Team Inc. Waives Investor Board Rights After Sale of Corre Shares

What Happened

• Team, Inc. (TISI) filed an 8-K reporting that on August 6, 2026 Corre Partners Management, LLC (for itself and related Corre holders) irrevocably waived key board rights under the June 16, 2023 Board Rights Agreement. The waiver (the "Corre Board Rights Waiver") removes the Investors' board observation rights and their board nomination rights for the Investor Equity Directors (including the right to designate the board chair), effective August 6, 2026. Rights related to the Lender Director remain in effect.
• In a related disclosure, on August 10, 2026 the company issued a press release saying an entity controlled by Stellex Capital Management LLC acquired all 1,604,326 shares of Team common stock previously held by Corre and its affiliates.

Key Details

• Date of waiver: August 6, 2026.
• Shares sold: 1,604,326 shares previously held by Corre and affiliates (press release dated August 10, 2026).
• Rights waived: Section 2.1 (Board Observation Rights) in full; Section 2.2 (Board Nomination Rights) with respect to Investor Equity Directors, including chair designation.
• Rights retained: Investors’ rights concerning the Lender Director remain unchanged.
• Documents filed: Irrevocable waiver (Exhibit 10.2) and the press release (Exhibit 99.1) were attached to the Form 8-K.

Why It Matters

• This reduces Corre’s formal governance influence over Team’s board (no observation or nomination rights for Investor Equity Directors), which can change board dynamics and who controls board nominations.
• The sale of Corre’s 1.6M shares to a Stellex-controlled entity signals a change in a significant shareholder position; investors should watch for any subsequent governance or strategic moves by Stellex or board composition changes.
• The filing does not report changes to management or financial results; it documents a governance/ownership shift rather than earnings or executive changes.