<SEC-DOCUMENT>0001567619-22-018332.txt : 20221006
<SEC-HEADER>0001567619-22-018332.hdr.sgml : 20221006
<ACCEPTANCE-DATETIME>20221006202323
ACCESSION NUMBER:		0001567619-22-018332
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220211
FILED AS OF DATE:		20221006
DATE AS OF CHANGE:		20221006

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Corre Opportunities Qualified Master Fund, LP
		CENTRAL INDEX KEY:			0001601971
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08604
		FILM NUMBER:		221299127

	BUSINESS ADDRESS:	
		STREET 1:		12 EAST 49TH STREET, 40TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		646-863-7151

	MAIL ADDRESS:	
		STREET 1:		12 EAST 49TH STREET, 40TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Corre Partners Management, LLC
		CENTRAL INDEX KEY:			0001537323
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08604
		FILM NUMBER:		221299128

	BUSINESS ADDRESS:	
		STREET 1:		12 EAST 49TH STREET
		STREET 2:		SUITE 4003
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		646 863 7150

	MAIL ADDRESS:	
		STREET 1:		12 EAST 49TH STREET
		STREET 2:		SUITE 4003
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Corre Horizon II Fund, LP
		CENTRAL INDEX KEY:			0001823817
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08604
		FILM NUMBER:		221299125

	BUSINESS ADDRESS:	
		STREET 1:		12 EAST 49TH STREET
		STREET 2:		40TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		7478637151

	MAIL ADDRESS:	
		STREET 1:		12 EAST 49TH STREET
		STREET 2:		40TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CORRE HORIZON FUND, LP
		CENTRAL INDEX KEY:			0001751529
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08604
		FILM NUMBER:		221299126

	BUSINESS ADDRESS:	
		STREET 1:		CONYERS TRUST COMPANY (CAYMAN) LTD
		STREET 2:		CRICKET SQUARE, HUTCHINS DR, BOX 2681
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1111
		BUSINESS PHONE:		345-949-1040

	MAIL ADDRESS:	
		STREET 1:		CONYERS TRUST COMPANY (CAYMAN) LTD
		STREET 2:		CRICKET SQUARE, HUTCHINS DR, BOX 2681
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1111

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEAM INC
		CENTRAL INDEX KEY:			0000318833
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS REPAIR SERVICES [7600]
		IRS NUMBER:				741765729
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		13131 DAIRY ASHFORD
		STREET 2:		SUITE 600
		CITY:			SUGAR LAND
		STATE:			TX
		ZIP:			77478
		BUSINESS PHONE:		2813316154

	MAIL ADDRESS:	
		STREET 1:		13131 DAIRY ASHFORD
		STREET 2:		SUITE 600
		CITY:			SUGAR LAND
		STATE:			TX
		ZIP:			77478
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc1.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
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<ownershipDocument>

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    <documentType>4</documentType>

    <periodOfReport>2022-02-11</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000318833</issuerCik>
        <issuerName>TEAM INC</issuerName>
        <issuerTradingSymbol>TISI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001537323</rptOwnerCik>
            <rptOwnerName>Corre Partners Management, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>12 EAST 49TH STREET</rptOwnerStreet1>
            <rptOwnerStreet2>40TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001601971</rptOwnerCik>
            <rptOwnerName>Corre Opportunities Qualified Master Fund, LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>12 EAST 49TH STREET, 40TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001751529</rptOwnerCik>
            <rptOwnerName>CORRE HORIZON FUND, LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>12 EAST 49TH STREET, 40TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001823817</rptOwnerCik>
            <rptOwnerName>Corre Horizon II Fund, LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>12 EAST 49TH STREET, 40TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>5% Convertible Senior Notes Due 2023</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>21.70</value>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2022-10-04</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>56209670</value>
                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F6"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <value>2023-08-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2590304</value>
                    <footnoteId id="F5"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5000000</value>
                    <footnoteId id="F7"/>
                    <footnoteId id="F8"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F9"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">See Exhibit 99.1</footnote>
        <footnote id="F2">See Exhibit 99.1</footnote>
        <footnote id="F3">See Exhibit 99.1</footnote>
        <footnote id="F4">See Exhibit 99.1</footnote>
        <footnote id="F5">See Exhibit 99.1</footnote>
        <footnote id="F6">See Exhibit 99.1</footnote>
        <footnote id="F7">See Exhibit 99.1</footnote>
        <footnote id="F8">See Exhibit 99.1</footnote>
        <footnote id="F9">See Exhibit 99.1</footnote>
    </footnotes>

