Mistras Group, Inc PREM14A, filed Oct 15, 2026

Mistras Group, Inc. (MG)

Mistras Group, Inc. entered a merger agreement with Athena Purchaser, LLC and Athena Merger Sub, Inc. on September 17, 2026; if completed, shareholders would receive $20.35 per share in cash, and the surviving company would be indirectly owned by funds affiliated with H.I.G. Capital, LLC. AI summary

PREM14A 2026-10-15 For: 2026-10-15

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Added on October 15, 2026

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YOUR VOTE IS IMPORTANT			iv
SUMMARY			1
Parties Involved in the Merger			1
The Special Meeting			2
Date, Time and Place			2
Record Date; Shares Entitled to Vote			2
Purpose			2
Quorum			2
Required Vote			3
Stock Ownership and Interests of Certain Persons			3
Voting of Proxies			3
Expenses of Proxy Solicitation			4
Certain Effects of the Merger on the Company			4
Effect on the Company if the Merger is Not Completed			4
Merger Consideration			5
Treatment of Equity and Equity-Based Awards			5
Stock Options			5
Restricted Stock Units			6
Performance-Based Restricted Stock Units			6
Recommendation of the Board and Reasons for the Merger			6
Opinion of the Company’s Financial Advisor			7
Interests of the Directors and Executive Officers of the Company in the Merger			7
Voting Agreements			8
Financing of the Merger			8
Limited Guarantee			8
Appraisal Rights			9
Certain U.S. Federal Income Tax Consequences of the Merger			9
Regulatory Approvals Required for the Merger			10
Go-Shop Period			10
No Solicitation of Other Offers			10
Restrictions on a Change of Board Recommendation			12
Conditions to the Closing of the Merger			12
Termination of the Merger Agreement			13
Termination Fees and Treatment of Expenses			14
Specific Performance			15
Market Prices and Dividend Data			16
Delisting and Deregistration of Our Common Stock			16
Litigation Relating to the Merger			16
Where You Can Find More Information			16
QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER			17
THE SPECIAL MEETING			25
Date, Time and Place			25
Purpose of the Special Meeting			25
Record Date and Shares Entitled to Vote			25
Quorum			25
Required Vote			26
Stock Ownership and Interests of Certain Persons			26
Voting of Proxies			27
Revocability of Proxies			27
Recommendation of the Board			28


Expenses of Proxy Solicitation			28
Anticipated Date of Completion of the Merger			28
Other Matters			28
Appraisal Rights			28
Stockholder List			29
Questions and Additional Information			29
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS			30
THE MERGER			32
Parties Involved in the Merger			32
MISTRAS Group, Inc.			32
Athena Purchaser, LLC			32
Athena Merger Sub, Inc.			32
Effects of the Merger on the Company			33
Effect on the Company if the Merger is Not Completed			33
Merger Consideration			34
Payment of Merger Consideration and Surrender of Stock Certificates			35
Background of the Merger			35
Reasons for the Merger			44
Recommendation of the Board			49
Opinion of the Company’s Financial Advisor			49
Certain Unaudited Prospective Financial Information			55
Interests of the Directors and Executive Officers of the Company in the Merger			58
Treatment of Shares of Common Stock			58
Treatment of Company Equity Awards			59
Potential Change in Control and Severance Entitlements to the Company’s Executive Officers			61
Section 280G Mitigation Actions			62
Retention Bonus Arrangements			62
Indemnification Insurance			63
Quantification of Payments and Benefits			63
Other Arrangements			65
Financing of the Merger			65
Equity Financing			65
Debt Financing			66
Limited Guarantee			67
Voting Agreements			67
Regulatory Approvals Required			69
General			69
Antitrust Laws			70
Nuclear Materials			70
Delisting and Deregistration of Common Stock			71
Accounting Treatment			71
Fees and Expenses			71
Litigation Relating to the Merger			71
Certain U.S. Federal Income Tax Consequences of the Merger			72
U.S. holders			73
Non-U.S. holders			74
THE MERGER AGREEMENT			76
Explanatory Note Regarding the Merger Agreement and the Summary of the Merger Agreement			76
Effects of the Merger; Directors and Officers; Certificate of Incorporation; Bylaws			76
Closing of the Merger; Filing and Effective Time of the Merger			77
Merger Consideration			77


