Company: TISI
Filing Date: 2025-10-09
Form Type: S-3
Source: 0001193125-25-235868
Chunk: 17

Company: TEAM INC
Filing Date: 2025-10-09
Form: S-3
Chunk 17
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, in whole but not in part, on or after December 31, 2030, at the then-applicable Redemption Price. In the event that we fail to consummate such redemption: (i) the applicable return rate will increase by 1.75% per annum and will increase by an additional 1.75% per annum on each anniversary thereafter subject to a maximum return rate of 15% per annum and (ii) we are required to use commercially reasonable efforts to obtain additional capital to consummate such redemption. 8

In the event that we fail to obtain the Shareholder Approval (as defined in the form of
Warrant) following our 2026 Annual Meeting of Shareholders, the applicable return rate will increase by 1% per annum for so long as the Shareholder Approval has not been obtained.

The Series B preferred stock has no maturity date and ranks senior to the outstanding shares of common stock with respect to the payment of
dividends and distributions in liquidation and junior to all of our existing and future liabilities, and has a redemption price (the “Redemption Price”) equal to the greater of (i) for the 42 month period after the issuance of the
Initial Preferred Shares and the Delayed Draw Preferred Shares, respectively (and as applicable), 140% of the Initial Stated Value, less all returns previously paid in cash in respect of each such share of Series B preferred stock, and (ii) the
Stated Value of each share of Series B preferred stock plus all accrued, but uncompounded, returns thereon and accrued and unpaid Undrawn Fees (the “Accreted Value”). Notwithstanding the foregoing, only the Accreted Value will be payable
in connection with a change of control in which Stellex provides (including through roll-over amounts) the majority of the equity capital for such transaction.

Holders of the Series B preferred stock are not entitled to vote on matters with the common stock.

The Series B Certificate of Designation contains certain events of default and affirmative and negative covenants, including covenants that
restrict our ability to (i) issue any equity security or security convertible into or exercisable for any equity security that does not rank junior to the Series B preferred stock with respect to its rights, preferences and privileges or
increase the number of authorized shares of Series B preferred stock, (ii) purchase or redeem or pay any dividend on any of our capital stock ranking junior to the Series B preferred stock, (iii) make changes