Document:

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Exhibit 10.2(b)

                              INTERMET CORPORATION

                           2000 EXECUTIVE STOCK OPTION
                            AND INCENTIVE AWARD PLAN

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                              INTERMET CORPORATION

                           2000 EXECUTIVE STOCK OPTION
                            AND INCENTIVE AWARD PLAN

                                TABLE OF CONTENTS

ARTICLE 1.  Establishment, Purpose, and Duration..............................

        1.1  Establishment of the Plan........................................
        1.2  Purpose of the Plan..............................................
        1.3  Duration of the Plan.............................................

ARTICLE 2.  Definitions.......................................................

ARTICLE 3.  Administration....................................................

        3.1  The Committee....................................................
        3.2  Authority of the Committee.......................................
        3.3  Decisions Binding................................................

ARTICLE 4.  Shares Subject to the Plan........................................

        4.1  Number of Shares.................................................
        4.2  Lapsed Awards....................................................
        4.3  Adjustments In Authorized Shares.................................

ARTICLE 5.  Eligibility and Participation.....................................

ARTICLE 6.  Stock Options.....................................................

        6.1  Grant of Options.................................................
        6.2  Award Agreement..................................................
        6.3  Option Price.....................................................
        6.4  Duration of Options..............................................
        6.5  Exercise of Options..............................................
        6.6  Payment..........................................................
        6.7  Termination of Employment Due to Death,
               Disability or Retirement.......................................
        6.8  Termination of Employment for Other Reasons......................
        6.9  Nontransferability of Options....................................

ARTICLE 7.  Restricted Stock; Stock Awards....................................

        7.1  Grants...........................................................
        7.2  Restricted Period; Lapse of Restrictions.........................
        7.3  Rights of Holder; Limitations Thereon............................

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        7.4  Delivery of Unrestricted Shares..................................
        7.5  Nonassignability of Restricted Stock.............................

ARTICLE 8.  Beneficiary Designation...........................................

ARTICLE 9.  Deferrals.........................................................

ARTICLE 10.  Rights of Employees..............................................

        10.1  Employment......................................................
        10.2  Participation...................................................

ARTICLE 11.  Change in Control................................................

        11.1  Occurrence......................................................
        11.2  Definition......................................................

ARTICLE 12.  Amendment, Modification and Termination..........................

        12.1  Amendment, Modification and Termination.........................
        12.2  Awards Previously Granted ......................................
        12.3  Compliance With Code Section 162(m).............................

ARTICLE 13.  Withholding......................................................

        13.1  Tax Withholding.................................................
        13.2  Share Withholding...............................................

ARTICLE 14.  Indemnification..................................................

ARTICLE 15.  Successors.......................................................

ARTICLE 16.  Legal Construction...............................................

        16.1  Gender and Number...............................................
        16.2  Severability....................................................
        16.3  Requirements of Law.............................................
        16.4  Regulatory Approvals and Listing................................
        16.5  Securities Law Compliance.......................................
        16.6  Governing Law...................................................

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                              INTERMET CORPORATION

                           2000 EXECUTIVE STOCK OPTION
                            AND INCENTIVE AWARD PLAN

                 ARTICLE 1. ESTABLISHMENT, PURPOSE, AND DURATION

        1.1 Establishment of the Plan. Intermet Corporation, a Georgia
corporation (hereinafter referred to as the "Company"), hereby establishes a
stock option and incentive award plan known as the "Intermet Corporation Stock
Option and Incentive Award Plan" (the "Plan"), as set forth in this document.
The Plan permits the grant of Nonqualified Stock Options, Incentive Stock
Options, Stock Awards, and Restricted Stock.

        The Plan shall become effective on the date it is approved by the
Company's stockholders (the "Effective Date") and shall remain in effect as
provided in Section 1.3.

        1.2 Purpose of the Plan. The purpose of the Plan is to secure for the
Company and its stockholders the benefits of the incentive inherent in stock
ownership in the Company by key employees who are largely responsible for its
future growth and continued success. The Plan promotes the success and enhances
the value of the Company by linking the personal interests of Participants to
those of the Company's stockholders, and by providing Participants with an
incentive for outstanding performance. The Plan is further intended to provide
flexibility to the Company in its ability to motivate, attract and retain the
services of Participants upon whose judgment, initiative and special effort the
successful conduct of its operation largely depends.

        1.3 Duration of the Plan. The Plan shall commence on the Effective Date,
and shall remain in effect, subject to the right of the Board of Directors to
amend or terminate the Plan at any time pursuant to Article 12, until the day
prior to the tenth (10th) anniversary of the Effective Date.

                             ARTICLE 2. DEFINITIONS

        Whenever used in the Plan, the following terms shall have the meanings
set forth below and, when the meaning is intended, the initial letter of the
word is capitalized:

    (a) "Award" means, individually or collectively, a grant under this Plan of
        Nonqualified Stock Options, Incentive Stock Options, Stock Awards, or
        Restricted Stock.

    (b) "Award Agreement" means an agreement entered into by each Participant
        and the Company, setting forth the terms and provisions applicable to
        Awards granted to Participants under this Plan.

    (c) "Beneficial Owner" or "Beneficial Ownership" shall have the meaning
ascribed to such term in Rule 13d-3 of the General Rules and Regulations under
the Exchange Act.

    (d) "Board" or "Board of Directors" means the Board of Directors of the
Company.

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    (e) "Cause" means: (i) willful misconduct on the part of a Participant that
is materially detrimental to the Company; or (ii) the conviction of a
Participant for the commission of a felony or crime involving moral turpitude.
Notwithstanding the foregoing, if the Participant has entered into an employment
agreement that is binding as of the date of employment termination, and if such
employment agreement defines "Cause," such definition of "Cause" shall apply to
the Participant. "Cause" under either (i) or (ii) shall be determined by the
Committee.

    (f) "Code" means the Internal Revenue Code of 1986, as amended from time to
        time.

    (g) "Committee" means the committee appointed by the Board to administer the
        Plan with respect to grants of Awards, as specified in Article 3.

    (h) "Company" means Intermet Corporation, a Georgia corporation, or any
        successor thereto as provided in Article 15.

    (i) "Director" means any individual who is a member of the Board of
        Directors of the Company.

    (j) "Disability" shall have the meaning ascribed to such term in the Company
        long-term disability plan covering the Participant, or in the absence of
        such plan, a meaning consistent with Section 22(e)(3) of the Code.

    (k) "Employee" means any full-time, salaried employee of the Company, or the
        Company's Subsidiaries. Directors who are not otherwise employed by the
        Company or the Company's Subsidiaries shall not be considered Employees
        eligible to receive Awards under this Plan.

    (1) "Effective Date" shall have the meaning ascribed to such term in
        Section 1.1.

    (m) "Exchange Act" means the Securities Exchange Act of 1934, as amended
        from time to time, or any successor act thereto.

