Exhibit10.2

AGREEMENT

THIS RELEASE AGREEMENT("Agreement") is made as of this 15thday of July 2003, between **William M. Lowe, Jr.**("Executive") and **Metaldyne Corporation**("Employer").

INTRODUCTION

| I. | Executive's last day of work willbe July 15, 2003 (the "TerminationDate"). |
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| II. | Employer isnot obligated to pay Executive any compensation, benefits or otherconsideration after the Termination Date except as specifically setforth in Paragraph 1. |
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| III. | Executivehas had the opportunity to review this Agreement and is encouraged toconsult with legal counsel prior to executing this Agreement toascertain whether Executive has any potential rights or remedies, whichare being waived and released by Executive's execution of thisAgreement. |
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| IV. | Executive and Employer,without any admission of liability, desire to settle with finality,compromise, dispose of, and release all claims, demands and causes ofaction Executive has asserted or which Executive could assert againstEmployer, whether arising out of the Executive's EmploymentAgreement with Employer, dated June 18, 2001 ("EmploymentAgreement"); any agreement with a predecessor to Employer;the termination of the Employment Agreement; the employmentrelationship; the termination of the employment relationship; or anycondition or benefit of employment or otherwise. This Agreement is notand shall not be construed as an admission by Employer of anyliability, an admission against interest or any violation ofEmployer's policies or procedures. |
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AGREEMENT

Employer and Executive agree asfollows:

| 1. | SeverancePackage.    As consideration for this Agreement, Employer agreesto provide Executive the Severance Package set forth in this Paragraph1. The payments and benefits provided under this Paragraph 1 are madein lieu of any further payments or benefits to Executive under theEmployment Agreement, and Executive acknowledges that the payments andbenefits provided under this Paragraph 1 exceed the amounts that wouldotherwise be owing to him under the Employment Agreement: |
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| a. | Base salary continuation for a periodof twenty-four (24) months in the gross amount of $710,326. (The grossamount per pay period will be $13,660.11.) Payment to Executive will bemade in equal, bi-weekly installments, minus applicable withholding andpayroll taxes. |
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| b. | A gross bonus equalto two hundred percent (200%) of the target bonus opportunityunder the Annual Value Creation Plan (AVCP), payable in equalinstallments over the twenty-four (24) month period under the samepayment provisions described above. Executive's gross bonusamount for this purpose is $426,195.60. (The gross amount per payperiod will be $8,196.07.) In addition, a pro rata bonus for 2003through the Termination Date calculated at one hundred percent(100%) of the bonus opportunity for target performance under theAVCP. Executive's gross bonus amount for this purpose is$112,095.26, subject to all applicable withholdings described above,paid as a single sum within ten (10) days of the signing of thisAgreement. |
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| c. | Continuation of benefitsunder any group medical, dental, and life insurance benefitssubstantially similar to those which Executive was receivingimmediately prior to termination of employment until the earlierof: |
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| 1. | the end of the twenty-four (24)month period following the Termination Date, or |
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| 2. | the date on which Executive becomeseligible to receive any benefits under any plan or program of any otheremployer. |
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|    | Employerwill pay the employer-portion of the medical, dental, and lifeinsurance coverage. Executive will be required to pay theExecutive-portion of the medical, dental, and life insurance premiums.The Executive-portion of the premiums will be billed to the Executiveon a monthly basis. Health care continuation will be applied againstthe COBRA notification period. If Employer is not able to providecoverage under the existing plans, Executive will be paid cash in theamount of the Employer's portion of the premium cost. |
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| d. | The effect of this termination on anystock option grants is not addressed by this Agreement and is subjectto the plan documents governing such grants. |
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| e. | Employer shall pay for outplacementservices for Executive with a provider selected by Employer. Employershall make direct periodic payments for such services to the provider,as needed, provided that such payments shall not in the aggregateexceed Twenty-Thousand Dollars ($20,000). |
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| f. | Executive shall continue toparticipate in the Metaldyne Executive Car Program for a period of sixmonths from the Termination Date in accordance with the terms of thatprogram. |
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| g. | Employer shall payExecutive a lump sum amount of $10,000 in lieu of non-qualifiedretirement plan benefits, for which Executive was not yet vested. Thispayment will be made within 10 days of signing this Agreement andsubject to all applicable withholdings described above. |
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|    | Executive agrees that he isexclusively liable for the payment of any federal, state, city or othertaxes that may be due as a result of any severance benefits received byExecutive as provided in this Agreement. Executive further agrees toindemnify and hold Employer harmless from any payment of taxes orpenalties, if any, that may be required of Executive as a result of anyseverance benefits received by Executive pursuant to thisAgreement. |
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|  | 2. | Terminationof Benefits.    Notwithstanding benefits outlined in Paragraph 1above, Executive shall cease to be an active participant underEmployer's retirement and other benefit plans pursuant to theterms of those plans, and no additional benefits shall accrue toExecutive after the TerminationDate. |
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|  | 3. | Non-Competition; Non-Solicitation;Confidentiality; Release Consideration.    Executiveacknowledges that he remains subject to the restrictive covenants andremedies contained in Sections 13 and 14 of the Employment Agreement,which covenants and remedies, including the Employer's right tocause a forfeiture of further payments or benefits under the SeverancePackage of Paragraph 1 and demand repayment of any payments orbenefits, are incorporated herein by reference and which by their termssurvive the termination of Executive's employment and theEmployment Agreement. Employer acknowledges that, by signing thisAgreement, Executive has satisfied the requirement of Section 13(f) ofthe Employment Agreement, and Executive acknowledges that thisAgreement provides additional and sufficient consideration for therelease contained herein. |
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|  | 4. | Return ofProperty.    Executive agrees to immediately return all Employerproperty (and any copies of such property) of whatsoever kind andcharacter, including, without limitation, keys, credit cards,documents, computers, computer software, discs and media, policy andprocedures manuals and all other tangible or intangible property ofEmployer. |
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|  | 5. | No Disparagement.    Executiveagrees not to criticize, disparage or otherwise demean in any wayEmployer or its respective affiliates, officers, directors, Executivesor Employer's products. Likewise, the Employer agrees not tocriticize, disparage or otherwise demean theExecutive. |
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|  | 6. | Release.    Executive, forhim, and his heirs, executors, administrators, successors and assigns,hereby releases and forever discharges Employer, its affiliates andrespective officers, directors, agents, representatives, shareholders,employees (current and former), employee benefit plans, successors,predecessors, assigns, and any and all other persons, firms,corporations and other legal entities associated with Employer(collectively referred to as the "ReleasedParties"), of and from any and all claims, demands,actions, causes of action, debts, damages, expenses, suits, contracts,agreements, costs and liabilities of any kind, nature or description,whether direct or indirect, known or |
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|  |  | unknown, in law or in equity, in contract,tort or otherwise, which Executive ever had, now has or may haveagainst any of the Released Parties as of the date of execution of thisAgreement, whether known or unknown, suspected or unsuspected, or whichmay be based upon pre-existing acts, claims or events occurring at anytime up to the present date including, but not limited to, claimsarising under the Employment Agreement, Title  VII of the CivilRights Act of 1964 or state civil rights statutes, claims arising underthe Age Discrimination in Employment Act of 1967("ADEA"), as amended by the Older WorkersBenefit Protection Act ("OWBPA"), claimsarising under the Americans with Disabilities Act("ADA"), the Family and Medical Leave Act("FMLA"), the Fair Labor Standards Act("FLSA"), the National Labor Relations Act("NLRA"), the Employee Retirement IncomeSecurity Act ("ERISA"), claims for breach ofexpress or implied contract, breach of promise, promissory estoppel,loss of income, back pay, reinstatement, front pay, impairment ofearning capacity, wrongful termination, discrimination, damage toreputation, fraud, violation of public policy, retaliation, negligentor intentional infliction of mental or emotional distress, intentionaltort or any other federal, state or local common law or statutoryclaims, and all other claims and rights, whether in law or equity. Itis the intention of the parties that this paragraph will be construedas broadly as possible; however, this paragraph does not include claimsarising under state workers' compensation laws, stateunemployment laws and any claims that arise after the signing of thisAgreement. This paragraph also does not affect Executive's rightto file a charge or otherwise participate in an EEOC proceeding insofaras it is required by current EEOC regulations. Executive understandsthat Employer will assert this Agreement as an affirmative defenseagainst any claim asserted by Executive in any forum. |
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|  | 7. | Non-Disclosure.    Executive shall notdisclose the fact of this Agreement or any of its terms to any thirdparties other than Executive's spouse, tax advisors, accountantsand attorneys or as otherwise required by law. Executive agrees thatany violation of this non-disclosure paragraph will result insubstantial and irreparable injury to Employer. |
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|  | 8. | References.    In the event that Executiveseeks a reference for employment purposes, Executive agrees to directinquiries to Metaldyne's Human Resources Department. Referencesto be provided by Employer regarding Executive shall be limited todates of employment, positions held and compensation. Those making suchinquiries will be advised that it is the general policy of Employer toprovide only such neutral references in response to employmentinquiries. |
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|  | 9. | Consideration Time and RevocationPeriod.    Consistent with the ADEA, this Agreement was firstgiven to Executive on July 15, 2003. Executive has twenty-one (21)calendar days during which to review and consider this offer. Executiveis not required to, but may accept this Agreement by signing andreturning the Agreement at any time prior to August 5, 2003. In theevent Executive signs and returns the Agreement before that time,Executive certifies, by such execution, that he knowingly andvoluntarily waives the right to the full twenty-one (21) days, forreasons personal to Executive, with no pressure by Employer to do so.Employer and Executive further agree that any changes, whether materialor immaterial, to this Agreement do not restart the running of thetwenty-one (21) day consideration period. |
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Executiveunderstands that he may revoke this Agreement for a period of seven (7)calendar days following his execution of the Agreement. Executiveunderstands that any revocation, in order to be effective, must be: (1)in writing and either postmarked within seven (7) days of theExecutive's execution of the Agreement and addressed toGeneral Counsel, Metaldyne Corporation, 47603 Halyard Drive,Plymouth, MI 48170-2429, or (2) hand-delivered within seven (7)days of Executive's execution of the Agreement toMetaldyne's General Counsel at the address listed above.If revocation is by mail, certified mail, return receipt requested isrequired to show proof of mailing.

