Document:

Registration Agreement, dated January 25, 2007

 Exhibit 4.3 

REGISTRATION AGREEMENT 

This Registration Agreement is made as of January 25, 2007, among Metal Services Acquisition Corp., a Delaware corporation (the
“Company”), and the Persons listed on Schedule A attached hereto and such other stockholders of the Company as may, from time to time, become parties to this Agreement in accordance with the provisions hereof (the
“Investors”). 
 The Investors have entered into either a (i) subscription and contribution
agreement or (ii) subscription agreement (collectively the “Equity Investment Agreements”), dated as of the date hereof, pertaining to the Investors’ investment and/or contribution to the Company. In order to induce
those Investors which are parties to the Equity Investment Agreements to enter into their respective Equity Investment Agreements, the Company has agreed to provide the registration rights set forth in this Agreement. Unless otherwise provided in
this Agreement, capitalized terms used herein shall have the meanings set forth in Section 9. 
 The parties, intending to
be legally bound hereby, agree as follows: 
 1. Demand Registrations. 

(a) Requests for Registration. Subject to Sections 1(b) and 1(c), at any time, the Majority Onex Investors may request
registration under the Securities Act of all or part of their Registrable Securities on Form S-1 or any similar long-form registration (“Long-Form Registrations”) or, if available, on Form S-2 or S-3 or any similar short-form
registration (“Short-Form Registrations”). In addition, at any time after the consummation of a Public Offering, the holders of a majority of the Registrable Securities may request Long-Form Registrations or, if available,
Short-Form Registrations of all or part of their Registrable Securities until such holders cease to hold at least 10% of the number of Registrable Securities held by such holders as of the date hereof. Each request for a registration under this
Section 1(a) shall specify the approximate number of Registrable Securities requested to be registered and the proposed method of distribution. Within 10 days after receipt of any such request, the Company will give written notice of such
requested registration to all other holders of Registrable Securities and, subject to Section 1(d), will include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion
therein within 15 days after the receipt of the Company’s notice. All registrations requested pursuant to this Section 1(a) are referred to herein as “Demand Registrations.” 

(b) Long-Form Registrations. The holders of a majority of the Registrable Securities will be entitled to request, at the times
and subject to the conditions set forth in Section 1(a), three Long-Form Registrations in which the Company will pay all Registration Expenses and the Majority Onex Investors will be entitled to request an unlimited number of Long-Form
Registrations in which the Company will pay all Registration Expenses (“Company-Paid Long-Form Registrations”). A registration will not count as one of the permitted Long-Form Registrations until it has become effective
(unless such Long-Form Registration does not become effective due solely to the fault of the holders requesting such registration and such holders do not bear all Registration Expenses in connection therewith); provided that in any event (absent an
agreement by the holders requesting such registration to bear such expenses) the Company will 

 
pay all Registration Expenses in connection with any registration initiated as a Company-Paid Long-Form Registration whether or not it has become effective. All Long-Form Registrations shall be
underwritten registrations. 
 (c) Short-Form Registrations. In addition to the Company-Paid Long-Form Registrations
provided pursuant to Section 1(b), the Majority Onex Investors and, at the times and subject to the conditions set forth in Section 1(a), the holders of a majority of the Registrable Securities will each be entitled to request an unlimited
number of Short-Form Registrations in which the Company will pay all Registration Expenses. Demand Registrations will be Short-Form Registrations whenever the Company is permitted to use any applicable short form. After the Company has become
subject to the reporting requirements of the Securities Exchange Act, the Company will use its commercially reasonable efforts to be and remain eligible to use Short-Form Registrations for the sale of Registrable Securities. The Majority Onex
Investors may require that any Short-Form Registration provide, pursuant to Rule 415 under the Securities Act or any successor rule, for the continuous offering and sale of Registrable Securities through market transactions and such methods of
distribution as the Majority Onex Investors may reasonably request (a “Shelf Registration”). Each request for a registration under this Section 1(c) shall specify the approximate number of Registrable Securities to be
registered and the proposed method of distribution. 
 (d) Priority on Demand Registrations. The Company will not
include in any Demand Registration any securities that are not Registrable Securities without the prior written consent of the holders of at least a majority of the Registrable Securities included in such registration. If a Demand Registration is an
underwritten offering and the managing underwriters advise the Company in writing that in their opinion the number of Registrable Securities and, if permitted pursuant to the immediately preceding sentence, other securities requested to be included
in such offering exceeds the number of Registrable Securities and other securities, if any, which can be sold therein without adversely affecting the marketability of the offering, the Company will include in such registration prior to the inclusion
of any securities which are not Registrable Securities the number of Registrable Securities requested to be included (whether upon exercise of a demand registration right or upon exercise of the right to participate in such a demand registration)
that in the opinion of such underwriters can be sold without adversely affecting the marketability of the offering, pro rata among the respective holders thereof on the basis of the number of Registrable Securities requested to be included by each
such holder. 
 (e) Restrictions on Demand Registrations. The Company will not be obligated to effect any Demand
Registration, other than a Shelf Registration, within six months after the effective date of a Demand Registration or a registration in which the holders of Registrable Securities were given piggyback rights pursuant to Section 2 and in which
there was no significant reduction in the number of Registrable Securities requested to be included. The Company may postpone for up to six months the filing or the effectiveness of a registration statement for a Demand Registration if the Board
determines that such Demand Registration or the disclosure required thereby could reasonably be expected to have an adverse effect on (i) any proposal or plan by the Company or any of its subsidiaries to engage in any acquisition of assets
(other than in the ordinary course of business) or any merger, consolidation, tender offer or similar transaction, or (ii) any material corporate development; provided that in such event, the 

 
holders of Registrable Securities initially requesting such Demand Registration will be entitled to withdraw such request and, if such request is withdrawn, such Demand Registration will not
count as a requested Demand Registration hereunder and the Company will pay all Registration Expenses in connection with such registration. 

(f) Selection of Underwriters. The holders of a majority of the Registrable Securities included in any Demand Registration will
have the right to select the investment banker(s) and manager(s) to administer the offering, subject to the Company’s approval, which will not be unreasonably withheld. 

(g) Other Registration Rights. The Company will not grant to any Persons the right to request the Company to register any equity
securities of the Company, or any securities convertible or exchangeable into or exercisable for such securities, without the prior written consent of the holders of at least a majority of the Registrable Securities; provided that the Company may
grant rights to other Persons to participate in Piggyback Registrations or Demand Registrations so long as such rights are subordinate to the rights of the holders of Registrable Securities with respect to such Piggyback Registrations or Demand
Registrations. 
 2. Piggyback Registrations. 

(a) Right to Piggyback. Whenever the Company proposes to register any of its securities under the Securities Act (including
primary registrations on behalf of the Company and secondary registrations on behalf of the holders of its securities other than pursuant to a Demand Registration) and the registration form to be used may be used for the registration of Registrable
Securities (a “Piggyback Registration”), the Company will give prompt written notice to all holders of Registrable Securities of its intention to effect such a registration and will include in such registration all
Registrable Securities with respect to which the Company has received written requests for inclusion therein within 15 days after the receipt of the Company’s notice. However, the Company shall not include Registrable Securities in a primary
registration on behalf of the Company if the Majority Onex Investors so determine. 
 (b) Piggyback Expenses. The
Registration Expenses of the holders of Registrable Securities will be paid by the Company in all Piggyback Registrations. 

(c) Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the
Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the
marketability of the offering, the Company will include in such registration (i) first, the securities the Company proposes to sell, (ii) second, the Registrable Securities requested to be included in such registration, pro rata among the
holders of such Registrable Securities on the basis of the number of shares requested to be included by each such holder, and (iii) third, other securities requested to be included in such registration. 

(d) Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf of
holders of the Company’s securities, and the managing underwriters advise the Company in writing that in their opinion the number of 

 
securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability of the offering, the Company will
include in such registration (i) first, the Registrable Securities requested to be included in such registration, pro rata among the holders of such Registrable Securities on the basis of the number of shares to be included by each such holder,
and (ii) second, other securities requested to be included in such registration. 
 (e) Selection of Underwriters.
If any Piggyback Registration is an underwritten offering, the selection of investment banker(s) and manager(s) for the offering must be approved by the holders of a majority of the Registrable Securities included in such Piggyback Registration.
Such approval will not be unreasonably withheld. 
 (f) Other Registrations. If the Company has previously filed a
registration statement with respect to Registrable Securities pursuant to Section 1 or pursuant to this Section 2, and if such previous registration has not been withdrawn or abandoned, the Company will not, except as required by
Section 1, file or cause to be effected any other registration of any of its equity securities or securities convertible or exchangeable into or exercisable for its equity securities under the Securities Act (except on Form S-8, or Form S-4 or
any successor forms), whether on its own behalf or at the request of any holder or holders of such securities, until a period of at least 90 days has elapsed from the effective date of such previous registration. 

3. Holdback Agreements. 

(a) Each holder of Registrable Securities agrees not to effect any public sale or distribution (including sales pursuant to Rule 144
under the Securities Act) of Registrable Securities of the Company, or any securities convertible into or exchangeable or exercisable for such securities, during the seven days prior to and the 90-day (180-day in the case of the initial Public
Offering) period beginning on the effective date of any underwritten Demand Registration or any underwritten Piggyback Registration in which Registrable Securities are included or which is a Public Offering (including the initial Public Offering)
for the account of the Company (except as part of such underwritten registration), unless the underwriters managing the Public Offering otherwise agree. In connection with any underwritten Demand Registration, each holder of Registrable Securities
will, if so requested by the managing underwriter, enter into customary lock-up agreements for the periods specified in the preceding sentence (or such shorter periods to which the managing underwriter may agree), subject to extension for up to 35
days on customary terms by reason of earnings releases or material news or events concerning the Company. 
 (b) The Company
agrees (i) not to effect any public sale or distribution of its equity securities, or any securities convertible into or exchangeable or exercisable for such securities, during the seven days prior to and during the 90-day period beginning on
the effective date of any underwritten Demand Registration or any underwritten Piggyback Registration (except as part of such underwritten registration or pursuant to registrations on Form S-8 or Form S-4 or any successor forms), unless the
underwriters managing the registered public offering otherwise agree, and (ii) to cause each holder of its Common Stock, or any securities convertible into or exchangeable or exercisable for Common Stock, purchased from the Company at any time
after the date of this Agreement (other than in a registered public offering) to agree not to 
  

 4 

 
effect any public sale or distribution (including sales pursuant to Rule 144 under the Securities Act) of any Registrable Securities during such period (except as part of such underwritten
registration, if otherwise permitted), unless the underwriters managing the registered public offering otherwise agree. 
 4.
Registration Procedures. Whenever the holders of Registrable Securities have requested that any Registrable Securities be registered pursuant to this Agreement, the Company will use commercially reasonable efforts to effect the registration
and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company will as expeditiously as possible: 

(a) prepare and file with the Securities and Exchange Commission a registration statement with respect to such Registrable Securities
and use commercially reasonable efforts to cause such registration statement to become effective (provided, that before filing a registration statement or prospectus or any amendments or supplements thereto, the Company will furnish to the counsel
selected by the holders of a majority of the Registrable Securities covered by such registration statement copies of all such documents proposed to be filed, which documents will be subject to the review of such counsel); 

