Document:

Summary of Executive Compensation

 Exhibit 10(ll) 
 Newmont Mining Corporation 
 Summary of Executive Compensation 
 The following is a summary of the compensation paid to executive officers of Newmont Mining Corporation (the “Company”): 
 Base Salaries.    Base salaries are designed to reflect competitive base pay levels, results achieved by the
executive, and scope of responsibilities and experience. 
 The Compensation and Management Development Committee of the Company (the
“Committee”) established the following base salaries for 2006 for the Company’s Chief Executive Officer and each of the Company’s four most highly compensated executive officers (the “named executive officers”) in 2005:

  

				
	 Name
	  	Base Salary
	 Wayne W. Murdy
	  	$	1,000,000
	 Pierre Lassonde
	  	$	755,000
	 Thomas L. Enos
	  	$	495,000
	 Bruce D. Hansen
	  	$	495,000
	 Richard T. O’Brien
	  	$	495,000

 Mr. David H. Francisco resigned as Executive Vice President in September 2005 
 Annual Cash Incentives.    Annual cash incentive awards are made pursuant to the Company’s Annual Incentive
Compensation Payroll Practice (“AICP”). The named executive officers (and other senior management) are eligible to receive both a corporate performance bonus and a personal performance bonus. Participants in the AICP are assigned target
awards as a percentage of their eligible base salary. Target award percentages increase at higher management levels to 100% of eligible base salary in the case of the Chief Executive Officer. The weight of corporate performance and personal
performance factors varies by participant. 
 The 2005 corporate performance bonus is paid in cash based on achievement of corporate
performance goals, which consist of (a) certain goals relating to net asset value, (b) certain reserve replacement goals, (c) certain free cash flow goals, (d) an earnings goal, and (e) a gross margin goal. The AICP bonus
amount depends on the Company’s performance against these goals. If the Company meets the goals, each eligible employee receives a payment equal to his or her target award percentage; if the Company exceeds the goals, the payment can increase
to as high as 200% of the target award percentage; if the Company does not meet the goals, the payment can decrease and, if the Company fails to achieve certain threshold performance, the payment will not be made at all. In 2005, the Company
achieved a corporate performance percentage of 84.7% of target performance, based on the Company’s actual performance results as compared to the 2005 corporate performance goals. 
 The personal performance bonus is also paid in cash. Target bonus levels are determined by the grade level of each respective executive officer or other
AICP participant, and payouts are based on an evaluation of each executive’s personal contribution to the Company. In 2005, the maximum payout percentage for the personal performance bonus was 150% of the target level for the grade (with awards
paid above the target level based on exemplary performance). Performance deemed to fall below expectations results in a payment below the target level, or in some cases no payment at all. In 2005, personal performance awards to the named executive
officers and other AICP participants were based on certain factors such as the individual goals and accomplishments of the relevant executive officer or other AICP participant, as well as his or her contributions to the positive results realized by
the Company during 2005. 
 The performance targets for 2006 consist of four performance factors, with equal weighting, which measure
achievement of certain goals relating to (a) gold production, (b) costs of production, (c) cash flow, and 

 
(d) reserve growth. Starting in 2006, restricted stock awards will be made based on a three-year weighted average of performance under the corporate
performance targets for the AICP, with additional awards being granted based on performance of the Company’s share price as compared to gold price appreciation. 
 In 2003, the Company eliminated the Intermediate Term Incentive Compensation Plan (“ITIP”), which paid bonuses in the form of cash and restricted stock based on a consolidated three-year performance
measurement. The elimination of the ITIP resulted in a reduction in total direct compensation for the executives. In order to address this reduction, cash transition payments are paid over three years to those executives who previously participated
in the ITIP. The transition payments are also based on the Company’s achievement of corporate performance goals under the AICP, which paid out at 84.7% based on the Company’s actual performance during 2005. 
 The following chart represents cash payments awarded to the named executive officers under the AICP and the transition payments described above for
performance in 2005: 
  

										
	 Name and Title
	  	Corporate
Performance
Bonus	  	Personal
Performance
Bonus	  	Transition
Payment
	 Wayne W. Murdy, Chairman and Chief Executive Officer
	  	$	510,741	  	$	371,250	  	$	247,748
	 Pierre Lassonde, President
	  	 	298,600	  	 	259,596	  	 	127,075
	 Thomas L. Enos, Senior Vice President, Operations
	  	 	143,986	  	 	114,746	  	 	46,953
	 Bruce D. Hansen, Senior Vice President, Operations Services and Development
	  	 	172,047	  	 	126,953	  	 	78,013
	 Richard T. O’Brien, Senior Vice President and Chief Financial Officer
	  	 	47,462	  	 	35,022	  	 	0
	 David H. Francisco, Technical Consultant to the Chief Executive Officer
	  	 	210,197	  	 	124,083	  	 	96,016

 Restricted Stock Awards.    The Company’s executive
compensation program also includes awards of restricted stock based on the Company’s performance. Restricted stock awards are intended to reward the named executive officers and other eligible executives based on the attainment of corporate
performance goals established by the Committee. These goals track the corporate performance goals established under the AICP, as described above, and the Company must achieve certain threshold performance before any restricted stock awards are made.
Awards in 2005 were made in the form of restricted shares of Newmont Common Stock or restricted stock units under the Newmont Mining Corporation 2005 Stock Incentive Plan, with such shares vesting in equal installments over three years. Executives
are assigned target awards as a percentage of their eligible base salary. For 2005, these target award percentages for the top five executives ranged from 75% to 135%. As with the AICP, the restricted stock award amount depends on the Company’s
performance against defined goals. If the Company meets the goals, each eligible employee receives a payment equal to his or her target award percentage; if the Company exceeds the goals, the payment can increase to as high as 200% of the target
award percentage; if the Company does not meet the goals, the award can decrease and, if the Company fails to achieve certain threshold performance, the award will not be made at all. In 2005, the Company’s named executive officers and other
senior management achieved a corporate performance percentage as described above of 84.7% of target performance, based on the Company’s actual performance results as compared to the 2005 corporate performance goals. 
 The named executive officers were awarded the following amounts of restricted stock of Newmont Common Stock for 2005: 
  

					
	 	  	Restricted Stock	  	Restricted Stock Units
	 Wayne W. Murdy
	  	17,891	  	—  
	 Pierre Lassonde
	  	—  	  	9,439
	 Thomas L. Enos
	  	3,911	  	—  
	 Bruce D. Hansen
	  	5,085	  	—  
	 Richard T. O’Brien
	  	1,403	  	—  
	 David H. Francisco
	  	6,212	  	—  

  

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 Stock Options.    Stock options are a long-term incentive award
designed to link executive rewards with stockholder value over time. The award of stock options promotes the creation of stockholder value because the benefits cannot be realized unless stock price appreciation occurs. Options provide a strong
incentive to increase stockholder value, with the number of options increasing in proportion to the relative potential influence of the recipient on overall performance of the Company, and reward recipients making a long-term commitment to the
Company. 
 During 2005, stock options were granted to the named executive officers under Newmont’s 2005 Stock Incentive Plan as the
follows: 
  

							
	 Name
	  	Options
Granted (#)	 	 	Exercise
Price
	 Wayne W. Murdy
	  	45,000	(1)	 	$	40.43
		  	45,000	(2)	 	 	45.74
	 Pierre Lassonde
	  	30,000	(1)	 	 	40.43
		  	30,000	(2)	 	 	45.74
	 Thomas L. Enos
	  	10,000	(1)	 	 	40.43
		  	25,000	(2)	 	 	45.74
	 Bruce D. Hansen
	  	20,000	(1)	 	 	40.43
		  	25,000	(2)	 	 	45.74
	 Richard T. O’Brien
	  	20,000	(1)	 	 	45.74

	(1)	Granted on April 27, 2005, and exercisable in three annual increments, commencing on
April 27, 2006. 