Common Stock			77
Outstanding Equity Awards and Other Awards			78
Dissenting Shares			79
Exchange and Payment Procedures			79
Representations and Warranties			80
Company Representations and Warranties			80
Parent and Acquisition Sub Representations and Warranties			82
Conduct of Business Pending the Merger			83
Go-Shop Period			85
No Solicitation of Other Offers; Change of Recommendation			86
No-Shop Restrictions			86
Fiduciary Exception to No-Shop			86
Restrictions on a Change of Board Recommendation			86
Notification Obligations			87
Superior Proposals			87
Intervening Events			88
Permitted Disclosures			88
Certain Definitions			88
Stockholder Meeting; Proxy Statement			89
Consents, Approvals and Filings			90
Continuing Employees			91
Directors’ and Officers’ Indemnification and Insurance			92
Financing Efforts			93
Other Covenants and Agreements			94
Conditions to the Closing of the Merger			95
Mutual Conditions			95
Company’s Additional Conditions			95
Parent’s Additional Conditions			95
Termination			96
Termination Fees and Expense Reimbursement			97
Limitation on Recourse			99
Specific Performance			100
Fees and Expenses			100
Amendments; Waivers			100
PROPOSAL 1: THE MERGER PROPOSAL			102
The Proposal			102
Required Vote			102
Board Recommendation			102
PROPOSAL 2: THE ADJOURNMENT PROPOSAL			103
The Proposal			103
Required Vote			103
Board Recommendation			103
PROPOSAL 3: THE COMPENSATION PROPOSAL			104
The Proposal			104
Required Vote			104
Board Recommendation			105
APPRAISAL RIGHTS			106
Summary of Section 262 Procedures			106
Demand Requirements			106
Notice by the Surviving Corporation			107
Filing a Petition in the Court of Chancery			107


Limitation on Appraisal Proceedings			107
Determination of Fair Value			107
Costs and Expenses			107
Withdrawal of Demand for Appraisal			108
Street Name Holders			108
MARKET PRICE OF COMMON STOCK			109
Market Information			109
Dividends			109
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT			110
WHERE STOCKHOLDERS CAN FIND MORE INFORMATION			112
FUTURE STOCKHOLDER PROPOSALS			113
HOUSEHOLDING			114
APPENDIX A – Agreement and Plan of Merger			A-1
APPENDIX B-1 – Form of Voting and Support Agreement (Director and Officer Form)			B-1-1
APPENDIX B-2 – Form of Voting and Support Agreement (Stockholder Form)			B-2-1
APPENDIX C – Opinion of Robert W. Baird & Co. Incorporated			C-1
APPENDIX D – Section 262 of the Delaware General Corporation Law			D-1


	Implied Company Enterprise Value
	Low	Average	Median	High
Adjusted EBITDA
LTM	$911.9	$1,082.7	$941.6	$1,470.9
CY projected 2026	808.8	1,028.0	976.5	1,350.4
Implied Enterprise Value⁽¹⁾	$860.3	$1,055.4	$959.0	$1,410.6
Implied Equity Value	$682.0	$877.0	$780.7	$1,232.3
Implied Share Price	$20.17	$25.94	$23.09	$36.44



Manuel N. Stamatakis Executive Chairman of the Board			Natalia Shuman President and Chief Executive Officer


Adjusted EBITA
LTM	$858.0	$1,020.6	$973.0	$1,300.7
CY projected 2026	741.0	899.9	837.7	1,183.4
Implied Enterprise Value⁽¹⁾	$799.5	$960.3	$905.3	$1,242.0
Implied Equity Value	$621.2	$781.9	$727.0	$1,063.7
Implied Share Price	$18.37	$23.12	$21.50	$31.46


