{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-21-328090","form_type":"8-K/A","ticker":"TISI","cik":"0000318833","company_name":"TEAM INC","filed_at":"2021-11-12T23:59:59+00:00","discovered_at":"2026-05-14T18:04:15.061167+00:00","generated_at":"2026-06-28T09:33:12.476408+00:00","sec_items":["2.03","1.01","3.02","5.02","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Team Inc. secures $50M subordinated term loan at 12%, amends credit, appoints directors and interim CFO","bullets":["Borrowed $22.5M initial draw under $50M subordinated term loan; $27.5M expected Dec 8, 2021; up to $25M additional available.","12% interest rate; matures Dec 31, 2026; lenders get warrants for 5M shares at $1.50 or 18% preferred stock if approval fails.","Existing term loan amended: covenant waivers through Sep 30, 2022; APSC gets warrants for ~1.4M shares at $1.50.","Board reduced to 7; appointed Anthony Horton and Evan Lederman as directors; Sylvia Kerrigan named Lead Independent Director.","Matt Kvarda appointed Interim CFO, effective after Form 10-Q filing; strategic alternatives process to be launched."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-21-328090","json":"https://secwatch.observer/filing/0001193125-21-328090.json","markdown":"https://secwatch.observer/filing/0001193125-21-328090.md","text":"https://secwatch.observer/filing/0001193125-21-328090.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/318833/000119312521328090/0001193125-21-328090-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/318833/000119312521328090/d257284d8ka.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-28T09:33:12.476408+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"16103aae97","claim":"Anthony Horton was appointed as Director at TEAM INC.","evidence_excerpt":"appointed Anthony Horton as a Director effective until the May 2022 annual meeting of shareholders","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/318833/000119312521328090/0001193125-21-328090-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"appointed"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"354386bec0","claim":"Evan S. Lederman was appointed as Director at TEAM INC.","evidence_excerpt":"appointed Evan S. Lederman as a Director effective until the May 2022 annual meeting of shareholders","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/318833/000119312521328090/0001193125-21-328090-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"appointed"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"3e7b83fb9a","claim":"Sylvia J. Kerrigan changed role as Lead Independent Director at TEAM INC.","evidence_excerpt":"designated Sylvia J. Kerrigan as the Lead Independent Director, effective immediately.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/318833/000119312521328090/0001193125-21-328090-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"designated"},{"label":"Role","value":"Lead Independent Director"}],"fact_type":"executive_change"},{"claim_id":"f5fab804ca","claim":"Matt Kvarda was appointed as Interim Chief Financial Officer at TEAM INC.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/318833/000119312521328090/0001193125-21-328090-index.htm","confidence":0.9,"family_label":"Executive change","details":[{"label":"Action","value":"appointed"},{"label":"Role","value":"Interim Chief Financial Officer"}],"fact_type":"executive_change"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}