    (n) "Fair Market Value" shall be determined as follows:

        (i) If. on the relevant date, the Shares are traded on a national or
            regional securities exchange or on The Nasdaq Stock Market
            ("Nasdaq") and closing sale prices for the Shares are customarily
            quoted, on the basis of the closing sale price on the principal
            securities exchange on which the Shares may then be traded or, if
            there is no such sale on the relevant date, then on the last
            previous day on which a sale was reported;

        (ii)If, on the relevant date, the Shares are not listed on any
            securities exchange or traded on Nasdaq, but the Shares otherwise
            are publicly traded and reported on Nasdaq (but closing sale prices
            for the Shares are not customarily quoted), on the basis of the mean
            between the closing bid and asked quotations in such other
            over-the-counter market as reported by Nasdaq; but, if there are no
            bid and asked quotations in the over-the-counter market as reported
            by Nasdaq on that date, then the mean between the closing bid and
            asked quotations in the over-the-counter market as reported by
            Nasdaq on the last previous day such bid and asked prices were
            quoted; and

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        (iii)If, on the relevant date, the Shares are not publicly traded as
             described in (i) or (ii), on the basis of the good faith
             determination of the Committee.

    (o) "Incentive Stock Option" or "ISO" means an option to purchase Shares
granted under Article 6 which is designated as an Incentive Stock Option and is
intended to meet the requirements of Section 422 of the Code.

    (p) "Insider" shall mean an Employee who is, on the relevant date, an
        officer or a director, or a ten percent (10%) beneficial owner of any
        class of the Company's equity securities that is registered pursuant to
        Section 12 of the Exchange Act, all as defined under Section 16 of the
        Exchange Act.

    (q) "Named Executive Officer" means a Participant who, as of the date of
        vesting and/or payout of an Award is one of the group of "covered
        employees," as defined in the regulations promulgated under Code Section
        162(m), or any successor statute.

    (r) "Nonqualified Stock Option" or "NQSO" means an option to purchase Shares
        granted under Article 6, and which is not intended to meet the
        requirements of Code Section 422.

    (s) "Option" means an Incentive Stock Option or a Nonqualified Stock Option.

    (t) "Option Price" means the price at which a Share may be purchased by a
        Participant pursuant to an Option, as determined by the Committee.

    (u) "Participant" means an Employee who has outstanding an Award granted
        under the Plan.

    (v) "Person" shall have the meaning ascribed to such terms in Section
        3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d)
        thereof, including a "group" as defined in Section 13(d) thereof.

    (w) "Retirement" shall have the meaning ascribed to such term in the
        Intermet Corporation Savings and Investment Plan.

    (x) "Restricted Stock" means an Award of restricted Shares granted in
        accordance with the terms of Article 7 and the other provisions of the
        Plan.

    (Y) "Shares" means the shares of Common Stock of the Company, par value
        $0.10 per share.

    (z) "Stock Award" means a grant of Shares under Article 7 that is not
        generally subject to restrictions and pursuant to which a certificate
        for the Shares is transferred to the Employee.

    (aa)"Subsidiary" means any corporation, partnership, limited liability
        company, joint venture or other entity in which the Company has a
        majority voting interest.

                            ARTICLE 3. ADMINISTRATION

        3.1     The Committee. The Plan shall be administered by the
Compensation Committee of the Board, or by any other Committee appointed by the
Board that is granted authority to administer the Plan, with

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such Committee consisting of not less than three (3) Directors who are
"non-employee directors" as defined by Rule 16b-3(a)(3) under the Exchange Act
and who are "outside directors" as defined by Section 162(m) of the Code. The
members of the Committee shall be appointed from time to time by, and shall
serve at the discretion of, the Board of Directors. The Committee shall be
comprised solely of Directors who are eligible to administer the Plan pursuant
to Rule 16b-3(d)(1) under the Exchange Act and who are "outside directors" as
defined under Treas. Reg. Section 1.162-27(e)(3). However, if for any reason any
member of the Committee does not qualify to administer the Plan, as contemplated
by Rule 16b-3(d)(1) of the Exchange Act or Treas. Reg. Section 1.162-27(e)(3),
the Board of Directors may appoint a new Committee member who complies with Rule
16b-3(a)(3) and Treas. Reg. Section 1.162-27(e)(3).

        3.2 Authority of the Committee. Subject to the provisions of the Plan,
the Committee shall have full power to select Employees who shall participate in
the Plan (who may change from year to year); determine the size and types of
Awards; determine the terms and conditions of Awards in a manner consistent with
the Plan, (including vesting provisions and the duration of the Awards);
construe and interpret the Plan and any agreement or instrument entered into
under the Plan; establish, amend or waive rules and regulations for the Plan's
administration; and (subject to the provisions of Article 12) amend the terms
and conditions of any outstanding Award to the extent such terms and conditions
are within the discretion of the Committee as provided in the Plan. Further, the
Committee shall make all other determinations which may be necessary or
advisable in the Committee's opinion for the administration of the Plan. As
permitted by law, the Committee may delegate its authority under this Plan.

        3.3 Decisions Binding. All determinations and decisions made by the
Committee pursuant to the provisions of the Plan and all related orders and
resolutions of the Board shall be final, conclusive and binding on all Persons,
including the Company, the stockholders, Employees, Participants and their
estates and beneficiaries.

                      ARTICLE 4. SHARES SUBJECT TO THE PLAN

        4.1 Number of Shares. Subject to adjustment as provided in Section 4.3,
the total number of Shares available for grant of Awards under the Plan shall be
an aggregate of one million five hundred thousand (1,500,000) Shares. These
Shares may, in the discretion of the Company, be either authorized but unissued
Shares or Shares held as treasury shares, including Shares purchased by the
Company. The following rules shall apply for purposes of the determination of
the number of Shares available for grant under the Plan:

    (a) While an Option, Stock Award or Restricted Stock is outstanding, it
shall be counted against the authorized pool of Shares, regardless of its vested
status.

    (b) The grant of an Option, Stock Award, or Restricted Stock shall reduce
the Shares available for grant under the Plan by the number of Shares subject to
such Award.

    4.2 Lapsed Awards. If any Award granted under this Plan is canceled,
terminates, expires or lapses for any reason, any Shares subject to such Award
shall again be available for the grant of an Award under the Plan. However, in
the event that prior to the Award's cancellation, termination, expiration or
lapse, the holder of the Award at any time received one or more "benefits of
ownership" pursuant to such Award (as defined by the Securities and Exchange
Commission, pursuant to any rule or interpretation promulgated under Section 16
of the Exchange Act), the Shares subject to such Award shall not be made
available for re-grant under the Plan.

