Document:

Exhibit 4.5

                   AMENDMENT NO. 1 TO STOCKHOLDERS' AGREEMENT

     This Amendment No. 1, dated as of February 28, 2001 (this "Amendment"), to
the Stockholders' Agreement (the "Original Agreement"), dated as of March 9,
2000, by and among Caravelle Investment Fund, L.L.C., a Delaware limited
liability company ("Caravelle"), CIBC WMC Inc., a Delaware corporation
("CIBCWMC"), Albion Alliance Mezzanine Fund, L.P., a Delaware limited
partnership ("Albion"), Albion Alliance Mezzanine Fund II, L.P., a Delaware
limited partnership ("Albion II" and, together with Caravelle, CIBCWMC and
Albion I, the "Preferred Investors" and, in their capacity as holders of shares
of Common Stock (and together with any of their Affiliates or Associated
Entities or Managed Funds (including Trimaran Fund II, L.L.C., the Trimaran
Co-Investors and TIP (as defined in the second and first recitals hereto)) that
have or may become transferees of any Common Stock held by them), the "Preferred
Investor Common Stockholders"), Transportation Technologies Industries, Inc., a
Delaware corporation and the surviving corporation in the Merger (the
"Company"), and the persons listed on Exhibit A attached hereto who are
signatories to such agreement (the "Individual Investors" and, together with the
Preferred Investor Common Stockholders, the "Stockholders"), is entered into by
and among the Preferred Investor Common Stockholders (other than CIBCWMC,
Trimaran and the Trimaran Co-Investors) and the Individual Investors. Unless
otherwise defined herein, capitalized terms used herein shall have the meanings
ascribed thereto in the Original Agreement.

                                    RECITALS

     WHEREAS, Transportation Investment Partners L.L.C. ("TIP"), Caravelle and
certain of the Individual Investors have purchased an aggregate of 465,116
shares of Common Stock, warrants (the "Warrants") to purchase an aggregate of
100,000 shares of Common Stock, contingent warrants (the "New Equity Contingent
Warrants") to purchase an aggregate of 465,116 shares of Common Stock, a
conversion option (the "Conversion Option") pursuant to which, upon exercise
thereof, the Company has agreed to issue to such Persons up to an aggregate of
697,674 shares of Common Stock and contingent warrants (the "Conversion
Contingent Warrants" and, together with the New Equity Contingent Warrants, the
"Contingent Warrants") to purchase up to an aggregate of 697,674 shares of
Common Stock;

     WHEREAS, pursuant to the Assignment and Assumption Agreement, dated as of
June 30, 2000, Caravelle has assigned a portion of the Common Stock and
Preferred Stock acquired thereby to Trimaran Fund II, L.L.C. ("Trimaran"), and
the other Trimaran Co-Investors (as defined in the aforesaid Assignment and
Assumption Agreement), CIBC WMC, Inc. ("CIBCWMC"), pursuant to an Assignment and
Assumption Agreement, dated as of June 30, 2000, has assigned all the Common
Stock and Preferred Stock acquired thereby to Trimaran and the Trimaran
Co-Investors and Trimaran and the Trimaran Co-Investors, pursuant to an
Assignment and Assumption Agreement, dated as of February 27, 2001, have
assigned all the Common Stock and Preferred Stock acquired by Trimaran and the
Trimaran Co-Investors pursuant to the aforesaid assignment and assumption
agreement to TIP;

     WHEREAS, pursuant to the aforesaid assignment and assumption agreements:

<PAGE>

          (a) CIBCWMC is no longer a party to the Original Agreement nor to the
     other Ancillary Agreements (as defined in the aforesaid assignment and
     assumption agreements) and has assigned its rights under the Ancillary
     Agreements to Trimaran and the Trimaran Co-Investors and they have assumed
     all CIBCWMC's liabilities thereunder; and

          (b) Caravelle has assigned certain of its rights under the Ancillary
     Agreements to Trimaran and the Trimaran Co-Investors and they have assumed
     certain of Caravelle's liabilities thereunder; and

          (c) Trimaran and the Trimaran Co-Investors are no longer a party to
     the Original Agreement nor to the other Ancillary Agreements (as defined in
     the aforesaid assignment and assumption agreements) and have assigned their
     rights under the Ancillary Agreements to TIP and TIP has assumed all
     Trimaran's and the Trimaran Co-Investor's liabilities thereunder; and

          (d) by virtue of the aforesaid and Section 5(i) of the Original
     Agreement, TIP became party to the Original Agreement;

     WHEREAS, the parties hereto wish to amend the Original Agreement to
provide, among other things, for the election of new directors.

                                   AGREEMENTS

     NOW, THEREFORE, in consideration of the mutual covenants and obligations
set forth in this Amendment, the receipt and sufficiency of which are
acknowledged by each of the parties hereto, effective as of the date hereof
(except as provided herein), the parties hereto, intending to be legally bound,
hereby agree as follows:

     1. Representations and Warranties. Each party hereto represents and
warrants that (a) this Amendment has been duly authorized, executed and
delivered by such party and constitutes the valid and binding obligation of such
party, enforceable against such party in accordance with its terms, and (b) such
party has not granted and is not a party to any proxy, voting trust or other
agreement which conflicts with or violates any provision of the Original
Agreement, as amended by this Amendment. No party to this Amendment shall grant
any proxy or become party to any voting trust or other agreement which conflicts
with or violates any provision of the Original Agreement, as amended by this
Amendment.

     2. Amendments to Original Agreement.

          (a) The number of directors specified in Section 2(a)(i) of the
     Original Agreement is hereby changed to nine. The Stockholders shall take
     all action to cause the Company's Certificate of Incorporation and By-Laws
     so to provide as of the date hereof.

          (b) The number of directors specified in Section 2(a)(ii) of the
     Original Agreement is hereby changed to five. TIP, and, at its election,
     any of its Affiliates or Associated Entities that may become transferees of
     Common Stock, shall designate four of such directors and Caravelle, and, at
     its election, any of its Affiliates or Associated Enti-

                                      -2-
<PAGE>

     ties that may become transferees of Common Stock, shall designate the
     remaining such director. In addition to the directors already designated
     thereby, TIP hereby designates Steven Flyer and Anthony Pui to serve as
     directors.

          (c) Section 2(a)(vi), and the last sentence of Section 2(b), of the
     Original Agreement (and all references thereto in such agreement) are
     hereby deleted.

          (d) The amount in Section 3(d)(ii) of the Original Agreement is hereby
     changed to $15.0 million and the amount in Section 3(d)(iii) thereof is
     hereby changed to $20.0 million.

          (e) Section 5(i)(ii) of the Original Agreement is hereby amended by
     inserting immediately after the word, "above", therein: "or the transfers
     described in the recitals to Amendment No. 1 to this Agreement, dated as of
     February 28, 2001".

          (f) Sections 8(a), (b) and (c) of the Original Agreement are hereby
     restated in their entirety as follows:

               (a) Until such time as a Qualified Public Offering shall have
          been consummated (subject to the voting rights of directors elected by
          the holders of Preferred Stock in accordance with the terms of the
          Certificate of Designation), if Preferred Investor Common Stockholders
          (such holders being the "Initiators") holding at least 75% of the
          fully-diluted shares of Common Stock held by all Preferred Investor
          Common Stockholders, assuming full conversion of the Preferred Stock,
          propose a sale, merger or other Transfer involving all or
          substantially all of the shares or assets of the Company on an arm's
          length basis to a third party or an affiliated group of third parties
          who is not (i) a Stockholder or (ii) an Affiliate of a Stockholder,
          then the remaining Stockholders and their Permitted Transferees (the
          "Remaining Stockholders") shall (subject to the voting rights of
          directors elected by the holders of Preferred Stock in accordance with
          the terms of the Certificate of Designation) consent to and raise no
          objection with respect to (and will not exercise statutory appraisal
          rights in connection with) such transaction and, if such transaction
          is structured as a sale of shares (including a sale structured as a
          merger, whether a forward, reverse or other merger), the Remaining
          Stockholders will, at the option of the Initiators (subject to the
          voting rights of the directors elected by the holders of Preferred
          Stock in accordance with the terms of the Certificate of Designation),
          agree to sell their shares on the terms and conditions approved by the
          Board and the Initiators; provided, however, that (x) subject to the
          first proviso to Section 8(c), any options as to the type of
          consideration offered to any Initiator must be offered to the
          Remaining Stockholders, (y) the consideration offered for any proposed
          Transfer must be at least 80% cash or marketable securities and (iii)
          there shall be no adverse tax consequences which relate or impact only
          the Remaining Stockholders (as distinguished from all Stockholders)
          arising from such transaction.

               (b) To exercise the drag-along rights provided in this Section 8,
          the Company shall first give to the Remaining Stockholders a written
          notice (a

                                      -3-
<PAGE>

          "Drag-Along Notice") containing (i) the name and address of the
          proposed transferee and (ii) the proposed purchase price, terms of
          payment and other material terms and conditions of the proposed
          transferee's offer. The Remaining Stockholders shall, at the option of
          the Initiators, thereafter be obligated, subject to the terms and
          conditions of this Section 8, to sell to the proposed transferee,
          simultaneously with the other Stockholders' sales, its shares.

