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EXHIBIT 10.1

FIFTH AMENDMENT TO THE
SJW GROUP EXECUTIVE SEVERANCE PLAN
(As Amended and Restated January 1, 2010 and As Further Amended
October 26, 2010, November 15, 2016, July 26, 2017, November 6, 2017, and October 9, 2019)

WHEREAS, SJW Group (the “Company”) maintains the SJW Group Executive Severance Plan (the “Plan”); 
WHEREAS, the Company previously amended the Plan, effective October 9, 2019, to exclude from the definition of “Officer” any individual who (a) is employed by Connecticut Water Service, Inc. or any of its subsidiaries, (b) has an employment agreement with Connecticut Water Service, Inc., or (c) is eligible to participate under the Change in Control Severance Plan established on December 8, 2017 for certain eligible employees of Connecticut Water Service, Inc., Connecticut Water Company, Maine Water Company, and their affiliates; and
WHEREAS, the Company wishes to amend the definition of “Officer” in the Plan to allow the Executive Compensation Committee of the Board of Directors to designate certain individuals who are employed by Connecticut Water Service, Inc., or any of its subsidiaries, as a participant under the Plan. 
NOW, THEREFORE, the Plan is hereby amended as follows, effective as of the date set forth below:
1.The second sentence of Section 1(j) of the Plan is hereby amended in its entirety to read as follows: 
Notwithstanding the foregoing, “Officer” shall not include an individual who (a) is employed by Connecticut Water Service, Inc. or any of its subsidiaries, unless such individual has been expressly designated by the Executive Compensation Committee of the Board of Directors as a participant in the Plan, (b) has an employment agreement with Connecticut Water Service, Inc. or any of its subsidiaries, or (c) is eligible to participate under the Change in Control Severance Plan established on December 8, 2017 for certain eligible employees of Connecticut Water Service, Inc., Connecticut Water Company, Maine Water Company, and their affiliates.  
2.Except as expressly modified by this Fifth Amendment, all the terms and provisions of the Plan shall continue to remain in full force and effect. 
IN WITNESS WHEREOF, the Company has caused this Amendment to be executed on this 18th day of December, 2020.
SJW GROUP
By:  /s/ Eric W. Thornburg
Eric W. Thornburg, President, 
Chief Executive Officer and 
Chairman of the Board of Directors
Page 1 of 1
DB2/ 40035844.2Exhibit 4.1

 

THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY BE TRANSFERRED,
SOLD OR OTHERWISE DISPOSED OF ONLY IF SUCH SECURITIES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY
APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH STATE SECURITIES LAWS.

 

BY HOLDING OR ACQUIRING THIS SECURITY,
EACH WARRANTHOLDER SHALL BE DEEMED TO COVENANT TO THE COMPANY AS SET FORTH IN SECTION 14(K) HEREOF.

 

WARRANT No. 1

 

to purchase

 

Shares of Common Stock

 

Team, Inc.

 

a Delaware Corporation

 

Issue Date: December 18, 2020

 

THIS COMMON STOCK PURCHASE WARRANT (this
 “Warrant”) certifies that, for value received, APSC Holdco II, L.P. or its permitted assigns (the “Warrantholder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time and
from time to time on or after the date hereof (the “Issue Date”) and on or prior to 5:00 p.m., New York City
time, on June 14, 2028 (the “Expiration Time”), to subscribe for and purchase from Team, Inc., a Delaware
corporation (the “Company”), 3,582,949 duly authorized, validly issued, fully paid and nonassessable shares
of Common Stock (as subject to adjustment hereunder, the “Shares” and each a “Share”). The
purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price (as defined below). The Exercise
Price and the number of Shares to be purchased upon exercise of this Warrant are subject to adjustment as hereinafter provided.

 

	1.	Definitions. Unless the context otherwise requires, when used herein the following terms
shall have the meanings indicated.

 

“Affiliate”
means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with,
that Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,”
 “controlled by” and “under common control with”), as applied to any Person, means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of that Person, whether through the
ability to exercise voting power, by contract or otherwise.

 

     

     

    

 

“Board of
Directors” means the board of directors of the Company, including any duly authorized committee thereof provided that
each member of such duly authorized committee is an independent director.

 

“business
day” means any day except Saturday, Sunday and any day on which banking institutions in the State of New York generally
are authorized or required by law or other governmental actions to close.

 

“Capital Stock”
means (A) with respect to any Person that is a corporation or company, any and all shares, interests, participations or other
equivalents (however designated) of capital or capital stock of such Person and (B) with respect to any Person that is not
a corporation or company, any and all partnership or other equity interests of such Person.

 

“Cashless
Exercise” shall have the meaning set forth in Section 3.

 

“Change of
Control” means, at any time, the occurrence of any of the following events or circumstances: (i) any “person”
or “group” (within the meaning of Section 13(d) of the Exchange Act) shall become the “beneficial owner”
(within the meaning of Section 13(d) of the Exchange Act), directly or indirectly, of Capital Stock of the Company representing
50% or more of the total voting power represented by the Company’s then outstanding Capital Stock, (ii) the consummation
of a merger or consolidation of the Company with or into any other Person, other than a merger or consolidation which would result
in the voting securities of the Company outstanding immediately prior thereto continuing to represent at least 50% of the total
voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately
after such merger or consolidation, or (iii) any direct or indirect sale, transfer or other disposition, in one transaction
or a series of related transactions, of all or substantially all of the assets of the Company and its subsidiaries, taken as a
whole.

 

“Common Stock”
means the Company’s common stock, $0.30 par value per share.

 

“Company”
has the meaning set forth in the Preamble.

 

“Daily VWAP”
means the per share volume-weighted average price of the Common Stock as displayed under the heading “Bloomberg VWAP”
on Bloomberg page “TISI <equity> AQR” (or its equivalent successor if such page is not available) in
respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on
the relevant trading day (or if such volume-weighted average price is unavailable, the market value of one share of the Common
Stock on such trading day determined, using a volume-weighted average method by a nationally recognized independent investment
banking firm retained for this purpose by the Company), determined without regard to after-hours trading or any other trading outside
of the regular trading session trading hours.