	Fiscal Year Ending December 31,⁽¹⁾
($ in millions)	2026	2027	2028	2029	2030
Total Revenue	754	799	858	937	1,000
Adjusted EBITDA⁽²⁾	95	113	130	151	167


	Fiscal Year Ending December 31,
($ in millions)	2026	2027	2028	2029	2030
Total Revenue	737.0	771.5	809.5	854.5	910.5
Adjusted EBITDA⁽¹⁾	92.2	100.4	111.2	124.2	140.2
Adjusted EBITA⁽²⁾	66.1	71.5	81.1	91.8	105.5
EBIT	59.0	64.5	74.5	86.2	100.5
Unlevered Free Cash Flow⁽³⁾	36.4	41.4	55.7	62.8	71.8


Name	Shares Owned (#)	Value of Shares Owned ($)⁽¹⁾
Executive Officers
Natalia Shuman⁽²⁾	5,923	120,533
Edward J. Prajzner	84,063	1,710,682
Manuel Stamatakis⁽²⁾	384,299	7,820,485
Gennaro D’Alterio	16,250	330,688
Hani Hammad	31,853	648,209
Non-Employee Directors
Nicholas DeBenedictis⁽³⁾	273,820	5,572,237
James Forese	177,043	3,602,825
Michelle Lohmeier	99,223	2,019,188
Charles Pizzi	73,480	1,495,318


Name⁽¹⁾	Company RSUs (#)	Estimated Value of Company RSUs ($)	Company PRSUs (#)⁽²⁾	Estimated Value of Company PRSUs ($)⁽³⁾	Total Estimated Cash Consideration for Company RSUs and Company PRSUs in the Merger ($)⁽⁴⁾
Non-Employee Directors:
Nicholas DeBenedictis	—	$—	—	$—	$—
James Forese	—	$—	—	$—	$—
Michelle Lohmeier	—	$—	—	$—	$—
Charles Pizzi	—	$—	—	$—	$—
Executive Officers:
Natalia Shuman	16,667	$339,173	211,938	$4,312,938	$4,652,111
Edward J. Prajzner	8,750	$178,063	94,935	$1,931,927	$2,109,990
Manuel Stamatakis	40,000	$814,000	180,773	$3,678,731	$4,492,731
Gennaro D’Alterio	4,000	$81,400	45,398	$923,849	$1,005,249
Hani Hammad	11,764	$239,397	66,993	$1,363,308	$1,602,705


Name	Total Number of Options Cancelled For Merger Consideration (#)	Range of Exercise Prices per Share of All Options ($)	Weighted Average Exercise Price per Share of All Options ($)	Total Estimated Cash Consideration for Options in the Merger ($)
Non-Employee Directors:
Nicholas DeBenedictis	—	$—	$—	$—
James Forese	—	$—	$—	$—
Michelle Lohmeier	—	$—	$—	$—
Charles Pizzi	—	$—	$—	$—
Executive Officers:
Natalia Shuman	35,000	$9.71	$9.71	$372,400
Edward J. Prajzner	—	$—	$—	$—
Manuel Stamatakis	625,000	$5.36 - 9.06	$7.58	$7,981,250
Gennaro D’Alterio	—	$—	$—	$—
Hani Hammad	—	$—	$—	$—


Executive Officers			Potential Aggregate Retention Bonus Payment
Natalia Shuman			$750,000
Edward J. Prajzner			$425,000
Manuel Stamatakis			$—
Hani Hammad			$425,000
Gennaro D’Alterio			$245,000


Name	Cash Severance ($)⁽¹⁾	Cash Retention Bonus ($)⁽²⁾	Equity ($)⁽³⁾	Pension/ NQDC ($)⁽⁴⁾	Perquisites & Benefits ($)⁽⁵⁾	Tax Reimbursement ($)⁽⁶⁾	Total ($)⁽⁶⁾
Natalia Shuman	3,604,000	750,000	5,024,511	—	18,824	—	9,397,335
Edward J. Prajzner	2,080,000	425,000	2,109,990	—	31,507	—	4,646,497
Manuel Stamatakis	558,151	—	12,473,981	—	897	—	13,033,029
Gennaro D’Alterio	1,151,172	245,000	1,042,083	—	35,163	—	2,473,418
Hani Hammad	1,458,000	425,000	1,663,266	—	35,163	—	3,581,429


