UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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): February 25, 2016

 

 

TEAM, Inc.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Delaware   001-08604   74-1765729

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

13131 Dairy Ashford, Suite 600

Sugar Land, Texas 77478

(Address of Principal Executive Offices and Zip Code)

Registrant’s telephone number, including area code: (281) 331-6154

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate line 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))

 

 

 


Item 1.01. Entry into a Material Definitive Agreement.

On February 29, 2016, Team Inc. (“ Team ”) entered into that certain Second Amendment and Commitment Increase to Credit Agreement with Bank of America, N.A., as administrative agent, and the lenders party thereto (the “ Second Amendment ”). The Second Amendment amends and restates certain portions of the Credit Facility described in Team’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “ SEC ”) on July 7, 2015 and filed as Exhibit 10.1 therewith, which was amended by that certain First Amendment to Credit Agreement dated December 2, 2015 (as amended, the “ Existing Credit Agreement ”). The effect of the Second Amendment is to (a) increase existing revolving credit facility by $100,000,000, with the resulting senior, secured credit facility being comprised of a $400,000,000 revolving credit facility and a $200,000,000 term loan facility; (b) increase the swing line facility from $25,000,000 to $35,000,000; (c) revise the definition of Consolidated EBITDA; (d) revise the restricted payments restriction; (e) update certain schedules to the Existing Credit Agreement; and (e) add European Union Bail-In contractual recognition provisions to the Existing Credit Agreement. The Existing Credit Agreement, as amended by the Second Amendment, continues to provide Team with the option to increase the aggregate principal amount of the revolving loan facility by up to $100,000,000, subject to satisfaction of certain specified conditions. For any such increase, Team may ask one or more lenders to increase their existing commitments and/or invite additional eligible lenders to become lenders under the Credit Facility.

The foregoing summary of the Second Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Second Amendment, which is filed as Exhibit 10.1 and is incorporated herein by reference.

Item 2.01. Completion of Acquisition or Disposition of Assets.

On February 29, 2016, pursuant to the Agreement and Plan of Merger, dated as of November 1, 2015 (the “ Merger Agreement ”), by and among Team, Furmanite Corporation (“ Furmanite ”) and TFA, Inc., a wholly owned subsidiary of Team (“ Merger Sub ”), Merger Sub merged with and into Furmanite (the “ Merger ”), with Furmanite surviving the Merger as a wholly owned subsidiary of Team.

Pursuant to the Merger Agreement, each outstanding share of Furmanite common stock at the effective time of the Merger (the “ Effective Time ”) (other than shares owned by Furmanite, Team or Merger Sub) was automatically converted into the right to receive 0.215 shares of Team common stock, with cash paid in lieu of any fractional shares.

The issuance of Team’s common stock in connection with the Merger, as described above, was registered under the Securities Act of 1933, as amended, pursuant to Team’s registration statement on Form S-4 (File No. 333-208756), filed with the SEC and declared effective on January 19, 2016 (the “ Joint Proxy Statement/Prospectus ”).

The foregoing description of the transactions consummated pursuant to the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the Merger Agreement, which was filed as Exhibit 2.1 to Team’s Current Report of Form 8-K filed with the SEC on November 4, 2015, which is incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or on Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officer.

Pursuant to the terms of the Merger Agreement, effective immediately after the Effective Time, Jeffery G. Davis, Furmanite’s Interim Executive Chairman of the Board, President and Chief Executive Office prior to the merger, was elected to Team’s Board of Directors to serve until the earlier of his resignation or removal or until his successor is duly elected or qualified, as the case may be. Except for the Merger Agreement, there were no arrangements or understandings pursuant to which Mr. Davis was appointed to the Team Board of Directors.

The information required by Item 404(a) of Regulation S-K with respect to Mr. Davis has been previously reported in the Joint Proxy Statement/Prospectus and is incorporated herein by reference.

Item 5.07. Submission of Matters to a Vote of Security Holders.

On February 25, 2016, Team held a Special Meeting of Stockholders (the “ Special Meeting ”). The proposals submitted to Team stockholders at the Special Meeting were: (1) approval of the issuance of shares of Team common stock to Furmanite stockholders in connection with the Merger as contemplated by the Merger Agreement (the “ Share Issuance Proposal ”) and (2) the adjournment of the Special Meeting, if necessary or appropriate, to solicit additional proxies if there were not sufficient votes to approve the Share Issuance Proposal (the “ Team Adjournment Proposal ”).

The Share Issuance Proposal and the Team Adjournment Proposal are described in detail in the Joint Proxy Statement/Prospectus.

Approval of the Share Issuance Proposal and the Adjournment Proposal required the affirmative vote of a majority of the votes cast on the matter by the holders of shares of Team common stock represented in person or by proxy at the Special Meeting.

On January 14, 2016, the record date for stockholders entitled to vote at the Special Meeting, 21,837,544 shares of Team common stock were outstanding, each of which entitled the holder to one vote on each matter brought before the Special Meeting. A total of 19,289,288 shares of Team common stock were represented in person or by proxy at the Special Meeting, representing 88.33% of the shares of Team common stock issued and outstanding on the record date. For each of the proposals below, a quorum was present.