 

     

     

    

 

“Disqualified
Institutions” means (i) the Persons identified in writing on that certain list delivered by the Company to the Warrantholder
on or prior to the date hereof (as such list may be updated from time to time in accordance with this paragraph as described below,
the “DQ List”), (ii) any Affiliate of any Person described in clause (i) above that is reasonably
identifiable as an Affiliate of such Person solely on the basis of such Affiliate’s name, and (iii) any other Affiliate
of any Person described in clause (i) above that is identified from time to time in a written notice to the Warrantholder
as described below; provided that (x) following the date hereof, the DQ List may be updated by the Company from time to time
to the same extent the similar DQ List is updated in the Registration Rights Agreement, (y) no such update shall apply retroactively
to disqualify any Person that has previously acquired a Warrant (but such Person and any of its Affiliates that are Disqualified
Institutions shall be prohibited from acquiring any additional Warrants except to the extent otherwise expressly agreed to in writing
by the Company), and (z) any designation of a Person as a Disqualified Institution after the date hereof that is permitted
pursuant to this definition shall become effective no later than the second Business Day after written notice thereof by the Company
to the Warrantholder in accordance with Section 19.

 

“Excluded
Issuances” shall mean (i) any issuance of shares of Common Stock or any options or convertible securities issued
in connection with a merger or other business combination or an acquisition of the securities or assets of another Person, business
unit, division or business, other than in connection with the broadly marketed offering and sale of equity or convertible securities
for third-party financing of such transaction (ii) any issuance of shares of any equity securities (including upon exercise
of options) to directors, officers, employees, consultants or other agents of the Company or any of its subsidiaries as approved
by the Board of Directors or its designee(s) other than for bona fide capital raising purposes, (iii) any issuance of
shares of any equity securities pursuant to an employee stock option plan, management incentive plan, restricted stock plan, stock
purchase plan or stock, ownership plan or similar benefit plan, similar program or similar agreement as approved by the Board of
Directors, (iv) any issuance of shares of equity securities in connection with a bona fide third-party strategic partnership
or commercial arrangement with a Person that is not an Affiliate of the Company or any of its subsidiaries (other than (x) any
such strategic partnership or commercial arrangement with a private equity firm or similar financial institution or (y) an
issuance the primary purpose of which is a bona fide capital raise), (v) any issuance of shares of any equity securities pursuant
to any option, warrant, right or exercisable, exchangeable or convertible security not described in clauses (ii) or (iii) of
this sentence and outstanding as of the Issue Date (including any such issuance of shares of any equity securities pursuant to
this Warrant), (vi) any issuance of shares of any equity securities or convertible securities to a third party financial institution
as an “equity kicker” in connection with a bona fide borrowing by the Company that is primarily a debt financing transaction,
(vii) any issues of securities in a transaction described in Section 14(A), 14(B) or 14(C) and (viii) the
issuance of shares of equity securities to a governmental authority or designee thereof (in each case, excluding a sovereign wealth
fund who regularly makes financial investments) in connection with a financing transaction pursuant to a program developed to address
COVID-19 (including the impacts thereof), subject to an aggregate limit not to exceed the Excluded Issuance Cap. The “Excluded
Issuance Cap” means a total number of shares not to exceed 7.5% of the Company’s fully diluted shares as of the
Issue Date.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations
promulgated thereunder.

 

“Exercise
Price” means $7.75 (as such price may be adjusted from time to time pursuant to Section 14 hereof).

 

     

     

    

 

“Expiration
Time” has the meaning set forth in the Preamble.

 

“Fair Market
Value” means, with respect to any security or other property, the fair market value of such security or other property
determined as follows:

 

	(a)	if the security is listed on a U.S. national securities
exchange, the Daily VWAP of the security measured over the five (5) trading day period ending on and including the specified
date (or, if the specified date is not a trading day, the five (5) trading day period ending on the trading day immediately
preceding the specified date);
	 	 
	(b)	if the security is not then listed on a U.S. national
securities exchange, the Daily VWAP of the security measured over the five (5) trading day period ending on and including
the specified date (or, if the specified date is not a trading day, the five (5) trading day period ending on the trading
day immediately preceding the specified date), as reported on the principal over-the-counter quotation system on which such security
trades; or
	 	 
	(c)	in all other cases, as reasonably determined by a majority
of the Board of Directors, acting in good faith.

 

“Governmental
Authority” means all United States and other governmental or regulatory authorities.

 

“Issue Date”
has the meaning set forth in the Preamble.

 

“Market Price”
means, with respect to a particular security, on any given day, the last reported sale price, regular way, or, in case no such
reported sale takes place on such day, the average of the closing bid and asked prices, regular way, in either case on the principal
national securities exchange on which the applicable securities are listed or admitted to trading, or if not listed or admitted
to trading on any national securities exchange, the last quoted bid price in the over-the-counter market as reported by OTC Markets
Group or similar organization. “Market Price” shall be determined without reference to after hours or extended hours
trading. If such security is not listed and traded in a manner that the quotations referred to above are available for the period
required hereunder, the Market Price per share of Common Stock shall be deemed to be the fair market value per share of such security
as determined in good faith by the independent members of the Board of Directors in reliance upon an opinion of a nationally recognized
independent investment banking firm retained by the Company for this purpose and reasonably acceptable to the Warrantholder (or
if there is more than one Warrantholder, a majority in interest of Warrantholders excluding any Warrantholder that is an Affiliate
of the Company). For the purposes of determining the Market Price of the Common Stock on the “trading day” preceding,
on or following the occurrence of an event, (i) that trading day shall be deemed to commence immediately after the regular
scheduled closing time of trading on the New York Stock Exchange or, if trading is closed at an earlier time, such earlier time
and (ii) that trading day shall end at the next regular scheduled closing time, or if trading is closed at an earlier time,
such earlier time (for the avoidance of doubt, and as an example, if the Market Price is to be determined as of the last trading
day preceding a specified event and the closing time of trading on a particular day is 4:00 p.m. and the specified event occurs
at 5:00 p.m. on that day, the Market Price would be determined by reference to such 4:00 p.m. closing price).

 

     

     

    

 

“Maximum Share
Amount” has the meaning set forth in Section 15.

 

“Maximum Voting
Amount” has the meaning set forth in Section 15.

 

“Person”
means any natural person, corporation, limited partnership, general partnership, limited liability company, limited liability partnership,
joint stock company, joint venture, association, company, trust, bank, trust company, land trust, business trust, statutory trust,
series trust, other organization, whether or not a legal entity, Governmental Authority or other entity.

 

“Per Share
Fair Market Value” has the meaning set forth in Section 14(B).

 

“Registration
Rights Agreement” means the Registration Rights and Lock-Up Agreement, dated as of December 18, 2020, between the
Company and APSC Holdco II, L.P.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated
thereunder.

 

“Share”
or “Shares” has the meaning set forth in the Preamble.

 

“Stockholder
Approval” has the meaning set forth in Section 15.