(b) prepare and file with the Securities and Exchange Commission such amendments and supplements to such registration statement and the
prospectus used in connection therewith as may be necessary to keep such registration statement effective for the period required to accomplish the plan of distribution set forth therein (but not, except in the case of a Short Registration, more
than six months) and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers
thereof set forth in such registration statement; 
 (c) furnish to each seller of Registrable Securities such number of copies
of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus) and such other documents as such seller may reasonably request in order to
facilitate the disposition of the Registrable Securities owned by such seller; 
 (d) use commercially reasonable efforts to
register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable
such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller (provided, that the Company will not be required to (i) qualify generally to do business in any jurisdiction, (ii) subject
itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such jurisdiction, in each case where it would not otherwise be required to qualify, subject itself to taxation or consent to general service of
process but for this subparagraph); 
 (e) notify each seller of such Registrable Securities, at any time when a prospectus
relating thereto is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such registration statement contains 

 
an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, at the request of any such seller, the Company will promptly prepare a
supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the
statements therein not misleading; 
 (f) cause all such Registrable Securities to be listed on each securities exchange on
which similar securities issued by the Company are then listed and, if not so listed, to be listed, if eligible for such listing, on one or more securities exchanges or the NASD automated quotation system (on the National Market System if the
Company so qualifies); 
 (g) provide a transfer agent and registrar for all such Registrable Securities not later than the
effective date of such registration statement; 
 (h) enter into such customary agreements (including underwriting agreements
in customary form) and take all such other actions as the underwriters reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including, without limitation, effecting a stock split or a combination of
shares); 
 (i) make available for inspection by any seller of Registrable Securities, any underwriter participating in any
disposition pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and cause the
Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement; 

(j) otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the Securities and Exchange
Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months beginning with the first day of the Company’s first full calendar quarter after the
effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

(k) in the event of the issuance of any stop order suspending the effectiveness of a registration statement, or of any order suspending
or preventing the use of any related prospectus or suspending the qualification of any Common Stock included in such registration statement for sale in any jurisdiction, the Company will use its reasonable best efforts promptly to obtain the
withdrawal of such order; 
 (l) obtain comfort letters, dated (i) the effective date of such registration statement,
(ii) the date the Registrable Securities being sold are delivered to the underwriters, if any, for sale pursuant thereto and (iii) if required by the underwriters, if any, on or prior to the date of any preliminary prospectuses, from the
Company’s independent public accountants in customary form and covering such matters of the type customarily covered by comfort letters and if the Registrable Securities included in such registration statement constitute at least 10% of

 
the securities covered by such registration statement, also covering such matters as the holders of a majority of the Registrable Securities being sold reasonably request; 

(m) provide a legal opinion of the Company’s outside counsel with respect to the registration statement, each amendment and
supplement thereto, the prospectus included therein (including the preliminary prospectus) and such other documents relating thereto in customary form and covering such matters of the type customarily covered by legal opinions of such nature;

 (n) if requested by the managing underwriter or underwriters or a holder of Registrable Securities being sold in connection
with an underwritten offering (including an underwritten offering under a Shelf Registration), promptly incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriters and the holders of a majority of
the Registrable Securities being sold agree should be included therein relating to the plan of distribution with respect to such Registrable Securities, including, without limitation, information with respect to the number of Registrable Securities
being sold to such underwriters, the purchase price being paid therefor by such underwriters and with respect to any other terms of the underwritten (or best efforts underwritten) offering of the Registrable Securities to be sold in such offering;
and make all required filings of such prospectus supplement or post-effective amendment as soon as notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; 

(o) cooperate with the selling holders of Registrable Securities and the managing underwriters, if any, to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and enable such Registrable Securities to be in such denominations and registered in such names as the managing
underwriters may request at least two business days prior to any sale of Registrable Securities to the underwriters; 
 (p)
cooperate with, and make members of management available to participate in, road shows and other marketing activities as reasonably requested by the managing underwriter or underwriters; and 

(q) use commercially reasonable efforts to cause the Registrable Securities covered by the applicable registration statement to be
registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriters, if any, to consummate the disposition of such Registrable Securities. 

5. Registration Expenses. 

(a) All expenses incident to the Company’s performance of or compliance with this Agreement, including without limitation all
registration and filing fees, fees and expenses associated with filings required to be made with the NASD (including, if applicable, the fees and expenses of any “qualified independent underwriter” and its counsel as may be required by the
rules and regulations of the NASD), fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses and fees and disbursements of counsel for the Company and all independent certified public
accountants, 

 
underwriters (excluding discounts and commissions) and other Persons retained by the Company (all such expenses being herein called “Registration Expenses”), will be borne
as provided in this Agreement, except that the Company will, in any event, pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any
annual audit or quarterly review, the expense of any liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued by the Company are then listed or on the
NASD automated quotation system (on the National Market System if the Company so qualifies). 
 (b) In connection with each
Demand Registration and each Piggyback Registration, the Company will reimburse the holders of Registrable Securities covered by such registration for the reasonable fees and disbursements of one counsel chosen by the holders of a majority of the
Registrable Securities initially requesting such registration (in the case of a Demand Registration) or the holders of a majority of the Registrable Securities included in such registration (in the case of a Piggyback Registration). 

(c) To the extent Registration Expenses are not required to be paid by the Company, each holder of securities included in any
registration hereunder will pay those Registration Expenses allocable to the registration of such holder’s securities so included, and any Registration Expenses not so allocable will be borne by all sellers of securities included in such
registration in proportion to the aggregate selling price of the securities to be so registered. 
 6. Indemnification.

 (a) The Company agrees to indemnify, to the extent permitted by law, each holder of Registrable Securities, its officers and
directors and each Person who controls such holder (within the meaning of the Securities Act or the Securities Exchange Act) against all losses, claims, damages, liabilities and expenses (including any amounts paid in any settlement effected with
the Company’s consent, which consent shall not be unreasonably withheld) caused by any untrue or alleged untrue statement of material fact contained in any registration statement, prospectus or preliminary prospectus or any amendment thereof or
supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading or any violation by the Company of any federal, state or common law applicable to the
Company and relating to action required of or inaction by the Company in connection with such registration, except insofar as the same are caused by or contained in any information furnished in writing to the Company by such holder expressly for use
therein or by such holder’s failure to deliver a copy of the registration statement or prospectus or any amendments or supplements thereto after the Company has furnished such holder with a sufficient number of copies of the same. In connection
with an underwritten offering, the Company will indemnify the underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act or the Securities Exchange Act) to the same extent as
provided above with respect to the indemnification of the holders of Registrable Securities. 
 (b) In connection with any
registration statement in which a holder of Registrable Securities is participating, each such holder will furnish to the Company in writing 

 
such information relating to such holder and its Registrable Securities as the Company reasonably requests for use in connection with any such registration statement or prospectus and, to the
extent permitted by law, will indemnify the Company, its directors and officers and each Person who controls the Company (within the meaning of the Securities Act or the Securities Exchange Act) against any losses, claims, damages, liabilities and
expenses resulting from any untrue or alleged untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information so furnished in writing by such holder which
specifically states that it is for use in the preparation of such registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto; provided that the obligation to indemnify will be individual to each
holder and will be limited to the net amount of proceeds received by such holder from the sale of Registrable Securities pursuant to such registration statement. 

(c) If the indemnification provided for in this Section 6 is unavailable or insufficient to hold harmless an indemnified party
under such Section with respect to losses, claims, damages, liabilities and expenses subject to indemnification in accordance with the terms thereof, then each indemnifying party shall contribute to the amount paid or payable by such indemnified
party as a result of the losses, claims, damages, liabilities and expenses referred to in this Section 6 as subject to indemnification in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one
hand, and the indemnified party, on the other, in connection with statements or omissions which resulted in such losses, claims, damages, liabilities and expenses, as well as any other relevant equitable considerations, including without limitation
the relative benefits received by each party from the offering of the securities covered by such registration statement, the parties’ relative knowledge and access to information concerning the matter with respect to which the claim was
asserted and the opportunity to correct and prevent any statement or omission. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of material fact or the omission or alleged
omission to state a material fact relates to information supplied by the indemnifying party or the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statements
or omissions. The parties hereto agree that it would not be just and equitable if contributions pursuant to this Section 6(c) were to be determined by pro rata or per capital allocation or by any other method or allocation which does not take
account of the equitable considerations referred to in the first sentence of this Section 6(c). The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this
Section 6(c) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or claim (which shall be limited as provided in Section 6(d) if the
indemnifying party has assumed the defense of any such action in accordance with the provisions thereof) which is the subject of this Section 6(c). Promptly after receipt by an indemnified party under this Section 6(c) of notice of the
commencement of any action against such party in respect of which a claim for contribution may be made against an indemnifying party under this Section 6(c), such indemnified party shall notify the indemnifying party in writing of the
commencement thereof in accordance with Section 6(d). The Company and each holder of Registrable Securities agrees with each other that the amount of such 

 
contribution shall not exceed an amount equal to the net proceeds actually received by such indemnifying party from the sale of Registrable Securities in the offering to which the losses, claims,
damages, liabilities and expenses of the indemnified party relates. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation. 
 (d) Any Person entitled to indemnification hereunder will (i) give prompt
written notice to the indemnifying party of any claim with respect to which it seeks indemnification (but any failure to so notify the indemnifying party shall not relieve it of any liability which it may otherwise have to any indemnified party
unless such failure shall materially adversely affect the defense of such claim) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with
respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party will not be subject to any liability for any
settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees
and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and
any other of such indemnified parties with respect to such claim. 
 (e) The indemnification and contribution provided for
under this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive the transfer of
securities. The indemnification and contribution provided for in this Agreement shall be in addition to, and not in lieu of, the indemnification and contribution provisions in any underwriting or similar agreement. 

7. Participation in Registrations. 

(a) No Person may participate in any registration hereunder which is underwritten unless such Person (i) agrees to sell such
Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to the terms of any over-allotment or
“green shoe” option requested by the managing underwriter(s)) and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such
underwriting arrangements. 
 (b) Each Person that is participating in any registration hereunder agrees that, upon receipt of
any notice from the Company of the happening of any event of the kind described in Section 4(e), such Person will forthwith discontinue the disposition of its Registrable Securities pursuant to the registration statement until such
Person’s receipt of the copies of a supplemented or amended prospectus as contemplated by Section 4(e). 

 8. Current Public Information. At all times after the Company has effected a Public
Offering, the Company will use commercially reasonable efforts to file all reports required to be filed by it under the Securities Act and the Securities Exchange Act and the rules and regulations adopted by the Securities and Exchange Commission
thereunder, and will take such further action as any holder or holders of Registrable Securities may reasonably request, all to the extent required to enable such holders to sell Registrable Securities pursuant to Rule 144 adopted by the Securities
and Exchange commission under the Securities Act (as such rule may be amended from time to time) or any similar rule or regulation hereafter adopted by the Securities and Exchange Commission. 

9. Definitions. 

(a) “Common Stock” means the Company’s common stock, par value $0.001 per share. 

(b) “Company-Paid Long-Form Registrations” has the meaning set forth in Section 1(b). 