Name	Base Cash Severance ($)	Bonus Target ($)	Prorated Bonus ($)	Total Cash ($)
Natalia Shuman	1,802,000	1,802,000		3,604,000
Edward J. Prajzner	1,040,000	1,040,000		2,080,000
Manuel Stamatakis	—	—	558,151	558,151
Gennaro D’Alterio	639,540	511,632		1,151,172
Hani Hammad	729,000	729,000		1,458,000


195 Clarksville Road, Princeton Junction, New Jersey 08550


195 Clarksville Road, Princeton Junction, New Jersey 08550


Name	Estimated Value of Company RSUs ($)	Estimated Value of Company PRSUs ($)	Estimated Value of Company Options ($)	Total Estimated Value of Equity ($)
Natalia Shuman	339,173	4,312,938	372,400	5,024,511
Edward J. Prajzner	178,063	1,931,927	—	2,109,990
Manuel Stamatakis	814,000	3,678,731	7,981,250	12,473,981
Gennaro D’Alterio	81,400	923,849	—	1,005,249
Hani Hammad	239,397	1,363,308	—	1,602,705


Name	Estimated Cost of Medical Benefits ($)	Estimated Cost of Dental Benefits ($)	Estimated Cost of Vision Benefits ($)	Total Estimated Value of Health and Welfare ($)
Natalia Shuman	17,804	897	123	18,824
Edward J. Prajzner	30,487	897	123	31,507
Manuel Stamatakis	—	897	—	897
Gennaro D’Alterio	34,043	997	123	35,163
Hani Hammad	34,043	997	123	35,163


	High	Low
Fiscal Year Ending December 31, 2026
First Quarter	$15.68	$12.92
Second Quarter	$19.28	$15.26
Third Quarter	$21.77	$14.76
Fourth Quarter (through [•])	$[•]	$[•]
Fiscal Year Ended December 31, 2025
First Quarter	$10.83	$8.88
Second Quarter	$10.49	$7.29
Third Quarter	$9.91	$7.83
Fourth Quarter	$13.19	$9.39
Fiscal Year Ended December 31, 2024
First Quarter	$9.65	$7.28
Second Quarter	$9.71	$7.68
Third Quarter	$12.10	$7.92
Fourth Quarter	$12.31	$8.40


Name and Address of Beneficial Owner⁽¹⁾	Number of Shares Beneficially Owned⁽²⁾	Shares Acquirable Within 60 Days⁽³⁾	Total Beneficial Ownership	Percentage of Common Stock Beneficially Owned
Directors and Executive Officers
Natalia Shuman	123,780	35,000	158,780	*
Nicholas DeBenedictis	273,820	—	273,820	*
James J. Forese	177,043	—	177,043	*
Michelle J. Lohmeier	99,223	—	99,223	*
Charles P. Pizzi	73,480	—	73,480	*
Manuel Stamatakis	510,609	625,000	1,135,609	3.6%
Edward J. Prajzner	147,031	—	147,031	*
Hani Hammad	84,270	—	84,270	*
Gennaro D’Alterio	45,673	—	45,673	*
Directors and Executive Officers as a Group (11 persons)	1,623,966	685,000	2,308,966	7.2%
>5% Stockholders⁽⁴⁾
2025 Irrevocable Two-Year Grantor Retained Annuity Trust of Aspasia F. Vahaviolos⁽⁵⁾	3,923,718	—	3,923,718	12.3%
Stephanie Foglia⁽⁵⁾⁽⁶⁾	5,532,313	—	5,532,313	17.4%
Aspasia Vahaviolos⁽⁵⁾⁽⁷⁾	6,084,508	—	6,084,508	19.1%
Kristy Kyriakopoulos⁽⁸⁾	1,617,006	—	1,617,006	5.1%
Mill Road Capital III, L.P.⁽⁹⁾	1,938,316	—	1,938,316	6.1%
Dimensional Fund Advisors LP⁽¹⁰⁾	1,623,141	—	1,623,141	5.1%