	(2)	Granted on October 26, 2005, and exercisable in three annual increments, commencing on
October 26, 2006. 

 Pension Plans.    The following table shows the estimated pension
benefits payable annually to a covered participant at normal retirement age (62 years) under the Company’s qualified defined benefit pension plan (the “Pension Plan”), as well as under its nonqualified supplemental pension plan (the
“Pension Equalization Plan”) that provides benefits that would otherwise be denied participants by reason of certain Internal Revenue Code limitations on qualified plan benefits, based on remuneration that is covered under the plans and
years of service with the Company or its subsidiaries; such amounts have not been reduced for Social Security benefits. 
  

																			
	 	  	Years of Service
	 Remuneration
	  	5	  	10	  	15	  	20	  	25	  	30
	 $   500,000
	  	$	43,750	  	$	87,500	  	$	131,250	  	$	175,000	  	$	218,750	  	$	262,500
	 $   600,000
	  	$	52,500	  	$	105,000	  	$	157,500	  	$	210,000	  	$	262,500	  	$	315,000
	 $   700,000
	  	$	61,250	  	$	122,500	  	$	183,750	  	$	245,000	  	$	306,250	  	$	367,500
	 $   800,000
	  	$	70,000	  	$	140,000	  	$	210,000	  	$	280,000	  	$	350,000	  	$	420,000
	 $   900,000
	  	$	78,750	  	$	157,500	  	$	236,250	  	$	315,000	  	$	393,750	  	$	472,500
	 $1,000,000
	  	$	87,500	  	$	175,000	  	$	262,500	  	$	350,000	  	$	437,500	  	$	525,000
	 $1,100,000
	  	$	96,250	  	$	192,500	  	$	288,750	  	$	385,000	  	$	481,250	  	$	577,500
	 $1,200,000
	  	$	105,000	  	$	210,000	  	$	315,000	  	$	420,000	  	$	525,000	  	$	630,000
	 $1,300,000
	  	$	113,750	  	$	227,500	  	$	341,250	  	$	455,000	  	$	568,750	  	$	682,500
	 $1,400,000
	  	$	122,500	  	$	245,000	  	$	367,500	  	$	490,000	  	$	612,500	  	$	735,000
	 $1,500,000
	  	$	131,250	  	$	262,500	  	$	393,750	  	$	525,000	  	$	656,250	  	$	787,500
	 $1,600,000
	  	$	140,000	  	$	280,000	  	$	420,000	  	$	560,000	  	$	700,000	  	$	840,000
	 $1,700,000
	  	$	148,750	  	$	297,500	  	$	446,250	  	$	595,000	  	$	743,750	  	$	892,500
	 $1,800,000
	  	$	157,500	  	$	315,000	  	$	472,500	  	$	630,000	  	$	787,500	  	$	945,000
	 $1,900,000
	  	$	166,250	  	$	332,500	  	$	498,750	  	$	665,000	  	$	831,250	  	$	997,500
	 $2,000,000
	  	$	175,000	  	$	350,000	  	$	525,000	  	$	700,000	  	$	875,000	  	$	1,050,000

  

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 A participant’s remuneration covered by the Pension Plan and the Pension Equalization Plan is his or
her average annual base salary and bonus (as reported in the Summary Compensation Table) for the 60 consecutive months in which the highest level of compensation was paid to the participant during the last 120 months of the participant’s career
with the Company or its subsidiaries (except for Mr. Lassonde who participates in the Company’s International Retirement Plan described below). The approximate years of actual credited service as of the end of 2005 for each Named Executive
Officer (except for Mr. Lassonde) is: Mr. Murdy—13 years (see “Executive Agreements” below); Mr. Enos—35 years; Mr. Hansen—23 years; Mr. O’Brien—0 years; and Mr. Francisco—15 years.
Benefits shown are computed on a straight single life annuity basis beginning at age 62. Under the terms of the Pension Plan, bonus amounts do not include payments in the form of restricted stock for purposes of calculating remuneration. With
respect to the Pension Equalization Plan, bonus amounts paid in the form of restricted stock will not be considered in calculating levels of compensation for executives hired or promoted to executive status after January 1, 2004. Any bonus
amounts paid in the form of restricted stock for plan years after December 31, 2007 will not be considered in calculating levels of compensation under the plan for any participants. 
 Mr. Lassonde participates in the Company’s International Retirement Plan (the “International Plan”), which provides participants with
a basic, supplemental savings and payment upon retirement or termination of employment. The basic and savings payments are calculated based on participants’ age and annual compensation during each year of participation in the International
Plan. Pursuant to Mr. Lassonde’s employment agreement, an amount equal to 18% of his annual compensation for 2005 ($239,207) was accrued for his basic payment and 6% of his annual compensation for 2005 ($79,736) was accrued for his
supplemental payment. Additionally, $12,000 was accrued for Mr. Lassonde’s anticipated savings payment. It is estimated that Mr. Lassonde will be entitled to a basic payment of $1,806,498, a savings payment of $118,357 and a
supplemental payment of $602,166. Thus, the total estimated payment for Mr. Lassonde under the International Plan is a lump sum of $2,527,021 upon retirement at age 62. 
 Officers’ Death Benefit Plan and Group Life Insurance Program.    The Company has an Officers’ Death Benefit
Plan for the benefit of the named executive officers and other executive officers of the Company. The plan provides a death benefit of three times final annual base salary for an executive officer who dies while an active employee and a death
benefit of one times final annual base salary for an executive officer who dies after retiring at or after normal retirement age. For retirement prior to normal retirement age, the post-retirement death benefit is 30% to 100% of one times final
annual base salary, depending on the number of years remaining to normal retirement age. Coverage under the Officers’ Death Benefit Plan is offset by group life insurance maintained for the benefit of all salaried employees of the Company and
certain of its subsidiaries. 
 Executive Agreements.    Mr. Murdy’s letter of offer of
employment from the Company provides that if his employment is terminated other than for “cause” (as defined in the Company’s Severance Plan), or if he terminates employment after a reduction in base salary or a significant reduction
in duties and responsibilities (as determined by independent members of the Board of Directors of the Company), he will be entitled to receive 24 months of his then salary (as defined in the Company’s Severance Plan) plus certain other
severance benefits. Mr. Murdy’s letter agreement with the Company provides that upon his retirement from the Company on or after his 62nd birthday, he will receive an additional one-half year of “credited” service under the Company’s non-qualified supplemental pension plan for each otherwise credited year of his service
with the Company or any of its subsidiaries in computing his pension benefits. In the event Mr. Murdy’s employment with the Company or any of its subsidiaries terminates prior to his 62nd birthday, he will not be entitled to such benefit unless his termination constitutes a “qualifying termination” as defined in the letter agreement.
Generally, a qualifying termination means (a) a termination due to Mr. Murdy’s death or disability, (b) a termination by Mr. Murdy for “good reason” (as defined in the letter agreement), (c) a termination of
Mr. Murdy by the Company without cause (as defined in the Company’s Severance Plan), or (d) a termination that qualifies Mr. Murdy for enhanced severance benefits under his Change of Control Agreement (see “Change of Control
Employment Agreements” below). Any benefits to which Mr. Murdy may be entitled under the Company’s Severance Plan (as described below) reduce the benefits due under these arrangements. 
  

