Document:

Amended and Restated Employment Agreement - Thomas E. Lippard

 EXHIBIT 10.14 
 EXECUTION VERSION 
 AMENDED AND RESTATED 
 EMPLOYMENT AGREEMENT 
 This
AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is made as of the Effective Date (as defined below), among Metal Services Acquisition Corp., a Delaware corporation (“Buyer”), Tube City IMS
Corporation, a Delaware corporation (“Company”) and Thomas E. Lippard (“Executive”). Any capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in Section 4A hereof.

 WHEREAS, Executive is currently employed as the Vice President, General Counsel and Secretary of the Company pursuant to the terms
of an Employment Agreement dated as of December 21, 2004 (the “Current Agreement”); 
 WHEREAS, upon the closing
of the transactions (“Closing”) described in the Stock Purchase Agreement, dated as of November 10, 2006, (the “Stock Purchase Agreement”) by and among the Company, Mill Services Holdings, LLC, a Delaware
limited liability company, the other sellers listed on Annex A thereto, Buyer will acquire all of the outstanding stock of the Company; and 
 WHEREAS, from and after the Closing (the date of such Closing, the “Effective Date”), the Company desires that Executive continue to serve as the Vice President, General Counsel and Secretary of the Company, on the
terms and subject to the conditions set forth herein, and Executive has agreed to do so; and 
 WHEREAS, the Company and Executive
desire to amend and restate the Current Agreement in its entirety, in the form of this Amended and Restated Employment Agreement; with effect from the Effective Date. 
 NOW THEREFORE, in consideration of the mutual promises made herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Executive hereby agree
as follows: 
 Section 1. Grant of Restricted Stock. On the Effective Date, Executive shall be granted shares of common stock
of Buyer (the “Restricted Stock”) pursuant to the Metal Services Acquisition Corp. Restricted Stock Plan (“Restricted Stock Plan”). The number of shares of Restricted Stock shall equal to eight and one-quarter
percent (8.25%) of the total number of shares reserved for issuance under the Restricted Stock Plan on the Effective Date, which shall be equal to ten percent (10%) of the total number of shares of common stock of Buyer outstanding upon
the Closing, and such Restricted Stock shall be granted pursuant to the terms and conditions set forth in the Restricted Stock Plan and a Restricted Stock Agreement (as defined in the Restricted Stock Plan). Executive shall be vested immediately as
to twenty-five percent (25%) of the shares of Restricted Stock on the Effective Date, and fifteen percent (15%) of the shares of Restricted Stock on each of the first five anniversaries of the Effective Date, but only to the extent that
Executive remains continuously employed through the applicable vesting date. 

 Section 2. Terms and Conditions of Employment Between the Company and Executive.

 2A. Employment, Duties. 
 (a) The Company shall employ Executive, and Executive hereby accepts employment with the Company, upon the terms and conditions set forth in this Agreement for the period beginning on the Effective Date and ending as provided in
Section 2D hereof (the “Employment Period”). 
 (b) During the Employment Period, Executive shall report to the
Chief Executive Officer of the Company, and shall initially continue to serve as the Vice President, General Counsel and Secretary of the Company or in such other senior managerial capacities of the Company or any of its subsidiaries, as requested
by the Chief Executive Officer or the Board. 
 (c) During the Employment Period, Executive shall devote his full business time and attention
to the business and affairs of the Company and its subsidiaries. So long as Executive is employed by the Company, Executive shall not, without the prior written consent of the Board, accept other employment, or perform other services for
compensation. 
 (d) The Company and the Executive agree that Executive’s primary office shall be at the Company’s place of
business in Glassport, Pennsylvania, subject to reasonable travel requirements. 
 2B. Base Salary and Benefits. 
 (a) During the Employment Period, the Company shall pay Executive an annual base salary of $482,040 (the “Base Salary”). As used herein,
references to “Base Salary” shall include all subsequent increases in annual base salary during the Employment Period. The Base Salary shall be payable in regular installments in accordance with the Company’s general payroll practices
(as in effect from time to time). 
 (b) In addition to the Base Salary, during the Employment Period, Executive will be eligible to earn an
annual bonus under a bonus plan to be established by the Company, payable in accordance with the Company’s customary practices, as determined by the Board, in its sole discretion based upon the Company’s achievement of budgetary and other
objectives set by the Board; provided that, in determining the amount of annual bonus, if any, to be paid to Executive, the Board shall, in determining whether the Company has achieved the budgetary and other goals set by the Board, disregard any
payments by the Company and its subsidiaries to Onex (as defined below) and affiliates. 
 (c) During the Employment Period, Executive shall
be entitled to participate in all of the Company’s employee benefit programs for which senior executives of the Company and its subsidiaries are generally eligible. Without duplication of any employee benefits provided to all senior executives
of the Company and its subsidiaries, the Company shall reimburse Executive for the annual premium cost of $1 million of term life insurance coverage purchased by Executive on his life, up to a maximum of Eleven Thousand Dollars ($11,000) per year.

