SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Royce Elaine M

(Last)

(First)

(Middle)

52 OLD ORCHARD LANE

(Street)

SCARSDALE

10583

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
TBS International plc [ TBSI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/05/2011

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Ordinary Shares, par value $0.01 per share								270,206	D
Class A Ordinary Shares, par value $0.01 per share								346,208	I	By the Elaine M. Royce 2005 Irrevocable Trust
Class A Ordinary Shares, par value $0.01 per share	08/05/2011		A		13,720⁽¹⁾	A	$0.00	126,943⁽²⁾	I	By spouse Joseph E. Royce
Class A Ordinary Shares, par value $0.01 per share								196,208⁽²⁾	I	By the Joseph E. Royce 2005 Irrevocable Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Series B Preference Shares, par value $0.01 per share	⁽³⁾							⁽³⁾	⁽³⁾	Class B Ordinary shares, par value $0.01 per share	583,080		22,747⁽²⁾	I	By spouse Joseph E. Royce
Class B Ordinary Shares, par value $0.01 per share	⁽⁴⁾							⁽⁴⁾	⁽⁴⁾	Class A Ordinary shares, par value $0.01 per share	2,270,084		2,270,084	D
Class B Ordinary Shares, par value $0.01 per share	⁽⁴⁾							⁽⁴⁾	⁽⁴⁾	Class A Ordinary shares, par value $0.01 per share	1,646,786		1,646,786	I	By the Elaine M. Royce 2005 Irrevocable Trust
Class B Ordinary Shares, par value $0.01 per share	⁽⁴⁾							⁽⁴⁾	⁽⁴⁾	Class A Ordinary shares, par value $0.01 per share	245,674		245,674	I	By the Elaine M. Royce 2006 Qualified Grantor Retained Annuity Trust
Class B Ordinary Shares, par value $0.01 per share	⁽⁴⁾							⁽⁴⁾	⁽⁴⁾	Class A Ordinary shares, par value $0.01 per share	2,299,028		2,299,028⁽²⁾	I	By spouse Joseph E. Royce
Class B Ordinary Shares, par value $0.01 per share	⁽⁴⁾							⁽⁴⁾	⁽⁴⁾	Class A Ordinary shares, par value $0.01 per share	2,013,517		2,013,517⁽²⁾	I	By the Joseph E. Royce 2005 Irrevocable Trust
Series A Preference Shares, par value $0.01 per share	⁽⁵⁾							⁽⁵⁾	⁽⁵⁾	Class A Ordinary shares, par value $0.01 per share	2,667,169		53,078	I	By spouse Joseph E. Royce

Explanation of Responses:

1. Restricted Class A Ordinary Shares were granted to the reporting person's spouse on August 5, 2011 and will vest in two equal annual installments beginning July 31, 2012.

2. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

3. Series B Preference Shares are convertible into Class B Ordinary Shares on a 25.6333-for-1 basis at any time and have no expiration date. If the Series B Preference Shares remain outstanding, the applicable conversion rate will change as follows: 26.4023-for-1 beginning December 31, 2011; 27.1944-for-1 beginning June 30, 2012; 28.0102-for-1 beginning December 31, 2012; 28.8505-for-1 beginning June 30, 2013; 29.7161-for-1 beginning December 31, 2013; 30.6075-for-1 beginning June 30, 2014; and 31.5258-for-1 beginning December 31, 2014.

4. Class B Ordinary Shares currently are convertible into Class A Ordinary Shares on a one-for-one basis at any time and have no expiration date.

5. Series A Preference Shares are convertible into Class A Ordinary Shares on a 50.2500-for-1 basis at any time and have no expiration date. If the Series A Preference Shares remain outstanding, the applicable conversion rate will change as follows: 51.7575-for-1 beginning December 31, 2011; 53.3102-for-1 beginning June 30, 2012; 54.9095-for-1 beginning December 31, 2012; 56.5568-for-1 beginning June 30, 2013; 58.2535-for-1 beginning December 31, 2013; 60.0011-for-1 beginning June 30, 2014; and 61.8012-for-1 beginning December 31, 2014.

Remarks:

	By: /s/ Tara C. DeMakes Name: Tara C. DeMakes Attorney-in-Fact	08/09/2011
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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