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        4.3 Adjustments In Authorized Shares. In the event of any change in
corporate capitalization, such as a stock split, or a corporate transaction,
such as any merger, consolidation, separation, including a spin-off, or other
distribution of stock or property of the Company, any reorganization (whether or
not such reorganization comes within the definition of such term in Code Section
368) or any partial or complete liquidation of the Company, such adjustment
shall be made in the number and class of Shares which may be delivered under the
Plan, and in the number and class of and/or price of Shares subject to
outstanding Awards granted under the Plan, as may be determined to be
appropriate and equitable by the Committee, in its sole discretion, to prevent
dilution or enlargement of rights; provided, however, that the number of Shares
subject to any Award shall always be a whole number and the Committee shall make
such adjustments as are necessary to insure Awards of whole Shares.

                    ARTICLE 5. ELIGIBILITY AND PARTICIPATION

        Any key Employee of the Company, or of any Subsidiary, including any
such Employee who is also a director of the Company, or of any Subsidiary, whose
judgment, initiative and efforts contribute or may be expected to contribute
materially to the successful performance of the Company or any Subsidiary shall
be eligible to receive an Award under the Plan. In determining the Employees to
whom such an Award shall be granted and the number of Shares which may be
granted pursuant to that Award, the Committee shall take into account the duties
of the respective Employees, their present and potential contributions to the
success of the Company or any Subsidiary, and such other factors as the
Committee shall deem relevant in connection with accomplishing the purpose of
the Plan. No person who is a member of the Committee shall be eligible to be
granted any Award under the Plan while so serving. Any person who is a Director
of the Company, but who is not an Employee of the Company, or any Subsidiary of
the Company shall not be eligible to be granted an Award under the Plan.

                            ARTICLE 6. STOCK OPTIONS

        6.1 Grant of Options. Subject to the terms and provisions of the Plan,
Options may be granted to Employees at any time and from time to time as shall
be determined by the Committee. The Committee shall have discretion in
determining the number of Shares subject to Options granted to each Participant;
provided, however, that in the case of any ISO granted under the Plan, the
aggregate Fair Market Value (determined at the time such Option is granted) of
the Shares to which ISOs are exercisable for the first time by the Optionee
during any calendar year (under the Plan and all other incentive stock option
plans of the Company and any Subsidiary) shall not exceed $100,000. The
Committee may grant a Participant ISOs, NQSOs or a combination thereof, and may
vary such Awards among Participants. In no event, however, shall any Employee,
who at the time he would otherwise be granted an option to purchase Shares owns
(within the meaning of Section 424(d) of the Code) stock of the Company
possessing more than ten percent (10%) of the total combined voting power of all
classes of stock of the Company, be eligible to receive an Incentive Stock
Option to purchase Shares hereunder. The maximum number of Options a Named
Executive Officer can be granted under the Plan during a 12-month period is
100,000 Options.

        6.2     Award Agreement. Each Option grant shall be evidenced by an
Award Agreement that shall specify the Option Price, the duration of the Option,
the number of Shares to which the Option pertains and such other provisions as
the Committee shall determine. The Option Agreement shall further specify

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whether the Option is intended to be an ISO within the meaning of Code Section
422, or an NQSO, which is not intended to fall under the provisions of Code
Section 422.

        6.3 Option Price. The Option Price for each grant of an ISO under this
Article 6 shall be not less than one hundred percent (100%) of the Fair Market
Value of a Share on the date the ISO is granted. The price at which each Share
covered by each NQSO shall be purchased by an Optionee shall be established by
the Committee, but in no event shall such price be less than eighty-five percent
(85%) of the Fair Market Value (or such lower percentage of Fair Market Value as
may be established by Internal Revenue Service rules or regulations as the limit
for granting discounted stock options without causing immediate tax consequences
to the Participant) of a Share on the date the Option is granted.

        6.4 Duration of Options. Each Option shall expire at such time as the
Committee shall determine at the time of grant; provided, however, that no
Option shall be exercisable later than the tenth (10th) anniversary date of its
grant.

        6.5 Exercise of Options. Options granted under the Plan shall be
exercisable at such times and be subject to such restrictions and conditions as
the Committee shall in each instance approve, which need not be the same for
each grant or for each Participant. Except as the Committee may otherwise
provide, Options granted under this Plan shall not generally be exercisable
prior to twelve (12) months following the date of grant. Except as otherwise
provided in the Award Agreement and Article 11, Options to purchase Shares shall
be exercisable as follows:

    (a) Twenty-five percent (25%) of the total number of Shares originally
covered by such Option may be purchased or exercised one (1) year after the date
it is granted;

    (b) Fifty percent (50%) of the total number of Shares originally covered by
such Option may be purchased or exercised two (2) years after the date it is
granted;

    (c) Seventy-five percent (75%) of the total number of Shares originally
covered by such Option may be purchased or exercised three (3) years after the
date it is granted; and

    (d) One hundred percent (100%) of the total number of Shares originally
covered by such Option may be purchased or exercised four (4) years after the
date it is granted.

        The right to purchase Shares that are exercisable in periodic
installments shall be cumulative so that when the right to purchase any Shares
has accrued, such Shares or any part thereof may be purchased at any time
thereafter until the expiration or termination of the Option.

        6.6 Payment. Options shall be exercised by the delivery of a written
notice of exercise to the Company, setting forth the number of Shares with
respect to which the Option is to be exercised, accompanied by full payment for
the Shares. The Option Price upon exercise of any Option shall be payable to the
Company in full either: (a) in cash, or (b) by tendering previously acquired
Shares having an aggregate Fair Market Value at the time of exercise equal to
the total Option Price (provided that the Shares which are tendered must have
been held by the Participant for the period required by law, if any, prior to
their tender to satisfy the Option Price), or (c) by a combination of (a) and
(b). The Committee also may allow cashless exercises as permitted under Federal
Reserve Board's Regulation T, subject to applicable securities law restrictions,
or by any other means which the Committee determines to be consistent with the
Plan's purpose and applicable law. As soon as

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practicable after receipt of a written notification of exercise and full
payment, the Company shall deliver to the Participant, in the Participant's
name, Share certificates in an appropriate amount based upon the number of
Shares purchased under the Option(s).

        6.7 Termination of Employment Due to Death, Disability or Retirement.
Unless otherwise provided by the Committee in the Award Agreement for the
Options, the following rules shall apply in the event of the Participant's
termination of employment due to death, Disability or Retirement:

    (a) Termination by Death. In the event the Participant dies while actively
employed, all outstanding Options granted to that Participant shall immediately
vest and shall remain exercisable at any time prior to their expiration date, or
for one (1) year after the date of death, whichever period is shorter, by (i)
such person(s) as shall have been named as the Participant's beneficiary, (ii)
such person(s) that have acquired the Participant's rights under such options by
will or by the laws of descent and distribution or (iii) the Participant's
estate or representative of the Participant's estate.