The final voting results, including the number of votes cast for, against, and the number of abstentions and broker non-votes, on each of the matters submitted to a vote of the Team stockholders at the Special Meeting are set forth below. Each of the proposals was approved by Team’s stockholders.

Share Issuance Proposal:

 

For

  

Against

  

Abstain

  

Broker Non-Votes

19,190,601

   25,484    73,203    0

Team Adjournment Proposal:

 

For

  

Against

  

Abstain

  

Broker Non-Votes

18,135,686

   1,079,0101    74,592    0


Item 8.01. Other Events.

On February 25, 2016, Team and Furmanite issued a joint press release announcing the results of their respective special meetings of stockholders to approve the matters related to the merger agreement. A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

On March 1, 2016, Team issued a press release announcing that the Merger had been completed. A copy of this press release is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

(a) Financial Statements of Businesses Acquired.

The audited consolidated balance sheets of Furmanite as of December 31, 2014 and 2013, the audited consolidated statements of income, comprehensive income (loss), changes in stockholders’ equity and cash flows of Furmanite for the years ended December 31, 2014, 2013 and 2012 and the related notes to such audited consolidated financial statements are incorporated herein by reference to Furmanite’s audited financial statements included in Furmanite’s Current Report on Form 8-K filed with the SEC on December 17, 2015.

The unaudited consolidated balance sheet of Furmanite as of September 30, 2015, the unaudited consolidated statements of income, comprehensive income (loss), changes in stockholders’ equity and cash flows of Furmanite for the three and nine months ended September 30, 2015 and 2014 and the related notes to such unaudited consolidated interim financial statements are incorporated herein by reference to Furmanite’s unaudited consolidated interim financial statements included in Furmanite’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 filed with the SEC on November 6, 2015.

(b) Pro Forma Financial Information.

The pro forma financial information required by Item 9.01(b) was included in the registration statement on Form S-4 (File No. 33-208756), filed by Team, Inc. on December 24, 2015, as amended on each of January 6, 2016 and January 19, 2016 and declared effective by the SEC on January 19, 2016, and is incorporated herein by reference.

 

(d) Exhibits

 

Exhibit No.

  

Description

  2.1    Agreement and Plan of Merger, dated November 1, 2015, by and among Furmanite Corporation, Team, Inc., and TFA, Inc. (filed as Exhibit 2.1 to the Current Report on Form 8-K filed by Team, Inc., on November 4, 2015, incorporated by reference herein).
10.1    Second Amendment and Commitment Increase to Credit Agreement, dated February 29, 2016, among Team, Inc., certain Team, Inc. Subsidiary Guarantors, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and other Lenders party thereto.
99.1    Joint Press Release, dated February 25, 2016, of Team, Inc. and Furmanite Corporation announcing the special meeting results.
99.2    Press Release dated March 1, 2016, of Team, Inc. announcing completion of the Merger.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

    Team, Inc.
    (Registrant)
Date: March 1 2016     By:  

    /s/ Andre C. Bouchard

      André C. Bouchard
     

Executive Vice President, Administration,

Chief Legal Officer and Secretary


EXHIBIT INDEX

 

Exhibit No.

  

Description

  2.1    Agreement and Plan of Merger, dated November 1, 2015, by and among Furmanite Corporation, Team, Inc., and TFA, Inc. (filed as Exhibit 2.1 to the Current Report on Form 8-K filed by Team, Inc., on November 4, 2015, incorporated by reference herein).
10.1    Second Amendment and Commitment Increase to Credit Agreement, dated February 29, 2016, among Team, Inc., certain Team, Inc. Subsidiary Guarantors, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and other Lenders party thereto.
99.1    Joint Press Release, dated February 25, 2016, of Team, Inc. and Furmanite Corporation announcing the special meeting results.
99.2    Press Release dated March 1, 2016, of Team, Inc. announcing completion of the Merger.

Exhibit 10.1

SECOND AMENDMENT AND COMMITMENT INCREASE TO CREDIT AGREEMENT

THIS SECOND AMENDMENT AND COMMITMENT INCREASE TO CREDIT AGREEMENT (this “ Second Amendment ”), dated as of February 29, 2016, is by and among TEAM, INC., a Delaware corporation (the “ Borrower ”), the banks listed as Lenders on the signature pages hereof (the “ Lenders ”), and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer (in said capacity as Administrative Agent, the “ Administrative Agent ”).

BACKGROUND

A. The Borrower, the Guarantors, the Lenders, and the Administrative Agent are parties to that certain Third Amended and Restated Credit Agreement, dated as of July 7, 2015, as amended by that certain First Amendment to Credit Agreement, dated as of December 2, 2015 (said Third Amended and Restated Credit Agreement, as amended, the “ Credit Agreement ”; the terms defined in the Credit Agreement and not otherwise defined herein shall be used herein as defined in the Credit Agreement).

B. The Borrower has requested that the Lenders amend the Credit Agreement to (i) increase the Revolving Credit Facility to $400,000,000 pursuant to Section 2.16 of the Credit Agreement and (ii) make certain other amendments thereto, as more fully set forth herein.