 

“trading day”
means (A) if the shares of Common Stock are traded on any national or regional securities exchange or association or over-the-counter
market, a business day on which such relevant exchange or quotation system is scheduled to be open for business and on which the
shares of Common Stock (i) are not suspended from trading on any national or regional securities exchange or association or
over-the-counter market for any period or periods aggregating one half hour or longer; and (ii) have traded at least once
on the national or regional securities exchange or association or over-the-counter market that is the primary market for the trading
of the shares of Common Stock or (B) if the shares of Common Stock are not traded on any national or regional securities exchange
or association or over-the-counter market, a business day.

 

“Transfer
Agent” has the meaning set forth in Section 4(A)(i).

 

“Warrantholder”
has the meaning set forth in the Preamble.

 

“Warrant”
has the meaning set forth in the Preamble.

 

“Warrant Share
Delivery Date” has the meaning set forth in Section 4(A)(i).

 

	2.	Number of Shares; Exercise Price. The Warrantholder is entitled, upon the terms and subject
to the conditions hereinafter set forth, to acquire from the Company, in whole or in part, 3,582,949 fully paid and nonassessable
Shares, at a purchase price per Share equal to the Exercise Price. The number of Shares and the Exercise Price are subject to adjustment
as provided herein, and all references to “Common Stock,” “Shares” and “Exercise Price” herein
shall be deemed to include any such adjustment or series of adjustments.

 

     

     

    

 

	3.	Exercise of Warrant; Term. The right to purchase the Shares represented by this Warrant
is exercisable, in whole or in part by the Warrantholder, at any time or from time to time after the Issue Date but in no event
later than the Expiration Time, by (A) the delivery of the Notice of Exercise attached hereto as Exhibit A (including
by specifying the manner in which the Exercise Price is to be paid), duly completed and executed on behalf of the Warrantholder,
by hand delivery, e-mail or facsimile, at the principal executive office of the Company located at 13131 Dairy Ashford Road, Suite 600,
Sugar Land, Texas 77478, e-mail: Susan.Ball@TeamInc.com (or such other office or agency of the Company in the United States as
the Company may designate by notice in writing to the Warrantholder at the address of the Warrantholder appearing on the books
of the Company), and (B) payment of the Exercise Price for the Shares thereby purchased at the election of the Warrantholder
(i) by tendering in cash, either by certified or cashier’s check payable to the order of the Company or by wire transfer
of immediately available funds to an account designated by the Company, at the election of the Warrantholder, (ii) by means
of a Cashless Exercise as set forth in the paragraph below, or (iii) by a combination of the foregoing.

 

The
Warrantholder may, in its sole discretion and in lieu of payment of the Exercise Price, elect to exercise all or any part of this
Warrant in a “cashless” or “net-issue” exercise (a “Cashless Exercise”) by delivering
to the Company a Notice of Exercise selecting a Cashless Exercise, as a result of which the Warrantholder shall be entitled to
receive a number of shares of Common Stock calculated using the following formula:

 

X = Y * (A - B)

A

 

where: X = the number
of shares of Common Stock to be issued to the Warrantholder

 

Y
= the number of shares of Common Stock with respect to which the Warrant is being exercised

 

A
= the Market Price of the Common Stock on the last trading day preceding the date of exercise of this Warrant

 

B
= the then-current Exercise Price of the Warrant

 

     

     

    

 

Notwithstanding anything in this
Warrant to the contrary, the Warrantholder shall not be required to physically surrender this Warrant to the Company in order to
exercise all or a portion of this Warrant; provided, however, that if the Warrantholder does not exercise this Warrant in its entirety,
the Warrantholder shall promptly following such partial exercise surrender this Warrant to the Company and shall be entitled to
receive from the Company within a reasonable time, and in any event not exceeding three business days, a new warrant in substantially
identical form for the purchase of that number of Shares equal to the difference between the number of Shares subject to this Warrant
and the number of Shares as to which this Warrant was so exercised. When the Warrantholder has purchased all of the Shares available
hereunder and this Warrant has been exercised in full, the Warrantholder shall surrender this Warrant to the Company for cancellation
within three business days after the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant
resulting in purchases of a portion of the total number of Shares available hereunder shall have the effect of lowering the outstanding
number of Shares purchasable hereunder in an amount equal to the applicable number of Shares purchased. The Warrantholder and the
Company shall maintain records showing the number of Shares purchased and the date of such purchases. The Company shall inform
the Warrantholder if a Notice of Exercise has not been duly completed within one business day of receipt of such notice, but shall
not refuse or object to the issuance of the Shares upon receipt of, and pursuant to, a duly completed Notice of Exercise. The
Warrantholder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this
paragraph, following the purchase of a portion of the Shares hereunder, the number of Shares available for purchase hereunder at
any given time may be less than the amount stated on the face hereof.

 

Notwithstanding anything in this
Warrant to the contrary, the Warrantholder hereby acknowledges and agrees that its exercise of this Warrant for Shares is subject
to the condition that the Warrantholder will have first received, to the extent applicable and required to permit the Warrantholder
to exercise this Warrant for shares of Common Stock and to own such Common Stock, the receipt of any necessary approvals and authorizations
of, filings and registrations with, notifications to, or expiration or termination of any applicable waiting period under, the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations thereunder.

 

	4.	Mechanics of Exercise; Issuance of Shares; Representations, Warranties and Covenants of the
Company; Listing.

 

	(A)	Mechanics of Exercise.

 

	(i)	Delivery of Certificates and/or Book-Entry Shares Upon Exercise. Certificates for shares
purchased hereunder shall be transmitted by the Company’s transfer agent (the “Transfer Agent”) to the
Warrantholder by, at the Warrantholder’s request (A) crediting the account of the Warrantholder’s prime broker
with The Depository Trust Company through its Deposit or Withdrawal at Custodian system if the Company is then a participant in
such system, (B) physical delivery to the address specified by the Warrantholder in the Notice of Exercise or (C) by
entry on the books of the Company (or the Company’s transfer agent, if any), in each case by the date that is two trading
days after the later of (1) payment of the Exercise Price as set forth above or (2) the date of a Cashless Exercise,
if applicable (such later date, the “Warrant Share Delivery Date”). The applicable Shares shall be deemed to
have been issued, and the Warrantholder or any other Person so designated to be named therein shall be deemed to have become a
holder of record of such shares for all purposes, as of the applicable exercise date or the date that is two trading days following
the date of a Cashless Exercise, as applicable. Notwithstanding the foregoing, the Company shall not be required to deliver shares
through the system of The Depositary Trust Company if it determines that pursuant to Section 9 a legend is required to be
included on the Shares being delivered.