    (b) Termination by Disability. In the event the employment of a Participant
        is terminated by reason of Disability, all outstanding Options granted
        to that Participant shall immediately vest as of the date the Committee
        determines the definition of Disability to have been satisfied and shall
        remain exercisable at any time prior to their expiration date, or for
        one (1) year after the date that the Committee determines the definition
        of Disability to have been satisfied, whichever period is shorter.

    (c) Termination by Retirement. In the event the employment of a Participant
is terminated by reason of Retirement, all outstanding Options granted to that
Participant shall immediately vest and shall remain exercisable at any time
prior to their expiration date, or for three (3) years after the effective date
of Retirement, whichever period is shorter.

    (d) Employment Termination Followed by Death. In the event that a
Participant's employment terminates by reason of Disability or Retirement, and
within the exercise period following such termination the Participant dies, then
the remaining exercise period under outstanding Options shall equal the longer
of: (i) one (1) year following death; or (ii) the remaining portion of the
exercise period which was triggered by the employment termination. Such Options
shall be exercisable by the persons specified in subsection (a) above.

        6.8 Termination of Employment for Other Reasons. If the employment of a
Participant shall terminate for any reason other than the reasons set forth in
Section 6.7, all Options held by the Participant which are not vested as of the
effective date of his employment termination shall be immediately forfeited to
the Company (and shall once again become available for grant under the Plan).
However, the Committee, in its sole discretion, shall have the right to
immediately vest all or any portion of such Options, subject to such terms as
the Committee, in its sole discretion, deems appropriate. In the event an
Employee's employment is terminated by the Company for Cause, or such Employee
voluntarily terminates his employment, the Option rights under any then vested
outstanding Options shall terminate immediately upon termination of employment.
If the Employee's employment is terminated by the Company without Cause, any
Options vested as of his date of termination shall remain exercisable at any
time prior to their expiration date or for one (1) year after his date of
termination of employment, whichever period is shorter.

        6.9     Nontransferability of Options. Unless the Committee provides
otherwise in the Award Agreement, no Option granted under the Plan may be sold,
transferred, pledged, assigned, or otherwise

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alienated or hypothecated, other than by will, by the laws of descent and
distribution, and any attempt to sell, transfer, pledge, assign or otherwise
alienate or hypothecate an Option shall be null and void and of no force or
effect, and all Options granted to a Participant under the Plan shall be
exercisable during his or her lifetime only by such Participant.

                    ARTICLE 7. RESTRICTED STOCK; STOCK AWARDS

    7.1 Grants. The Committee may from time to time in its discretion grant
Restricted Stock and Stock Awards to Employees and may determine the number of
Shares of Restricted Stock or Stock Award to be granted. The Committee shall
determine the terms and conditions of, and the amount of payment, if any, to be
made by the Employee for, such Restricted Stock. A grant of Restricted Stock may
require the Employee to pay for such Shares of Restricted Stock, but the
Committee may establish a price below Fair Market Value at which the Employee
can purchase the Shares of Restricted Stock. Each grant of Restricted Stock will
be evidenced by an Award Agreement containing terms and conditions not
inconsistent with the Plan as the Committee shall determine to be appropriate in
its sole discretion.

        7.2 Restricted Period; Lapse of Restrictions. At the time a grant of
Restricted Stock is made, the Committee shall establish a period or periods of
time (the "Restricted Period") applicable to such grant which, unless the
Committee otherwise provides, shall not be less than one year. Subject to the
other provisions of this Section 7, at the end of the Restricted Period all
restrictions shall lapse and the Restricted Stock shall vest in the Participant.
At the time a grant is made, the Committee may, in its discretion, prescribe
conditions for the incremental lapse of restrictions during the Restricted
Period and for the lapse or termination of restrictions upon the occurrence of
other conditions in addition to or other than the expiration of the Restricted
Period with respect to all or any portion of the Restricted Stock. Such
conditions may, but need not, include without limitation:

    (a) The death, Disability or Retirement of the Employee to whom Restricted
        Stock is granted, or

    (b) The occurrence of a Change in Control.

        The Committee may also, in its discretion, shorten or terminate the
Restricted Period, or waive any conditions for the lapse or termination of
restrictions with respect to all or any portion of the Restricted Stock at any
time after the date the grant is made.

        7.3 Rights of Holder; Limitations Thereon. Upon a grant of Restricted
Stock, a stock certificate (or certificates) representing the number of Shares
of Restricted Stock granted to the Employee shall be registered in the
Employee's name and shall be held in custody by the Company or a bank selected
by the Committee for the Employee's account. Following such registration, the
Employee shall have the rights and privileges of a stockholder as to such
Restricted Stock, including the right to receive dividends and to vote such
Restricted Stock, except that, the right to receive cash dividends shall be the
right to receive such dividends either in cash currently or by payment in
Restricted Stock, as the Committee shall determine, and except further that, the
following restrictions shall apply:

    (a) The Employee shall not be entitled to delivery of a certificate until
the expiration or termination of the Restricted Period for the Shares
represented by such certificate and the satisfaction of any and all other
conditions prescribed by the Committee;

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    (b) None of the Shares of Restricted Stock may be sold, transferred,
assigned, pledged, or otherwise encumbered or disposed of during the Restricted
Period and until the satisfaction of any and all other conditions prescribed by
the Committee; and

    (c) All of the Shares of Restricted Stock that have not vested shall be
        forfeited and all rights of the Employee to such Shares of Restricted
        Stock shall terminate without further obligation on the part of the
        Company, unless the Employee has remained a full-time employee of the
        Company or any of its Subsidiaries, until the expiration or termination
        of the Restricted Period and the satisfaction of any and all other
        conditions prescribed by the Committee applicable to such Shares of
        Restricted Stock. Upon the forfeiture of any shares of Restricted Stock,
        such forfeited Shares shall be transferred to the Company without
        further action by the Employee and shall, in accordance with Section
        4.2, again be available for grant under the Plan.

        With respect to any Shares received as a result of adjustments under
Section 4.3 hereof and any Shares received with respect to cash dividends
declared on Restricted Stock, the Participant shall have the same rights and
privileges, and be subject to the same restrictions, as are set forth in this
Section 7.

    7.4 Delivery of Unrestricted Shares. Upon the expiration or termination of
the Restricted Period for any Shares of Restricted Stock and the satisfaction of
any and all other conditions prescribed by the Committee, the restrictions
applicable to such Shares of Restricted Stock shall lapse and a stock
certificate for the number of Shares of Restricted Stock with respect to which
the restrictions have lapsed shall be delivered, free of all such restrictions
except any that may be imposed by law, to the holder of the Restricted Stock.
The Company shall not be required to deliver any fractional Share but will pay,
in lieu thereof, the Fair Market Value (determined as of the date the
restrictions lapse) of such fractional share to the holder thereof. Prior to or
concurrently with the delivery of a certificate for Restricted Stock, the holder
shall be required to pay an amount necessary to satisfy any applicable federal,
state and local tax requirements as set out in Article 13 below.