(c) “Demand Registrations” has the meaning set forth in Section 1(a). 

(d) “Long-Form Registrations” has the meaning set forth in Section 1(a). 

(e) “Person” means an individual, a partnership, a joint venture, a corporation, a limited liability company, a
trust, an unincorporated organization or a government or any department or agency thereof. 
 (f) “Piggyback
Registrations” has the meaning set forth in Section 2(a). 
 (g) “Public Offering”
means the sale of Common Stock in an underwritten public offering registered under the Securities Act. 
 (h)
“Public Sale” means any sale of the Company’s common stock to the public pursuant to an offering registered under the Securities Act or to the public through a broker, dealer or to a market maker pursuant to the
provisions of Rule 144 adopted under the Securities Act. 
 (i) “Registrable Securities” means
(i) any of the Common Stock issued pursuant to the Equity Investment Agreements (including shares of Common Stock issuable upon conversion of any convertible securities issued pursuant to the Equity Investment Agreements), (ii) any of the
Common Stock issued or issuable with respect to the securities referred to in clause (i) by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization,
and (iii) any other shares of Common Stock held by Persons holding securities described in clauses (i) or (ii). As to any particular Registrable Securities, such securities will cease to be Registrable Securities when they have been sold
pursuant to a Public Sale. For purposes of this Agreement, a Person will be deemed to be a holder of Registrable Securities whenever such Person has the right to acquire directly or indirectly such Registrable Securities (upon conversion, exchange
or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected. 

 (j) “Registration Expenses” has the meaning set forth in
Section 5(a). 
 (k) “Securities Act” means the Securities Act of 1933, as amended, or any similar
federal law then in force. 
 (l) “Securities and Exchange Commission” includes any governmental body
or agency succeeding to the functions thereof. 
 (m) “Securities Exchange Act” means the Securities
Exchange Act of 1934, as amended, or any similar federal law then in force. 
 (n) “Shelf Registration”
has the meaning set forth in Section 1(c). 
 (o) “Short-Form Registrations” has the meaning set
forth in Section 1(a). 
 (p) “Stockholders Agreement” means the Investor Stockholder Agreement,
of even date herewith, entered into by and among the Company and the Investors. 
 Unless otherwise stated, other capitalized terms contained
herein have the meanings set forth in the Stockholders Agreement. 
 10. Miscellaneous. 

(a) No Inconsistent Agreements. The Company will not hereafter enter into any agreement with respect to its securities which is
inconsistent with or violates the rights granted to the holders of Registrable Securities in this Agreement. 
 (b)
Remedies. The parties shall be entitled to enforce their rights under this Agreement specifically to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. The
parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction for
specific performance and/or temporary, preliminary or permanent injunctive relief (without posting a bond or other security) in order to enforce or prevent any violation of the provisions of this Agreement. 

(c) Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended or waived only
upon the prior written consent of the Company, the Majority Onex Investors and the holders of at least a majority of the Registrable Securities, provided, however, that if an amendment is disproportionately adverse to the interests of
Investors other than the Onex Investors on the one hand relative to the Onex Investors on the other hand, such amendment shall require the written consent of the holders of a majority of the Registrable Securities held by Investors other than the
Onex Investors. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict

 
adherence to that term or any other term of this Agreement. No purported waiver shall be effective unless in writing. The waiver by any party of a breach of any provision of this Agreement shall
not operate or be construed as a waiver of any subsequent or other breach. 
 (d) Successors and Assigns. All covenants
and agreements in this Agreement by or on behalf of any of the parties hereto will bind and inure to the benefit of the respective successors and assigns of the parties hereto whether so expressed or not. In addition, whether or not any express
assignment has been made, the provisions of this Agreement which are for the benefit of purchasers or holders of Registrable Securities are also for the benefit of, and enforceable by, any subsequent holder of Registrable Securities who agrees to be
bound by the provisions of this Agreement. 
 (e) Severability. If any provision of this Agreement is held invalid or
unenforceable by any court of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect. Any provisions of this Agreement held invalid or unenforceable only in part or degree will remain in full force and
effect to the extent not held invalid or unenforceable. 
 (f) Counterparts; Joinder. This Agreement may be executed in
counterparts, each of which shall be considered an original, but all of which together shall constitute one and the same instrument. Additional Persons may become parties to this Agreement as “Investors” with the consent of
the Company and the Majority Onex Investors, by executing and delivering to the Company a joinder agreement. 
 (g)
Interpretation. In this Agreement, unless a contrary intention appears, (i) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any
particular Section or other subdivision, (ii) the words “include,” “includes” or “including” shall be deemed to be followed by the words “without limitation,” (iii) reference to any Section means
such Section hereof, (iv) words of any gender shall be deemed to include each other gender, and (v) words using the singular or plural number shall also include the plural or singular number, respectively. No provision of this Agreement
shall be interpreted or construed against any party hereto solely because such party or its legal representative drafted such provision. 

(h) Captions. The captions in this Agreement are for convenience of reference only and shall not be given any effect in the
interpretation of this Agreement. 
 (i) Governing Law. This Agreement shall be governed by and construed in accordance
with the internal laws of the State of Delaware, without regard to the choice of law provisions thereof. 
 (j)
Jurisdiction. Each party to this Agreement irrevocably submits to the exclusive jurisdiction of the Chancery Court of the State of Delaware and the United States District Court for the District of Delaware in connection with any action, suit
or proceeding arising out of or relating to this Agreement, the parties hereto hereby waiving any claim or defense that such forum is not convenient or proper. If for any reason the Chancery Court is deemed to be an inappropriate venue for any such
action, suit or proceeding, each party to this 

 
Agreement also submits to the exclusive jurisdiction of the courts of the State for Delaware. The parties hereby irrevocably and unconditionally waive any objection to the laying of venue of any
action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby in the courts of the State of Delaware (including the Chancery Court) and the United States District Court from the District of Delaware, and hereby
further irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

(k) Waiver of Jury Trial. Each party acknowledges and agrees that any controversy which may arise under this Agreement is likely
to involve complicated and difficult issues, and therefore each party hereby irrevocably and unconditionally waives any right such party may have to a trial by jury in respect of any litigation directly or indirectly arising out of or relating to
this Agreement, or the breach, termination or validity of this Agreement, or the transactions contemplated hereby. Each party certifies and acknowledges that (a) no representative, agent or attorney of any other party has represented, expressly
or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver, (b) each such party understands and has considered the implications of this waiver, (c) each such party makes this waiver
voluntarily, and (d) each such party has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 10(k). 

(l) Complete Agreement. This Agreement, the documents expressly referred to herein and other documents of even date herewith
embody the complete agreement and understanding among the parties and supersede and preempt any prior understanding, agreements or representations by or among the parties, written or oral, that may be related to the subject matter hereof in any way.

 (m) 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. 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. Such notices, consents and other communications will be sent to the parties at the addresses specified for
notices in the Stockholders Agreement or to such other address as the recipient has specified by prior notice to the other parties 

 IN WITNESS WHEREOF, this Registration Agreement has been duly executed by the parties
hereto, all as of the date first above written. 
  

			
	METAL SERVICES ACQUISITION CORP.
		
	By:	 	/s/ Timothy A. R. Duncanson
		 	 Name: Timothy A. R. Duncanson

Title: President & Secretary

[SIGNATURE PAGE TO REGISTRATION AGREEMENT] 

 IN WITNESS WHEREOF, this Registration Agreement has been duly executed by the parties
hereto, all as of the date first above written. 
  

			
	ONEX ADVISOR III LLC
		
	By:	 	 /s/ Donald F. West

	Name:	 	Donald F. West
	Title:	 	Director
	
	ONEX US PRINCIPALS LP
		
	By:	 	 /s/ Donald F. West

	Name:	 	Donald F. West
	Title:	 	Representative
	
	ONEX AMERICAN HOLDINGS II LLC
		
	By:	 	 /s/ Donald F. West

	Name:	 	Donald F. West
	Title:	 	Director
	
	TUBE CITY EXECUTIVE INVESTCO LLC
		
	By:	 	 /s/ Donald F. West

	Name:	 	Donald F. West
	Title:	 	Director

  

 IN WITNESS WHEREOF, this Registration Agreement has been duly executed by the parties
hereto, all as of the date first above written. 
  

			
	ONEX PARTNERS II LP
		
	 By:
	 	Onex Partners II GP LP, its General Partner

  

			
	 By:
	 	Onex Partners Manager LP, its Agent

  

			
	 By:
	 	Onex Partners Manager GP Inc., its General Partner

 

			
	 By:
	 	 /s/ Robert M. Le Blanc

		 	Robert M. Le Blanc
		 	Managing Director

  

			
	 By:
	 	 /s/ Anthony Munk

		 	 Anthony Munk

		 	Managing Director

  

			
	ONEX PARTNERS II GP LP
		
	 By:
	 	Onex Partners Manager LP, its Agent

  

			
	 By:
	 	Onex Partners Manager GP Inc., its General Partner

  

			
	 By:
	 	 /s/ Robert M. Le Blanc

		 	 Robert M. Le Blanc

		 	 Managing Director

 

			
	 By:
	 	 /s/ Anthony Munk

		 	 Anthony Munk

		 	 Managing Director

 IN WITNESS WHEREOF, this Registration Agreement has been duly executed by the undersigned.

 Dated: as of 1-25-2007 
  

			
	 INVESTOR IMC TUBE CITY INVESTMENTS, LLC

		
	 By:
	 	 /s/ J. Michael Coslov

		 	Name: J. Michael Coslov

[SIGNATURE PAGE TO REGISTRATION AGREEMENT]Investor Stockholders Agreement

 Exhibit 4.4 

INVESTOR STOCKHOLDERS AGREEMENT 

This Investor Stockholders Agreement is made as of January 25, 2007 among Metal Services Acquisition Corp., a Delaware corporation
(the “Company”), Onex Partners II LP, a Delaware limited partnership (“Onex Partners”), the Stockholders listed on the signature pages of this Agreement and such other Stockholders of the Company
as may, from time to time, become parties to this Agreement in accordance with the provisions hereof. 
 Upon consummation of
the transactions contemplated by the Stock Purchase Agreement (the “Stock Purchase Agreement”), dated as of November 10, 2006, by and among the Company, Tube City IMS Corporation (“Tube City”), a
Delaware corporation, Mill Services Holdings, LLC, a Delaware limited liability company and the other sellers listed on Annex A of the Stock Purchase Agreement, in connection with the purchase of the stock of Tube City and certain
related transactions to be consummated concurrently therewith (the “Closing”), Onex Partners and certain other Stockholders (as defined below) will own or may hereafter acquire certain Shares (as defined below) and certain
options, and other rights to acquire Shares from the Company, by exercise, conversion, exchange or otherwise. The Company, the Onex Investors (as defined below) and certain other Stockholders are parties to a Registration Agreement (the
“Registration Agreement”), also dated as of the date hereof. 
 All of the Stockholders desire to enter
into this Agreement for the purpose of regulating certain aspects of the Stockholders’ relationships with one another and with the Company and in order to provide for the stability of the Company. 

