<SEC-DOCUMENT>0001104659-25-106325.txt : 20251104
<SEC-HEADER>0001104659-25-106325.hdr.sgml : 20251104
<ACCEPTANCE-DATETIME>20251104163452
ACCESSION NUMBER:		0001104659-25-106325
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251104
DATE AS OF CHANGE:		20251104

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Terrestrial Energy Inc. /DE/
		CENTRAL INDEX KEY:			0002019804
		STANDARD INDUSTRIAL CLASSIFICATION:	FABRICATED PLATE WORK (BOILER SHOPS) [3443]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				981785406
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-94602
		FILM NUMBER:		251449755

	BUSINESS ADDRESS:	
		STREET 1:		2730 W. TYVOLA ROAD, SUITE 100
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28217
		BUSINESS PHONE:		203-930-2200

	MAIL ADDRESS:	
		STREET 1:		2730 W. TYVOLA ROAD, SUITE 100
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28217

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HCM II Acquisition Corp.
		DATE OF NAME CHANGE:	20240415

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Irish Simon
		CENTRAL INDEX KEY:			0002091865
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D

	MAIL ADDRESS:	
		STREET 1:		2730 W. TYVOLA ROAD, SUITE 100
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28210
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13D</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Irish Simon -->
          <cik>0002091865</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


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    <coverPageHeader>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <dateOfEvent>10/28/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0002019804</issuerCIK>
        <issuerCUSIP>881454102</issuerCUSIP>
        <issuerName>Terrestrial Energy Inc.</issuerName>
        <address>
          <com:street1>2730 W. Tyvola Road, Suite 100</com:street1>
          <com:city>Charlotte</com:city>
          <com:stateOrCountry>NC</com:stateOrCountry>
          <com:zipCode>28217</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Simon Irish</personName>
          <personPhoneNum>(646) 687-8212</personPhoneNum>
          <personAddress>
            <com:street1>2730 W. Tyvola Road, Suite 100</com:street1>
            <com:city>Charlotte</com:city>
            <com:stateOrCountry>NC</com:stateOrCountry>
            <com:zipCode>28217</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0002091865</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Simon Irish</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>10572054.00</soleVotingPower>
        <sharedVotingPower>3014391.00</sharedVotingPower>
        <soleDispositivePower>10572054.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>13586445.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>12.8</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>(1)Includes (i) 2,818,520 shares held by SWH Capital LLC ("SWH"), (ii) 52,255 shares held by SWH Capital LLC Defined Benefit Plan ("SWH Benefit"), (iii) 5,271,236 shares underlying stock options which are vested or are expected to vest within 60 days of the date of this filing, (iv) 44,703 shares underlying warrants which are exercisable within 60 days of the date of this filing, (v) 89,406 shares underlying warrants held by SWH Benefit which are exercisable within 60 days of the date of this filing, and (vi) 3,014,391 shares that Mr. Irish has the power to direct the voting of pursuant to the Voting Agreement (as defined below). Mr. Irish maintains sole voting and investment power over the securities held by SWH and SWH Benefit and thus may be deemed to beneficially own such securities. Mr. Irish disclaims beneficial ownership of the shares held by SWH or SWH Benefits, except in each case to the extent of he has voting or investment power therein, if any.