               (c) At the closing of any Transfer of shares pursuant to this
          Section 8, the Remaining Stockholders shall enter into agreements with
          the purchaser of the shares containing terms substantially similar to
          the terms on which the Initiators are Transferring their shares;
          provided, however, that the consideration to be received in respect of
          the Common Stock and Preferred Stock (i) in the case of a merger or
          consolidation of the Company or a transfer of shares, shall be
          determined on the basis of the Company's having distributed the
          aggregate proceeds to be received by all holders of its capital stock
          in such transaction in a liquidation thereof and (ii) in the case of a
          sale of assets of the Company, shall be determined on the basis of the
          Company having discharged all its remaining liabilities (or having
          duly created reserves therefor) and then liquidating; and provided
          further that (x) all claims in respect of breaches of representation
          and warranties by the Stockholders or the Company (or claims for
          indemnification in respect thereof) not described in the immediately
          succeeding clause (y)(A) of this proviso (as if such clause applied to
          the Initiators as well) shall first be paid by holders of Common Stock
          (based on the number of shares of Common Stock Transferred thereby in
          such transaction), and, to the extent such claims exceed such
          aggregate consideration, by the holders of the Preferred Stock (based
          on the number of shares of Preferred Stock Transferred thereby in such
          transaction); and (y) notwithstanding anything contained in this
          Agreement to the contrary, neither the Remaining Stockholders nor any
          of their respective Permitted Transferees shall be required to (A)
          make any representations or warranties, or provide indemnification, to
          any person (other than representations and related indemnification
          regarding the due authorization to enter and to perform the agreement
          of sale, the validity and enforceability of the agreement of Transfer,
          good title to the shares Transferred, regarding the absence of liens
          or encumbrances on the shares so Transferred and as provided in the
          immediately succeeding clause (B) of this proviso), and (B) each of
          the Remaining Stockholders' liability for breach of any
          representations and warranties in respect of the Company will be
          several and not joint, will be proportionate to the percentage of the
          shares it Transfers, and will be limited to any proceeds received or
          receivable by it arising from such Transfer.

          (g) (i) Section 17(a) of the Original Agreement (and all references
     thereto in such agreement) are hereby deleted. Each Individual Investor
     hereby agrees to such amendments, as may be reasonably requested by the
     Company, to his employment agreement so as to reflect such deletion.

          (ii) The first and second sentences of Section 17(b)(ii) of the
     Original Agreement are hereby replaced with the following:

                                      -4-
<PAGE>

          "If the call right provided for in Section 17(b)(i) is not fully
          exercised during the First Call Period, the Stockholders (other than
          the terminated Individual Investor and any Affiliated Transferee)
          shall have the right and option for 30 days after the First Call
          Period (the "Second Call Period") to purchase any or all shares then
          held by the terminated Individual Investor and any Affiliated
          Transferee not purchased pursuant to Section 17(b)(i), and the
          Individual Investor (and any Affiliated Transferee) shall be required
          to offer to such Stockholders any or all such shares at a price per
          share equal to the applicable purchase price determined to pursuant to
          Section 17(b)(iv). Each Stockholder having an option to acquire shares
          pursuant to the immediately preceding sentence may elect to acquire up
          to all the shares so offered. If the aggregate number of shares
          elected to be purchased by the Stockholders exceeds the number of
          shares so offered, each Stockholder may first purchase up to his pro
          rata portion of the shares so offered (which shall be the percentage
          of the shares so offered that is equal to the percentage of
          fully-diluted shares held by such Stockholder divided by the
          percentage of fully-diluted shares held by all Stockholders electing
          to purchase portions of the shares so offered), and the balance of any
          shares to be so purchased shall be allocated among Stockholders who
          elected to purchase more than such pro rata share in the proportion in
          which such pro rata share of each such Stockholder bears to the
          others."

          (iii) (x) The phrase, "Preferred Investor Common", in the last
     sentence of Section 17(b)(ii) of the Original Agreement is hereby deleted,
     (y) the reference in such sentence to "the preceding sentence" is hereby
     changed to "the first sentence" and (z) the reference in such sentence and
     in Section 17(b)(iii) of the Original Agreement to "Third Call Period" and
     "Fourth Call Period" is hereby changed to "Second Call Period" and "Third
     Call Period", respectively.

          (iv) (x) The second sentence of Section 17(b)(iii) of the Original
     Agreement (and all references thereto in such agreement) are hereby
     deleted; and (y) the phrase, "Preferred Investor Common", in the last
     sentence of Section 17(b)(iii) of the Original Agreement is hereby deleted
     in each instance.

          (h) The following is hereby added as a new Section 3A to the Original
     Agreement:

          "Without the affirmative vote (or written consent) of (A) Individual
          Investors (and their Permitted Transferees) holding a majority of
          shares of Common Stock held by all Individual investors (and their
          Permitted Transferee) or (B) all members of the Board, the Company
          shall not:

               (a) (nor shall it permit any of its Subsidiaries to) engage in
          any transaction with any Affiliate of the Company that is a Preferred
          Investor Common Stockholder (or an Affiliate thereof) (i) that is not
          fair from a financial point of view to the Company and its
          Subsidiaries or (ii) which, either alone or together with a series of
          related transactions involving such Persons, involves amounts having a
          fair market value in excess of $5 mil-

                                      -5-
<PAGE>

          lion without having obtained an opinion of an Independent Financial
          Expert (as defined in the Contingent Warrant Agreement) that the terms
          of such transaction are fair to the Company and its Subsidiaries from
          a financial point of view;

               (b) amend its Certificate of Incorporation or By-Laws in a manner
          that is designed to affect an Individual Investor in a materially
          different manner from the manner in which such amendment affects other
          holders of Common Stock who are not Individual Investors or their
          Permitted Transferees; provided that this Section 3A shall not apply
          to any transaction or amendment made in connection with a transaction
          subject to Section 8."

          (i) The following is hereby added as new Section 3B to the Original
     Agreement:

               (a) "(a) Without the prior consent of the Company (which consent
          may be given or withheld for any reason, whether reasonable or
          unreasonable), no Individual Investor, while employed by the Company
          or any Subsidiary of the Company, shall (nor shall he permit any of
          his Related Persons or any Affiliates of him or of such Related
          Persons to) enter into any agreement or understanding with respect to
          the acquisition or other purchase of any direct or indirect ownership
          interest (other than less than 1% of a class of publicly traded
          securities) in any business that is competitive with the Company or
          any of its Subsidiaries (i) until 20 business days after the date on
          which the Company and the Board received the written request
          contemplated by Section 3B(b) in respect of any such acquisition or
          purchase; and (ii) at any time after the Board rejects such request
          (as evidenced by a notice given to the Individual Investor making such
          request (as contemplated by Section 3B(b)) from the Company to such
          effect no later than the end of such 20 business day period.

               (b) (b) Any Individual Investor may bring to the attention of the
          Board any transaction described in Section 3B(a) of the immediately
          preceding sentence. If the Board elects not to pursue such
          transaction, such Individual Investor may request in writing that the
          Board permit him to pursue the same, in which event the Board shall
          consider such request; provided that the Board shall be under no
          obligation to grant such request and may deny the same for any reason,
          whether reasonable or unreasonable."

          (j) The following proviso is hereby added to the definition of "fully
     diluted" in Section 20 of the Original Agreement:

     "provided that Contingent Warrants shall only be included to the extent
they are exercisable at the time of determination".

          (k) The following definitions are hereby added to Section 20 of the
     Original Agreement:

                                      -6-
<PAGE>

     ""Contingent Warrants" shall have the meaning ascribed to such term in the
second recital to Amendment No. 1 to this Agreement, dated as of February 28,
2001.

     "Conversion Contingent Warrants" shall have the meaning ascribed to such
term in the second recital to Amendment No. 1 to this Agreement, dated as of
February 28, 2001.

     "Initiators" shall have the meaning ascribed to such term in Section 8(a)
of this Agreement, as amended by Amendment No. 1 to this Agreement, dated as of
February 28, 2001.

     "New Equity Contingent Warrants" shall have the meaning ascribed to such
term in the first recital to Amendment No. 1 to this Agreement, dated as of
February 28, 2001.

     "Santomero" shall have the meaning ascribed to such term in the second
recital to Amendment No. 1 to this Agreement, dated as of February 28, 2001.

     "TIP" shall have the meaning ascribed to such term in the first recital to
Amendment No. 1 to this Agreement, dated as of February 28, 2001.

     "Warrants" shall have the meaning ascribed to such term in the first
recital to Amendment No. 1 to this Agreement, dated as of February 28, 2001."

          (l) The following is hereby added to the end of Section 21 (a) of the
     Original Agreement:

          "Notwithstanding the foregoing, the Company shall enter into such
          amendments to this Agreement such that each Person acquiring shares of
          Common Stock upon exercise of the Conversion Option, the Warrants or
          the Contingent Warrants shall become a party to this Agreement and
          that such Person shall, for purposes of this Agreement (in respect of
          such shares), be (x) a Preferred Investor Common Stockholder, if the
          initial holder of the portion of the Conversion Option or the initial
          holder of the Warrants or Contingent Warrants, as the case may be, in
          respect of the exercise of which such shares were acquired by such
          Person was a Preferred Investor Common Stockholder, or (y) an
          Individual Investor, if the initial holder of the portion of the
          Conversion Option or the initial holder of the Warrants or Contingent
          Warrants, as the case may be, in respect of the exercise of which such
          shares were acquired by such Person was an Individual Investor."