The parties, intending to be legally bound hereby, agree as follows: 

ARTICLE 1 

Certain Definitions 

1.1 Certain Definitions. When used in this Agreement the following terms shall have the respective meanings shown: 

“Affiliate” means, with respect to any Person, (a) any director or executive officer of, or other Person
performing substantially similar functions for, 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. 

“Approved Sale” has the meaning set forth in Section 5.2(a). 

 “Board” means the board of directors of the Company. 

“Business Day” means any day which is neither a Saturday or Sunday nor a legal holiday on which banks are
authorized or required to be closed in New York City. 
 “Call Notice” has the meaning set forth in
Section 5.3(a). 
 “Call Option” has the meaning set forth in Section 5.3(a). 

“Call Period” has the meaning set forth in Section 5.3(a). 

“Class A Preferred Stock” means shares of the Company’s 8% cumulative accreting convertible class A
preferred stock, par value $0.001 per share. 
 “Cause” shall have the meaning in such Management
Investor’s employment agreement but if there is no such employment agreement or definition of “Cause” therein, Cause shall mean (i) Management Investor’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 Management Investor by the Company), (iv) gross negligence, willful malfeasance or material act of 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 Management Investor by the Company, or (v) any material breach of an employment agreement or this Agreement (which, if curable, is not cured within thirty
(30) days after notice thereof to Management Investor by the Board). 
 “Common Stock” means the
Company’s common stock, par value $0.001 per share. 
 “Consolidated Indebtedness” means, as of any
date, the aggregate amount outstanding, on a consolidated basis and without duplication, of (a) all obligations of the Company or its subsidiaries for borrowed money, (b) all obligations of the Company or its subsidiaries evidenced by
bonds, debentures, notes or other similar instruments or upon which interest charges are customarily paid, (c) all obligations of the Company or its subsidiaries for the deferred purchase price of property or services, except current accounts
payable arising in the ordinary course of business and not overdue beyond such period as is commercially reasonable for the Company or its subsidiaries’ business, (d) all obligations of the Company or its subsidiaries under conditional
sale or other title retention agreements relating to property purchased by such Person and all capitalized lease obligations, (e) all payment obligations of the Company or its subsidiaries on or for currency protection agreements, (f) all
obligations of the Company or its subsidiaries as an account party under any letter of credit (excluding those supporting trade payables), (g) all obligations of the Company or its subsidiaries or any third party secured by property or assets
of the Company or its subsidiaries (regardless of whether or not such Person is liable for repayment of such obligations) and (h) all guarantees of the Company or its subsidiaries. 

 

 2 

 “EBITDA” means the consolidated net income of the Company and its
subsidiaries, adjusted by adding thereto, to the extent deducted in determining such consolidated net income, interest, taxes, depreciation and amortization, for the four consecutive fiscal quarters immediately preceding the relevant Put/Call Event,
as calculated in accordance with generally accepted accounting principles in the United States consistently applied, based on the Company’s consolidated financial statements for the applicable period. If fewer than four full fiscal quarters
have elapsed from the date of this Agreement through the date of the relevant Put/Call Event, EBITDA shall be determined by reference to the results of such full fiscal quarters, divided by the number of such full fiscal quarters, and multiplied by
four. The Board may make such adjustments to EBITDA as it determines in good faith are appropriate to reflect non-recurring or unusual items. 

“Excess Cash” means, as of any time of measurement, cash and cash equivalents held by the Company and its
subsidiaries in excess of then-current working capital needs. 
 “Majority Onex Investors” means Onex
Investors holding, in the aggregate, a majority of the shares of Common Stock held by all Onex Investors. 

“Management Investor” means any of J. David Aronson, I Michael Coslov, Joseph Curtin, Raymond S. Kalouche, Thomas
E. Lippard, Daniel E. Rosati, and any other individual employed by the Company or any subsidiary of the Company at the time he or she becomes a party to this Agreement and is identified as a “Management Investor” on the
signature pages of this Agreement, in each case for so long as such individual is employed by the Company or any subsidiary of the Company. 

“Onex Corporation” means Onex Corporation, an Ontario corporation. 

“Onex Investor” means Onex Partners, Onex Corporation or any Affiliate of Onex Partners or Onex Corporation that
is a holder of Shares or other equity interests of the Company. 
 “Other Investor” means any holder of
Shares that is or becomes a party to this Agreement other than (a) an Onex Investor and (b) the transferees of the Onex Investors that acquire all of the Shares held by the Onex Investors as of the date hereof. 

“Person” means an individual, a partnership, a joint venture, a corporation, a limited liability company, a
trust, an unincorporated organization or a government or any department or agency thereof. 
 “Preferred
Stock” means, as applicable, the Class A Preferred Stock and any other shares of preferred stock, if any, that are designated by the Board or otherwise created after the date of this Agreement. 

“Public Offering” means the sale of Common Stock in a public offering registered under the Securities Act.

 “Public Sale” means any sale of shares of Common Stock to the public pursuant to an offering
registered under the Securities Act or to the public through a broker or dealer or to a market maker pursuant to the provisions of Rule 144 (or any similar provision then in force) adopted under the Securities Act. 

 

 3 

 “Put/Call Price” means, as of any date, with respect to any Put/Call
Securities that are shares of Common Stock, a per Share price equal to the quotient of (a) the excess of (i) the product of 6.0 times EBITDA, over (ii)(A) the aggregate amount of the Consolidated Indebtedness, plus (B) the
aggregate Liquidation Value (as such term is defined, as applicable, in the Company’s certificate of incorporation or in a certificate of designation) and any accumulated and unpaid dividends on all outstanding shares of Preferred Stock,
less the amount of Excess Cash, each as of the end of the period for which EBITDA is calculated, divided by (b) the aggregate number of shares of Common Stock outstanding at the time of the relevant Put/Call Event; and with respect to
any Put/Call Securities that are shares of Preferred Stock, a per Share price equal to the lesser of: (a) 100% of the sum of the Liquidation Value of such Share and any accumulated and unpaid dividends thereon and (b) a per Share price
equal to the quotient of (i) the excess of (A) the product of 6.0 times EBITDA, over (B)(I) the aggregate amount of the Consolidated Indebtedness, less (II) the amount of Excess Cash, each as of the end of the period for
which EBITDA is calculated, divided by (ii) the aggregate number of shares of Preferred Stock outstanding at the time of the relevant Put/Call Event. Notwithstanding the foregoing, if the relevant Put/Call Event occurs prior to the completion
of one full fiscal quarter from the date of this Agreement, the Put/Call Price shall be the cash price per Share paid by the Management Investor for the Put/Call Securities. 

“Put/Call Event” has the meaning set forth in Section 5.3(a). 

“Put/Call Securities” means all of the Shares owned by a Management Investor and any transferee for whom the
Management Investor serves as the Stockholder Representative, excluding any Shares issued under the Company’s Restricted Stock Plan. 

“Qualified Public Offering” means the sale of Common Stock in an underwritten public offering registered under
the Securities Act. 
 “Sale of the Company” means any transaction pursuant to which Person(s) other
than the Company’s existing Stockholders as of the date hereof 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 Company’s assets (determined on a consolidated basis). 

“Securities Act” means the Securities Act of 1933, as amended from time to time. 

“Shares” means (a) the shares of the Company’s Common Stock and Preferred Stock purchased, issued to or
otherwise acquired by any Stockholder, including any such shares acquired upon the exercise of any warrant or option, and (b) any equity securities issued or issuable, directly or indirectly, with respect to the securities referred to in
clause (a) by way of dividend or share split, exchange or conversion, or in connection with a combination of Shares, shares, recapitalization, merger, consolidation or other reorganization. As to any particular

  

 4 

 
equity interests constituting Shares, such Shares will continue to be Shares subject to this Agreement in the hands of any holder of such Shares (other than Shares sold to purchasers pursuant to
a Public Sale). 
 “Stockholder” means any holder of Shares that is or becomes a party to this
Agreement. 
 “Stockholder Representative” has the meaning set forth in Section 4.3(a). 

ARTICLE 2 

Board of Directors of the Company 

2.1 Board of Directors 

(a) Each of the Stockholders will vote all of its Shares, and the Company will take all necessary or desirable action within its control,
in order to cause the election to the Board of such individuals as may be designated from time to time by the Majority Onex Investors. 

(b) So long as I. Michael Coslov is the Chief Executive Officer of the Company or its subsidiary, each of the Stockholders (including
each of the Onex Investors) will vote all of its Shares, and the Company will take all necessary or desirable action within its control, in order to cause the election to the Board of Mr. Coslov and of one other individual selected by
Mr. Coslov who shall be reasonably acceptable to the Onex Investors (provided that Laurence N. Weiss shall be deemed acceptable to the Onex Investors as of the date hereof). 

(c) The provisions of this Article 2 will terminate automatically upon the earlier to occur of (i) an Approved Sale or
(ii) a Qualified Public Offering. 
 ARTICLE 3 

Covenants of the Company and Other Matters 

3.1 Financial Information So long as a Stockholder owns any Shares and requests the Company to provide information under this
Section, the Company shall furnish or otherwise make available to such Stockholder the following: 
 (a) as promptly as
practicable, and in any event within 90 days after the end of each fiscal year of the Company, copies of the audited annual consolidated financial statements of the Company and its subsidiaries, including a consolidated balance sheet of the
Company and its subsidiaries as at the end of such fiscal year, consolidated statements of income and of cash flow of the Company and its subsidiaries for such fiscal year and the related notes thereto, and stating in comparative form the figures as
of the end of and for the previous fiscal year, accompanied by an audit report thereon by a firm of independent certified public accountants of national recognition, and 

(b) as promptly as practicable, and in any event within 45 days after the end of each fiscal quarter of the Company, copies of the
unaudited quarterly consolidated financial 
  

 5 

 
statements of the Company and its subsidiaries, including a consolidated balance sheet of the Company and its subsidiaries as at the end of such fiscal quarter, and consolidated statements of
income and of cash flow of the Company and its subsidiaries for such fiscal quarter and year to date period, and stating in comparative form the figures as of the end of and for the corresponding fiscal quarter and year to date period in the
previous fiscal year; provided, that such statements need not cover periods prior to the date hereof. 
 The Board may
require that Other Investors execute a customary confidentiality agreement acceptable to the Board as a condition to the receipt of the financial information set forth in this Sections 3.1, but such confidentiality agreement shall not apply to
any financial information made publicly available by the Company in connection with or following a Public Offering. 
 (c) The
provisions of this Section 3.1 will terminate automatically upon the earlier to occur of (i) an Approved Sale or (ii) a Qualified Public Offering. 

