Common use of MIP Payment Clause in Contracts

MIP Payment. You will receive a lump-sum payment equal to three times the greatest of: i. your assigned target amount under the AK Steel Corporation Annual Management Incentive Plan (“MIP”) for the calendar year in which your Date of Termination occurs; ii. the amount paid (or payable) to you under the MIP for the calendar year immediately preceding the calendar year in which your Date of Termination occurs; or iii. the average of the amounts paid (or payable) to you under the MIP for each of the three calendar years immediately preceding the calendar year in which your Date of Termination occurs; less any amount otherwise paid (or payable) to you under the MIP with respect to the calendar year immediately preceding the calendar year in which your Date of Termination occurs; plus your assigned maximum amount under the MIP for the year in which your Date of Termination occurs prorated based on your employment period during such year. Payment of this lump sum amount will be made within ten days after the effective date of your Release of Claims.

MIP Payment. You will receive a lump-sum payment equal to three two times the greatest of: i. your assigned target amount under the AK Steel Corporation Annual Management Incentive Plan (“MIP”) for the calendar year in which your Date of Termination occurs; ii. the amount paid (or payable) to you under the MIP for the calendar year immediately preceding the calendar year in which your Date of Termination occurs; or iii. the average of the amounts paid (or payable) to you under the MIP for each of the three calendar years immediately preceding the calendar year in which your Date of Termination occurs; less any amount otherwise paid (or payable) to you under the MIP with respect to the calendar year immediately preceding the calendar year in which your Date of Termination occurs; plus your assigned maximum amount under the MIP for the year in which your Date of Termination occurs prorated based on your employment period during such year. Payment of this lump sum amount will be made within ten days after the effective date of your Release of Claims.

MIP Payment. You will receive a lump-sum payment equal to three two and one-half times the greatest of: i. your assigned target amount under the AK Steel Corporation Annual Management Incentive Plan (“MIP”) for the calendar year in which your Date of Termination occurs; ii. the amount paid (or payable) to you under the MIP for the calendar year immediately preceding the calendar year in which your Date of Termination occurs; or iii. the average of the amounts paid (or payable) to you under the MIP for each of the three calendar years immediately preceding the calendar year in which your Date of Termination occurs; less any amount otherwise paid (or payable) to you under the MIP with respect to the calendar year immediately preceding the calendar year in which your Date of Termination occurs; plus your assigned maximum amount under the MIP for the year in which your Date of Termination occurs prorated based on your employment period during such year. Payment of this lump sum amount will be made within ten days after the effective date of your Release of Claims.