 

     

     

    

 

	(ii)	Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Warrantholder
a certificate or the certificates representing the Shares pursuant to Section 4(A)(i) by the Warrant Share Delivery Date
(other than as a result of any action or inaction of the Warrantholder’s prime broker), then the Warrantholder shall have
the right to rescind such exercise. Any rescission by the Warrantholder pursuant to this Section 4(A)(ii) shall not affect
any other remedies available to the Warrantholder under applicable law or equity as a result of the Company’s failure to
timely deliver the Shares.
	 	 
	(iii)	Closing of Books. The Company shall not close its stockholder books or records in any manner
which prevents the timely exercise of this Warrant pursuant to the terms hereof.

 

	(B)	Conditional Exercise. Notwithstanding any other provision hereof, if an exercise of any
portion of this Warrant is to be made in connection with an underwritten public offering or a sale of the Company (pursuant to
a merger, sale of stock, or otherwise), such exercise may, at the election of the Warrantholder (set forth in the applicable Notice
of Exercise), be conditioned upon the consummation of such transaction, in which case such exercise shall not be deemed to be effective
until immediately prior to the consummation of such transaction.
	 	 
	(C)	Exercise Prior to Expiration. To the extent this Warrant is not previously exercised as
to all Shares subject hereto, and if the Market Price of the Common Stock is greater than the Exercise Price then in effect, this
Warrant shall be deemed automatically exercised pursuant to Section 4(A) (even if not surrendered) immediately prior
to the Expiration Time. To the extent this Warrant or any portion thereof is deemed automatically exercised pursuant to this Section 4(C),
the Company agrees to promptly notify the Warrantholder of the number of Shares, if any, the Warrantholder is to receive by reason
of such automatic exercise.
	 	 
	(D)	Representations, Warranties and Covenants of the Company. The Company hereby represents,
covenants and agrees, as applicable:

 

	(i)	The Company (A) is a corporation duly organized, validly existing and in good standing under
the laws of the State of Delaware, (B) has all requisite power and authority to own and operate its properties, to carry on
its business as now conducted and as currently proposed to be conducted, to issue and enter into this Warrant and to carry out
the transactions contemplated thereby, and (C) except where the failure to do so, individually or in the aggregate, has not
had, and could not be reasonably expected to have, a material adverse effect on the business, assets, financial condition or operations
of the Company, is qualified to do business and, where applicable is in good standing, in every jurisdiction where such qualification
is required.

 

     

     

    

 

	(ii)	This Warrant is, and any Warrant issued in substitution for or replacement of this Warrant shall
be, upon issuance, duly authorized and validly issued. This Warrant constitutes, and any Warrant issued in substitution for or
replacement of this Warrant shall be, upon issuance, a legal, valid and binding obligation of the Company, enforceable against
the Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or other
similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity.
	 	 
	(iii)	The execution, delivery and performance by the Company of this Warrant and any Warrant issued in
substitution for or replacement of this Warrant does not and will not (A) violate any material provision of applicable law
or the organizational documents of the Company, (B) conflict with, result in a breach of, or constitute (with the giving of
any notice, the passage of time, or both) a default under any material agreement of the Company or (C) result in or require
the creation or imposition of any lien upon any assets of the Company.
	 	 
	(iv)	The Company covenants that, during the period this Warrant is outstanding, it will reserve from
its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Shares upon the exercise
of any purchase rights represented by this Warrant. The Company further covenants that its issuance of this Warrant shall constitute
full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary
certificates for the Shares upon the exercise of the purchase rights under this Warrant. The Company shall take all such action
as may be necessary or appropriate to assure that such Shares may be issued as provided herein without violation of any applicable
law or regulation or any preemptive or similar rights of any equity holder of the Company. The Company shall (A) procure,
at its sole expense, the listing of the Shares issuable upon exercise of this Warrant, subject to issuance or notice of issuance,
on all principal stock exchanges on which the Common Stock is then listed or traded and (B) maintain such listings of such
Shares at all times after issuance.
	 	 
	(v)	The Company covenants that all Shares which may be issued upon the exercise of the purchase rights
represented by this Warrant shall, upon exercise of the purchase rights represented by this Warrant and payment for such Shares
in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges
(other than liens or charges created by the Warrantholder, except as otherwise provided herein, income and franchise taxes incurred
in connection with the exercise of the Warrant or taxes in respect of any transfer occurring contemporaneously therewith).

 

     

     

    

 

	(vi)	Except and to the extent as waived or consented to by the Warrantholder, the Company shall not
by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer
of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms of this Warrant, but shall at all times in good faith assist in the carrying
out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of the Warrantholder
as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company shall (A) not
increase the par value of any Shares above the amount payable therefor upon such exercise immediately prior to such increase in
par value, (B) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue
fully paid and nonassessable Shares upon the exercise of this Warrant, (C) use its reasonable best efforts to obtain all such
authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable
the Company to perform its obligations under this Warrant, and (D) use reasonable best efforts to ensure that the Shares may
be issued without violation of any applicable law or regulation or of any requirement of any securities exchange on which the Shares
are listed or traded. Notwithstanding the foregoing, nothing in this paragraph shall prevent the Company from repurchasing or otherwise
buying back shares of its Common Stock.
	 	 
	(vii)	Before taking any action which would result in an adjustment in the number of Shares for which
this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or
consents thereto, as may be necessary in order that the Company may validly and legally issue fully paid and non-assessable shares
of Common Stock at the Exercise Price as so adjusted.
	 	 
	(viii)	The number of shares of Common Stock outstanding on a fully diluted basis (including all options,
warrants and securities convertible into or exchangeable for shares of Common Stock other than the Company’s outstanding
convertible notes due 2023 (the “Convertible Notes”) as of the Issue Date is 32,608,454.
	 	 
	(ix)	Neither the Company nor any of its subsidiaries is (or expect to become in the foreseeable future)
a United States real property holding corporation (“USRPHC”) within the meaning of Section 897(c)(2) of the
Internal Revenue Code of 1986, as amended (the “Code”).

 

     

     

    

 

Notwithstanding
the foregoing, the representations in Section 4(D)(viii) and (ix) shall be made only as of the Issue Date.

 

	5.	No Fractional Shares. No fractional shares shall be issued upon the exercise of this Warrant.
As to any fraction of a Share that the Warrantholder would otherwise be entitled to purchase upon such exercise, the Company shall,
at the Company’s election, either (A) pay to such Warrantholder an amount in cash (by delivery of a certified or official
bank check or by wire transfer of immediately available funds) equal to the product of (1) such fraction multiplied by (2) the
Market Price of one Share on the exercise date or the date of Cashless Exercise, as applicable, or (B) round up to the next
whole share.
	 	 