NOW, THEREFORE, in consideration of the covenants, conditions and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are all hereby acknowledged, the parties hereto covenant and agree as follows:

1. AMENDMENTS .

(a) Section 1.01 of the Credit Agreement is hereby amended by adding the following defined terms thereto in proper alphabetical order:

Bail-In Action ” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

Bail-In Legislation ” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.

EEA Financial Institution ” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

 

1


EEA Member Country ” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

EEA Resolution Authority ” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

EU Bail-In Legislation Schedule ” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

Furmanite ” means Furmanite Corporation, a Delaware corporation.

Second Amendment ” means that certain Second Amendment and Commitment Increase to Credit Agreement, dated as of February 29, 2016, among the Borrower, the Lenders and the Administrative Agent.

Second Amendment Effective Date ” means the date that all of the conditions of effectiveness set forth in Section 3 of the Second Amendment are satisfied.

Write-Down and Conversion Powers ” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.

(b) The definition of “ Consolidated EBITDA ” set forth in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

Consolidated EBITDA ” means, for any period, for the Borrower and its Subsidiaries on a Consolidated basis, without duplication, an amount equal to the sum of (a) Consolidated Net Income, (b) Consolidated Interest Charges, (c) the amount of taxes, based on or measured by income (including state franchise and margin taxes based upon income), deducted in determining such Consolidated Net Income, (d) the amount of depreciation and amortization expense deducted in determining such Consolidated Net Income, (e) any net loss reducing Consolidated Net Income in connection with any disposition of assets, (f) to the extent deducted in determining Consolidated Net Income, non-cash adjustments for currency exchanges in accordance with GAAP, (g) to the extent deducted in determining Consolidated Net Income, the amount of out-of-pocket fees, costs and expenses incurred in connection with this Agreement, the other Loan Documents and the Qualspec Acquisition in an aggregate amount not to exceed $5,275,000, (h) to the extent deducted in determining Consolidated Net Income, financing fees, financial and other advisory fees, accounting fees, legal fees (and similar advisory and consulting fees), and related costs and expenses incurred by the Borrower or any Subsidiary in connection with Permitted Acquisitions and permitted asset sales (whether or not consummated) in an aggregate amount not to exceed $2,000,000 in any fiscal year, (i) to the extent deducted in determining Consolidated Net Income, the

 

2


amount of any unusual, extraordinary or non-recurring charges, costs, and expenses including, without limitation, such charges, costs, and expenses for (1) the restructuring, integration or reorganization of the Borrower or any Subsidiary, (2) goodwill, fixed asset or intangible asset impairment in accordance with GAAP, (3) the settlement of litigation or other claims against the Borrower or any Subsidiary and (4) the severance of employees of the Borrower or any Subsidiary, (j) to the extent deducted in determining Consolidated Net Income, ERP system implementation expenses; provided that the aggregate amount for any fees, expenses, charges and costs that are included in clauses (i) and (j) with respect to any period of four consecutive Fiscal Quarters (A) through and including December 31, 2016, shall not exceed $20,000,000 for such period, (B) thereafter and through and including December 31, 2017, shall not exceed $8,500,000 for such period and (C) thereafter, shall not exceed three (3%) of Consolidated EBITDA for such period, in each case as approved by the Administrative Agent in writing, (k) non-cash losses of the Borrower and its Subsidiaries from foreign exchange conversions and mark-to-market adjustments to foreign exchange hedge agreements (or other derivatives) reducing such Consolidated Net Income, (l) other non-recurring expenses of the Borrower and its Subsidiaries reducing such Consolidated Net Income which do not represent a cash item in such period or any future period, and, without duplication, (m) non-cash expenses of the Borrower and its Subsidiaries associated with stock-based compensation reducing such Consolidated Net Income which do not represent a cash item in such period or any future period, minus the following to the extent included in calculating such Consolidated Net Income; (i) Federal, state, local and foreign income tax credits of the Borrower and its Subsidiaries for such period, (ii) all non-cash items increasing Consolidated Net Income for such period, (iii) non-cash gains of the Borrower and its Subsidiaries from foreign exchange conversions and mark-to-market adjustments to foreign exchange hedge agreements (or other derivatives), and (iv) any net gain increasing such Consolidated Net Income in connection with any disposition of assets. Notwithstanding anything to the contrary set forth above or elsewhere in this Agreement, for purposes of determining Consolidated EBITDA, EBITDA of Furmanite for the four Fiscal Quarter period ending (a) December 31, 2015 shall be $32,000,000, (b) March 31, 2016, shall be $29,000,000, (c) June 30, 2016, shall be $21,000,000, (d) September 30, 2016, shall be $13,000,000, and (e) December 31, 2016, shall be $5,000,000.

For purposes of calculating the Interest Coverage Ratio, the Total Leverage Ratio and the Senior Secured Leverage Ratio as at any date, Consolidated EBITDA shall be calculated on a pro forma basis (as certified by the Borrower to the Administrative Agent) assuming that all acquisitions made, and all Dispositions completed, during the four consecutive Fiscal Quarters then most recently ended had been made on the first day of such period (but without any adjustment for projected cost savings or other synergies unless otherwise approved by the Administrative Agent).

