Lump Sum and MIP Payments. You will receive a lump-sum payment which shall be separate from, but in [for the CEO - an amount equal to one and one-half times; for all other Executive Officers - an amount equal to] your assigned target under the AK Steel Corporation Annual Management Incentive Plan (“MIP”) for the calendar year during which your Date of Termination occurs. Payment of this lump sum amount will be made within ten days after the effective date of your Release of Claims; provided however, if such payment could be paid in more than one taxable year depending on when you sign the Release of Claims, the ten-day limit for payment does not apply; under such circumstances payment still will be made within 70 days of your Date of Termination, but payment automatically will be made as soon as administratively feasible in the later taxable year regardless of when you sign the Release of Claims, but in no event after March 15th of such later taxable year. You also will receive on a prorated basis the MIP incentive award, if any, to which you otherwise would be entitled for the calendar year during which your Date of Termination occurs. The amount of such prorated MIP incentive award shall reflect the percentage of your actual period of participation in the MIP prior to termination during such calendar year. Payment of any such prorated MIP incentive award will be made within ten days after the later of: (i) the date that any awards under the MIP with respect to such calendar year are paid to participants under the MIP, or (ii) the effective date of your Release of Claims; provided however, if the date under (ii) is the operative payment date and such payment could be paid in more than one taxable year depending on when you sign the Release of Claims, the ten-day limit for payment does not apply; under such circumstances payment still will be made within 70 days of your Date of Termination, but payment automatically will be made as soon as administratively feasible in the later taxable year regardless of when you sign the Release of Claims, but in no event after March 15th of such later taxable year.
Lump Sum and MIP Payments. You will receive a lump-sum payment which shall be separate from, but equal in amount to, your assigned target [for CEO, substitute: “equal in amount to one and one half times, your assigned target”] under the AK Steel Corporation Annual Management Incentive Plan (“MIP”) for the calendar year during which your Date of Termination occurs. Payment of this lump sum amount will be made within ten days after the effective date of your Release of Claims. You also will receive on a prorated basis the MIP incentive award, if any, to which you otherwise would be entitled for the calendar year during which your Date of Termination occurs. The amount of such prorated MIP incentive award shall be determined in accordance with Section 6, above, and adjusted to reflect the percentage of your actual period of participation in the MIP prior to termination during such calendar year. Payment of any such prorated MIP incentive award will be made within ten days after the later of: (i) the date that any awards under the MIP with respect to such calendar year are paid to participants under the MIP, or (ii) the effective date of your Release of Claims.”