        7.5 Nonassignability of Restricted Stock. Unless the Committee provides
otherwise in the Award Agreement, no grant of, nor any right or interest of a
Participant in or to any Restricted Stock, or in any instrument evidencing any
grant of Restricted Stock under the Plan, may be assigned, encumbered or
transferred except, in the event of the death of a Participant, by will or the
laws of descent and distribution.

                       ARTICLE 8. BENEFICIARY DESIGNATION

        Each Participant under the Plan may, from time to time, name any
beneficiary or beneficiaries (who may be named contingently or successively) to
whom any benefit under the Plan is to be paid in case of his or her death before
he or she receives any or all of such benefit. Each such designation shall
revoke all prior designations by the same Participant, shall be in a form
prescribed by the Company and shall be effective only when filed by the
Participant, in writing, with the Company during the Participant's lifetime. In
the absence of any such designation, benefits remaining unpaid at the
Participant's death shall be paid to the Participant's estate. The spouse of a
married Participant domiciled in a community property jurisdiction shall join in
any designation of beneficiary or beneficiaries other than the spouse.

                              ARTICLE 9. DEFERRALS

                                       35
<PAGE>   13

        The Committee may permit a Participant to defer to another plan or
program such Participant's receipt of Shares that would otherwise be due to such
Participant by virtue of the exercise of an Option or the vesting of Restricted
Stock. If any such deferral election is required or permitted, the Committee
shall, in its sole discretion, establish rules and procedures for such payment
deferrals.

                         ARTICLE 10. RIGHTS OF EMPLOYEES

    10.1 Employment. Nothing in the Plan shall interfere with or limit in any
way the right of the Company or a Subsidiary to terminate any Participant's
employment at any time, nor confer upon any Participant any right to continue in
the employ of the Company or a Subsidiary. For purpose of the Plan, transfer of
employment of a Participant between the Company and any one of its Subsidiaries
(or between Subsidiaries) shall not be deemed a termination of employment.

    10.2 Participation. No Employee shall have the right to be selected to
receive an Award under this Plan, or, having been so selected, to be selected to
receive a future Award.

                          ARTICLE 11. CHANGE IN CONTROL

    11.1 Occurrence. Upon the occurrence of a Change in Control, except as
provided in the Award Agreement or unless otherwise specifically prohibited by
the terms of Article 16 hereof:

    (a) Any and all Options granted hereunder shall become fully vested and
        immediately exercisable;

    (b) To the extent provided by the Committee in the Award, all restrictions
        on a grant of Restricted Stock shall lapse and such Restricted Stock
        shall be delivered to the Participant in accordance with Section 7.4;
        and

    (c) Subject to Article 12 hereof, the Committee shall have the authority to
        make any modifications to the Awards as determined by the Committee to
        be appropriate before the effective date of the Change in Control.

    11.2 Definition. For purposes of the Plan, a "Change in Control" shall be
deemed to have occurred if:

  (a) An acquisition by any Person of Beneficial Ownership of the shares of
Common Stock of the Company then outstanding (the "Company Common Stock
Outstanding") or the voting securities of the Company then outstanding entitled
to vote generally in the election of directors (the "Company Voting Securities
Outstanding"), if such acquisition of Beneficial Ownership results in the
Person's beneficially owning (within the meaning of Rule 13d-3 promulgated under
the Exchange Act) twenty-five percent (25%) or more of the Company Common Stock
Outstanding or twenty-five percent (25%) or more of the combined voting power of
the Company Voting Securities Outstanding; provided, that immediately prior to
such acquisition such Person was not a direct or indirect Beneficial Owner of
fifteen percent (15%) or more of the Company Common Stock Outstanding or fifteen
percent (15%) or more of the combined voting power of Company Voting Securities
Outstanding, as the case may be; or

    (b) The approval of the stockholders of the Company of a reorganization,
merger, consolidation, complete liquidation or dissolution of the Company, the
sale or disposition of all or substantially all of the assets of the Company or
similar corporate transaction (in each case referred to in this Section 11.2 as
a

                                       36
<PAGE>   14

"Corporate Transaction") or, if consummation of such Corporate Transaction is
subject, at the time of such approval by stockholders, to the consent of any
government or governmental agency, the obtaining of such consent (either
explicitly or implicitly); or

    (c) A change in the composition of the Board such that the individuals who,
as of the Effective Date, constitute the Board (such Board shall be hereinafter
referred to as the "Incumbent Board") cease for any reason to constitute at
least a majority of the Board; provided, however, for purposes of this Section
11.2 that any individual who becomes a member of the Board subsequent to the
Effective Date whose election, or nomination for election by the Company's
stockholders, was approved by a vote of at least a majority of those individuals
who are members of the Board and who were also members of the Incumbent Board
(or deemed to be such pursuant to this proviso) shall be considered as though
such individual were a member of the Incumbent Board; but, provided, further,
that any such individual whose initial assumption of office occurs as a result
of either an actual or threatened election contest (as such terms are used in
Rule 14a-11 of Regulation 14A promulgated under the Exchange Act, including any
successor to such Rule), or other actual or threatened solicitation of proxies
or consents by or on behalf of a Person other than the Board, shall not be so
considered as a member of the Incumbent Board.

        Notwithstanding the provisions set forth in subsections (a) and (b), the
following shall not constitute a Change in Control for purposes of this Plan:
(1) any acquisition of shares of Common Stock by, or consummation of a Corporate
Transaction with, any Subsidiary or any employee benefit plan (or related trust)
sponsored or maintained by the Company or an affiliate; or (2) any acquisition
of shares of Common Stock, or consummation of a Corporate Transaction, following
which more than fifty percent (50%) of, respectively, the shares then
outstanding of common stock of the corporation resulting from such acquisition
or Corporate Transaction and the combined voting power of the voting securities
then outstanding of such corporation entitled to vote generally in the election
of directors is then beneficially owned, directly or indirectly, by all or
substantially all of the individuals and entities who were Beneficial Owners,
respectively, of the Company Common Stock Outstanding and Company Voting
Securities Outstanding immediately prior to such acquisition or Corporate
Transaction in substantially the same proportions as their ownership,
immediately prior to such acquisition or Corporate Transaction, of the Company
Common Stock outstanding and Company Voting Securities Outstanding, as the case
may be.

               ARTICLE 12. AMENDMENT, MODIFICATION AND TERMINATION

        12.1 Amendment, Modification and Termination. The Board may, at any time
and from time to time, alter, amend, suspend or terminate the Plan in whole or
in part; provided, that, unless approved by the holders of a majority of the
total number of Shares of the Company represented and voted at a meeting at
which a quorum is present, no amendment shall be made to the Plan if such
amendment would (a) materially modify the eligibility requirements provided in
Article 5; (b) increase the total number of Shares (except as provided in
Section 4.3) which may be granted under the Plan, as provided in Section 4.1;
(c) extend the term of the Plan; or (d) amend the Plan in any other manner which
the Board, in its discretion, determines should become effective only if
approved by the stockholders even though such stockholder approval is not
expressly required by the Plan or by law. No amendment which requires
stockholder approval in order for the Plan to continue to comply with applicable
law, including Rule 16b-3 under the Exchange Act, Code Section 162(m) and Code
Section 422, shall be effective unless such amendment shall be approved by the
requisite vote of stockholders.

