---
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"
generated_at: "2026-06-28T09:33:12.476408+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Team Inc. secures $50M subordinated term loan at 12%, amends credit, appoints directors and interim CFO

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.03, 1.01, 3.02, 5.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-21-328090
- JSON: https://secwatch.observer/filing/0001193125-21-328090.json
- Plain text: https://secwatch.observer/filing/0001193125-21-328090.txt

## Key facts
- Executive change
  Anthony Horton was appointed as Director at TEAM INC.
  - Action: appointed
  - Role: Director
  source text: appointed Anthony Horton as a Director effective until the May 2022 annual meeting of shareholders
  evidence_url: https://www.sec.gov/Archives/edgar/data/318833/000119312521328090/0001193125-21-328090-index.htm
- Executive change
  Evan S. Lederman was appointed as Director at TEAM INC.
  - Action: appointed
  - Role: Director
  source text: appointed Evan S. Lederman as a Director effective until the May 2022 annual meeting of shareholders
  evidence_url: https://www.sec.gov/Archives/edgar/data/318833/000119312521328090/0001193125-21-328090-index.htm
- Executive change
  Sylvia J. Kerrigan changed role as Lead Independent Director at TEAM INC.
  - Action: designated
  - Role: Lead Independent Director
  source text: designated Sylvia J. Kerrigan as the Lead Independent Director, effective immediately.
  evidence_url: https://www.sec.gov/Archives/edgar/data/318833/000119312521328090/0001193125-21-328090-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: 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_url: https://www.sec.gov/Archives/edgar/data/318833/000119312521328090/0001193125-21-328090-index.htm

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