	6.	No Rights as Stockholders; Transfer Books. This Warrant does not entitle the Warrantholder
to any voting rights or other rights as a stockholder of the Company prior to the date of exercise hereof. The Company will at
no time close its transfer books against transfer of this Warrant in any manner which interferes with the timely exercise of this
Warrant.
	 	 
	7.	Charges, Taxes and Expenses. Issuance of certificates for Shares to the Warrantholder upon
the exercise of this Warrant shall be made without charge to the Warrantholder for any issue or transfer tax or other incidental
expense in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company.
	 	 
	8.	Representations and Warranties of the Warrantholder. The Warrantholder acknowledges that
the Warrant and the Shares issuable upon exercise have not been registered under the Securities Act or under any state securities
laws. The Warrantholder expressly warrants that it (i) is acquiring the Warrant (and any Shares issuable upon exercise) pursuant
to an exemption from registration under the Securities Act solely for investment with no present intention to distribute the Warrant
(or any Shares issuable upon exercise) to any person in violation of the Securities Act or any applicable U.S. state securities
laws, (ii) will not sell or otherwise dispose of any of the Warrant (or any Shares issuable upon exercise), except in compliance
with the registration requirements or exemption provisions of the Securities Act and any applicable U.S. state securities laws,
(iii) has such knowledge and experience in financial and business matters and in investments of this type that it is capable
of evaluating the merits and risks and of making an informed investment decision, and has conducted a review of the business and
affairs of the Company that it considers sufficient and reasonable, (iv) has had an opportunity to ask questions and receive
answers from the Company regarding the terms and conditions of the offering of the Warrant and the business, properties, prospects
and financial condition of the Company, (v) is able to bear the economic risk and at the present time is able to afford a
complete loss of such investment and (vi) is an “accredited investor” (as that term is defined by Rule 501
under the Securities Act).

 

     

     

    

 

	9.	Transfer/Assignment.

 

	(A)	Subject to compliance with clauses (B) and (C) of this Section 9, this Warrant and
all rights hereunder are transferable, in whole or in part, upon the books of the Company by the registered holder hereof in person
or by a duly authorized attorney, and a new warrant shall be made and delivered by the Company, of the same tenor and date as this
Warrant but registered in the name of one or more transferees, upon surrender of this Warrant, duly endorsed, to the office or
agency of the Company described in Section 3. Notwithstanding the foregoing, no transfers of this Warrant in one or more privately
negotiated transactions shall be permitted to any Disqualified Institutions without consent of the Company, in its sole discretion.
All expenses (other than stock transfer taxes, if any) and other charges payable in connection with the preparation, execution
and delivery of the new warrants pursuant to this Section 9 shall be paid by the Company.
	 	 
	(B)	This Warrant shall not be transferrable other than in accordance with the provisions of Article V
of the Registration Rights Agreement. Each permitted transferee of a Warrant shall agree in writing, in form and substance reasonably
satisfactory to the Company, to be bound by the provisions of the provisions of Article V of the Registration Rights Agreement.
	 	 
	(C)	If and for so long as the Warrant has not been registered under the Securities Act, this Warrant
Certificate shall contain a legend as set forth in the first paragraph of the legend set forth on the first page of this Warrant.
A similar legend will be included on any Shares issuable upon exercise of the Warrant under similar circumstances.

 

	10.	Exchange and Registry of Warrant. This Warrant is exchangeable, upon the surrender hereof
by the Warrantholder to the Company, for a new warrant or warrants of like tenor and representing the right to purchase the same
aggregate number of Shares. The Company shall maintain a registry showing the name and address of the Warrantholder as the registered
holder of this Warrant. This Warrant may be surrendered for exchange or exercise, in accordance with its terms, at the office of
the Company, and the Company shall be entitled to rely in all respects, prior to written notice to the contrary, upon such registry.
	 	 
	11.	Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and in the case of any such loss,
theft or destruction, upon receipt of a bond, indemnity or security reasonably satisfactory to the Company, or, in the case of
any such mutilation, upon surrender and cancellation of this Warrant, the Company shall make and deliver, in lieu of such lost,
stolen, destroyed or mutilated Warrant, a new Warrant of like tenor and representing the right to purchase the same aggregate number
of Shares as provided for in such lost, stolen, destroyed or mutilated Warrant.
	 	 
	12.	Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any
action or the expiration of any right required or granted herein shall not be a business day, then such action may be taken or
such right may be exercised on the next succeeding day that is a business day.

 

     

     

    

 

	13.	Rule 144 Information. The Company covenants that it shall use its reasonable best efforts
to timely file all reports and other documents required to be filed by it under the Securities Act and the Exchange Act and the
rules and regulations promulgated by the SEC thereunder (or, if the Company is not required to file such reports, it will,
upon the request of any Warrantholder, make publicly available such information as necessary to permit sales pursuant to Rule 144
or Regulation S under the Securities Act), and it shall use reasonable best efforts to take such further action as any Warrantholder
may reasonably request, in each case to the extent required from time to time to enable such holder to, if permitted by the terms
of this Warrant, sell this Warrant without registration under the Securities Act within the limitation of the exemptions provided
by (A) Rule 144 or Regulation S under the Securities Act, as such rules may be amended from time to time, or (B) any
successor rule or regulation hereafter adopted by the SEC. Upon the written request of any Warrantholder, the Company will
deliver to such Warrantholder a written statement that it has complied with such requirements.
	 	 
	14.	Adjustments and Other Rights. Subject in each case to Section 14(K), the Exercise Price
and the number of Shares issuable upon exercise of this Warrant shall be subject to adjustment from time to time as follows; provided,
that if more than one subsection of this Section 14 is applicable to a single event, the subsection shall be applied that
produces the largest adjustment and no single event shall cause an adjustment under more than one subsection of this Section 14
so as to result in duplication:

 