 4 

 Pursuant to Mr. Lassonde’s Employment Agreement dated February 16, 2002, as amended,
Mr. Lassonde is paid a base salary to perform his duties as President of the Company, including, but not limited to, the management, operation, strategic direction and overall conduct of the merchant banking and business development functions
of the Company. In addition, Mr. Lassonde is eligible to participate in Newmont’s incentive plans, welfare benefit programs, stock option plans and international retirement plan. Should Mr. Lassonde be terminated for any reason other
than for cause, he will receive the amount of $750,000 or the benefit he would be eligible for under the Company’s Severance Plan and/or the Executive Change of Control Plan, whichever is greater. 
 Change of Control Employment Agreements.    The Company is a party to change of control employment agreements with
Messrs. Murdy and Hansen. The change of control employment agreements have three-year terms, which terms are automatically extended for one year upon each anniversary unless a notice not to extend is given by the Company. If a Change of Control (as
defined in the agreements) occurs during the term of an agreement, then the agreement becomes operative for a fixed three-year period. The agreements provide generally that the executive’s terms and conditions of employment (including position,
location, compensation and benefits) will not be adversely changed during the three-year period after a Change of Control of the Company. If the Company terminates the executive’s employment (other than for cause, death or disability), the
executive terminates for “good reason” during such three-year period, or the executive terminates employment for any reason during the 30-day period following the first anniversary of the Change of Control, and upon certain terminations
prior to a Change of Control in connection with or in anticipation of a Change of Control, the executive is generally entitled to receive (a) three times the sum of (i) the executive’s annual base salary plus (ii) the
executive’s annual bonus (as determined in the agreements), (b) accrued but unpaid compensation, (c) welfare benefits for three years, (d) a pro rata bonus for the year in which the termination of employment occurs, and
(e) a lump sum payment having an actuarial value equal to the additional pension benefits the executive would have received if he or she had continued to be employed by the Company for an additional three years. In addition, the agreements
provide that the executive is entitled to receive a payment in an amount sufficient to make the executive whole for any excise tax on excess parachute payments imposed under Section 4999 of the Internal Revenue Code of 1986, as amended. In the
event of a Change of Control, the agreements will supersede any individual employment agreements entered into by the Company with the executives, and the executive will not be permitted to participate in the Company’s severance plans or
policies, including the Severance Plan described below, during the three-year period following a Change of Control. 
 Executive Change
of Control Plan.    Messrs. Lassonde, Enos and O’Brien participate in the Executive Change of Control Plan. If the Company terminates the executive’s employment after a Change of Control, as defined in the Plan
(other than for cause, death or disability), the executive terminates for “good reason” during such three-year period, the executive is entitled to receive (a) three times the sum of (i) the executive’s annual base salary
plus (ii) the executive’s annual bonus (as determined in the agreements), (b) accrued but unpaid compensation, (c) welfare benefits for three years, (d) a pro rata bonus for the year in which the termination of employment
occurs, and (e) a lump sum payment having an actuarial value equal to the additional pension benefits the executive would have received if he or she had continued to be employed by the Company for an additional three years. In addition, the
agreements provide that the executive is entitled to receive a payment in an amount sufficient to make the executive whole for any excise tax on excess parachute payments imposed under Section 4999 of the Internal Revenue Code of 1986, as
amended. In the event of a Change of Control, the agreements will supersede any individual employment agreements entered into by the Company with the executives, and the executive will not be permitted to participate in the Company’s severance
plans or policies, including the Severance Plan described below, during the three-year period following a Change of Control. 
 Severance Plan.    Each of the Named Executive Officers participates in the Company’s Severance Plan. Participants in the Severance Plan whose employment with the Company or one of its subsidiaries or
affiliates is involuntarily terminated other than for “cause” (as defined in the Severance Plan) are entitled to receive a minimum of four weeks of salary (as defined in the Severance Plan), together with an additional two weeks of salary
for each year of service. Under the Severance Plan, the maximum severance allowance benefit payable to a 

  

 5 

 
participant calculated as set forth above is 104 weeks of the participant’s salary. In addition to the amount described above, each participant is also
entitled to a lump sum payment equal to the Company’s matching contribution that would have been made under the Company’s Retirement Savings Plan calculated in accordance with the relevant provisions of the Severance Plan. Participants
under the Severance Plan are also entitled to certain fringe benefits, such as coverage under the Company’s medical and dental plans and life insurance plan, as set forth in the Severance Plan. 
 Perquisites.    The Company’s philosophy is to provide a minimum of perquisites to its executives and generally
when such benefits have a business purpose. In 2005, such benefits for the Named Executive Officers were (a) financial planning; and (b) country or social club memberships for the Chief Executive Officer and President. The Company owns a
fractional share in a corporate aircraft, which is used solely for senior executives’ travel on Company business. The value of all perquisites for each of the Named Executive Officers was less than $20,000. 
  

 6Stock Incentive Plan

 EXHIBIT 10.22 
 AK STEEL HOLDING CORPORATION 
 STOCK INCENTIVE PLAN 
 (as amended and restated as of January 20, 2005) 
 Article 1. Amendment and Restatement, Purpose, and Duration. 
 1.1 Amendment and Restatement of the Plan. AK Steel
Holding Corporation, a Delaware corporation (the “Company”), previously established an incentive compensation plan known as the “AK Steel Holding Corporation Stock Incentive Plan” (the “Plan”). On January 20, 2005,
the Board of Directors of the Company adopted this amendment and restatement of the Plan, subject to the approval of the Company’s shareholders. The Plan permits the grant of Nonqualified Stock Options, awards of Restricted Stock, and awards of
Performance Shares. 
 1.2 Purpose of the Plan. The purpose of the Plan is to promote the success and enhance the value of the Company
by linking the personal interests of directors, executive officers and key employees of the Company to those of the Company’s shareholders, and by providing these individuals with an incentive for outstanding performance. The Plan is further
intended to enhance the Company’s ability to motivate, attract, and retain the services of these individuals upon whose judgment, interest, and special effort the successful conduct of its operation is largely dependent. 
 1.3 Duration of the Plan. This amendment and restatement of the Plan shall become effective on the date it is approved by the Company’s
shareholders, and shall remain in effect until all Shares subject to it shall have been purchased or acquired or are no longer available for Awards according to the Plan’s provisions, subject to the right of the Board to terminate the Plan at
any time pursuant to Article 11 herein. In no event may an Award be granted under the Plan on or after December 31, 2014. Termination of the Plan shall not affect the rights of any person under an outstanding Award Agreement unless otherwise
specifically provided in such Award Agreement. 
 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” includes,
without limitation, Option Awards, Restricted Stock Awards, or Performance Share Awards that are valued in whole or in part by reference to, or are otherwise based on, the Company’s stock, performance goals or other factors, each on a stand
alone or combination basis, as described in or granted under this Plan. 
 (b) “Award Agreement” means the agreement or
other writing that sets forth the terms and conditions of each Award, including any amendment or modification thereof. A Participant is bound by the terms of an Award Agreement and this Plan by reason of accepting the benefits of the Award.

 (c) “Beneficial Owner” shall have the meaning ascribed to such term in Rule l3d-3 of the General Rules and Regulations
under the Exchange Act. 
 (d) “Beneficiary” means the person or persons named by a Participant to succeed to the
Participant’s rights under any then unexpired Award Agreements. Each such designation shall: (i) revoke all prior designations by the same Participant; (ii) be in a form acceptable to the Committee; and (iii) be effective only
when delivered to the Committee by the Participant in writing and during the Participant’s lifetime. No beneficiary shall be entitled to any notice of any change in a designation of beneficiary. In the absence of any such designation, the
Participant’s estate shall be the beneficiary. 
 (e) “Board” means the Board of Directors of the Company. 