(c) The defined term “ Defaulting Lender ” set forth in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

Defaulting Lender ” means, subject to Section 2.15(b) , any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date

 

3


such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the L/C Issuer, the Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two (2) Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent, the L/C Issuer or the Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder ( provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.15(b) ) as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the Borrower, the L/C Issuer, the Swingline Lender and each other Lender promptly following such determination.

(d) The definition of “ Revolving Commitment ” set forth in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

Revolving Commitment ” means, as to each Revolving Lender, its obligation to (a) make Revolving Loans to the Borrower pursuant to Section 2.01 , (b) purchase participations in L/C Obligations, and (c) purchase participations in Swingline Loans, in

 

4


an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 1.01(b) under the caption “ Revolving Commitment ” or opposite such caption in the Assignment and Assumption pursuant to which such Lender becomes a party hereto or in any amendment hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. The Revolving Commitment of all of the Revolving Lenders as of the Second Amendment Effective Date shall be $400,000,000. For avoidance of doubt, the potential increase in the Revolving Facility up to $100,000,000 under Section 2.16 remains available to the Borrower, subject to the terms and conditions therein.

(e) The definition of “ Swingline Sublimit ” set forth in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

Swingline Sublimit ” means an amount equal to the lesser of (a) $35,000,000 and (b) the Revolving Facility. The Swingline Sublimit is part of, and not in addition to, the Revolving Facility.

(f) Section 2.15(a)(iv) of the Credit Agreement is hereby amended to read as follows:

(iv) Reallocation of Applicable Revolving Percentages to Reduce Fronting Exposure . All or any part of such Defaulting Lender’s participation in L/C Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Revolving Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. Subject to Section 11.23 , no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

(g) Section 5.13 of the Credit Agreement is hereby amended to read as follows:

Section 5.13 Subsidiaries . As of the Second Amendment Effective Date, the Borrower has no Subsidiaries other than those specifically disclosed in Part (a) of Schedule 5.13 , and all of the outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and nonassessable and are owned directly or indirectly by a Loan Party in the amounts specified on Part (a) of Schedule 5.13 free and clear of all Liens other than Liens permitted pursuant to Section 7.01(a) . As of the Second Amendment Effective Date, the Material Subsidiaries are designated such in Part (a) of Schedule 5.13 . As of the Second Amendment Effective Date, the Borrower has no equity investments in any other corporation or entity other than those specifically disclosed in Part (b) of Schedule 5.13 . All of the outstanding Equity Interests in the Borrower have been validly issued and are fully paid and nonassessable.

(h) Section 5.26 of the Credit Agreement is hereby amended to read as follows:

 

5


Section 5.26 Mortgaged Property . Schedule 5.26 sets forth, as of the Second Amendment Effective Date, a list of all Mortgaged Properties, including (a) the name of the Loan Party owning such Mortgaged Property, (b) the number of buildings located on such Mortgaged Property, (c) the property address, and (d) the city, county, state and zip code in which such Mortgaged Property is located.

(i) Article V of the Credit Agreement is hereby amended by adding a new Section 5.30 thereto to read as follows:

Section 5.30 EEA Financial Institution . No Loan Party is an EEA Financial Institution.

(j) Section 7.01(b) of the Credit Agreement is hereby amended to read as follows:

(b) Liens existing as of the Second Amendment Effective Date and listed on Schedule 7.01 and any renewals or extensions thereof, provided that (i) the property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased except as contemplated by Section 7.03(b) , (iii) the direct or any contingent obligor with respect thereto is not changed, and (iv) any renewal or extension of the obligations secured or benefited thereby is permitted by Section 7.03(b) ;

(k) Section 7.01(s) of the Credit Agreement is hereby amended to read as follows:

(s) Liens for which authorizations to release such Liens have been provided to the Administrative Agent on or prior to the Second Amendment Effective Date in form and substance reasonably satisfactory to the Administrative Agent;

(l) Section 7.02(a) of the Credit Agreement is hereby amended to read as follows:

(a) Investments, other than those permitted by subsections (b) through (k), existing on the Second Amendment Effective Date and listed on Schedule 7.02 ;

(m) Section 7.03(b) of the Credit Agreement is hereby amended to read as follows:

(b) Indebtedness outstanding as of the Second Amendment Effective Date and listed on Schedule 7.03 and any refinancings, refundings, renewals or extensions thereof; provided that the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder;

(n) Section 7.06(d) of the Credit Agreement is hereby amended to read as follows:

(d) the Borrower may make other Equity Interest Repurchases and declare or pay cash Dividends to its stockholders, provided , (i) before and after giving effect to such proposed action, no Default exists or would result therefrom, and (ii) after giving pro forma effect to any such proposed action, (A) the Borrower shall be in compliance with

 

6


each of the Financial Covenants as of the most recently ended Fiscal Quarter of the Borrower, (B) Liquidity will be at least $15,000,000 and (C) the Total Leverage Ratio as of the most recently ended Fiscal Quarter of the Borrower is less than 2.50 to 1.00; provided , however , notwithstanding clause (C) immediately preceding, if the Total Leverage Ratio as of the most recently ended Fiscal Quarter of the Borrower is equal to or greater than 2.50 to 1.00 but is at least 0.25 less than the then maximum Total Leverage Ratio permitted in Section 7.13(b) , Equity Interest Purchases and declaration and payment of cash Dividends may be made, provided that such Equity Interest Purchases and payment of cash Dividends that may be made during all such times that such conditions are in effect shall not exceed $50,000,000 in aggregate amount.