    <remarks>Exhibit List:
------------
Exhibit 99.1	Explanation of Responses</remarks>

    <ownerSignature>
        <signatureName>Corre Partners Management, LLC /s/ John Barrett, Managing Member</signatureName>
        <signatureDate>2022-10-06</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Corre Opportunities Qualified Master Fund, LP By: Corre Partners Advisors, LLC, its general partner /s/ John Barrett, Managing Member</signatureName>
        <signatureDate>2022-10-06</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Corre Horizon Fund, LP By: Corre Partners Advisors, LLC, its general partner /s/ John Barrett, Managing Member</signatureName>
        <signatureDate>2022-10-06</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Corre Horizon II Fund, LP By: Corre Partners Advisors, LLC, its general partner /s/ John Barrett, Managing Member</signatureName>
        <signatureDate>2022-10-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c100622a.htm
<DESCRIPTION>EXPLANATION OF RESPONSES
<TEXT>
<html>
  <head>
    <title></title>
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<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z1b60fb4776f14597bc92c0a8abc01af4" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 27.84%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Designated Filer:</div>
          </td>
          <td style="width: 72.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Corre Partners Management, LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.84%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Issuer &amp; Ticker Symbol</div>
          </td>
          <td style="width: 72.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Team, Inc. (TISI)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.84%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Date of Event Requiring Statement:</div>
          </td>
          <td style="width: 72.16%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">October 4, 2022</div>
          </td>
        </tr>

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  </div>
  <div>
    <div style="text-align: right; font-weight: bold;">Exhibit 99.1</div>
  </div>
  <div>
    <div style="text-align: justify;"><u>Explanation of Responses</u>:</div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdd6595c5a70846ef8c45cfaf0579fb8d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-bottom: 6pt;">(1)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 6pt;">Based on an initial conversion rate of 46.0829 shares per $1,000 in principal amount of the Issuer&#8217;s 5.00% Convertible Senior Notes due 2023 (the &#8220;Notes&#8221;), which conversion rate is subject
                to adjustment under certain circumstances as described in the indenture governing the Notes.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-bottom: 6pt;">(2)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 6pt;">On October 4, 2022, pursuant to the exercise of its right under the Corre/AP Term Sheet (as defined in the Subordinated Term Loan Credit Agreement), the Investment Adviser exchanged its
                affiliates&#8217; holdings of Notes for an equal amount (inclusive of accrued and unpaid interest to be paid in-kind on such Notes) of new loans (&#8220;New Term Loans&#8221;) under the Subordinated Term Loan Credit Agreement, dated February 11, 2022, by and
                among the Issuer, the lenders party thereto, and Cantor Fitzgerald Securities, as Agent (as amended from time to time, the &#8220;Subordinated Term Loan Credit Agreement&#8221;).</div>
            </td>
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      </table>
    </div>
    <div>
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          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-bottom: 6pt;">(3)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 6pt;">Amount consists of (i)&#160;$45,645,683 in principal amount of Notes held by Corre Opportunities Qualified Master Fund, LP, (ii)&#160;$10,244,915 in principal amount of Notes held by Corre Horizon
                Fund, LP and (iii)&#160;$319,072 in principal amount of Notes held by Corre Horizon II Fund, LP.</div>
            </td>
          </tr>

