Form SCHEDULE 13D/A TEAM INC Filed by: Corre Opportunities Qualified Master Fund, LP
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 |
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 10)*
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Team Inc (Name of Issuer) |
Common Stock, $0.30 par value (Title of Class of Securities) |
(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).
SCHEDULE 13D
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| CUSIP No. |
| 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)
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| 6 | Citizenship or place of organization
CAYMAN ISLANDS
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| Number of Shares Beneficially Owned by Each Reporting Person With: |
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| 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)
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| 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
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| CUSIP No. |
| 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)
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| 6 | Citizenship or place of organization
CAYMAN ISLANDS
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| Number of Shares Beneficially Owned by Each Reporting Person With: |
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| 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)
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| 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
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| CUSIP No. |
| 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)
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| 6 | Citizenship or place of organization
CAYMAN ISLANDS
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| Number of Shares Beneficially Owned by Each Reporting Person With: |
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| 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)
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| 13 | Percent of class represented by amount in Row (11)
2.74 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
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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
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| CUSIP No. |
| 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)
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| 6 | Citizenship or place of organization
DELAWARE
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| Number of Shares Beneficially Owned by Each Reporting Person With: |
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| 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)
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| 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
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| CUSIP No. |
| 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)
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| 6 | Citizenship or place of organization
UNITED STATES
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| Number of Shares Beneficially Owned by Each Reporting Person With: |
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| 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)
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| 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
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| 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.
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ATTACHMENTS / EXHIBITS