Team Inc (TISI) sees Corre funds sell stake, retain 500,000-share warrants and board limits

Rhea-AI Filing Summary

Team Inc (TISI) shareholder group led by Corre Partners Advisors, LLC amended its Schedule 13D to reflect a major secondary sale and reduced ownership. On August 6, 2026, Corre Opportunities Qualified Master Fund, LP, Corre Horizon Fund, LP and Corre Horizon II Fund, LP sold all of their common stock in Team Inc to InspectionTech Holdings LP for aggregate consideration of $56,953,573, including 1,054,719 shares, 249,942 shares and 299,665 shares, respectively.

The Corre Holders continue to hold warrants exercisable for 500,000 shares of common stock (Warrant Nos. 2, 3 and 4), but exercises are subject to a 4.99% Beneficial Ownership Limitation, and a notice was delivered on August 7, 2026 decreasing this limit to 4.99%. As a result, the group states it is no longer a reporting person under the beneficial ownership rules, based on 4,571,382 shares outstanding as of May 11, 2026. The Corre Holders also agreed to standstill provisions, consultation and "reasonable best efforts" obligations regarding board nomination rights and potential resignation of the Lender Director, and irrevocably waived most of their Board Observer and Board Nomination Rights under a prior Board Rights Agreement. The amendment also notes that Eric Soderlund retired from Corre entities effective February 1, 2026 and was removed as a reporting person.

Key Figures

Sale consideration: $56,953,573 Shares sold by Corre Opportunities Qualified Master Fund: 1,054,719 shares Shares sold by Corre Horizon Fund: 249,942 shares +4 more

7 metrics

Sale consideration $56,953,573 Aggregate consideration for common stock sold to InspectionTech Holdings LP on August 6, 2026

Shares sold by Corre Opportunities Qualified Master Fund 1,054,719 shares Common stock sold under the securities purchase agreement

Shares sold by Corre Horizon Fund 249,942 shares Common stock sold under the securities purchase agreement

Shares sold by Corre Horizon II Fund 299,665 shares Common stock sold under the securities purchase agreement

Warrant shares held 500,000 shares Common stock issuable upon exercise of Warrant Nos. 2, 3 and 4

Beneficial Ownership Limitation 4.99% Cap on ownership for warrant exercises after August 7, 2026

Shares outstanding baseline 4,571,382 shares Common stock outstanding as of May 11, 2026, from Form 10-Q

Key Terms

Beneficial Ownership Limitation, standstill restrictions, Board Rights Agreement, Lender Director, +1 more

5 terms

Beneficial Ownership Limitation regulatory

"The exercise of Warrant No. 2 is subject to the Beneficial Ownership Limitation"

A beneficial ownership limitation is a rule that caps the percentage of a company’s shares an investor can be treated as owning or controlling for voting, regulatory or tax purposes. It matters to investors because it can restrict how many shares a person or group can buy or vote, affect takeover chances, and influence share liquidity and value — like a speed limit that prevents any single driver from taking over the whole road.

standstill restrictions regulatory

"The Purchase Agreement also contains certain customary standstill restrictions on Corre"

Standstill restrictions are agreements or legal limits that pause or limit certain actions by creditors, shareholders, or counterparties—such as demanding repayment, selling large blocks of shares, or launching takeover moves—for a set period. Like pressing a temporary pause button in a dispute or negotiation, they matter to investors because they affect liquidity, the timing of potential exits, and the balance of control and risk while parties work toward a resolution.

Board Rights Agreement regulatory

"rights to nominate a director to the Issuer's Board of Directors pursuant to the Board Rights Agreement"

Lender Director regulatory

"use their reasonable best efforts to obtain the resignation of the Lender Director"

reasonable best efforts financial

"the Corre Holders will use their reasonable best efforts to obtain the resignation"

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Available on EDGAR 08/10/2026 - 04:53 PM Accepted by SEC EDGAR 08/10/2026 - 04:52 PM Learn about SEC filing dates

FAQ

What major transaction involving Team Inc (TISI) is disclosed in this Schedule 13D/A?

Corre-affiliated funds sold all of their Team Inc common stock to InspectionTech Holdings LP for $56,953,573. The sale covered 1,054,719 shares, 249,942 shares and 299,665 shares held by three Corre funds under a securities purchase agreement.

How many Team Inc (TISI) shares do the Corre funds still beneficially own after this amendment?

The Corre group reports warrants for 500,000 shares of Team Inc common stock, subject to a 4.99% Beneficial Ownership Limitation. The actual shares counted as beneficially owned are below this cap and less than the 500,000 warrant-underlying shares shown.

Why do the Corre holders say they are no longer reporting persons in Team Inc (TISI)?

They delivered notice on August 7, 2026 reducing their Beneficial Ownership Limitation to 4.99%. With this cap, and based on 4,571,382 shares outstanding, their beneficial ownership falls below the threshold that requires ongoing Schedule 13D reporting.

What board-related rights did the Corre holders change in relation to Team Inc (TISI)?

The Corre holders agreed to consult with the buyer on director nomination rights and to use "reasonable best efforts" to obtain the Lender Director’s resignation upon request. They also delivered an irrevocable waiver of their Board Observer and most Board Nomination Rights under the Board Rights Agreement.