        12.2    Awards Previously Granted. No termination, amendment or
modification of the Plan shall adversely affect in any material way any Award
previously granted under the Plan, without the written

                                       37
<PAGE>   15

consent of the Participant holding such Award. The Committee shall, with the
written consent of the Participant holding such Award, have the authority to
cancel Awards outstanding and grant replacement Awards therefor.

        12.3 Compliance With Code Section 162(m). At all times when the
Committee determines that compliance with Code Section 162(m) is desired, all
Awards granted under this Plan shall comply with the requirements of Code
Section 162(m). In addition, in the event that changes are made to Code Section
162(m) to permit greater flexibility with respect to any Award or Awards under
the Plan, the Committee may, subject to this Article 12, make any adjustments it
deem appropriate.

                             ARTICLE 13. WITHHOLDING

        13.1 Tax Withholding. The Company shall have the power and the right to
deduct or withhold, or require a Participant to remit to the Company, an amount
sufficient to satisfy Federal, state and local taxes (including the
Participant's FICA obligation) required by law to be withheld with respect to
any taxable event arising in connection with an Award under this Plan.

        13.2 Share Withholding. With respect to withholding required upon the
exercise of Options, or upon any other taxable event arising as a result of
Awards granted hereunder which are to be paid in the form of Shares,
Participants may elect, subject to the approval of the Committee, to satisfy the
withholding requirement, in whole or in part, by having the Company withhold
Shares having a Fair Market Value on the date the tax is to be determined equal
to the minimum statutory total tax which could be imposed on the transaction.
All elections shall be irrevocable, made in writing, signed by the Participant,
and elections by Insiders shall additionally comply with all legal requirements
applicable to Share transactions by such Participants.

                           ARTICLE 14. INDEMNIFICATION

        Each person who is or shall have been a member of the Committee, or the
Board, shall be indemnified and held harmless by the Company against and from
any loss, cost, liability or expense that may be imposed upon or reasonably
incurred by him or her in connection with or resulting from any claim, action,
suit or proceeding to which he or she may be a party or in which he or she may
be involved by reason of any action taken or failure to act under the Plan and
against and from any and all amounts paid by him or her in settlement thereof,
with the Company's approval, or paid by him in satisfaction of any judgment in
any such action, suit or proceeding against him, provided he shall give the
Company an opportunity, at its own expense, to handle and defend the same before
he undertakes to handle and defend it on his own behalf. The foregoing right of
indemnification shall be in addition to any other rights of indemnification to
which such persons may be entitled under the Company's Certificate of
Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the
Company may have to indemnify them or hold them harmless.

                             ARTICLE 15. SUCCESSORS

        All obligations of the Company under the Plan, with respect to Awards
granted hereunder, shall be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect purchase,
merger, consolidation or otherwise, of all or substantially all of the business
and/or assets of the Company.

                                       38
<PAGE>   16

                         ARTICLE 16. LEGAL CONSTRUCTION

        16.1 Gender and Number. Except where otherwise indicated by the context,
any masculine term used herein also shall include the feminine; the plural shall
include the singular and the singular shall include the plural.

        16.2 Severability. In the event any provision of the Plan shall be held
illegal or invalid for any reason, the illegality or invalidity shall not affect
the remaining parts of the Plan, and the Plan shall be construed and enforced as
if the illegal or invalid provision had not been included.

        16.3 Requirements of Law. The granting of Awards and the issuance of
Shares under the Plan shall be subject to all applicable laws, rules and
regulations, and to such approvals by any governmental agencies or national
securities exchanges as may be required.

        16.4 Regulatory Approvals and Listing. The Company shall not be required
to issue any certificate or certificates for Shares under the Plan prior to (i)
obtaining any approval from any governmental agency which the Company shall, in
its discretion, determine to be necessary or advisable, (ii) the admission of
such shares to listing on any national securities exchange on which the
Company's Shares may be listed, and (iii) the completion of any registration or
other qualification of such Shares under any state or federal law or ruling or
regulations of any governmental body which the Company shall, in its sole
discretion, determine to be necessary or advisable. Notwithstanding any other
provision set forth in the Plan, if required by the then-current Section 16 of
the Exchange Act, any "derivative security" or "equity security" offered
pursuant to the Plan to any Insider may not be sold or transferred for at least
six (6) months after the date of grant of such Award. The terms "equity
security" and "derivative security" shall have the meanings ascribed to them in
the then current Rule 16(a)-1 under the Exchange Act.

        16.5 Securities Law Compliance. With respect to Insiders, transactions
under this Plan are intended to comply with all applicable conditions of Rule
16b-3 or its successors under the Exchange Act. To the extent any provisions of
the Plan or action by the Committee fails to so comply, it shall be deemed null
and void, to the extent permitted by law and deemed advisable by the Committee.

        16.6    Governing Law. To the extent not preempted by Federal law, the
Plan, and all agreements hereunder, shall be construed in accordance with and
governed by the laws of the State of Georgia.

                                       39<PAGE>   1
Exhibit 10.3

                              INTERMET CORPORATION
                           DEFERRED COMPENSATION PLAN

                        ARTICLE I - ESTABLISHMENT OF PLAN

    1.1 ESTABLISHMENT OF PLAN. The Employer hereby establishes the INTERMET
Corporation Deferred Compensation Plan (hereinafter referred to as the "Plan")
for the benefit of certain Key Management Employees of INTERMET Corporation.

                          ARTICLE 11 - PURPOSE OF PLAN

    2.1 PURPOSE OF PLAN. The Employer intends and desires by the adoption of
this Plan to recognize the value to the Employer of the past and present
services of Eligible Employees covered by the Plan and to encourage and assure
their continued service with the Employer by making provisions for their future
retirement security by allowing Eligible Employees to elect to defer payment of
a portion of regular compensation and/or performance bonus (if any).

        The Plan is intended to be a "top-hat" plan, that is, an unfunded
deferred compensation plan maintained for a select group of management or highly
compensated employees, under Sections 201(2), 301(a)(3) and 401(a)(1) of the
Employee Retirement Income Security Act of 1974 (ERISA).