     3. (a) Each Individual Investor agrees to such amendments, as may be
reasonably requested by the Company, to his employment agreement so as to
provide that this Amendment and the transactions contemplated hereby do not
constitute a Change of Control.

     (b) The parties hereto hereby agree to use their respective reasonable
commercial efforts to make such amendments to all other agreements and
documentation in respect of the Company to effectuate the amendments to the
Original Agreement herein contemplated.

                                      -7-
<PAGE>

     4. At the Closing Time (as defined in the Purchase Agreement, dated as of
February 20, 2001, by and among the Company and the purchasers named therein),
the Company, Thomas M. Begel, Timothy A. Masek, Kenneth M. Tallering, John
Wilkinson and Andrew M. Weller shall execute and deliver to each other a letter
substantially in the form attached as Exhibit A hereto.

     5. Except as provided in Section 2 of this Amendment, the Original
Agreement shall remain in full force and effect.

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment on the
day and year first above written.

                          PREFERRED INVESTORS

                          CARAVELLE INVESTMENT FUND L L C

                          By:    Caravelle Advisors, L.L.C.,
                                 its investment manager and attorney-in-fact

                          By:    /s/ Jason Block
                                 ---------------------------------------------
                                 Name:
                                 Title:

                          TRANSPORTATION INVESTMENT PARTNERS L.L.C.

                          By:    /s/ Dean C. Kehler
                                 -------------------------------------------
                                 Name:
                                 Title:

                          ALBION-ALLIANCE MEZZANINE FUND. L P

                          By:      Albion Alliance LLC, its general partner

                          By:    /s/ Alastair Tedford
                                 -------------------------------------------
                                 Name:
                                 Title:

                                      -8-
<PAGE>

                          ALBION-ALLIANCE MEZZANINE FUND II L.P

                          By-    AA MEZZ II GP, LLC, its general partner

                          By:    Albion Alliance LLC, its sole member

                          By:    /s/ Alastair Tedford
                                 -------------------------------------------
                                 Name:
                                 Title:

                                      -9-
<PAGE>

                          INDIVIDUAL INVESTORS

                          /s/ Thomas M. Begel
                          ---------------------------------
                          Thomas M. Begel

                          /s/ Timothy A. Masek
                          ---------------------------------
                          Timothy A. Masek

                          /s/ Kenneth M. Tallering
                          ---------------------------------
                          Kenneth M. Tallering

                          /s/ Andrew M. Weller
                          ---------------------------------
                          Andrew M. Weller

                          /s/ James D. Cirar
                          ---------------------------------
                          James D. Cirar

                          /s/ Camillo M. Santomero III
                          ---------------------------------
                          Camillo M. Santomero III

                          /s/ John Wilkinson
                          ---------------------------------
                          John Wilkinson

                          /s/ Robert L. Jackson
                          ---------------------------------
                          Robert L. Jackson

                          /s/ Donald C. Mueller
                          ---------------------------------
                          Donald C. Mueller

                          /s/ Lee Swafford
                          ---------------------------------
                          Lee Swafford

                          /s/ Kelly Bodway
                          ---------------------------------
                          Kelly Bodway

                          /s/ David W. Riesmeyer
                          ---------------------------------
                          David W. Riesmeyer

                                      -10-
<PAGE>

                          /s/ Brent Williams
                          ---------------------------------
                          Brent Williams

                          /s/ Jeffrey Elmer
                          ---------------------------------
                          Jeffrey Elmer

                          /s/ Adam Gottlieb
                          ---------------------------------
                          Adam Gottlieb

                                      -11-
<PAGE>

                          C+H ENTERPRISES GROUP, INC.

                          By:    /s/ Fred Culbreath
                                 -----------------------------------------
                                 Name: Fred Culbreath
                                 Title: Partner

                                      -12-
<PAGE>

                          TRANSPORTATION TECHNOLOGIES INDUSTRIES, INC.

                          By:    /s/ Donald C. Mueller
                                 -----------------------------------------
                                 Name: Donald C. Mueller
                                 Title: Chief Financial Officer,
                                        Treasurer and Vice President

                                      -13-Exhibit 4.6

                    AMENDMENT NO.2 TO STOCKHOLDERS' AGREEMENT

     This Amendment No. 2, dated as of December 19, 2003 (this "Amendment"), to
the Stockholders' Agreement (the "Original Agreement"), dated as of March 9,
2000, as amended by Amendment No. 1 thereto ("Amendment No. 1," collectively,
the "Stockholders' Agreement"), dated as of February 28, 2001, by and among
Transportation Investment Partners, LLC ("TIP"), a Delaware limited liability
company, Caravelle Investment Fund, L.L.C., a Delaware limited liability company
("Caravelle"), Albion Alliance Mezzanine Fund, L.P., a Delaware limited
partnership ("Albion"), Albion Alliance Mezzanine Fund II, L.P., a Delaware
limited partnership ("Albion II" and, together with TIP, Caravelle, and Albion
I, the "Preferred Investors" and, solely in their capacity as holders of shares
of Common Stock (and together with any of their Affiliates or Associated
Entities or Managed Funds that have or may become transferees of any Common
Stock held by them), the "Preferred Investor Common Stockholders"),
Transportation Technologies Industries, Inc., a Delaware corporation and the
surviving corporation in the Merger (the "Company"), and the persons listed on
Exhibit A attached hereto who are signatories to such agreement (the "Individual
Investors" and, together with the Preferred Investor Common Stockholders, the
"Stockholders"), is entered into by and among the Preferred Investor Common
Stockholders and the Individual Investors. Unless otherwise defined herein,
capitalized terms used herein shall have the meanings ascribed thereto in the
Original Agreement.

                                    RECITALS

     WHEREAS, the Company is undertaking the following actions: (i) the filing
of certificates of designation to create the Series C Preferred Stock, par value
$0.01 per share, of the Company (the "Series C Preferred Stock"), Series D
Preferred Stock, par value $0.01 per share, of the Company (the "Series D
Preferred Stock"), and Series E Senior Preferred Stock, par value $0.01 per
share, of the Company (the "Series E Preferred Stock"), (ii) the exchange
between certain Individual Investors, the Company and certain Stockholders of
80,233 shares of common stock of the Company for 14,000 shares of Series C
Preferred Stock, (iii) the issuance of 42,000 shares of Series D Preferred Stock
to the holders of the Company's common stock (other than certain Individual
Investors) for a purchase price of $4,200, (iv) the issuance of up to 40,575
shares of Series E Preferred Stock in exchange for $40,000,000 in principal
amount of subordinated debt and up to $575,000 in accrued PIK interest thereon,
(v) the issuance of up to 1,000 shares of Series E Preferred Stock for a
purchase price of $1,000,000, the proceeds of which shall prepay up to
$1,000,000 in accrued and unpaid cash interest on the subordinated debt and the
remainder, if any, shall pay a portion of the fees and expenses incurred in
connection with the transactions described in clauses (i), (ii), (iii) and (iv)
above and this clause (v), (vi) the payment of up to $2,250,000 in cash in
respect of the portion of the transaction costs not paid with the proceeds of
the Series E Preferred Stock described in clause (v) above, and (vii) the
Company shall have the option to issue additional shares of Series E Preferred
Stock in connection with the other transactions described in clauses (i) through
(vi) above resulting in additional proceeds not to exceed $4,000,000
(collectively, the "Transactions");

     WHEREAS, in connection with the Transactions, the Stockholders and the
Company wish to amend the Stockholders' Agreement to provide, among other
things, for the application of certain provisions of the Stockholders' Agreement
to shares issued in the Transactions

<PAGE>

and for the joinder of certain individuals acquiring shares issued in the
Transactions as parties to the Stockholders' Agreement;

     WHEREAS, the Stockholders and the Company wish to amend the Stockholders'
Agreement to provide, among other things, for the treatment of the Series A
Preferred Stock, the Series C Preferred Stock, the Series D Preferred Stock and
the Common Stock in a Total Sale and Series A Total Sale (each as defined
herein);

     WHEREAS, pursuant to Section 18(b) of the Stockholders' Agreement, if at
any time the Company proposes to sell shares, subject to certain exceptions, in
a private or a similar non-public placement, the Company shall offer to sell
such shares to the Stockholders, who shall have the right to purchase a certain
amount of such shares, such rights comprising the "Preemptive Rights"; and

     WHEREAS, the Stockholders wish to (i) waive the Preemptive Rights with
respect to the issuance of shares pursuant to the Transactions, (ii) waive the
provisions of Section 5 (Transfer of Common Stock), Section 6 (Right of First
Offer) and Section 7 (Tag-Along Rights) of the Stockholders' Agreement with
respect to the transactions contemplated by the Transactions (the "Transfer
Restrictions") and (iii) consent to the Transactions.