		Page
ARTICLE I THE MERGERO		A-1
1.1.	The Merger	A-1
1.2.	Closing of the Merger	A-2
1.3.	Filing and Effective Time of the Merger	A-2
1.4.	Effect of the Merger	A-2
1.5.	Organizational Documents; Directors and Officers	A-2

ARTICLE II CONVERSION OF SECURITIES IN THE MERGER		A-2
2.1.	Conversion of Securities	A-2
2.2.	Payment for Securities; Surrender of Certificates	A-3
2.3.	Dissenting Shares	A-5
2.4.	Treatment of Options, Restricted Stock Units and Company Equity Plans	A-5
2.5.	Withholding Rights	A-6
2.6.	Adjustments	A-6

ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY		A-6
3.1.	Corporate Organization	A-6
3.2.	Capitalization	A-7
3.3.	Authority; Execution and Delivery; Enforceability	A-8
3.4.	No Conflicts	A-9
3.5.	SEC Documents; Financial Statements; Undisclosed Liabilities; Fairness	A-9
3.6.	Absence of Certain Changes or Events	A-11
3.7.	Proxy Statement	A-11
3.8.	Legal Proceedings and Orders	A-11
3.9.	Compliance with Laws	A-11
3.10.	Permits	A-12
3.11.	Employee Benefit Plans	A-13
3.12.	Employee and Labor Matters	A-15
3.13.	Environmental Matters	A-16
3.14.	Real Property; Title to Assets	A-17
3.15.	Tax Matters	A-18
3.16.	Material Contracts	A-19
3.17.	Intellectual Property	A-21
3.18.	Broker’s Fees	A-24
3.19.	Opinion of Financial Advisor	A-24
3.20.	Insurance	A-24
3.21.	Government Contracts	A-24
3.22.	Indebtedness	A-26
3.23.	Material Customers and Suppliers	A-27
3.24.	No Other Representations or Warranties	A-27

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF PARENT AND ACQUISITION SUB		A-27
4.1.	Corporate Organization	A-28
4.2.	Authority, Execution and Delivery; Enforceability	A-28
4.3.	No Conflicts	A-28
4.4.	Litigation	A-29
4.5.	Financing	A-29
4.6.	Guarantee	A-29
4.7.	Proxy Statement	A-30
4.8.	Ownership of Company Capital Stock	A-30
4.9.	Solvency	A-30


		Page
4.10.	Ownership of Parent and Acquisition Sub	A-30
4.11.	No Stockholder and Management and Other Arrangements	A-30
4.12.	Brokers	A-31
4.13.	Foreign Ownership, Control and Influence	A-31
4.14.	No Other Representations and Warranties; Non-Reliance	A-31

ARTICLE V COVENANTS		A-31
5.1.	Conduct of Business by the Company Pending the Closing	A-31
5.2.	Access to Information; Confidentiality	A-34
5.3.	Acquisition Proposals	A-35
5.4.	Company Stockholder Meeting; Proxy Statement	A-39
5.5.	Regulatory and Other Authorizations; Notices and Consents	A-40
5.6.	Certain Notices	A-42
5.7.	Public Announcements	A-42
5.8.	Employee Benefit Matters	A-42
5.9.	Indemnification	A-44
5.10.	Financing	A-45
5.11.	Debt Financing Cooperation	A-47
5.12.	Parent Agreements Concerning Acquisition Sub	A-48
5.13.	Takeover Laws	A-48
5.14.	Section 16 Matters	A-48
5.15.	Further Actions	A-48
5.16.	Stockholder Litigation	A-48
5.17.	Stock Exchange Delisting	A-49
5.18.	Resignation of Directors	A-49
5.19.	Payoff Letters	A-49
5.20.	Voting Agreements	A-49
5.21.	Fairness Opinion	A-49
5.22.	Cash; Marketable Securities; Repatriation	A-49
5.23.	German Real Estate Transfer Tax	A-49
5.24.	Specified Proceedings	A-50

