What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-03-12 compared with 2025-03-19 · 36 added, 44 removed, 165 unchanged (33% of the section changed)

35 unchanged sentences

• Aerospace and Defense.

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Description of Business

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• Radiographic Testing.

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• Ultrasonic Testing.

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• Heat-Treating Services.

• Laboratory Services, including Metallurgical and Tensile Services.

Mechanical Services Segment:

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We believe that these service locations are situated to facilitate timely responses to customer needs with on-call expertise, which is an important feature of selling and providing our services.

The capacity and capability scope of our discrete and integrated services also allows us to benefit from the procurement trends of many of our customers who are seeking to reduce the number of contractors and vendors

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in their facilities, as well as to outsource more of such services.

No single customer accounted for 10% or more of consolidated revenues during the years ended December 31, 2025 and 2024, respectively.

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The agreements generally specify the range of services to be performed and the hourly rates for labor and equipment.

While many contracts cover specific plants or locations, we also enter into multiple-site regional or national contracts which cover multiple plants or locations.

While many contracts

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cover specific plants or locations, we also enter into multiple-site regional or national contracts which cover multiple plants or locations.

In general, competition stems from a large number of other outside service contractors.

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From time to time, we are also subject to a wide range of reporting requirements, certifications and compliance as prescribed by various federal and state governmental agencies that include, but are not limited to, the EPA, the Nuclear Regulatory Commission, OSHA, the Department of Transportation and the Federal Aviation Administration.

Also, many states where we operate regulate health, safety and environmental activities, such as California OSHA and the Texas Commission on Environmental Quality.

Also, many states where we operate regulate health, safety and environmental activities, such as California Environmental Protection Agency, California OSHA and the Texas Commission on Environmental Quality.

Expenditures relating to such regulations are made in the normal course of our business and are neither material nor place us at any competitive disadvantage.

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Human Capital

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Due to the seasonal nature of our business, our employee headcount varies during the year.

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We invest in our talent by providing our employees with targeted training, mentoring and career development opportunities, all of which enable us to hire and retain skilled, high-performing employees.

We work to prioritize our safety-first culture and our diversity and inclusion initiatives, and we seek to retain employees through our employee engagement efforts and our competitive compensation and benefits packages.

We work to prioritize our safety-first culture and equal employment opportunity initiatives, and we seek to retain employees through our employee engagement efforts and our competitive compensation and benefits packages.

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Business ethics and core values

8 unchanged sentences

• Teamwork – Global teamwork and collaboration.

Diversity and inclusion

We believe that a diverse, inclusive and engaged workforce is critical to our success, and we work hard to create an environment where our employees feel valued, engaged and inspired to do their best work.

We are proud that a diverse group of people from a variety of backgrounds, religions, nationalities, gender identity, sexual orientations and races make up our team.

Equal employment opportunity

We believe that an inclusive and engaged workforce is critical to our success, and we work hard to create an environment where our employees feel valued, engaged and inspired to do their best work.

We are proud that a group of people from a variety of backgrounds, religions, nationalities, gender identity, sexual orientations and races make up our team.

It continues to be our goal to create an inclusive environment and eliminate bias wherever it exists through strategic employee-engaged initiatives.

We are an Equal Employment Opportunity employer and it is our policy to provide equal employment opportunities to all qualified persons.

We seek to attract and retain a diverse workforce, in particular for our technician population, which comprises more than 77% of our overall global workforce.

We seek to attract and retain a workforce diverse in experience, skills and backgrounds, in particular for our technician population, which comprises more than 79% of our overall global workforce.

Corporate Leadership General & Administrative Global Workforce 1

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1 Global workforce includes technicians.

As part of our university recruiting efforts, we have developed diversity focused strategies through collaboration with the career centers at the universities where we recruit.

We seek to recruit the most qualified candidates, including by recruiting from a broad range of places.

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The rules are posted internally, communicated throughout our organization through safety bulletins, and are printed in multiple languages.

In 2022 Team established our Hand Safety Rules.

The intent of the Hand Safety Rules is to define the specific high hazard tasks where the potential for hand injuries is most common.

The Hand Safety Rules focus on types of hand hazards, hand placement, equipment guarding, and when to stop the job and reassess potential hazards.

In 2025 Team established our Shop Life Saving Rules to further differentiate between rules that are more field focused versus those that are more shop focused.

The intent of the Shop Life Saving Rules is to define the specific high hazard tasks associated with shop type activities including rotating equipment hazards, fork truck hazards, housekeeping, guarding and other shop specific rules.

We have several online training and distance learning classes as part of our curriculum to help meet the needs of a rapidly changing workplace environment.

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In addition, Team Stress and Anxiety Management Program (“STAMP”) provides several tools and resources to help employees effectively manage stress and prevent depression and other mental illnesses.

STAMP provides informative live sessions

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covering various mental health topics such as mindfulness, post-traumatic stress disorder (PTSD) and resiliency.