(o) Article XI of the Credit Agreement is hereby amended by adding the following new Section 11.23 thereto to read as follows:

Section 11.23 Acknowledgment and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an EEA Financial Institution; and

(b) the effects of any Bail-in Action on any such liability, including, if applicable:

(i) a reduction in full or in part or cancellation of any such liability;

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

(iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.

(p) Schedule 1.01(b) of the Credit Agreement is hereby amended to be in the form of Schedule 1.01(b) to this Second Amendment, the Revolving Commitment and Applicable Revolving Percentage of each Lender are hereby amended as set forth therein.

 

7


(q) Schedules 5.09 , 5.13 , 7.01 , 7.02 , and 7.03 are hereby amended to be in the form of Schedules 5.09 , 5.13 , 7.01 , 7.02 , and 7.03 to this Second Amendment

(r) Exhibit B to the Credit Agreement is hereby amended to be in the form of Exhibit B to this Second Amendment.

2. REPRESENTATIONS AND WARRANTIES TRUE; NO EVENT OF DEFAULT . By its execution and delivery hereof, the Borrower represents and warrants that, as of the date hereof, and immediately after giving effect to this Second Amendment:

(a) the representations and warranties of the Borrower and each other Loan Party contained in Article II , Article V and each other Loan Document, or which are contained in any document that has been furnished under or in connection herewith or therewith, are (i) with respect to representations and warranties that contain a materiality qualification, true and correct and (ii) with respect to representations and warranties that do not contain a materiality qualification, are true and correct in all material respects, and except that for purposes hereof, except (x) to the extent Administrative Agent has been previously notified of any changes in the facts on which such representations and warranties were based in a certificate delivered to Administrative Agent pursuant to Section 6.02(b) of the Credit Agreement, (y) the representations and warranties contained in Sections 5.05(a) and (b)  shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b) , respectively, and (z) any representation and warranty that by its terms is made only as of an earlier date, is true and correct in all material respects (or in the case of such representations and warranties that are subject to a materiality qualification, in all respects) as of such earlier date;

(b) no Default exists;

(c) (i) the Borrower has full power and authority to execute and deliver this Second Amendment and each Revolving Note in the amount of each Lender’s Revolving Commitment after giving effect to this Second Amendment (the “ New Revolving Notes ”), (ii) this Second Amendment and the New Revolving Notes have been duly executed and delivered by the Borrower and (iii) this Second Amendment, the New Revolving Notes and the Credit Agreement, as amended hereby, constitute the legal, valid and binding obligations of the Borrower, enforceable in accordance with their respective terms, except as enforceability may be limited by applicable Debtor Relief Laws and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and except as rights to indemnity may be limited by federal or state securities laws;

(d) neither the execution, delivery and performance of this Second Amendment, the New Revolving Notes, or the Credit Agreement, as amended hereby, nor the consummation of any transactions contemplated herein or therein, will (i) conflict with any Organization Documents of the Borrower, (ii) violate any Applicable Law applicable to the Borrower in any material respect (other than failures to obtain governmental authorizations, make filings or provide notices, etc. which do not violate Section 5.03 of the Credit Agreement), or (iii) conflict with any Contractual Obligation to which the Borrower is a party or affecting the Borrower or the properties of the Borrower or any of its Subsidiaries or any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower or its property is

 

8


subject, except in each case referred to in this clause (iii) for such violations, breaches and defaults that, individually or in the aggregate could not reasonably be expected to have a Material Adverse Effect; and

(e) no authorization, approval, consent, or other action by, notice to, or filing with, any Governmental Authority or other Person not previously obtained is required to be obtained or made by (i) the Borrower as a condition to the execution, delivery or performance by the Borrower of this Second Amendment or the New Revolving Notes or (ii) by any Guarantor as a condition to the acknowledgement by any Guarantor of this Second Amendment.