  

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 (d) During the Employment Period, the Company shall (without duplication of any employee benefits
provided to Executive pursuant to other provisions of this Agreement) reimburse Executive for all reasonable business expenses incurred by him in the course of performing his duties and responsibilities under this Agreement which are consistent with
the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and documentation of such expenses. 
 (e) All amounts payable or otherwise provided to Executive pursuant to this Agreement shall be subject to all applicable withholding and deduction
obligations. 
 2C. Deferred Compensation. In addition to any other payments or benefits under this Agreement, Executive shall be
entitled to Normal Retirement Benefits or Early Retirement Benefits (as hereinafter defined) in accordance with the following: 
 (a)
Normal Retirement Benefits. Subject to the other provisions of this Section 2C hereof, when Executive attains 65 years of age, or if later, upon separation of service, Executive shall be entitled to retire from the Company and to
receive retirement benefits of Forty-Five Thousand Dollars ($45,000) annually (“Normal Retirement Benefits”), payable, commencing as of the first of the month following the month in which normal retirement occurs, in equal monthly
installments, for a period of ten (10) years. Notwithstanding the foregoing, if Executive is deemed to be a “specified employee” as defined in Section 409A(a)(2)(B)(i) of the Internal Revenue Code and the regulations and guidance
issued thereunder relating to deferred compensation, then such Normal Retirement Benefits shall commence as of the first of the month after the sixth month following the date in which separation from service on account of the Executive’s normal
retirement occurs. 
 (b) Early Retirement Benefits. If the Executive separates from service from the Company at or after he attains
age fifty-five (55) and before he attains age sixty-five (65) and subject to Section 2C(f) hereof, Executive shall be entitled to receive retirement benefits of Twenty-Five Thousand Dollars ($25,000) at age fifty-five (55),
plus Two Thousand Dollars ($2,000) for each full year of age attained between ages fifty-five (55) and sixty-five (65) as determined at the date of early retirement to a maximum of Forty-Three Thousand Dollars ($43,000) at age 64
(“Early Retirement Benefits” ), the Early Retirement Benefits as so calculated to be payable annually, commencing as of the first of the month following the month in which early retirement occurs, in equal monthly installments, for
a period of ten (10) years. Notwithstanding the foregoing, if Executive is deemed to be a “specified employee” as defined in Section 409A(a)(2)(B)(i) of the of the Internal Revenue Code and the regulations and guidance issued
thereunder relating to deferred compensation, then such Early Retirement Benefits shall commence as of the first of the month after the sixth month following date in which separation from service on account of the Executive’s early retirement
occurs. 
 (c) Vesting and Forfeiture of Normal Retirement Benefits or Early Retirement Benefits. Executive is fully vested as of the
Effective Date in his Normal Retirement Benefits and Early Retirement Benefits. Executive shall forfeit any and all rights to receive any of the vested Normal Retirement Benefits or vested Early Retirement Benefits, as the case may be, if his
employment is terminated for any reason other than death or Disability prior to attaining age 

  

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fifty-five (55), or if, having attained age fifty-five (55), his employment thereafter is terminated for Cause, or, during or after the period of his
employment by the Company, he violates any of the provisions of Section 3 of this Agreement. 
 (d) Payment of Normal
Retirement Benefits in the Event of Disability. Anything in this Section 2C to the contrary notwithstanding, in the event of the Executive’s Disability, the Executive shall be entitled to fully vested Normal Retirement Benefits,
commencing as of the first of the month following the month in which Disability occurs, subject to forfeiture of any unpaid Normal Retirement Benefits if he thereafter violates any of the provisions of Section 3C of this Agreement.

 (e) Payment of Normal Retirement Benefits or Early Retirement Benefits in the Event of Death. If Executive dies having vested
Normal Retirement Benefits or Early Retirement Benefits, whether or not any such Normal Retirement Benefits or Early Retirement Benefits have been paid at the date of death, payment of the vested Normal Retirement Benefits or Early Retirement
Benefits, based on his age at the date of his death, shall be paid over ten (10) years, commencing as of the first of the month following the month in which death occurs if death occurs during employment, or continued for the balance of the
ten-year term in process if vested Normal Retirement Benefits or Early Retirement Benefits are being currently paid at death, as the case may be, to the Executive’s designated beneficiary or beneficiaries or in default of such designation to
the Executive’s estate. (For the avoidance of doubt, if Executive dies before attaining age 55, the amounts payable under this paragraph shall be determined as if Executive were age 55 on the date of death.) 
 (f) Adjustment in Normal Retirement Benefits and Early Retirement Benefits. If Executive separates from service from the Company in the year
commencing January 1, 2115 or later, Normal Retirement Benefits shall be increased to Fifty Thousand Dollars ($50,000) annually; and Early Retirement Benefits shall increase to Thirty Thousand Dollars ($30,000) annually at age 55, plus Two
Thousand Dollars ($2,000) for each full year of age attained between ages 55 and 65 at the date of early retirement to a maximum of Forty Eight Thousand Dollars ($48,000) at age 64. Additionally, Normal Retirement Benefits and Early Retirement
Benefits as provided for in this Section 2C shall be further increased by the percentage to the extent, if any, in each year from and after calendar year 1995, the Consumer Price Index for December exceeds the Consumer Price Index for
the preceding December by more than ten percent (10%). “Consumer Price Index” shall mean the revised “Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) - United States. All items (1967 = 100)”
published by the Bureau of Labor Statistics, U.S. Department of Labor. Notwithstanding anything herein to the contrary, no adjustments shall be made to the amount of Normal Retirement Benefit or Early Retirement Benefit otherwise payable with
respect to any period after Executive separates from service. 
 (g) All deferred compensation amounts payable or otherwise provided to
Executive pursuant to this Section 2C shall be effective only to the extent it complies with the requirements of Section 409A of the Internal Revenue Code and the regulations and guidance issued thereunder relating to deferred
compensation, as promulgated from time to time (“Section 409A”). In the event that this Section 2C does not conform to Section 409A, Executive agrees that the Company may take such reasonable actions as may be
necessary to 

  

