Document:

First Amendment to Investor Stockholders Agreement

 Exhibit 4.8 
 FIRST AMENDMENT 
 TO INVESTOR STOCKHOLDERS AGREEMENT 

FIRST AMENDMENT TO INVESTOR STOCKHOLDERS AGREEMENT dated as of March 22, 2011 (this “Amendment”),
among TMS International Corp. (f/k/a Metal Services Acquisition Corp.) (the “Company”), Onex Partners II LP, a Delaware limited partnership, and the stockholders listed on the signature pages hereto, to the
Investor Stockholders Agreement, dated as of January 25, 2007 (the “Stockholders Agreement”). Capitalized terms used herein and not otherwise defined shall have the meaning ascribed to them in the
Stockholders Agreement. 
 WHEREAS, the Company has filed a Registration Statement on Form S-1 with the Securities and Exchange
Commission in order to pursue a Qualified Public Offering; 
 WHEREAS, a “group” may be formed for purposes of
Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), when stockholders agree to act together for purposes of acquiring, holding, voting or disposing of equity securities of an issuer and
result in such persons being subject to the reporting and short-swing profit provisions of Sections 13(d) and 16 of the Exchange Act; and 
 WHEREAS, the parties to the Stockholders Agreement wish to terminate the Stockholders Agreement with respect to those Stockholders who are not current or former directors, officers or holders of 5% or
more of the Company’s equity securities (such stockholders who are not current or former directors, officers or holders of 5% or more of the Company’s equity securities, the “Nonexecutive Stockholders”), in each
case conditioned upon the occurrence of the Qualified Public Offering and such Nonexecutive Stockholders executing and delivering a letter agreement for the benefit of the Company in the form of Exhibit A hereto (the “Nonexecutive
Letter Agreement”); 
 NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, and subject to the fulfillment of the conditions set forth below, the parties hereto agree as follows: 
 1.
Amendments to Stockholders Agreement. Notwithstanding any other provision of this Agreement, upon the consummation of a Qualified Public Offering, all provisions of the Stockholders Agreement shall terminate with respect to each Nonexecutive
Stockholder who has executed and delivered to the Company a Nonexecutive Letter Agreement. 
 2. Effectiveness of
Amendment. This Amendment has been executed, in accordance with the terms of Section 8.10 of the Stockholders Agreement, by the Company, the Majority Onex Investors and the Other Investors holding a majority of the Shares held by all Other
Investors, and shall become effective upon execution. 
 3. Governing Law. This Amendment shall be governed by and
construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law provisions thereof. 

 4. Counterparts. This Amendment may be executed in any number of counterparts, each
of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment or any document or instrument delivered in connection herewith by
fax or other electronic transmission (such as .pdf) shall be effective as delivery of a manually executed counterpart of this Amendment or such other document or instrument, as applicable. 

5. Entire Agreement. This Amendment, the Stockholders Agreement, and the terms and provisions hereof and thereof constitute the
entire agreement among the parties pertaining to the subject matter hereof and thereof and supersede any and all prior or contemporaneous agreements relating to the subject matter hereof or thereof. Except as expressly amended hereby, the
Stockholders Agreement shall remain unchanged and in full force and effect. To the extent any terms or provisions of this Amendment conflict with those of the Purchase Agreement, the terms and provisions of this Amendment shall control. This
Amendment shall be deemed part of and is hereby incorporated into the Stockholders Agreement. 
 [Signature pages follow]

  
 2 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by
their respective officers thereunto duly authorized as of the day and year first above written. 
  

			
	TMS INTERNATIONAL CORP.
		
	By:	 	 /s/ Joseph Curtin

	Name: Joseph Curtin
	Title: Chief Executive Officer
	
	IMC TUBE CITY HOLDINGS, INC.
		
	By:	 	 /s/ I Michael Coslov

	Name: I Michael Coslov
	Title: President
	
	IMC TUBE CITY INVESTMENTS, LLC
		
	By:	 	 /s/ Lester Lipschutz

	Name: Lester Lipschutz
	Title: Manager
	
	 /s/ Joseph Curtin

	Joseph Curtin
	
	 /s/ Raymond S. Kalouche

	Raymond S. Kalouche
	
	 /s/ J. David Aronson

	J. David Aronson
	
	 /s/ Thomas E. Lippard

	Thomas E. Lippard
	
	 /s/ Daniel E. Rosati

	Daniel E. Rosati
	
	 /s/ I Michael Coslov

	I Michael Coslov

 Signature
Page to Amendment to Investor Stockholders Agreement 

									
	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

		 		 		 	Name: Robert M. Le Blanc
		 		 		 	Title: Managing Director
					
		 		 		 	By:	 	 /s/ Donald F. West

		 		 		 	Name: Donald F. West
		 		 		 	Title: Vice President
	
	ONEX PARTNERS II GP, LP
	By:	 	ONEX PARTNERS GP INC.,
		 	General Partner
			
		 	By:	 	 /s/ Robert M. Le Blanc

		 	Name: Robert M. Le Blanc
		 	Title: Managing Director
			
		 	By:	 	 /s/ Donald F. West

		 	Name: Donald F. West
		 	Title: Vice President

Signature Page to Amendment to Investor Stockholders AgreementForm of Non-Executive Letter Agreement

 Exhibit 4.9 
 Nonexecutive Letter Agreement 
 Timothy R. Kaufman 

William R. Miller 
 Donald S. Vesling 

John W. Keyes 
 Jamie Estill 

Perry Van Rosendale 
 Robert Harris 

David Schoffman 
 James Brigel 

Scott Clark 
 Robert H. Wilson 

John P. Carroll 
 Leon Z. Heller 

Michael A. Costa 
 David Coslov 

Spencer Hill 
 Joseph Jung 

Jean-Luc Koclejda 
 Roger Marynak 

Gerard Piccioni 
 Michael Rubin 

Brian St. Clair 
 Robert Subasic 

Thomas C. Beaulieu 
 Robert Bergia, Jr.