	(A)	Stock Splits, Subdivisions, Reclassifications or Combinations. If the Company shall (i) declare
and pay a dividend or otherwise make a distribution on its Common Stock payable in shares of Common Stock (which, for avoidance
of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivide
(by any stock split, recapitalization or otherwise) the outstanding shares of Common Stock into a greater number of shares, or
(iii) combine (including by way of reverse stock split) or reclassify the outstanding shares of Common Stock into a smaller
number of shares, the number of Shares issuable upon exercise of this Warrant at the time of the record date for such dividend
or distribution or the effective date of such subdivision, combination or reclassification shall be proportionately adjusted so
that the Warrantholder after such date shall be entitled to purchase the number of shares of Common Stock which such holder would
have owned or been entitled to receive in respect of the shares of Common Stock subject to this Warrant after such date had this
Warrant been exercised immediately prior to such date. In such event, the Exercise Price in effect at the time of the record date
for such dividend or distribution or the effective date of such subdivision, combination or reclassification shall be adjusted
to the number obtained by dividing (x) the product of (1) the number of Shares issuable upon the exercise of this Warrant
before such adjustment and (2) the Exercise Price in effect immediately prior to the record or effective date, as the case
may be, for such dividend, distribution, subdivision, combination or reclassification giving rise to this adjustment by (y) the
new number of Shares issuable upon exercise of the Warrant determined pursuant to the immediately preceding sentence. Any adjustment
made pursuant to this Section 14(A) shall, in the case of a dividend or distribution, become effective immediately after
the record date for the determination of stockholders entitled to receive such dividend or distribution, and, in the case of a
subdivision, combination or re-classification, become effective immediately after the effective date of such subdivision, combination
or re-classification. In the event that any such dividend or distribution is not so made, the Exercise Price and the number of
Shares issuable upon exercise of this Warrant then in effect shall be readjusted, effective as of the date when the Board of Directors
determines not to make such dividend or distribution, to the Exercise Price that would then be in effect and the number of Shares
that would then be issuable upon exercise of this Warrant if such record date had not been fixed.

 

     

     

    

 

	(B)	Other Distributions. In case the Company shall fix a record date for the making of a distribution
to any or all holders of shares of its Common Stock of securities, evidences of indebtedness, assets, cash, rights, warrants or
other property (excluding dividends or distributions referred to in Section 14(A)), in each such case, the Exercise Price
in effect prior to such record date shall be reduced immediately thereafter to the price determined by multiplying the Exercise
Price in effect immediately prior to the reduction by the quotient of (x) the Market Price of the Common Stock on the last
trading day preceding the first date on which the Common Stock trades regular way on the principal national securities exchange
on which the Common Stock is listed or admitted to trading without the right to receive such distribution, minus the amount of
cash and/or the Fair Market Value of the securities, evidences of indebtedness, assets, rights, warrants or other property to be
so distributed in respect of one share of Common Stock (such amount and/or Fair Market Value, the “Per Share Fair Market
Value”) divided by (y) such Market Price on such date specified in clause (x); such adjustment shall be made successively
whenever such a record date is fixed. In such event, the number of Shares issuable upon the exercise of this Warrant shall be increased
to the number obtained by dividing (x) the product of (1) the number of Shares issuable upon the exercise of this Warrant
before such adjustment, and (2) the Exercise Price in effect immediately prior to the distribution giving rise to this adjustment
by (y) the new Exercise Price determined in accordance with the immediately preceding sentence. In the event that such distribution
is not so made, the Exercise Price and the number of Shares issuable upon exercise of this Warrant then in effect shall be readjusted,
effective as of the date when the Board of Directors determines not to distribute such shares, evidences of indebtedness, assets,
rights, cash, warrants or other property, as the case may be, to the Exercise Price that would then be in effect and the number
of Shares that would then be issuable upon exercise of this Warrant if such record date had not been fixed.

 

     

     

    

 

	(C)	Adjustments Upon Reorganization, Reclassification, Consolidation or Merger. In the event
of any (i) capital reorganization of the Company, (ii) reclassification of the stock of the Company (other than a reclassification
of Common Stock referred to in Section 14(A)), (iii) consolidation or merger of the Company with or into another Person,
(iv) sale of all or substantially all of the Company’s assets to another Person or (v) other similar transaction
(other than any such transaction covered by Section 14(A)) in each case which entitles the holders of Common Stock to receive
(either directly or upon subsequent liquidation) stock, securities or property with respect to or in exchange for Common Stock,
each Warrant shall, immediately after such reorganization, reclassification, consolidation, merger, sale or similar transaction,
remain outstanding and shall thereafter, in lieu of or in addition to (as the case may be) the number of Shares then exercisable
under this Warrant, be exercisable for the kind and number of shares of stock or other securities or property of the Company or
of the successor Person resulting from such transaction to which the Warrantholder would have been entitled upon such reorganization,
reclassification, consolidation, merger, sale or similar transaction if the Warrantholder had exercised this Warrant in full immediately
prior to the time of such reorganization, reclassification, consolidation, merger, sale or similar transaction and acquired the
applicable number of Shares then issuable hereunder as a result of such exercise (without taking into account any limitations or
restrictions on the exercisability of this Warrant); and, in such case, appropriate adjustment shall be made with respect to the
Warrantholder’s rights under this Warrant to insure that the provisions of this Section 14 shall thereafter be applicable,
as nearly as possible, to this Warrant in relation to any shares of stock, securities or property thereafter acquirable upon exercise
of this Warrant. In determining the kind and amount of stock, securities or property receivable upon exercise of this Warrant following
the consummation of such transaction, if the holders of Common Stock have the right to elect the kind or amount of consideration
receivable upon consummation of such transaction, then the Warrantholder shall have the right to make a similar election (including,
without limitation, being subject to similar proration constraints) upon exercise of this Warrant with respect to the number of
shares of stock or other securities or property which the Warrantholder will receive upon exercise of this Warrant. The provisions
of this Section 14(C) shall similarly apply to successive reorganizations, reclassifications, consolidations, mergers,
sales or similar transactions.
	 	 
	(D)	Anti-Dilution Adjustments. If the Company issues or sells any shares of Common Stock (including,
for the avoidance of doubt, any shares of Common Stock issuable upon the conversion, exchange or other extinguishment of the Convertible
Notes) (other than Excluded Issuances) for a consideration per share (the “New Issuance Price”) less than a
price equal to the Exercise Price in effect immediately prior to such issuance or sale (the foregoing a “Dilutive Issuance”),
then immediately after such Dilutive Issuance, the Exercise Price then in effect shall be reduced to an amount equal to the New
Issuance Price.
	 	 
	(E)	Rounding of Calculations; Minimum Adjustments. All calculations under this Section 14
shall be made to the nearest one-tenth (1/10th) of a cent or to the nearest one-hundredth (1/100th) of a share, as the case may
be. Any provision of this Section 14 to the contrary notwithstanding, no adjustment in the Exercise Price or the number of
Shares into which this Warrant is exercisable shall be made if the amount of such adjustment would be less than $0.01 or one-tenth
(1/10th) of a share of Common Stock, but any such amount shall be carried forward and an adjustment with respect thereto shall
be made at the time of and together with any subsequent adjustment which, together with such amount and any other amount or amounts
so carried forward, shall aggregate $0.01 or 1/10th of a share of Common Stock, or more.