We coordinate this program with our Employee Assistance Program that offers mental health and depression benefits for our employees and their families.

STAMP has received much praise and support from our employees, their families and our customers.

Team also publishes the Health, Safety, Environmental and Quality (“HSEQ”) Gazette on a bi-monthly basis to provide the organization with a wide variety of HSEQ topics and information.

The Gazette covers relevant safety topics, HSEQ key performance indicators, employee recognitions, lessons learned from incidents, helpful environmental and vehicle safety information, Team STAMP highlights, best practices, and details on any upcoming initiatives.

We recognize the importance of providing training to continually support career growth and development.

Our talent management programs are designed to empower and inspire our team members to personalize their career journeys by building critical job skills, gaining hands-on experience, providing ongoing access to world class training, assigning relevant career mentors and paving the way toward career paths that provide long-term advancement within our organization.

We have incorporated more flexibility in our work environment by offering eligible employees the ability to work remotely or on-site, and by offering flexible working schedules.

We expect to continue offering such flexibility to eligible employees moving forward.

Our talent management programs are designed to empower and inspire our team members to personalize their career journeys by building

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critical job skills, gaining hands-on experience, providing ongoing access to world class training, assigning relevant career mentors and paving the way toward career paths that provide long-term advancement within our organization.

Employee engagement

1 unchanged sentence

Acting upon employee feedback generated from our surveys, we review our regional health benefits, communication strategy and training efforts on an ongoing basis.

We believe the significant response rates to our surveys are indicative of the intensity of our employee’s connection to our organization, marked by a committed effort to achieve goals in environments that support productivity and maintain personal well-being.

In 2023, we celebrated Team’s 50th anniversary.

We held employee celebrations across the globe, commemorated the milestone with a signature gift for all employees and presented a 50th anniversary video showcasing our employees and highlighting some of Team’s most significant accomplishments over the years.

Additionally in 2024, we continued our focus on regular communications with our employees, which included global town hall meetings and the monthly CEO Connection newsletters.

In 2025, TEAM launched a new and improved global employee recognition program with the Achievers platform, designed to recognize outstanding performance and milestones in an employee’s tenure with Team.

Additionally in 2025, we continued our focus on regular communications with our employees, which included CEO Connection newsletters.

Wages and benefits

Across the globe, we strive to provide our employees with competitive wages, salaries and benefits based upon employee skills, experience and job levels.

Additionally, we provide employees with a comprehensive set of benefits, including health and welfare benefits, wellness benefits, employee assistance plans, defined contribution and defined benefit retirement benefits (United Kingdom employees only), paid time off, educational support and a variety of other ancillary employee benefits.

Environmental, social and governance

General ESG approach

Additionally, we provide employees with a comprehensive set of benefits, including health and welfare benefits, wellness benefits, employee assistance plans, defined contribution and defined benefit retirement plans (United Kingdom employees only), paid time off, educational support and a variety of other ancillary employee benefits.

Environmental, Social and Governance (“ESG”)

We strive to promote and support business practices that are environmentally sustainable, socially conscious, and aligned with strong corporate governance practices.

We are committed to conducting our business in a manner that protects the environment and the health and safety of our employees, our customers, our suppliers and contractors and the general public.

We provide training to support career growth opportunities for our diverse team of employees and actively contribute to the local communities in which we operate.

We strive to be an industry leader in the fields of health, safety and environmental management and work with government organizations and industry organizations in support of laws, regulations, standards and other programs that safeguard the workplace and our environment.

To meet this commitment, we maintain management systems designed to ensure compliance with all applicable laws, regulations and internal requirements, as well as to facilitate the continuous improvement of our processes, products, and personnel.

Many of our services, including our inspection, emissions monitoring and leak repair services, are crucial in assisting our customers to identify, assess and reduce their carbon and greenhouse gas emissions.

Many of our services, including our inspection, emissions monitoring and leak repair services, are crucial in assisting our customers to identify, assess and reduce their carbon and other emissions.

We provide inspection, condition assessment, maintenance and repair services and support our customers’ diversification efforts into sources of renewable energy.

We work closely with our customers across the world to assist them in meeting their environmental sustainability goals.

We sponsor and support numerous charitable organizations and encourage our employees to donate their time and financial support to serving the needs of their communities.

These contributions help to support the work of nonprofit organizations of all sizes, working in areas such as disability services and support, disaster response, and hunger prevention around the globe.

Our Company management is responsible for the day-to-day operation of ESG matters.

Our General Counsel & Secretary, who reports directly to our CEO, has general oversight responsibility with respect to matters of sustainability and social responsibility and is the executive sponsor of our ESG Council.

Under its charter, the ESG Council, which is a management committee formed to assist our General Counsel & Secretary in oversight responsibilities, is responsible for recommending our ESG objectives, monitoring the implementation and performance of our ESG objectives, overseeing the progress made against our social and environmental goals and reporting on our ESG performance.

