Document:

Form of Amendment No.1 to Series 2008 Promissory Notes

 Exhibit 4.7 

 
 Amendment No. 1 to Series 2008 Promissory Notes 

executed by the following holders of Series 2008 Promissory Notes: 

 
  

	
	Name
	 1597257 Ontario Inc.
 OMI Partnership Holdings Ltd.

Onex Partners II GP LP
 Onex Partners II
LP
 Onex US Principals LP

	Laurence Weiss
	Joseph Curtin
	Raymond S. Kalouche
	J. David Aronson
	Thomas E. Lippard
	Daniel E. Rosati
	John W. Keyes
	William R. Miller
	Timothy Kaufman
	I Michal Coslov

	
	THIS NOTE HAS NOT BEEN
REGISTERED PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR PURSUANT TO THE SECURITIES OR “BLUE SKY” LAWS
OF ANY STATE OR FOREIGN JURISDICTION, AND MAY NOT BE SOLD OR
OTHERWISE TRANSFERRED WITHOUT REGISTRATION OR AN EXEMPTION THEREFROM PURSUANT TO THE
ACT OR ANY SUCH APPLICABLE STATE OR FOREIGN LAWS OR OTHERWISE IN
VIOLATION OF THE PROVISIONS OF THIS NOTE.

  

 
 FORM OF AMENDMENT NO. 1 

TO 

SERIES 2008 PROMISSORY NOTE 
 $[            ] 

DUE: November 26, 2020 
  

This Amendment No. 1 to the Series 2008 Promissory Notes, dated as of January 1, 2011 (“Amendment
No. 1”), amends that certain series of promissory notes, issued as of [Issuance Date] (the “Issuance Date”), by TMS International Corp. (formerly Metal Services Acquisition Corp.), a Delaware corporation
(“Borrower”) to certain holders, including, but not limited to, the holders set forth herein on Schedule 1, attached hereto and made a part hereof (the “Holders”), together with its Allonge, dated [Allonge
Date], of the Holders whereby they acknowledged receipt of certain prepayments made by Borrower. The Note of the Holders executing this Amendment No. 1 shall be referred to herein as “this Note” and all of the notes issued or to be
issued by Borrower identified as “Series 2008 Promissory Notes” are referred to as the “Series 2008 Notes.” Capitalized terms used but not defined herein shall have the meanings set forth in the Series 2008 Notes.

 1. Purpose.    The purposes of this Amendment No. 1 are to reduce the interest rate, as the
same is set forth within Section 1, of this Note and each of the Series 2008 Notes. Holders, by their execution hereof hereby (a) amend the terms of this Note and (b) in accordance with Section 18 of the Note consent to
the amendment of each of the Series 2008 Notes, in each case to provide that interest shall accrue for the period November 27, 2010 through December 31, 2010 at the rate of twenty percent (20%) per annum, and from and after January 1,
2011, interest on the unpaid balance of the Principal Amount of this Note and, upon receipt of consent of a Majority-in-Interest, the entire series of Notes, plus any accrued and unpaid interest thereon through December 31, 2010 shall accrue at
the rate of eight percent (8.0%) per annum. For the avoidance of doubt and as an example of the effect of this Amendment No. 1 on all Series 2008 Notes, the amounts subject to the rate of eight percent (8.0%) per annum of this Note
are included in Schedule 1 hereto. 
 2. No other changes.    Except as stated herein, this Note and
the Series 2008 Notes shall remain unaltered and in full force and effect. 
  

 IN WITNESS WHEREOF, Holders have caused this Amendment No. 1 to be duly executed as of
the day and year first above written. 
  