(2)With respect to Row 13, the percentage is based on the quotient obtained by dividing (a) the number of shares of Common Stock beneficially owned by Mr. Irish by (b) the sum of 105,782,441 shares of Common Stock of the Issuer (inclusive of all shares of Common Stock issuable upon exchange of the ExchangeCo Shares (as defined below), outstanding as of October 28, 2025, immediately after giving effect to the consummation of the Business Combination (as defined in Item 3 below). "ExchangeCo Shares" means exchangeable shares in Terrestrial Energy Canada (Exchange) Inc., a corporation existing under the laws of the Province of Ontario, and an indirect, wholly owned subsidiary of the Issuer.</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock</securityTitle>
        <issuerName>Terrestrial Energy Inc.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>2730 W. Tyvola Road, Suite 100</com:street1>
          <com:city>Charlotte</com:city>
          <com:stateOrCountry>NC</com:stateOrCountry>
          <com:zipCode>28217</com:zipCode>
        </issuerPrincipalAddress>
      </item1>
      <item2>
        <filingPersonName>This Schedule 13D is filed by Simon Irish (the "Reporting Person").</filingPersonName>
        <principalBusinessAddress>The Reporting Person's address is 2730 W. Tyvola Road, Suite 100, Charlotte, NC 28217</principalBusinessAddress>
        <principalJob>The Reporting Person is the Chief Executive Officer and a director of the Issuer.</principalJob>
        <hasBeenConvicted>During the last five years, the Reporting Person has not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).</hasBeenConvicted>
        <convictionDescription>During the last five years, the Reporting Person has not been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.</convictionDescription>
        <citizenship>United States</citizenship>
      </item2>
      <item3>
        <fundsSource>All of the shares of Common Stock reported herein as beneficially owned by the Reporting Person were acquired pursuant to a Business Combination Agreement, dated March 26, 2025 (as amended from time to time, the "Business Combination Agreement"), by and among the Issuer (which was formerly known as HCM II Acquisition Corp. or "HCM II"), HCM II Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of HCM II ("Merger Sub"), and Terrestrial Energy Development Inc., a Delaware corporation (formerly known as Terrestrial Energy Inc., or "Legacy Terrestrial"). Pursuant to the terms of the Business Combination Agreement, Merger Sub merged with and into Legacy Terrestrial, with Legacy Terrestrial surviving as the surviving company and as a wholly owned subsidiary of Issuer (the "Merger" and, collectively with the other transactions described in the Business Combination Agreement, the "Business Combination"). The Business Combination closed on October 28, 2025 (the "Closing").

In connection with Closing, and subject to the terms and conditions of the Business Combination Agreement, among other things, (i) each share of Legacy Terrestrial's common stock issued and outstanding immediately prior to the effective time of the Merger was cancelled and converted into the right to receive a number of shares of the Issuer's common stock equal to the Exchange Ratio (the "Per Share Merger Consideration"), (ii) each share of Legacy Terrestrial's preferred stock designated as "Series A Preferred Stock" or "Series A-1 Preferred Stock" that was issued and outstanding immediately prior to the effective time of the Merger was cancelled and converted into the right to receive a number of shares of the Issuer's common stock equal to the (A) the number of Legacy Terrestrial's common stock into which such Legacy Terrestrial's preferred shares were converted in accordance with Legacy Terrestrial's governing documents as of immediately prior to the effective time; multiplied by (B) the Per Share Merger Consideration, (ii) each outstanding and unexercised option to purchase shares of Legacy Terrestrial common stock (a "Legacy Terrestrial Option"), whether vested or unvested, issued and outstanding immediately prior to the Closing was automatically assumed by the Issuer such that, as of the effective time, each share underlying each Legacy Terrestrial Option became the Issuer's common stock and the number of such shares were equal to the Exchange Ratio, and (iv) each warrant to purchase shares or other equity interests of Legacy Terrestrial (each, a "Legacy Terrestrial Warrant") that was outstanding and unexercised immediately prior to the effective time was assumed by the Issuer and became exercisable, in accordance with the terms and conditions of such Legacy Terrestrial Warrant, for the Per Share Base Consideration.

Capitalized terms used in this Schedule 13D but not defined herein, or for which definitions are not otherwise incorporated by reference herein, shall have the meanings given to such terms in the Current Report on Form 8-K filed by the Issuer with the Securities and Exchange Commission on November 3, 2025.</fundsSource>
      </item3>
      <item4>
        <transactionPurpose>The Reporting Person acquired the shares reported herein for investment purposes and to incentivize him in connection with his employment with the Issuer.

To the extent required by Item 4, the information contained in Item 3 and Item 6 is incorporated herein by reference.

