Document:

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                                                                     EXHIBIT 4.3

                                                               EXECUTION VERSION

                          REGISTRATION RIGHTS AGREEMENT

         This REGISTRATION RIGHTS AGREEMENT, dated June 20, 2002 (the
"Agreement"), is entered into by and among Metaldyne Corporation, a Delaware
corporation (the "Company"), each of the Company's subsidiaries listed on
Schedule I hereof (such subsidiaries, the "Guarantors"), Credit Suisse First
Boston Corporation, J.P. Morgan Securities Inc., Deutsche Bank Securities Inc.,
First Union Securities, Inc., Comerica Securities, Inc. and NatCity Investments,
Inc., as representatives of the several initial purchasers (collectively, the
"Initial Purchasers").

         The Company, the Guarantors and the Initial Purchasers are parties to
the Purchase Agreement, dated June 20, 2002 (the "Purchase Agreement"), which
provides for the sale by the Company to the Initial Purchasers of $250,000,000
aggregate principal amount of the Company's 11% Senior Subordinated Notes due
2012 (the "Securities"), which will be fully and unconditionally guaranteed on
an unsecured senior subordinated basis by each of the Guarantors (the
"Guarantees"). As an inducement to the Initial Purchasers (including the
Market-Maker (as defined herein)) to enter into the Purchase Agreement, the
Company and the Guarantors have agreed to provide to the Initial Purchasers and
their direct and indirect transferees the registration rights set forth in this
Agreement. The execution and delivery of this Agreement is a condition to the
closing under the Purchase Agreement.

         In consideration of the foregoing, the parties hereto agree as follows:

Section 1.  Definitions.

         As used in this Agreement, the following terms shall have the following
meanings:

         "Business Day" shall mean any day that is not a Saturday, Sunday or
other day on which commercial banks in New York City are authorized or required
by law to remain closed.

         "Closing Date" shall mean the Closing Date as defined in the Purchase
Agreement.

         "Company" shall have the meaning set forth in the preamble and shall
also include the Company's successors.

         "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended from time to time.

         "Exchange Date" shall have the meaning set forth in Section 2(a)(ii)
hereof.

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         "Exchange Offer" shall mean the exchange offer by the Company and the
Guarantors of Exchange Securities for Registrable Securities pursuant to Section
2(a) hereof.

         "Exchange Offer Registration" shall mean a registration under the
Securities Act effected pursuant to Section 2(a) hereof.

         "Exchange Offer Registration Statement" shall mean an exchange offer
registration statement on Form S-4 (or, if applicable, on another appropriate
form) and all amendments and supplements to such registration statement, in each
case including the Prospectus contained therein, all exhibits thereto and any
document incorporated by reference therein.

         "Exchange Securities" shall mean the 11% Senior Subordinated Notes due
2012 issued by the Company and guaranteed by the Guarantors under the Indenture
containing terms identical to the Securities and the Guarantees (except that the
Exchange Securities will not be subject to restrictions on transfer or to any
increase in annual interest rate for failure to comply with this Agreement) and
to be offered to Holders of Securities in exchange for Securities pursuant to
the Exchange Offer.

         "Guarantors" shall have the meaning set forth in the preamble and shall
also include any successors to the Guarantors.

         "Holders" shall mean the Initial Purchasers, for so long as they own
any Registrable Securities, and each of their successors, assigns and direct and
indirect transferees who become owners of Registrable Securities under the
Indenture; provided that for purposes of Sections 4 and 6 of this Agreement, the
term "Holders" shall include Participating Broker-Dealers.

         "Indemnified Person" shall have the meaning set forth in Section 6(c)
hereof.

         "Indemnifying Person" shall have the meaning set forth in Section 6(c)
hereof.

         "Indenture" shall mean the Indenture relating to the Securities, dated
as of June 20, 2002, among the Company, the Guarantors and The Bank of New York,
as trustee, as the same may be amended from time to time in accordance with the
terms thereof.

         "Initial Purchasers" shall have the meaning set forth in the preamble.

         "Inspector" shall have the meaning set forth in Section 3(m) hereof.

         "Majority Holders" shall mean the Holders of a majority of the
aggregate principal amount of outstanding Registrable Securities; provided that
whenever the consent or approval of Holders of a specified percentage of
Registrable Securities is required hereunder, Registrable Securities owned
directly or indirectly by the Company or any of its affiliates shall not be

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counted in determining whether such consent or approval was given by the Holders
of such required percentage or amount.

         "Participating Broker-Dealers" shall have the meaning set forth in
Section 4(a) hereof.

         "Person" shall mean an individual, partnership, limited liability
company, corporation, trust or unincorporated organization, or a government or
agency or political subdivision thereof.

         "Purchase Agreement" shall have the meaning set forth in the preamble.

         "Prospectus" shall mean the prospectus included in a Registration
Statement, including any preliminary prospectus, and any such prospectus as
amended or supplemented by any prospectus supplement, including a prospectus
supplement with respect to the terms of the offering of any portion of the
Registrable Securities covered by a Shelf Registration Statement, and by all
other amendments and supplements to such prospectus, and in each case including
any document incorporated by reference therein. This term, except where the
context otherwise requires, shall also include any prospectus (or any amendment
or supplement thereto) filed with the SEC pursuant to Section 5 hereof.

         "Registrable Securities" shall mean the Securities; provided that the
Securities shall cease to be Registrable Securities (i) when a Registration
Statement with respect to such Securities has been declared effective under the
Securities Act and such Securities have been exchanged or disposed of pursuant
to such Registration Statement, (ii) when such Securities have been sold
pursuant to Rule 144 or are eligible for resale pursuant to Rule 144(k) (or any
similar provision then in force, but not Rule 144A) under the Securities Act or
(iii) when such Securities cease to be outstanding.

         "Registration Expenses" shall mean any and all expenses incident to
performance of or compliance by the Company and the Guarantors with this
Agreement, including without limitation: (i) all SEC, stock exchange or National
Association of Securities Dealers, Inc. registration and filing fees, (ii) all
fees and expenses incurred in connection with compliance with state securities
or blue sky laws (including reasonable fees and disbursements of counsel for any
Underwriters or Holders in connection with blue sky qualification of any
Exchange Securities or Registrable Securities), (iii) all expenses of any
Persons in preparing or assisting in preparing, word processing, printing and
distributing any Registration Statement, any Prospectus and any amendments or
supplements thereto, any underwriting agreements, securities sales agreements or
other similar agreements and any other documents relating to the performance of
and compliance with this Agreement, (iv) all rating agency fees, (v) all fees
and disbursements relating to the qualification of the Indenture under
applicable securities laws, (vi) the fees and disbursements of the Trustee and
its counsel, (vii) the fees and disbursements of counsel for the Company and the
Guarantors and, in the case of a Shelf Registration State-

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ment, the fees and disbursements of one counsel for the Holders (which counsel
shall be selected by the Majority Holders and which counsel may also be counsel
for the Initial Purchasers) and (viii) the fees and disbursements of the
independent public accountants of the Company and the Guarantors, including the
expenses of any special audits or "comfort" letters required by or incident to
the performance of and compliance with this Agreement, but excluding fees and
expenses of counsel to the Underwriters (other than fees and expenses set forth
in clause (ii) above) or the Holders and underwriting discounts and commissions
and transfer taxes, if any, relating to the sale or disposition of Registrable
Securities by a Holder.

         "Registration Statement" shall mean any registration statement of the
Company and the Guarantors that covers any of the Exchange Securities or
Registrable Securities pursuant to the provisions of this Agreement and all
amendments and supplements to any such registration statement, including
post-effective amendments, in each case including the Prospectus contained
therein, all exhibits thereto and any document incorporated by reference
therein.

         "SEC" shall mean the Securities and Exchange Commission.

         "Securities Act" shall mean the Securities Act of 1933, as amended from
time to time.

         "Shelf Registration" shall mean a registration effected pursuant to
Section 2(b) hereof.

         "Shelf Registration Statement" shall mean a "shelf" registration
statement of the Company and the Guarantors that covers all the Registrable
Securities (but no other securities unless approved by the Holders whose
Registrable Securities to be covered by such Shelf Registration Statement) on an
appropriate form under Rule 415 under the Securities Act, or any similar rule
that may be adopted by the SEC, and all amendments and supplements to such
registration statement, including post-effective amendments, in each case
including the Prospectus contained therein, all exhibits thereto and any
document incorporated by reference therein.

         "Staff" shall mean the staff of the SEC.

         "Trust Indenture Act" shall mean the Trust Indenture Act of 1939, as
amended from time to time.

         "Trustee" shall mean the trustee with respect to the Securities under
the Indenture.

         "Underwriter" shall have the meaning set forth in Section 3 hereof.

         "Underwritten Offering" shall mean an offering in which Registrable
Securities are sold to an Underwriter for reoffering to the public.

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Section 2.  Registration Under the Securities Act.

         (a) To the extent not prohibited by any applicable law or applicable
interpretations of the Staff, the Company and the Guarantors shall use their
reasonable best efforts to (i) cause to be filed an Exchange Offer Registration
Statement covering an offer to the Holders to exchange all the Registrable
Securities for Exchange Securities and (ii) have such Registration Statement
remain effective until the closing of the Exchange Offer. The Company and the
Guarantors shall commence the Exchange Offer promptly after the Exchange Offer
Registration Statement is declared effective by the SEC and use their reasonable
best efforts to complete the Exchange Offer not later than 60 days after such
effective date.

         The Company and the Guarantors shall commence the Exchange Offer by
mailing the related Prospectus, appropriate letters of transmittal and other
accompanying documents to each Holder stating, in addition to such other
disclosures as are required by applicable law:

         (i)      that the Exchange Offer is being made pursuant to this
                  Agreement and that all Registrable Securities validly tendered
                  and not properly withdrawn will be accepted for exchange;

         (ii)     the dates of acceptance for exchange (which shall be a period
                  of at least 20 Business Days from the date such notice is
                  mailed) (each, an "Exchange Date");

         (iii)    that any Registrable Security not tendered will remain
                  outstanding and continue to accrue interest but will not
                  retain any rights under this Agreement;

         (iv)     that any Holder electing to have a Registrable Security
                  exchanged pursuant to the Exchange Offer will be required to
                  surrender such Registrable Security, together with the
                  appropriate letters of transmittal, to the institution and at
                  the address (located in the Borough of Manhattan, The City of
                  New York) and in the manner specified in the notice, prior to
                  the close of business on the last Exchange Date; and

         (v)      that any Holder will be entitled to withdraw its election, not
                  later than the close of business on the last Exchange Date, by
                  sending to the institution and at the address (located in the
                  Borough of Manhattan, The City of New York) specified in the
                  notice, a telegram, telex, facsimile transmission or letter
                  setting forth the name of such Holder, the principal amount of
                  Registrable Securities delivered for exchange and a statement
                  that such Holder is withdrawing its election to have such
                  Securities exchanged.
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         As a condition to participating in the Exchange Offer, a Holder will be
required to represent to the Company and the Guarantors that (i) any Exchange
Securities to be received by it will be acquired in the ordinary course of its
business, (ii) at the time of the commencement of the Exchange Offer it has no
arrangement or understanding with any Person to participate in the distribution
(within the meaning of the Securities Act) of the Exchange Securities in
violation of the provisions of the Securities Act, (iii) it is not an
"affiliate" (within the meaning of Rule 405 under Securities Act) of the Company
or any Guarantor and (iv) if such Holder is a broker-dealer that will receive
Exchange Securities for its own account in exchange for Registrable Securities
that were acquired as a result of market-making or other trading activities,
then such Holder will deliver a Prospectus in connection with any resale of such
Exchange Securities.

         As soon as practicable after the last Exchange Date, the Company and
the Guarantors shall:

         (i)      accept for exchange Registrable Securities or portions thereof
                  validly tendered and not properly withdrawn pursuant to the
                  Exchange Offer; and

         (ii)     deliver, or cause to be delivered, to the Trustee for
                  cancellation all Registrable Securities or portions thereof so
                  accepted for exchange by the Company and issue, and cause the
                  Trustee to promptly authenticate and deliver to each Holder,
                  Exchange Securities equal in principal amount to the principal
                  amount of the Registrable Securities surrendered by such
                  Holder.