ARTICLE VI CONDITIONS TO THE MERGER		A-50
6.1.	Conditions to Obligations of Each Party Under this Agreement	A-50
6.2.	Conditions to Obligations of the Company Under this Agreement	A-50
6.3.	Conditions to Obligations of Parent and Acquisition Sub Under this Agreement	A-50

ARTICLE VII TERMINATION, AMENDMENT AND WAIVER		A-51
7.1.	Termination	A-51
7.2.	Effect of Termination	A-52
7.3.	Company Termination Fee	A-53
7.4.	Parent Termination Fee	A-54
7.5.	Payments; Limitation on Recourse	A-54
7.6.	Amendment	A-55
7.7.	Waiver	A-56

ARTICLE VIII GENERAL PROVISIONS		A-56
8.1.	Non-Survival of Representations and Warranties	A-56
8.2.	Fees and Expenses	A-56
8.3.	Notices	A-56
8.4.	Certain Definitions	A-57
8.5.	Terms Defined Elsewhere	A-65


		Page
8.6.	Headings	A-66
8.7.	Severability	A-66
8.8.	Entire Agreement	A-67
8.9.	Assignment	A-67
8.10.	No Third-Party Beneficiaries	A-67
8.11.	Mutual Drafting; Interpretation	A-67
8.12.	Governing Law; Consent to Jurisdiction; Waiver of Trial by Jury	A-68
8.13.	Counterparts	A-69
8.14.	Specific Performance	A-69


			If to Parent, Acquisition Sub, or the Surviving Corporation:

			c/o H.I.G. Capital, LLC
			1450 Brickell Avenue
			Miami, FL 33131
			Attn: Matt Gullen; Alexander Thorn
			Email: [***]

			with a copy to (which copy will not constitute notice):

			Kirkland & Ellis LLP
			830 Brickell Plaza
			Miami, FL 33131
			Attn: Matthew S. Arenson, P.C.; Lee Blum
			Email: [***]

			If to the Company (prior to Closing):

			Mistras Group, Inc.
			195 Clarksville Road
			Princeton Junction, NJ 08550
			Attn: Eileen Coggins
			Email: [***]


			with a copy to (which copy will not constitute notice):

			Morgan, Lewis & Bockius LLP
			2222 Market Street
			Philadelphia, PA 19103-3007
			Attn: Justin W. Chairman; G.T. Harris
			Email: [***]

			Troutman Pepper Locke LLP
			3000 Two Logan Square
			Eighteenth and Arch Streets
			Philadelphia, PA 19103
			Attn: Michael H. Friedman; Seth A. Winter
			Email: [***]


“Acquisition Sub”			Preamble
“Agreement”			Preamble
“Anti-Corruption Laws”			Section 3.11(d)
“Bankruptcy and Equitable Exception”			Section 3.3(a)
“Book-Entry Shares”			Section 2.2(b)(ii)
“Certificate of Merger”			Section 1.3
“Certificates”			Section 2.2(b)(i)
“Change of Board Recommendation”			Section 5.3(c)
“Closing”			Section 1.2
“Closing Date”			Section 1.2
“Company”			Preamble
“Company Board”			Recitals
“Company Board Recommendation”			Recitals
“Company Bylaws”			Section 3.1
“Company Charter”			Section 3.1
“Company Common Stock”			Recitals
“Company Disclosure Letter”			Article III
“Company Equity Plans”			Section 2.4(e)
“Company Expense Reimbursement”			Section 5.11(c)
“Company Lease Agreement”			Section 3.16(a)(v)
“Company Leased Real Property”			Section 3.14(b)
“Company Material Contracts”			Section 3.16(b)
“Company Stockholder Meeting”			Section 5.4(a)
“Company Option”			Section 2.4(a)
“Company Owned Real Property”			Section 3.14(a)
“Company Preferred Stock”			Section 3.2(a)
“Company PRSU”			Section 2.4(b)
“Company Real Property”			Section 3.14(c)
“Company Related Parties”			Section 7.3(f)
“Company Registered Intellectual Property”			Section 3.17(a)
“Company Representatives”			Section 5.11(a)
“Company RSU”			Section 2.4(b)
“Company SEC Documents”			Section 3.5(a)
“Company Termination Fee”			Section 7.3(a)
“Company Transaction Bonuses”			Section 5.1(o)
“Confidentiality Agreement”			Section 5.2(b)
“Continuing Employee”			Section 5.8(a)
“Costs of Collection”			Section 7.4(d)
“D&O Insurance”			Section 5.9(c)
“DGCL”			Recitals
“Dissenting Shares”			Section 2.3(a)
“ECL Claims”			Section 7.5(a)
“Effect”			Section 8.4
“Effective Time”			Section 1.3
“Excluded Benefits”			Section 5.8(a)