                                   AGREEMENTS

     NOW, THEREFORE, in consideration of the mutual covenants and obligations
set forth in this Amendment, the receipt and sufficiency of which are
acknowledged by each of the parties hereto, effective as of the date hereof
(except as provided herein), the parties hereto, intending to be legally bound,
hereby agree as follows:

     1. Representations and Warranties. Each party hereto represents and
warrants that (a) this Amendment has been duly authorized, executed and
delivered by such party and constitutes the valid and binding obligation of such
party, enforceable against such party in accordance with its terms, and (b) such
party has not granted and is not a party to any proxy, voting trust or other
agreement which conflicts with or violates any provision of the Stockholders'
Agreement, as amended by this Amendment. No party to this Amendment shall grant
any proxy or become party to any voting trust or other agreement which conflicts
with or violates any provision of the Stockholders' Agreement, as amended by
this Amendment.

     2. Amendments to Stockholders' Agreement. The Stockholders' Agreement is
hereby amended as follows:

          (a) The heading to Section 5 and the entirety of Sections 5(a) and (b)
     are hereby replaced with the following:

               "5. Transfer of Common Stock, Series C Preferred Stock, Series E
          Preferred Stock and Special Warrants held by Individual Investors.

                    (a) None of the shares of Common Stock, Series C Preferred
               Stock, Series E Preferred Stock or Special Warrants held by any
               Individual Investor or his Permitted Transferees may be
               Transferred except in ac-

                                      -2-
<PAGE>

               cordance with this Agreement. Any attempted Transfer of shares of
               Common Stock, Series C Preferred Stock, Series E Preferred Stock
               or Special Warrants other than in accordance with the terms of
               this Agreement shall be null and void and the Company shall
               refuse to recognize any such Transfer and shall not reflect on
               its records any change in record ownership of such securities.
               Notwithstanding anything contained in this Section 5(a) or
               Section 5(b) to the contrary, but subject to the other provisions
               of this Section 5, each Individual Investor (and the Permitted
               Transferees thereof) shall be permitted to Transfer its shares of
               Common Stock (and, in the case of Section 17, its Series C
               Preferred Stock, Series E Preferred Stock and Special Warrants)
               in accordance with the applicable provisions of Section 6 (Right
               of First Offer), Section 7 (Tag-Along Rights), Section 8
               (Drag-Along Rights), Section 8A (Total Sale Event), Section 8B
               (Total Sale of Series A Preferred Stock) and Section 17 (Call
               Rights).

                    (b) The shares of Common Stock, Series C Preferred Stock,
               Series E Preferred and Special Warrants, in each case held by the
               Individual Investors from and after the date of this Agreement,
               shall not be Transferable until the earlier to occur of (i) the
               fifth anniversary of the Effective Time (or, with respect to the
               Series E Preferred Stock, a proportionate number of shares of
               Series E Preferred Stock, based on amounts owned on the date
               hereof, to that sold in earlier sales of Series E Preferred Stock
               by Preferred Investor Common Stockholders or their respective
               Affiliates, other than sales from them to their Affiliates or
               from their Affiliates to them or their other Affiliates) or (ii)
               the consummation of a Qualified Public Offering, in each case
               held by the Individual Investors from and after the date of this
               Agreement shall not be Transferable, except as follows:

                         (1) each of Camillo M. Santomero II, Begel, Andrew M.
                    Weller and James D. Cirar (collectively, the "Named
                    Investors") may Transfer such securities among themselves;

                         (2) each of the Named Investors may Transfer, in one or
                    a series of transactions, in the aggregate up to 5% of the
                    fully-diluted shares of Common Stock (either through the
                    Transfer of Common Stock or Special Warrants) and up to 5%
                    of the Series C Preferred Stock and up to 5% of the Series E
                    Preferred Stock, in each case held by such Named Investor on
                    the date of Amendment No. 2 to this Agreement to other
                    Individual Investors or to new persons who become members of
                    management of the Company after the Effective Time ("New
                    Management");

                         (3) each Individual Investor as of the date of
                    Amendment No. 2 to this Agreement (other than the Named
                    Investors) may Transfer such securities to any other
                    Individual Investor or to New Management;

                                      -3-
<PAGE>

                         (4) each Individual investor which is not an individual
                    may Transfer such securities to an Affiliate that is wholly
                    owned by one or more of such Individual Investors and its
                    Related Persons; and

                         (5) each Individual Investor may Transfer such
                    securities to a Related Person of such Individual Investor,
                    or a trust or similar entity which is controlled by such
                    Individual Investor and is established entirely for the
                    benefit of such Individual Investor or his Related Persons,
                    or an individual retirement account or pension plan for the
                    Individual Investor's benefit (each Individual Investor
                    agrees to provide the Company and each other Stockholder,
                    upon request, with evidence reasonably acceptable to it that
                    each such Transfer complies with this clause (5)).

     The transferee in each of the Transfers described in clauses (1) through
(5) above (to the extent such Transfer is made pursuant to one of such clauses)
is herein referred to as a "Permitted Transferee."

          (b) Sections 5(e) and (f) are hereby replaced with:

               "(e) Prior to the earlier to occur of (i) the fifth anniversary
          of the Effective Time and (ii) the consummation of a Qualified Public
          Offering, each certificate representing shares of Common Stock, Series
          C Preferred Stock, Series E Preferred Stock or Special Warrants held
          by an Individual Investor shall contain upon its face or upon the
          reverse side thereof the following legend:

               This certificate represents securities which are restricted and
               which are subject to the terms and conditions of a Stockholders'
               Agreement, dated as of March 9, 2000, as amended on February 28,
               2001 and December 19, 2003, by and among the stockholders and
               certain security holders of Transportation Technologies
               Industries, Inc. (a copy of which is on file at the principal
               office of Transportation Technologies Industries, Inc.). No sale,
               transfer, assignment, pledge, hypothecation or other disposition
               of this certificate or any of the interests or securities
               represented hereby shall be made except in compliance with the
               terms and conditions of said Agreement.

               (f) Each certificate representing shares of Common Stock, Series
          C Preferred Stock, Series E Preferred Stock and Special Warrants held
          by a Stockholder shall contain upon its face or upon the reverse side
          thereof the following additional legend:

               The Securities evidenced by this certificate have not been
               registered under the Securities Act of 1933, as amended, and must
               be held indefinitely unless they are transferred pursuant to an
               effective registration statement under the Act, or after receipt
               of an opinion of counsel satisfactory to

                                      -4-
<PAGE>

               Transportation Technologies Industries, Inc. that registration is
               not required or an appropriate no-action letter is received from
               the Securities and Exchange Commission."

          (c) The first paragraph of Section 5(h) is hereby replaced with:

               "(h) Each Stockholder agrees that, prior to any proposed Transfer
          of any shares of Common Stock, and each Individual Investor agrees
          that, prior to any proposed Transfer of any shares of Series C
          Preferred Stock, Series E Preferred Stock or Special Warrants (other
          than, in each case, a Transfer not involving a change in beneficial
          ownership), unless there is in effect a registration statement under
          the Securities Act covering the proposed Transfer, the Stockholder
          shall give written notice to the Company of such holder's intention to
          effect such Transfer. Each such notice shall describe the manner and
          circumstances of the proposed Transfer in reasonable detail, and, if
          requested by the Company, shall be accompanied, at such Stockholder's
          expense, by either (i) a written opinion of legal counsel who shall
          be, and whose legal opinion shall be, reasonably satisfactory to the
          Company, addressed to the Company, to the effect that the proposed
          Transfer of such securities may be effected without registration under
          the Securities Act, or (ii) a "no action" letter from the Securities
          and Exchange Commission (the "Commission") to the effect that the
          Transfer of such securities without registration will not result in a
          recommendation by the staff of the Commission that action be taken
          with respect thereto, whereupon the holder of such securities shall be
          entitled to transfer such securities in accordance with the terms of
          the notice delivered by such Stockholder to the Company, and in
          accordance with the other provisions of this Agreement. Each
          certificate evidencing such securities transferred as above shall
          bear, except if such Transfer is made pursuant to an effective
          registration statement under the Securities Act covering such shares,
          or under Rule 144 under the Securities Act, the appropriate
          restrictive legends set forth in this Section 5 except that such
          certificate shall not bear such restrictive legends if, in the opinion
          of counsel for such Stockholder and the Company, such legend is not
          required in order to establish compliance with any provision of the
          Securities Act. Notwithstanding the foregoing, each Stockholder agrees
          that it will not request that a Transfer of such securities be made
          (or that the appropriate restrictive legends set forth in this Section
          5 be removed from the certificate evidencing shares of Capital Stock)
          solely in reliance on Rule 144K under the Securities Act, if as a
          result of such proposed transfer the Company would be rendered subject
          to the reporting requirements of the Exchange Act.

          (d) The following is hereby added as a new Section 5(k): "(k)
     References in this Section 5 to Common Stock, Series C Preferred Stock,
     Series E Preferred Stock and Special Warrants shall include any acquired
     after the Effective Date."

          (e) The phrase, "of Common Stock" is hereby inserted immediately after
     the word, "share", in the twelfth line of Section 7(a).