3.2 Multiple Voting Stock upon IPO. The Stockholders hereby agree to approve and to raise no objection to the implementation, at
the election of the Majority Onex Investors in connection with an initial Public Offering or an initial Qualified Public Offering, of a multiple vote stock to be exchanged for the Shares that are held by the Stockholders, provided,
that such multiple vote stock will convert to low vote stock upon a transfer to a Person that is not a party hereto prior to the initial Public Offering or an Affiliate of such a party. In the event that such multiple vote stock is issued,
the Stockholders agree to enter into a voting agreement (in addition to that provided by Section 8.1), which provides that each Stockholder, so long as such Stockholder holds Company common stock exchanged for Shares, will vote for the election
to the Board of individuals designated from time to time by the Majority Onex Investors. Such voting arrangement will terminate at such time as the Onex Investors cease to own a greater percentage of the voting power of the Company’s equity
securities than any other stockholder or affiliated group of stockholders. 
 3.3 Affiliate
Transactions. The Company (including its subsidiaries) shall not engage in or enter into any agreement, or amend, modify or waive any material terms or conditions of any such agreement, with any Stockholder of the Company or any of such
Stockholder’s Affiliates except for (i) transactions and agreements negotiated on an arm’s length basis, with terms at least as favorable to the Company as the terms that could be obtained from an unaffiliated third-party,
(ii) transactions pursuant to agreements as in effect as of, or entered into in connection with, the closing of the transactions contemplated by the Stock Purchase Agreement, (iii) transactions and/or agreements between the Company and any
employee of the Company concerning or relating to the terms of such employment, (iv) transactions which are subject to the provisions of Article 6 hereof and (v) the Management Agreement, dated as of the date of the Closing, between
the Company and Onex Partners Managers L.P., and any amendments, modifications or waivers thereof, provided, that such amendment, modification or waiver by the Company shall not be entered into without the consent of a majority of the
Shares held by the Other Investors, which consent shall not be unreasonably withheld or
delayed.1 

 

	1
	 Management Agreement and fees to be acceptable to senior management. 

 

 6 

 ARTICLE 4 

Restrictions on Transfer of Shares 

4.1 Transfer of Stockholder Shares. No Other Investor shall sell, transfer, assign, pledge, exchange or otherwise dispose of (a
“Transfer”) any interest in Shares except pursuant to the provisions of this Article 4, Article 5 or pursuant to a Public Sale. 

4.2 First Offer Right. 

(a) At any time after the earlier of the fifth anniversary of the date of this Agreement and a Qualified Public Offering, any Other
Investor (the “Transferring Stockholder”) may Transfer Shares pursuant to a bona fide offer from a Person other than an Affiliate of such Other Investor by complying with this Section 4.2; provided, that a
Management Investor may not Transfer any Shares that are owned by such Management Investor on the date of this Agreement unless such Transfer includes all (and not less than all) Shares owned by the Management Investor on the date of this Agreement
(including Shares that are Transferred pursuant to clause (ii) of the first sentence of Section 4.3(a), but not including any Shares that are Transferred pursuant to clause (i) of the first sentence of Section 4.3(a)). In order
to do so, the Transferring Stockholder must deliver a notice (the “Offer Notice”) to the other Stockholders and to the Company, disclosing the proposed number and type of Shares (the “Subject Shares”)
to be Transferred, the identity of the proposed purchasers, and, in reasonable detail, the proposed terms and conditions of the Transfer, which must include payment of the purchase price in cash at the closing of the Transfer. Then, each of the
Stockholders other than the Transferring Stockholder that own Shares of the same type as the Subject Shares (collectively the “First Offer Stockholders”) may elect to purchase its First Offer Percentage of the Subject Shares
specified in the Offer Notice at the price per Subject Share in cash and on the other terms specified therein by delivering notice of such election to the Transferring Stockholder within 30 days after the delivery of the Offer Notice; if less
than all of the First Offer Stockholders elect to make such purchase, the remaining Subject Shares shall be reoffered to those First Offer Stockholders who have elected to make such purchase under procedures specified by the Company until either an
election to purchase all of the Subject Shares has been made or no First Offer Stockholder is willing to increase the number of Subject Shares that it is electing to purchase. If the First Offer Stockholders have not elected to purchase all of the
Subject Shares within 45 days after delivery of the Offer Notice, the Company may elect to purchase all (but not less than all) of the Subject Shares that the First Offer Stockholders did not elect to purchase at the price per Subject Share in
cash and on the other terms specified in the Offer Notice by delivering notice of such election to the Transferring Stockholder within 60 days after delivery of the Offer Notice. If the Company and/or the First Offer Stockholders have elected
to purchase all (but not less than all) of the Subject Shares from the Transferring Stockholder, the transfer of such Subject Shares pursuant to such elections will be consummated at a time and place specified by the Company within 90 days
after delivery of the Offer Notice. If (and only if) the Company and the First Offer Stockholders have not elected to purchase all of the Subject Shares within 60 days after delivery of the Offer Notice, the elections of the Company and the
First Offer Stockholders to purchase less than all of the Subject Shares shall be ineffective and the Transferring Stockholder may, not less than 60 days or more than 120 days after delivery of the Offer Notice, transfer all (but not less
than all) of the Subject Shares to the proposed purchasers 
  

 7 

 
set forth in the Offer Notice at the same price per Subject Share in cash and on the same other terms offered to the Company and the First Offer Stockholders in the Offer Notice; provided,
that prior to such Transfer, such transferees shall have agreed in writing to be bound by the provisions of this Agreement. If the Subject Shares are not so transferred within such period, they will be subject to the provisions of this
Section 4.2(a) with respect to subsequent transfer and the Transferring Stockholder will not be entitled to deliver another Offer Notice for 90 days after the Subject Shares again become subject to this Section 4.2(a). The
Transferring Stockholder may abandon the contemplated Transfer at any time prior to its closing without liability or obligation under this Section 4.2 (except as described in the immediately preceding sentence). 

(b) If the Board determines in good faith that the acquisition of Subject Shares by a proposed purchaser identified in an Offer Notice
could have an adverse effect on the Company for competitive or regulatory reasons, the Company shall deliver notice of that determination to the Stockholders within 20 days after delivery of the Offer Notice, such Offer Notice shall be void and
of no effect and the contemplated Transfer of the Subject Shares by the Transferring Stockholder shall be prohibited. The Transferring Stockholder shall provide the Board with such information as the Board may reasonably request in order to make
that determination and the 20-day period referred to in the preceding sentence shall be tolled during any period in which such information has been requested and not supplied. 

(c) The Stockholders may transfer any of their respective rights to purchase the Subject Shares under Section 4.2(a) to any of their
respective Affiliates; provided, that prior to such transfer, such Affiliate shall have agreed in writing to become a party to this Agreement. 

(d) A First Offer Stockholder’s “First Offer Percentage” is the quotient obtained by dividing the number of
Shares of the same type as the Subject Shares held by such First Offer Stockholder by the number of Shares of the same type as the Subject Shares held by all First Offer Stockholders. 

4.3 Permitted Transfers. 

(a) The restrictions contained in this Article 4 shall not apply with respect to (i) any Transfer of Shares by any Stockholder
to or among its Affiliates or (ii) any Transfer of Shares by any Stockholder to any other Stockholder; provided, that the restrictions contained in this Article 4 shall continue to be applicable to the Shares after any such Transfer
and provided further that the transferees of such Shares shall have agreed in writing to become parties to this Agreement. Any Management Investor transferring Shares pursuant to this clause (i) of the first sentence of Section 4.3(a) (or
such Management Investor’s executor, personal representative or legal representative in the event of death or incapacity) shall remain the “Stockholder Representative” with respect to all such transferred Shares and
shall be responsible for all consents, notices and other communication between the Company and the other Stockholders, on the one hand, and the transferee(s) of such Shares, on the other hand. Without limiting the foregoing, (i) only the
Stockholder Representative shall give or receive any Offer Notice or Put Notice or have the right to elect to purchase Subject Shares under Section 4.2(a) or to sell Shares under Section 5.3(a), (ii) the number of Shares held by the
Stockholder Representative as a First Offer Stockholder shall be deemed to include the Shares held by his Affiliate transferee(s), and 

 

 8 

 (iii) the Shares held by the Stockholder Representative’s Affiliate transferees shall be deemed to
be Put/Call Securities of the Stockholder Representative and all references to “Management Investor” in Section 5.3 shall be deemed to include such transferees. 

(b) Notwithstanding the provisions of Section 4.2, from the date the Company completes a Qualified Public Offering, an Other
Investor may sell Pre-QPO Shares only pursuant to a Public Sale or to another applicable exemption from registration under the Securities Act, and limited to a percentage of the Other Investor’s Pre-QPO Shares equal, at the date of any sale,
to: 
 (i) the greater of 

(A) a cumulative number of Pre-QPO Shares accruing as follows: 12.5% of the Other Investor’s Pre-QPO Shares on the date of the
Qualified Public Offering and 12.5% of the Other Investor’s Pre-QPO Shares on each anniversary of the Qualified Public Offering, but not to exceed an aggregate of 50% of the Other Investor’s Pre-QPO Shares, and 

(B) the cumulative percentage of Onex Investors’ Pre-QPO Shares sold by Onex Investors, in and at any time after the Qualified
Public Offering and prior to such time, minus 
 (ii) the Pre-QPO Shares previously sold by the Other Investor, whether
in the Qualified Public Offering, pursuant to this Section 4.3(b) or otherwise. 
 Any sale pursuant to this Section 4.3(b) shall be
subject to the provisions of Section 3 of the Registration Agreement. 
 As used herein, the term “Pre-QPO
Shares”, as to any Person, means the shares of Common Stock held by that Person immediately prior to the consummation of a Qualified Public Offering, and including any shares of Common Stock issued upon the exercise of any warrant or
option held by that Person or issuable upon conversion of any convertible securities, including Preferred Stock, held by that Person immediately prior to the consummation of a Qualified Public Offering. 

(c) The provisions of this Article 4 shall terminate automatically upon the earliest to occur of (i) an Approved Sale,
(ii) the fifth anniversary of a Qualified Public Offering, (iii) such time as the Onex Investors cease to own at least 10% of the voting power of the Company or (iv) with respect to any Management Investor whose employment with the
Company or its subsidiary is terminated by the Company or such subsidiary without Cause or (in the case of a Management Investor who is party to an employment agreement with the Company or its subsidiary that includes a definition of “Good
Reason”) who terminates his or her employment with the Company or its subsidiary for Good Reason, the later of such termination of employment or upon completion of a Qualified Public Offering. 

(d) In the case of any Transfer pursuant to clause (i) of the first sentence of Section 4.3(a), a transferee may at any time,
and shall forthwith in the event that such transferee ceases to be an Affiliate of the transferor, transfer back to such transferor all of the Shares held by it. 