         The Company and the Guarantors shall use their reasonable best efforts
to complete the Exchange Offer as provided above and shall comply with the
applicable requirements of the Securities Act, the Exchange Act and other
applicable laws and regulations in connection with the Exchange Offer. The
Exchange Offer shall not be subject to any conditions, other than that the
Exchange Offer does not violate any applicable law or applicable interpretations
of the Staff.

         (b) In the event that (i) the Company and the Guarantors determine that
the Exchange Offer Registration provided for in Section 2(a) above is not
available or may not be completed as soon as practicable after the last Exchange
Date because it would violate any applicable law or applicable interpretations
of the Staff, (ii) the Exchange Offer is not for any other reason completed by
210 days after the Closing Date or (iii) the Exchange Offer has been completed
and in the opinion of counsel for the Initial Purchasers a Registration
Statement must be filed and a Prospectus must be delivered by the Initial
Purchasers in connection with any offering or sale of Registrable Securities
held by the Initial Purchasers, the Company and the Guarantors shall use their
reasonable best efforts to cause to be filed as soon as practicable after such
determination, date or notice of such opinion of counsel is given to the
Company, as the case may be, a Shelf Registration Statement providing for the
sale of all the Reg-

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                                      -7-

istrable Securities by the Holders thereof (or Initial Purchasers that are
holders thereof in the case of a Shelf Registration Statement filed pursuant to
clause (iii) of this sentence) and to have such Shelf Registration Statement
declared effective by the SEC.

         In the event that the Company and the Guarantors are required to file a
Shelf Registration Statement solely as a result of the matters referred to in
clause (iii) of the preceding sentence, the Company and the Guarantors shall use
their reasonable best efforts to file and have declared effective by the SEC
both an Exchange Offer Registration Statement pursuant to Section 2(a) with
respect to all Registrable Securities and a Shelf Registration Statement (which
may be a combined Registration Statement with the Exchange Offer Registration
Statement) with respect to offers and sales of Registrable Securities held by
the Initial Purchasers after completion of the Exchange Offer. The Company and
the Guarantors agree to use their reasonable best efforts to keep the Shelf
Registration Statement continuously effective until the expiration of the period
referred to in Rule 144(k) under the Securities Act with respect to the
Registrable Securities or such shorter period that will terminate when all the
Registrable Securities covered by the Shelf Registration Statement have been
sold pursuant to the Shelf Registration Statement. The Company and the
Guarantors further agree to supplement or amend the Shelf Registration Statement
and the related Prospectus if required by the rules, regulations or instructions
applicable to the registration form used by the Company for such Shelf
Registration Statement or by the Securities Act or by any other rules and
regulations thereunder for shelf registration or if reasonably requested by a
Holder of Registrable Securities with respect to information relating to such
Holder, and to use their reasonable best efforts to cause any such amendment to
become effective and such Shelf Registration Statement and Prospectus to become
usable as soon as thereafter practicable. The Company and the Guarantors agree
to furnish to the Holders of Registrable Securities copies of any such
supplement or amendment promptly after its being used or filed with the SEC.

         (c) The Company and the Guarantors shall pay all Registration Expenses
in connection with the registration pursuant to Section 2(a) and Section 2(b)
hereof. Each Holder shall pay all underwriting discounts and commissions and
transfer taxes, if any, relating to the sale or disposition of such Holder's
Registrable Securities pursuant to the Shelf Registration Statement.

         (d) An Exchange Offer Registration Statement pursuant to Section 2(a)
hereof or a Shelf Registration Statement pursuant to Section 2(b) hereof will
not be deemed to have become effective unless it has been declared effective by
the SEC; provided that if, after it has been declared effective, the offering of
Registrable Securities pursuant to a Shelf Registration Statement is interfered
with by any stop order, injunction or other order or requirement of the SEC or
any court or other governmental or regulatory agency or body, such Registration
Statement will be deemed not to have become effective during the period of such
interference

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until the offering of Registrable Securities pursuant to such Registration
Statement may legally resume.

         In the event that either the Exchange Offer is not completed or a Shelf
Registration Statement, if required hereby, is not declared effective within 210
days of the Closing Date, the interest rate on the Registrable Securities will
be increased by 1.00% per annum until the Exchange Offer is completed or the
Shelf Registration Statement, if required hereby, is declared effective by the
SEC or the Securities become freely tradable under the Securities Act.

         (e) Without limiting the remedies available to the Initial Purchasers
and the Holders, the Company and the Guarantors acknowledge that any failure by
the Company or the Guarantors to comply with their obligations under Section
2(a) and Section 2(b) hereof may result in material irreparable injury to the
Initial Purchasers or the Holders for which there is no adequate remedy at law,
that it will not be possible to measure damages for such injuries precisely and
that, in the event of any such failure, the Initial Purchasers or any Holder may
obtain such relief as may be required to specifically enforce the Company's and
the Guarantors' obligations under Section 2(a) and Section 2(b) hereof.

Section 3.  Registration Procedures.

         In connection with their obligations pursuant to Section 2(a) and
Section 2(b) hereof, the Company and the Guarantors shall as expeditiously as
possible:

         (a) prepare and file with the SEC a Registration Statement on the
appropriate form under the Securities Act, which form (x) shall be selected by
the Company and the Guarantors, (y) shall, in the case of a Shelf Registration,
be available for the sale of the Registrable Securities by the selling Holders
thereof and (z) shall comply as to form in all material respects with the
requirements of the applicable form and include all financial statements
required by the SEC to be filed therewith; and use their reasonable best efforts
to cause such Registration Statement to become effective and remain effective
for the applicable period in accordance with Section 2 hereof;

         (b) prepare and file with the SEC such amendments and post-effective
amendments to each Registration Statement as may be necessary to keep such
Registration Statement effective for the applicable period in accordance with
Section 2 hereof and cause each Prospectus to be supplemented by any required
prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424
under the Securities Act; and keep each Prospectus current during the period
described in Section 4(3) of and Rule 174 under the Securities Act that is
applicable to transactions by brokers or dealers with respect to the Registrable
Securities or Exchange Securities;

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         (c) in the case of a Shelf Registration, furnish to each Holder of
Registrable Securities, to counsel for the Initial Purchasers, to counsel for
such Holders and to each Underwriter of an Underwritten Offering of Registrable
Securities, if any, without charge, as many copies of each Prospectus, including
each preliminary Prospectus, and any amendment or supplement thereto in order to
facilitate the sale or other disposition of the Registrable Securities
thereunder; and the Company and the Guarantors consent to the use of such
Prospectus and any amendment or supplement thereto in accordance with applicable
law by each of the selling Holders of Registrable Securities and any such
Underwriters in connection with the offering and sale of the Registrable
Securities covered by and in the manner described in such Prospectus or any
amendment or supplement thereto in accordance with applicable law;

         (d) use their reasonable best efforts to register or qualify the
Registrable Securities under all applicable state securities or blue sky laws of
such jurisdictions as any Holder of Registrable Securities covered by a
Registration Statement shall reasonably request in writing by the time the
applicable Registration Statement is declared effective by the SEC; cooperate
with the Holders in connection with any filings required to be made with the
National Association of Securities Dealers, Inc.; and do any and all other acts
and things that may be reasonably necessary or advisable to enable each Holder
to complete the disposition in each such jurisdiction of the Registrable
Securities owned by such Holder; provided that neither the Company nor any
Guarantor shall be required to (i) qualify as a foreign corporation or other
entity or as a dealer in securities in any jurisdiction where it would not
otherwise be required to so qualify, (ii) file any general consent to service of
process in any such jurisdiction or (iii) subject itself to taxation in any such
jurisdiction if it is not so subject;

         (e) in the case of a Shelf Registration, notify each Holder of
Registrable Securities, counsel for such Holders and counsel for the Initial
Purchasers promptly and, if requested by any such Holder or counsel, confirm
such advice in writing (i) when a Registration Statement has become effective
and when any post-effective amendment thereto has been filed and becomes
effective, (ii) of any request by the SEC or any state securities authority for
amendments and supplements to a Registration Statement and Prospectus or for
additional information after the Registration Statement has become effective,
(iii) of the issuance by the SEC or any state securities authority of any stop
order suspending the effectiveness of a Registration Statement or the initiation
of any proceedings for that purpose, (iv) if, between the effective date of a
Registration Statement and the closing of any sale of Registrable Securities
covered thereby, the representations and warranties of the Company or any
Guarantor contained in any underwriting agreement, securities sales agreement or
other similar agreement, if any, relating to an offering of such Registrable
Securities cease to be true and correct in all material respects or if the
Company or any Guarantor receives any notification with respect to the
suspension of the qualification of the Registrable Securities for sale in any
jurisdiction or the initiation of any proceeding for such purpose, (v) of the
happening of any event during the period a Shelf Registration Statement is
effective that makes any statement made in such Registration

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Statement or the related Prospectus untrue in any material respect or that
requires the making of any changes in such Registration Statement or Prospectus
in order to make the statements therein not misleading and (vi) of any
determination by the Company or any Guarantor that a post-effective amendment to
a Registration Statement would be appropriate;

         (f) use their reasonable best efforts to obtain the withdrawal of any
order suspending the effectiveness of a Registration Statement at the earliest
possible moment and provide immediate notice to each Holder of the withdrawal of
any such order;

         (g) in the case of a Shelf Registration, furnish to each Holder of
Registrable Securities, without charge, at least one conformed copy of each
Registration Statement and any post-effective amendment thereto (without any
documents incorporated therein by reference or exhibits thereto, unless
requested);

         (h) in the case of a Shelf Registration, cooperate with the selling
Holders of Registrable Securities 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
issued in such denominations and registered in such names (consistent with the
provisions of the Indenture) as the selling Holders may reasonably request at
least one Business Day prior to the closing of any sale of Registrable
Securities;

         (i) in the case of a Shelf Registration, upon the occurrence of any
event contemplated by Section 3(e)(iii) or 3(e)(v) hereof, use their reasonable
best efforts to prepare and file with the SEC a supplement or post-effective
amendment to a Registration Statement or the related Prospectus or any document
incorporated therein by reference or file any other required document so that,
as thereafter delivered to purchasers of the Registrable Securities, such
Prospectus will not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading; and the Company
and the Guarantors shall notify the Holders of Registrable Securities to suspend
use of the Prospectus as promptly as practicable after the occurrence of such an
event, and such Holders hereby agree to suspend use of the Prospectus until the
Company and the Guarantors have amended or supplemented the Prospectus to
correct such misstatement or omission;

         (j) a reasonable time prior to the filing of any Shelf Registration
Statement, any related Prospectus, any amendment to a Shelf Registration
Statement or amendment or supplement to a related Prospectus or of any document
that is to be incorporated by reference into a Shelf Registration Statement or a
related Prospectus after initial filing of a Shelf Registration Statement,
provide copies of such document to the Initial Purchasers and their counsel and
to the Holders of Registrable Securities and their counsel and make such of the
representatives of the Company and the Guarantors as shall be reasonably
requested by the Initial Purchasers or their counsel or the Holders of
Registrable Securities or their counsel available for

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                                      -11-

discussion of such document; and the Company and the Guarantors shall not at any
time after initial filing of a Shelf Registration Statement file any amendment
to the Shelf Registration Statement, any related Prospectus or any amendment of
or supplement to a Shelf Registration Statement or a related Prospectus or any
document that is to be incorporated by reference into a Shelf Registration
Statement or a related Prospectus, of which the Initial Purchasers and their
counsel and the Holders of Registrable Securities and their counsel shall not
have previously been advised and furnished a copy or to which the Initial
Purchasers or their counsel or the Holders or their counsel shall reasonably
object;

         (k) obtain a CUSIP number for all Exchange Securities or Registrable
Securities, as the case may be, not later than the effective date of a
Registration Statement;

         (l) cause the Indenture to be qualified under the Trust Indenture Act
in connection with the registration of the Exchange Securities or Registrable
Securities, as the case may be; cooperate with the Trustee and the Holders to
effect such changes to the Indenture as may be required for the Indenture to be
so qualified in accordance with the terms of the Trust Indenture Act; and
execute, and use their reasonable best efforts to cause the Trustee to execute,
all documents as may be required to effect such changes and all other forms and
documents required to be filed with the SEC to enable the Indenture to be so
qualified in a timely manner;

