What changed in this filing

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Item 9A. Controls and Procedures

2026-03-12 compared with 2025-03-19 · 71 added, 58 removed, 166 unchanged (44% of the section changed)

21 unchanged sentences

Not applicable

Table of Content

The information for the following items of Part III has been omitted from this Annual Report on Form 10-K since we will file, not later than 120 days following the close of our fiscal year ended December 31, 2025, our Definitive Proxy Statement.

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PRINCIPAL ACCOUNTING FEES AND SERVICES

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EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

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001-08604) filed on February 2, 2022, incorporated by reference herein).

4.1 Description of Securities Registered under Section 12 of Exchange Act (filed as Exhibit 4.1 to Team, Inc.’s Annual Report on Form 10-K (File No.

001-08604) filed on March 16, 2022, incorporated herein by reference) .

3.7 Certificate of Designation of Series B Preferred Stock of Team, Inc., as filed with the Secretary of State of the State of Delaware on September 11, 2025 (filed as Exhibit 3.1 to Team, Inc.’s Current Report on Form 8-K (File No.

001-08604) filed on September 15, 2025, incorporated by reference herein).

4.1 De scription of Securities Registered under Section 12 of Exchange Act.

4.2 Certificate representing shares of common stock of Company (filed as Exhibit 4(1) to Team, Inc.’s Registration Statement on Form S-1, (File No.

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001-08604) filed on December 10, 2021, incorporated herein by reference).

4.7 Form of Amended and Restated Common Stock Purchase Warrant No.

5, dated September 11, 2025, between Team, Inc.

and InspectionTech Holdings LP (filed as Exhibit 4.1 to Team, Inc.’s Quarterly Report on Form 10-Q (File No.

001-08604) filed on November 12, 2025, incorporated by reference herein).

4.8 Form of Amended and Restated Common Stock Purchase Warrant No.

6, dated September 11, 2025, between Team, Inc.

and InspectionTech Holdings LP (filed as Exhibit 4.2 to Team, Inc.’s Quarterly Report on Form 10-Q (File No.

001-08604) filed on November 12, 2025, incorporated by reference herein).

4.9 Second Amended and Restated Registration Rights Agreement, dated February 11, 2022, by and between the Company, APSC Holdco II, L.P, Corre Opportunities Qualified Master Fund, LP, Corre Horizon Fund, LP and Corre Horizon II Fund, LP.

1 unchanged sentence

001-08604) on February 15, 2022, incorporated by reference herein).

4.10 Registration Rights Agreement, dated as of September 11, 2025, among Team, Inc.

and InspectionTech Holdings LP (filed as Exhibit 10.3 to Team, Inc.’s Current Report on Form 8-K (File No.

001-08604) filed on September 15, 2025, incorporated by reference herein).

4.11 Team, Inc.

2 unchanged sentences

001-08604) filed on February 15, 2022, incorporated by reference herein) .

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4.12 Team, Inc.

2 unchanged sentences

001-08604) filed on February 15, 2022, incorporated by reference herein) .

10.1 Amended and Restated Term Loan Credit Agreement, dated June 16, 2023, by and among Team, Inc., as Borrower, the lenders party thereto, the guarantors party thereto and Cantor Fitzgerald Securities, as Agent (filed as Exhibit 10.1 to Team, Inc.’s Current Report on Form 8-K (File No.

001-08604) filed on June 20, 2023, incorporated by reference herein) .

Securities Purchase Agreement, dated as of September 11, 2025, by and between Team, Inc.

and the purchasers named in Schedule I thereto (filed as Exhibit 10.1 to Team, Inc.’s Current Report on Form 8-K (File No.

001-08604) filed on September 15, 2025, incorporated by reference herein).

10.2 Shareholders Agreement, dated as of September 11, 2025, by and among Team, Inc., Stellex Capital Management LLC and InspectionTech Holdings LP (filed as Exhibit 10.2 to Team, Inc.’s Current Report on Form 8-K (File No.

