Company: TISI
Filing Date: 2025-09-16
Form Type: SCHEDULE 13D/A
Source: 0001213900-25-087861
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Company: TEAM INC
Filing Date: 2025-09-16
Form: SCHEDULE 13D/A
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 delegated investment authority over the assets of such shareholders (Corre, collectively with such shareholders, the "Corre Holders"), entered into a voting and support agreement (the "Support Agreement"), by and among the Issuer, the Corre Holders and the Stellex Holder, pursuant to which the Corre Holders have agreed, among other things, (i) not to transfer, subject to certain exceptions (including an exemption for any transfer or series of transfers involving an aggregate of less than 100,000 shares of common stock, $0.30 par value per share, of the Issuer ("Common Stock")), any of their shares of Common Stock, (ii) to vote their shares of Common Stock in favor of the issuance of 65,491 Tranche A Warrants (the "Additional Tranche A Warrants") and an additional 31,393 Tranche B Warrants (the "Additional Tranche B Warrants" and, together with the Additional Tranche A Warrants, the "Additional Warrants," and the Additional Warrants together with the Initial Warrants, the "Warrants" and any shares of Common Stock issuable upon exercise of the Warrants (the "Warrant Shares")) and any other proposal necessary for consummation of the transactions contemplated by the Purchase Agreement and the Shareholders Agreement and (iii) to vote their shares of Common Stock against any action, proposal, transaction or agreement (A) that would reasonably be expected to impede, interfere with or delay the consummation of any of the transactions contemplated by the Purchase Agreement, the Shareholders Agreement or the Support Agreement and (B) that would result in a breach of any covenant, representation, warranty or any other obligation or agreement of the Issuer or certain of its subsidiaries contained in the Purchase Agreement or the Shareholders Agreement or of the Corre Holders contained in the Support Agreement. The Support Agreement will terminate upon the earlier to occur of (a) immediately after the completion of the first meeting of the Issuer's shareholders after the date of the Support Agreement (whether special or annual) at which approval for the issuance of Warrant Shares and any other proposal necessary for consummation of the transactions contemplated by the Purchase Agreement or the Shareholder Agreement is submitted to the vote of the Issuer's shareholders (provided that, in the event the Issuer has not called a special meeting within 60 days of the date of the Support Agreement for such purpose, the Corre Holders will have the right to require the Issuer