         (m) in the case of a Shelf Registration, make available for inspection
by a representative of the Holders of the Registrable Securities (an
"Inspector"), any Underwriter participating in any disposition pursuant to such
Shelf Registration Statement, and attorneys and accountants designated by the
Holders, at reasonable times and in a reasonable manner, all pertinent financial
and other records, pertinent documents and properties of the Company and the
Guarantors, and cause the respective officers, directors and employees of the
Company and the Guarantors to supply all information reasonably requested by any
such Inspector, Underwriter, attorney or accountant in connection with a Shelf
Registration Statement; provided that if any such information is identified by
the Company or any Guarantor as being confidential or proprietary, each Person
receiving such information shall take such actions as are reasonably necessary
to protect the confidentiality of such information to the extent such action is
otherwise not inconsistent with, an impairment of or in derogation of the rights
and interests of any Inspector, Holder or Underwriter;

         (n) in the case of a Shelf Registration, use their reasonable best
efforts to cause all Registrable Securities to be listed on any securities
exchange or any automated quotation system on which similar securities issued or
guaranteed by the Company or any Guarantor are then listed if requested by the
Majority Holders, to the extent such Registrable Securities satisfy applicable
listing requirements;

         (o) if reasonably requested by any Holder of Registrable Securities
covered by a Registration Statement, promptly incorporate in a Prospectus
supplement or post-effective

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                                      -12-

amendment such information with respect to such Holder as such Holder reasonably
requests to be included therein and make all required filings of such Prospectus
supplement or such post-effective amendment as soon as the Company has received
notification of the matters to be incorporated in such filing; and

         (p) in the case of a Shelf Registration, enter into such customary
agreements and take all such other actions in connection therewith (including
those requested by the Holders of a majority in principal amount of the
Registrable Securities being sold) in order to expedite or facilitate the
disposition of such Registrable Securities including, but not limited to, an
Underwritten Offering and in such connection, (i) to the extent possible, make
such representations and warranties to the Holders and any Underwriters of such
Registrable Securities with respect to the business of the Company and its
subsidiaries, the Registration Statement, Prospectus and documents incorporated
by reference or deemed incorporated by reference, if any, in each case, in form,
substance and scope as are customarily made by issuers to underwriters in
underwritten offerings and confirm the same if and when requested, (ii) obtain
opinions of counsel to the Company and the Guarantors (which counsel and
opinions, in form, scope and substance, shall be reasonably satisfactory to the
Holders and such Underwriters and their respective counsel) addressed to each
selling Holder and Underwriter of Registrable Securities, covering the matters
customarily covered in opinions requested in underwritten offerings, (iii)
obtain "comfort" letters from the independent certified public accountants of
the Company and the Guarantors (and, if necessary, any other certified public
accountant of any subsidiary of the Company or any Guarantor, or of any business
acquired by the Company or any Guarantor for which financial statements and
financial data are or are required to be included in the Registration Statement)
addressed to each selling Holder and Underwriter of Registrable Securities, such
letters to be in customary form and covering matters of the type customarily
covered in "comfort" letters in connection with underwritten offerings and (iv)
deliver such documents and certificates as may be reasonably requested by the
Holders of a majority in principal amount of the Registrable Securities being
sold or the Underwriters, and which are customarily delivered in underwritten
offerings, to evidence the continued validity of the representations and
warranties of the Company and the Guarantors made pursuant to clause (i) above
and to evidence compliance with any customary conditions contained in an
underwriting agreement.

         In the case of a Shelf Registration Statement, the Company may require
each Holder of Registrable Securities to furnish to the Company such information
regarding such Holder and the proposed disposition by such Holder of such
Registrable Securities as the Company and the Guarantors may from time to time
reasonably request in writing.

         In the case of a Shelf Registration Statement, each Holder of
Registrable Securities agrees that, upon receipt of any notice from the Company
and the Guarantors of the happening of any event of the kind described in
Section 3(e)(iii) or 3(e)(v) hereof, such Holder will

<PAGE>

                                      -13-

forthwith discontinue disposition of Registrable Securities pursuant to a
Registration Statement until such Holder's receipt of the copies of the
supplemented or amended Prospectus contemplated by Section 3(i) hereof and, if
so directed by the Company and the Guarantors, such Holder will deliver to the
Company and the Guarantors all copies in its possession, other than permanent
file copies then in such Holder's possession, of the Prospectus covering such
Registrable Securities that is current at the time of receipt of such notice.

         If the Company and the Guarantors shall give any such notice to suspend
the disposition of Registrable Securities pursuant to a Registration Statement,
the Company and the Guarantors shall extend the period during which the
Registration Statement shall be maintained effective pursuant to this Agreement
by the number of days during the period from and including the date of the
giving of such notice to and including the date when the Holders shall have
received copies of the supplemented or amended Prospectus necessary to resume
such dispositions. The Company and the Guarantors may give any such notice only
twice during any 365-day period and any such suspensions shall not exceed 30
days for each suspension and there shall not be more than two suspensions in
effect during any 365-day period.

         The Holders of Registrable Securities covered by a Shelf Registration
Statement who desire to do so may sell such Registrable Securities in an
Underwritten Offering. In any such Underwritten Offering, the investment banker
or investment bankers and manager or managers (the "Underwriters") that will
administer the offering will be selected by the Majority Holders of the
Registrable Securities included in such offering and shall be reasonably
acceptable to the Company and the Guarantors.

Section 4.  Participation of Broker-Dealers in Exchange Offer.

         (a) The Staff has taken the position that any broker-dealer that
receives Exchange Securities for its own account in the Exchange Offer in
exchange for Securities that were acquired by such broker-dealer as a result of
market-making or other trading activities (a "Participating Broker-Dealer") may
be deemed to be an "underwriter" within the meaning of the Securities Act and
must deliver a prospectus meeting the requirements of the Securities Act in
connection with any resale of such Exchange Securities.

         The Company and the Guarantors understand that it is the Staff's
position that if the Prospectus contained in the Exchange Offer Registration
Statement includes a plan of distribution containing a statement to the above
effect and the means by which Participating Broker-Dealers may resell the
Exchange Securities, without naming the Participating Broker-Dealers or
specifying the amount of Exchange Securities owned by them, such Prospectus may
be delivered by Participating Broker-Dealers to satisfy their prospectus
delivery obligation under the Securities Act in connection with resales of
Exchange Securities for their own accounts, so long as the Prospectus otherwise
meets the requirements of the Securities Act.

<PAGE>

                                      -14-

         (b) In light of the above, and notwithstanding the other provisions of
this Agreement, the Company and the Guarantors agree to amend or supplement the
Prospectus contained in the Exchange Offer Registration Statement, as would
otherwise be contemplated by Section 3(i), for a period of up to 180 days after
the last Exchange Date (as such period may be extended pursuant to the
penultimate paragraph of Section 3 of this Agreement), if requested by the
Initial Purchasers or by one or more Participating Broker-Dealers, in order to
expedite or facilitate the disposition of any Exchange Securities by
Participating Broker-Dealers consistent with the positions of the Staff recited
in Section 4(a) above. The Company and the Guarantors further agree that
Participating Broker-Dealers shall be authorized to deliver such Prospectus
during such period in connection with the resales contemplated by this Section
4; and

         (c) The Initial Purchasers shall have no liability to the Company, any
Guarantor or any Holder with respect to any request that they may make pursuant
to Section 4(b) above.

Section 5.  Market-Making.

         (a) For the sole benefit of Credit Suisse First Boston Corporation (in
such capacity, the "Market-Maker") or any of its affiliates (as defined in the
rules and regulations of the SEC), so long as (x) any of the Registrable
Securities or Exchange Securities are outstanding (y) as the Market-Maker or any
of its affiliates owns any equity securities of the Company, the Guarantors or
any of their affiliates and proposes to make a market in the Registrable
Securities or Exchange Securities as part of its business in the ordinary course
and (z) in the reasonable opinion of the Market-Maker's counsel, a market making
prospectus would be required for the Market Maker to make a market in the
Registrable Securities or Exchange Securities in the ordinary course under
applicable law or SEC interpretation of law, the following provisions shall
apply for the sole benefit of the Market-Maker:

         (i)      The Company and the Guarantors shall (A) on the date that the
                  Exchange Offer Registration Statement is filed with the SEC,
                  file a registration statement (the "Market-Making Registration
                  Statement") (which may be the Exchange Offer Registration
                  Statement or the Shelf Registration Statement if permitted by
                  the rules and regulations of the SEC) and use their reasonable
                  best efforts to cause such Market-Making Registration
                  Statement to be declared effective by the SEC on or prior to
                  the consummation of the Exchange Offer; (B) periodically amend
                  such Market-Making Registration Statement so that the
                  information contained therein complies with the requirements
                  of Section 10(a) under the Securities Act; (C) amend the
                  Market-Making Registration Statement or supplement the related
                  prospectus when necessary to reflect any material changes in
                  the information provided therein; and (D) amend the
                  Market-Making Registration Statement when required to do so in
                  order to comply with Section 10(a)(3) of the Securities Act;
                  provided, however, that the Company will

<PAGE>

                                      -15-

                  provide the Market-Maker and its counsel with copies of the
                  Market-Making Registration Statement and each amendment and
                  supplement filed.

         (ii)     The Company shall notify the Market-Maker (A) when any
                  post-effective amendment to the Market-Making Registration
                  Statement or any amendment or supplement to the related
                  prospectus has been filed, and, with respect to any
                  post-effective amendment, when the same has become effective;
                  (B) of any request by the SEC for any post-effective amendment
                  to the Market-Making Registration Statement, any supplement or
                  amendment to the related prospectus or for additional
                  information; (C) the issuance by the SEC of any stop order
                  suspending the effectiveness of the Market-Making Registration
                  Statement or the initiation of any proceedings for that
                  purpose; (D) of the receipt by the Company of any notification
                  with respect to the suspension of the qualification of the
                  Registrable Securities or Exchange Securities for sale in any
                  jurisdiction or the initiation or threatening of any
                  proceedings for such purpose; and (E) of the happening of any
                  event that makes any statement made in the Market-Making
                  Registration Statement, the related prospectus or any
                  amendment or supplement thereto untrue or that requires the
                  making of any changes in the Market-Making Registration
                  Statement, such prospectus or any amendment or supplement
                  thereto, in order to make the statements therein not
                  misleading.

         (iii)    If any event contemplated by Section 5(a)(ii)(B) through (E)
                  occurs during the period for which the Company and the
                  Guarantors are required to maintain an effective Market-Making
                  Registration Statement, the Company and the Guarantors shall
                  promptly prepare and file with the SEC a post-effective
                  amendment to the Market-Making Registration Statement or a
                  supplement to the related prospectus or file any other
                  required document so that the prospectus will not include an
                  untrue statement of a material fact or omit to state a
                  material fact necessary in order to make the statements
                  therein, in the light of the circumstances under which they
                  were made, not misleading.

         (iv)     In the event of the issuance of any stop order suspending the
                  effectiveness of the Market-Making Registration Statement or
                  of any order suspending the qualification of the Registrable
                  Securities or Exchange Securities for sale in any
                  jurisdiction, the Company and the Guarantors shall use
                  promptly their commercially reasonable best efforts to obtain
                  its withdrawal.

         (v)      The Company shall furnish to the Market-Maker, without charge,
                  (i) at least one conformed copy of the Market-Making
                  Registration Statement and any post-effective amendment
                  thereto; and (ii) as many copies of the related prospectus and
                  any amendment or supplement thereto as the Market-Maker may
                  reasonably request.

<PAGE>

                                      -16-

         (vi)     The Company and the Guarantors shall consent to the use of the
                  prospectus contained in the Market-Making Registration
                  Statement or any amendment or supplement thereto by the
                  Market-Maker in connection with its market-making activities.