3. CONDITIONS OF EFFECTIVENESS. All provisions of this Second Amendment shall be effective upon satisfaction of, or completion of, the following:

(a) the Administrative Agent shall have received counterparts of this Second Amendment executed by the Lenders;

(b) the Administrative Agent shall have received counterparts of this Second Amendment executed by the Borrower and acknowledged by each Guarantor;

(c) the representations and warranties set forth in Section 2 of this Second Amendment shall be true and correct;

(d) the Administrative Agent shall have received a certificate signed by a Responsible Officer of the Borrower certifying to the matters set forth in Section 2.16(e) of the Credit Agreement, together with a certified resolution of the Borrower (i) approving the increase in the Revolving Facility provided for in this Second Amendment and (ii) authorizing the execution, delivery and performance of this Second Amendment and the New Revolving Notes;

(e) the Administrative Agent shall have received a favorable opinion of counsel to the Borrower covering the matters set forth in Sections 2(c), (d)(i), (d)(ii) and (e) of this Second Amendment;

(f) the Administrative Agent shall have received fully-executed New Revolving Notes;

(g) the Administrative Agent shall have received an executed Swingline Note in the amount of the Swingline Sublimit as increased by this Second Amendment;

(h) the Administrative Agent shall have received for its benefit and for the benefit of each Lender and the Arranger the fees in immediately available funds as agreed upon by the Borrower, Bank of America, Merrill Lynch Pierce Fenner & Smith Incorporated and the Lenders;

(i) all fees and out-of-pocket expenses of counsel for the Administrative Agent shall have been paid;

 

9


(j) the Borrower shall have acquired 100% of the Equity Interests of Furmanite and such Acquisition shall meet the requirements of clauses (i) through (iii) of Section 7.02(n) of the Credit Agreement; and

(k) the Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent and its counsel, such other documents, certificates and instruments as the Administrative Agent shall require.

4. PURCHASE/SALE BY LENDERS . Simultaneously with the satisfaction of the conditions to effectiveness set forth in Section 3 of this Second Amendment, each Lender shall purchase or sell (as the case may be), without recourse, an amount of the Revolving Loans outstanding such that, after giving effect to this Second Amendment, the amount of each Lender’s Revolving Commitment utilized and the amount of Revolving Loans owed to each Lender will be equal to its Applicable Revolving Percentage thereof after giving effect to this Second Amendment. The Borrower shall pay each Lender compensation for any losses pursuant to Section 3.05 of the Credit Agreement as a result of any purchases or sales.

5. GUARANTOR’S ACKNOWLEDGMENT . By signing below, each Guarantor (a) acknowledges, consents and agrees to the execution, delivery and performance by the Borrower of this Second Amendment, (b) acknowledges and agrees that its obligations in respect of its Guaranty are not released, diminished, waived, modified, impaired or affected in any manner by this Second Amendment or any of the provisions contemplated herein and cover the Revolving Commitments and Revolving Loans as increased by this Second Amendment, (c) ratifies and confirms its obligations under its Guaranty, and (d) acknowledges and agrees that it has no claim or offsets against, or defenses or counterclaims to, its Guaranty.

6. REFERENCE TO THE CREDIT AGREEMENT .

(a) Upon and during the effectiveness of this Second Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, or words of like import shall mean and be a reference to the Credit Agreement, as affected and amended by this Second Amendment.

(b) Except as expressly set forth herein, this Second Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights or remedies of the Administrative Agent or the Lenders under the Credit Agreement or any of the other Loan Documents, and shall not alter, modify, amend, or in any way affect the terms, conditions, obligations, covenants, or agreements contained in the Credit Agreement or the other Loan Documents, all of which are hereby ratified and affirmed in all respects and shall continue in full force and effect.

7. COSTS AND EXPENSES . The Borrower shall be obligated to pay the reasonable costs and expenses of the Administrative Agent in connection with the preparation, reproduction, execution and delivery of this Second Amendment and the other instruments and documents to be delivered hereunder.

8. EXECUTION IN COUNTERPARTS . This Second Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which when

 

10


taken together shall constitute but one and the same instrument. For purposes of this Second Amendment, a counterpart hereof (or signature page thereto) signed and transmitted by any Person party hereto to the Administrative Agent (or its counsel) by facsimile or other electronic imaging means (e.g., “pdf” or “tif”) is to be treated as an original. The signature of such Person thereon, for purposes hereof, is to be considered as an original signature, and the counterpart (or signature page thereto) so transmitted is to be considered to have the same binding effect as an original signature on an original document.

9. GOVERNING LAW; BINDING EFFECT . This Second Amendment shall be governed by and construed in accordance with the laws of the State of Texas applicable to agreements made and to be performed entirely within such state; provided that the Administrative Agent and each Lender shall retain all rights arising under federal law. This Second Amendment shall be binding upon the Borrower, the Guarantors, the Administrative Agent and each Lender and their respective successors and permitted assigns.

10. HEADINGS . Section headings in this Second Amendment are included herein for convenience of reference only and shall not constitute a part of this Second Amendment for any other purpose.

11. ENTIRE AGREEMENT . THE CREDIT AGREEMENT, AS AMENDED BY THIS SECOND AMENDMENT, AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AS TO THE SUBJECT MATTER THEREIN AND HEREIN AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.

 

 

REMAINDER OF PAGE LEFT INTENTIONALLY BLANK

 

 

11


IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment as of the date above written.

 

TEAM, INC.
By:  

/s/ Greg L. Boane

  Greg L. Boane
  Senior Vice President and Chief Financial Officer

 

ACKNOWLEDGED AND AGREED:

TEAM INDUSTRIAL SERVICES, INC.

