{"url_path":"/sec/tisi/8-k/2026-08-11/item-1-01","section_key":"item-1-01","section_title":"Item 1.01 Entry into a Material Definitive Agreement.","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-08-11","source_url":"https://www.sec.gov/Archives/edgar/data/318833/0001193125-26-342799-index.html","accession_number":"0001193125-26-342799","cik":"0000318833","ticker":"TISI","issuer_name":"TEAM INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/318833/0001193125-26-342799-index.html","primary_entity_key":"0000318833","primary_entity_name":"TEAM INC"},"word_count":288,"has_tables":true,"body_markdown":"Item 1.01\n\nEntry into a Material Definitive Agreement.\n\nOn 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.\n\nThe 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."}