         (vii)    Notwithstanding the foregoing provisions of this Section 5,
                  the Company and the Guarantors may for valid business reasons,
                  including without limitation, a potential acquisition,
                  divestiture of assets or other material corporate transaction,
                  issue a notice that the Market-Making Registration Statement
                  is no longer effective or the prospectus included therein is
                  no longer usable for offers and sales of Registrable
                  Securities or Exchange Securities and may issue any notice
                  suspending use of the Market-Making Registration Statement
                  required under applicable securities laws to be issued for so
                  long as valid business reasons exist and the Company shall not
                  be obligated to amend or supplement the Market-Making
                  Registration Statement or the prospectus included therein
                  until it reasonably deems appropriate. The Market-Maker agrees
                  that upon receipt of any notice from the Company pursuant to
                  this Section 5(a)(vii), it will discontinue use of the
                  Market-Making Registration Statement until receipt of copies
                  of the supplemented or amended prospectus relating thereto or
                  until advised in writing by the Company that the use of the
                  Market-Making Registration Statement may be resumed.

         (b) In connection with the Market-Making Registration Statement, the
Company shall (i) make reasonably available for inspection by a representative
of, and counsel acting for, the Market-Maker all relevant financial and other
records, pertinent corporate documents and properties of the Company and its
subsidiaries and (ii) use its reasonable best efforts to have its officers,
directors, employees, accountants and counsel supply all relevant information
reasonably requested by such representative or counsel or the Market-Maker.

         (c) Prior to the effective date of the Market-Making Registration
Statement, the Company and the Guarantors will use their reasonable best efforts
to register or qualify such Registrable Securities or Exchange Securities for
offer and sale under the securities or blue sky laws of such jurisdictions as
the Market-Maker reasonably requests in writing and do any and all other acts or
things necessary or advisable to enable the offer and sale in such jurisdictions
of the Registrable Securities or Exchange Securities covered by the
Market-Making Registration Statement; provided that the Company and the
Guarantors will not be required to qualify generally to do business in any
jurisdiction where they are not then so qualified or to take any action which
would subject them to general service of process or to taxation in any such
jurisdiction where they are not then so subject.

         (d) The Company represents that the Market-Making Registration
Statement, any post-effective amendments thereto, any amendments or supplements
to the related prospectus

<PAGE>

                                      -17-

and any documents filed by them under the Exchange Act will, when they become
effective or are filed with the SEC, as the case may be, conform in all respects
to the requirements of the Securities Act and the Exchange Act and the rules and
regulations of the SEC thereunder and will not, as of the effective date of such
Market-Making Registration Statement or post-effective amendments and as of the
filing date of amendments or supplements to such prospectus or filings under the
Exchange Act, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein in light of the circumstances under which they were made not misleading;
provided that no representation or warranty is made as to information contained
in or omitted from the Market-Making Registration Statement or the related
prospectus in reliance upon and in conformity with written information furnished
to the Company by the Market-Maker specifically for inclusion therein, which
information the parties hereto agree will be limited to the statements
concerning the Market-Making activities of the Market-Maker to be set forth on
the cover page and in the "Plan of Distribution" section of the prospectus (the
"Market-Maker's Information").

         (e) At the time of effectiveness of the Market-Making Registration
Statement (unless it is the same as the time of effectiveness of the Exchange
Offer Registration Statement) and concurrently with each time the Market-Making
Registration Statement or the related prospectus shall be amended or such
prospectus shall be supplemented, the Company shall (if requested in writing by
the Market-Maker) furnish the Market-Maker and its counsel with a certificate of
its Chairman of the Board of Directors or Chief Financial Officer to the effect
that:

         (i)      the Market-Making Registration Statement has been declared
                  effective;

         (ii)     in the case of an amendment or supplement, such amendment has
                  become effective under the Securities Act as of the date and
                  time specified in such certificate, if applicable; if
                  required, such amendment or supplement to the prospectus was
                  filed with the SEC pursuant to the subparagraph of Rule 424(b)
                  under the Securities Act specified in such certificate on the
                  date specified therein;

         (iii)    to the knowledge of such officers, no stop order suspending
                  the effectiveness of the Market-Making Registration Statement
                  has been issued and no proceeding for that purpose is pending
                  or threatened by the SEC; and

         (iv)     such officers have carefully examined the Market-Making
                  Registration Statement and the prospectus (and, in the case of
                  an amendment or supplement, such amendment or supplement) and
                  as of the date of such Market-Making Registration Statement,
                  amendment or supplement, as applicable, the Market-Making
                  Registration Statement and the prospectus, as amended or
                  supple-

<PAGE>

                                      -18-

                  mented, if applicable, did not include any untrue statement of
                  a material fact and did not omit to state a material fact
                  required to be stated therein or necessary to make the
                  statements therein not misleading.

         (f) The Company and the Guarantors, on the one hand, and the
Market-Maker, on the other hand, hereby agree to indemnify each other, and, if
applicable, contribute to the other, in accordance with Section 6 of this
Agreement.

         (g) The Company will comply with the provisions of this Section 5 at
its own expense and will reimburse the Market-Maker for its expenses associated
with this Section 5 (including reasonable fees of counsel).

         (h) The agreements contained in this Section 5 and the representations,
warranties and agreements contained in this Agreement shall survive all offers
and sales of the Registrable Securities or Exchange Securities and shall remain
in full force and effect, regardless of any termination or cancellation of this
Agreement or any investigation made by or on behalf of any indemnified party.

         (i) For purposes of this Section 5, any reference to the terms "amend,"
"amendment" or "supplement" with respect to the Market-Making Registration
Statement or the prospectus contained therein shall be deemed to refer to and
include the filing under the Exchange Act of any document deemed to be
incorporated therein by reference.

Section 6.  Indemnification and Contribution.

         (a) The Company and each Guarantor, jointly and severally, agree to
indemnify and hold harmless each Initial Purchaser, the Market-Maker and each
Holder, their respective affiliates and each Person, if any, who controls any
Initial Purchaser or any Holder within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act, from and against any and all
losses, claims, damages and liabilities (including, without limitation, legal
fees and other expenses incurred in connection with any suit, action or
proceeding or any claim asserted), joint or several, (i) arising out of or based
upon any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement, Market-Maker Registration Statement or
any Prospectus, (ii) arising out of or based upon any omission or alleged
omission to state therein a material fact required to be stated therein or
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading or (iii) in the case of
the Market-Maker, any breach by the Company and the Guarantors of their
representations, warranties and agreements contained in Section 5 hereof, except
insofar as such losses, claims, damages or liabilities are arising out of or
based upon any untrue statement or omission or alleged untrue statement or
omission made in reliance upon and in conformity with any information relating
to any Initial Purchaser, the Market-Maker or any Holder furnished to the
Company in writing through the Initial Purchas-

<PAGE>

                                      -19-

ers, the Market-Maker or any selling Holder expressly for use therein. In
connection with any Underwritten Offering permitted by Section 3, the Company
and the Guarantors will also indemnify the Underwriters, if any, the
Market-Maker, selling brokers, dealers and similar securities industry
professionals participating in the distribution, their respective affiliates and
each Person who controls such Persons (within the meaning of the Securities Act
and the Exchange Act) to the same extent as provided above with respect to the
indemnification of the Holders, if requested in connection with any Registration
Statement or Market-Maker Registration Statement.

         (b) Each Holder (including the Market-Maker) agrees, severally and not
jointly, to indemnify and hold harmless the Company, the Guarantors, the Initial
Purchasers and the other selling Holders, their respective affiliates, the
directors of the Company and the Guarantors, each officer of the Company and the
Guarantors who signed the Registration Statement or Market-Maker Registration
Statement and each Person, if any, who controls the Company, the Guarantors, any
Initial Purchaser and any other selling Holder within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act to the same extent as
the indemnity set forth in paragraph (a) above, but only with respect to any
losses, claims, damages or liabilities arising out of or based upon any untrue
statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with any information relating to such Holder furnished to
the Company in writing by such Holder expressly for use in any Registration
Statement, any Market-Maker Registration Statement and any Prospectus.

         (c) If any suit, action, proceeding (including any governmental or
regulatory investigation), claim or demand shall be brought or asserted against
any Person in respect of which indemnification may be sought pursuant to either
paragraph (a) or (b) above, such Person (the "Indemnified Person") shall
promptly notify the Person against whom such indemnification may be sought (the
"Indemnifying Person") in writing; provided that the failure to notify the
Indemnifying Person shall not relieve it from any liability that it may have
under this Section 6 except to the extent that it has been materially prejudiced
(through the forfeiture of substantive rights or defenses) by such failure; and
provided, further, that the failure to notify the Indemnifying Person shall not
relieve it from any liability that it may have to an Indemnified Person
otherwise than under this Section 6. If any such proceeding shall be brought or
asserted against an Indemnified Person and it shall have notified the
Indemnifying Person thereof, the Indemnifying Person shall retain counsel
reasonably satisfactory to the Indemnified Person to represent the Indemnified
Person and any others entitled to indemnification pursuant to this Section 6
that the Indemnifying Person may designate in such proceeding and shall pay the
fees and expenses of such counsel related to such proceeding. In any such
proceeding, any Indemnified Person shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the expense of
such Indemnified Person unless (i) the Indemnifying Person and the Indemnified
Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person
has failed within a reasonable time to retain counsel reasonably satis-

<PAGE>

                                      -20-

factory to the Indemnified Person; (iii) the Indemnified Person shall have
reasonably concluded that there may be legal defenses available to it that are
different from or in addition to those available to the Indemnifying Person; or
(iv) the named parties in any such proceeding (including any impleaded parties)
include both the Indemnifying Person and the Indemnified Person and
representation of both parties by the same counsel would be inappropriate due to
actual or potential differing interests between them. It is understood and
agreed that the Indemnifying Person shall not, in connection with any proceeding
or related proceeding in the same jurisdiction, be liable for the fees and
expenses of more than one separate firm (in addition to any local counsel) for
all Indemnified Persons, and that all such fees and expenses shall be reimbursed
as they are incurred. Any such separate firm (x) for any Initial Purchaser, its
affiliates and any control Persons of such Initial Purchaser shall be designated
in writing by Credit Suisse First Boston Corporation, (y) for any Holder, its
affiliates and any control Persons of such Holder shall be designated in writing
by the Majority Holders and (z) in all other cases shall be designated in
writing by the Company. The Indemnifying Person shall not be liable for any
settlement of any proceeding effected without its written consent, but if
settled with such consent or if there be a final judgment for the plaintiff, the
Indemnifying Person agrees to indemnify each Indemnified Person from and against
any loss or liability by reason of such settlement or judgment. Notwithstanding
the foregoing sentence, if at any time an Indemnified Person shall have
requested that an Indemnifying Person reimburse the Indemnified Person for fees
and expenses of counsel as contemplated by this paragraph, the Indemnifying
Person shall be liable for any settlement of any proceeding effected without its
written consent if (i) such settlement is entered into more than 30 days after
receipt by the Indemnifying Person of such request and (ii) the Indemnifying
Person shall not have reimbursed the Indemnified Person in accordance with such
request prior to the date of such settlement. No Indemnifying Person shall,
without the written consent of the Indemnified Person, effect any settlement of
any pending or threatened proceeding in respect of which any Indemnified Person
is or could have been a party and indemnification could have been sought
hereunder by such Indemnified Person, unless such settlement (A) includes an
unconditional release of such Indemnified Person in form and substance
satisfactory to such Indemnified Person from all liability on claims that are
the subject matter of such proceeding and (B) does not include any statement as
to or any admission of fault, culpability or a failure to act by or on behalf of
any Indemnified Person.

         (d) If the indemnification provided for in paragraphs (a) and (b) above
is unavailable to an Indemnified Person or insufficient in respect of any
losses, claims, damages or liabilities referred to therein, then each
Indemnifying Person under such paragraph, in lieu of indemnifying such
Indemnified Person thereunder, shall contribute to the amount paid or payable by
such Indemnified Person as a result of such losses, claims, damages or
liabilities (i) in such proportion as is appropriate to reflect the relative
benefits received by the Company and the Guarantors from the offering of the
Securities, on the one hand, and by the Holders from receiving Securities or
Exchange Securities registered under the Securities Act, on the other

<PAGE>
                                      -21-

hand, or (ii) if the allocation provided by clause (i) is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause (i) but also the relative fault of the
Company and the Guarantors on the one hand and the Holders on the other in
connection with the statements or omissions that resulted in such losses,
claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative fault of the Company and the Guarantors on the one
hand and the Holders on the other shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to
information supplied by the Company and the Guarantors or by the Holders and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission.