|  | 10. | NoPayment.    No payments or benefits under this Agreement shallbe made to Executive until after the seven (7) day revocation periodhas expired. If Executive does not revoke this Agreement within theseven (7) day revocation period, then this Agreement shall become fullyand finally effective and the payments and benefits provided by theterms of Paragraph  1 will be made to Executive. |
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|  | 11. | CompleteAgreement.    In executing this Agreement, Executive is doing soknowingly and voluntarily and agrees that he has not relied upon anyoral statements by Employer or its representatives, and that thisAgreement, when signed by both parties, supersedes any and all priorwritten agreements between the parties regarding the terms ofExecutive's employment or the termination of such employment,including, without limitation, the Employment Agreement (except to theextent that provisions of the Employment Agreement are specificallyincorporated into this Agreement). |
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|  | 12. | Severability.    Should any provision ofthis Agreement be declared or determined by any court to be illegal orinvalid, the remaining parts, terms or provisions shall not be affectedthereby, and said illegal or invalid part, term or provision shall bedeemed not to be a part of this Agreement. |
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|  | 13. | Choice of Law.    This Agreement shall bedeemed to be made and entered into in the State of Michigan and shallin all respects be interpreted, enforced and governed under the laws ofthe State of Michigan and the United States. |
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**Executive represents that he fully understands the termsof this Agreement and executes it knowingly and voluntarily; that nopromise, inducement or agreement has been made to him other than thosespecifically set forth in this Agreement; that this Agreement,including the covenants incorporated by reference, contains the entireAgreement between the parties and may not be modified except by asubsequent written agreement, executed by both parties, whichspecifically evidences an intent to modify this Agreement; and thatExecutive has been advised to consult with legal counsel prior toexecuting this Agreement.**

Witnessed:

|                                         |  |                                      |  |  |  |  |
|-----------------------------------------|--|--------------------------------------|--|--|--|--|
| /s/Valerie Lyons                        |  | /s/ William M. Lowe,Jr.              |
|                                    |  | **WILLIAM M. LOWE,JR.**    |
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| August1, 2003                           |  | August 1, 2003                       |
| **DATE OFWITNESS' SIGNATURE** |  | **DATE OFEXECUTIVE'SSIGNATURE** |
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|  | **METALDYNECORPORATION (EMPLOYER)** |
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|  | **BY:    **/s/ JimStrahley |
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|  | **ITS:    **VicePresident, Human Resources |
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