001-08604) filed on September 15, 2025, incorporated by reference herein).

10.3 Voting and Support Agreement, dated as of September 11, 2025, by and among Team, Inc., Corre Partners Management, LLC, Corre Opportunities Qualified Master Fund, LP, Corre Horizon Fund, LP, Corre Horizon II Fund, LP and InspectionTech Holdings LP (filed as Exhibit 10.4 to Team, Inc.’s Current Report on Form 8-K (File No.

001-08604) filed on September 15, 2025, incorporated by reference herein).

10.4 Subscription Agreement, dated February 11, 2022, by and between the Company, Corre Opportunities Qualified Master Fund, LP, Corre Horizon Fund, LP and Corre Horizon II Fund, LP (filed as Exhibit 10.4 to Team, Inc.’s Current Report on Form 8-K (File No.

001-08604) filed on February 15, 2022, incorporated by reference herein) .

10.5 Board Rights Agreement, dated as of June 16, 2023, by and among Team, Inc., Corre Partners Management, LLC, Corre Opportunities Qualified Master Fund, LP, Corre Horizon Fund, LP and Corre Horizon Fund II, LP.

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001-08604) filed on June 20, 2023, incorporated by reference herein) .

10.6 Board Rights Agreement, dated as of November 1, 2022, by and between Team, Inc.

and Atlantic Park Strategic Capital Fund L.P.

(filed as Exhibit 10.4 to the Current Report on Form 8-K (File No.

001-08604) filed by Team, Inc.

on November 7, 2022, incorporated by reference herein).

10.7 Credit Agreement, dated as of February 11, 2022, among Team, Inc., as Borrower, the lenders from time to time party thereto, and Eclipse Business Capital, LLC, as Agent (filed as Exhibit 10.1 to Team, Inc.’s Current Report on Form 8-K (File No.

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001-08604) filed on June 20, 2023, incorporated by reference herein) .

10.7 Subscription Agreement, dated February 11, 2022, by and between the Company, Corre Opportunities Qualified Master Fund, LP, Corre Horizon Fund, LP and Corre Horizon II Fund, LP (filed as Exhibit 10.4 to Team, Inc.’s Current Report on Form 8-K (File No.

001-08604) filed on February 15, 2022, incorporated by reference herein) .

10.8 Board Rights Agreement, dated as of November 1, 2022, by and between Team, Inc.

and Atlantic Park Strategic Capital Fund L.P.

(filed as Exhibit 10.4 to the Current Report on Form 8-K (File No.

001-08604) filed by Team, Inc.

on November 7, 2022, incorporated by reference herein).

10.9 Substitute Insurance Reimbursement Facility Agreement, dated as of September 29, 2022 by and between 1970 Group, Inc.

and Team, Inc.

(filed as Exhibit 10.1 to the Current Report on Form 8-K (File No.

001-08604) filed by Team, Inc.

on October 5, 2022, and incorporated by reference herein).

10.10 First Amendment to Substitute Insurance Reimbursement Facility Agreement dated as of August 29, 2023 by and between 1970 Group, Inc.

and Team, Inc.

(filed as Exhibit 10.10 to Team, Inc.’s Annual Report on Form 10-K (File No.

Amendment No.

4 to Credit Agreement, dated as of March 6, 2024, among Team, Inc., as Borrower, the lenders from time to time party thereto, the guarantors party thereto and Eclipse Business Capital LLC.

as Agent (filed as Exhibit 10.21 to Team, Inc.’s Annual Report on Form 10-K (File No.

001-08604) filed on March 7, 2024, incorporated herein by reference).

10.11† Team, Inc.

Amendment No.

5 to Credit Agreement, dated as of September 30, 2024, among Team, Inc., as Borrower, the lenders from time to time party thereto, the guarantors party thereto and Eclipse Business Capital LLC.

as Agent (filed as Exhibit 10.2 to Team, Inc.’s Current Report on Form 8-K (File No.

001-08604) filed on October 1, 2024, incorporated by reference herein).

10.13* Amendment No.

