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EXHIBIT 10.14(e)
AMENDMENT NO. 4 TO THE
INTERMET CORPORATION EMPLOYEE STOCK
OWNERSHIP PLAN AND TRUST (1987)
(As Adopted Effective As of January 1, 1987)
This Amendment made and entered into as of this 1st day of October,
1993, by and between Intermet Corporation, a Georgia corporation (referred to
as the "Employer"), and Trust Company Bank, as trustee (referred to herein as
the "Trustee");
W I T N E S S E T H:
WHEREAS, the Employer previously established for the exclusive benefit
of its eligible employees the Intermet Corporation Employee Stock Ownership
Plan and Trust (1987) (the "Plan"); and
WHEREAS, the Plan has been amended from time to time; and
WHEREAS, effective October 1, 1993, the Employer adopted a special
voluntary severance plan for eligible salaried employees of Intermet Foundries,
Inc. and its subsidiaries, known as the 1993 Special Voluntary Severance Plan
for Salaried Employees of Intermet Foundries, Inc. and Its Subsidiaries (the
"1993 Special Voluntary Severance Plan"); and
WHEREAS, because Participants who elect to resign from employment
under the 1993 Special Voluntary Severance Plan will cease employment with the
Employer and active participation under this Plan effective as of their
"Severance Date," as that term is defined in the 1993 Special Voluntary
Severance Plan, the parties desire to amend the Plan to provide special
provisions for Participants electing to participate in the 1993 Special
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Voluntary Severance Plan and to clarify the Plan's provisions relating to
severance pay;
NOW, THEREFORE, for and in consideration of the premises and mutual
covenants contained herein, the parties hereto agree as follows:
1.
Section 1.2 is hereby amended by adding the following at the end of
the present section:
"Annual Compensation shall not include any amounts paid to a
Participant or former Participant as severance pay pursuant to
any plan, program or policy of the Employer."
2.
Article II is hereby amended by adding the following new Section 2.9:
"2.9 Participation in the 1993 Special Voluntary Severance
Plan -
(a) In General - This Section shall apply only to those
Participants who are eligible for, and elect to participate
in, the 1993 Special Voluntary Severance Plan for Salaried
Employees of Intermet Foundries, Inc. and Its Subsidiaries
(the "1993 Special Voluntary Severance Plan"). The terms
"Severance Date" and "Severance Pay" shall have the meanings
given them under the 1993 Special Voluntary Severance Plan,
and such definitions are expressly incorporated herein by
reference. Notwithstanding the provisions of this Section
2.9, the Employer may restrict the benefits of any Highly
Compensated Employee in order to satisfy the applicable
non-discrimination requirements of the Code.
(b) Service - Except as otherwise provided in this
Section 2.9, a Participant who elects to participate in the
1993 Special Voluntary Severance Plan shall cease active
participation in this Plan for all purposes effective as of
his Severance Date. Such Participant shall not be eligible to
participate in Employer Contributions or allocations of
Forfeitures, pursuant
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to Sections 3.1, 4.3 and 4.4 of the Plan for the period that
such Participant receives Severance Pay.
(c) 1993 Employer Contributions - For the Plan Year
ending December 31, 1993 only (the "1993 Plan Year"), the
Employer shall make a one-time Employer Contribution pursuant
to Section 3.1 of the Plan for each Participant who: (i)
elects to participate in the 1993 Special Voluntary Severance
Plan; (ii) has a Severance Date prior to December 31, 1993;
and (iii) has a Year of Service for the 1993 Plan Year.
(d) Annual Compensation - For purposes of the Employer
Contribution made under this Section 2.9, Annual Compensation
shall only include a Participant's Annual Compensation
received through the Participant's Severance Date and shall
not include any Severance Pay.
(e) Early or Normal Retirement - A Participant who is
eligible for, and elects to participate in, the 1993 Special
Voluntary Severance Plan, but who does not satisfy the
requirements of Section 5.1 as of his Severance Date, shall be
granted such additional age and/or service under this Plan so
that he satisfies the requirements of Section 5.1(a) or 5.1(b)
of the Plan as of his Severance Date, without regard to the
Participant's actual Severance Date under the 1993 Special
Voluntary Severance Plan."
4.
The provisions of this Amendment No. 4 shall be effective as of
October 1, 1993.
5.
Except as hereby modified, the Plan shall remain in full force and
effect.
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IN WITNESS WHEREOF, the parties have caused this Amendment No. 4 to be
duly executed as of the day and the year first above written.
EMPLOYER: TRUSTEE:
INTERMET CORPORATION TRUST COMPANY BANK
By: /s/ John D. Ernst By: /s/
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Title: Vice President Finance Title: Vice President
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