[Form 3] TEAM INC Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Team, Inc. (TISI) director Michael David Stewart filed a Form 3 disclosing initial beneficial ownership. He indirectly holds 75,000 shares of Series B Preferred Stock through InspectionTech Holdings LP.

He also reports derivative interests: Tranche A Warrants for 982,371 shares of Common Stock at $23, and Tranche B Warrants for 470,889 shares at $50, each first exercisable on 09/11/2025 and expiring on 09/11/2035. The warrants include a 4.99% beneficial ownership cap on exercise.

In addition, there is an obligation to purchase 30,000 Delayed Draw Series B Preferred Shares at $1,000 per share, exercisable from 09/11/2025 to 09/11/2027. Upon each issuance of 5,000 delayed draw shares, the holder receives 65,491 additional Tranche A and 31,393 additional Tranche B warrants; for issuances on or after 12/10/2025, Additional Tranche A Warrants price at the lesser of $30.00 or 110% of the 30‑day VWAP, while Additional Tranche B Warrants price at $50.00.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Stewart Michael David

(Last) (First) (Middle)

13131 DAIRY ASHFORD, SUITE 600

(Street)

SUGAR LAND TX 77478

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
10/24/2025

3. Issuer Name and Ticker or Trading Symbol
TEAM INC [ TISI ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Series B Preferred Stock	75,000	I	By InspectionTech Holdings LP(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Tranche A Warrants	09/11/2025	09/11/2035	Common Stock	982,371(2)	$23	I	By InspectionTech Holdings LP(1)
Tranche B Warrants	09/11/2025	09/11/2035	Common Stock	470,889(2)	$50	I	By InspectionTech Holdings LP(1)
Delayed Draw Preferred Shares (obligation to buy)	09/11/2025	09/11/2027	Series B Preferred Stock(3)	30,000(3)	$1,000	I	By InspectionTech Holdings LP(1)

Explanation of Responses:

1. InspectionTech Holdings LP (the "Stellex SPV") is an affiliate of Stellex Capital Management LLC, of which the Reporting Person is a managing member. As a result of this relationship, the Reporting Person may be deemed to have investment and voting control over the securities held of record by the Stellex SPV.

2. The warrants contain provisions preventing exercise if such exercise would result in the Stellex SPV beneficially owning greater than 4.99% of the Common Stock when aggregated with all other shares of Common Stock beneficially owned.

3. Upon each issuance of 5,000 Delayed Draw Preferred Shares, the Issuer will issue to Stellex SPV an additional 65,491 Tranche A Warrants (the "Additional Tranche A Warrants") and an additional 31,393 Tranche B Warrants (the "Additional Tranche B Warrants") on substantially similar terms as the warrants reported herein, except that upon each issuance of Delayed Draw Preferred Shares on or after December 10, 2025, any Additional Tranche A Warrants issued shall have an initial exercise price the lesser of (x) $30.00 and (y) 110% of the 30-day volume weighted average price of the Common Stock, subject to adjustments. Any Additional Tranche B Warrants issued shall have an initial exercise price of $50.00 per share, subject to adjustments.

Remarks:

Exhibit 24 - Power of Attorney.

	/s/ Michael David Stewart	11/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Team, Inc. (TISI) disclose in this Form 3?

A director reported initial holdings: 75,000 Series B Preferred indirectly and warrants for Common Stock with specified exercise terms and caps.

How many Team, Inc. warrants were reported and at what prices?

Tranche A for 982,371 shares at $23; Tranche B for 470,889 shares at $50, first exercisable on 09/11/2025 and expiring 09/11/2035.

What is the beneficial ownership cap on the warrants for TISI?

Exercises are limited so holdings do not exceed 4.99% of Common Stock for the reporting holder’s affiliate.

What are the delayed draw preferred terms disclosed for TISI?

An obligation to buy 30,000 Series B Preferred at $1,000 per share, exercisable 09/11/2025 to 09/11/2027.

What additional warrants are issued with each 5,000 delayed draw shares?

An extra 65,491 Tranche A and 31,393 Tranche B warrants per 5,000 shares issued.

How are Additional Tranche A Warrants priced after 12/10/2025?

They price at the lesser of $30.00 or 110% of the 30‑day VWAP; Additional Tranche B Warrants price at $50.00.

Are the reported holdings direct or indirect for TISI?

They are indirect through InspectionTech Holdings LP, affiliated with Stellex Capital Management LLC.