6 to Credit Agreement, dated as of March 12, 2025, among Team, Inc., as Borrower, the lenders from time to time party thereto, the guarantors party thereto and Eclipse Business Capital LLC.

as Agent (filed as Exhibit 10.3 to Team, Inc.’s Current Report on Form 8-K (File No.

001-08604) filed on March 13, 2025, incorporated by reference herein).

Amendment No.

7 to Credit Agreement, dated as of September 11, 2025, among Team, Inc., as Borrower, the lenders from time to time party thereto, the guarantors party thereto and Eclipse Business Capital LLC.

as Agent (filed as Exhibit 10.7 to Team, Inc.’s Current Report on Form 8-K (File No.

001-08604) filed on September 15, 2025, incorporated by reference herein).

First Lien Term Loan Credit Agreement, dated March 12, 2025, by and among Team, Inc., as Borrower, the lenders party thereto, the guarantors party thereto and HPS Investment Partners, LLC, as Agent (filed as Exhibit 10.1 to Team, Inc.’s Current Report on Form 8-K (File No.

001-08604) filed on March 13, 2025, incorporated by reference herein).

Amendment No.

1 to Credit Agreement, dated as of September 11, 2025, among Team, Inc., as Borrower, the lenders from time to time party thereto, the guarantors party thereto and HPS Investment Partners, LLC, as Agent (filed as Exhibit 10.5 to Team, Inc.’s Current Report on Form 8-K (File No.

001-08604) filed on September 15, 2025, incorporated by reference herein).

Second Amended and Restated Term Loan Credit Agreement, dated March 12, 2025, by and among Team, Inc., as Borrower, the lenders party thereto, the guarantors party thereto and Cantor Fitzgerald Securities, as Agent (filed as Exhibit 10.2 to Team, Inc.’s Current Report on Form 8-K (File No.

001-08604) filed on March 13, 2025, incorporated by reference herein).

Amendment No.

1 to Second Amended and Restated Second Lien Term Loan Credit Agreement, dated as of September 11, 2025, among Team, Inc., as Borrower, the lenders from time to time party thereto, the guarantors party thereto and Cantor Fitzgerald Securities, as Agent (filed as Exhibit 10.6 to Team, Inc.’s Current Report on Form 8-K (File No.

001-08604) filed on September 15, 2025, incorporated by reference herein).

2018 Equity Incentive Plan (filed as Exhibit 4.5 to Team, Inc.’s Registration Statement on Form S-8, (File No.

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001-08604) filed on March 7, 2024, incorporated herein by reference).

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Form of Indemnification Agreement (filed as Exhibit 10.2 to Team, Inc.’s Current Report on Form 8-K (File No.

2 unchanged sentences

001-08604) filed on May 11, 2022, incorporated by reference herein).

Amendment No.

1 to Amended and Restated Term Loan Credit Agreement, dated as of March 6, 2024, by and among Team, Inc., as Borrower, the lenders party thereto, the guarantors party thereto and Cantor Fitzgerald Securities, as Agent (filed as Exhibit 10.20 to Team, Inc.’s Annual Report on Form 10-K (File No.

001-08604) filed on March 7, 2024, incorporated herein by reference).

Amendment No.

4 to Credit Agreement, dated as of March 6, 2024, among Team, Inc., as Borrower, the lenders from time to time party thereto, the guarantors party thereto and Eclipse Business Capital LLC.

as Agent (filed as Exhibit 10.21 to Team, Inc.’s Annual Report on Form 10-K (File No.

001-08604) filed on March 7, 2024, incorporated herein by reference).

Amendment No.

2 to Amended and Restated Term Loan Credit Agreement, dated as of September 30, 2024, by and among Team, Inc., as Borrower, the lenders party thereto, the guarantors party thereto and Cantor Fitzgerald Securities, as Agent (filed as Exhibit 10.1 to Team, Inc.’s Current Report on Form 8-K (File No.

001-08604) filed on October 1, 2024, incorporated by reference herein).