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bring this Section 2C into compliance with Section 409A, while at the same time providing Executive with substantially comparable economic
benefits. 
 2D. Term. 
 (a) The Employment Period shall begin on the Effective Date and end on the fifth anniversary of the Effective Date, and shall automatically be extended by one year at each anniversary of the Effective Date on the same terms and conditions
set forth herein, as modified from time to time by the parties hereto, unless the Company or Executive gives the other party written notice of election not to so extend the Employment Period at least sixty (60) days prior to any such extension
date; provided that (i) the Employment Period shall terminate prior to such date immediately upon the death or Disability of Executive, (ii) the Employment Period may be terminated by the Company at any time prior to such date with
or without Cause and (iii) the Employment Period may be terminated by Executive at any time prior to such date. 
 (b) If the Employment
Period is terminated (i) by the Company without Cause, (ii) by Executive for Good Reason, or (iii) because the Company elects not to renew the Employment Period and as a result Executive is no longer employed by the Company or its
subsidiaries on substantially the same terms as set forth herein, Executive shall be entitled to receive the Base Salary through the date of termination plus a “Severance Payment” equal to two (2) times the Base Salary.
The Severance Payment shall be payable in equal monthly installments over a period of two (2) years. In addition, (i) the Company shall provide Executive with executive-level outplacement services from an outplacement company selected by
the Company, provided that, the Company shall not be required to spend more than Ten Thousand Dollars ($10,000) for such services, and (ii) during the period over which the Severance Payment is made, Executive shall be entitled to continued
health coverage on the same basis that such coverage was provided to Executive prior to the termination of the Employment Period, provided that coverage shall end earlier if and when Executive becomes entitled to comparable coverage under another
employer’s health plan (and, if applicable, shall be secondary to Medicare to the extent permitted by law). As a condition to the Company’s obligations to make the Severance Payments to Executive pursuant to this Section 2D(b),
Executive must (a) continue to comply with the restrictive covenants contained in Section 3, and (b) execute and deliver a general release agreement in form and substance satisfactory to the Company. 
 (c) If the Employment Period is terminated for any reason other than (i) by the Company without Cause, (ii) by Executive for Good Reason, or
(iii) because the Company elects not to renew the Employment Period and as a result Executive is no longer employed by the Company or its subsidiaries on substantially the same terms as set forth herein, Executive shall be entitled to receive
only the Base Salary through the date of termination. 
 (d) Except as otherwise provided herein, all of Executive’s rights to
compensation and benefits (including bonus compensation) which accrue or become payable after the termination of the Employment Period shall cease upon such termination, other than reimbursement pursuant to Section 2B(d). Notwithstanding
the foregoing, Executive’s continued rights with respect to outstanding awards, including the Restricted Stock, under the Company’s equity compensation plans shall be determined in accordance with the terms of such plans and any related
agreements, and Executive’s continued rights under the terms of any compensation or 

  

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benefit plans (including the Company’s vacation policy, tax-qualified and nonqualified plans, bonus plan and welfare plans) shall be determined under
the terms of such plans, or in the case of the Executive’s deferred compensation benefit, under the terms of Section 2C of this agreement. The Company may offset any amounts due and payable by Executive to the Company or its
subsidiaries against any amounts the Company owes Executive hereunder. 
 Section 3. Restrictive Covenants. 
 3A. Confidential Information. Executive acknowledges that the information, observations and data obtained by him while providing services to the
Company and its subsidiaries concerning the business or affairs of the Company, any of its subsidiaries (“Confidential Information”) are the property of the Company or such subsidiary. Therefore, Executive agrees that he shall not
disclose to any unauthorized person or use for their own purposes any Confidential Information without the prior written consent of the Board, unless and to the extent that the aforementioned matters are or become generally known to and available
for use by the public other than as a result of Executive’s acts or omissions. Executive shall deliver to the Company at the termination of the Employment Period, or at any other time the Company may request, all memoranda, notes, plans,
records, reports, computer tapes, printouts and software and other documents and data (and copies thereof) relating to the Confidential Information, Work Product (as defined below) or the business of the Company, any of its subsidiaries which he may
then possess or have under his control. 
 3B. Inventions and Patents. Executive acknowledges that all inventions, innovations,
improvements, developments, methods, designs, analyses, drawings, reports and all similar or related information (whether or not patentable) which relate to the Company’s or any of its subsidiaries’ actual or anticipated business, research
and development or existing or future products or services and which are conceived, developed or made by Executive while providing services the Company, its subsidiaries (“Work Product”) belong to the Company or such subsidiary.
Executive shall promptly disclose such Work Product to the Board and perform all actions requested by the Board (whether during or after the Employment Period) to establish and confirm such ownership (including, without limitation, executing
assignments, consents, powers of attorney and other instruments). 
 3C. Non-Compete; Non-Solicitation. 
 (a) In further consideration of the compensation to be paid to Executive hereunder, Executive acknowledges that in the course of his employment with the
Company he has and shall become familiar with the Company’s and its subsidiaries’ trade secrets and with other Confidential Information and that his services shall be of special, unique and extraordinary value to the Company and its
subsidiaries. Therefore, Executive has agreed that during the Employment Period and continuing for the later of (i) twelve (12) months after termination of the Employment Period and (ii) the period during which the Severance Payment,
if any, is being paid pursuant to Section 2D(b) (the “Noncompete Period”), to not directly or indirectly own any interest in, manage, control, participate in, consult with, advise, render services for, or in any manner
engage in the business of owning, operating, managing, any business that is competitive with the business which the Company or its subsidiaries conducts at the time the Employment Period is terminated. Nothing herein shall prohibit Executive from
being a passive owner of not 

