Team Inc SEC Filings

TEAM, Inc. expanded its Board by appointing K. Niclas Ytterdahl as a Class I director and Michael Stewart as a Class III director, effective October 24, 2025. The Board size increased from seven to nine with these appointments. Ytterdahl’s term runs to the 2026 annual meeting; Stewart’s runs to the 2028 annual meeting. Ytterdahl will receive a $172,500 annual cash retainer; per a Shareholders Agreement, Stewart will not receive compensation. Ytterdahl joins the Audit and Corporate Governance & Nominating Committees; Stewart joins the Compensation Committee.

The Shareholders Agreement entitles Stellex to designate two independent nominees, with that number reduced if its ownership thresholds decline as described. The Board determined both appointees meet NYSE independence standards. Jeffery G. Davis will resign effective December 31, 2025, with no dispute cited, and the Board will decrease from nine to eight at that time. The Company named Michael J. Caliel non‑executive Chairman on October 24, 2025, and assigned J. Michael Anderson to chair the Compensation Committee effective January 1, 2026.

Team Inc (TISI) reported an insider equity award on a Form 4. The company’s EVP and Chief Legal Officer received 5,548 restricted stock units (RSUs) on 10/13/2025.

Each RSU represents the right to receive one share of Team Inc common stock. The RSUs were reported at a price of $0 and are held directly. The award vests in three equal installments, with one-third vesting on 10/1/2026, one-third on 10/1/2027, and one-third on 10/1/2028, subject to continued service through each date.

Team, Inc. filed an S-3 shelf registration describing a securities offering and incorporating prior SEC reports and exhibits by reference. The filing lists corporate governance documents (certificates of incorporation and bylaws), recently filed securities and agreements dated September 11, 2025 (including Forms of Common Stock Purchase Warrants and a Securities Purchase Agreement), and a Registration Rights Agreement with InspectionTech Holdings LP. The filing states the company is a smaller reporting company and may rely on reduced disclosure requirements. The business-description text references onstream and off-line industrial services, non-destructive testing, metallurgical and chemical processing, digital imaging, leak repair, emissions control, hot tapping, line stopping, valve insertion, field machining, bolted-joint integrity, and valve management solutions. The prospectus shows an itemized exhibit list and a small dollar line item of $6,371.80 in the document.

Corre-linked investors disclosed coordinated holdings and voting support in TEAM INC. The filing shows several Corre funds and advisors collectively beneficially own 1,587,296 shares, representing 35.282% of common stock. On September 11, 2025, TEAM entered into a Purchase Agreement with an affiliate of Stellex and the Corre Holders entered a Support Agreement agreeing to vote for issuance of 65,491 Tranche A Warrants and 31,393 Tranche B Warrants (the "Additional Warrants") and to refrain from transfers subject to limited exceptions. The Support Agreement contains defined termination events including completion of the shareholder vote, expiration of warrant commitments, certain uncured breaches and September 30, 2026. The filing attaches the Support Agreement as Exhibit 99.1.

Team, Inc. disclosed a package of financing and governance documents dated September 11, 2025, that together change its capital and control arrangements. The filing lists a Certificate of Designation for Series B Preferred Stock, multiple Common Stock Purchase Warrants (including two warrants issued to InspectionTech Holdings LP and language specifying an $50.00 initial exercise price for Additional Tranche B Warrants), and a Securities Purchase Agreement with named purchasers. The company also filed a Shareholders Agreement, a Registration Rights Agreement, and a Voting and Support Agreement involving Corre-related funds and InspectionTech Holdings LP.

The filing shows amendments to three separate credit facilities (including first amendments to two term loan agreements and a seventh amendment to another credit agreement), a press release and an interactive cover page iXBRL file. The document states the Corre Holders hold approximately 35% of outstanding voting power without counting shares issuable from their warrants, and it references a 30-day volume weighted average price as an adjustment metric for warrant exercise pricing.

Pamela J. McGinnis, a director of Team, Inc. (TISI), reported purchases of common stock on August 15, 18 and 19, 2025. She acquired 602 shares on 08/15/2025 at a weighted average price of $19.49, 160 shares on 08/18/2025 at $18.91, and 570 shares on 08/19/2025 at $18.95, bringing her total reported beneficial ownership to 1,332 shares held directly. The filing discloses that each reported price is a weighted average across multiple transactions within the ranges noted in the footnotes.

Team, Inc. reported consolidated revenue of $248.0 million for the quarter ended June 30, 2025, up 8.5% from $228.6 million a year earlier, driven by a 15.2% increase in its Inspection and Heat Treating (IHT) segment and modest growth in Mechanical Services (MS). Operating income was $12.1 million for the quarter (versus $11.2 million prior-year), and consolidated adjusted EBITDA rose to $24.5 million from $21.8 million, showing improved operating performance when excluding identified non-core items.

Despite revenue gains, the company reported a net loss of $4.3 million for the quarter and a year-to-date net loss of $34.0 million, reflecting higher non-operating charges including $11.9 million loss on debt extinguishment recorded in the six months. Total long-term debt and finance lease obligations were $370.2 million as of June 30, 2025. Liquidity included $16.6 million unrestricted cash and approximately $32.7 million available borrowing capacity, and management stated covenant compliance as of that date.

Team Inc (TISI) has filed an 8-K/A to correct a significant error in their previous filing regarding the voting results from their June 18, 2025 Annual Meeting. The amendment addresses two key issues:

The company initially reported that shareholders had approved a Charter Amendment to modify Article VII, Section 5 regarding director removal provisions. However, this was incorrect - the proposal did not receive the required two-thirds majority vote and was therefore not approved.

Key actions taken:

• On June 24, 2025, Team filed a Certificate of Correction with Delaware Secretary of State to nullify the previously filed Charter Amendment
• The company's original Amended and Restated Certificate of Incorporation (from 2011, with amendments from 2013 and 2022) remains in effect
• The correction means no changes were made to the provisions specifying when "cause" exists for director removal