 (f) “Cause” means: (i) conviction of, or entering a plea of guilty or nolo
contendere to, a misdemeanor involving moral turpitude or a felony; (ii) engagement in fraud, misappropriation or embezzlement with respect to the Company or any subsidiary or affiliate thereof; (iii) willful failure, gross negligence or
gross misconduct in the performance of assigned duties for the Company or any subsidiary or affiliate thereof; and/or (iv) breach of a fiduciary duty to the Company or any subsidiary or affiliate thereof. 
 (g) “Change of Control” shall be deemed to have occurred if: 
 (i) any person (other than a trustee or other fiduciary holding securities under an employee benefit plan in which employees of the
Company participate) becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing forty percent (40%) or more of the combined voting power of the Company’s then outstanding voting securities; or

 (ii) during any period of two (2) consecutive years individuals who at the beginning of such period constitute the
Board, including for this purpose any new Director of the Company (other than a Director designated by a person who has entered into an agreement with the Company to effect a transaction described in clauses (i) or (iii) of this Subsection
(g)) whose election by the Board or nomination for election by the shareholders of the Company was approved by a vote of at least two-thirds (2/3) of the Directors then still in office who either were Directors at the beginning of the period or
whose election or nomination for election was previously so approved, cease for any reason to constitute a majority of the Board; or 
 (iii) the shareholders of the Company approve a merger or consolidation of the Company with any other corporation (other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the combined voting power of the voting securities of the Company or such
surviving entity outstanding immediately after such merger or consolidation) or the shareholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially
all of the Company’s assets. 
 (h) “Code” means the Internal Revenue Code of 1986, as amended from time to time.

 (i) “Committee” means the Compensation Committee of the Board, or such other committee designated by the Board to
administer this Plan. The Committee shall consist of not less than two members of the Board who shall be appointed from time to time by, and shall serve at the discretion of, the Board. The Committee shall be comprised solely of Directors who are:
(i) “independent directors” as defined in the rules and regulations of the New York Stock Exchange; (ii) “non-employee directors” as defined in Rule 16b-3 promulgated under the Exchange Act; and (iii) “outside
directors” within the meaning of Section 162(m) of the Code and related regulations. The references herein to specific rules, regulations, and statutes shall include any successor provisions thereof. 
 (j) “Company” means AK Steel Holding Corporation, a Delaware corporation, or any successor thereto, as provided in Article 14 herein.

 (k) “Covered Employee” means any Participant who is or may be a “covered employee” within the meaning of
Section 162(m)(3) of the Code. 
 (l) “Director” means any individual who is a member of the Board and who is not an
Employee. 
 (m) “Disability” means a physical or mental condition which, in the judgment of the Committee, renders a
Director unable to serve or an Employee unable to perform the duties of his position with the Company or, in the case of an Employee, the duties of another available position with the Company for which the Employee is suited by education, background
and training. Any Employee found to be qualified for disability benefits under AK Steel Holding Corporation’s long term disability plan or by the Federal Social Security Administration will be considered to be disabled under this Plan, but
qualification for such benefits shall not be required as evidence of disability hereunder. 

 (n) “Employee” means any common law employee of the Company or any subsidiary or
affiliate thereof, including AK Steel Corporation. A Director is not an Employee solely by reason of his position as a Director and, unless otherwise employed by the Company, shall not be considered to be an Employee under this Plan. 
 (o) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto. 
 (p) “Fair Market Value” shall mean: 
 (i) if the Shares are traded on an established United States national stock exchange or in the United States over-the-counter market with prices reported on the NASDAQ, the average of the highest and lowest sales
prices for Shares on the relevant date (or, if there were no sales of Shares on such date, the weighted average of the mean between the highest and lowest sale prices for Shares on the nearest preceding trading day on which there were sales of
Shares); and 
 (ii) if the Shares are not traded as described in clause (i), the fair market value of such Shares on the
relevant date, as determined in good faith by the Board. 
 (q) “Insider” shall mean an Employee who is, on the relevant
date, an executive officer or ten percent (10%) Beneficial Owner of the Company, as defined under Section 16 of the Exchange Act, or a Director. 
 (r) “Nonqualified Stock Option” or “Option” means an option to purchase Shares from the Company at a price established in an Option Award Agreement. No incentive stock option within
the meaning of Code Section 422 may be granted under this Plan. 
 (s) “Option Award” means, individually or
collectively, a grant under this Plan of a Nonqualified Stock Option. 
 (t) “Option Award Agreement” means an agreement
setting forth the terms and provisions applicable to an Option Award granted to a Participant under this Plan. 
 (u) “Option
Price” means the price at which a Share may be purchased by a Participant under the terms of an Option Award Agreement. 
 (v)
“Par Value” shall mean the designated par value of one Share. 
 (w) “Participant” means any Director or
Employee who possesses an unexpired Award granted under the Plan. 
 (x) “Performance Share” means Shares (or units
representing the right to receive Shares) granted to a Participant subject to attainment of certain performance criteria and objectives in accordance with the terms of the Plan. 
 (y) “Performance Share Award” means individually or collectively, a grant under this Plan of a Performance Share. 
 (z) “Performance Share Award Agreement” means an agreement setting forth the terms and provisions applicable to a Performance Share
Award under this Plan. 
 (aa) “Plan” means the AK Steel Holding Corporation Stock Incentive Plan as set in this document,
and if amended at any time, then as so amended. 
 (bb) “Restricted Stock” means Shares granted to a Participant subject to
certain restrictions on the Participant’s right to sell, transfer, assign, pledge, encumber or otherwise alienate or hypothecate the Shares except in accordance with the terms of this Plan. 
 (cc) “Restricted Stock Award” means, individually or collectively, a grant under this Plan of Shares of Restricted Stock. 

 (dd) “Restricted Stock Award Agreement” means an agreement setting forth the terms and
provisions applicable to a Restricted Stock Award under this Plan. 
 (ee) “Retirement” shall mean termination of employment
with the Company or any affiliate of the Company with eligibility to immediately commence to receive a pension under the Company’s noncontributory defined benefit pension plan as in effect on the Employee’s termination date. For a
Participant who is not participating in such plan, Retirement shall mean any termination of employment with the Company which would have entitled such Participant to be eligible to immediately commence to receive a pension under the Company’s
non-contributory defined benefit pension plan had the Participant been a participant. 
 (ff) “Shares” means the shares of
voting common stock of the Company. 
 Article 3. Administration. 
 3.1 The Committee. The Plan shall be administered by the Committee. The Committee may employ such legal or other counsel, consultants and agents as it may deem desirable for the administration of the Plan and
may rely upon any opinion or computation received from any such counsel, consultant or agent. Expenses incurred by the Committee in the engagement of such counsel, consultant or agent shall be paid by the Company. No member or former member of the
Board or the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Award granted hereunder. 
 3.2 Authority of the Committee. The Committee shall have full power, subject to the provisions of this Plan, except as limited by law or by the Articles of Incorporation or Bylaws of the Company: (a) to determine the size and
types of Awards (except as to Awards to Directors which shall be limited to the size and shall be subject to the conditions expressly permitted by this Plan); (b) to determine the terms and conditions of each Award Agreement in a manner
consistent with the Plan; (c) to construe and interpret the Plan and any agreement or instrument entered into under the Plan; (d) to establish, amend, or waive rules and regulations for the Plan’s administration; and, (e) subject
to the provisions of Article 11 herein, to amend the terms and conditions of any outstanding Award Agreement 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 for the administration of the Plan. The Committee may delegate its authority hereunder to the extent permitted by law. In no event shall a Director who is a Participant vote in any
matter related solely to such Director’s Award 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 or resolutions of the Board shall be final, conclusive and binding on all persons, including the Company, its shareholders, Directors, Employees, Participants, and their
estates, beneficiaries or assignees. In all cases, Awards to Directors shall be subject to the same terms, conditions and interpretations applicable generally to Awards to non-Director Participants. 
 3.4 Arbitration. Each Participant who is granted an Award hereunder agrees as a condition of the Award to submit to binding arbitration any
dispute regarding the Plan or any Award made under the Plan, including by way of illustration and not limitation, any decision of the Committee or any action of the Company respecting the Plan. Such arbitration shall be held in accordance with the
rules of the American Arbitration Association before an arbitrator selected by the Company and acceptable to the Participant. If the Participant objects to the appointment of the arbitrator selected by the Company, and the Company does not appoint
an arbitrator acceptable to the Participant, then the Company and the Participant shall each select an arbitrator and those two arbitrators shall collectively appoint a third arbitrator who shall alone hear and resolve the dispute. The Company and
the Participant shall share equally the cost of arbitration. No Company agreement of indemnity, whether under the Articles of Incorporation, the By-Laws or otherwise, and no insurance purchased by the Company shall apply to pay or reimburse any
Participant’s costs of arbitration. 