                                      -5-
<PAGE>

          (f) The following is hereby added as a new Section 8(e): "(e) All
     references to shares herein shall include all shares of Common Stock
     acquired after the Effective Date and Special Warrants."

          (g) The following is hereby added as a new Section 8A:

          "Section 8A. Total Sale Event.

               (a) Until such time as a Valuation Event (as defined in the
          Series C Certificate of Designation) occurs or an IPO (as defined in
          the Series C Certificate of Designation) is consummated, if the
          Preferred Investor Common Stockholders (the "Consenting Stockholders")
          approve a sale, merger or other Transfer involving (i) at least 50% of
          the outstanding series A Preferred Stock and at least 50% of the then
          outstanding Common Stock (including shares of Common Stock issuable
          upon the exercise of all options, warrants and other rights to acquire
          such shares then exercisable or which become exercisable in connection
          with such event) and in which, if applicable, the Company complies
          with its obligations pursuant to paragraph (g) of the Series A
          Certificate of Designation, or (ii) all or substantially all of the
          assets of the Company to be followed by a liquidation, dissolution or
          winding up of the Company, to a person or affiliated group of persons
          who is not (A) a Stockholder or (B) an Affiliate of a Stockholder
          (such an event, a "Total Sale"), then all other Stockholders (the
          "Remaining Stockholders") shall consent to and raise no objection with
          respect to (and not exercise statutory appraisal rights in connection
          with) such transaction and, if such transaction is structured as a
          sale of shares (including a sale structured as a merger, whether a
          forward, reverse or other merger), the Remaining Stockholders will
          agree to sell all of their Series C Preferred Stock and Series D
          Preferred Stock and an equivalent percentage of their Common Stock to
          that being transferred by the Consenting Stockholders on the terms and
          conditions approved by the Board and the Consenting Stockholders
          consistent with the provisions of this Section 8A. The Company,
          instead of the purchaser, may acquire the Series C Preferred Stock and
          Series D Preferred Stock otherwise to be transferred in a Total Sale
          for the same consideration as the purchaser would have paid therefor
          after applying the provisions of this Section 8A, and the holders of
          such securities shall sell them to the Company in such event. If a
          purchaser other than the Company (or its Subsidiaries) acquires such
          shares in a Total Sale, the Company shall, promptly after the Total
          Sale, redeem such shares (subject to compliance with Section 10 of the
          Series C Certificate of Designation). The provisions of Section 6
          (Right of First Offer), Section 7 (Tag-Along Rights), Section 8
          (Drag-Along Rights) and Section 8B (Total Sale of Series A Preferred
          Stock) shall not apply to Transfers in. connection with a Total Sale.

               (b) The aggregate consideration (including, without duplication,
          any Redemption Proceeds payable in connection with such transaction)
          received in the Total Sale in respect of the aforementioned securities
          shall be allocated among and be receivable by the Stockholders
          transferring shares in the Total Sale (in-

                                      -6-
<PAGE>

          cluding any Stockholder from whom shares of Series A Preferred Stock
          are to be redeemed in connection with such transaction) in the
          following order and priority:

          (i)  first, the holders of shares of Series A Preferred Stock and
               Series C Preferred Stock shall be entitled to receive, pro rata,
               out of such aggregate consideration an amount equal to the Series
               A Preferred Accreted Value in respect of the Series A Preferred
               Stock to be sold or transferred in connection with such
               transaction (including, without duplication, shares of Series A
               Preferred Stock to be redeemed in connection with such
               transaction) and the Maximum Series C Liquidation Value,
               respectively, before any payment shall be made to the holders of
               securities ranking on liquidation junior to the Series A
               Preferred Stock and Series C Preferred Stock; provided, that if
               the aggregate consideration (which shall be valued, at such time,
               by the Board) is less than the sum of the Series A Preferred
               Accreted Value in respect of the Series A Preferred Stock to be
               transferred in connection with such transaction (including,
               without duplication, shares of Series A Preferred Stock to be
               redeemed in connection with such transaction) and the Maximum
               Series C Liquidation Value, the holders of Series A Preferred
               Stock to be sold shall be entitled to receive, pro rata, based on
               the amount of shares to be so transferred, an amount equal to
               such aggregate consideration less the Adjusted Series C
               Liquidation Value, and such Adjusted Series C Liquidation Value
               shall be distributed, pro rata, to the holders of Series C
               Preferred Stock;

          (ii) second, after and subject to the payment of all preferential
               amounts required to be paid to the holders of Series A Preferred
               Stock and Series C Preferred Stock pursuant to clause (i), the
               holders of the Series D Preferred Stock shall be entitled to
               receive, pro rata, out of such consideration (which shall be
               valued, at such time, by the Board) an amount equal to the
               Maximum Series D Liquidation Value (or, if less, all remaining
               consideration); and

          (iii) third, after and subject to the payment of all preferential
               amounts required to be paid to the holders of Series A Preferred
               Stock, Series C Preferred Stock and Series D Preferred Stock
               pursuant to clauses (i) and (ii), the holders of Common Stock
               shall be entitled to receive, pro rata, the remaining
               consideration.

               (c) At the closing of any sale, merger or other Transfer of
          shares pursuant to this Section 8A, the Remaining Stockholders shall
          enter into agreements with the purchaser of the shares containing
          terms substantially similar to the terms on which the Consenting
          Stockholders are Transferring their shares; provided, that no
          Stockholder shall be required to enter into any non-competition or
          non-solicitation provisions (although any existing non-competition and
          non-solicitation provisions shall not be affected by this proviso);
          provided, further, however, that (x) all claims in respect of breaches
          of representation and warranties by the Stockholders or the Company
          (or claims for indemnification in respect

                                      -7-
<PAGE>

          thereof) not described in the parenthetical clause in the immediately
          succeeding clause (y)(A) of this proviso (as if such clause applied to
          the Consenting Stockholders as well) shall first be paid by holders of
          Common Stock (based on the number of shares of Common Stock
          Transferred thereby in such transaction), and, to the extent such
          claims exceed such aggregate consideration (valued as determined in
          agreements with the acquiror) received by the holders of Common Stock,
          by the holders of the Series D Preferred Stock (based on the number of
          shares of Series D Preferred Stock Transferred thereby in such
          transaction), and, to the extent such claims exceed such aggregate
          consideration (valued as determined in agreements with the acquiror)
          received by the holders of Series D Preferred Stock, by the holders of
          the Series A Preferred Stock and Series C Preferred Stock (based on
          the amount by which such holder's consideration would be reduced after
          recalculating amounts to be distributed pursuant to Section 8A(b)(i)
          in light of required indemnification payments); and (y)
          notwithstanding anything contained in this Agreement to the contrary,
          except clause (y)(B) of this proviso, neither the Remaining
          Stockholders nor any of their respective Permitted Transferees shall
          be required to (A) make any representations or warranties, or provide
          indemnification, to any person (other than representations and related
          indemnification regarding the due authorization to enter and to
          perform the agreement of sale, the validity and enforceability of the
          agreement of Transfer, good title to the shares Transferred, regarding
          the absence of liens or encumbrances on the shares so Transferred) and
          (B) each of the Remaining Stockholders' liability for breach of any
          representations and warranties in respect of the Company will be
          several and not joint with respect to each class or series of Capital
          Stock's liability as set forth in clause (x) of this proviso and will
          be proportionate to the percentage of such shares it Transfers in such
          class or series, and will be limited to any proceeds received by it
          arising from such Transfer.

               (d) The types of consideration received in the Total Sale shall
          be distributed as follows:

          (i)  to the extent the consideration received in respect of the Total
               Sale consists of cash, (A) the holders of Series A Preferred
               Stock transferring shares in the Total Sale and the holders of
               the Series C Preferred Stock shall be entitled to receive the
               amounts such holders are entitled to receive pursuant to Section
               8A(b)(i) in cash (allocated among such holders such that an
               amount of cash equal to the excess of $70 million over the
               Redemption Proceeds as of the time of such event is first paid in
               respect of the shares of Series A Preferred Stock being so
               transferred and then the balance of such cash is paid in respect
               of such shares of Series A Preferred Stock and the Series C
               Preferred Stock so that, to the nearest extent possible, the
               aggregate of cash so allocated pursuant to this clause (A) is in
               proportion to the respective amounts the holders of such shares
               are to receive pursuant to Section 8A(b)(i)), (B) the holders of
               Series D Preferred Stock shall be entitled to receive the amounts
               such holders are entitled to receive pursuant to Section
               8A(b)(ii), pro rata, in cash to the extent of any cash remaining
               after payments of cash to the holders of Series A Preferred

                                      -8-
<PAGE>

               Stock and Series C Preferred Stock, and (C) the holders of Common
               Stock transferring shares in such Total Sale shall be entitled to
               receive, pro rata, the remaining cash consideration after
               payments of cash to the holders of Series A Preferred Stock,
               Series C Preferred Stock and Series D Preferred Stock;