TEAM INDUSTRIAL SERVICES

            INTERNATIONAL, INC.

TQ ACQUISITION, INC.

By:  

/s/ Greg L. Boane

  Greg L. Boane
  Senior Vice President, Chief Financial Officer and Treasurer

QUEST INTEGRITY GROUP, LLC

QUEST INTEGRITY USA, LLC

By:  

/s/ Andre C. Bouchard

  Andre C. Bouchard
  Vice President and Secretary
ROCKET ACQUISITION, INC.
By:  

/s/ Greg L. Boane

  Greg L. Boane
  Vice President and Chief Financial Officer

 

Signature Page to Second Amendment


QUALSPEC LLC

QUALSPEC INC.

By:  

/s/ Greg L. Boane

  Greg L. Boane
  Senior Vice President and Treasurer

 

Signature Page to Second Amendment


BANK OF AMERICA, N.A.,

as Administrative Agent

By:  

/s/ Erik M Truette

Name:   Erik M Truette
Title:   Vice President

 

Signature Page to Second Amendment


BANK OF AMERICA, N.A.,

as a Lender, L/C Issuer and Swingline Lender

By:  

/s/ Adam Rose

Name:   Adam Rose
Title:   SVP

 

Signature Page to Second Amendment


LENDERS:     JPMORGAN CHASE BANK, N.A.
    By:  

/s/ John Kushnerick

    Name:   John Kushnerick
    Title:   Executive Director

 

Signature Page to Second Amendment


COMPASS BANK
By:  

/s/ Collis Sanders

Name:   Collis Sanders
Title:   Executive Vice President

 

Signature Page to Second Amendment


BRANCH BANKING AND TRUST COMPANY
By:  

/s/ Matt McCain

Name:   Matt McCain
Title:   Senior Vice President

 

Signature Page to Second Amendment


SUNTRUST BANK
By:  

/s/ Justin Lian

Name:   Justin Lian
Title:   Director

 

Signature Page to Second Amendment


KEYBANK NATIONAL ASSOCIATION
By:  

/s/ Suzannah Valdivia

Name:   Suzannah Valdivia
Title:   Senior Vice President

 

Signature Page to Second Amendment


BOKF, NA dba Bank of Texas
By:  

/s/ Jeff Dunn

Name:   Jeff Dunn
Title:   EVP

 

Signature Page to Second Amendment

Exhibit 99.1

 

LOGO    LOGO

 

 

 

TEAM, INC.

13131 Dairy Ashford, Suite 600

Sugar Land, TX 77478

  

For immediate release

Contact: Greg L. Boane (281) 388-5541

  

Team and Furmanite Announce Approval of Merger by Stockholders of Both Companies

SUGAR LAND, Texas and HOUSTON, Texas Feb. 25, 2016 (GLOBE NEWSWIRE) — Team, Inc. (NYSE:TISI) (“Team”) and Furmanite Corporation (NYSE:FRM) (“Furmanite”) today announced that stockholders of each of Team and Furmanite overwhelmingly approved their respective merger proposals related to the proposed combination of Furmanite and Team at their respective special meetings held earlier today.

More than 96% of the shares voting at the Furmanite special meeting voted in favor of the merger, and more than 99% of the shares voting at the Team special meeting voted in favor of the proposal to issue shares of Team common stock to Furmanite stockholders in connection with the merger.

Upon the consummation of the merger, Furmanite stockholders will have the right to receive 0.215 shares of Team common stock for each share of Furmanite common stock, with cash paid in lieu of fractional shares.

Team and Furmanite expect the closing of the transaction to occur promptly, subject to the satisfaction of all conditions.

About Team, Inc.

Headquartered near Houston, Texas, Team Inc. is a leading provider of specialty industrial services, including inspection and assessment, required in maintaining and installing high-temperature and high-pressure piping systems and vessels that are utilized extensively in the refining, petrochemical, power, pipeline and other heavy industries. Team offers these services in over 125 locations throughout the world. Team’s common stock is traded on the New York Stock Exchange under the ticker symbol “TISI”.

About Furmanite Corporation

Furmanite Corporation (NYSE:FRM), founded in 1920, is one of the world’s largest specialty industrial services companies, providing world class solutions to customer needs through more than 80 offices on six continents. Furmanite delivers a wide portfolio of inspection and mechanical services which help monitor, maintain and renew the global energy, industrial and municipal infrastructures. World Headquarters and Global Support Operations are located in Houston, Texas; Rotterdam, Netherlands; Kendal, United Kingdom and Melbourne, Australia. For more information, visit www.furmanite.com.

Forward Looking Statements

This document contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements identified by

 

1


words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” “creates” or words of similar meaning generally are intended to identify forward-looking statements. These statements are based upon the current beliefs and expectations of Team’s and Furmanite’s management and are inherently subject to significant business, economic and competitive risks and uncertainties, many of which are beyond their respective control.

These forward-looking statements are subject to a number of factors, assumptions, risks and uncertainties which could cause Team’s, Furmanite’s or the combined company’s actual results and experience to differ from the anticipated results and expectations expressed in such forward-looking statements, and such differences may be material. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.