    2.2 EFFECTIVE DATE. The Effective Date of the Plan is December 1, 1999.

                            ARTICLE III - DEFINITIONS

    3.1 "ACCOUNT" means the account on the books of the Employer to which an
Eligible Employee's salary reduction contributions under Article IV are
recorded. Each account shall be adjusted for investment earnings or loss as
indicated in Article VI. Each Account shall be held in the Employer's name and
remain a general asset of the Employer until distributed pursuant to Article
VII. Amounts attributable to the Account of each Eligible Employee remain
subject to the claims of the general creditors of the Employer at all times.

    3.2 "BENEFICIARY" means the person(s) entitled hereunder to receive the
benefits which may be payable upon or after a Participant's death.

    3.3 "BOARD" means the Board of Directors of the Employer.

    3.4 "ELIGIBLE EMPLOYEE" means, for any Plan Year, an employee of the
Employer who is a Key Management Employee and is eligible to participate in the
Plan as determine exclusively by the Chief Executive Officer of the Employer.

                                       40
<PAGE>   2

    3.5 "EMPLOYER" means INTERMET Corporation, its affiliates and subsidiaries,
or any company which is a successor to INTERMET Corporation as a result of
merger, consolidation, liquidation, transfer of assets, or other reorganization.

    3.6 "KEY MANAGEMENT EMPLOYEE" means those select management employees who
contribute materially to the continued growth, development, and future success
of the Company.

    3.7 "NORMAL RETIREMENT AGE" means the date the Participant attains age 65.

    3.8 "PLAN ADMINISTRATOR" means the person(s) or entity appointed by the
Employer to administer the Plan, or if the Employer fails to make such
appointment, the Employer.

    3.9 "PLAN YEAR" means the twelve (12) month period ending each December 31
during which the Plan is in effect.

    3.10 "PARTICIPANT" means any Eligible Employee who becomes entitled to
participate in the Plan.

    3.11 "SEPARATION FROM SERVICE" means the severance of a Participant's
employment with the Employer for any reason, including, but not limited to
death, retirement, or disability.

                   ARTICLE IV - SALARY REDUCTION CONTRIBUTIONS

    An Eligible Employee may, for any Plan Year in which he or she is an
Eligible Employee, elect to accept a salary reduction in base compensation
and/or bonus payments from the Employer equal to a dollar amount or whole
percentage of his or her base compensation and/or bonus totaling no more than
$200,000 for the year. No annual salary reduction election will be effective in
the event that the requested salary reduction election is less than $20,000.

    Salary reduction elections under this Plan must be made before the beginning
of the Plan Year to which they apply. Once a Plan Year begins, salary reduction
elections for that year under this Plan may not be amended or revoked, nor may
salary reductions be suspended. The Employer will credit to each Eligible
Employee's Account the amount of that Eligible Employee's salary reduction
contributions under this Article. The entire bonus will be deferred in the event
that the bonus payment deferral election exceeds the available bonus.

                               ARTICLE V - VESTING

    A Participant shall always be one-hundred percent (100%) vested in and have
a non-forfeitable right to the amount of his or her Account.

                                       41
<PAGE>   3

                     ARTICLE VI -ACCOUNTING AND INVESTMENTS

    6.1 INVESTMENT ELECTION BY PARTICIPANT. Each Participant will self-direct
the investment of his or her Account. A Participant shall indicate his or her
investment selection(s) by filing a written designation with the Plan
Administrator on a form provided by the Plan Administrator. A Participant may
self-direct among the same investment fund options that are available under the
Employer's 401 (k) plan.

    6.2 FREQUENCY OF INVESTMENT ELECTION. With respect to future contributions,
a Participant may file a new investment election at any time, which shall become
effective as of the first day of the calendar quarter following the written
designation.

        In the absence of a new designation, future contributions shall be
treated as invested among available funds in the same proportions as specified
in the Participant's most recently filed election.

        With respect to his or her existing Account balance, a Participant may
change his or her investment designation and reinvest such Account among
available funds at any time upon submitting a written request. Such request
shall be effective on the first day of the calendar quarter following acceptance
by the Plan Administrator of the Participant's investment designation.

    6.3 ABSENCE OF SELF-DIRECTION BY PARTICIPANT. In the absence of an
investment election, a Participant's Account will be invested in a money market
fund.

    6.4 INVESTMENT INCOME. Periodically, each Account will be adjusted, with
either an increase or a decrease, to reflect the related investment earnings (or
losses) within the Account. Investment earnings (or losses) include, but are not
limited to, interest, dividends, realized and unrealized appreciation, and
expenses (if any) within the Account.

    6.5 DISTRIBUTIONS. Each Account will be reduced for any distribution of
benefits to Participants or Beneficiaries pursuant to Article VII.

                     ARTICLE VII - DISTRIBUTION OF BENEFITS

7.1 PAYMENT OF BENEFITS. Distribution of benefits from the Plan shall begin on
the 1" day of the calendar quarter following the calendar quarter that the
Participant incurs a Separation from Service, and continue quarterly thereafter.
A Participant is only entitled to a distribution of benefits to the extent of
the Participant's Account. Distribution of benefits shall be made in twelve (12)
quarterly payments over a three-year period, each payment to represent a
pro-rata interest in the Account. For example, the first payment will be 1/12"
of the entire Account, while the second payment will be 1 /11th of the entire
Account. At the exclusive discretion of the Board, payments of a Participant's
Account may be paid in a lump sum when the Participant incurs a Separation from
Service.

                                       42
<PAGE>   4

    7.2 DISTRIBUTION UPON DEATH. If the Participant dies before distribution of
his or her Account commences, any benefits payable after the Participant's death
will begin on the 1't day of the calendar quarter following the calendar quarter
of the Participant's death, and continue quarterly thereafter in accordance with
Section 7.1.

    7.3 CHANGE IN COMPANY OWNERSHIP. If the Employer ownership changes, and the
successor employer fails to adopt the plan, then all Participant Accounts will
be distributed immediately. For purposes of this Section, change in Employee
ownership shall mean any merger, combination, or purchase, wherein a person or
entity acquires an interest in the Employer of more than 50% of the ordinary
voting power of the Employer.

                     ARTICLE VILL - BENEFICIARY INFORMATION

    8.1 DESIGNATION. A Participant shall have the right to designate a
Beneficiary, and amend or revoke such designation at any time, in writing. Such
designation, amendment or revocation shall be effective upon receipt by the
Administrator.

    8.2 FAILURE TO DESIGNATE A BENEFICIARY. If no designated Beneficiary
survives the Participant and benefits are payable following the Participant's
death, the Administrator shall direct that the payment of benefits be made to
the person or persons in the first of the following classes of successive
preference Beneficiaries.

               The Participant's:
               - spouse,
               - issue, per stirpes, and
               - estate.

                   ARTICLE XI - PAYMENTS TO PLAN PARTICIPANTS
                             AND THEIR BENEFICIARIES

    9.1 BENEFITS PAYABLE TO PLAN PARTICIPANTS. The Employer shall make payments
to the Plan Participants and their Beneficiaries in accordance with Articles VII
and Vill. The Employer shall make provisions for the reporting and withholding
of any federal, state or local taxes that may be required to be withheld with
respect to the payment of benefits pursuant to the terms of the Plan and shall
pay amounts withheld to the appropriate taxing authorities.