  

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more than two percent (2%) of the outstanding stock of any class of a corporation which is publicly traded, so long as Executive has no active
participation in the business of such corporation. 
 (b) During the Employment Period and continuing for the later of (i) twenty-four
(24) months after termination of the Employment Period and (ii) the period during which the Severance Payment, if any, is being paid pursuant to Section 2D(b) (the “Nonsolicitation Period”), Executive shall not
directly or indirectly through another entity (i) induce or attempt to induce any employee of the Company or any of its subsidiaries to leave the employ of the Company or such subsidiary, (ii) hire any person who was an employee of the
Company or any of its subsidiaries at any time during the twelve- (12) month period preceding such hiring; or (iii) induce or attempt to induce any material customer, supplier, licensee, licensor or other business relation of the Company,
its subsidiaries to cease doing business with the Company or such subsidiary, other than in connection with ordinary course post-termination competitive activities undertaken as permitted in Section 3C(a). 
 3D. Enforcement. If, at the time of enforcement of Sections 3A, 3B or 3C of this Agreement, a court holds that the
restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum period, scope or geographical area reasonable under such circumstances shall be substituted for the stated period, scope or
area. Because Executive’s services are unique and because he has access to Confidential Information and Work Product, the parties hereto agree that money damages would not be an adequate remedy for any breach of this Agreement by Executive.
Therefore, in the event a breach or threatened breach of this Agreement by Executive, the Company or its subsidiaries or their respective successors or assigns may, in addition to other rights and remedies existing in their favor apply to any court
of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce, or prevent any violations of, the provisions hereof. In addition, in the event of a violation by Executive of Section 3C, the
Noncompete Period and the Nonsolicitation Period shall be tolled, as applicable, until such breach or violation has been duly cured. Executive agrees that the restrictions contained in Section 3C are reasonable. 
 3E. Certain Representations. Executive hereby represents and warrants to the Company that (i) the execution, delivery and performance of this
Agreement by him does not and will not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which he is a party or by which he is bound, (ii) Executive is not a party to or
bound by any employment agreement, noncompete agreement or confidentiality agreement with any other person or entity that results in any conflict with this Agreement, (iii) upon the execution and delivery of this Agreement by the Company, this
Agreement shall be the valid and binding obligation of Executive, enforceable in accordance with its terms, (iv) Executive does not own any interest in, manage, control, participate in, consult with, render services for, or in any manner engage
in any business other than the business of the Company and its subsidiaries, except for owning interests in companies whose stock is publicly traded on an exchange or interests in an investment fund or similar vehicle with respect to which Executive
has no direct or indirect authority or influence over the investments thereof, and (v) upon the Closing, no amounts will be owing to Executive from the Company or any of its predecessors, subsidiaries or affiliates in respect of
Executive’s employment prior to the Closing, 

  

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including with respect to any claim in respect of a Change of Control (as defined in the Current Agreement), if applicable, other than base salary accrued
since the payroll date preceding the Closing, accrued and unpaid bonus for the preceding fiscal year, accrued benefits due under the written terms of any benefit plan or the Current Agreement, expenses incurred and payable in accordance with past
practice, and any payments payable in respect of Executive’s equity interest in the Company as provided in the Stock Purchase Agreement. Executive hereby acknowledges and represents that he has consulted with independent legal counsel regarding
his rights and obligations under this Agreement and that he fully understands the terms and conditions contained herein. In no event shall Executive be entitled to any payments, damages or other recoveries on the termination of the Employment
Period, other than as set forth in Section 2D of this Agreement. 
 3F. Other Businesses. Without limiting the generality
of any other provision of this Agreement, during the Employment Period, Executive hereby agrees that he will not, except with the express written consent of the Board, become engaged in, or render services for, any business other than the businesses
of the Company and any of its subsidiaries, affiliates or any corporation, partnership or other entity in which the Company or any of its subsidiaries or affiliates has an equity interest, or any business which Executive provides services to at the
request of Onex Partners II L.P. or a successor thereof (“Onex”). 
 3G. Survival. This Section 3 (other
than Section 3F) shall survive and continue in full force in accordance with their terms notwithstanding any termination of the Employment Period. 
 3H. Termination of Existing Employment Agreements. Subject to Section 4D(a), this Agreement embodies the complete agreement and understanding among the parties relating to the terms of
Executive’s employment with the Company and/or any of its subsidiaries and affiliates and, effective as of the Closing, supersedes and preempts any prior understandings, agreements or representations by or among the parties and any direct or
indirect subsidiary or affiliate of the Company or any of their direct or indirect subsidiaries or affiliates, (or any predecessor thereof), written or oral, which may have related to the subject matter of this Agreement in any way, including,
without limitation, the Current Agreement. 
 Section 4. Certain Definitions; Miscellaneous. 
 4A. Certain Definitions. 
 “Board” means the Board of Directors of the Company. 
 “Cause” means any of the following by
Executive: (i) Executive’s conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any felony or crime involving moral turpitude, dishonesty, fraud, theft or embezzlement,
(ii) conduct that brings or is reasonably likely to bring the Company or any of its subsidiaries or affiliates into public disgrace or disrepute and that is injurious to the Company’s or any subsidiary’s or affiliate’s business
in any material way, (iii) failure to perform duties as reasonably directed by the Company (which, if curable, is not cured within thirty (30) days after notice thereof to Executive by the Company), (iv) gross negligence, willful
malfeasance or material act of 

  

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disloyalty with respect to the Company or its subsidiaries or affiliates (which, if curable, is not cured within thirty (30) days after notice thereof
to Executive by the Company), or (v) any material breach of this Agreement (which, if curable, is not cured within thirty (30) days after notice thereof to Executive by the Board). 
 “Disability” means any physical or mental incapacitation which results in Executive’s inability to perform his duties and
responsibilities hereunder, as determined by the Board in its good faith judgment, for a consecutive period of ninety (90) days or for a period of one hundred and twenty (120) days in any three hundred and sixty (360) day period.

