---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-21-327218"
form_type: "8-K"
ticker: "TISI"
cik: "0000318833"
company_name: "TEAM INC"
filed_at: "2021-11-12T23:59:59+00:00"
generated_at: "2026-06-28T09:33:23.997452+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Team Inc. secures $50M subordinated term loan at 12% interest, warrants at $1.50

## Summary
- $50M unsecured subordinated term loan; $22.5M drawn at close, $27.5M expected Dec 8, 2021.
- 12% annual interest; matures Dec 31, 2026 or two weeks after 2020 term loan maturity.
- Warrants to purchase 5M shares at $1.50/strike; existing warrants amended to same strike price.
- Board reduced to 7 directors, two appointed by Corre Partners, one by APSC; Sylvia Kerrigan named lead independent director.
- Anthony Horton and Evan Lederman appointed as directors; Matt Kvarda named interim CFO.

## SEC filing metadata
- accession: 0001193125-21-327218
- form_type: 8-K
- ticker: TISI
- cik: 0000318833
- company_name: TEAM INC
- filed_at: 2021-11-12T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 3.02, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/318833/000119312521327218/0001193125-21-327218-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/318833/000119312521327218/d257284d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-21-327218
- JSON: https://secwatch.observer/filing/0001193125-21-327218.json
- Plain text: https://secwatch.observer/filing/0001193125-21-327218.txt

## Key facts
- Executive change
  Evan S. Lederman was appointed as Director at TEAM INC.
  - Action: appointed
  - Role: Director
  source text: On November 7, 2021, the Board of Directors appointed Evan S. Lederman as a Director effective until the May 2022 annual meeting of shareholders and as a member of the Company’s Independent Subcommittee.
  evidence_url: https://www.sec.gov/Archives/edgar/data/318833/000119312521327218/0001193125-21-327218-index.htm
- Executive change
  Anthony Horton was appointed as Director at TEAM INC.
  - Action: appointed
  - Role: Director
  source text: On November 7, 2021, the Board of Directors appointed Anthony Horton as a Director effective until the May 2022 annual meeting of shareholders and as a member of the Company’s Independent Subcommittee.
  evidence_url: https://www.sec.gov/Archives/edgar/data/318833/000119312521327218/0001193125-21-327218-index.htm
- Executive change
  Matt Kvarda was appointed as Interim Chief Financial Officer at TEAM INC.
  - Action: appointed
  - Role: Interim Chief Financial Officer
  source text: On November 7, 2021, the Board of Directors appointed Matt Kvarda, as Interim Chief Financial Officer of the Company, effective the later of November 12, 2021 or the date of the filing of the Company’s Form 10-Q, until a permanent Chief Financial Officer is appointed.
  evidence_url: https://www.sec.gov/Archives/edgar/data/318833/000119312521327218/0001193125-21-327218-index.htm
- Executive change
  Sylvia J. Kerrigan changed role as Lead Independent Director at TEAM INC.
  - Action: designated
  - Role: Lead Independent Director
  source text: On November 7, 2021, the Board of Directors designated Sylvia J. Kerrigan as the Lead Independent Director, effective immediately.
  evidence_url: https://www.sec.gov/Archives/edgar/data/318833/000119312521327218/0001193125-21-327218-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.