 

 9 

 ARTICLE 5 

Tag-Along, Drag-Along and Put Rights 

5.1 Tag-Along Right. 

(a) At least 30 days prior to any Transfer of Shares by any Onex Investor (the “Initiating Stockholder”), such
Initiating Stockholder shall deliver a written notice (the “Sale Notice”) to each other Stockholder (including any other Onex Investor), specifying in reasonable detail the identity of the prospective transferee(s), the
number and type of Shares to be transferred, the price per Share to be paid for such Shares, and the other terms and conditions of the Transfer. Each of such other Stockholders who own Shares of the type identified in the Sale Notice may elect to
participate in the contemplated Transfer at the same price per Share and on the same terms by delivering written notice to the Initiating Stockholder within 15 days after delivery of the Sale Notice (each such electing Stockholder is a
“Participating Stockholder”). Each Participating Stockholder will be entitled to sell in the contemplated Transfer, at the price per Share and on the same terms, a number and type of Shares up to or equal to such
Participating Stockholder’s Tag-Along Percentage of the number of Shares proposed to be transferred by the Initiating Stockholder and the number of Shares to be transferred by the Initiating Stockholder in such contemplated Transfer shall be
reduced by the number of Shares to be transferred by the Participating Stockholders (unless the Initiating Stockholder purchases such Shares directly from the Participating Stockholders pursuant to Section 5.1(b), simultaneously with and
conditioned upon the closing of the sale by the Initiating Stockholder). However, the contemplated Transfer may provide for payment in securities, or a combination of cash and securities, to all Participating Stockholders that are accredited
investors within the meaning of Regulation D under the Securities Act and in cash to Participating Stockholders that are not accredited investors or may provide Participating Stockholders that are accredited investors with the option to receive
securities, or a combination of cash and securities, or cash while Participating Stockholders that are not accredited investors receive cash. The Initiating Stockholder may abandon the contemplated Transfer at any time prior to its closing without
any liability or obligation under this Section 5.1. A Participating Stockholder’s “Tag-Along Percentage” is the quotient obtained by dividing the number of Shares of the type identified in the Sale Notice owned by
such Participating Stockholder by the sum of the aggregate number of Shares of the type identified in the Sale Notice owned by the Stockholders (including the Initiating Stockholder) and, without duplication, all other holders having co-sale rights
with respect to such Transfer. 
 (b) The Initiating Stockholder shall effect the participation of the Participating
Stockholders in the contemplated Transfer by either (i) obtaining the agreement of the prospective transferee(s) to purchase from the Participating Stockholders the Shares which the Participating Stockholders are entitled to sell to such
prospective transferee(s) pursuant to Section 5.1(a) or (ii) purchasing the number of Shares from the Participating Stockholders which the Participating Stockholders would have been entitled to sell to the transferee(s) pursuant to
Section 5.1(a) at the same price per Share and on the same terms and conditions at which such 
  

 10 

 
Participating Stockholders are entitled otherwise to sell such Shares to the transferee(s) pursuant to Section 5.1(a), in either case simultaneously with and conditioned upon the closing of
the proposed Transfer. 
 (c) The Participating Stockholders will use their reasonable efforts to cooperate in the proposed
Transfer and will take all necessary and desirable actions in connection with the consummation of the proposed Transfer as are reasonably requested by the Initiating Stockholder, including, but not limited to, entry into customary agreements and
provision of customary representations, warranties and indemnification; provided, that no Participating Stockholder shall be required to enter into substantively different agreements or provide substantively different representations and
warranties or indemnification than the Initiating Stockholder and each Participating Stockholder’s obligations thereunder shall be several and limited to the proceeds received by such Stockholder in connection with such proposed Transfer.

 (d) Prior to transferring its Shares pursuant to this Section 5.1, the Initiating Stockholder shall cause the
prospective transferee to agree in writing to become a party to this Agreement. 
 (e) The provisions of this Section 5.1
shall not apply to any Public Sale or Public Offering, to any Transfer in connection with a Sale of the Company or to any Transfer to an Onex Investor or an Affiliate of an Onex Investor; provided, that any Affiliate of an Onex Investor to
which Shares are transferred must have agreed in writing to become a party to this Agreement. 
 5.2 Drag-Along Right.

 (a) Subject to Section 5.2(b), if the Majority Onex Investors approve a Sale of the Company (the “Approved
Sale”), the Stockholders will consent to and raise no objections to the Approved Sale and (i) if the Approved Sale is structured as a sale of Shares, the Stockholders will sell the types and classes of securities in the same
relative proportions as do Onex Investors or Affiliates of Onex Investors on the same terms and conditions (except, with respect to persons who are not accredited investors, as permitted by Section 5.2(b)) as applicable to the Majority Onex
Investors, (ii) if the Approved Sale is structured as a merger, consolidation or other reorganization, the Stockholders will vote in favor thereof and will not exercise any dissenters’ rights of appraisal they may have under Delaware law,
and (iii) if the Approved Sale is structured as a sale of all or substantially all of the Company’s consolidated assets, the Stockholders will vote in favor thereof. The Stockholders will cooperate in the Approved Sale and will take all
necessary and desirable actions in connection with the consummation of the Approved Sale as are reasonably requested by the Majority Onex Investors, including, but not limited to, entry into customary agreements and provision of customary
representations, warranties and indemnification, provided, that no Stockholder shall be required to enter into substantively different agreements or provide substantively different representations and warranties or indemnification than any
other Stockholder and each Stockholder’s obligations thereunder shall be several and limited to the proceeds received by such Stockholder in connection with such Approved Sale. 

 

 11 

 (b) The obligations of the Stockholders with respect to the Approved Sale are subject to the
satisfaction of the following conditions: (i) upon the consummation of the Approved Sale, all of the Stockholders will receive the same form and per Share amount of consideration for their Shares as all other Stockholders, or if any
Stockholders are given an option as to the form and amount of consideration to be received, all Stockholders must be given the same option (except that the Approved Sale may provide for payment in securities, or a combination of cash and securities,
to all Stockholders that are accredited investors within the meaning of Regulation D under the Securities Act and in cash to Stockholders that are not accredited investors or may provide Stockholders that are accredited investors with the
option to receive securities, or a combination of cash and securities, or cash while Stockholders that are not accredited investors receive cash); and (ii) if the Approved Sale includes a sale to a Person that is an Onex Investor or an
Affiliate of an Onex Investor, the holders of a majority of the voting control of the Shares held by the Other Investors may request that an appraisal of the fair market value of the securities to be sold and/or received (based on the fair market
value of the sale of all of the Company’s outstanding capital stock as if sold in an arms-length transaction) by the Other Investors in connection with such Approved Sale be made by an investment banking firm of national recognition mutually
agreeable to such parties, and it shall be a condition to the consummation of such Approved Sale to an Onex Investor or an Affiliate of an Onex Investor that such Person pay as consideration to the Other Investors the fair market value as determined
pursuant to such appraisal (if such appraisal results in a valuation greater than the valuation of the consideration proposed to be delivered in connection with such Approved Sale, the Company shall pay the costs of such appraisal, otherwise the
requesting Stockholders shall pay such costs). 
 (c) If the proposed Approved Sale involves the receipt by Stockholders of
securities for which Section 4(2) of the Securities Act or Rule 506 (or any similar rule then in effect) promulgated by the Securities and Exchange Commission may be available with respect to such negotiation or transaction (including a
merger, consolidation or other reorganization), the Stockholders will, at the request of the Majority Onex Investors, and to the extent required to comply with Regulation D, appoint a purchaser representative (as such term is defined in
Rule 501) reasonably acceptable to the Majority Onex Investors. If any Stockholder appoints a purchaser representative designated by the Majority Onex Investors, the Company will pay the fees of such purchaser representative, but if any
Stockholder declines to appoint the purchaser representative designated by the Majority Onex Investors, such holder will appoint another purchaser representative (reasonably acceptable to the Majority Onex Investors), and such holder will be
responsible for the fees of the purchaser representative so appointed. 
 5.3 Put Rights on Certain Events. 

(a) If, prior to the Company’s initial Public Offering, a Management Investor dies or suffers a permanent disability (the
“Put/Call Event”), then such Management Investor or such Management Investor’s executor, personal representative or legal representative shall have the right to require the Company to purchase (a “Put
Option”), by delivery of a written notice (the “Put Notice”) to the Company within 90 days after the date of the Put/Call Event (the “Put Period”), and the Company shall be required
to purchase, all of the Put/Call Securities at a price per Share equal to the applicable Put/Call Price as of the date of the Put/Call Event. If the Put Option is not exercised within the Put Period, then the Company shall have the right to require
the Management Investor to sell (the “Call Option”), by delivery of a written notice (the “Call 

 

 12 

 
Notice”) to the Management Investor’s executor, personal representative or legal representative within 120 days after the date of the Put/Call Event (or, if later,
the fifth Business Day after all options to purchase Shares held by the Management Investor have been exercised or expired by their terms) (the “Call Period”), and the Management Investor shall be required to sell, all of the
Put/Call Securities at a price per Share equal to the applicable Put/Call Price as of the date of the Put/Call Event. As used herein, “permanent disability” of a Management Investor means a physical or mental medical
condition that renders such Management Investor incapable of full time employment and which is reasonably expected to continue to have such effect for more than one year. Any Management Investor who seeks to exercise the Put Option by reason of a
permanent disability shall (i) authorize and direct his or her physicians and other health care professionals to discuss his or her medical condition with physicians designated by the Company (waiving any applicable privilege to the extent
necessary to confirm such permanent disability) and (ii) submit to examination by physicians designated by the Company. 

(b) The closing of any purchase of Put/Call Securities by the Company pursuant to this Section 5.3 shall take place at the principal
office of the Company within 15 days after the expiration of the relevant Put Period or Call Period as the Company shall specify to such Management Investor (or, in the case of death or permanent disability, if applicable, such Management
Investor’s executor, personal representative or legal representative) in writing (or such later date designated in good faith by the Company as may be reasonably necessary to confirm the existence of permanent disability). At such closing, such
Management Investor (or, in the case of death or permanent disability, such Management Investor’s executor, personal representative or legal representative) shall deliver to the Company certificates and/or other instruments representing,
together with stock or other appropriate powers duly endorsed with respect to, the Put/Call Securities, free and clear of all liens, encumbrances or other restrictions (other than pursuant to securities laws or this Agreement), against payment by
the Company of the applicable Put/Call Price in cash by delivery of a certified check payable to such Management Investor (or, in the case of death or permanent disability, such Management Investor’s executor, personal representative or legal
representative). Notwithstanding the foregoing, if the payment of all or any portion of the applicable Put/Call Price with respect to the exercise of a Put Option (or if distribution to the Company by its subsidiaries of the funds necessary for such
payment) is not permitted by the terms any debt agreement(s) pursuant to which the Company or any of its subsidiaries has any indebtedness for borrowed money (each a “Debt Agreement” and collectively, the “Debt
Agreements”), or the payment would cause a Default or an Event of Default (as such terms are defined in any Debt Agreement), then that portion of the purchase price shall instead become a subordinated obligation of the Company (a
“Subordinate Obligation”); the Subordinate Obligation shall not be payable during the continuance of a Default or an Event of Default (as defined in any Debt Agreement) or if such payment would not otherwise be permitted by
any Debt Agreement or would result in a Default or an Event of Default (as defined under any Debt Agreement). The Subordinate Obligation shall be payable on the earlier to occur of (i) one day after the closing date of a complete refinancing of
the Company’s senior and subordinate debt and (ii) receipt by the Company of the written approval of its senior and subordinate lenders to pay the principal and interest on the obligation in full. The Company shall request its lenders
under its Debt Agreements to permit the payment of any Put/Call Price payable hereunder (and the distribution to the Company by its subsidiaries of the funds necessary for such payment), and, to the extent any such payment (or distribution) is
restricted under any Debt Agreement, the Company shall use commercially 
  