 Article 4. Shares Subject to Grant Under the Plan. 
 4.1 Number of Shares. Subject to adjustment as provided in this Section and in Section 4.3, an aggregate of 16,000,000 Shares shall be
available for the grant of Option Awards, Restricted Stock Awards, and Performance Share Awards under the Plan (hereinafter called the “Share Pool”); provided, however, that no Employee may be granted Awards under the Plan in any calendar
year with respect to more than 600,000 Shares. The Committee, in its sole discretion, shall determine the appropriate division of the Share Pool as between Option Awards, Restricted Stock Awards, and Performance Share Awards. Shares issued pursuant
to any Award may be either authorized and previously unissued Shares or reacquired Shares. 
 The following rules will apply for purposes of
the determination of the number of Shares available for grant under the Plan: 
 (a) the grant of an Award to an Employee
shall reduce the Shares available in the Share Pool for grant under the Plan by the number of Shares subject to the Award; and 
 (b) to the extent that an Option is settled in cash rather than by the delivery of Shares, the Share Pool shall be reduced by the number of Shares represented by the cash settlement of the Option (subject to the limitation set forth in
Section 4.2 herein). 
 4.2 Lapsed Awards. If any Award granted under this Plan is canceled, terminates, expires or lapses for
any reason, any Shares then subject to such Award again shall be available for grant under the Plan and shall return to the Share Pool. 
 4.3 Adjustments in Authorized Shares. In the event of any merger, reorganization, consolidation, recapitalization, separation, liquidation, stock dividend, split-up, Share combination, or other change in the corporate structure of
the Company affecting the Shares, an appropriate adjustment shall be made in the number and class of Shares which may be delivered under the Plan, in the number and class of Shares that may be issued to an Employee with respect to Awards in any
given period, and in the number and class of and/or price of Shares subject to any then unexercised and outstanding Awards, as determined to be appropriate and equitable by the Committee, in its sole discretion, to prevent dilution or enlargement of
rights. The number of Shares subject to any Award shall always be a whole number. 
 4.4 Rights as a Shareholder. No person shall have
any rights as a shareholder with respect to Shares subject to an Option Award until the date the Company receives full payment of the Option price, including any sum due for withholding pursuant to Section 6.6. A person who has Restricted
Shares shall have the rights of an owner of Shares, except to the extent those rights are expressly limited by then applicable restrictions on transfer contained in this Plan and the Restricted Stock Award Agreement. No person shall have any rights
as a shareholder with respect to a Performance Share Award until such date that the Participant may receive the Shares covered by the Performance Share Award. 
 Article 5. Eligibility and Participation. Directors and Employees shall be eligible to be Participants in this Plan. 

Article 6. Stock Options. 
 6.1 Grant of
Options. 
 (a) Options may be granted to an Employee at any time and from time to time as shall be determined by and in the sole
discretion of the Committee, subject to the provisions of Section 4.1. 
 (b) Options with respect to ten thousand (10,000) Shares
shall be granted to each Director who is not employed by the Company on the date of his or her initial election to the Board, subject to the following terms and conditions: 
 (i) the Option Price described in Section 6.3 shall be the Fair Market Value of the Shares on the date of grant; 
 (ii) the Options shall be exercisable in accordance with Section 6.4 until the tenth (10th) anniversary of the date of grant;

 (iii) any restriction on the right to exercise the Options in accordance with
Section 6.5(a) shall lapse on the first anniversary of the date of the Option Award; 
 (iv) for the purposes of this
Plan, death shall be treated as death while employed under Section 6.8(a)(i); Disability or Retirement from the Board shall be subject to the provisions of Sections 6.8(b) and (c); failure to be reelected shall be an involuntary termination
subject to the terms of Section 6.8(d)(i); and resignation or failure to stand for reelection shall be deemed to be a voluntary termination subject to the terms of Section 6.8(e); and 
 (v) the limited right of transferability shall be granted in accordance with Section 6.7. 
 Except as above modified or interpreted, the provisions of this Article 6 shall apply to Directors in the same manner it applies to others. 

6.2 Option Award Agreement. Each Option shall be granted pursuant to a written Option Award Agreement, signed by the appropriate member of the
Committee or its designee, and specifying the terms and conditions applicable to the Options granted including: the Option Price; the period during which the Option may be exercised; the number of Shares to which the Option pertains; the conditions
under which the Option is exercisable; and such other provisions as the Committee may from time to time determine. The Option Agreement also shall specify that the Option is intended to be a Nonqualified Stock Option whose grant is intended not to
fall under the provisions of Code Section 422. 
 6.3 Option Price. The Option Price for each Share subject to purchase shall be
determined by the Committee and stated in the Option Award Agreement but in no event shall be less than the Fair Market Value of the Shares on the date of grant of the Award. 
 6.4 Duration of Options. Each Option shall be exercisable for such period as the Committee shall determine at the time of grant. No Option shall
be exercisable later than the tenth (10th) anniversary of the date of its grant. 
 6.5 Exercise of Options. 
 (a) 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. The Committee may provide, by rule or regulation or in any Option Award Agreement, that the exercisability of an Option may be accelerated or extended under various
circumstances to a date not later than the latest expiration date permitted in accordance with Section 6.4. 
 (b) Each Option shall be
exercisable only by delivery to the Committee in care of the Secretary of the Company of a written notice of exercise in such form as the Committee may require. A notice of exercise shall: specify the number of shares to be purchased, shall be
signed by the Participant or holder of the Option and shall be dated the date the signature is affixed. 
 6.6 Payment. Except as
hereinafter provided, a written notice of exercise shall be accompanied by full payment for the Shares to be purchased. Subject to the provisions of Article 12, payment shall include any income or employment taxes required to be withheld by the
Company from the employee’s compensation with respect to the Shares so purchased. 
 (a) The Option Price upon exercise of any Option
shall be payable to the Company in full either: (i) in cash or its equivalent, or (ii) by tendering previously acquired Shares having an aggregate Fair Market Value at the time of exercise equal to the total Option Price (provided that any
Shares so tendered which have been acquired from the Company shall have been held by the Participant for at least six (6) months prior to such tender), in proper form for transfer and accompanied by all requisite stock transfer tax stamps or
cash in lieu thereof, or (iii) by a combination of (i) and (ii). 
 (b) The Committee also may allow cashless exercises as
permitted under Federal Reserve Board 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. 