“Filed Company SEC Documents”			Article III
“Filed Company SEC Financial Statements”			Section 3.5(c)
“Go-Shop Period”			Section 5.3(a)
“Government Tangible Property”			Section 3.21(c)
“Guarantor”			Recitals
“Guarantee”			Recitals
“Indemnitee”			Section 5.9(a)
“IT Systems” ‘			Section 3.17(i)
‘Key Government Contract”			Section 3.21
“Material Customers”			Section 3.16(a)(ii)
“Material Suppliers”			Section 3.16(a)(i)
“Maximum Premium”			Section 5.9(c)
“Merger”			Recitals
“Merger Consideration”			Section 2.1(a)
“Money Laundering Laws”			Section 3.9(b)
“No-Shop Start Date”			Section 5.3(a)
“Non-U.S. Company Benefit Plan”			Section 3.11(l)
“Notice Period”			Section 5.3(f)
“Outside Date”			Section 7.1(d)
“Parent”			Preamble
“Parent Disclosure Letter”			Article IV
“Parent Expense Reimbursement”			Section 7.3(c)
“Parent Liability Limitation”			Section 7.5(b)
“Parent Plan”			Section 5.8(c)
“Parent Related Parties”			Section 7.4
“Parent Subsidiary”			Section 4.3(a)
“Parent Termination Fee”			Section 7.4(a)
“Paying Agent”			Section 2.2(a)
“Payoff Letters”			Section 5.18
“Permits”			Section 3.10
“Permitted Acquisition”			Section 5.1(h)
“Products”			Section 3.17
“Proposed Changed Terms”			Section 5.3(f)(ii)
“Reimbursement Obligations”			Section 5.11(c)
“Reference Date”			Section 3.2(a)
“Restricted Commitment Modification”			Section 5.10(a)(i)
“Requisite Stockholder Approval”			Section 3.3(b)
“Shares”			Recitals
“SOX”			Section 3.5(d)
“Superior Proposal”			Section 5.3(i)(iii)
“Surviving Corporation”			Section 1.3
“Transactions”			Section 1.3
“WARN Act”			Section 3.12(d)
“Voting Agreement”			Recitals


Parent:

ATHENA PURCHASER, LLC

By:	/s/ Matt Gullen
	Name:	Matt Gullen
	Title:	President and Treasurer


Acquisition Sub:

ATHENA MERGER SUB, INC.

By:	/s/ Matt Gullen
	Name:	Matt Gullen
	Title:	President and Treasurer


The Company:

MISTRAS GROUP, INC.

By:	/s/ Manuel Stamatakis
	Name:	Manuel Stamatakis
	Title:	Executive Chairman


			If to Parent:

			c/o H.I.G. Capital, LLC
			1450 Brickell Avenue
			31st Floor
			Miami, FL 33131
			Attention: Matt Gullen; Alexander Thorn
			Email: mgullen@hig.com; athorn@hig.com

			with a copy to (which copy will not constitute notice):

			Kirkland & Ellis LLP
			830 Brickell Plaza
			Miami, Florida 33131
			Attention: Matthew Arenson, P.C.; Lee Blum
			Email: matthew.arenson@kirkland.com; lee.blum@kirkland.com