 13 

 
reasonable efforts to promptly obtain any consents necessary to permit such payment (or distribution); provided that the Company shall not be required to pay any fee under any such Debt
Agreement or negotiate any other different terms in its Debt Agreements in order to obtain any such consent or exemption from its Debt Agreements. If the Company or its applicable subsidiary enters into any new Debt Agreement after the date hereof,
the Company will request its lenders to provide that such new Debt Agreement permits, by its terms, the payment of any Put/Call Price payable hereunder (and the distribution to the Company by its subsidiaries of the funds necessary for such
payment). The Subordinate Obligation shall accrue interest at the greater of (x) the weighted average rate applicable from time to time on the Company’s senior debt or (y) 8% per annum. The Company shall pre-pay the amount of any
Subordinate Obligation, together with accrued and unpaid interest, promptly as and when it is permitted to do so (and to cause its subsidiaries to distribute to the Company the funds necessary for such payment) without Default (as defined) or
creating an Event of Default (as defined) under any Debt Agreement, provided, that if there is more than one Subordinate Obligation outstanding, the Company shall make pre-payments on each Subordinate Obligation in the proportion that the
outstanding amount thereof (including accrued and unpaid interest) bears to the then aggregate outstanding Subordinate Obligations (including accrued and unpaid interest). For the avoidance of doubt, the Company shall not be entitled to apply the
provisions of the third sentence of this paragraph to a Call Option. 
 (c) If and to the extent a Management Investor (or, in
the case of death or permanent disability, if applicable, a Management Investor’s executor, personal representative or legal representative) does not deliver a Put Notice within the Put Period or if the purchase of all Put/Call Securities does
not occur at the scheduled closing date through the fault of such Management Investor’s executor, personal representative or legal representative, then such Management Investor’s Put Option shall terminate. If and to the extent the Company
does not deliver a Call Notice within the Call Period or if the purchase of all Put/Call Securities does not occur at the scheduled closing date through the fault of the Company or its agents or representatives, then the Company’s Call Option
shall terminate. 
 5.4 Termination. The provisions of this Article 5 shall terminate automatically upon the earlier
to occur of (a) an Approved Sale and (b) a Qualified Public Offering. 
 ARTICLE 6 

Preemptive Rights 

6.1 Grant of Preemptive Right. Subject to Section 6.6, if the Company authorizes the issuance or sale of any Shares or other
securities convertible into or exercisable for Shares to any Onex Investor or Affiliate of an Onex Investor (other than the Company or any subsidiary of the Company) (together, the “Participation Securities”), the Company
shall, on the terms and conditions of this Article 6, offer to each of the Other Investors the right to purchase or subscribe for up to an aggregate number of Participation Securities equal to the product of (i) the total number of
Participation Securities to be issued or sold by the Company and (ii) a fraction, the numerator of which is the aggregate number of Shares held by such Other Investor, and the 

 

 14 

 
denominator of which is the aggregate number of Shares outstanding, in each case, determined as of the date of the Preemptive Notice. For the purpose of this Article 6,
“Stockholder Participation Securities” means, with respect to any Other Investor in connection with any proposed issuance or sale of Participation Securities, that number of Participation Securities as to which such Other
Investor is entitled to exercise preemptive rights hereunder, calculated under the immediately preceding sentence. However, the Company may elect not to extend preemptive rights to any Other Investor that is not an “accredited investor”
within the meaning of Regulation D under the Securities Act or whose participation in the offering would, in the reasonable judgment of the Company, require registration or qualification under any federal, state or foreign securities law and if it
does so the Persons so excluded shall not be Other Investors for any purpose under this Article 6. 
 6.2 Delivery of
Preemptive Notice by the Company. If the Company proposes to issue or sell any Participation Securities in a transaction giving rise to the preemptive rights provided for in this Article 6, subject to Section 6.4, the Company shall
send a written notice (the “Preemptive Notice”) to each Other Investor at least 20 Business Days before the proposed date of such issuance or sale, setting forth (a) the type and, if not Shares, the terms and conditions
of the Participation Securities, (b) the number of Participation Securities that the Company proposes to sell or issue, (c) the price (before any commission or discount) at which such Participation Securities are proposed to be issued or
sold (or, in the case of an offering in which the price is not known at the time the Preemptive Notice is given, the method of determining such price and an estimate thereof), (d) the other material terms of the transaction, and (e) the
aggregate number of Stockholder Participation Securities which may be purchased by such Other Investor (determined under Section 6.1). 

6.3 Delivery of Exercise Notice; Waiver of Preemptive Right. At any time within the 20 Business Days following the date the
Company delivers the Preemptive Notice, an Other Investor may exercise the preemptive rights provided under this Article 6 by delivering notice to the Company (an “Exercise Notice”) exercising such Other Investor’s
preemptive rights as to all, but not less than all, of its Stockholder Participation Securities. If any Other Investor does not deliver a timely Exercise Notice, such Other Investor shall be deemed to have irrevocably waived the preemptive rights
provided by this Article 6 with respect to all Participation Securities that are the subject of the Preemptive Notice, and the Company shall be permitted to issue such Other Investor’s Stockholder Participation Securities free from the
preemptive rights provided under this Article 6. 
 6.4 Terms of Issuance of Sale of Participation Securities.

 (a) Subject to Section 6.4(b), (c) and (d) below, the purchase of, or subscription for Participation
Securities by the Other Investors who exercise preemptive rights under this Article 6, shall be at the same price and on the same terms and conditions, including the date of sale or issuance, as are applicable to the proposed issuance or sale
by the Company of the Participation Securities to any Onex Investor or Affiliate of a Onex Investor. 
 (b) If the Company
determines in good faith that the delay occasioned by complying with the procedures contemplated by this Article 6 would be prejudicial to the Company or its financial condition or business and operations, then the Company may before

  

 15 

 
delivering the Preemptive Notice or after delivering the Preemptive Notice (but in such case before observing the time periods and other procedures set forth in this Article 6),
(i) issue or sell all or any part of the Participation Securities to any Onex Investor or Affiliate of an Onex Investor without issuing or selling all or any part of the Stockholder Participation Securities of some or all of the Other Investors
to any such Other Investors or (ii) issue or sell all or any part of the Participation Securities to any Onex Investor or Affiliate of an Onex Investor and also issue to any Onex Investor or Affiliate of an Onex Investor all or any part of the
Stockholder Participation Securities of some or all of the Other Investors. 
 If the Company elects to issue Participation
Securities to any Onex Investor or Affiliate of an Onex Investor under this Section 6.4(b) before it delivers a Preemptive Notice, then the Company shall deliver the Preemptive Notice to each Other Investor no later than 10 Business Days after
the date on which the Participation Securities are issued or sold to the Onex Investor or Affiliate of an Onex Investor. If at the time any Other Investor delivers a timely Exercise Notice in accordance with Section 6.3, the Company has not yet
issued or sold the Stockholder Participation Securities that such Other Investor is entitled to purchase hereunder to an Onex Investor or Affiliate of an Onex Investor, then such unissued Stockholder Participation Securities shall be issued or sold
by the Company to such Other Investor as promptly as practicable, but in no event later than 5 Business Days following the date of delivery of the Exercise Notice, at the same price, and on the same terms and conditions, as were applicable to the
issuance or sale of Participation Securities to any Onex Investor or Affiliate of an Onex Investor. 
 (c) If at the time an
Other Investor delivers a timely Exercise Notice in accordance with Section 6.3, the Company has issued or sold some or all of the Stockholder Participation Securities that such Other Investor is entitled to purchase hereunder to any Onex
Investor or Affiliate of an Onex Investor, then any such Stockholder Participation Securities shall be sold by an Onex Investor or Affiliate of an Onex Investor to such Other Investor as promptly as is practicable, but in no event later than 5
Business Days following the date of delivery of the Exercise Notice, at a price per Participation Security equal to the price paid by the Onex Investor or Affiliate of an Onex Investor therefor, plus interest on such amount from the date of purchase
by the Onex Investor or Affiliate of an Onex Investor through the date of sale to the Other Investor, at a rate per annum equal to the then-effective prime rate, as announced by Citibank N.A. At the closing of any such sale by an Onex Investor or
Affiliate of an Onex Investor, such Persons shall deliver to the Other Investor certificates representing the Stockholder Participation Securities to be conveyed, duly endorsed or accompanied by stock powers executed in blank, against payment of the
purchase price therefor calculated hereunder. 
 (d) If Participation Securities issued or sold by the Company consist of
multiple types or classes of securities, then the Other Investors who elect to exercise their preemptive right shall purchase such types or classes of securities in the same relative proportions as do Onex Investors or Affiliates of Onex Investors.
Further, if any Participation Securities to be issued or sold by the Company are to be issued or sold by the Company as part of a unit that includes, or otherwise together with other securities (including debt securities) of the Company that are not
Participation Securities (“Other Securities”), then any Other Investor exercising preemptive rights provided under this Article 6 must in connection therewith also purchase such Other Securities of the Company that are
part of such unit or otherwise being 
  

 16 

 
issued or sold by the Company together with the Participation Securities, and the definitions of “Participation Securities” and “Stockholder Participation
Securities” shall for all purposes of this Article 6 be deemed to include any such Other Securities of the Company. 

6.5 Sale by Company Absent Exercise of Preemptive Right. If, with respect to any issuance or sale of Participation Securities in
connection with which the Company has delivered Preemptive Notices, no Other Investor has delivered a timely Exercise Notice covering some or all Stockholder Participation Securities that are the subject of such Preemptive Notices, the Company
shall, unless the Company has already done so in reliance on Section 6.4(b), have 120 days following the expiration of the 20 Business Day period following the date of delivery of the Preemptive Notice in which to sell all or any part of those
Stockholder Participation Securities which Stockholders have not so elected to purchase to any Person or entity, including but not limited to any Onex Investor or Affiliate of an Onex Investor. 

6.6 Termination; Securities Excluded from Preemptive Right. The provisions of this Article 6 will terminate automatically
upon the earlier to occur of (a) an Approved Sale or (b) a Qualified Public Offering and shall not apply to such Approved Sale or Qualified Public Offering. The provisions of this Article 6 shall not apply to (i) Participation
Securities issued in connection with a pro rata stock or stock dividend, stock split or recapitalization or the like, (ii) Participation Securities issued upon exercise or conversion of any exercisable or convertible securities or rights
owned by an Onex Investor or Affiliate of an Onex Investor or (iii) Participation Securities issued in a Public Sale or Public Offering, whether or not any Onex Investor or Affiliate of an Onex Investor participates in such Public Sale or
Public Offering. 
 ARTICLE 7 

Transfers of Shares 

7.1 Transfers in Accordance with this Agreement. The Company may refuse to register any transfer of Shares on its transfer books
if such transfer is not in accordance with this Agreement and in compliance with state and federal securities laws. 
 7.2
Legending of Shares Certificates. The Shares may be uncertificated. All certificates representing Shares held by any Person subject to this Agreement (and by any permitted or required transferees who are bound by or subject to this Agreement)
shall bear the following legend: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE SOLD (WITHIN THE MEANING OF SUCH ACT) IN THE ABSENCE OF REGISTRATION UNDER SUCH ACT OR AN EXEMPTION THEREFROM. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO CERTAIN RESTRICTIONS ON
TRANSFER AND CERTAIN RESTRICTIONS ON THE VOTING OF SUCH SECURITIES CONTAINED IN THE INVESTOR STOCKHOLDERS 
  