What standstill or restriction applies to Corre regarding Team Inc (TISI) after the sale?

The securities purchase agreement imposes customary standstill restrictions on Corre and the Corre Holders, subject to exceptions. These restrictions limit certain actions relating to Team Inc’s securities and governance for a period tied to December 31, 2027 or an additional director designation date.

What change in reporting persons is noted for Team Inc (TISI) in this amendment?

Effective February 1, 2026, Eric Soderlund retired from Corre entities and ceased to share voting or dispositive power over Team Inc securities. He is therefore removed as a reporting person in this Schedule 13D amendment.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 10)

Team Inc

(Name of Issuer)

Common Stock, $0.30 par value

(Title of Class of Securities)

878155100

(CUSIP Number)

John Barrett
12 East 49th Street, 40th Floor
New York, NY, 10017
646-863-7152

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/06/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 878155100

1

Name of reporting person

Corre Opportunities Qualified Master Fund, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, SC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 255,058.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 255,058.00

11

Aggregate amount beneficially owned by each reporting person

255,058.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.99 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Includes 255,058 shares of Common Stock issuable upon exercise of Warrant No. 2 to purchase Shares of Common Stock of the Issuer, dated December 8, 2021 ("Warrant No. 2"). The exercise of Warrant No. 2 is subject to the Beneficial Ownership Limitation and the percentage set forth in row (13) gives effect to the Beneficial Ownership Limitation. However, rows (8), (10) and (11) show the number of shares of Common Stock that would be issuable upon the exercise of Warrant No. 2 and does not give effect to the Beneficial Ownership Limitation. Therefore, the actual number of shares of Common Stock beneficially owned by such Reporting Person, after giving effect to the Beneficial Ownership Limitation, is less than the number of securities reported in rows (8), (10) and (11). On August 7, 2026, the Reporting Person delivered a notice to the Issuer that the Reporting Person was decreasing the Beneficial Ownership Limitation to 4.99%, consistent with Section 3(E) of Warrant No. 2.

SCHEDULE 13D

CUSIP Number(s): 878155100

1

Name of reporting person

Corre Horizon Fund, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 116,092.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 116,092.00

11

Aggregate amount beneficially owned by each reporting person

116,092.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.48 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Includes 116,092 shares of Common Stock issuable upon exercise of Warrant No. 3 to purchase Shares of Common Stock of the Issuer, dated December 8, 2021 (Warrant No. 3).

SCHEDULE 13D

CUSIP Number(s): 878155100

1

Name of reporting person

Corre Horizon II Fund, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 128,850.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 128,850.00

11

Aggregate amount beneficially owned by each reporting person

128,850.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.74 %

14

Type of Reporting Person (See Instructions)

Comment for Type of Reporting Person:

Includes 128,850 shares of Common Stock issuable upon exercise of Warrant No. 4 to purchase Shares of Common Stock of the Issuer, dated December 8, 2021 ("Warrant No. 4").

SCHEDULE 13D

CUSIP Number(s): 878155100

1

Name of reporting person

Corre Partners Advisors, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 500,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 500,000.00

11

Aggregate amount beneficially owned by each reporting person

500,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.99 %

14

Type of Reporting Person (See Instructions)

OO, IA

Comment for Type of Reporting Person:

Includes 500,000 shares of Common Stock issuable upon exercise of Warrant No. 2, No. 3 and No. 4. The exercise of these Warrants is subject to the Beneficial Ownership Limitation and the percentage set forth in row (13) gives effect to the Beneficial Ownership Limitation. However, rows (8), (10) and (11) show the number of shares of Common Stock that would be issuable upon the exercise of the Warrants and does not give effect to the Beneficial Ownership Limitation. Therefore, the actual number of shares of Common Stock beneficially owned by such Reporting Person, after giving effect to the Beneficial Ownership Limitation, is less than the number of securities reported in rows (8), (10) and (11). On August 7, 2026, the Reporting Person delivered a notice to the Issuer that the Reporting Person was decreasing the Beneficial Ownership Limitation to 4.99%, consistent with Section 3(E) of the Warrants. As a result, the Reporting Persons are no longer reporting persons under Schedule 13D.

SCHEDULE 13D

CUSIP Number(s): 878155100

1

Name of reporting person

John Barrett

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 500,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 500,000.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.99 %

14

Type of Reporting Person (See Instructions)

IN, HC

Comment for Type of Reporting Person:

Includes 500,000 shares of Common Stock issuable upon exercise of Warrant No. 2, No. 3 and No. 4. The exercise of these Warrants is subject to the Beneficial Ownership Limitation and the percentage set forth in row (13) gives effect to the Beneficial Ownership Limitation. However, rows (8), (10) and (11) show the number of shares of Common Stock that would be issuable upon the exercise of the Warrants and does not give effect to the Beneficial Ownership Limitation. Therefore, the actual number of shares of Common Stock beneficially owned by such Reporting Person, after giving effect to the Beneficial Ownership Limitation, is less than the number of securities reported in rows (8), (10) and (11). On August 7, 2026, the Reporting Person delivered a notice to the Issuer that the Reporting Person was decreasing the Beneficial Ownership Limitation to 4.99%, consistent with Section 3(E) of the Warrants. As a result, the Reporting Persons are no longer reporting persons under Schedule 13D.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.30 par value
(b)	Name of Issuer: Team Inc
(c)	Address of Issuer's Principal Executive Offices: 13131 Dairy Ashford, Suite 600, Sugar Land, TEXAS , 77478.
Item 2.	Identity and Background
(a)	Effective as of February 1, 2026, Mr. Eric Soderlund has retired from his positions with Corre Partners Advisors, LLC and Corre Partners Management, LLC and has ceased to have or share voting or dispositive power with respect to the securities that are the subject of this filing. Accordingly, Mr. Soderlund is hereby removed as a Reporting Person.
Item 4.	Purpose of Transaction
	On August 6, 2026, Corre Opportunities Qualified Master Fund, LP, Corre Horizon Fund, LP and Corre Horizon II Fund, LP, each an existing shareholder of the Issuer, along with Corre Partners Management, LLC ("Corre"), which has been delegated investment authority over the assets of such shareholders (collectively with such shareholders, the "Corre Holders"), entered into a securities purchase agreement (the "Purchase Agreement") with InspectionTech Holdings LP (the "Stellex Holder"). Pursuant to the Purchase Agreement, the Sellers sold all common stock held by the Sellers (consisting of 1,054,719 shares held by Qualified Master Fund, LP, 249,942 shares held by Corre Horizon Fund, LP and 299,665 shares held by Corre Horizon II Fund, LP) to the Buyer for aggregate consideration of $56,953,573. Pursuant to the Purchase Agreement, until the earlier of (x) December 31, 2027 and (y) the date that Buyer or its affiliates obtain the right to designate one or more directors of the Issuer in addition to the number of directors that Buyer or its affiliates had the right to designate as of the date of the Purchase Agreement (the "Additional Buyer Director Designation Date"), the Corre Holders have agreed to consult with Buyer regarding the Sellers Parties' rights to nominate a director to the Issuer's Board of Directors pursuant to the Board Rights Agreement, dated as of June 16, 2023 (the "Board Rights Agreement"), as amended. Further, until the earlier of (x) December 31, 2027 or the Additional Buyer Director Designation Date, upon Buyer's request, the Corre Holders will use their reasonable best efforts to obtain the resignation of the Lender Director (as such term is defined in the Board Rights Agreement). The Purchase Agreement also contains certain customary standstill restrictions on Corre and the Corre Holders, subject to certain exceptions. Pursuant to the Purchase Agreement, on August 6, 2026, the Corre Holders delivered an irrevocable waiver to the Issuer under the Board Rights Agreement, waiving the Corre Holders' rights to Board Observers and Board Nomination Rights, other than with respect to the Lender Director. The foregoing description of the Purchase Agreement is not complete and is qualified in its entirety by reference to the full text of the Purchase Agreement, which has been filed as Exhibit 99.1 hereto and incorporated by reference herein.
Item 5.	Interest in Securities of the Issuer
(a)	See rows (11) and (13) of the cover page to this Schedule 13D for the aggregate number of shares of Common Stock and percentage of shares of Common Stock beneficially owned by each Reporting Person, and is calculated based upon an aggregate of 4,571,382 shares of Common Stock outstanding as of May 11, 2026, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 filed with the SEC on May 13, 2026 and assumes the issuance of the shares of Common Stock underlying Warrant No. 2, Warrant No. 3 and Warrant No. 4 held by the Reporting Persons.
(b)	See rows (7) through (10) of the cover page to this Schedule 13D for the number of shares of Common Stock as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	Item 4 of this Schedule 13D is incorporated by reference. No other transactions in the shares of Common Stock have been effected by each Reporting Person during the past sixty (60) days.
(e)	8-07-2026
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	The Reporting Persons' response to Item 4 of this Amendment is incorporated by reference into this Item 6.
Item 7.	Material to be Filed as Exhibits.
	99.1 - Securities Purchase Agreement, dated as of August 6, 2026, by and among Corre Partners Management, LLC, Corre Opportunities Qualified Master Fund, LP, Corre Horizon Fund, LP, Corre Horizon II Fund, LP and InspectionTech Holdings LP.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Corre Opportunities Qualified Master Fund, LP

Signature:	/s/ Corre Opportunities Qualified Master Fund, LP
Name/Title:	John Barrett/Managing Member
Date:	08/10/2026

Corre Horizon Fund, LP

Signature:	/s/ Corre Horizon Fund, LP
Name/Title:	John Barrett/Managing Member
Date:	08/10/2026

Corre Horizon II Fund, LP

Signature:	/s/ Corre Horizon II Fund, LP
Name/Title:	John Barrett/Managing Member
Date:	08/10/2026

Corre Partners Advisors, LLC

Signature:	/s/ Corre Partners Advisors, LLC
Name/Title:	John Barrett/Managing Member
Date:	08/10/2026

John Barrett

Signature:	/s/ John Barrett
Name/Title:	Managing Member
Date:	08/10/2026