The Reporting Person serves as Chief Executive Officer of the Issuer and as a member of the Issuer's Board of Directors and, in such capacities, may have influence over the corporate activities of the Issuer, including activities that may relate to items described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. Subject to the that certain Lock-Up Agreement, as described in Item 6 of this Schedule 13D, and the Issuer's Insider Trading Policy (the "Insider Trading Policy"), the Reporting Person may from time to time buy or sell securities of the Issuer as appropriate for his personal circumstances.

Except as described herein, the Reporting Person does not have any present plans or proposals that relate to or would result in any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. However, the Reporting Person reserves the right to formulate in the future plans or proposals that may relate to or result in the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

The Reporting Person may, from time to time, purchase additional securities of the Issuer either in the open market or in privately negotiated transactions, depending upon the Reporting Person's evaluation of the Issuer's business, prospects and financial condition, the market for such securities, other opportunities available to the Reporting Person, general economic conditions, stock market conditions and other factors. Depending upon the factors noted above, the Reporting Person may also decide to hold or dispose of all or part of his investments in securities of the Issuer and/or enter into derivative transactions with institutional counterparties with respect to the Issuer's securities, subject to the limitations under the Lock-Up, Insider Trading Policy and securities law.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>The information set forth in rows (7) through (13) of the cover pages of this Schedule 13D is incorporated by reference into this Item 5(a).</percentageOfClassSecurities>
        <numberOfShares>The information set forth in rows (7) through (10) of the cover pages of this Schedule 13D is incorporated by reference into this Item 5(b).</numberOfShares>
        <transactionDesc>Except as set forth herein, no transactions in the Common Stock were effected by the Reporting Person during the past 60 days.</transactionDesc>
        <listOfShareholders>Not applicable.</listOfShareholders>
        <date5PercentOwnership>Not applicable.</date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>To the extent required by Item 6, the information contained in Item 3 is incorporated herein by reference.

On the Closing Date, the Reporting Person entered into a voting co-ordination agreement (the "Voting Agreement") with Dr. David LeBlanc, a stockholder of the Issuer and its Chief Technology Officer, pursuant to which to the extent Mr. LeBlanc would otherwise be entitled to cast more votes, on any matter submitted to stockholders of the Issuer, than Mr. Irish, Mr. LeBlanc has granted Mr. Irish the power to direct the voting of such excess shares. Giving effect to such arrangement, as of the date of this report, Mr. Irish also has sole voting power with respect to an additional 3,014,391 shares beneficially owned by Mr. LeBlanc. The foregoing description is qualified in its entirety by the text of the Voting Agreement, which is included as an exhibit under Item (7) and is incorporated herein by reference.

On the Closing Date the Reporting Person entered into a lock-up agreement (the "Lock-Up Agreement") with the Issuer, pursuant to which the Reporting Person agreed to restrictions on transfer for up to one year following the Closing Date with respect to the Lock-Up Shares (as defined in the Lock-Up Agreement), which lock-up, subject to certain exceptions and permitted transfers, including but not limited to, transfers to certain affiliates or family members, or the exercise of certain stock options and warrants. The Lock-Up Agreements further provide that following the 180th day following the Closing, (a) fifty percent (50%) of the Key Holder Lock-Up Shares may be transferred once the dollar volume-weighted average adjusted price for the New Terrestrial Common Shares calculated as an average for the prior twenty Business Days (the "VWAP") equals or exceeds $15.00 per share, and (b) all of the Key Holder Lock-Up Shares may be transferred once the VWAP equals or exceeds $20.00 per share. The foregoing description is qualified in its entirety by the text of the Lock Up Agreement, which is included as an exhibit under Item (7) and is incorporated herein by reference.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>Exhibit 1: Form of Lock-Up Agreement, by and among HCM II Acquisition Corp. and the other parties thereto (incorporated by reference to Exhibit 10.5 to the Current Report on Form 8-K filed by the Issuer with the Securities and Exchange Commission on November 3, 2025).