          (ii) to the extent the consideration received in respect of the Total
               Sale consists of Publicly Traded Securities (which Publicly
               Traded Securities, for all purposes of this Section 8A, shall be
               valued at the time of the Total Sale by the Board), (A) the
               holders of Series A Preferred Stock transferring shares in such
               Total Sale and the holders of the Series C Preferred Stock shall
               be entitled to receive the remaining amounts such holders are
               entitled to receive pursuant to Section 8A(b)(i) (taking into
               account the aggregate of cash allocated thereto pursuant to
               Section 8A(d)(i)(A)) in Publicly Traded Securities (allocated
               among such holders such that an amount of such Publicly Traded
               Securities equal to the excess of $70 million over the sum of
               aggregate Redemption Proceeds as of such time and the amount of
               cash allocated to the holders of Series A Preferred Stock
               pursuant to Section 8A(d)(i)(A) is delivered in respect of the
               shares of Series A Preferred Stock being so transferred and then
               the balance of such Publicly Traded Securities is delivered in
               respect of such Series A Preferred Stock and the Series C
               Preferred Stock so that, to the nearest extent possible, the
               aggregate of cash allocated thereto pursuant to Section
               8A(d)(i)(A) and Publicly Traded Securities allocated pursuant to
               this Section 8A(d)(ii)(A) is in proportion to the respective
               amounts the holders of such shares are to receive pursuant to
               Section 8A(b)(i)), (B) the holders of Series D Preferred Stock
               shall be entitled to receive the remaining amounts such holders
               are entitled to receive pursuant to Section 8A(b)(ii) (taking
               into account the aggregate of cash allocated thereto pursuant to
               Section 8A(d)(i)(B)) in Publicly Traded Securities, pro rata, to
               the extent of any Publicly Traded Securities remaining after
               payments of Publicly Traded Securities to the holders of Series A
               Preferred Stock and Series C Preferred Stock, and (C) the holders
               of Common Stock transferring shares in such Total Sale shall be
               entitled to receive, pro rata, the remaining Publicly Traded
               Securities after payments of cash to the holders of Series A
               Preferred Stock, Series C Preferred Stock and Series D Preferred
               Stock; and

          (iii) to the extent the consideration received in respect of the Total
               Sale consists of anything other than cash or Publicly Traded
               Securities (which other consideration, for all purposes of this
               Section 8A, shall be valued at the time of the Total Sale by the
               Board), (A) the holders of Series A Preferred Stock transferring
               shares in such sale and the holders of the Series C Preferred
               Stock shall be entitled to receive the remaining amounts such
               holders are entitled to receive pursuant to Section 8A(b)(i)
               (taking into account the aggregate of cash and Publicly Traded
               Securities allocated thereto pursuant to Section 8A(d)(i)(A) and
               (ii)(A)) in such other consid-

                                      -9-
<PAGE>

               eration received in the Total Sale (allocated among such holders
               pro rata based upon the amounts such holders are entitled to
               receive pursuant to Section 8A(b)(i) (after giving effect to
               Section 8A(d)(i)(A) and (ii)(A)), (B) the holders of Series D
               Preferred Stock shall be entitled to receive, pro rata, the
               remaining amounts such holders are entitled to receive pursuant
               to Section 8A(b)(ii) (after giving effect to Section 8A(d)(i)(B)
               and (ii)(B)) in such other consideration to the extent of any
               such other consideration remaining after payments of such other
               consideration to the holders of Series A Preferred Stock and
               Series C Preferred Stock, and (C) the holders of Common Stock
               transferring shares in such sale shall be entitled to receive,
               pro rata, the remaining other consideration after payments of
               cash to the holders of Series A Preferred Stock, Series C
               Preferred Stock and Series D Preferred Stock;

          provided, however, that the types of consideration shall be
          reallocated among the Stockholders in accordance with the foregoing to
          reflect any change in the amount or types of consideration as a result
          of consideration held in escrow, released from escrow or paid in
          respect of breaches of representations or warranties or
          indemnification to the extent necessary to give full effect to the
          foregoing; provided further, that the Board may elect to pay cash
          instead of any non-cash consideration (based on the value of such
          non-cash consideration as so determined by the Board of Directors)
          otherwise so payable in respect of any share of the Capital Stock, if
          it concludes that paying such non-cash consideration to such holder
          may create regulatory or compliance burdens on the part of the Company
          or any other participant in the transaction giving rise to such
          redemption event or is otherwise unable to pay such non-cash
          consideration."

               (h) The following is hereby added as a new Section 8B:

               "Section 8B. Total Sale of Series A Preferred Stock.

                    (a) Until such time as a Valuation Event (as defined in the
               Series C Certificate of Designation) occurs or an IPO (as defined
               in the Series C Certificate of Designation) is consummated, if
               the Preferred Investor Common Stockholders (the "Consenting
               Stockholders") approve a sale, merger or other Transfer involving
               at least 100% of the outstanding Series A Preferred Stock to a
               person or affiliated group of persons who is not (A) a
               Stockholder or (B) an Affiliate of a Stockholder, and in which
               TIP transfers to such person or group the right to elect at least
               3 of the 5 directors that TIP is entitled to elect as of the date
               hereof (such an event, a "Series A Total Sale"), then all other
               Stockholders (the "Remaining Stockholders") shall consent to and
               raise no objection with respect to (and not exercise statutory
               appraisal rights in connection with) such transaction and, the
               Remaining Stockholders will have the right to, and, to the extent
               so elected by the holders of a majority of the Series C Preferred
               pursuant to the following sentence, shall agree to, sell all of
               their Series C Preferred Stock on the terms and conditions
               approved by the Board and the Consenting Stockholders consistent
               with the provisions of this Section 8B. If the Remaining
               Stockholders holding a majority of the shares of Series C
               Preferred Stock wish to sell such shares in the Series A

                                      -10-
<PAGE>

               Total Sale, such Remaining Stockholders must provide notice
               thereof to the Consenting Stockholders within 10 days after
               notice of such an event from the Consenting Stockholders. The
               Company, instead of the purchaser, may acquire the Series C
               Preferred Stock otherwise to be transferred in a Series A Total
               Sale for the same consideration as the purchaser would have paid
               therefor after applying the provisions of this Section 8B, and
               the holders of such securities shall sell them to the Company in
               such event. If a purchaser other than the Company (or its
               Subsidiaries) acquires such shares in a Series A Total Sale, the
               Company shall, promptly after such Series A Total Sale, redeem
               such shares (subject to compliance with Section 10 of the Series
               C Certificate of Designation). The provisions of Section 6 (Right
               of First Offer), Section 7 (Tag-Along Rights) and Section 8
               (Drag-Along Rights) shall not apply to Transfers in connection
               with a Series A Total Sale.

                    (b) The aggregate consideration (including, without
               duplication, any Redemption Proceeds payable in connection with
               such transaction) received in the Series A Total Sale in respect
               of the aforementioned securities shall be allocated among and be
               receivable by the Stockholders transferring shares in the Series
               A Total Sale (including any Stockholder from whom shares of
               Series A Preferred Stock are to be redeemed in connection with
               such transaction) in the following order and priority:

               (i)  first, the holders of shares of Series A Preferred Stock and
                    Series C Preferred Stock shall be entitled to receive, pro
                    rata, out of such consideration an amount equal to the
                    Series A Preferred Accreted Value in respect of the Series A
                    Preferred Stock to be sold or transferred in connection with
                    such transaction (including, without duplication, shares of
                    Series A Preferred Stock to be redeemed in connection with
                    such transaction) and the Maximum Series C Liquidation
                    Value, respectively, before any payment shall be made to the
                    holders of securities ranking on liquidation junior to the
                    Series A Preferred Stock and Series C Preferred Stock;
                    provided, that if the aggregate consideration (which shall
                    be valued, at such time, by the Board) is less than the sum
                    of the Series A Preferred Accreted Value in respect of the
                    Series A Preferred Stock to be transferred in connection
                    with such transaction (including, without duplication,
                    shares of Series A Preferred Stock to be redeemed in
                    connection with such transaction) and the Maximum Series C
                    Liquidation Value, the holders of Series A Preferred Stock
                    to be sold shall be entitled to receive, pro rata, based on
                    the amount of shares to be so transferred, an amount equal
                    to such aggregate consideration less the Adjusted Series C
                    Liquidation Value, and such Adjusted Series C Liquidation
                    Value shall be distributed, pro rata, to the holders of
                    Series C Preferred Stock;

               (ii) second, after and subject to the payment of all preferential
                    amounts required to be paid to the holders of Series A
                    Preferred Stock and Series C Preferred Stock pursuant to
                    clause (i), the holders of the Series A Preferred Stock
                    shall be entitled to receive the remaining consideration.

