Company: TISI
Filing Date: 2025-06-20
Form Type: 11-K
Source: 0000318833-25-000050
Chunk: 11

Company: TEAM INC
Filing Date: 2025-06-20
Form: 11-K
Chunk 11
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 of the assets or liabilities.                                                                                                                                                                                                                     |

The following is a description of the valuation methodologies used for assets measured at fair value:

Common Stock — Valued using quoted market prices for the identical security in an active market.

Collective Investment Trust Fund — Valued using the NAV of the fund provided by the fund’s trustee, as a practical expedient to measure fair value.

Mutual Funds — Valued using quoted market prices, which represent the NAV of the shares held in such funds. Each of these funds is an open-ended mutual fund and is valued using a market approach. Fair value is based on a daily NAV that can be validated with a sufficient level of observable activity (e.g., purchases and sales at NAV between fund investors and the fund).

Money Market Fund — Valued using the NAV of the fund shares using quoted market prices or on an active market.

Valuation methods employed for purposes of estimating the fair value of the Plan’s assets are appropriate and consistent with valuation techniques used by market participants. The use of different valuation methodologies or assumptions to estimate the fair value of the Plan’s investments at the reporting date would likely result in a fair-value estimate of the Plan’s investments that differs from the reporting-date fair-value estimate presented herein. There have been no changes in the methodologies used at December 31, 2024 and 2023.

The following summarizes the Plan’s investments by asset class and input level within the fair-value hierarchy:

| December 31, 2024                        |     | Level 1 |             |     | Level 2 |   |     | Level 3 |   |     | Total |             |
|:-----------------------------------------|:----|:--------|------------:|:----|:--------|:--|:----|:--------|:--|:----|:------|------------:|
| Common stock                             |     |         |             |     |         |   |     |         |   |     |       |             |
| Team, Inc. common stock                  |     | $       |   6,194,687 |     | $       | — |     | $       | — |     | $     |   6,194,687 |
| Mutual funds                             |     |         | 331,119,611 |     |         | — |     |         | — |     |       | 331,119,611 |
| Money market fund                        |     |         |     181,969 |     |         | — |