These factors, assumptions, risks and uncertainties include, but are not limited to: (1) conditions to the closing of the merger may not be satisfied, on the expected timeline or at all; (2) the transaction may involve unexpected costs, liabilities or delays; (3) the businesses of Team and Furmanite may not be integrated successfully or the integration may be more difficult, time-consuming or costly than expected; (4) the expected growth opportunities, cost savings or other benefits from the transaction may not be fully realized or may take longer to realize than expected; (5) revenues following the transaction may be lower than expected as a result of losses of customers or other reasons; (6) operating costs, customer loss and business disruption following the transaction, including difficulties in maintaining relationships with employees, may be greater than expected; (7) reputational risks and the reaction of the companies’ customers to the transaction; (8) diversion of management time on merger-related issues; (9) customer acceptance of the combined company’s products and services; (10) the outcome of any legal proceeding relating to the transaction; and (11) any changes in the strategy of Team, Furmanite or the anticipated strategy of the combined company. Additional factors that could cause Team’s and Furmanite’s results to differ materially from those described in the forward-looking statements can be found in Team’s and Furmanite’s reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s website (www.sec.gov). All subsequent written and oral forward-looking statements concerning Team, Furmanite, or the proposed merger or other matters and attributable to Team, Furmanite or any person acting on either of their behalf are expressly qualified in their entirety by the cautionary statements above. Team and Furmanite do not undertake any obligation to update any forward-looking statement, whether written or oral, to reflect circumstances or events that occur after the date the forward-looking statements are made.

 

2

Exhibit 99.2

 

NEWS   LOGO

 

TEAM, INC.    For immediate release
13131 Dairy Ashford, Suite 600                    Contact: Greg L. Boane (281) 388-5541
Sugar Land, TX 77478   

Team Announces Successful Acquisition of Furmanite

SUGAR LAND, Texas, March 1, 2016 (GLOBE NEWSWIRE) — Team, Inc. (NYSE:TISI) (“Team”) today announced the successful completion of its merger with Furmanite Corporation, (“Furmanite”). With the closing of the merger transaction, each issued and outstanding share of Furmanite common stock has been converted into the right to receive 0.215 shares of Team common stock, with cash paid in lieu of fractional shares. Under the terms of the merger agreement, Furmanite merged with and became a wholly owned subsidiary of Team.

As a result of the merger transaction, Team issued approximately 8.3 million shares of its common stock.

With the completion of this merger, Team fortifies its foundation as a premier NDT inspection and specialty mechanical services company with a strong presence in North America, with more than 8,300 employees and 220 locations in 22 countries. The merger approximately doubles the size of Team’s mechanical services capabilities and establishes a deeper, broader talent and resource pool that better supports customers across standard and specialty mechanical services. In addition, the capability and capacity of the combined entity will offer an enhanced single-point of accountability and flexibility in addressing some of the most critical integrity and reliability management needs of clients; whether as individual services or as part of an integrated specialty industrial services solution. Team’s acquisition of QualSpec in July 2015 provided a similarly material complement to Team’s inspection and heat treating resources capacity and service delivery model.

Ted W. Owen, Team’s President and Chief Executive Officer, said, “Finalizing the merger of Team and Furmanite is great news for our employees and customers. Team and Furmanite both have long-term, successful histories and together, are expected to have an even brighter future. We are excited to be able to move forward today as a unified company and to begin working towards our strategy for the future. We expect the combination of Team and Furmanite to drive sustainable, long-term growth and value for stockholders that is greater than either company could achieve on their own.”

Investor Conference Call

Team will hold an investor conference call on Thursday March 10, 2016 at 8:00 a.m. Central Time (9:00 a.m. Eastern) to discuss the Furmanite merger as well as the business outlook for fiscal year 2016. The call will be broadcast over the Web and can be accessed on Team’s website, www.teaminc.com. Individuals wishing to participate in the conference call by phone may call 1-530-379-4677 and use conference code 63012073 when prompted.

 

1


About Team, Inc.

Headquartered near Houston, Texas, Team Inc. is a leading provider of specialty industrial services, including inspection and assessment, required in maintaining and installing high-temperature and high-pressure piping systems and vessels that are utilized extensively in the refining, petrochemical, power, pipeline and other heavy industries. Team is one of the world’s largest specialty industrial services companies offering services in over 220 locations throughout the world. Team’s common stock is traded on the New York Stock Exchange under the ticker symbol “TISI”.

Forward Looking Statements

This document contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” “creates” or words of similar meaning) are intended to identify forward-looking statements. These statements are based upon the current beliefs and expectations of Team’s management and are inherently subject to significant business, economic and competitive risks and uncertainties, many of which are beyond their respective control.

These forward-looking statements are subject to a number of factors, assumptions, risks and uncertainties which could cause Team’s actual results and experience to differ from the anticipated results and expectations expressed in such forward-looking statements, and such differences may be material. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Information about risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements is available in Team’s reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s website (www.sec.gov). Team disclaims any intention or obligation to update or revise any forward-looking statements as a result of developments occurring after the date of this document except as required by law.

 

2