# EDGAR Filing Document

**Accession Number:** 0000318833
**File Stem:** 0001193125-25-250624
**Filing Date:** 2025-10
**Character Count:** 22182
**Document Hash:** ff0d6fede643545634c013706329406d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-250624.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001193125-25-250624

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251024

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TEAM INC
- **CENTRAL INDEX KEY:** 0000318833
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS REPAIR SERVICES [7600]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 741765729
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08604
- **FILM NUMBER:** 251417348

**BUSINESS ADDRESS:**
- **STREET 1:** 13131 DAIRY ASHFORD
- **STREET 2:** SUITE 600
- **CITY:** SUGAR LAND
- **STATE:** TX
- **ZIP:** 77478
- **BUSINESS PHONE:** 2813316154

**MAIL ADDRESS:**
- **STREET 1:** 13131 DAIRY ASHFORD
- **STREET 2:** SUITE 600
- **CITY:** SUGAR LAND
- **STATE:** TX
- **ZIP:** 77478

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): October 24, 2025

## TEAM, Inc.

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-08604** | **74-1765729** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

#### 13131 Dairy Ashford, Suite 600

#### Sugar Land, Texas 77478

#### (Address of principal executive offices, including zip code)
(281) 331-6154

#### (Registrant's telephone number, including area code)

#### Not Applicable

#### (Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Common Stock, $0.30 par value | TISI | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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. ☐

------

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| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**  |

---

#### Appointment of K. Niclas Ytterdahl and Michael Stewart to the Board
On October 24, 2025, the Board of Directors (the "Board") of Team, Inc. (the "Company"), upon the recommendation of the Corporate Governance and Nominating Committee of the Board, appointed K. Niclas Ytterdahl to the Board as a Class I director and appointed Michael Stewart to the Board as a Class III director, each effective as of October 24, 2025. Mr. Ytterdahl's appointment is for a term expiring at the Company's 2026 annual meeting of shareholders or until his successor shall have been duly elected and qualified or until he shall resign, become disqualified or disabled, or shall otherwise be removed. Mr. Stewart's appointment is for a term expiring at the Company's 2028 annual meeting of shareholders or until his successor shall have been duly elected and qualified or until he shall resign, become disqualified or disabled, or shall otherwise be removed. In connection with the appointments of Messrs. Ytterdahl and Stewart, the size of the Board was increased from seven to nine directors. Pursuant to the Board's standard compensation policy for non-employee directors, Mr. Ytterdahl will receive a $172,500 annual cash retainer payable in equal quarterly installments. Pursuant to the Shareholders Agreement (as defined below), Mr. Stewart will not receive any compensation. The Board has appointed Mr. Ytterdahl to serve on the Audit Committee and the Corporate Governance and Nominating Committee and appointed Mr. Stewart to serve on the Compensation Committee.

In connection with the appointment of Messrs. Ytterdahl and Stewart to the Board, the Company entered into an Indemnification Agreement (the "Indemnification Agreements") with each of Messrs. Ytterdahl and Stewart pursuant to which the Company agreed to indemnify Messrs. Ytterdahl and Stewart against liability arising out of the performance of their duties to the Company. The Indemnification Agreements also require the advancement of expenses in connection with proceedings and include customary procedures with respect to indemnification and advancements of expenses, in each case on the terms and conditions set forth therein. The foregoing description is qualified in its entirety by reference to the full text of such Indemnification Agreements, the form of which is filed as Exhibit 10.2 to the Company's Current Report on Form 8-K filed on February 9, 2018 and incorporated in this Item 5.02 by reference.