Amendment No.

5 to Credit Agreement, dated as of September 30, 2024, among Team, Inc., as Borrower, the lenders from time to time party thereto, the guarantors party thereto and Eclipse Business Capital LLC.

as Agent (filed as Exhibit 10.2 to Team, Inc.’s Current Report on Form 8-K (File No.

001-08604) filed on October 1, 2024, incorporated by reference herein).

Amended and Restated Substitute Insurance Reimbursement Facility Agreement, dated as of September 16, 2024, by and between 1970 Group, Inc.

and Team, Inc.

Second Amended and Restated 2018 Equity Incentive Plan (filed as Exhibit 4.7 to Team, Inc.’s

Registration Statement on Form S-8, (File No.

Second Amended and Restated 2018 Equity Incentive Plan (filed as Exhibit 4.7 to Team, Inc.’s Registration Statement on Form S-8, (File No.

333-281395), filed on August 8, 2024, incorporated by reference herein).

First Lien Term Loan Credit Agreement, dated March 12 , 2025, by and among Team, Inc., as Borrower, the lenders party thereto, the guarantors party thereto and HPS Investment Partners, LLC, as Agent (filed as Exhibit 10.1 to Team, Inc.’s Current Report on Form 8-K (File No.

001-08604) filed on March 13 , 2025, incorporated by reference herein) .

Second Amended and Restated Term Loan Credit Agreement, dated March 12 , 2025, by and among Team, Inc., as Borrower, the lenders party thereto, the guarantors party thereto and Cantor Fitzgerald Securities, as Agent (filed as Exhibit 10.2 to Team, Inc.’s Current Report on Form 8-K (File No.

001-08604) filed on March 13 , 2025, incorporated by reference herein) .

Amendment No.

6 to Credit Agreement, dated as of March 12 , 2025, among Team, Inc., as Borrower, the lenders from time to time party thereto, the guarantors party thereto and Eclipse Business Capital LLC.

as Agent (filed as Exhibit 10.3 to Team, Inc.’s Current Report on Form 8-K (File No.

001-08604) filed on March 13 , 2025, incorporated by reference herein) .

Letter Agreement re Offer of Employment, dated January 22, 2026, between Gary Hill and Team, Inc.

(filed as Exhibit 10.1 to Team, Inc.’s Current Report on Form 8-K (File No.

001-08604) filed on January 26, 2026, incorporated by reference herein).

Severance and Consulting Agreement and Release, dated as of February 6, 2026, by and between Keith Tucker and Team, Inc.

(filed as Exhibit 10.1 to Team, Inc.’s Current Report on Form 8-K (File No.

001-08604) filed on February 9, 2026, incorporated by reference herein).

Indemnification Agreement , dated as of October 24, 2025, by and between Michael Stewart and Team , Inc.

19.1 Team, Inc.

Insider Trading Policy.

Insider Trading Policy (filed as Exhibit 19.1 to Team, Inc.’s Annual Report on Form 10-K (File No.

001-08604) filed on March 19, 2025, incorporated herein by reference).

21 Subsidiaries of Team, Inc.

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001-08604) filed on March 7, 2024, incorporated herein by reference).

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101.INS Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.

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FORM 10-K SUMMARY

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Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized March 12, 2026.

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Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacity and on the dates indicated.

Chief Executive Officer (Principal Executive Officer) March 19, 2025

HILL Chief Executive Officer (Principal Executive Officer) March 12, 2026

/ S / NELSON M.

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/ S / M ICHAEL J.

Director, Executive Chairman March 19, 2025

/ S / J EFFERY G.

Director March 19, 2025

Director, Chairman

March 12, 2026

/ S / A NTHONY R.

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Director March 12, 2026

/ S / PAMELA J.

Director March 12, 2026

/ S / T ED S TENGER

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(Ted Stenger)

/ S / PAMELA J.

/ S / MICHAEL D.

Director March 12, 2026

/ S / NICLAS K.

Director March 12, 2026

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 9A. Controls and Procedures