SEC FORM 3

SEC FORM 3 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

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)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	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)
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.

New insider Stewart Michael David claimed ownership of 75,000 units of Series B Preferred Stock (SEC Form 3)