Mr. Ytterdahl, age 60, was Executive Chairman and COO of Industrial Service Solutions, a leading provider of industrial services for critical process equipment, from 2020 to 2023. From 2014 to 2019, Mr. Ytterdahl served as CEO and President of Dover Vehicle Service Group, a segment of Dover Corporation (NYSE: DOV) that manufactures vehicle service equipment. He was also Senior Vice President of Dover Corporation from 2012 to 2014. Previously, he was Chief Procurement Officer at AES Corporation (NYSE: AES) from 2006 to 2011 and held senior roles at Fisher Scientific, now part of Thermo Fisher Scientific (NYSE: TMO), from 2000 to 2006. Mr. Ytterdahl started his career at management consulting firms A.T. Kearney and Accenture. Mr. Ytterdahl currently serves on the boards of Euro Motorparts Group, Mid-State Industrial Corporation, and DERIVE Systems. He has previously served as a director on the board of Mueller Water Products (NYSE: MWA), Industrial Service Solutions and Advanced Converting Works, now Flex Pack. Mr. Ytterdahl holds a Master of Science in Engineering Physics degree from Chalmers University of Technology and a Master of Science in Management degree from the MIT Sloan School of Management.

Mr. Stewart, age 57, is a founder and Managing Partner of Stellex Capital Management ("Stellex"). Prior to establishing Stellex in 2014, Mr. Stewart was a Partner at The Carlyle Group and a Managing Director and Co-Head of Carlyle Strategic Partners. Earlier in his career, Mr. Stewart was one of the original principals of Sunrise Capital Partners, L.P. and he worked in the Financial Restructuring Group at Houlihan Lokey. Mr. Stewart currently serves on the boards of AFG Holdings, Inc., A. Stucki Company, Custom Glass Parent LLC, Fenix Parent LLC, Grammer Investment Holdings LLC, James Skinner Holdings LLC and W&B Service Company. He has previously served as a director on the board of Airwalk International LLC, Continental Global Material Handling LLC, Country Fresh, Custom Made Meals, Day Runner Inc., Diversified Machine, Inc., Dominion Hospitality Topco Limited, Famous Brands International (Mrs. Fields), Go To Logistics, Hodess Cleanrooms, Klenk Holz AG, Metaldyne LLC, NEXIQ Technologies, Inc., Permian Tank & Manufacturing, Inc., Riverside Millwork Company, Stellex Aerostructures, Inc., Sterling LLC, TriplePoint Holdco LLC and Weber Logistics. Mr. Stewart holds a Bachelor of Science in finance and entrepreneurial studies from the University of Southern California.

------

The Company, Stellex and InspectionTech Holdings LP are parties to that certain Shareholders Agreement, dated as of September 11, 2025 (the "Shareholders Agreement"). Pursuant to and subject to the terms and conditions of the Shareholders Agreement, the Board is required to appoint two qualified nominees of Stellex and its affiliates (collectively, the "Investors") to the Board, who shall each be designated by the Investors and qualify as an independent director (each, a "Board Nominee"). Pursuant to and subject to the terms and conditions of the Shareholders Agreement, the Company shall nominate each initial Board Nominee, or each successor Board Nominee chosen by the Investors, for re-election at each election of the class of directors in which such Board Nominee is placed. Upon the Investors ceasing to beneficially own (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) (i) more than 50% of the aggregate Warrants (as defined in the Shareholders Agreement) and common stock, $0.30 par value per share, of the Company issued upon exercise of such Warrants, the number of Board Nominees that the Investors are entitled to shall be reduced by one, and (ii) any of the Preferred Equity Interests (as defined in the Shareholders Agreement), the number of Board Nominees that the Investors are entitled to shall be reduced by one. The foregoing description is qualified in its entirety by reference to the full text of such Shareholders Agreement, which is filed as Exhibit 10.2 to the Company's Current Report on Form 8-K filed on September 15, 2025 and incorporated in this Item 5.02 by reference.

Messrs. Ytterdahl and Stewart are the Investors' designated Board Nominees. Neither of Messrs. Ytterdahl and Stewart has any family relationship with any director or executive officer of the Company or any person nominated or chosen by the Company to be a director or executive officer. Other than the Shareholders Agreement, there are no arrangements between Messrs. Ytterdahl and Stewart and any other person pursuant to which either of Messrs. Ytterdahl and Stewart were appointed as a director, nor are there are any transactions in which either of Messrs. Ytterdahl and Stewart has an interest requiring disclosure under Item 404(a) of Regulation S-K. The Board determined that Messrs. Ytterdahl and Stewart each satisfy the general independence requirements under Section 303A.02 of the NYSE Manual for service as an independent director.