                                      -11-
<PAGE>

                    (c) At the closing of any sale, merger or other Transfer of
               shares pursuant to this Section 8B, the Remaining Stockholders
               shall enter into agreements with the purchaser of the shares
               containing terms substantially similar to the terms on which the
               Consenting Stockholders are Transferring their shares; provided,
               that no Stockholder shall be required to enter into any
               non-competition or non-solicitation provisions (although any
               existing non-competition and non-solicitation provisions shall
               not be affected by this proviso); provided, further, however,
               that (x) all claims in respect of breaches of representation and
               warranties by the Stockholders or the Company (or claims for
               indemnification in respect thereof) not described in the
               parenthetical clause in the immediately succeeding clause (y)(A)
               of this proviso (as if such clause applied to the Consenting
               Stockholders as well) shall first be paid by the holders of the
               Series A Preferred Stock and Series C Preferred Stock (based on
               the amount by which such holder's consideration would be reduced
               after recalculating amounts to be distributed pursuant to Section
               8B(b)(i) or (ii) in light of required indemnification payments);
               and (y) notwithstanding anything contained in this Agreement to
               the contrary, except clause (y)(B) of this proviso, neither the
               Remaining Stockholders nor any of their respective Permitted
               Transferees shall be required to (A) make any representations or
               warranties, or provide indemnification, to any person (other than
               representations and related indemnification regarding the due
               authorization to enter and to perform the agreement of sale, the
               validity and enforceability of the agreement of Transfer, good
               title to the shares Transferred, regarding the absence of liens
               or encumbrances on the shares so Transferred), and (B) each of
               the Remaining Stockholders' liability for breach of any
               representations and warranties in respect of the Company will be
               several and not joint, and will be limited to any proceeds
               received or receivable by it arising from such Transfer.

                    (d) The types of consideration received in the Series A
               Total Sale shall be distributed as follows:

               (i)  to the extent the consideration received in respect of the
                    Series A Total Sale consists of cash, (A) the holders of
                    Series A Preferred Stock and the holders of the Series C
                    Preferred Stock shall be entitled to receive the amounts
                    such holders are entitled to receive pursuant to Section
                    8B(b)(i) in cash (allocated among such holders such that an
                    amount of cash equal to the excess of $70 million over the
                    Redemption Proceeds as of the time of such event is first
                    paid in respect of the shares of Series A Preferred Stock
                    being so transferred and then the balance of such cash is
                    paid in respect of such shares of Series A Preferred Stock
                    and the Series C Preferred Stock so that, to the nearest
                    extent possible, the aggregate of cash so allocated pursuant
                    to this clause (A) is in proportion to the respective
                    amounts the holders of such shares are to receive pursuant
                    to Section 8B(b)(i)), and (B) the holders of such shares of
                    Series A Preferred Stock shall be entitled to receive, pro
                    rata, any cash remaining after payments of cash to the
                    holders of Series A Preferred Stock and Series C Preferred
                    Stock pursuant to Section 8B(d)(i)(A);

                                      -12-
<PAGE>

               (ii) to the extent the consideration received in respect of the
                    Series A Total Sale consists of Publicly Traded Securities
                    (which Publicly Traded Securities, for all purposes of this
                    Section 8B, shall be valued at the time of the Series A
                    Total Sale by the Board), (A) the holders of Series A
                    Preferred Stock and the holders of the Series C Preferred
                    Stock shall be entitled to receive the remaining amounts
                    such holders are entitled to receive pursuant to Section
                    8B(b)(i) (taking into account the aggregate of cash
                    allocated thereto pursuant to Section 8B(d)(i)(A)) in
                    Publicly Traded Securities (allocated among such holders
                    such that an amount of such Publicly Traded Securities equal
                    to the excess of $70 million over the sum of aggregate
                    Redemption Proceeds as of such time and the amount of cash
                    allocated to the holders of Series A Preferred Stock
                    pursuant to Section 8B(d)(i)(A) is delivered in respect of
                    the shares of Series A Preferred Stock being so transferred
                    and then the balance of such Publicly Traded Securities is
                    delivered in respect of such Series A Preferred Stock and
                    the Series C Preferred Stock so that, to the nearest extent
                    possible, the aggregate of cash allocated thereto pursuant
                    to Section 8B(d)(i)(A) and Publicly Traded Securities
                    allocated pursuant to this Section 8B(d)(ii)(A) is in
                    proportion to the respective amounts the holders of such
                    shares are to receive pursuant to Section 8B(b)(i)), and (B)
                    the holders of such shares of Series A Preferred Stock shall
                    be entitled to receive, pro rata, any Publicly Traded
                    Securities remaining after payments of Publicly Traded
                    Securities to the holders of Series A Preferred Stock and
                    Series C Preferred Stock pursuant to Section 8B(d)(ii)(A);
                    and

               (iii) to the extent the consideration received in respect of the
                    Series A Total Sale consists of anything other than cash or
                    Publicly Traded Securities (which other consideration, for
                    all purposes of this Section 8B, shall be valued at the time
                    of the Series A Total Sale by the Board), (A) the holders of
                    Series A Preferred Stock transferring shares in such sale
                    and the holders of the Series C Preferred Stock shall be
                    entitled to receive such other consideration received in the
                    Series A Total Sale (allocated among such holders pro rata
                    based upon the amounts such holders are entitled to receive
                    pursuant to Section 8B(b)(i) (after giving effect to Section
                    8B(d)(i)(A) and (ii)(A)), and (B) the holders of such shares
                    of Series A Preferred Stock shall be entitled to receive,
                    pro rata, any other consideration remaining after payments
                    of such other consideration to the holders of Series A
                    Preferred Stock and Series C Preferred Stock pursuant to
                    Section 8B(d)(iii)(A);

     provided, however, that the types of consideration shall be reallocated
     among the Stockholders in accordance with the foregoing to reflect any
     change in the amount or types of consideration as a result of consideration
     held in escrow, released from escrow or paid in respect of breaches of
     representations or warranties or indemnification to the extent necessary to
     give full effect to the foregoing; provided further, that the Board may
     elect to pay cash instead of any non-cash consideration (based on the value
     of such non-cash consideration as so determined by the Board of Directors)
     otherwise so payable in respect of

                                      -13-
<PAGE>

     any share of the Capital Stock, if it concludes that paying such non-cash
     consideration to such holder may create regulatory or compliance burdens on
     the part of the Company or any other participant in the transaction giving
     rise to such redemption event or is otherwise unable to pay such non-cash
     consideration."

          (i) The phrase, "or any Series C Preferred Stock, Series E Preferred
     Stock or Special Warrants", is hereby inserted immediately after the word,
     "Stockholder", in the third line of Section 9.

          (j) The following phrase is hereby inserted at the end of Section 9:

               "Any transferee (including a Permitted Transferee) who shall
          acquire (either voluntarily or involuntarily, by operation of law or
          otherwise) any shares of Series A Preferred Stock from a Preferred
          Investor Common Stockholder, shall be bound by all provisions of this
          Agreement, to the same extent as the parties hereto and, prior to
          registration of the Transfer of any such shares on the books of the
          Company, any transferee shall execute an agreement with the parties
          hereto agreeing to be bound by such provisions, and shall thereupon be
          deemed a Preferred Investor Common Stockholder."

          (k) The phrase, "(including the Special Warrants)", is hereby inserted
     immediately after the word, "shares", in each case in Section 17(b)(i).

          (l) The phrase, "Preferred Investor Common", is hereby deleted from
     Section 17(b)(iv).

          (m) The following definitions are hereby added to Section 20 of the
     Original Agreement:

          (i)  "Special Warrants" means the warrants to purchase shares of
               Common Stock acquired from Wachovia or CIBC by certain Individual
               Investors on the date hereof.

          (ii) "Adjusted Series C Liquidation Value" means

               1.   in respect of a Total Sale, in an amount equal to the lesser
                    of (i) the excess, if any, of the sum of Redemption Proceeds
                    immediately prior to the Total Sale and the aggregate
                    consideration payable with respect to the Series A Preferred
                    Stock and Series C Preferred Stock in connection with the
                    Total Sale (including, without duplication, any Redemption

                                      -14-
<PAGE>

                    Proceeds payable in connection with such transaction), over
                    $70 million, or (ii) the product of (x) the Maximum Series C
                    Liquidation Value immediately before the time of such Total
                    Sale and (y) a fraction, the numerator of which is the sum
                    of the Redemption Proceeds immediately prior to the Total
                    Sale, the aggregate consideration paid with respect to the
                    Series A Preferred Stock and Series C Preferred Stock in
                    connection with the Total Sale (including, without
                    duplication, any Redemption Proceeds payable in connection
                    with such transaction) and the Series A Accreted Value in
                    respect of shares of Series A Preferred Stock which are not
                    sold or redeemed in the Total Sale, and the denominator of
                    which is the sum of the Redeemed Series A Preferred Accreted
                    Value, the Series A Preferred Accreted Value and the Maximum
                    Series C Liquidation Value; and

               2.   in respect of a Series A Total Sale, in an amount equal to
                    the lesser of (i) the excess, if any, of the sum of
                    Redemption Proceeds immediately prior to the Series A Total
                    Sale and the aggregate consideration payable with respect to
                    the Series A Preferred Stock and Series C Preferred Stock in
                    connection with the Series A Total Sale (including, without
                    duplication, any Redemption Proceeds payable in connection
                    with such transaction), over $70 million, or (ii) the
                    product of (x) the Maximum Series C Liquidation Value
                    immediately before the time of such Series A Total Sale and
                    (y) a fraction, the numerator of which is the sum of the
                    Redemption Proceeds immediately prior to the Series A Total
                    Sale and the aggregate consideration paid with respect to
                    the Series A Preferred Stock and Series C Preferred Stock in
                    connection with the Total Sale (including, without
                    duplication, any Redemption Proceeds payable in connection
                    with such transaction) and the Series A Accreted Value in
                    respect of shares of Series A Preferred Stock which are not
                    sold or redeemed in the Series A Total Sale, and the
                    denominator of which is the sum of the Redeemed Series A
                    Preferred Accreted Value, the Series A Preferred Accreted
                    Value and the Maximum Series C Liquidation Value.