    9.2 ENTITLEMENT TO BENEFITS. The entitlement of a Plan Participant or
Beneficiary(ies) to benefits under the Plan shall be determined by the Plan
Administrator or such party as it shall designate under the Plan, and any claim
for such benefits shall be considered and reviewed under the procedures set out
in the Plan.

                                       43
<PAGE>   5

    9.3 DIRECT PAYMENT OF BENEFITS. The Employer will make payment of benefits
directly to Plan Participants or their Beneficiaries as they become due under
the terms of the Plan.

    9.4 FICA TAXABILITY. The liability for tax under the Federal Insurance
Contributions Act (FICA) to which Plan benefits may become subject will be
shared equally by Employer and Participant. Contributions will be subject to
FICA in the year when payment would have otherwise been made to the Eligible
Employee, but for the election to defer under this Plan.

                       ARTICLE X - ACCOUNTING BY EMPLOYER

    The Employer shall keep accurate and detailed records of all investments,
receipts, disbursements, and all other Plan transactions.

                           ARTICLE XI - ADMINISTRATION

    11.1 PLAN ADMINISTRATOR. The Plan Administrator shall administer, construe,
and interpret this Plan and shall determine, subject to the provisions of this
Plan, the Eligible Employees who shall participate in the Plan from time to time
and the amount, if any, due an Eligible Employee (or his or her beneficiary)
under this Plan. The Plan Administrator shall not be liable for any act done or
determination made in good faith. The Plan Administrator who is a Participant in
this Plan may vote on matters affecting his or her personal benefit under this
Plan, but any such member shall otherwise be fully entitled to act in matters
arising or affecting this Plan notwithstanding his or her participation herein.
In carrying out its duties herein, the Plan Administrator shall have
discretionary authority to exercise all powers and to make all determinations,
consistent with the terms of the Plan, in all matters entrusted to it, and its
determinations shall be given deference and shall be final and binding on all
interested parties.

    11.2 CLAIMS PROCEDURES.

        (a) NOTICE OF CLAIM. Any Eligible Employee or beneficiary, or the duly
    authorized representative of an Eligible Employee or beneficiary, may file
    with the Plan Administrator a claim for a Plan benefit. Such a claim must be
    in writing on a form provided by the Plan Administrator and must be
    delivered to the Plan Administrator, in person or by mail, postage prepaid.
    Within ninety (90) days after the receipt of such a claim, the Plan
    Administrator shall send to the claimant, by mail, postage prepaid, a notice
    of the granting or the denying, in whole or in part, of such claim unless
    special circumstances require an extension of time for processing the claim.
    In no event may the extension exceed ninety (90) days from the end of the
    initial period. If such an extension is necessary, the claimant will be
    given a written notice to this effect prior to the expiration of the initial
    ninety (90) day period. The Plan Administrator shall

                                       44
<PAGE>   6

have full discretion to deny or grant a claim in whole or in part in accordance
with the terms of the Plan. If notice of the denial of a claim is not furnished
in accordance with this Section, the claim shall be denied and the claimant
shall be permitted to exercise his or her right to review pursuant to Section
11.2(c) and 11.2(d) of the Plan, as applicable.

    (b) ACTION ON CLAIM. The Plan Administrator shall provide to every claimant
who is denied a claim for benefits a written notice setting forth, in a manner
calculated to be understood by the claimant;

            (i) The specific reason or reasons for the denial;

            (ii) A specific reference to the pertinent Plan provisions on which
                the denial is based;

            (iii) A description of any additional material or information
        necessary of the claimant to perfect the claim and an explanation of why
        such material or information is necessary; and

            (iv) An explanation of the Plan's claim review procedure.

    (c) REVIEW OF DENIAL. Within sixty (60) days after the receipt by a claimant
of written notification of the denial (in whole or in part) of a claim, the
claimant or the claimant's duly authorized representative, upon written
application to the Plan Administrator, delivered in person or by certified mail,
postage prepaid, may review pertinent documents and may submit to the Plan
Administrator, in writing, issues and comments concerning the claim.

    (d) DECISION ON REVIEW. Upon the Plan Administrator's receipt of a notice of
a request for review, the Plan Administrator shall make a prompt decision on the
review and shall communicate the decision on review in writing to the claimant.
The decision on review shall be written in a manner calculated to be understood
by the claimant and shall include specific reasons for the decision and specific
references to the pertinent Plan provisions on which the decision is based. The
decision on review shall be made no later than sixty (60) days after the Plan
Administrator's receipt of a request for a review, unless special circumstances
require an extension of time for processing, in which case a decision shall be
rendered no later than one hundred twenty (120) days after receipt of the
request for review. If an extension is necessary, the claimant shall be given
written notice of the extension by the Plan Administrator prior to the
expiration of the initial sixty (60) day period. If notice of the decision on
review is not furnished in accordance with this Section, the claim shall be
deemed denied on review.

                                       45
<PAGE>   7

                     ARTICLE XII - MISCELLANEOUS PROVISIONS

    12.1 LIMITATION OF RIGHTS. Nothing contained in this Plan shall be construed
to:

            (a) limit in any way the right of the Employer to terminate an
        Eligible Employee's employment at any time; or

            (b) be evidence of any agreement or understanding, express or
        implied, that the Employer will employ an Eligible Employee in any
        particular position or at any particular rate of remuneration.

    12.2 NON-ALIENATION OF BENEFITS; NO WITHDRAWALS. No amounts payable
hereunder may be assigned, pledged, mortgaged, or hypothecated, and, to the
extent permitted by law, no such amounts shall be subject to legal process or
attachment of the payment of any claims against any person entitled to receive
the same. No amounts credited to an Eligible Employee's Account may be withdrawn
or paid to the Eligible Employee prior to his or her Separation from Service.

    12.3 AMENDMENT OR TERMINATION OF PLAN. Although it is expected that this
Plan shall continue indefinitely, the Board may amend this Plan from time to
time in any respect, and may at any time terminate the Plan in its entirety;
provided, however, that an Eligible Employee's Account as of the date of any
such amendment or termination may not be reduced nor may any such amendment or
termination adversely affect an Eligible Employee's entitlement to his or her
Account as of such date.

    12.4 GENDER AND NUMBER. Wherever used in this Plan, the masculine shall be
deemed to include the feminine and the singular shall be deemed to include the
plural, unless the context clearly indicates otherwise.

    12.5 LAW GOVERNING. This Plan shall be construed in accordance with and
governed by the laws of the State of Michigan to the extent such laws are not
preempted by federal law.

                                       46
<PAGE>   8

        Employer:

INTERMET CORPORATION
Approved by Board of Directors Compensation Committee

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