         (e) The Company, the Guarantors and the Holders agree that it would not
be just and equitable if contribution pursuant to this Section 6 were determined
by pro rata allocation (even if the Holders were treated as one entity for such
purpose) or by any other method of allocation that does not take account of the
equitable considerations referred to in paragraph (d) above. The amount paid or
payable by an Indemnified Person as a result of the losses, claims, damages and
liabilities referred to in paragraph (d) above shall be deemed to include,
subject to the limitations set forth above, any legal or other expenses incurred
by such Indemnified Person in connection with any such action or claim.
Notwithstanding the provisions of this Section 6, in no event shall a Holder be
required to contribute any amount in excess of the amount by which the total
price at which the Securities or Exchange Securities sold by such Holder exceeds
the amount of any damages that such Holder has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged
omission. 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.

         (f) The remedies provided for in this Section 6 are not exclusive and
shall not limit any rights or remedies that may otherwise be available to any
Indemnified Person at law or in equity.

         (g) The indemnity and contribution provisions contained in this Section
6 shall remain operative and in full force and effect regardless of (i) any
termination of this Agreement, (ii) any investigation made by or on behalf of
the Initial Purchasers, the Market-Maker or Holder their respective affiliates
or any Person controlling any Initial Purchaser, the Market-Maker or any Holder,
or by or on behalf of the Company, the Guarantors, their respective affiliates
or the officers or directors of or any Person controlling the Company or the
Guarantors, (iii) acceptance of any of the Exchange Securities and (iv) any sale
of Registrable Securities pursuant to a Shelf Registration Statement or
Market-Maker Registration Statement.

<PAGE>

                                      -22-

Section 7.  Miscellaneous.

         (a) No Inconsistent Agreements. The Company and the Guarantors
represent, warrant and agree that (i) the rights granted to the Holders
hereunder do not in any way conflict with and are not inconsistent with the
rights granted to the holders of any other outstanding securities issued or
guaranteed by the Company or any Guarantor under any other agreement and (ii)
neither the Company nor any Guarantor has entered into, or on or after the date
of this Agreement will enter into, any agreement that is inconsistent with the
rights granted to the Holders of Registrable Securities in this Agreement or
otherwise conflicts with the provisions hereof.

         (b) Amendments and Waivers. The provisions of this Agreement, including
the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be
given unless the Company and the Guarantors have obtained the written consent of
Holders of at least a majority in aggregate principal amount of the outstanding
Registrable Securities affected by such amendment, modification, supplement,
waiver or consent (and, with respect to the provisions of Section 5 hereof, the
written consent of the Market-Maker); provided that no amendment, modification,
supplement, waiver or consent to any departure from the provisions of Section 6
hereof shall be effective as against any Holder of Registrable Securities unless
consented to in writing by such Holder.

         (c) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, telex, telecopier, or any courier guaranteeing overnight
delivery (i) if to a Holder, at the most current address given by such Holder to
the Company by means of a notice given in accordance with the provisions of this
Section 7(c), which address initially is, with respect to the Initial
Purchasers, the address set forth in the Purchase Agreement; and (ii) if to the
Company and the Guarantors, initially at the Company's address set forth in the
Purchase Agreement and thereafter at such other address, notice of which is
given in accordance with the provisions of this Section 7(c). All such notices
and communications shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; five Business Days after being
deposited in the mail, postage prepaid, if mailed; when answered back, if
telexed; when receipt is acknowledged, if telecopied; and on the next Business
Day if timely delivered to an air courier guaranteeing overnight delivery.
Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the applicable Trustee,
at the address specified in the Indenture.

         (d) Successors and Assigns. This Agreement shall inure to the benefit
of and be binding upon the successors, assigns and transferees of each of the
parties, including, without limitation and without the need for an express
assignment, subsequent Holders; provided that nothing herein shall be deemed to
permit any assignment, transfer or other disposition of Reg-

<PAGE>

                                      -23-

istrable Securities in violation of the terms of the Purchase Agreement. If any
transferee of any Holder shall acquire Registrable Securities in any manner,
whether by operation of law or otherwise, such Registrable Securities shall be
held subject to all the terms of this Agreement, and by taking and holding such
Registrable Securities such Person shall be conclusively deemed to have agreed
to be bound by and to perform all of the terms and provisions of this Agreement
and such Person shall be entitled to receive the benefits hereof. The Initial
Purchasers (in their capacity as Initial Purchasers) shall have no liability or
obligation to the Company or the Guarantors with respect to any failure by a
Holder to comply with, or any breach by any Holder of, any of the obligations of
such Holder under this Agreement.

         (e) Purchases and Sales of Securities. The Company and the Guarantors
shall not, and shall use their reasonable best efforts to cause their affiliates
(as defined in Rule 405 under the Securities Act) not to, purchase and then
resell or otherwise transfer any Registrable Securities.

         (f) Third Party Beneficiaries. Each Holder shall be a third party
beneficiary to the agreements made hereunder between the Company and the
Guarantors, on the one hand, and the Initial Purchasers, on the other hand, and
shall have the right to enforce such agreements directly to the extent it deems
such enforcement necessary or advisable to protect its rights or the rights of
other Holders hereunder.

         (g) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

         (h) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

         (i) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THE COMPANY AND THE
GUARANTORS EACH HEREBY AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE
STATE OF NEW YORK, COUNTY OF NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT.

         (j) Miscellaneous. This Agreement contains the entire agreement between
the parties relating to the subject matter hereof and supersedes all oral
statements and prior writings with respect thereto. This Agreement may not be
amended or modified except by a writing executed by each of the parties hereto.
Section headings herein are for convenience only and are not a part of this
Agreement. If any term, provision, covenant or restriction contained in this
Agreement is held by a court of competent jurisdiction to be invalid, void or
unen-

<PAGE>

                                      -24-

forceable or against public policy, the remainder of the terms, provisions,
covenants and restrictions contained herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated. The Company,
the Guarantors and the Initial Purchasers shall endeavor in good faith
negotiations to replace the invalid, void or unenforceable provisions with valid
provisions the economic effect of which comes as close as possible to that of
the invalid, void or unenforceable provisions.

                     [Remainder of Page Intentionally Blank]

<PAGE>

                                      -25-

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

                                             METALDYNE CORPORATION

                                             By: /s/ R. JEFFREY POLLOCK
                                                 ----------------------------
                                                  Name:  R. Jeffrey Pollock
                                                  Title: Secretary

                                             EACH OF THE GUARANTORS LISTED ON
                                             SCHEDULE I HERETO:

                                             By: /s/ R. JEFFREY POLLOCK
                                                 ----------------------------
                                                  Name:  R. Jeffrey Pollock
                                                  Title: Secretary

<PAGE>

                                      -26-

Confirmed and accepted as of the date first written above:

CREDIT SUISSE FIRST BOSTON CORPORATION
J.P. MORGAN SECURITIES INC.
DEUTSCHE BANK SECURITIES INC.
FIRST UNION SECURITIES, INC.
COMERICA SECURITIES, INC.
NATCITY INVESTMENTS, INC.
      Acting on behalf of themselves
      and as the Representatives of
      the several Purchasers

By    CREDIT SUISSE FIRST BOSTON CORPORATION

                                           By: /s/ JUSTIN VORWERK
                                               ----------------------------
                                                Name:  Justin Vorwerk
                                                Title: Managing Director

<PAGE>

                                      -27-

                                   SCHEDULE I

                              ER Acquisition Corp.
                              GMTI Holding Company
                         Halyard Aviation Services, Inc.
                             MASG Disposition, Inc.
                        MASX Energy Services Group, Inc.
                       Metaldyne Accura Tool & Mold, Inc.
                              Metaldyne Company LLC
                    Metaldyne DuPage Die Casting Corporation
                             Metaldyne Europe, Inc.
                        Metaldyne European Holdings Inc.
                  Metaldyne Lester Precision Die Casting, Inc.
                      Metaldyne Light Metals Company, Inc.
                 Metaldyne Machining and Assembly Company, Inc.
                  Metaldyne Precision Forming-Fort Wayne, Inc.
                            Metaldyne Services, Inc.
                 Metaldyne Sintered Components of Indiana, Inc.
                       Metaldyne Sintered Components, Inc.
                        Metaldyne Tubular Products, Inc.
                           Metaldyne U.S. Holding Co.
                         Precision Headed Products, Inc.
                               Punchcraft Company
                            Stahl International, Inc.
                               W.C. McCurdy & Co.
                             Windfall Products, Inc.
                        Windfall Specialty Powders, Inc.
                                   WIPCO, Inc.<PAGE>

                                                                   Exhibit 10.19

                              EMPLOYMENT AGREEMENT

     This Agreement is made by and between Metaldyne Corporation, a Delaware
corporation ("Company") and William M. Lowe, Jr. (hereinafter "Executive") June
18, 2001 ("Effective Date"). In order to induce Executive to serve as its
Executive Vice President and Chief Financial Officer, Company enters into this
Agreement with Executive to set out the terms and conditions that will apply to
Executive's employment with Company. Executive is willing to accept such
employment and assignment and to perform services on the terms and conditions
hereinafter set forth. It is therefore hereby agreed by and between the parties
as follows:

     SECTION 1 - EMPLOYMENT.

     (a) Company employs Executive as its Executive Vice President and Chief
         Financial Officer. In this capacity, Executive shall report to the
         Chief Executive Officer ("CEO"). Executive accepts employment in
         accordance with this Agreement and agrees to devote his full business
         time and efforts to the performance of his duties and responsibilities
         hereunder.

     (b) Nothing in this Agreement shall preclude Executive from engaging in
         charitable and community affairs, from managing any passive investment
         (i.e., an investment with respect to which Executive is in no way
         involved with the management or operation of the entity in which
         Executive has invested) made by him in publicly traded equity
         securities or other property (provided that no such investment may
         exceed five percent (5%) of the equity of any entity, without the prior
         approval of the Board of Directors of Metaldyne Corporation (the
         "Board")), or from serving, subject to the prior approval of the Board,
         as a member of boards of directors or as a trustee of any other
         corporation, association or entity, to the extent that any of the above
         activities do not conflict with any provision of this Agreement.

     SECTION 2 - TERM OF EMPLOYMENT. Executive's term of employment under this
Agreement ("Term of Employment") shall commence on the Effective Date and,
subject to the terms hereof, shall terminate on the earlier of: December 31,
2003 ("Initial Period"); or the date that either party terminates Executive's
employment under this Agreement; provided that subsequent to the Initial Period,
the Term of Employment shall automatically renew each January for one year
("Renewal Period"), unless Company delivers to Executive or Executive delivers
to Company written notice at least thirty (30) days in advance of the expiration
of the Initial Period or any Renewal Period, that the Term of Employment shall
not be extended, in which case the Term of Employment shall end at the end of
the Year in which such notice was delivered and shall not be further extended
except by written agreement of Company and Executive. The expiration of the Term
of Employment under this Agreement shall not be a termination of this Agreement
to the extent that other provisions of this Agreement by their terms survive the
Term of Employment. For purposes of this Agreement, the term "Year" shall mean
the twelve-month period commencing on the Effective Date and each anniversary of
the Effective Date.

<PAGE>

     SECTION 3 - COMPENSATION.

     (a) Salary. During the Initial Period, Company shall pay Executive at the
         rate of Three Hundred Fifteen Thousand Dollars ($315,000) per annum
         ("Base Salary"). Base Salary shall be payable in accordance with the
         ordinary payroll practices of Company and shall be subject to all
         applicable federal, state and local withholding and reporting
         requirements. Base Salary may be adjusted by the President and CEO
         during the Term of Employment.

     (b) Annual Value Creation Plan ("AVCP"). Executive shall be eligible to
         participate in the AVCP, a copy of which has been provided to
         Executive, subject to all the terms and conditions of such plan, as
         such plan may be modified from time to time.