 (c) As soon as practicable after receipt of a written notice 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. 
 6.7 Restrictions on Transferability. Except to the extent permitted under this Section 6.7, no Option granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or
hypothecated, other than by will or by the laws of descent and distribution. Further, all Options granted to a Participant under the Plan shall be exercisable during his or her lifetime only by such Participant. Notwithstanding the foregoing, the
right to purchase Shares subject to an Option Award may be transferred, in whole or in part, by a Participant during a Participant’s lifetime, to a Participant’s spouse, child or grandchild, or to the trustee of a testamentary or other
grantor trust established primarily for the benefit of a Participant’s spouse, child or grandchild; provided that: 
 (a) A transfer
shall only be effective upon receipt by the Secretary of the Company, on behalf of the Committee, of written notice of transfer in such form as the Committee may require; 
 (b) A notice of transfer shall: (i) identify the name, address and relationship of the transferee to the Participant; (ii) identify the Option Award which is the subject of the transfer, the number of Shares
transferred and the consideration paid, if any, for the transfer; (iii) in the case of a transfer to a trustee, include evidence satisfactory to the Committee that under the terms of the trust the transfer is for the exclusive benefit of a
Participant’s spouse, child or grandchild; and (iv) include a copy of the authorized signature of each person who will have the right to exercise the option to purchase and all information relevant to the rights transferred; and

 (c) A transferee may not transfer any rights. Upon the transferee’s death, all rights shall revert to the Participant. 
 The Committee may impose such additional restrictions on transferability as it may deem advisable, including, without limitation, restrictions under
applicable Federal securities laws, under the requirements of any stock exchange or market upon which such Shares are then listed and/or traded, and under any blue sky or state securities laws applicable to such Shares. 
 6.8 Termination of Employment. Except as hereinafter provided, Options granted under the Plan may not be exercised by any person, including a
transferee of any rights under an Option Award, unless the Participant is then in the employ of the Company and unless the Participant has remained continuously so employed since the date of grant of the Option. Subject to the duration set forth in
Section 6.4, Options shall be exercisable as follows unless otherwise provided by the Committee: 
 (a) in the case of a
Participant’s death: 
 (i) while employed by the Company, by the Beneficiary or representative during a period of three
(3) years following the date of the Participant’s death; and in such a case may be exercised even before expiration of the six (6)-month or longer period established in accordance with Section 6.5(a); or 
 (ii) after his Retirement, but before the third anniversary of his Retirement, by the Beneficiary or representative on or before the third
anniversary of his Retirement; 
 (b) in the case of the Participant’s Disability, by the Participant or by the Participant’s
appointed representative during a period of three (3) years following the date of the Participant’s last day worked; 
 (c) in the
case of the Participant’s Retirement, by the Participant during a period of three (3) years following the date of the Participant’s last day worked; 
 (d) in the case of a Participant’s involuntary termination of employment: 
 (i) for
reasons other than Cause, by the Participant during a period of three (3) years following the date of the Participant’s last day worked; or 

 (ii) for Cause, by the Participant on or before his last day worked whether or not the
Committee has made its final determination that there is Cause for termination as of that last day worked; and 
 (e) in the case of a
Participant’s voluntary termination of employment, his last day worked. 
 Article 7. Restricted Stock. 
 7.1 Restricted Stock Awards. Restricted Stock Awards may be made at any time while the Plan is in effect. Such Awards may be made to any Director
or Employee whether or not prior Restricted Stock Awards have been made to said person. 
 7.2 Notice. The Committee shall promptly
provide each Participant with written notice setting forth the number of Shares covered by the Restricted Stock Award and such other terms and conditions relevant thereto, including the purchase price, if any, to be paid for the Shares by the
recipient of the Award, as may be considered appropriate by the Committee. 
 7.3 Restrictions on Transfer. The purpose of these
restrictions is to provide an incentive to each Participant to continue to provide services to the Company and to perform his or her assigned tasks and responsibilities in a manner consistent with the best interests of the Company and its
stockholders. The Shares awarded pursuant to the Plan shall be subject to the following restrictions: 
 (a) Stock certificates evidencing
shares shall be issued in the sole name of the Participant (but may be held by the Company until the restrictions shall have lapsed in accordance herewith) and shall bear a legend which, in part, shall provide that: 
 “The shares of common stock evidenced by this certificate are subject to the terms and restrictions of the AK Steel Holding Corporation Stock
Incentive Plan. These shares are subject to forfeiture or cancellation under the terms of said Plan. These shares may not be sold, transferred, assigned, pledged, encumbered or otherwise alienated or hypothecated except pursuant to the provisions of
said Plan, a copy of which Plan is available from the Secretary of the Company upon request.” 
 (b) No Restricted Stock may be sold,
transferred, assigned, pledged, encumbered or otherwise alienated or hypothecated unless, until and then only to the extent that said restrictions shall have lapsed in accordance with Section 7.4. 
 7.4 Lapse of Restrictions. The restrictions set forth in Section 7.3 will lapse only if, on the date restrictions are to lapse in accordance
with this Section 7.4, the Participant has been continuously employed by the Company or has been a Director from the time of the Restricted Stock Award to such date of lapse. If the lapse schedule would result in the lapse of restrictions in a
fractional share interest, the number of shares will be rounded down to the next lowest number of full shares for each of the first two lapse dates, with the balance to relate to the final lapse date. Unless otherwise provided by the Board:

 (a) with respect to a Restricted Stock Award to an Employee, the restrictions set forth in Section 7.3 shall lapse with respect to
twenty-five percent (25%) of the Shares subject thereto on the second anniversary of the date of the Award; and with respect to an additional twenty-five percent (25%) of the Shares subject thereto on each of the third, fourth and fifth
anniversaries of the date of the Award; and 
 (b) with respect to a Restricted Stock Award to a Director, the restrictions set forth in
Section 7.3 shall lapse upon completion of the full tenure for which the Director was elected to serve on the Board. 
 7.5 Vesting
and Forfeiture. Upon the lapse of the restrictions set forth in Section 7.3 with respect to Shares covered by a Restricted Stock Award, ownership of the Shares with respect to which the restrictions have lapsed shall vest in the holder of
the Award. In the event of termination of an Employee’s employment, or in the event a Director fails to complete his or her full tenure on the Board, all Shares then still subject to the restrictions described in Section 7.3 shall be
forfeited by the Participant and returned to the Company for cancellation, except as follows: 