          (iii) "Maximum Series C Liquidation Value" means $14,000,000 if a
               Total Sale occurs on or prior to December 31, 2004, and
               $16,500,000 if a Total Sale occurs after December 31, 2004.

          (iv) "Maximum Series D Liquidation Value" means $42,000,000 if a Total
               Sale occurs on or prior to December 31, 2004, and $49,500,000 if
               a Total Sale occurs after December 31, 2004.

          (v)  "Publicly Traded Securities" means, in respect of a Total Sale or
               Series A Total Sale, securities (A) of a class that is listed on
               the New York Stock Exchange, NASDAQ National Market, or other
               nationally recognized stock exchange, (B) which are tradeable on
               such exchange without legal or contractual restraint (other than
               prohibitions on the use of material non-public information), and
               (C) which, in the reasonable judgment of the Board of Directors,
               may be transferred in their entirety to the public within 30 days
               of receipt thereof without discount to the average market price
               thereof for the 30 days immediately prior to the date of such
               event.

                                      -15-
<PAGE>

          (vi) "Redeemed Series A Preferred Accreted Value" means, as of any
               time, in respect of shares of Series A Preferred Stock redeemed
               by the Company or a Subsidiary thereof prior to such time, the
               sum of (A) the product of $1,000 and the number of such shares,
               (B) the aggregate premium paid payable in respect of such shares
               payable pursuant to paragraph (e)(i) of the Series A Certificate
               of Designation on the date such shares were redeemed (whether or
               not such premium was actually paid by Company or such shares were
               actually redeemed by the Company at such time) and (C) an amount
               equal to all accumulated and unpaid dividends on such shares as
               of the time such shares were so redeemed.

          (vii) "Redemption Proceeds" means an amount, as of any time, equal to
               the aggregate value of the cash and Publicly Traded Securities
               (which shall be valued, as of the time of receipt, by the Board
               of Directors) received by holders of Series A Preferred Stock in
               respect of redemptions of such shares by the Corporation or a
               Subsidiary thereof prior to such time.

          (viii) "Series A Preferred Stock" means the 14 1/2% Senior Redeemable
               Preferred Stock, Series A, of the Company, with a stated value of
               $1,000 per share.

          (ix) "Series C Certificate of Designation" means the Certificate of
               Designations, Number, Voting Powers, Preferences and Rights of
               the Series C Preferred Stock of the Company.

          (x)  "Series C Preferred Stock" shall have the meaning ascribed to
               such term in the first recital to Amendment No. 2 to this
               Agreement, dated as of December 19, 2003."

          (xi) "Series E Preferred Stock" shall have the meaning ascribed to
               such term in the first recital to Amendment No. 2 to this
               Agreement, dated as of December 19, 2003."

          (xii) "Series A Preferred Accreted Value" means, as of the date of the
               Total Sale or Series A Total Sale, the sum of (A) the product of
               $1,000 and the number of shares of Series A Preferred Stock
               outstanding immediately prior to such time, (B) the aggregate
               premium payable in respect of such shares of Series A Preferred
               Stock, had the Company redeemed all such shares pursuant to
               paragraph (e)(i) of the Series A Certificate of Designation at
               such time (whether or not actually redeemed by the Company
               pursuant to such paragraph) and (C) an amount equal to all
               accumulated and unpaid dividends immediately prior to such time
               on such shares of Series A Preferred Stock.

          (n) The following sentence is hereby added to the definition of Fair
     Market Value: "For purposes of Section 17(b)(iv), the Fair Market Value of
     the Series C Preferred Stock shall be zero."

                                      -16-
<PAGE>

     3. Consent to Transactions; Waiver of Preemptive Rights; Waiver of Transfer
Restrictions.

     (a) Each Preferred Investor Common Stockholder and each Individual Investor
hereby consents to the Transactions and waives its Preemptive Rights with
respect to the issuance of shares contemplated by the Transactions.

     (b) Each Preferred Investor Common Stockholder, each Individual Investor
and the Company hereby waives the Transfer Restrictions with respect to the
transfers of shares contemplated by the Transactions; provided, that such rights
are not waived with respect to any subsequent or other Transfer.

     4. Joinder. Each Preferred Investor Common Stockholder, each Individual
Investor and the Company hereby acknowledge and agree that any Person executing
this Amendment not previously as party to the Stockholders' Agreement will, and
hereby does, become a party to the Stockholders' Agreement as an "Individual
Investor," (or a "Stockholder" in the case of CIBC Inc.) and each such Person
agrees to be bound by all of the terms, provisions and conditions thereof (as
modified hereby).

     5. Further Assurances.

     (a) Each Individual Investor agrees to such amendments, as may be
reasonably requested by the Company, to his employment agreement so as to
provide that the Transactions do not constitute a Change of Control.

     (b) The parties hereto hereby agree to use their respective reasonable
commercial efforts to make such amendments to all other agreements and
documentation in respect of the Company to effectuate the amendments to the
Stockholders' Agreement herein contemplated.

     6. Scope of Amendment. Except as provided in Section 2 of this Amendment,
the Stockholders' Agreement shall remain in full force and effect.

                                      -17-
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 2
to the Stockholders' Agreement on the day and year first above written.

                            PREFERRED INVESTORS

                            CARAVELLE INVESTMENT FUND, L.L.C.

                            By:    Trimaran Advisors, L.L.C.,
                                   its investment manager and
                                   attorney-in-fact

                            By:    /s/ David M. Millison
                                   ------------------------------------
                                   Name:   David M. Millison
                                   Title:

                            TRANSPORTATION INVESTMENT PARTNERS L.L.C.

                            By:    /s/ Steven A. Flyer
                                   ------------------------------------
                                   Name: Steven A. Flyer
                                   Title: Attorney-in-Fact

                            ALBION-ALLIANCE MEZZANINE FUND, L.P.

                            By:      Albion Alliance LLC., its general partner

                            By:    /s/ Charles A. Gonzalez
                                   ------------------------------------
                                   Name: Charles A. Gonzalez
                                   Title: Managing Director

                            ALBION-ALLIANCE MEZZANINE FUND II, L.P.

                            By: AA MEZZ II GP, LLC., its general partner

                            By: Albion Alliance LLC, its sole member

                            By:    /s/ Charles A. Gonzalez
                                   ------------------------------------
                                   Name: Charles A. Gonzalez
                                   Title: Managing Director

                                      -18-
<PAGE>

                            INDIVIDUAL INVESTORS

                            /s/ Thomas M. Begel
                            ------------------------------------
                            Thomas M. Begel

                            /s/ Timothy A. Masek
                            ------------------------------------
                            Timothy A. Masek

                            /s/ Kenneth M. Tallering
                            ------------------------------------
                            Kenneth M. Tallering

                            /s/ Andrew M. Weller
                            ------------------------------------
                            Andrew M. Weller

                            /s/ James D. Cirar
                            ------------------------------------
                            James D. Cirar

                            /s/ Camillo M. Santomero III
                            ------------------------------------
                            Camillo M. Santomero III

                            /s/ John Wilkinson
                            ------------------------------------
                            John Wilkinson

                            /s/ Robert L. Jackson
                            ------------------------------------
                            Robert L. Jackson

                            /s/ Donald C. Mueller
                            ------------------------------------
                            Donald C. Mueller

                            /s/ Lee Swafford
                            ------------------------------------
                            Lee Swafford

                            /s/ Kelly Bodway
                            ------------------------------------
                            Kelly Bodway

                            /s/ David W. Riesmeyer
                            ------------------------------------
                            David W. Riesmeyer

                                      -19-
<PAGE>

                            /s/ Brent Williams
                            ------------------------------------
                            Brent Williams

                            /s/ Jeffrey Elmer
                            ------------------------------------
                            Jeffrey Elmer

                            /s/ Adam Gottlieb
                            ------------------------------------
                            Adam Gottlieb

                            /s/ Fred Culbreath
                            ------------------------------------
                            Fred Culbreath

                            /s/ Joe Hicks
                            ------------------------------------
                            Joe Hicks

                            /s/ Allen Sunderland
                            ------------------------------------
                            Allen Sunderland

                            /s/ Marty Drennen
                            ------------------------------------
                            Marty Drennen

                            /s/ William Faut
                            ------------------------------------
                            William Faut

                                      -20-
<PAGE>

                            CIBC INC.

                            By:    /s/ Gary W. Brown
                                   ------------------------------------
                                   Name: Gary W. Brown
                                   Title: Managing Director

                                      -21-
<PAGE>

                            TRANSPORTATION TECHNOLOGIES INDUSTRIES, INC.

                            By:    /s/ Donald C. Mueller
                                   ------------------------------------
                                   Name: Donald C. Mueller
                                   Title: Chief Financial Officer, Treasurer and
                                   Vice President

                            TMB INDUSTRIES

                            By:    /s/ Andrew M. Weller
                                   ------------------------------------
                                   Name: Andrew M. Weller
                                   Title: Managing Director

                                      -22-

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