     SECTION 4 - EMPLOYEE BENEFITS.

     (a) Employee Retirement Benefit Programs, Welfare Benefit Programs, Plans
         and Practices. Company shall provide Executive with coverage under any
         retirement benefit programs, welfare benefit programs, plans and
         practices, that Company makes available to its senior executives, in
         accordance with the terms thereof, as such programs, plans and
         practices may be amended from time to time in accordance with their
         terms.

     (b) Vacation. Executive shall be entitled to twenty (20) business days of
         paid vacation each calendar year, which shall be taken at such times as
         are consistent with Executive's responsibilities hereunder. Vacation
         days shall be subject to the Company's general policies regarding
         vacation days, as such policies may be modified from time to time.

     (c) Perquisites. During Executive's employment hereunder, Company shall
         provide Executive, subject to review and approval by the President and
         CEO, with such additional perquisites as are generally available to
         similarly-situated executives.

     (d) Stock Options. Executive shall be eligible to participate in the
         Metaldyne Corporation 2001 Long Term Equity Incentive Plan in
         accordance with the terms and conditions of such plan and any grant
         agreements thereunder.

     SECTION 5 - EXPENSES. Subject to prevailing Company policy or such
guidelines as may be established by the CEO or his delegee, Company will
reimburse Executive for all reasonable expenses incurred by Executive in
carrying out his duties.

                                       2
<PAGE>

     SECTION 6 - TERMINATION OF EMPLOYMENT. The respective rights and
responsibilities of the parties to this Agreement notwithstanding, Executive
remains an employee-at-will, and his Term of Employment may be terminated by
either party at any time for any reason by written notice.

     (a) Termination Without Cause or for Good Reason. If Executive's employment
         is terminated during the Term of Employment by Company for any reason
         other than Cause (as defined in Section 6(c) hereof), Disability (as
         defined in Section 6(e) hereof) or death, or if Executive's employment
         is terminated by Executive for Good Reason (as defined in Section
         6(a)(2) hereof), then Company shall pay Executive the Severance
         Package. Any termination of employment that results from a notice of
         nonrenewal given in accordance with Section 2 of this Agreement shall
         not be a termination under this Section 6(a) but shall instead be a
         termination under Section 6(b) below. Likewise, a termination by
         Executive without Good Reason shall be a termination under Section 6(b)
         below and not a termination under this Section 6(a).

         (1)   For purposes of this Agreement, "Severance Package" shall mean:

               (A)  Base Salary continuation for twenty-four (24) months at
                    Executive's annual Base Salary rate in effect on the date of
                    termination, subject to all applicable federal, state and
                    local withholding and reporting requirements. These salary
                    continuation payments shall be paid in accordance with usual
                    Company payroll practices;

               (B)  A bonus equal to two hundred percent (200%) of the target
                    bonus opportunity under AVCP, payable in equal installments
                    over the twenty-four (24) month period described in Section
                    6(a)(1)(A) above, subject to the same withholding and
                    reporting requirements. In addition, Executive shall receive
                    the bonus for the most recently completed bonus term if a
                    bonus has been declared for such term but not paid, and a
                    pro rata bonus for the year of termination through the date
                    of termination calculated at one hundred percent (100%) of
                    the bonus opportunity for target performance for that term,
                    multiplied by a fraction the numerator of which is the
                    number of days that Executive was employed during such bonus
                    term and the denominator of which is 365. The prorated bonus
                    for the final year shall be paid in a single sum within ten
                    (10) days of the termination of Executive's employment with
                    Company. Any unpaid bonus shall be paid in accordance with
                    customary practices for payment of bonuses under AVCP; and

                                       3
<PAGE>

               (C)  Continuation of benefits under any life, group medical, and
                    dental insurance benefits substantially similar to those
                    which Executive was receiving immediately prior to
                    termination of employment until the earlier of:

                    (i)  the end of the twenty-four (24) month period following
                         Executive's termination of employment, or

                    (ii) the date on which Executive becomes eligible to receive
                         any benefits under any plan or program of any other
                         employer.

                    The continuing coverage provided under this Section
                    6(a)(1)(C) is subject to Executive's eligibility to
                    participate in such plans and all other terms and conditions
                    of such plans, including without limitation, any employee
                    contribution requirements and Company's ability to modify or
                    terminate such plans or coverages. Company may satisfy this
                    obligation in whole or in part by paying the premium
                    otherwise payable by Executive for continuing coverage under
                    Section 601 et seq. of the Employee Retirement Income
                    Security Act of 1974, as it may be amended or replaced from
                    time to time. If Executive is not eligible for continued
                    coverage under one of the Company-provided benefit plans
                    noted in this paragraph (C) that he was participating in
                    during his employment, Company shall pay Executive the cash
                    equivalent of the insurance cost for the duration of the
                    applicable period at the rate of the Company's cost of
                    coverage for Executive's benefits as of the date of
                    termination. Any obligation to pay the cash equivalent of
                    such cost under this item may be settled, at Company's
                    discretion, by a lump-sum payment of any remaining premiums.

     (2)       For purposes of this Agreement, a termination of employment by
               Executive for "Good Reason" shall be a termination by Executive
               following the occurrence of any of the following events unless
               Company has cured as provided below:

               (A)  A material and permanent diminution in Executive's duties or
                    responsibilities;

               (B)  A material reduction in the aggregate value of Base Salary
                    and bonus opportunity; or

               (C)  A permanent reassignment of Executive to another primary
                    office, or a relocation of the Company office that is
                    Executive's primary

                                       4
<PAGE>

                    office, unless Executive's primary office following such
                    reassignment or relocation is within thirty-five (35) miles
                    of Executive's primary office before the reassignment or
                    relocation or Executive's permanent residence on the date of
                    the reassignment or relocation.

               Executive must notify Company of any event constituting Good
               Reason within one hundred twenty (120) days after Executive
               becomes aware of such event or such event shall not constitute
               Good Reason for purposes of this Agreement provided that Company
               shall have fifteen (15) days from the date of such notice to cure
               the Good Reason event. Executive cannot terminate his employment
               for Good Reason if Cause exists at the time of such termination.
               A termination by Executive following cure shall not be a
               termination for Good Reason. A failure of Executive to notify
               Company after the first occurrence of an event constituting Good
               Reason shall not preclude any subsequent occurrences of such
               event (or similar event) from constituting Good Reason.

     (b) Voluntary Termination by Executive; Expiration of Employment Term. If
         Executive terminates his employment with Company without Good Reason,
         or if the Employment Term expires following notice of nonrenewal by
         either party under Section 2, then Company shall pay Executive his
         accrued unpaid Base Salary through the date of termination and the AVCP
         award for the most recently completed year if an award has been
         declared for such year but not paid. The accrued unpaid Base Salary
         amounts payable under this Section 6(b) shall be payable in a lump sum
         within ten (10) days of termination of employment. Any accrued unpaid
         bonus amounts payable under this Section 6(b) shall be payable in
         accordance with customary practices for payment of bonuses under AVCP.
         No prorated bonus for the year of termination shall be paid. Any other
         benefits under other plans and programs of Company in which Executive
         is participating at the time of Executive's termination of employment
         shall be paid, distributed, settled, or shall expire in accordance with
         their terms, and Company shall have no further obligations hereunder
         with respect to Executive following the date of termination of
         employment.

     (c) Termination for Cause. If Executive's employment is terminated for
         Cause, Company shall pay Executive his accrued but unpaid Base Salary
         through the date of the termination of employment, and no further
         payments or benefits shall be owed. The accrued unpaid Base Salary
         amounts payable under this Section 6(c) shall be payable in a lump sum
         within ten (10) days of termination of employment. As used herein, the
         term "Cause" shall be limited to:

                                       5
<PAGE>

         (1)   Executive's conviction of or plea of guilty or nolo contendere to
               a crime constituting a felony under the laws of the United States
               or any state thereof or any other jurisdiction in which Company
               conducts business;

         (2)   Executive's willful misconduct in the performance of his duties
               to Company;

         (3)   Executive's willful and continued failure to follow the
               instructions of Company's Board or CEO; or

         (4)   Executive's willful and/or continued neglect of duties (other
               than any such neglect resulting from incapacity of Executive due
               to physical or mental illness);

         provided, however, that Cause shall arise under items (3) or (4) only
         following ten (10) days written notice thereof from Company which
         specifically identifies such failure or neglect and the continuance of
         such failure or neglect during such notice period. Any failure by
         Company to notify Executive after the first occurrence of an event
         constituting Cause shall not preclude any subsequent occurrences of
         such event (or a similar event) from constituting Cause.

     (d) Termination Following a Change of Control. In the event Executive's
         employment with Company terminates by reason of a Qualifying
         Termination (as defined below) within three (3) years after a Change of
         Control of Company (as defined below), then, in lieu of the Severance
         Package, and subject to the limitations described in Section 7 below,
         the Company shall provide Executive the following termination benefits:

         (1)   Termination Payments. Company shall pay Executive:

               (A)  A single sum payment equal to three hundred percent (300%)
                    of Executive's annual Base Salary rate in effect on the date
                    of termination, subject to all applicable federal, state and
                    local withholding and reporting requirements. This
                    single-sum payment shall be paid within ten (10) days of
                    termination of employment;

               (B)  A bonus equal to three hundred percent (300%) of the target
                    bonus opportunity under AVCP. In addition, Executive shall
                    receive the bonus for the most recently completed bonus term
                    if a bonus has been declared for such term but not paid, and
                    a pro rata bonus for the year of termination through the
                    date of termination calculated at one hundred percent (100%)
                    of the bonus opportunity for target performance for that
                    term, multiplied by a fraction the numerator of which is the
                    number of days that Executive was employed

                                       6
<PAGE>

                    during such bonus term and the denominator of which is 365.
                    The prorated bonus for the final year shall be paid as a
                    single sum within ten (10) days of termination of
                    employment. Any unpaid bonus shall be paid in accordance
                    with customary practices for payment of bonuses under AVCP.

               All payments under this Section 6(d), however, are subject to the
               timing rules, calculations and adjustments described in Sections
               7 and 8.

         (2)   Benefits Continuation. Executive shall continue to receive life,
               group medical and dental insurance benefits substantially similar
               to those which Executive was receiving immediately prior to the
               Qualifying Termination until the earlier of:

               (A)  the end of the thirty-six (36) month period following
                    Executive's termination of employment, or

               (B)  the date on which Executive becomes eligible to receive any
                    benefits under any plan or program of any other employer.

               The continuing coverage provided under this Section 6(d)(2) is
               subject to Executive's eligibility to participate in such plans
               and all other terms and conditions of such plans, including
               without limitation, any employee contribution requirements and
               Company's ability to modify or terminate such plans or coverages.
               Company may satisfy this obligation in whole or in part by paying
               the premium otherwise payable by Executive for continuing
               coverage under Section 601 et seq. of the Employee Retirement
               Income Security Act of 1974, as it may be amended or replaced
               from time to time. If Executive is not eligible for continued
               coverage under one of the Company-provided benefit plans noted in
               this paragraph (2) that he was participating in during his
               employment, Company shall pay Executive the cash equivalent of
               the insurance cost for the duration of the applicable period at
               the rate of the Company's cost of coverage for Executive's
               benefits as of the date of termination. Any obligation to pay the
               cash equivalent of such cost of coverage under this item may be
               settled, at Company's discretion, by a lump-sum payment of any
               remaining premiums.

         (3)   Qualifying Termination. For purposes of this Agreement, the term
               "Qualifying Termination" means a termination of Executive's
               employment with the Company for any reason other than:

               (A)  death;

                                       7
<PAGE>

               (B)  Disability, as defined herein;

               (C)  Cause, as defined herein; or

               (D)  A termination by Executive without Good Reason, as defined
                    herein.