 Paul Bochnak 
 Anita Caruso

 Debbie Demay 
 Charles Johnsen

 Heather Johnson 
 John Karageorge

 Charles Kiss 
 Michael Koller

 James Leonard 
 Susan Marecic

 C. Eric Merrill 
 Michael Mikelas

 John Minihan 
 Mario Mokbel

 Hideyuki Nishizawa 
 Percy Oliver

 Henry Ostrowski 
 Colette Rippel

 Yves Roger 
 Kevin Rudman 

John T. Turner 

 Michael W. McGraw 
 Kirk D. Peters 
 Michael Yaker 
 Bradley Zolla 
 Leslie J. Johnson 
 Ralph Castellano 
 Richard D. English 
 Kyle Mikaloff 
 Raymond Rivas 
 Fermin Maldonado 
 Claude Meilleur 
 David Watt 
 Mark Miller 
 Michael Mullen 
 Indenture of Trust of Laurence N. Weiss FBO Benjamin Bianchi 

 

			
	  By:	 	Fern Bianchi, Trustee
		 	Mark Weiss, Trustee

 Indenture of Trust of Laurence N.
Weiss FBO Phillip Bianchi 
  

			
	  By:	 	Fern Bianchi, Trustee
		 	Mark Weiss, Trustee

 March     , 2011 

TMS International Corp. 
 12 Monongahela Avenue

 Glassport, PA 15045 
 Attn: Thomas E.
Lippard, Esq. 
 Re:  TMS International Corp.—Nonexecutive Letter Agreement 

Ladies and Gentlemen, 

Reference is made to that certain Investor Stockholders Agreement, dated January 25, 2007, among TMS International Corp. (f/k/a Metal
Services Acquisition Corp.) (the “Company”), Onex Partners II LP, and the stockholders listed on the signature pages thereto (as amended or modified from time to time, the “Stockholders Agreement”). 

WHEREAS, the Company is preparing for an initial public offering (the “IPO”); and 

WHEREAS, conditioned upon the consummation of the IPO, the undersigned, by executing and delivering to the Company this letter agreement
shall no longer be subject to the provisions of the Stockholders Agreement and in lieu thereof will be subject to the provisions of this letter agreement; 
 NOW, THEREFORE, solely for the benefit of the Company, the undersigned hereto agrees as follows: 
  

	1.	When used in this Nonexecutive Letter Agreement, the following terms shall have the respective meanings shown: 

 

	 	a.	“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. 

  

	 	b.	“Onex Investor” means Onex Partners II LP, Onex Corporation or any Affiliate of Onex Partners II LP or Onex Corporation that is a holder of Shares or
other equity interests of the Company. 

  

	 	c.	“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. 

  

	 	d.	“Pre-IPO Shares”, as to any Person, means the shares of common stock held by such Person immediately prior to the consummation of the IPO, and
including any shares of common stock issued upon the exercise of any warrant or option held by such Person or issuable upon conversion of any convertible securities, including Class A Preferred Stock, held by such Person immediately prior to
the consummation of the IPO. 

	 	e.	“Shares” means (a) the shares of the Company’s common stock and Class A Preferred Stock purchased, issued to or otherwise acquired by
any stockholder who is a party to the Stockholders Agreement immediately prior to the IPO, 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.

  

	2.	The restrictions contained in this letter agreement shall not apply with respect to (i) any transfer, assignment, pledge, exchange or other disposal (a
“Transfer”) of Shares by the undersigned to or among its Affiliates or (ii) any Transfer of Shares by the undersigned to any other stockholder who is a party to the Stockholders Agreement immediately prior to the IPO;
provided, that the restrictions contained in this letter agreement 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 agree to the
provisions of this letter agreement. 

  

	3.	The undersigned may sell Pre-IPO Shares only pursuant to a Public Sale (as defined in the Stockholder’s Agreement) or to another applicable exemption from
registration under the Securities Act, and limited to a percentage of the undersigned’s Pre-IPO Shares equal, at the date of any sale, to: 

  

	 	a.	the greater of 

  

	 	i.	a cumulative number of Pre-IPO Shares accruing as follows: 12.5% of the undersigned’s Pre-IPO Shares on the date of the IPO and 12.5% of the undersigned’s
Pre-IPO Shares on each anniversary of the IPO, but not to exceed an aggregate of 50% of the undersigned’s Pre-IPO Shares, and 

  

	 	ii.	the cumulative percentage of Onex Investors’ Pre-IPO Shares sold by Onex Investors, in and at any time after the IPO and prior to such time, minus

  

	 	b.	the Pre-IPO Shares previously sold by the undersigned, whether in the IPO, pursuant to this Section 3 or otherwise. 

Any sale pursuant to this Section 3 shall be subject to the provisions of Section 3 of the Registration Agreement (as defined in the
Stockholders Agreement). 
  

	4.	The provisions of this letter agreement shall terminate automatically upon the earliest to occur of (i) an Approved Sale (as defined in the Stockholders
Agreement), (ii) the fifth anniversary of the IPO, or (iii) such time as the Onex Investors cease to own at least 10% of the voting power of the Company. 

 

	5.	In the case of any Transfer pursuant to clause (i) of the first sentence of Section 2, a transferee may at any time, and shall forthwith in the event that
such transferee ceases to be an Affiliate of the undersigned, transfer back to the undersigned all of the Shares held by it. 

  

	
	Sincerely,
	
	  
	Name:

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