Exhibit 2: Voting Co-ordination Agreement dated October 28, 2025, by and between Dr. David LeBlanc and Simon Irish.</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Simon Irish</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Simon Irish</signature>
          <title>Simon Irish</title>
          <date>11/04/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>2
<FILENAME>tm2530017d1_ex2.htm
<DESCRIPTION>EXHIBIT 2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VOTING CO-ORDINATION AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This VOTING CO-ORDINATION
AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;) is made October&nbsp;28, 2025, by and between Dr.&nbsp;David LeBlanc (&ldquo;<U>LeBlanc</U>&rdquo;)
and Simon Irish (&ldquo;<U>Irish</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, LeBlanc and Irish
were previously parties to that certain Voting Co-Ordination Continuance Agreement, dated April&nbsp;5, 2024 (the &ldquo;<U>TEDI Voting
Agreement</U>&rdquo;), by and among LeBlanc,&nbsp;Irish, Terrestrial Energy Development Inc., a Delaware corporation formerly known as
&ldquo;Terrestrial Energy Inc.&rdquo; (&ldquo;<U>TEDI</U>&rdquo;), Terrestrial Energy (Ontario) Inc., a corporation existing under the
laws of the Province of Ontario formerly known as &ldquo;Terrestrial Energy Inc.&rdquo;, and Canon Bryan, pursuant to which, among other
things, LeBlanc granted Irish a proxy to vote on behalf of LeBlanc in Irish&rsquo;s sole discretion such that that Irish would control
the voting with respect to at least an equal number of stockholder votes as LeBlanc in TEDI;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, effective as of
the date of this Agreement, HCM II Merger Sub Inc., a Delaware corporation, has merged with and into TEDI, with TEDI continuing as the
surviving corporation (the &ldquo;<U>Merger</U>&rdquo;) and, as a result of the Merger,&nbsp;Irish and LeBlanc are no longer stockholders
of TEDI or hold any securities convertible into capital stock of TEDI;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, effective as of
the date of this Agreement, the TEDI Voting Agreement was terminated (the &ldquo;<U>Termination</U>&rdquo;) pursuant to a Termination
Agreement dated as of the date hereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, in connection with
the Merger and the Termination,&nbsp;Irish and LeBlanc desire to enter into this Agreement to give effect to the principle of an equality
of voting power between them in connection with the voting of any matter submitted to the stockholders of Terrestrial Energy Inc., a
Delaware corporation formerly known as &ldquo;HCM II Acquisition Corp.&rdquo; (&ldquo;<U>TEI</U>&rdquo;), including through the voting
of shares of common stock, par value $0.0001 per share (&ldquo;<U>Common Stock</U>&rdquo;), of TEI and shares of preferred stock designated
as &ldquo;Special Voting Preferred Stock&rdquo;, par value $0.0001 per share (&ldquo;<U>Special Voting Preferred Stock</U>&rdquo;), of
TEI, in each case that they hold following consummation of the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE,&nbsp;IT IS
HEREBY AGREED, that in consideration of mutual promises contained herein and the payment of One Dollar ($1.00) from Irish to LeBlanc,
the receipt and sufficiency of which is hereby acknowledged:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
following capitalized terms shall have them meanings attributed to them below when used in this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">a.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Irish
Controlled Votes</U>&rdquo; means, without duplication, the Irish Votes and the SWH Votes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">b.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Irish
Directed LeBlanc Votes</U>&rdquo; means, as of the record date for any matter submitted to a vote of the stockholders of TEI, the total
of (i)(A)&nbsp;the Irish Controlled Votes <I>plus</I> the LeBlanc Votes, <I>divided by</I> (B)&nbsp;two (2), rounded up to the nearest
whole number, <I>less </I>(ii)&nbsp;the Irish Controlled Votes; <U>provided</U>, that if the Irish Directed LeBlanc Votes is less than
zero (0), the Irish Directed LeBlanc Votes shall be deemed to be zero (0).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">c.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Irish
Votes</U>&rdquo; means the aggregate number of votes Irish is entitled to cast in connection with the shares TEI Stock held by Irish
with respect to any matter subject to a vote of the stockholders of TEI (excluding the Irish Directed LeBlanc Votes), whether directly
or indirectly, beneficially or of record, now owned or hereafter acquired.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">d.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>LeBlanc
Votes</U>&rdquo; means the aggregate number of votes LeBlanc is entitled to cast, with respect to any matter subject to a vote of the
stockholders of TEI (without regard to this Agreement), in connection with the shares of TEI Stock held by LeBlanc, whether directly