         (4)   Change of Control Defined. For purposes of this Agreement, a
               "Change of Control" means the first of the following events to
               occur following the date hereof:

               (A)  The sale, lease, or transfer in one or a series of related
                    transactions (I) of eighty percent (80%) or more of the
                    consolidated assets of Company and its subsidiaries or (II)
                    of seventy-five percent (75%) or more of Capital Stock of
                    Company held by the Heartland Entities as of November 28,
                    2000 (appropriately adjusted for stock splits, combinations,
                    subdivisions, stock dividends and similar events) to any
                    Person or group of persons other than an affiliate of the
                    Heartland Entities, whether directly or indirectly or by way
                    of any merger, consolidation or other business combination
                    or purchase of beneficial ownership or otherwise. The term
                    "group of persons" shall have the meaning of the term
                    "person" set forth in Sections 13(d) and 14(d) of the
                    Securities Exchange Act of 1934 ("1934 Act") or any similar
                    successor provision, and the rules, regulations and
                    interpretations promulgated thereunder. The term "beneficial
                    ownership" shall have the meaning defined under Rule 13d-3
                    under the 1934 Act or any similar successor rules,
                    regulations and interpretations promulgated thereunder.

               (B)  The date on which the individuals who constitute Company's
                    Board of Directors on the date of this agreement, and any
                    new Directors who are hereafter designated by the Heartland
                    entities cease, for any reason, to constitute at least a
                    majority of the members of the Board.

               Except as otherwise indicated herein, the definition of all
               capitalized terms in this Section 6(d)(4) is set forth in the
               Shareholders Agreement by and among MascoTech, Inc., Masco
               Corporation, Richard Manoogian, The Richard and Jane Manoogian
               Foundation, and the Heartland Entities, et al., dated November
               28, 2000 (the "Shareholders Agreement").

     (e) Disability. In the event that Executive is unable to perform his duties
         under this Agreement on account of a disability which continues for one
         hundred eighty (180) consecutive days or more, or for an aggregate of
         one hundred eighty (180)

                                       8
<PAGE>

         days in any period of twelve (12) months, Company may, in its
         discretion, terminate Executive's employment hereunder. Company's
         obligation to make payments under this Agreement shall, except for
         earned but unpaid Base Salary and AVCP awards, cease on the first to
         occur of (i) the date that is six (6) months after such termination or
         (ii) the date Executive becomes entitled to benefits under a
         Company-provided long-term disability program. For purposes of this
         Agreement, "Disability" shall be defined by the terms of Company's
         long-term disability policy, or, in the absence of such policy, as a
         physical or mental disability that prevents Executive from performing
         substantially all of his duties under this Agreement and which is
         expected to be permanent. Company may only terminate Executive on
         account of Disability after giving due consideration to whether
         reasonable accommodations can be made under which Executive is able to
         fulfill his duties under this Agreement. The commencement date and
         expected duration of any physical or mental condition that prevents
         Executive from performing his duties hereunder shall be determined by a
         medical doctor selected by Company. Company may, in its discretion,
         require written confirmation from a physician of Disability during any
         extended absence.

     (f) Death. In the event of Executive's death during the Term of Employment,
         all obligations of Company to make any further payments, other than an
         obligation to pay any accrued but unpaid Base Salary to the date of
         death and any accrued but unpaid bonuses under AVCP to the date of
         death, shall terminate upon Executive's death.

     (g) No Duplication of Benefits. Notwithstanding any provision of this
         Agreement to the contrary, if Executive's employment is terminated for
         any reason, in no event shall Executive be eligible for payments under
         more than one subsection of this Section 6.

     (h) Payments Not Compensation. Any participation by Executive in, and any
         terminating distributions and vested rights under, Company-sponsored
         retirement or savings plans, regardless of whether such plans are
         qualified or nonqualified for tax purposes, shall be governed by the
         terms of those respective plans. For purposes of determining benefits
         and the amounts to be paid to Executive under such plans, any salary
         continuation or severance benefits other than salary or bonus accrued
         before termination shall not be compensation for purposes of accruing
         additional benefits under such plans.

     (i) Executive's Duty to Provide Materials. Upon the termination of the Term
         of Employment for any reason, Executive or his estate shall surrender
         to Company all correspondence, letters, files, contracts, mailing
         lists, customer lists, advertising material, ledgers, supplies,
         equipment, checks, and all other materials and records of any kind that
         are the property of Company or any of its subsidiaries

                                       9
<PAGE>

         or affiliates, that may be in Executive's possession or under his
         control, including all copies of any of the foregoing.

     SECTION 7 - CAP ON PAYMENTS.

     (a) General Rules. The Internal Revenue Code (the "Code") may place
         significant tax burdens on Executive and Company if the total payments
         made to Executive due to a Change of Control exceed prescribed limits.
         For example, if Executive's "Base Period Income" (as defined below) is
         $100,000, Executive's limit or "Cap" is $299,999. If Executive's "Total
         Payments" exceed the Cap by even $1.00, Executive is subject to an
         excise tax under Section 4999 of the Code of 20% of all amounts paid to
         Executive in excess of $100,000. In other words, if Executive's Cap is
         $299,999, Executive will not be subject to an excise tax if Executive
         receives exactly $299,999. If Executive receives $300,000, Executive
         will be subject to an excise tax of $40,000 (20% of $200,000). In order
         to avoid this excise tax and the related adverse tax consequences for
         Company, by signing this Agreement, Executive will be agreeing that,
         subject to the exception noted below, the present value of Executive's
         Total Payments will not exceed an amount equal to Executive's Cap.

     (b) Special Definitions. For purposes of this Section, the following
         specialized terms will have the following meanings:

         (1)   "Base Period Income". "Base Period Income" is an amount equal to
               Executive's "annualized includable compensation" for the "base
               period" as defined in Sections 280G(d)(1) and (2) of the Code and
               the regulations adopted thereunder. Generally, Executive's
               "annualized includable compensation" is the average of
               Executive's annual taxable income from Company for the "base
               period," which is the five calendar years prior to the year in
               which the Change of Control occurs. These concepts are
               complicated and technical and all of the rules set forth in the
               applicable regulations apply for purposes of this Agreement.

         (2)   "Cap" or "280G Cap". "Cap" or "280G Cap" shall mean an amount
               equal to 2.99 times Executive's "Base Period Income." This is the
               maximum amount which Executive may receive without becoming
               subject to the excise tax imposed by Section 4999 of the Code or
               which Company may pay without loss of deduction under Section
               280G of the Code.

         (3)   "Total Payments". The "Total Payments" include any "payments in
               the nature of compensation" (as defined in Section 280G of the
               Code and the regulations adopted thereunder), made pursuant to
               this Agreement or otherwise, to or for Executive's benefit, the
               receipt of which is contingent on a Change of Control and to
               which Section 280G of the Code applies.

                                       10
<PAGE>

               (c)  Calculating the Cap and Adjusting Payments. If Company
                    believes that these rules will result in a reduction of the
                    payments to which Executive is entitled under this
                    Agreement, it will so notify Executive as soon as possible.
                    Company will then, at its expense, retain a "Consultant"
                    (which shall be a law firm, a certified public accounting
                    firm, and/or a firm of recognized executive compensation
                    consultants) to provide an opinion or opinions concerning
                    whether Executive's Total Payments exceed the limit
                    discussed above. Company will select the Consultant. At a
                    minimum, the opinions required by this Section must set
                    forth the amount of Executive's Base Period Income, the
                    present value of the Total Payments and the amount and
                    present value of any excess parachute payments. If the
                    opinions state that there would be an excess parachute
                    payment, Executive's payments under this Agreement will be
                    reduced to the extent necessary to eliminate the excess.
                    Executive will be allowed to choose the payment that should
                    be reduced or eliminated, but the payment Executive chooses
                    to reduce or eliminate must be a payment determined by such
                    Consultant to be includable in Total Payments. Executive's
                    decision shall be in writing and delivered to Company within
                    thirty (30) days of Executive's receipt of such opinions. If
                    Executive fails to so notify Company, Company will decide
                    which payments to reduce or eliminate. If the Consultant
                    selected to provide the opinions referred to above so
                    requests in connection with the opinion required by this
                    Section, a firm of recognized executive compensation
                    consultants selected by Company shall provide an opinion,
                    upon which such Consultant may rely, as to the
                    reasonableness of any item of compensation as reasonable
                    compensation for services rendered before or after the
                    Change of Control. If Company believes that Executive's
                    Total Payments will exceed the limitations of this Section,
                    it will nonetheless make payments to Executive, at the times
                    stated above, in the maximum amount that it believes may be
                    paid without exceeding such limitations. The balance, if
                    any, will then be paid after the opinions called for above
                    have been received. If the amount paid to Executive by
                    Company is ultimately determined, pursuant to the opinion
                    referred to above or by the Internal Revenue Service, to
                    have exceeded the limitation of this Section, the excess
                    will be treated as a loan to Executive by Company and shall
                    be repayable on the ninetieth (90th) day following demand by
                    Company, together with interest at the lowest "applicable
                    federal rate" provided in Section 1274(d) of the Code. If it
                    is ultimately determined, pursuant to the opinion referred
                    to above or by the Internal Revenue Service, that a greater
                    payment should have been made to Executive, Company shall
                    pay Executive the amount of the deficiency, together with
                    interest thereon from the date such amount should have been
                    paid to the date of such payment, at the rate set forth
                    above, so that Executive will have received or be entitled
                    to receive the maximum amount to which Executive is entitled
                    under this Agreement.

                                       11
<PAGE>

     (d) Effect of Repeal. In the event that the provisions of Sections 280G and
         4999 of the Code are repealed without succession, this Section shall be
         of no further force or effect.

     (e) Exception. The Consultant selected pursuant to Section 7(c) will
         calculate Executive's "Uncapped Benefit" and Executive's "Capped
         Benefit." The limitations of Section 7(a) will not apply to Executive
         if Executive's Uncapped Benefit is at least one hundred five percent
         (105%) of Executive's Capped Benefit. For this purpose, Executive's
         "Uncapped Benefit" is the amount to which Executive would be entitled
         pursuant to Section 6(d), without regard to the limitations of Section
         7(a). Executive's "Capped Benefit" is the amount to which Executive
         would be entitled pursuant to Section 6(d) after the application of the
         limitations of Section 7(a).

     SECTION 8 - TAX GROSS-UP.

     (a) Gross-Up Payment. If the Cap imposed by Section 7(a) does not apply to
         Executive because of the exception provided by Section 7(e), Company
         will provide Executive with a "Gross-Up Payment" if an excise tax is
         imposed on Executive pursuant to Section 4999 of the Code. Except as
         otherwise noted below, this Gross-Up Payment will consist of a single
         lump sum payment in an amount such that after payment by Executive of
         the "total presumed federal and state taxes" and the excise taxes
         imposed by Section 4999 of the Code on the Gross-Up Payment (and any
         interest or penalties actually imposed), Executive would retain an
         amount of the Gross-Up Payment equal to the remaining excise taxes
         imposed by Section 4999 of the Code on Executive's Total Payments
         (calculated before the Gross-Up Payment). For purposes of calculating
         Executive's Gross-Up Payment, Executive's actual federal and state
         income taxes will not be used. Instead, Company will use Executive's
         "total presumed federal and state taxes." For purposes of this
         Agreement, Executive's "total presumed federal and state taxes" shall
         be conclusively calculated using a combined tax rate equal to the sum
         of the maximum marginal federal and applicable state income tax rates.
         The state tax rate for Executive's principal place of residence will be
         used and no adjustments will be made for the deduction of state taxes
         on the federal return, any deduction of federal taxes on a state
         return, the loss of itemized deductions or exemptions, or for any other
         purpose.