 “Good Reason” means (i) a material default by the Company in the performance of its obligations under this Agreement
which is not cured within thirty (30) days after receipt of written notice from Executive describing the default in reasonable detail; (ii) relocation of Executive without his consent from his place of employment described in
Section 2A(d) to a location that increases his one-way commute by more than thirty-five (35) miles, (iii) a material diminution in Executive’s duties or other material adverse change in his employment relationship
unilaterally imposed by the Company (or its successor) within eighteen (18) months following a Sale of the Company (as defined in the Restricted Stock Plan), after at least thirty (30) days written notification provided by the Executive;
or (iv) failure by the Company to secure in writing the agreement of any successor entity to the Company to assume the Agreement, including a successor to all or substantially all of the assets of the Company. 
 4B. Notices. All notices, consents and other communications required or permitted to be given under or by reason of this Agreement shall be in
writing, shall be delivered personally or by e-mail or telecopy as described below or by reputable overnight courier, and shall be deemed given on the date on which such delivery is made, provided, that any such delivery made on a day that is not a
business day, or that is made after 5:00 p.m. on a business day, shall be deemed to be given on the following business day. If delivered by e-mail or telecopy, such notices or communications shall be confirmed by a registered or certified letter
(return receipt requested), postage prepaid. Any such delivery shall be addressed to the intended recipient at the following addresses (or at such other address for a party as shall be specified by such party by like notice to the other parties):

 4C. Notices to Executive: 
 Thomas E. Lippard 
 132 Harwood Drive 
 Pittsburgh, PA 15208 
  

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 Notices to the Company: 
 Tube City IMS Corporation 
 c/o Onex
Investment Corp. 
 712 Fifth Avenue 
 New York, New York 10019 
 Attention: Timothy A.R. Duncanson 
 Fax No.: (212) 582-0909 
 With copies to:

 Metal Services Acquisition Corp. 
 12 Monongahela Avenue 
 Glassport, Pennsylvania 15045 
 Attention: Chief Executive Officer 
 and: 
 Kaye Scholer LLP 
 425 Park Avenue 

New York, New York 10022 
 Attention: Joel
I. Greenberg 
                  Derek M. Stoldt

 Fax No.: (212) 835-8211 
 4D. General Provisions. 
 (a) Conditions to Effectiveness. Notwithstanding anything in this Agreement to the
contrary, this Agreement shall not be effective unless and until the Closing occurs. In the event the closing of the transactions contemplated by the Stock Purchase Agreement have not then occurred, this Agreement shall terminate upon the
termination of the Stock Purchase Agreement. 
 (b) Severability. Whenever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such
invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had
never been contained herein. 
 (c) Counterparts. This Agreement may be executed in separate counterparts (including by means of
telecopied signature pages), each of which is deemed to be an original and all of which taken together constitute one and the same agreement. 
 (d) Successors and Assigns. Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of and be enforceable by Executive and the 

  

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Company and their respective successors and assigns; provided that the rights and obligations of Executive under this Agreement shall not be
assignable without the prior written consent of the Company. 
 (e) Choice of Law. All issues and questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions
(whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. 
 (f) Amendment and Waiver. The provisions of this Agreement may be amended and waived only in a writing signed by the Company (with the prior written approval of the Board), Executive and Buyer. 
 (g) No Strict Construction. Notwithstanding that this Agreement has been drafted or prepared by one of the parties hereto, each of the parties
hereto confirm that each party and their respective counsel have reviewed, negotiated and adopted this Agreement as the joint agreement of the parties. The language used in this Agreement shall be deemed to be the language chosen by the parties, and
no rule of strict construction shall be applied against any party. 
 (h) Third-Party Beneficiaries; Buyer Guarantee. The parties
hereto acknowledge and agree that Onex is a third party beneficiary of this Agreement. This Agreement will inure to the benefit of and be enforceable by Onex and its successors and assigns. The Buyer hereby guarantees the performance of the Company
in accordance with the terms hereof. 
 *        *        *        * 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Employment
Agreement on the date first written above. 
  

			
	TUBE CITY IMS CORPORATION
		
	By:	 	/s/ I Michael Coslov
	Its:	 	Chairman and CEO

	
	
	/s/ Thomas E. Lippard
	THOMAS E. LIPPARD

			
	METAL SERVICES ACQUISITION CORP.
		