 (a) Restrictions with respect to Shares covered by an outstanding Restricted Stock Award held by a
Director shall lapse upon the date of his or her mandatory retirement from the Board by reason of age. In the case of an Employee’s retirement, the Committee may in its sole discretion elect to waive all or any portion of the restrictions
remaining in respect of a Restricted Stock Award held by that employee. Any outstanding restrictions shall lapse in case of death or Disability of the holder of a Restricted Stock Award. Evidence of Disability will be entitlement to disability
income benefits under the Federal Social Security Act; and 
 (b) The Committee may at any time in its sole discretion accelerate or waive
all or any portion of restrictions remaining in respect of the Shares covered by an outstanding Restricted Stock Award (to the extent not waived pursuant to paragraph (a) above). This authority may be exercised for any or all Participants;
provided that the waiver in any particular case shall not bind the Committee in any other similar case, it being the intention of the Company to grant the Committee the broadest possible discretion to act or to refuse to act in this regard. Any such
action taken on behalf of a Director shall require the unanimous consent of all Directors (excluding the Director for whose benefit the action is taken) then in office. 
 7.6 Rights as Shareholder. Upon issuance of the stock certificates evidencing the Restricted Stock Award and subject to the restrictions set forth in Section 7.3 hereof, the Participant shall have all the
rights of a shareholder of the Company with respect to the Shares of Restricted Stock represented by that Restricted Stock Award, including the right to vote the shares and receive all dividends and other distributions paid or made with respect
thereto. 
 7.7 Awards to Directors. Except as otherwise determined by majority vote of the Board with respect to any calendar year,
fifty percent (50%) of each Director’s annual retainer fee for services on the Board shall be paid in the form of a Restricted Stock Award, and each Director may elect, according to procedures established by the Committee, to have more
than fifty percent (50%) of his annual retainer fee, and/or all or a portion of any other fees to be earned in the calendar year for his services on the Board, paid to him by means of Restricted Stock Awards. Such Restricted Stock Awards shall
be made at such intervals during the calendar year as the Company determines to be administratively feasible, but not less frequently than quarterly, according to procedures established by the Company and approved by the Committee. 
 Article 8. Performance Shares 
 8.1 Grant of
Performance Shares. Subject to the terms and conditions of the Plan, Performance Shares may be granted to Employees at any time and from time to time as shall be determined by the Committee. The Committee shall have complete discretion in
determining the number of Performance Shares granted to each Participant and the terms and conditions thereof. 
 8.2 Value of Performance
Shares. The Committee shall set performance goals over certain periods to be determined in advance by the Committee (“Performance Periods”). Prior to each grant of Performance Shares, the Committee shall establish an initial number of
Shares for each Performance Share Award granted to each Participant for that Performance Period. Prior to each grant of Performance Shares, the Committee also shall set the performance goals that will be used to determine the extent to which the
Participant may receive a payment of Shares with respect to the Performance Shares awarded for such Performance Period. These goals will be based on the attainment, by the Company or its subsidiaries or affiliates, of one or more certain performance
criteria and objectives described in Section 8.8 herein. With respect to each such performance measure utilized during a Performance Period, the Committee shall assign percentages to various levels of performance which shall be applied to
determine the extent to which the Participant may receive a payout of the number of Shares for the Performance Shares awarded for such Performance Period. 
 8.3 Payment of Shares. After a Performance Period has ended, the holder of a Performance Share shall be entitled to payment of the applicable number of Shares with respect thereto as determined by the
Committee. The Committee shall make this determination by first determining the extent to which the performance goals set pursuant to Section 8.2 have been met. It will then determine the applicable percentage to be applied to, and will apply
such percentage to the number of Performance Shares to 

 determine the payout to be received by the Participant. In addition, with respect to Performance Shares granted to any
Covered Employee, no payout shall be made hereunder except upon written certification by the Committee that the applicable performance goal or goals have been satisfied to a particular extent. 
 8.4 Committee Discretion to Adjust Awards. Subject to limitations applicable to payments to Covered Employees, the Committee shall have the
authority to modify, amend or adjust the terms and conditions of any Performance Share Award Agreement, at any time or from time to time, including but not limited to the performance goals. 
 8.5 Form and Timing of Payment. The payment described in Section 8.3 herein shall be made in the applicable number of Shares. All such Shares
shall be issued on the same date unless otherwise prescribed by the Committee. Unless the Committee provides otherwise, the value of any dividends with respect to such issued Shares that the Participant would have been entitled to during the
applicable Performance Period had he held such Shares during such Performance Period shall also be paid to the Participant in whole Shares on said date. 
 8.6 Termination of Employment. 
 (a) Unless the Committee provides otherwise, in the event the
employment of a Participant is terminated by reason of death, Disability, or Retirement, each Performance Share Award held by the Participant shall be deemed earned on a prorated basis, and a prorated payment based on the Participant’s number
of full months of service during the Performance Period, further adjusted based on the achievement of the performance goals during the entire Performance Period, as computed by the Committee, shall be made at the time payments are made to
Participants who did not terminate service during the Performance Period. 
 (b) If the employment of a Participant shall terminate for any
reason other than death, Disability or Retirement, all Performance Shares shall be forfeited and no payment shall be made with respect thereto; provided however, the Committee may in its sole discretion waive such forfeiture and provide for a
payment to the Participant with respect to outstanding Performance Shares, determined in such manner and payable at such time as the Committee deems appropriate under the circumstances. This authority of the Committee may be exercised for any or all
Participants; provided that its action in any particular case shall not bind the Committee in any other case, it being the intention of the Company to grant the Committee the broadest possible discretion to act or refuse to act in this regard.

 8.7 Nontransferability. No Performance Shares granted under the Plan may be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated, otherwise than by will or by the laws of descent and distribution until the termination of the applicable Performance Period. All rights with respect to Performance Shares granted to a Participant under the Plan shall be
exercisable during his lifetime only by such Participant. 
 8.8 Performance Goals. 
 (a) For purposes of this Plan, including but not limited to Awards of Performance Shares under this Article 8, “performance goals” shall mean
the criteria and objectives, determined by the Committee, which shall be satisfied or met during the applicable Performance Period as a condition to the Participant’s receipt of Shares with respect to such Award. The criteria or objectives for
an Award shall be determined by the Committee in writing, shall be measured for achievement or satisfaction during the Performance Period in which the Committee established for such Participant to satisfy or achieve such criteria and objectives and
may be absolute in their terms or measured against or in relationship to an index or other companies comparably, similarly or otherwise situated or other external or internal measure and may be based on or adjusted for any other objective goals,
events, or occurrences established by the Committee, provided that such criteria and objectives relate to one or more of the following: total shareholder return; earnings; earnings per share; net income; revenues; operating profit; income before
taxes, depreciation and/or amortization; cash flow; expenses; market share; return on assets; return on capital employed; return on equity; assets; value of assets; Fair Market Value of Shares; regulatory compliance; safety standards; quality
standards; cost reduction objectives; satisfactory internal or external audits; improvement of financial ratings; achievement of balance sheet or income statement objectives; profit per ton shipped; or other financial, accounting or quantitative
objectives established by the Committee. 

 (b) Performance criteria and objectives may include or exclude extraordinary or unusual charges or
credits; pension or other employee benefit plan corridor charges or credits; losses from discontinued operations; restatements and accounting changes and other unplanned special charges such as restructuring expenses; acquisitions; acquisition
expenses, including expenses related to impairment of goodwill or other intangible assets; stock offerings; stock repurchases and loan loss provisions. Such performance criteria and objectives may be particular to a line of business, subsidiary or
affiliate or the Company generally, and may, but need not be, based upon a change or an increase or positive result. 
 (c) In interpreting
Plan provisions applicable to performance criteria and objectives and to Performance Share Awards to Participants who are Covered Employees, it is the intent of the Plan to conform with the standards of Section 162(m) of the Code and the
regulations thereunder. The Committee in establishing performance criteria and objectives applicable to such Awards, and in interpreting the Plan, shall be guided by such standards, including, but not limited to providing that the Award shall be
paid solely as a function of attainment of objective performance criteria and objectives based on one or more of the specific criteria and objectives set forth in this Section 8.8 established by the Committee not later than 90 days after the
Performance Period applicable to the Performance Share Award has commenced (or, if such period of service is less than one year, not later than the date on which 25% of such period has elapsed). Prior to the payment of any compensation based on
achievement of performance criteria and objectives to any such Covered Employee, the Committee must certify in writing the extent to which the applicable performance criteria and objectives were, in fact, achieved and the amounts to be paid, vested
or delivered as a result thereof, provided the Committee may reduce, but not increase, such amount. 
 Article 9. Rights of Employees. 
 9.1 Employment. Nothing in the Plan shall: (a) interfere with or limit in any way the right of the Company to terminate any Participant’s
employment at any time; (b) confer upon any Participant any right to continue in the employ of the Company or its subsidiaries; or (c) be evidence of any agreement or understanding, express or implied, that the Company will employ any
Participant in any particular position at a particular rate of compensation or for any particular period of time. 
 9.2
Participation. Nothing in this Plan shall be construed to give any person any right to be granted any Award other than at the sole discretion of the Committee or as giving any person any rights whatsoever with respect to Shares except as
specifically provided in the Plan. No Participant 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 10. Change of Control. 
 Upon the occurrence
of a Change of Control, unless otherwise specifically prohibited by the terms of this Article 10: 
 (a) any and all outstanding Options
previously granted hereunder, if not then exercisable, shall become immediately exercisable and any restrictions on the transfer of Shares of Restricted Stock shall lapse and expire effective as of the date of the Change of Control; 
 (b) subject to Article 11 herein, the Committee shall have the authority to make any modifications to any Option Award and Performance Share Award
determined by the Committee to be appropriate before the effective date of the Change of Control; 
 (c) except as otherwise provided in the
Performance Share Award Agreement, any unearned Performance Share Award shall be deemed earned at the target amount assigned to each such Award, and a prorated payment based on the number of full months of the Performance Period with respect to each
such Award that have elapsed as of the effective date of the Change of Control shall be made as soon as administratively feasible following the effective date of the Change of Control; and 

