Company: TISI
Filing Date: 2025-10-09
Form Type: S-3
Source: 0001193125-25-235868
Chunk: 24

Company: TEAM INC
Filing Date: 2025-10-09
Form: S-3
Chunk 24
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 upon full exercise of the Warrants (even if such shares are not deemed beneficially owned in accordance with Rule 13d-3 under the Exchange Act due to restrictions on exercise). |

| (2) | The number of shares consists solely of shares issuable upon an exercise in full of the Warrants. While the                                                                                                                                          
 total number of shares of our common stock issuable upon an exercise in full of the Warrants is being registered under the registration statement of which this prospectus forms a part, pursuant to the terms of the Warrants, the selling          
 securityholder is not permitted to exercise such warrant to the extent that such exercise would result in the selling securityholder and its affiliates and any other persons or entities whose beneficial ownership of our common stock would be    
 aggregated with such selling securityholder for purposes of Section 13(d) of the Exchange Act, beneficially owning more than 4.99% of the number of shares of our common stock outstanding immediately after giving effect to the issuance of shares 
 of common stock issuable upon exercise of such warrants. For purposes of the 4.99% beneficial ownership exercise restriction, beneficial ownership is determined in accordance with Section 13(d) of the Exchange Act and the rules and regulation   
 promulgated thereunder.                                                                                                                                                                                                                              |

| (3) | InspectionTech Holdings LP is an affiliate of Stellex Capital Management LLC, of which Raymond Whiteman and                                                                                                                                            
 Michael Stewart are each a managing member with investment and voting control over the shares issuable upon exercise of the Warrants. The business address of InspectionTech Holdings LP is c/o Stellex Capital Management LLC, 900 Third Avenue, 25th 
 Floor, New York, NY 10022.                                                                                                                                                                                                                             |

Material Relationships Between the Selling Securityholders and the Company Securities Purchase Agreement On September 11, 2025, we entered into the Purchase Agreement with the Stellex Holder. Pursuant to the Purchase Agreement, from time to time prior to September 11, 2027, we have the option to draw upon up to $30.0 million as a delayed draw, with 30,000 shares of Series B preferred stock issuable to the Stellex Holder, in minimum draw amounts of $5.0 million, subject to satisfying certain conditions, including pro forma compliance with a First Lien Net Leverage Ratio (as defined in the First Lien Term Loan Credit Agreement) of 6.50 to 1.00. The Stellex Holder is