  

 

	
	 HOLDERS:

	
	 

  

 Schedule 1 

 

									
	Holders	 	Remaining principal
balance as 
of
[Allonge Date] as
stated in Allonge	 	Interest accrued
17.5% and
paid-in-kind
on
November 26, 2010	 	Interest accrued at
20.0%
from
November 27, 2010
through
December 31, 2010	 	Balance subject to
8.0%
per annum
interest rate as of
January 1, 2011Amendment to the Alcoa Stock Acquisition Plan

 Exhibit 10.M(5) 

AMENDMENT TO THE 

ALCOA STOCK ACQUISITION PLAN 

Due to the restructuring of the Alcoa Retirement Savings Plan program, and to comply with legally required changes, the plan is amended as follows:

 1.    The definition of “Nonforfeitable Circumstance” is amended by adding the following sentence: 

Effective January 1, 2011, all Matching Company Credit Awards become fully vested and the term “Nonforfeitable
Circumstances” ceases to apply to the Plan. 
 2.    Effective January 1, 2011, the definition of “Savings
Plan” is amended as follows: 
 “Savings Plan” means the Alcoa Retirement Savings Plan for Salaried Employees,
the Alcoa Retirement Savings Plan for Hourly Non-Bargaining Employees, the Alcoa Retirement Savings Plan for Mill Products Employees, and/or the Alcoa Retirement Savings Plan for Fastening Systems and Commercial Windows Employees, as they are now in
existence or as hereafter amended. 
 3.     Section 5.3 is amended by adding the following sentence: 

Effective January 1, 2011, the term “as soon as administratively practical” means within the later of:
(a) 90 days of Retirement or (b) 2 1/2
months after the year of Retirement. 
 4.    Section 5.5 is amended by adding the following sentence:

 Effective January 1, 2011, the term “as soon as administratively practical” means within
the later of: (a) 90 days of death or (b) 2 1/2 months after the year of death. 
 5.    In all other respects, the
Plan is ratified and confirmed.Amendment to Employees' Excess Benefits Plan A

 Exhibit 10.N(6) 

AMENDMENT TO ALCOA INC. 
 EMPLOYEES’ EXCESS BENEFITS PLAN A 
 1.     Effective January 1,
2011, the following will be added to the end of subsection 2.2 d.: 
 To the extent a Participant dies before his or her
payments have begun, payments to the Surviving Spouse will be as follows: 
 1) If the Participant was a Participant in Rule IM
of Plan I, and dies while accruing pension service, the survivor annuity under this Plan will begin the later of: a) the month following the Participant’s death or b) the month after the Participant would have turned age 55. 

2) If the Participant was a Participant in Rule IC or Rule IN of Plan I and dies while accruing pension service, the survivor annuity
under this Plan will begin the month following the Participant’s death. 
 3) If the Participant dies after pension service
has terminated, the survivor annuity under this Plan will begin the later of: the month following the Participant’s death or the month after the Participant would have turned age 55. 
 2.    The definition of Retirement is restated as follows: 

“Retirement” or “Retires” means the termination of employment after attainment of a specified age and specified
service as determined under Normal or Early Retirement type under Plan I Rules or Excess B. Notwithstanding the foregoing, “Retirement” also includes termination of active employment under a Disability Retirement under Plan I Rules or
Excess B, and such disability must also comply with Section 409A of the Internal Revenue Code and the regulations promulgated there under for purposes of this Plan. “Retirement” shall also mean any retirement as may be defined under
any executive severance agreement entered into between the Company and a Participant to the extent it otherwise complies with termination of employment for purposes of Section 409(A) of the Internal Revenue Code. 

3.    In all other respects the Plan is ratified and confirmed.Amendment to Employees' Excess Benefits Plan C

 Exhibit 10.P(3) 

AMENDMENT TO ALCOA INC. 
 EMPLOYEES’ EXCESS BENEFITS PLAN C 
 1.    Effective January 1, 2011,
the following will be added to the end of subsection 2.8 d. i): 
 To the extent a Participant dies before his or her payments
have begun, payments to the Surviving Spouse will be as follows: 
 1) If the Participant was a Participant in Rule IM of Plan
I, and dies while accruing pension service, the survivor annuity under this Plan will begin the later of: a) the month following the Participant’s death or b) the month after the Participant would have turned age 55. 