or indirectly, beneficially or of record, now owned or hereafter acquired.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">e.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>LeBlanc
Unrestricted Votes</U>&rdquo; means the number of LeBlanc Votes that are not Irish Directed LeBlanc Votes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">f.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;<U>SWH</U>&rdquo;
means, collectively, SWH CAPITAL DEFINED BENEFIT PLAN and SWH Capital LLC, a Delaware limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">g.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>SWH
Votes</U>&rdquo; means the aggregate number of votes SWH is entitled to cast, with respect to any matter subject to a vote of the stockholders
of TEI, in connection with the shares of TEI Stock held by SWH, whether directly or indirectly, beneficially or of record, now owned
or hereafter acquired.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">h.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;<U>TEI
Stock</U>&rdquo; means the Common Stock of TEI and the Special Voting Preferred Stock of TEI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All
actions of LeBlanc and Irish in relation to their shares in TEDI heretofore taken are expressly agreed, ratified and adopted by LeBlanc
and Irish.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;LeBlanc
and Irish agree to certify the number of LeBlance Votes and Irish Directed Votes, respectively, to each other and TEI upon reasonable
request. TEI is an intended third-party beneficiary of this paragraph. LeBlanc and Irish acknowledge and agree that TEI may rely on the
ownership information so certified.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;LeBlanc
agrees that he shall exercise his votes in relation to the Irish Directed LeBlanc Votes as directed by Irish in his sole discretion for
any matter submitted to a vote of the stockholders of TEI (including, for the avoidance of doubt, by written resolution).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
vote controlled by Irish or LeBlanc (caused by the aggregate of the number of Irish Controlled Votes and LeBlanc Votes being an odd number)
which would result in an inequality between (i)&nbsp;the LeBlanc Unrestricted Votes and (ii)&nbsp;the aggregate of the Irish Controlled
Votes and the Irish Directed LeBlanc Votes, shall not be cast by Irish or LeBlanc as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Irish
agrees that LeBlanc may vote the LeBlanc Unrestricted Votes at LeBlanc&rsquo;s sole discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Nothing
in this Agreement shall limit or restrict Irish or LeBlanc in acting in his capacity as a director or officer of TEI and exercising his
fiduciary duties and responsibilities, it being understood that this Agreement applies to each of Irish and LeBlanc solely in their capacity
as stockholders of TEI and does not apply to, and shall not limit or affect in any manner,&nbsp;Irish&rsquo;s or LeBlanc&rsquo;s actions,
judgments or decisions as a director or officer of TEI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
Agreement shall continue until, and shall terminate upon, the earlier of: (a)&nbsp;the date on which either Irish or LeBlanc beneficially
owns less than 450,000 shares of Common Stock of TEI (including, in the case of LeBlanc, Common Stock of TEI which would be issuable
upon an exchange of the exchangeable shares in the capital of ExchangeCo beneficially owned by LeBlanc) and (b)&nbsp;the date this Agreement
is terminated by mutual written agreement of Irish and LeBlanc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Amendments
to this Agreement shall be in writing and signed by Irish and LeBlanc, and in the event that any provision is not enforceable, it shall
be severed, and the remainder of this Agreement shall remain in full force and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>This
Agreement shall be governed by the laws of the State of Delaware and each of Irish and LeBlanc submits to the jurisdiction of the courts
of the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>This
Agreement and any amendment to it may be evidenced by its being executed in one or more counterparts in paper or electronic form including
but not limited to by facsimile or email or by exchange of. PDF versions of the Agreement signed by any appropriate electronic signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Remainder of page&nbsp;intentionally left
blank. Signature page&nbsp;follows.</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, LeBlanc
and Irish have executed this Agreement as of the date first set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LEBLANC:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Dr.&nbsp;David
    LeBlanc</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Dr.&nbsp;David LeBlanc</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IRISH:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>/s/ </B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Simon
    Irish</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Simon Irish</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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