#### Resignation of Jeffery G. Davis from the Board Effective December 31, 2025
On October 24, 2025, Jeffery G. Davis notified the Board of his decision to resign as a director of the Board and from all committees on which he serves effective December 31, 2025. Mr. Davis's decision to resign was not the result of any dispute or disagreement with the Company on any matter relating to the operations, policies or practices of the Company.

In connection with the resignation of Mr. Davis, the size of the Board will be decreased from nine to eight directors, effective December 31, 2025.

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.**  |

---

On October 27, 2025, the Company issued a press release announcing the appointment of Messrs. Ytterdahl and Stewart to the Board, the appointment of Michael J. Caliel as the non-executive Chairman of the Company (as described below) and the resignation of Mr. Davis from the Board effective December 31, 2025. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

As provided in General Instruction B.2 of Form 8-K, the information in this Item 7.01 and Exhibit 99.1 furnished hereunder shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 8.01** | **Other Events.**  |

---

#### Appointment of Non-Executive Chairman
On October 24, 2025, the Company appointed Michael J. Caliel as the non-executive Chairman of the Board. Mr. Caliel, who joined the Company as a director in February 2022, has served as the Executive Chairman of the Board since November 2023, and previously served as the non-executive Chairman of the Board from March 2022 until November 2023. Mr. Caliel will continue to serve on the Company's Executive Committee.

------

#### Compensation Committee Chair
In connection with the resignation of Mr. Davis effective December 31, 2025, the Company assigned J. Michael Anderson to replace Mr. Davis as chair of the Company's Compensation Committee, effective January 1, 2026.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

---

(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit<br>number** | **Description** |
| 99.1 | [Team, Inc.'s Press Release issued October 27, 2025.](d866877dex991.htm) |
| 10.1 | [Form of Indemnification Agreement (Filed as an Exhibit 10.2 to Team, Inc.'s Current Report on Form 8-K filed on February 9, 2018 and incorporated by reference herein).](http://www.sec.gov/Archives/edgar/data/318833/000031883318000006/exhibit1022-8x2018.htm) |
| 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 an Exhibit 10.2 to Team, Inc.'s Current Report on Form 8-K filed on September 15, 2025 and incorporated by reference herein).](http://www.sec.gov/Archives/edgar/data/318833/000119312525202462/d39655dex102.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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#### SIGNATURES
Pursuant to the requirements 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 hereunto duly authorized.

---

| | |
|:---|:---|
| **TEAM, Inc.** | **TEAM, Inc.** |
| By: | /s/ James C. Webster |
|  | James C. Webster |
|  | Executive Vice President, Chief Legal Officer and Secretary |
| Dated: | October 27, 2025 |

---

## Exhibit 99.1

**Exhibit 99.1** 

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| | |
|:---|:---|
| ![LOGO](g866877g1025203436699.jpg) | ***NEWS RELEASE*** |

---

***FOR IMMEDIATE RELEASE***

**TEAM, INC. ANNOUNCES CHANGES TO ITS BOARD OF DIRECTORS** 

**SUGAR LAND, TX – October 27, 2025 – Team, Inc. (NYSE: TISI)** ("TEAM" or the "Company"), a global, leading provider of specialty industrial services offering clients access to a full suite of conventional, specialized, and proprietary mechanical, heat-treating, and inspection services, today announced the following changes to the Board of Directors of the Company (the "Board"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• K. Niclas Ytterdahl and Michael D. Stewart, both nominated by Stellex Capital Management ("Stellex")
pursuant to the agreements entered into with Stellex Capital as part of their September investment in the Company, have been appointed to the Board effective October 24, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jeffery G. Davis will step down from the Board effective December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Michael J. Caliel has returned to the role of Chairman of the Board effective October 24, 2025,
relinquishing his position as Executive Chairman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Immediately following these changes, the Company's Board will consist of nine members, decreasing to eight
following Mr. Davis's planned departure at the end of 2025.