2) If the Participant was a Participant in Rule IC or Rule IN of Plan I, and dies while accruing pension service, the survivor annuity
under this Plan will begin the month following the Participant’s death. 
 3) If the Participant dies after pension service
has terminated, the survivor annuity under this Plan will begin the later of: the month following the Participant’s death or the month after the Participant would have turned age 55. 
 2.    The definition of Retirement is restated as follows: 

“Retirement” or “Retires” means the termination of employment after attainment of a specified age and specified
service as determined under Normal or Early Retirement type under Plan I Rules or Excess B. Notwithstanding the foregoing, “Retirement” also includes termination of active employment under a Disability Retirement under Plan I Rules, and
such disability must also comply with Section 409A of the Internal Revenue Code and the regulations promulgated there under for purposes of this Plan. “Retirement” shall also mean any retirement as may be defined under any executive
severance agreement entered into between the Company and a Participant to the extent it otherwise complies with termination of employment for purposes of Section 409(A) of the Internal Revenue Code. 

3.    In all other respects the Plan is ratified and confirmed.Amendment to Deferred Compensation Plan

 Exhibit 10.U(11) 

AMENDMENT TO THE 

ALCOA DEFERRED COMPENSATION PLAN 

Due to the restructuring of the Alcoa Retirement Savings Plan program, and to comply with legally required changes, the plan is amended as follows:

 1.    The definition of Additional Salary Reduction Credits is amended by adding the following sentence: 

Effective January 1, 2011, a Participant who is authorized by the Benefits Management Committee may elect to reduce his or her
salary up to a whole percentage of not more than 25%; provided however that a Participant who has elected and is contributing a portion of his or her Salary under the Savings Plan, may not elect to defer any percentage of said Salary as an
Additional Salary Reduction Credit under this Plan, except as otherwise provided in Section 3.2 but only up to the foregoing limitation. 

2.     The definition of “Nonforfeitable Circumstance” is amended by adding the following sentence: 

Effective January 1, 2011, all Matching Company Credits and Employer Contribution Credits become fully vested and the term
“Nonforfeitable Circumstances” ceases to apply to the Plan. 
 3.    Effective January 1, 2011, the
definition of “Savings Plan” is amended as follows: 
 “Savings Plan” means the Alcoa Retirement Savings
Plan for Salaried Employees, the Alcoa Retirement Savings Plan for Hourly Non-Bargaining Employees, the Alcoa Retirement Savings Plan for Mill Products Employees, and/or the Alcoa Retirement Savings Plan for Fastening Systems and Commercial Windows
Employees, as they are now in existence or as hereafter amended. 
 4.    The definition of “Salary Reduction
Credits” is amended by adding the following at the end of the last sentence: “except as otherwise provided in Section 3.2 but only up to the foregoing limitation.” 
 5.    Section 3.1 is amended by adding the following sentence: 

 Effective January 1, 2011, the figure 20% in the foregoing sentence is revised to read
25% for Participants whose Additional Salary Reduction Credit limitation has been increased to 25% by the Benefits Management Committee. 

6.    Section 3.2 is amended by adding the following: 
 A Participant who is in a job grade 24 or above, who has elected and is contributing a portion of his or her Salary under the Savings Plan, but has been limited by Internal Revenue Code limits on their
contributions to the Savings Plan, and who has elected to make a “spill-over” election to this Plan will be credited with Salary Reduction Credits or Additional Salary Reduction Credits, as applicable, up to the amount that their election
to the Savings Plan was limited. 
 7.    Section 8.2 is amended by adding the following sentence: 

Effective January 1, 2011, the term “as soon as administratively practical” means within the later of:
(a) 90 days of Retirement or (b) 2 1/2
months after the year of Retirement. 
 8.    Section 8.4 is amended by adding the following sentence:

 Effective January 1, 2011, the term “as soon as administratively practical” means within
the later of: (a) 90 days of Death or (b) 2 1/2 months after the year of Death. 
 9.    In all other respects, the
Plan is ratified and confirmed.

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