UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On August 6, 2026, Corre Partners Management, LLC (“Corre”), on behalf of itself, the Corre Holders (as defined in the Corre Board Rights Agreement (as defined below)) and their respective affiliates (collectively, the “Investors”), irrevocably waived, relinquished and disclaimed (the “Corre Board Rights Waiver”) (i) the rights of the Investors provided by Section 2.1 (Board Observation Rights) of the Board Rights Agreement, dated as of June 16, 2023, by and among Team, Inc., (the “Company”), Corre, Corre Opportunities Qualified Master Fund, LP, Corre Horizon Fund, LP and Corre Horizon Fund II, LP. (the “Corre Board Rights Agreement”) in their entirety, (ii) the rights of the Investors provided by Section 2.2 (Board Nomination Rights) of the Corre Board Rights Agreement with respect to the Investor Equity Directors (as defined in the Corre Board Rights Agreement), including the right to designate the Chairman of the Board, and (iii) any and all other rights of the Investors, other than the rights of the Investors with respect to the Lender Director (as defined in the Corre Board Rights Agreement) (all of which remain in full force and effect), in each case effective as of the date of the Corre Board Rights Waiver.
The material terms of the Corre Board Rights Agreement were previously disclosed in Item 1.01 of the Company’s Current Report on Form 8-K filed on June 20, 2023, which is incorporated herein by reference. The foregoing description of the Corre Board Rights Waiver is a summary and is qualified in its entirety by the terms of the Corre Board Rights Waiver, a copy of which is filed as Exhibit 10.2 to this Current Report on Form 8-K and incorporated herein by reference.
| Item 7.01 | Regulation FD Disclosure. |
On August 10, 2026, the Company issued a press release in connection with the acquisition by an entity controlled by Stellex Capital Management LLC of all 1,604,326 shares of the Company’s common stock previously held by Corre and its affiliates. 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 Securities Exchange Act of 1934, as amended (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 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
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. | ||
| By: | /s/ James C. Webster | |
| James C. Webster | ||
| Executive Vice President, Chief Legal Officer and Secretary | ||
Dated: August 10, 2026