	By:	 	/s/ Donald F. West
	Its:	 	Vice President

 [Signature Page to Lippard Employment Agreement]Restricted Stock Plan

 EXHIBIT 10.15 
 METAL SERVICES ACQUISITION CORP. 
 RESTRICTED STOCK PLAN 
 ARTICLE I. 
 PURPOSE. 
 The purpose of the Metal Services Acquisition Corp. Restricted Stock Plan (the “Plan”) is to aid Metal Services Acquisition Corp. (the
“Company”) and its subsidiaries in attracting and retaining key employees of outstanding ability and in motivating such employees to exert their best efforts on behalf of the Company and its subsidiaries. In addition, the Company expects
that the Plan will induce any such employees who receive an Award hereunder to contribute fully to the further growth and development of the business of the Company and its subsidiaries. 
 ARTICLE II. 
 DEFINITIONS 
 2.1 “Affiliate” means, with respect to any Person, (a) any director or executive officer of such Person, (b) any spouse, parent,
sibling, descendant or trust for the exclusive benefit of such Person or his or her spouse, parent, sibling or descendant (or the spouse, parent, sibling or descendant of any director or executive officer of such Person), and (c) any other
Person that, directly or indirectly, controls or is controlled by or is under common control with such Person. For the purpose of this definition, (i) “control” (including with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person,
whether through the ownership of voting securities, status as a general partner, or by contract or otherwise and (ii) Onex Corporation shall be deemed to control any Person controlled by Gerald W. Schwartz so long as Mr. Schwartz controls
Onex Corporation. 
 2.2 “Award” means an award of Restricted Stock under this Plan which may be outright or at a purchase price
per share determined by the Committee. 
 2.3 “Board” shall mean the Board of Directors of the Company. 
 2.4 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 
 2.5 “Committee” shall mean the Committee described in Article VII to administer the Plan. 
 2.6 “Common Stock” shall mean common stock of the Company, $0.001 par value per share. 
 2.7 “Date of Grant” shall mean the date on which any Restricted Stock is awarded hereunder, provided, that the Committee may grant Awards to
Participants to be effective and deemed to be granted on the occurrence of certain specified contingencies. The “Initial Date of Grant” shall be the date on which the Stock Purchase is consummated. 

 2.8 “Participant” shall mean any employee of the Company or any subsidiary thereof to whom an
Award is made in accordance with the terms hereof. 
 2.9 “Qualified Trust” shall mean, with respect to a Participant, a trust for
the exclusive benefit of that Participant and/or members of that Participant’s immediate family of which that Participant is the sole trustee. The Restricted Stock that has been transferred to a Qualified Trust shall be deemed to be held by the
transferor Participant for purposes of this Plan, including the vesting and forfeiture provisions hereof. 
 2.10 “Restricted
Stock” shall mean Common Stock awarded hereunder that is subject to the restrictions set forth hereunder, for so long as such Common Stock remains subject to any such restriction. 
 2.11 “Restricted Stock Agreement” shall have the meaning set forth in Section 5.7. 
 2.12 “Sale of the Company” shall mean any transaction pursuant to which Person(s) other than the Company’s existing stockholders as of
immediately after the Stock Purchase and their respective Affiliates acquire (a) capital stock of the Company possessing the voting power under normal circumstances to elect a majority of the Board (whether by merger, consolidation,
recapitalization, reorganization or sale or transfer of the Company’s equity interests or otherwise) or (b) all or substantially all of the assets of the Company and its subsidiaries (determined on a consolidated basis). 
 2.13 “Stock Purchase” shall mean the acquisition by the Company of all of the issued and outstanding capital stock of Tube City IMS
Corporation, a Delaware corporation (“Tube City”), pursuant to a Stock Purchase Agreement, dated as of November 9, 2006, by and among Tube City, Mill Services Holdings, LLC, a Delaware limited liability company, the other sellers
listed on Annex A thereto and the Company. 
 ARTICLE III. 
 SHARES SUBJECT TO THE PLAN 
 3.1 The aggregate number of shares of Common Stock that may be issued or
transferred pursuant to the Plan is the number equal to ten percent (10%) of the number of shares of Common Stock outstanding immediately following the Stock Purchase, excluding any shares granted under this Plan. Such shares may be authorized
and unissued, or treasury shares, or any combination thereof. Any shares subject to an Award which for any reason are forfeited, cancelled or terminated, may be subject to a new Award. 
 ARTICLE IV. 
 ELIGIBILITY AND PARTICIPATION 
 4.1 Any officer or other key employee of the Company or one of its subsidiaries, shall be eligible to receive an Award. The individuals set forth on
Schedule A hereto shall be participants as of the effective date of this Plan (the “Initial Participants”). 
 ARTICLE V.

 TERMS AND CONDITIONS OF AWARDS 
 5.1 Award of Restricted Stock. The Committee shall from time to time, in its discretion, award shares of Restricted Stock to any key employee, upon such terms and conditions, consistent with the provisions of this Plan, as it may
determine. Effective on the 

  

 2 

 
Initial Date of Grant, the Initial Participants shall be awarded shares of Restricted Stock in the amounts set forth on Schedule A hereto. 
 5.2 Issuance of Restricted Shares. Upon the Award of Restricted Stock, the Committee shall promptly notify each Participant of such Award,
including the Date of Grant thereof, and a Restricted Stock Agreement shall promptly be executed and delivered by and on behalf of the Company. Such Restricted Stock Agreement may provide that the Restricted Stock is subject to such restrictions as
the Committee may provide, including, but not limited to, restrictions concerning voting rights and transferability. The Committee also may require that an appropriate legend be placed on stock certificates with respect to the restrictions imposed
thereon. Shares of Restricted Stock granted pursuant to an Award hereunder shall be issued in the name of the Participant as soon as reasonably practicable after the Award is granted, provided that the Participant has executed the Restricted Stock
Agreement. Except as otherwise provided in this Plan or any Restricted Stock Agreement, Restricted Stock may not be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered or disposed of while any such restriction is in effect.

