonuses, sick pay, personal leave pay, severance pay, vacation pay, pay in lieu of notice, or other compensation or benefits or payments or form of remuneration of any kind or nature, other than that specifically provided for in this Board Release.
4.Executive agrees to fully indemnify and save harmless the Company, from and against all claims, demands, taxes, charges or penalties under the Income Tax Act (Canada), the Alberta Personal Income Tax Act, the Canada Pension Plan Act (Canada), the Employment Insurance Act (Canada) or any other legislation, for or in respect of any failure on the part of the Company, to withhold income tax, premiums or overpayments from all or any part of the payments described herein.
5.Executive acknowledges that Executive has not received any employment insurance benefits pursuant to the Employment Insurance Act (Canada) subsequent to the cessation of Executive’s service on the board(s).
6.Executive agrees that Executive will, at Executive’s own expense, discontinue and withdraw all pending or commenced actions, claims, proceedings and complaints filed with any Court or with any board or tribunal including any complaints under the Employment Standards Code (Alberta) and the Alberta Human Rights Act, relating to, arising from or connected in any manner with Executive’s service on the board(s) and the cessation of that service. Executive further agrees not to initiate any actions, claims, proceedings and complaints relating to Executive’s service on the board(s) and the cessation of that service.
7.Executive acknowledges and reaffirms Executive’s continuing obligations to the Company, including those under Sections 2.5, 2.6 and 2.7 of the Employment Agreement.
8.Executive agrees not to make negative or derogatory comments or comments that could reasonably be construed as derogatory about the Company or any of its employees or representatives to any third parties or through social media, including but not limited to Facebook, LinkedIn and Twitter. This restriction is intended to protect the Company’s legitimate business interests, including its relationships with employees, customers, and clients.
9.Executive agrees that Executive will not disclose the terms of this Board Release and settlement to any person other than to Executive’s solicitors, financial advisors and persons with lawful authority to enquire about matters contained in this Board Release, provided that such disclosure shall be made only on condition that they maintain the terms of this Board Release and settlement confidential. For the sake of clarity, Executive agrees that Executive will not disclose the terms of this Board Release and settlement to members of the general public, including employees or former employees of the Company.
10.Executive acknowledges Executive’s obligations to return all Company property and hereby acknowledges, covenants and agrees that Executive has done so and has complied with and, if applicable, will continue to comply with, all of Executive’s obligations under that Section.
11.Executive acknowledges and agrees that this Board Release shall in all respects be subject to, governed by and construed in accordance with the laws of the State of Delaware, without reference to the principles of conflicts of laws thereof. Any dispute concerning this Board Release shall be resolved pursuant to the dispute resolution provisions of the Employment Agreement. Photographic and electronically created copies of this signed Board Release may be used in lieu of the originals for any purpose.
2


12.Executive acknowledges that Executive has read this Board Release, that Executive has been advised that Executive should consult with an attorney before Executive executes this Board Release, and that Executive understands all of its terms and executes it voluntarily and with full knowledge of its significance and the consequences thereof.
13.This Board Release shall become irrevocable following Executive’s execution of this Board Release.
Intending to be legally bound hereby, Executive has executed this Board Release on _________________, 202__.
    ________________________________________
    TALMAN B. PIZZEY
3
EX-31.3 6 tic-exhibit313bheraud.htm EX-31.3 Document

Exhibit 31.3

CERTIFICATION PURSUANT TO RULE 13a-14(a) OR 15d-14(a) OF
THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

I, Benjamin Heraud, certify that:

1.I have reviewed this Amendment No. 1 to the annual report on Form 10-K of TIC Solutions, Inc. for the fiscal year ended December 31, 2025; and

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

Date: April 30, 2026
 
By:/s/ Benjamin Heraud
Benjamin Heraud
Chief Executive Officer
(Principal Executive Officer)
 








EX-31.4 7 tic-exhibit314kschultes.htm EX-31.4 Document

Exhibit 31.4

CERTIFICATION PURSUANT TO RULE 13a-14(a) OR 15d-14(a) OF
THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

I, Kristin Schultes, certify that:

1.I have reviewed this Amendment No. 1 to the annual report on Form 10-K of TIC Solutions, Inc. for the fiscal year ended December 31, 2025; and

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

Date: April 30, 2026
 
By:/s/ Kristin Schultes
Kristin Schultes
Chief Financial Officer
(Principal Financil Officer)
 








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Cover page - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Mar. 06, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K/A    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-42524    
Entity Registrant Name TIC Solutions, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 66-1076867    
Entity Address, Address Line One 200 South Park Road    
Entity Address, Address Line Two Suite 350    
Entity Address, City or Town Hollywood    
Entity Address, State or Province FL    
Entity Address, Postal Zip Code 33021    
City Area Code 954    
Local Phone Number 495-2112    
Title of 12(b) Security Common Stock, par value $0.0001 per share    
Trading Symbol TIC    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 583,200
Entity Common Stock, Shares Outstanding   221,042,604  
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE
None.
   
Entity Central Index Key 0002032966    
Document Fiscal Period Focus FY    
Amendment Flag false    
Document Fiscal Year Focus 2025    

XML 16 R2.htm IDEA: XBRL DOCUMENT v3.26.1
Insider Trading Arrangements
3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
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DE 66-1076867 200 South Park Road Suite 350 Hollywood FL 33021 954 495-2112 Common Stock, par value $0.0001 per share TIC NYSE No No Yes Yes Accelerated Filer false false true false false 583200000 221042604 <div style="margin-bottom:3pt;margin-top:6pt;text-align:center;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:120%">DOCUMENTS INCORPORATED BY REFERENCE</span></div><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%">None.</span></div> false false false false