 

     

     

    

 

	(F)	Timing of Issuance of Additional Common Stock Upon Certain Adjustments. In any case in which
the provisions of this Section 14 shall require that an adjustment shall become effective immediately after a record date
for an event, the Company may defer until the occurrence of such event (i) issuing to the Warrantholder of this Warrant exercised
after such record date and before the occurrence of such event the additional shares of Common Stock issuable upon such exercise
by reason of the adjustment required by such event over and above the shares of Common Stock issuable upon such exercise before
giving effect to such adjustment and (ii) paying to such Warrantholder any amount of cash in lieu of a fractional share of
Common Stock; provided, however, that the Company upon request shall deliver to such Warrantholder a due bill or
other appropriate instrument evidencing such Warrantholder’s right to receive such additional shares, and such cash, upon
the occurrence of the event requiring such adjustment.
	 	 
	(G)	Notice to the Warrantholder.

 

	(i)	Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision
of this Section 14, the Company shall promptly compute such adjustment, in good faith, in accordance with the terms of this
Warrant, and prepare a certificate setting forth such adjustment, including (A) a statement of the adjusted Exercise Price
and adjusted number or type of Shares or other securities or property issuable upon exercise of this Warrant (as applicable) and
(B) in the case of adjustment pursuant to Section 14(B), a statement of the portion of assets or evidences of indebtedness
so distributed or such subscription rights applicable to one share of Common Stock, and setting forth a brief statement of the
facts requiring such adjustment and certifying the calculation thereof. The Company shall deliver a copy of each such certificate
to the Warrantholder as promptly as reasonably practicable following any adjustment of the Exercise Price, but in any event not
later than ten business days thereafter.

 

     

     

    

 

	(ii)	Notice to Allow Exercise by the Warrantholder. If (A) the Company shall declare a dividend
(or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special or nonrecurring
cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common
Stock or rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights of the Company,
(D) the Company enters into or becomes bound by an agreement in connection with a Change of Control or (E) the Company
shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each
case, the Company shall cause to be mailed to the Warrantholder at the address appearing in the Company’s records, at least
10 business days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on
which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is
not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distribution,
redemption, rights or warrants are to be determined or (y) the date on which such Change of Control is expected to become
effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange
their shares of Common Stock for securities, cash or other property deliverable upon such Change of Control; provided that
the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate
action required to be specified in such notice. The Warrantholder shall remain entitled to exercise this Warrant during the period
commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly
set forth herein. Except as otherwise prohibited by applicable laws, to the extent that any notice provided pursuant to this Section 14(G)(ii) contains
material, non-public information regarding the Company, the Company shall disclose such information regarding the Company in a
Current Report on Form 8-K and file such Current Report on Form 8-K with the SEC no later than the business day following
the date such notice is delivered to the Warrantholder.

 

	(H)	Statement Regarding Adjustments. Whenever the Exercise Price or the number of Shares into
which this Warrant is exercisable shall be adjusted as provided in Section 14, the Company shall forthwith file at the principal
office of the Company a statement showing in reasonable detail the facts requiring such adjustment and the Exercise Price that
shall be in effect and the number of Shares into which this Warrant shall be exercisable after such adjustment, and the Company
shall also cause a copy of such statement to be sent by mail, first class postage prepaid, to each Warrantholder at the address
appearing in the Company’s records.
	 	 
	(I)	Proceedings Prior to Any Action Requiring Adjustment. As a condition precedent to the taking
of any action which would require an adjustment pursuant to this Section 14, the Company shall take any action which may be
necessary, including obtaining regulatory, New York Stock Exchange or other applicable national securities exchange or stockholder
approvals or exemptions, in order that the Company may thereafter validly and legally issue as fully paid and nonassessable all
shares of Common Stock that the Warrantholder is entitled to receive upon exercise of this Warrant pursuant to this Section 14.
	 	 
	(J)	Adjustment Rules. Any adjustments pursuant to this Section 14 shall be made successively
whenever an event referred to herein shall occur. If an adjustment in Exercise Price made hereunder would reduce the Exercise Price
to an amount below par value of the Common Stock, then such adjustment in Exercise Price made hereunder shall reduce the Exercise
Price to the par value of the Common Stock.

 

     

     

    

 

	(K)	Withholding. The Warrantholder shall, as laid out in this Section 14(K), indemnify
the Company for any liability for withholding tax on any constructive dividends for tax purposes resulting from an adjustment described
in this Section 14. Promptly following the Warrantholder’s receipt of the notice described in Section 14(G)(i),
the Warrantholder shall remit to the Company either (i) the full amount of such liability for withholding taxes or (ii) to
the extent the Warrantholder is legally entitled to do so, (a) tax forms or other evidence reasonably satisfactory to the
Company that an exemption from, or a reduced amount of, withholding shall apply to any dividend resulting from the applicable adjustment
and (b) the payment of any reduced amount of liability for withholding tax pursuant to such tax forms or other evidence. The
Company and the Warrantholder shall cooperate in good faith in determining the amount of withholding taxes, if any, that would
be payable by the Company as a result of such adjustment and preparing any Internal Revenue Service Form 8937 (or similar
tax form) related to such adjustment. For the avoidance of doubt, if there is more than one permissible method to determine the
amount of the constructive dividend for tax purposes, parties will select the method that results in the lowest constructive dividend
amount. The Warrantholder shall remit to the Company the amount of such withholding taxes, if any. Notwithstanding anything to
the contrary in this Section 14, the adjustments to the Exercise Price described in this Section 14 shall not be effective
until the Warrantholder has complied with its obligations pursuant to the preceding sentence. This Section 14(K) shall
survive the Exercise, lapse, transfer, or termination of this Warrant.

 

	15.	Limitations on the Number of Shares Issuable. Notwithstanding anything herein to the contrary,
the Company shall not issue to the Warrantholder any Shares upon exercise of this Warrant to the extent such Shares after giving
effect to such issuance after exercise and when added to the number of shares of Common Stock issued and issuable upon conversion
of this Warrant and any other Warrants would exceed (i) 19.9% of the number of shares of Common Stock outstanding immediately
before the Issue Date (the “Maximum Share Amount”) or (ii) 19.9% of the total voting power of the Company’s
securities outstanding immediately before the Issue Date that are entitled to vote on a matter being voted on by holders of the
Common Stock (the “Maximum Voting Amount”), unless and until the Company obtains stockholder approval permitting
such issuances in accordance with applicable rules and regulations of the New York Stock Exchange (“Stockholder Approval”).
For purposes of this Section 15, in determining the number of outstanding shares of Common Stock, the Warrantholder may rely
on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual
report filed with the SEC, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent
written notice by the Company or its Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written
or oral request of a Warrantholder, the Company shall within two trading days confirm orally and in writing to the Warrantholder
the number of shares of Common Stock then outstanding. If on any attempted exercise of this Warrant, the issuance of Shares would
exceed the Maximum Share Amount or the Maximum Voting Amount, and the Company shall not have previously obtained Stockholder Approval
at the time of exercise, then the Company shall issue to the Warrantholder requesting exercise such number of Shares as may be
issued below the Maximum Share Amount or Maximum Voting Amount, as the case may be, and, with respect to the remainder of the aggregate
number of Shares, this Warrant shall not be exercisable until and unless Stockholder Approval has been obtained.