 5.3 Vesting. The Committee shall have the discretion to determine the period and the conditions, if any, upon which an Award shall
vest and become nonforfeitable. Notwithstanding the foregoing, each Initial Participant shall vest in twenty-five percent (25%) of his shares of Restricted Stock on the Initial Date of Grant and in an additional fifteen percent (15%) on
each of the first five anniversaries of such date. Except as otherwise provided herein or in a Restricted Stock Agreement, any nonvested Restricted Stock awarded to a Participant shall be immediately forfeited if such Participant ceases to be an
employee of or consultant to the Company or one of its subsidiaries for any reason, and such Participant shall have no further rights to or with respect to such shares. 
 5.4 Rights as a Shareholder. Notwithstanding anything herein to the contrary, unless otherwise provided in a Restricted Stock Agreement, a Participant shall have, subject to the restrictions set forth in this
Article V, all of the rights of a shareholder with respect to such Restricted Stock, including the right to vote such Restricted Stock and to receive all dividends paid thereon. 
 5.5 Lapse of Restrictions. Unless otherwise provided in a Restricted Stock Agreement, in the event of a Sale of the Company, all restrictions on
the Participant’s Restricted Stock shall lapse immediately prior to (but subject to) consummation of such transaction and such Restricted Stock shall no longer be subject to forfeiture. 
 5.6 Lapse at Discretion of the Committee. The Committee may at any time, in its sole discretion, accelerate the time at which any or all
restrictions will lapse or remove any or all of such restrictions with respect to Restricted Stock awarded hereunder. 
 5.7 Restricted
Stock Agreements. Each Award of Restricted Stock under this Plan shall be evidenced by a Restricted Stock Agreement which shall contain such terms and conditions as the Committee shall determine, consistent with this Plan. 
 ARTICLE VI. 
 DILUTION AND OTHER ADJUSTMENTS

 6.1 Merger, Consolidation, etc. In the event of any change in the outstanding Common Stock as a result of a dissolution or
liquidation of the Company, sale of all or 

  

 3 

 
substantially all of the assets of the Company and its subsidiaries, merger or consolidation of the Company with or into any other corporation, statutory
share exchange involving capital stock of the Company, reorganization, recapitalization, reclassification, stock dividend, extraordinary dividend, stock split, reverse stock split, stock combination, rights offering, spin-off or other relevant
change the Committee shall make an equitable adjustment in the number and kind of securities subject to the outstanding Awards in order to prevent the enlargement or dilution of the rights of Participants thereunder, consistent with the intent of
the Plan, provided that the manner of such equitable adjustment shall be determined in the sole discretion of the Committee. Accordingly, the Committee may, in its discretion, adjust the aggregate number of shares of Common Stock available for
Awards under the Plan, and any or all other matters deemed appropriate by the Committee, including, without limitation, (i) the continuation of this Plan and/or the assumption of the Awards granted hereunder by a successor corporation or other
entity (or a parent or subsidiary thereof) or (ii) the substitution for such Awards of new awards covering the stock of (or other equity interest in) a successor corporation or other entity (or a parent or subsidiary thereof), with appropriate
adjustments as to the number and kind of shares and purchase price, if any. In the event of any continuation, assumption or substitution contemplated by the foregoing clauses, this Plan and/or such Awards shall continue in the manner and under the
terms so provided. 
 6.2 Change in Capitalization. If, by reason of a change in capitalization described in Section 6.1, a
Participant shall be entitled to new, additional or different shares of stock or securities of the Company or any other corporation (or other entity) in respect of his or her Award, in the event that this Plan continues, such new, additional or
different shares shall thereupon be subject to all of the conditions, restrictions and performance criteria which were applicable to the shares of Common Stock subject to the Award, as the case may be, prior to such change in capitalization.

 ARTICLE VII. 
 PLAN
ADMINISTRATION 
 7.1 Committee Membership. The Plan shall be administered by a committee of directors appointed by the Board to
administer this Plan, which shall consist of at least three members, each of whom is not a Participant herein. 
 7.2 Authority and
Discretion. The Committee shall administer this Plan and, subject to the limitations set forth herein, shall have absolute discretion and authority to: (i) grant Awards hereunder; (ii) determine when and to which key employees such
Awards will be granted; (iii) determine the form, amount and other terms and conditions of each such Award; (iv) interpret this Plan and any Award or agreement made thereunder; (v) establish, amend, waive and rescind any rules and
regulations relating to the administration of this Plan; (vi) determine the terms and provisions of any Restricted Stock Agreement entered into hereunder; and (vii) make all other determinations necessary or advisable for the
administration of this Plan. The Committee may correct any defect, supply any omission or reconcile any inconsistency in this Plan or in any agreement in the manner and to the extent it shall deem desirable. All determinations of the Committee in
the administration of this Plan, as described herein, shall be final, binding and conclusive, including, without limitation, the determination of the manner of any equitable adjustments, pursuant to Article VI. A majority of the members of the
Committee shall constitute a quorum for any meeting of the Committee and a majority of a quorum may authorize any action. 
  