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    </div>
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            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-bottom: 6pt;">(4)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 6pt;">Holders of the Notes may convert their Notes at their option at any time prior to the close of business on the business day immediately preceding May 1, 2023, only under the following
                circumstances: (a) during any calendar quarter commencing after the calendar quarter ending on December 31, 2017 (and only during such calendar quarter), if the last reported sale price of the Issuer's Common Stock for at least 20 trading
                days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable
                trading day&#894; (b) during the five business day period after any five consecutive trading day period (the &#8220;measurement period&#8221;) in which the trading price per $1,000 principal amount of Notes for each trading day of the measurement period was
                less than 98% of the product of the last reported sale price of the Issuer's Common Stock and the conversion rate on each such trading day&#894; (c)&#160;if the Issuer calls any or all of the notes for redemption, at any time prior to the close of
                business on the business day immediately preceding the redemption date; or (d)&#160;upon the occurrence of specified corporate events. On or after May 1, 2023 until the close of business on the second scheduled trading day immediately preceding
                the maturity date of August 1, 2023, holders of the Notes may convert their Notes at any time, regardless of the foregoing circumstances.</div>
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              <div style="margin-left: 4.5pt; margin-bottom: 6pt;">(5)</div>
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            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 6pt;">Amount consists of (i) $45,645,683 in principal amount of Notes beneficially held by Corre Opportunities Qualified Master Fund, LP, (ii) $10,244,915 in principal amount of Notes
                beneficially held by Corre Horizon Fund, LP and (iii) $319,072 in principal amount of Notes beneficially held by Corre Horizon II Fund, LP, in each case excluding any accrued and unpaid interest, assuming conversion at the initial
                conversion rate of 46.0829 shares per $1,000 in principal amount of the convertible senior notes.</div>
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              <div style="margin-left: 4.5pt; margin-bottom: 6pt;">(6)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 6pt;">In exchange for their Notes, (i)&#160;Corre Opportunities Qualified Master Fund, LP received an aggregate principal amount of $46,284,723 in New Term Loans, (ii)&#160;Corre Horizon Fund, LP received
                an aggregate principal amount of $10,388,344 in New Term Loans and (iii)&#160;Corre Horizon II Fund, LP received an aggregate principal amount of $323,539 in New Term Loans, which in each case was calculated as the sum of the principal amount of
                Notes held by such Reporting Person plus any accrued and unpaid interest to be paid in-kind on such Notes.</div>
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            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-bottom: 6pt;">(7)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 6pt;">Amount consists of (i)&#160;warrants held by Corre Opportunities Qualified Master Fund, LP exercisable for 2,550,578 shares of the Issuer&#8217;s Common Stock, (ii)&#160;warrants held by Corre Horizon
                Fund, LP exercisable for 1,160,918 shares of the Issuer&#8217;s Common Stock and (iii)&#160;warrants held by Corre Horizon II Fund, LP exercisable for 1,288,504 shares of the Issuer&#8217;s Common Stock.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-bottom: 6pt;">(8)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 6pt;">Amount includes shares of the Issuer's Common Stock underlying warrants held by Funds that are subject to limitations on the right to exercise to the extent that after giving effect to
                such issuance after exercise, any Fund (together with its affiliates), would, when aggregated with all other shares of the Issuer's Common Stock beneficially owned by the Funds and any of their respective affiliates at such time,
                beneficially own shares of the Issuer's Common Stock in excess of 9.99% of the number of shares of the Issuer's Common Stock outstanding (measured after giving effect to the issuance of shares of Common Stock issuable upon exercise of the
                warrants).&#160; Additionally, the exercise of the warrants is subject to the terms of the Warrant Waivers (as defined and further described in Amendment No. 2 to Schedule 13D filed by the Investment Adviser and the other Reporting Persons
                therein on February 15, 2022).</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-bottom: 6pt;">(9)</div>
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              <div style="text-align: justify; margin-bottom: 6pt;">The securities are held directly by each of Corre Opportunities Qualified Master Fund, LP, Corre Horizon Fund, LP and Corre Horizon II Fund, LP (collectively, the &#8220;Funds&#8221;) as described in
                Footnote 7, each of which are clients of Corre Partners Management, LLC (the &#8220;Investment Adviser&#8221;).&#160; The Investment Adviser has been delegated investment management authority over the assets of the Funds by Corre Partners Advisors, LLC, the
                general partner of the Funds (the &#8220;General Partner&#8221;).&#160; Mr. John Barrett and Mr. Eric Soderlund are the co-owners and managing members of the Investment Adviser and the General Partner.</div>
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