 17 

 
AGREEMENT, DATED AS OF JANUARY 25, 2007, AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”) AND CERTAIN OF THE COMPANY’S STOCKHOLDERS. A COPY OF SUCH INVESTOR
STOCKHOLDERS AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST. 
 7.3
Default of Delivery. 
 (a) In the event that any Stockholder, the Company, or any Stockholder’s transferees or
assignees (each, a “Requiring Party”) have the right to acquire Shares from any other Stockholder or the right to require any such other Stockholder to sell any of its Shares to any other Person, pursuant to the terms of this
Agreement (such selling Stockholder hereinafter referred to as the “Transferor” and such Requiring Party or any other Person to whom the Transferor is required to transfer Shares, as applicable, hereinafter referred to as the
“Transferee”) and the Transferor is not present at the closing, or is present but for any reason fails to produce and deliver to the Transferee the certificates or other instruments representing any of the Shares being
transferred, then the cash purchase price, as and when payable, may be deposited into a bank account in the name of the Company and any other consideration permitted or required to be delivered in satisfaction of the purchase price shall be
deposited with the Company. Such deposits shall constitute valid and effective payment to the Transferor of the purchase price for the Shares being transferred notwithstanding the fact that the Transferor may have voluntarily attempted to encumber
or dispose of any of the Shares contrary to the terms hereof, or that one or more certificates or other evidences of ownership of such Shares may have been delivered to any other Person. From and after the date of such deposits (even though the
stock certificates in the name of the Transferor have not been delivered to the Transferee), the purchase by and transfer of the Shares to the Transferee shall be deemed to have been fully completed and all right, title, benefit and interest of the
Transferor in and to all such Shares, both at law and in equity, shall be conclusively deemed to have been transferred and assigned to and become vested in the Transferee and the Transferee will have the right to request that the Company enter the
transfer into the Share register and the Company shall be entitled to so enter the transfer. 
 (b) Where the Transferee has
made a deposit in accordance with subsection (a), the Transferor shall be entitled to receive the cash purchase price of the Shares so deposited with the Company’s bankers, and to receive any other consideration deposited with the Company
upon delivery to the Company of (i) the certificates or other instruments representing the Shares duly endorsed for transfer and (ii) any other document required to be delivered by the Transferor at closing, including, without limitation,
the release or discharge of any encumbrance relating to the Shares and stock transfer stamps, if necessary. 
  

 18 

 ARTICLE 8 

Miscellaneous 

8.1 Voting Agreement and Appointment of Proxy. 

(a) The Other Investors shall at all times vote their Shares (to the extent they are entitled to vote the same) as specifically provided
herein or, if not so provided, in the same manner as the Shares held by the Majority Onex Investors are voted, on the election of directors and on all other matters which are submitted to a vote (or consent in lieu of voting) of the Company’s
Stockholders and on which such Shares are entitled to vote. To the extent permitted by law and for all purposes of this Agreement, each Other Investor, by its execution of this Agreement, hereby irrevocably constitutes and appoints Onex Partners and
such other Persons as may from time to time be designated by the Majority Onex Investors, its proxy with full power of substitution to vote all of its Shares at any meeting of Stockholders of the Company, or to give consent in lieu of voting on the
election of directors and on any matter which is submitted for a vote or consent to the Stockholders and on which such Shares are entitled to vote, provided, that such Shares are voted or consent is given with respect to it as specifically
provided herein, or if not so provided, in the same manner as the Shares held by the Majority Onex Investors. The proxies and powers granted by the Other Investors pursuant to this Section 8.1 are coupled with an interest. 

(b) Each Stockholder represents that it has not granted and is not a party to any proxy, voting trust or other agreement which is
inconsistent with or conflicts with the provisions of this Agreement, and no such holder of Shares shall grant any proxy or become party to any voting trust or other agreement which is inconsistent with or conflicts with the provisions of this
Agreement. 
 (c) The voting agreement set forth in this Section 8.1 shall terminate automatically upon the earlier to
occur of an Approved Sale and the date on which Onex Partners and its Affiliates hold securities representing less than 10% of the voting power of the Company. 

8.2 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): 
  

			
	If to the Company or an Onex Investor:	  	 c/o Onex Investment Corp.

712 Fifth Avenue
 New York, New York
10019
 Attention: Timothy A.R. Duncanson

Fax No.: (212) 582-0909

  

 19 

			
	with copies to:	  	 Metal Services Acquisition Corporation

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

If to any Other Investor at such Other Investor’s address as set forth on such Other Investor’s signature page hereto.

 If to any other Person which becomes a party to this Agreement in accordance with the terms hereof, at the address for
delivery of notices or communications given to all other parties by such party at such time. 
 8.3 Interpretation. In
this Agreement, unless a contrary intention appears, (a) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section
or other subdivision, (b) the words “include,” “includes” or “including” shall be deemed to be followed by the words “without limitation,” (c) reference to any Article or Section means such Article
or Section hereof, (d) words of any gender shall be deemed to include each other gender, and (e) words using the singular or plural number shall also include the plural or singular number, respectively. No provision of this Agreement shall
be interpreted or construed against any party hereto solely because such party or its legal representative drafted such provision. 

8.4 Captions. The captions in this Agreement are for convenience of reference only and shall not be given any effect in the
interpretation of this Agreement. 
 8.5 Time. Time shall be of the essence of this Agreement. 

8.6 Severability. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the
other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.

 8.7 Governing Law and Venue. This Agreement shall be governed by and construed in accordance with the internal laws of
the State of Delaware, without regard to the choice of law provisions thereof. Each party to this Agreement irrevocably submits to the exclusive jurisdiction of the Chancery Court of the State of Delaware and the United States District Court for the
District of Delaware in connection with any action, suit or proceeding arising out of or relating to this Agreement, the parties hereto hereby waiving any claim or 

 

 20 

 
defense that such forum is not convenient or proper. If for any reason the Chancery Court is deemed to be an inappropriate venue for any such action, suit or proceeding, each party to this
Agreement also submits to the exclusive jurisdiction of the courts of the State for Delaware. The parties hereby irrevocably and unconditionally waive any objection to the laying of venue of any action, suit or proceeding arising out of this
Agreement or the transactions contemplated hereby in the courts of the State of Delaware (including the Chancery Court) and the United States District Court from the District of Delaware, and hereby further irrevocably and unconditionally waive and
agree not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

8.8 Waiver of Jury Trial. Each party acknowledges and agrees that any controversy which may arise under this Agreement is likely
to involve complicated and difficult issues, and therefore each party hereby irrevocably and unconditionally waives any right such party may have to a trial by jury in respect of any litigation directly or indirectly arising out of or relating to
this Agreement, or the breach, termination or validity of this Agreement, or the transactions contemplated hereby. Each party certifies and acknowledges that (a) no representative, agent or attorney of any other party has represented, expressly
or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver, (b) each such party understands and has considered the implications of this waiver, (c) each such party makes this waiver
voluntarily, and (d) each such party has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 8.8. 

8.9 Assignment. This Agreement shall be binding upon the parties hereto, all Stockholders and, to the extent expressly provided
elsewhere in this Agreement, their respective permitted transferees and assigns (other than purchasers of equity securities pursuant to a Public Sale), together with in each case all successors, heirs, executors and administrators thereof, and shall
inure to the benefit of the parties hereto, all Stockholders and, to the extent expressly provided elsewhere in this Agreement, assigns of the Stockholders, together, in each case, with all successors, heirs, executors and administrators thereof.
Except as otherwise provided herein, no party may assign any of its rights or delegate any of its duties under this Agreement. 

8.10 Amendment and Waiver. Except as otherwise provided herein, no modification, amendment or waiver of any provision of this
Agreement will be effective unless such modification, amendment or waiver is approved in writing by the Company, the Majority Onex Investors and Other Investors holding a majority of the Shares held by all Other Investors, provided, that a
modification, amendment or waiver of Section 4.3(b) as to any Other Investor may be authorized by such Other Investor and the Board. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not
be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. No purported waiver shall be effective unless in writing. The waiver by any party of a breach of
any provision of this Agreement shall not operate or be construed as a waiver of any subsequent or other breach. 
 8.11
Remedies. The parties shall be entitled to enforce their rights under this Agreement specifically to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. The
parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the 
  

 21 

 
provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction for specific performance and/or temporary, preliminary or
permanent injunctive relief (without posting a bond or other security) in order to enforce or prevent any violation of the provisions of this Agreement. 

8.12 Counterparts; Joinder. This Agreement may be executed in counterparts, each of which shall be considered an original, but all
of which together shall constitute one and the same instrument. Additional Persons may become parties to this Agreement in accordance with the provisions of this Agreement or with the consent of the Company and the Majority Onex Investors, in either
case by executing and delivering to the Company a joinder agreement. 
 8.13 Complete Agreement. This Agreement, the
documents expressly referred to herein (including the Registration Agreement) and other documents of even date herewith embody the complete agreement and understanding among the parties and supersede and preempt any prior understanding, agreements
or representations by or among the parties, written or oral, that may be related to the subject matter hereof in any way. 

[Signature Pages Follow] 
  

 22 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto, all as of
the date first above written. 
  

			
	METAL SERVICES ACQUISITION CORP.
		
	By:	 	 /s/ Timothy A. R. Duncanson

		 	Name:
		 	Title:

  

			
	ONEX PARTNERS II LP
		
	 By:
	 	ONEX PARTNERS II GP LP, its General Partner

			
		
	By:	 	ONEX PARTNERS MANAGER LP, its Agent

			
		
	By:	 	ONEX PARTNERS MANAGER GP INC., its General Partner

			
		
	By:	 	 /s/ Robert M. Le Blanc

		 	Robert M. Le Blanc
		 	Managing Director
		
	By:	 	 /s/ Anthony Munk

		 	Anthony Munk
		 	Managing Director

 [Signature Page to
Investor Stockholders Agreement] 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto, all as of
the date first above written. 
  

			
	ONEX PARTNERS II GP LP
	
	By: ONEX PARTNERS MANAGER, its Agent

			
		
	By:	 	ONEX PARTNERS MANAGER GP INC., its General Partner

			
		
	By:	 	 /s/ Robert M. Le Blanc

		 	Robert M. Le Blanc
		 	Managing Director

			
		
	By:	 	 /s/ Anthony Munk

		 	Anthony Munk
		 	Managing Director

 [Signature Page to
Investor Stockholders Agreement] 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto, all as of
the date first above written 
  

			
	ONEX ADVISOR III LLC
		
	By:	 	 /s/ Donald F. West

	Name:	 	Donald F. West
	Title:	 	Director
	
	ONEX US PRINCIPALS LP
		
	By:	 	 /s/ Donald F. West

	Name:	 	Donald F. West
	Title:	 	Representative
	
	ONEX AMERICAN HOLDINGS II LLC
		
	By:	 	 /s/ Donald F. West

	Name:	 	Donald F. West
	Title:	 	Director
	
	TUBE CITY EXECUTIVE INVESTCO LLC
		
	By:	 	 /s/ Donald F. West

	Name:	 	Donald F. West
	Title:	 	Director

 [Signature Page to Investor
Stockholders Agreement] 
  

 IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto, all as of
the date first above written. 
  

	
	 /s/ Joseph Curtin

	Stockholder: Joseph Curtin
	
	Address:
	 1589 Stone Mansion Dr.

	 Sewickley, PA 15143

[Signature Page to Investor Stockholders Agreement]

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