 4 

 ARTICLE VIII. 
 AMENDMENT AND TERMINATION OF THE PLAN 
 8.1 Amendment, Modification and Termination of this Plan.
Except as provided in this Article VIII, (i) the Committee may at any time amend, modify, terminate or suspend this Plan and (ii) the Committee may at any time alter or amend any or all agreements evidencing Awards hereunder to the extent
permitted by law. This Plan shall terminate upon a Sale of the Company after giving effect to the provisions of Section 5.5 and all Restricted Stock Agreements. No termination, suspension, modification or amendment of this Plan or any agreement
evidencing an Award shall impair or adversely affect any right acquired by any Participant or such Participant’s permitted transferee under an Award granted before the date of termination, suspension, modification or amendment unless the
consent of such Participant or transferee is obtained. 
 ARTICLE IX. 
 MISCELLANEOUS 
 9.1 Effective Date. The Plan shall become effective as of the
effective time of the Stock Purchase. 
 9.2 Rights as an Employee. Nothing in the Plan, the grant or holding of an Award, or in any
Restricted Stock Agreement shall confer to any holder of an Award any right to continue in the employ of the Company or any of its subsidiaries or as a member of the Board, or interfere in any way with the right of the Company or any parent or
subsidiary of the Company to terminate a Participant’s employment or directorship at any time. 
 9.3 Withholding. It shall be a
condition to the performance of the Company’s obligation with respect to any Award that a Participant pay, or make provision satisfactory to the Company for the payment of, any taxes which the Company is obligated to collect with respect to the
issuance or vesting or exercise of any Plan Award, including any Federal, state, or local withholding taxes. 
 9.4 Non-Assignability of
Plan Awards. Except as otherwise set forth herein, no Award shall be sold, pledged, assigned or transferred by the recipient, except by will or by the laws of descent and distribution or pursuant to a “qualified domestic relations
order,” as such term is defined in the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended or to a Qualified Trust. The Company may require as a condition to a transfer to a Qualified Trust that the Qualified
Trust enter into agreements satisfactory to the Company, in its sole discretion, with respect to the Qualified Trust’s compliance with this Plan and the applicable Restricted Stock Agreement. No Award or interest therein may be sold, pledged,
attached, or otherwise encumbered other than in favor of the Company, and no Award shall be liable for the debts, contracts or engagements of the holder of an Award or his or her successors in interest or shall be subject to disposition by transfer,
alienation, anticipation, encumbrance, assignment or any other means whether such disposition may be voluntary or involuntary or by operation of law or judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including
bankruptcy) and any attempt to do so shall be null and void and of no force or effect. 
 9.5 Other Restrictions. Each Award shall be
subject to the requirement that, if at any time the Board or the Committee shall determine, in its sole discretion, that the listing, registration, or qualification of the shares of Restricted Stock upon any securities exchange or under any state or
Federal law, or the consent or approval of any governmental regulatory body 

  

 5 

 
is necessary or desirable as a condition of, or in connection with, the lapsing of any restriction with respect to such Award or the issue, transfer, or
purchase of shares thereunder, the restrictions with respect to such Award shall not lapse, and such issue, transfer or purchase shall not occur, in whole or in part unless such listing, registration, qualification, consent, or approval shall have
been effected or obtained free of any conditions not acceptable to the Board. The Company shall not be obligated to sell or issue any shares of Common Stock in any manner in contravention of the Securities Act of 1933, as amended, or any state
securities law. 
 9.6 Governing Law. This Plan and any agreements hereunder shall be interpreted and enforced under the internal laws
of the State of Delaware without regard to the conflicts of law principles thereof. 
 9.7 No Waiver. No modification or waiver of any
of the provisions of this Plan shall be effective unless in writing and signed by the party against whom it is sought to be enforced. 
 9.8
Severability. In the event any provision of this Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this Plan, and this Plan shall be construed and enforced as if the
illegal or invalid provision had not been included. 
 9.9 Binding Nature. This Plan and the agreements evidencing Awards hereunder
shall be binding upon and inure to the benefit of the successors (including by way of merger), assigns and heirs of the respective parties. 
  

 6 

 Schedule A 
 METAL SERVICES ACQUISITION CORP. 
 RESTRICTED STOCK PLAN 
 INITIAL PARTICIPANTS 
  

			
	 Name
	  	Common Shares
	 I Michael Coslov
	  	427.4538
	 Joseph Curtin
	  	363.5212
	 Raymond Kalouche
	  	363.5212
	 David J. Aronson
	  	320.754
	 Thomas E. Lippard
	  	180.015
	 Daniel E. Rosati
	  	158.195
	 Timothy R. Kaufman
	  	32.73
	 William Miller
	  	32.73
	 Jamie Estill
	  	32.73
	 Perry Van Rosendale
	  	32.73
	 Roger Marynak
	  	10.91
	 John Carrol
	  	10.91
	 Leon Heller
	  	10.91
	 John W. Keyes
	  	6.546
	 John Turner
	  	6.546
	 Donald Vesling
	  	6.546
	 Robert H. Wilson
	  	6.546
	 Robert Harris
	  	6.546
	 Hideyuki Nishizawa
	  	6.546
	 Michael Mullen
	  	6.546
	 Ralph Castellano
	  	6.546
	 Gerard Piccioni
	  	6.546
	 Spencer Hill
	  	6.546
	 Joseph Jung
	  	6.546
	 Jean-Luc Koclejda
	  	6.546
	 Claude Meilleur
	  	6.546
	 David Coslov
	  	6.546
	 David Watt
	  	6.546
	 James Brigel
	  	6.546
	 Yves Roger
	  	6.546
	 Michael A. Costa
	  	6.546
	 John Minihan
	  	4.364
	 Michael Koller
	  	4.364
	 Robert Subasic
	  	4.364
	 Michael W. McGraw
	  	4.364
	 Kirk Peters
	  	4.364
	 Brian St. Clair
	  	4.364
	 Paul Bochnak
	  	4.364
	 Richard English
	  	4.364
	 Kyle Mikaloff
	  	4.364
	 David Schoffman
	  	4.364
	 Eric Merrill
	  	4.364
	 Scott Clark
	  	4.364
	 Fermin Maldonado
	  	4.364
	 Ray Rivas
	  	4.364
		  	 
	 TOTAL:
	  	2156.0342

  

 7

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