Lead Independent Director Tony Horton commented, "We are pleased to have Niclas Ytterdahl and Mike Stewart join the TEAM Board as they both bring impressive track records of successfully growing businesses and driving improved performance. We also thank Jeff Davis for his stewardship and many contributions as the longest serving member of the TEAM Board, which he joined in 2016. Lastly, the Board is grateful to Mike Caliel for serving as Executive Chairman since November 2023, during which time the Company was able to significantly improve its operations, financial performance and capital structure, and we look forward to his continued leadership as Chairman of the Board."

------

Mr. Ytterdahl was Executive Chairman and COO of Industrial Service Solutions, a leading provider of industrial services for critical process equipment, from 2020 to 2023**.** From 2014 to 2019, Mr. Ytterdahl served as CEO and President of Dover Vehicle Service Group, a segment of Dover Corporation that manufactures vehicle service equipment. He was also Senior Vice President of Dover Corporation from 2012 to 2014. Previously, he was Chief Procurement Officer at AES Corporation from 2006 to 2011 and held senior roles at Fisher Scientific, now part of Thermo Fisher Scientific, from 2000 to 2006. Mr. Ytterdahl started his career at management consulting firms A.T. Kearney and Accenture. Mr. Ytterdahl currently serves on the boards of several privately held companies and previously served on the board of Mueller Water Products, Inc., an NYSE-listed company.

Mr. Stewart is a founder and Managing Partner of Stellex. Prior to establishing Stellex in 2014, Mr. Stewart was a Partner at The Carlyle Group and a Managing Director and Co-Head of Carlyle Strategic Partners. Earlier in his career, Mr. Stewart was one of the original principals of Sunrise Capital Partners, L.P. and he worked in the Financial Restructuring Group at Houlihan Lokey. Mr. Stewart currently serves on the boards of several privately held companies.

**About Team, Inc.** 

Headquartered in Sugar Land, Texas, Team, Inc. (NYSE: TISI) is a global, leading provider of specialty industrial services offering customers access to a full suite of conventional, specialized, and proprietary mechanical, heat-treating, and inspection services. We deploy conventional to highly specialized inspection, condition assessment, maintenance, and repair services that result in greater safety, reliability, and operational efficiency for our customers most critical assets. Through locations in more than 13 countries, we unite the delivery of technological innovation with over a century of progressive, yet proven integrity and reliability management expertise to fuel a better tomorrow. For more information, please visit www.teaminc.com.

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***<u>Forward Looking Statements</u>***

*Certain forward-looking information contained herein is being provided in accordance with the provisions of the Private Securities Litigation Reform Act of 1995. We have made reasonable efforts to ensure that the information, assumptions, and beliefs upon which this forward-looking information is based are current, reasonable, and complete. However, such forward-looking statements involve estimates, assumptions, judgments, and uncertainties. They include but are not limited to statements regarding the Company's financial prospects and the implementation of cost saving measures. There are known and unknown factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking information. Although it is not possible to identify all of these factors, they include, among others, the Company's ability to generate sufficient cash flow from operations, access its credit facilities, or maintain its compliance with covenants under its credit facilities and debt agreements; the duration and magnitude of accidents, extreme weather, natural disasters, and pandemics and related global economic effects and inflationary pressures; the Company's liquidity and ability to obtain additional financing; the Company's ability to execute on its cost management actions; the impact of new or changes to existing governmental laws and regulations and their application, including tariffs; the outcome of tax examinations, changes in tax laws, and other tax matters; foreign currency exchange rate and interest rate fluctuations; the Company's ability to repay, refinance or restructure its debt and the debt of certain of its subsidiaries; anticipated or expected purchases or sales of assets; and such known factors as are detailed in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission, and in other reports filed by the Company with the Securities and Exchange Commission from time to time. Accordingly, there can be no assurance that the forward-looking information contained herein, including statements regarding the Company's financial prospects and the implementation of cost saving measures, will occur or that objectives will be achieved. We assume no obligation to publicly update or revise any forward-looking statements made today or any other forward-looking statements made by the Company, whether as a result of new information, future events or otherwise, except as may be required by law.* 

**Contact:** 

Nelson M. Haight

Executive Vice President, Chief Financial Officer

(281) 388-5521

*###*