 

     

     

    

 

	16.	Governing Law. This Warrant shall be governed by and construed in accordance with the laws
of the State of New York applicable to contracts made and to be performed entirely within such State. Each of the parties hereto
agrees (i) to submit to the exclusive personal jurisdiction of the State or Federal courts in the Borough of Manhattan, the
City of New York, (ii) that exclusive jurisdiction and venue shall lie in the State or Federal courts in the State of New
York, and (iii) that notice may be served upon such party at the address and in the manner set forth for such party in Section 19.
EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS WARRANT. EACH OF
THE PARTIES HERETO (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (II) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS WARRANT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 16.
	 	 
	17.	Binding Effect. Subject to applicable securities laws, this Warrant and the rights and obligations
evidenced hereby shall be binding upon and inure to the benefit of the parties hereto and their respective the successors and permitted
assigns. The provisions of this Warrant are intended to be for the benefit of the Warrantholder from time to time of this Warrant
and shall be enforceable by the Warrantholder or holder of Shares.
	 	 
	18.	Amendment and Modification; Waiver. Except as otherwise provided herein, this Warrant may
only be amended, modified or supplemented by an agreement in writing signed by each party hereto. No waiver by the Company or the
Warrantholder of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party
so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly
identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver.
No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Warrant shall operate or
be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude
any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.
	 	 
	19.	Notices. Any notice, request, instruction or other document to be given hereunder by any
party to the other shall be in writing and shall be deemed to have been given when delivered in person or by courier service and
signed for against receipt thereof, upon receipt of facsimile, or three business days after depositing it in the United States
mail with postage prepaid and properly addressed.

 

     

     

    

 

		Notices and other communications hereunder may be delivered
or furnished by electronic communication (including e-mail and Internet or intranet websites). Notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient
(such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement);
provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice
or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and
notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended
recipient at its e-mail address as described in the foregoing clause of notification that such notice or communication is available
and identifying the website address therefor

 

All
notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing
by the party to receive such notice.

 

	If to the Company, to it at:
	 
	

Team, Inc.
	13131 Dairy Ashford Road
	Suite 600
	Sugar Land, Texas 77478
	Attn: Susan Ball
	E-mail: Susan.Ball@TeamInc.com
	with a copy (which shall not constitute notice) to:
	 
	Freshfields
Bruckhaus Deringer US LLP
	601 Lexington Avenue
	31st Floor
	New
York, New York 10022
	Attention: Valerie Ford Jacob and Michael Levitt
	Email: Valerie.Jacob@freshfields.com,
    Michael.Levitt@freshfields.com
	 
	If to the Warrantholder, to it at,
	 
	Iron Park Capital Partners
	527 Madison Avenue
	25th Floor
	New York, NY 10022
	Attention: Viral Naik
	Email:
    viral.naik@ironparkcap.com
	 
	and
	 
	alterDomus (Cortland)
	225 W. Washington St.
	9th Floor
	Chicago, IL, 60606
	Attention: Mike Kumor
	Email:
    mike.kumor@alterdomus.com
	with a copy (which shall not constitute notice) to:
	 
	Latham & Watkins LLP

885 Third Avenue
	New York, NY 10022
	Attention: Peter Sluka
	Email:
    Peter.Sluka@lw.com

 

     

     

    

 

	20.	Limitation of Liability. No provision hereof, in the absence of any affirmative action by
the Warrantholder to exercise this Warrant to purchase Shares, and no enumeration herein of the rights or privileges of the Warrantholder,
shall give rise to any liability of the Warrantholder for the purchase price of any Common Stock or as a stockholder of the Company,
whether such liability is asserted by the Company or by creditors of the Company.
	 	 
	21.	Remedies. The Warrantholder, in addition to being entitled to exercise all rights granted
by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees
that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of
this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law
would be adequate.
	 	 
	22.	Severability. Any provision of this Warrant held to be invalid, illegal or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability
without affecting the validity, legality and enforceability of the remaining provisions hereof, and the invalidity of a particular
provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.
	 	 
	23.	Entire Agreement. This Warrant and the forms attached hereto, contain the entire agreement
between the parties with respect to the subject matter hereof and supersede all prior and contemporaneous arrangements or undertakings
with respect thereto.

 

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left blank]

 

    

     

    

 

IN WITNESS WHEREOF,
each of the parties has executed this Warrant as of the date first written above.

 

	 	COMPANY:
	 	TEAM, INC.
	 	 
	 	By 	 
	 	 	Name: 
	 	 	Title: 

 

 

	 	 	WARRANTHOLDER:
	 	 	APSC HOLDCO II, L.P.
	 	 	 
	 	By 	 
	 	 	Name:
	 	 	Title:

 

[Signature
Page to Warrant]

 

     

     

    

Exhibit A

 

[Form of Notice of Exercise]

 

Date: _________

 

TO: Team, Inc.

 

RE: Election to Purchase Common Stock

 

The undersigned, pursuant
to the provisions set forth in the attached Warrant, hereby agrees to subscribe for and purchase the number of shares of the Common
Stock set forth below covered by such Warrant. The undersigned, in accordance with Section 2 of the Warrant, hereby agrees
to pay the aggregate Exercise Price for such shares of Common Stock by means of the manner specified below. In the event that the
undersigned desires to use a combination of such methods, such intent should be described in detail below. A new warrant evidencing
the remaining shares of Common Stock covered by such Warrant, but not yet subscribed for and purchased, if any, should be issued
in the name set forth below.

 

Number of Shares of Common Stock: ____________________

 

Aggregate Exercise Price: ___________________________

 

Cash Payment: ̈ ___________________________

 

Cashless Exercise: ̈
___________________________

 

Conditional Exercise: ̈ ___________________________

 

Method of Delivery:

 

 ̈
Book Entry

 

 ̈
Certificated

 

 ̈
Electronic

 

If to Prime Broker please provide Prime
Broker account information:

 

_________________________

 

	 	Warrantholder
	 	 
	 	By 	 
	 	 	Name:
	 	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]