At the Board level, our Corporate Governance and Nominating Committee has responsibility for maintaining oversight over Team’s corporate governance principles and corporate social responsibility and sustainability matters, including our public reporting on corporate

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social responsibility and sustainability.

The Corporate Governance and Nominating Committee receives regular updates from our ESG Council regarding the considerations and actions taken by us with respect to ESG.

Our Chief Legal Officer, who reports directly to our CEO, has general oversight responsibility with respect to matters of sustainability and social responsibility and is the executive sponsor of our ESG Council.

At the Board level, the Corporate Governance and Nominating Committee receives regular updates from our ESG Council regarding the considerations and actions taken by us with respect to ESG.

APSC Board Rights

6 unchanged sentences

Corre was previously granted certain board nomination and observer rights pursuant to the 2021 Commitment Letter and a prior credit agreement dated November 9, 2021.

On June 16, 2023, in connection with, and effective upon, the consummation of the transactions contemplated by the A&R Term Loan Credit Agreement and ABL Amendment No.

3 (as defined below), we, Corre and the other parties thereto, entered into a new Board Rights Agreement (the “Corre Board Rights Agreement”), pursuant to which Corre, acting on behalf of itself and its affiliates (together with Corre, the “Corre Investors”) that beneficially own our common stock (inclusive of the Corre Warrants), may, subject to common stock ownership thresholds and/or indebtedness and commitment thresholds and other terms provided in the Corre Board Rights Agreement, designate an individual to serve as a non-voting observer at all meetings of the Board, nominate one individual to serve as Chairman of the Board (the “Chairperson”), and nominate two additional individuals to serve on the Board (such individuals, together with the Chairperson, the “Corre Investor Directors”).

On June 16, 2023, in connection with, and effective upon, the consummation of the transactions contemplated by the A&R Term Loan Credit Agreement and ABL Amendment No.3 (as defined below), we, Corre and the other parties thereto, entered into a new Board Rights Agreement (the “Corre Board Rights Agreement”), pursuant to which Corre, acting on behalf of itself and its affiliates (together with Corre, the “Corre Investors”) that beneficially own our common stock (inclusive of the Corre Warrants), may, subject to common stock ownership thresholds

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and/or indebtedness and commitment thresholds and other terms provided in the Corre Board Rights Agreement, designate an individual to serve as a non-voting observer at all meetings of the Board, nominate one individual to serve as Chairman of the Board (the “Chairperson”), and nominate two additional individuals to serve on the Board (such individuals, together with the Chairperson, the “Corre Investor Directors”).

The right to nominate the Corre Investor Directors is subject to certain qualification requirements and the discretion of our Corporate Governance and Nominating Committee under limited circumstances.

In the event of the resignation, death or removal (for cause or otherwise) of the Corre Investor Directors from the Board, Corre, acting on behalf of the Corre Investors, will have the right, but not the obligation, to designate a successor Corre Investor Director, as applicable, to the Board to fill the resulting vacancy on the Board (and any applicable committee thereof), subject to certain qualification requirements specified in the Corre Board Rights Agreement.

Stellex Board Rights

On September 11, 2025, we, InspectionTech Holdings LP (the “Stellex Holder”) and Stellex Capital Management LLC (collectively with the Stellex Holder and its affiliates, “Stellex”) entered into that certain Shareholders Agreement (the “Stellex Shareholders Agreement”).

Pursuant to and subject to the terms and conditions of the Stellex Shareholders Agreement, the Board was required to appoint two qualified nominees of Stellex and its affiliates (collectively, the “Stellex Investors”) to the Board, who were each designated by the Stellex Investors and qualified as an independent director (each, a “Stellex Board Nominee”).

Pursuant to and subject to the terms and conditions of the Stellex Shareholders Agreement, the Company is required to nominate each initial Stellex Board Nominee, or each successor Stellex Board Nominee chosen by the Stellex Investors, for re-election at each election of the class of directors in which such Stellex Board Nominee is placed.

Upon the Stellex Investors ceasing to beneficially own (as defined in Rule 13d-3 under the Exchange Act) (i) more than 50% of the aggregate Stellex Warrants (as defined herein) and common stock issued upon exercise of such Stellex Warrants, the number of Stellex Board Nominees that the Stellex Investors are entitled to shall be reduced by one, and (ii) any of the Series B Preferred Stock (as defined herein), the number of Stellex Board Nominees that the Stellex Investors are entitled to shall be reduced by one.

In the event of the resignation, death or removal (for cause or otherwise) of the Stellex Board Nominees from the Board, the Stellex Investors will have the right, but not the obligation, to designate a successor Stellex Board Nominee, as applicable, to the Board to fill the resulting vacancy on the Board (and any applicable committee thereof), subject to certain qualification requirements specified in the Stellex Shareholders Agreement.

Available Information

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business