     (b) Calculations. All determinations concerning whether a Gross-Up Payment
         is required pursuant to Section 8(a) and the amount of any Gross-Up
         Payment (as well as any assumptions to be used in making such
         determinations) shall be made by the Consultant selected pursuant to
         Section 7(c). The Consultant shall provide

                                       12
<PAGE>

         Executive and Company with a written notice of the amount of the excise
         taxes that Executive is required to pay and the amount of the Gross-Up
         Payment. The notice from the Consultant shall include any necessary
         calculations in support of its conclusions. All fees and expenses of
         the Consultant shall be paid by Company. Any Gross-Up Payment shall be
         made by Company within fifteen (15) days after the mailing of such
         notice. As a general rule, the Consultant's determination shall be
         binding on Executive and Company. The application of the excise tax
         rules of Section 4999, however, is complex and uncertain and, as a
         result, the Internal Revenue Service may disagree with the Consultant
         concerning the amount, if any, of the excise taxes that are due. If the
         Internal Revenue Service determines that excise taxes are due, or that
         the amount of the excise taxes that are due is greater than the amount
         determined by the Consultant, the Gross-Up Payment will be recalculated
         by the Consultant to reflect the actual excise taxes that Executive is
         required to pay (and any related interest and penalties). Any
         deficiency will then be paid to Executive by Company within fifteen
         (15) days of the receipt of the revised calculations from the
         Consultant. If the Internal Revenue Service determines that the amount
         of excise taxes that Executive paid exceeds the amount due, Executive
         shall return the excess to Company (along with any interest paid to
         Executive on the overpayment) immediately upon receipt from the
         Internal Revenue Service or other taxing authority. Company has the
         right to challenge any excise tax determinations made by the Internal
         Revenue Service. If Company agrees to indemnify Executive from any
         taxes, interest and penalties that may be imposed upon Executive
         (including any taxes, interest and penalties on the amounts paid
         pursuant to Company's indemnification agreement), Executive must
         cooperate fully with Company in connection with any such challenge.
         Company shall bear all costs associated with the challenge of any
         determination made by the Internal Revenue Service and Company shall
         control all such challenges. The additional Gross-Up Payments called
         for by the preceding paragraph shall not be made until Company has
         either exhausted its (or Executive's) rights to challenge the
         determination or indicated that it intends to concede or settle the
         excise tax determination. Executive must notify Company in writing of
         any claim or determination by the Internal Revenue Service that, if
         upheld, would result in the payment of excise taxes in amounts
         different from the amount initially specified by the Consultant. Such
         notice shall be given as soon as possible but in no event later than
         fifteen (15) days following Executive's receipt of notice of the
         Internal Revenue Service's position.

                                       13
<PAGE>

     SECTION 9 - NOTICES. All notices or communications hereunder shall be in
writing, addressed as follows:

         To Company:       Metaldyne Corporation
                           47603 Halyard Drive
                           Plymouth, MI  48170
                           ATTN:  Chairman of the Board

         with a copy to:   R. Jeffrey Pollock, Esq.
                           McDonald, Hopkins, Burke &
                             Haber Co., L.P.A.
                           600 Superior Avenue, Suite 2100
                           Cleveland, OH 44114

         To Executive:
                           ---------------------------------

                           ---------------------------------

                           ---------------------------------

         with a copy to:
                           ---------------------------------

                           ---------------------------------

                           ---------------------------------

Any such notice or communication shall be delivered by hand or by courier or
sent certified or registered mail, return receipt requested, postage prepaid,
addressed as above (or to such other address as such party may designate in a
notice duly delivered as described above), and the third (3rd) business day
after the actual date of mailing shall constitute the time at which notice was
given.

     SECTION 10 - SEPARABILITY; LEGAL FEES. If any provision of this Agreement
shall be declared to be invalid or unenforceable, in whole or in part, such
invalidity or unenforceability shall not affect the remaining provisions hereof
which shall remain in full force and effect. In the event of a dispute by
Company, Executive or others as to the validity or enforceability of, or
liability under, any provision of this Agreement, Company shall reimburse
Executive for all reasonable legal fees and expenses incurred by him in
connection with such dispute if Executive substantially prevails in the dispute
and if Executive has not substantially prevailed in such dispute one-half (1/2)
the amount of all reasonable legal fees and expenses incurred by him in
connection with such dispute except to the extent Executive's position is found
by a tribunal of competent jurisdiction to have been frivolous.

     SECTION 11 - ASSIGNMENT AND ASSUMPTION. This contract shall be binding upon
and inure to the benefit of the heirs and representatives of Executive and the
assigns and successors of Company, but neither this Agreement nor any rights or
obligations hereunder shall be

                                       14
<PAGE>

assignable or otherwise subject to hypothecation by Executive (except by will or
by operation of the laws of intestate succession) or by Company, except that
Company may assign this Agreement to any successor (whether by merger, purchase
or otherwise) to all or substantially all of the stock, assets or business of
Company.

     SECTION 12 - AMENDMENT. This Agreement may only be amended by written
agreement of the parties hereto.

     SECTION 13 - NON-COMPETITION; NON-SOLICITATION; CONFIDENTIALITY.

     (a) Executive represents that acceptance of employment under this Agreement
         and performance under this Agreement are not in violation of any
         restrictions or covenants under the terms of any other agreements to
         which Executive is a party.

     (b) Executive acknowledges and recognizes the highly competitive nature of
         the business of Company and accordingly agrees that, in consideration
         of this Agreement, the rights conferred hereunder, and any payment
         hereunder, during the Term of Employment and for the six (6) month
         period following the termination of Executive's employment with
         Company, for any reason ("Non-Compete Term"), Executive shall not
         engage, either directly or indirectly, as a principal for Executive's
         own account or jointly with others, or as a stockholder in any
         corporation or joint stock association, or as a partner or member of a
         general or limited liability entity, or as an employee, officer,
         director, agent, consultant or in any other advisory capacity in any
         business other than Company or its subsidiaries which designs,
         develops, manufacturers, distributes, sells or markets the type of
         products or services sold, distributed or provided by Company or its
         subsidiaries during the two (2) year period prior to the date of
         termination (the "Business"); provided that nothing herein shall
         prevent Executive from owning, directly or indirectly, not more than
         five percent (5%) of the outstanding shares of, or any other equity
         interest in, any entity engaged in the Business and listed or traded on
         a national securities exchanges or in an over-the-counter securities
         market.

     (c) During the Non-Compete Term, Executive shall not (i) directly or
         indirectly employ or solicit, or receive or accept the performance of
         services by, any active employee of Company or any of its subsidiaries
         who is employed primarily in connection with the Business, except in
         connection with general, non-targeted recruitment efforts such as
         advertisements and job listings, or directly or indirectly induce any
         employee of Company to leave Company, or assist in any of the
         foregoing, or (ii) solicit for business (relating to the Business) any
         person who is a customer or former customer of Company or any of its
         subsidiaries, unless such person shall have ceased to have been such a
         customer for a period of at least six (6) months.

                                       15
<PAGE>

     (d) Executive shall not at any time (whether during or after his employment
         with Company) disclose or use for Executive's own benefit or purposes
         or the benefit or purposes of any other person, firm, partnership,
         joint venture, association, corporation or other business organization,
         entity or enterprise other than Company and any of its subsidiaries,
         any trade secrets, information, data, or other confidential information
         of the Company, including but not limited to, information relating to
         customers, development programs, costs, marketing, trading, investment,
         sales activities, promotion, credit and financial data, financing
         methods, plans or the business and affairs of Company generally, or of
         any subsidiary of Company, unless required to do so by applicable law
         or court order, subpoena or decree or otherwise required by law, with
         reasonable evidence of such determination promptly provided to Company.
         The preceding sentence of this paragraph (d) shall not apply to
         information which is not unique to Company or which is generally known
         to the industry or the public other than as a result of Executive's
         breach of this covenant. Executive agrees that upon termination of
         employment with Company for any reason, Executive will return to
         Company immediately all memoranda, books, papers, plans, information,
         letters and other data, and all copies thereof or therefrom, in any way
         relating to the business of Company and its subsidiaries, except that
         Executive may retain personal notes, notebooks and diaries. Executive
         further agrees that Executive will not retain or use for Executive's
         account at any time any trade names, trademark or other proprietary
         business designation used or owned in connection with the business of
         Company or its subsidiaries.

     (e) It is expressly understood and agreed that although Executive and
         Company consider the restrictions contained in this Section 13 to be
         reasonable, if a final judicial determination is made by a court of
         competent jurisdiction that the time or territory or any other
         restriction contained in this Agreement is an unenforceable restriction
         against Executive, the provisions of this Agreement shall not be
         rendered void but shall be deemed amended to apply as to such maximum
         time and territory and to such maximum extent as such court may
         judicially determine or indicate to be enforceable. Alternatively, if
         any tribunal of competent jurisdiction finds that any restriction
         contained in this Agreement is unenforceable, and such restriction
         cannot be amended so as to make it enforceable, such finding shall not
         affect the enforceability of any of the other restrictions contained
         herein.

     (f) As a condition to the receipt of any benefits described in this
         Agreement, Executive shall be required to execute an agreement pursuant
         to which Executive releases any claims he may have against Company and
         agrees to the continuing enforceability of the restrictive covenants of
         this Agreement.

                                       16
<PAGE>

     (g) This Section 13 will survive the termination of this Agreement.

     SECTION 14 - REMEDIES. Executive acknowledges and agrees that Company's
remedies at law for a breach or threatened breach of any of the provisions of
Section 13 would be inadequate and, in recognition of this fact, Executive
agrees that, in the event of such a breach or threatened breach, in addition to
any remedies at law, Executive shall forfeit all payments otherwise due under
this Agreement and shall return any Severance Package payment made. Moreover,
Company, without posting any bond, shall be entitled to seek equitable relief in
the form of specific performance, temporary restraining order, temporary or
permanent injunction or any other equitable remedy which may then be available.

     SECTION 15- SURVIVORSHIP. The respective rights and obligations of the
parties hereunder shall survive any termination of this Agreement to the extent
necessary to the intended preservation of such rights and obligations. The
provisions of this Section 15 are in addition to the survivorship provisions of
any other section of this Agreement.

     SECTION 16 - GOVERNING LAW; REVENUE AND JURISDICTION. If any judicial or
administrative proceeding or claim relating to or pertaining to this Agreement
is initiated by either party hereto, such proceeding or claim shall and must be
filed in a state or federal court located in Wayne County, Michigan and such
proceeding or claim shall be governed by and construed under Michigan law,
without regard to conflict of law and principals.

     SECTION 17 - DISPUTE RESOLUTION. Any dispute related to or arising under
this Agreement shall be resolved in accordance with the Metaldyne Dispute
Resolution Policy in effect at the time such dispute arises. The Metaldyne
Dispute Resolution Policy in effect at the time of this Agreement is attached to
this Agreement.

     SECTION 18 - EFFECT ON PRIOR AGREEMENTS. This Agreement contains the entire
understanding between the parties hereto and supersedes in all respects any
prior or other agreement or understanding, both written and oral, between
Company, any affiliate of Company or any predecessor of Company or affiliate of
any predecessor of Company and Executive; provided, however, that this Agreement
does not supercede the MascoTech, Inc. Retention Plan or any change in control
agreements between Executive and Simpson Industries, Inc., Global Metal
Technologies, Inc. ("GMTI"), or MascoTech, Inc. that predates the Heartland
Industrial Partners' acquisition of Simpson Industries, Inc., GMTI, or
MascoTech, Inc. in the year 2000 or 2001 and which agreements by their terms
survive such acquisition for a specified period.

     SECTION 19 - WITHHOLDING. Company shall be entitled to withhold from
payment any amount of withholding required by law.

     SECTION 20 - SECTION HEADINGS AND CONSTRUCTION. The headings of sections in
this Agreement are provided for convenience only and will not effect its
construction or interpretation. All references to "Section" or "Sections" refer
to the corresponding section or

                                       17
<PAGE>

sections of this Agreement unless otherwise specified. All words used in this
Agreement will be construed to be of such gender or number as circumstances
require.

     SECTION 21 - COUNTERPARTS. This Agreement may be executed in one (1) or
more counterparts, each of which will be deemed to be an original copy of this
Agreement and all of which, when taken together, will be deemed to constitute
one and the same Agreement.

                                       18
<PAGE>

     Intending to be legally bound hereby, the parties have executed this
Agreement on the dates set forth next to their names below.

                                                         COMPANY

                                                   METALDYNE CORPORATION
           12/12/01
-------------------------------          By:    /s/ Timothy D. Leuliette
                  Date                      ------------------------------------

                                         Its:   Chief Executive Officer
                                             -----------------------------------

                                                       EXECUTIVE
           12/15/01
-------------------------------                /s/ William M. Lowe, Jr.
                  Date                   ---------------------------------------

                                         ---------------------------------------

                                       19

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