 (d) if the Shares are no longer traded over a national public securities exchange following a Change of
Control: 
 (i) Participants holding Options shall have the right to require the Company to make a cash payment to them in
exchange for their Options. Such cash payment shall be contingent upon the Participant’s surrendering the Option. The amount of the cash payment shall be determined by adding the total positive “spread” on all outstanding Options. For
this purpose, the total “spread” shall equal the difference between: (1) the higher of (i) the highest price per Share paid or offered in any transaction related to a Change of Control of the Company; or (ii) the highest
Fair Market Value per Share at any time during the ninety (90) calendar day period preceding a Change of Control; and (2) the Option Price applicable to each Share held under Option; and 
 (ii) Participants holding Shares of Restricted Stock and/or Shares received pursuant to (c) above with respect to Performance Share
Awards shall have the right to require the Company to make a cash payment to them in exchange for such Shares. Such cash payment shall be contingent upon the Participant’s surrendering the Shares. The amount of the cash payment shall be not
less than the higher of (1) the highest price per Share paid or offered in any transaction related to a Change of Control of the Company; or (2) the highest Fair Market Value per Share at any time during the ninety (90) calendar day
period preceding a Change of Control. 
 Article 11. Amendment, Modification, and Termination. 
 11.1 Amendment, Modification, and Termination. The Board may at any time and from time to time, alter, amend, suspend or terminate this Plan in
whole or in part; provided, that no amendment that (a) requires shareholder approval in order for this Plan to continue to comply with Rule 16b-3 under the Exchange Act, including any successor to such Rule, or (b) would modify the
provisions of Section 3.1 or the first paragraph of Section 4.1 of this Plan, shall be effective unless such amendment shall be approved by the requisite vote of shareholders of the Company entitled to vote thereon. 
 11.2 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 consent of the Participant holding such Award. If consent is not given, the Award shall continue in force in accordance with its terms without modification. 
 Article 12. Withholding. 
 12.1 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, if any) required by law to be withheld with respect to any taxable event arising or as a result of this Plan. Failure to cooperate with the Company in paying any such withholding shall cause the cancellation of the Shares subject to the
taxable transaction without liability for such cancellation. 
 12.2 Share Withholding. With respect to withholding required upon the
exercise of Options, the vesting of Shares under a Restricted Stock Award, or receipt of Shares pursuant to a Performance Share Award, 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. In addition to the foregoing requirements, an Insider may elect Share withholding only if such election is made in compliance with Section 16 of the Exchange Act. 
 Article 13. Indemnification. The Company shall indemnify and hold harmless each member of the Committee, or of the Board, against and from any loss, cost,
liability or expense, including reasonable attorney’s fees and costs of suit, that may be imposed upon or reasonably incurred by the member in connection with or resulting from any claim, action, suit, or proceeding to which the member may be a
party defendant or in which the member may be involved as a defendant by reason of any action taken or 

 any failure to act under the Plan and against and from any and all amounts paid in settlement thereof or paid in
satisfaction of any judgment in any such action, suit, or proceeding against the member, provided that the member shall give the Company an opportunity, at its own expense, to handle and defend the same before the member undertakes to handle and
defend it or agrees to any settlement of the claim. The foregoing right of indemnification shall be in addition to, and not exclusive of, any other rights of indemnification to which the member may be entitled under the Company’s Articles of
Incorporation or By-Laws, as a matter of law, or otherwise. This right shall not extend to any action by a Director as a claimant of rights under the Plan, whether on the Director’s behalf or on behalf of a class of persons which would include
the Director, unless filed in the form of a declaratory judgment seeking relief for the Company or the Plan. 
 Article 14. 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. 
 Article 15. Listing of Shares and Related Matters. If at any
time the Committee shall determine that the listing, registration or qualification of the Shares subject to any Award on any securities exchange or under any applicable law, or the consent or approval of any governmental regulatory authority, is
necessary or desirable as a condition of, or in connection with, the granting of an Option or the issuance of Shares thereunder, the granting of a Restricted Stock Award, or the granting of Shares pursuant to a Performance Share Award, no Option
that is the subject of such Award may be exercised in whole or in part and no certificates may be issued or reissued in respect of any Restricted Stock or Performance Share Award that is the subject of such Award unless such listing, registration,
qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee. 
 Article 16. Deferral
Elections. In accordance with an applicable deferral plan that may be established by the Company, the Committee may permit a Participant to elect to defer his or her receipt of Shares that would otherwise be due under the Plan to such
Participant by virtue of the exercise of an Option, the lapse of restrictions with respect to Restricted Stock, or pursuant to a Performance Share Award. If any such election is permitted, the Committee shall establish rules and procedures for such
deferrals, including, but not limited to: (a) the payment or crediting, with respect to deferred amounts credited in cash, of reasonable interest or other investment return determined with reference to any investment performance measurement
selected by the Committee from time to time, (b) the payment or crediting of dividend equivalents in respect of deferrals credited in Share units, and (c) the Participant’s rights with respect to the Options and/or Restricted Stock
subject to such deferral election during the period between the Participant’s deferral election and the exercise of the Options or the lapse of restrictions with respect to the Restricted Stock. 
 Article 17. Legal Construction. 
 17.1 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. 
 17.2 Severability. If any provision of the Plan shall be held by a court of competent jurisdiction to be illegal, invalid or unenforceable for any
reason, the illegality, invalidity or unenforceability shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal, invalid or unenforceable provision had not been included. Unless otherwise
specifically provided in a final order by a court of competent jurisdiction, no such judicial determination shall deprive a Participant of the economic advantage, if any, of unexpired Options under any Option Award Agreement, of Shares of Restricted
Stock then subject to restrictions under the terms of the Plan or the Restricted Stock Award Agreement, or of any Performance Share Awards. If any such judicial determination does or would have an adverse impact then the Company shall assure the
Participant of the right to receive cash in an amount equal to the value of any Award under the Plan prior to the determination of its invalidity in the same manner as if such Award was lawful and the benefit granted thereunder could be enjoyed in
accordance with the terms of the Award. 

 17.3 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. 
 17.4 Securities Law Compliance. With respect to Insiders, transactions under this Plan are intended to comply with all applicable conditions of Rule l6b-3 or its successors under the Exchange Act. To the extent
any provision 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. The obligations of the Company to issue or transfer Restricted Shares
awarded pursuant to the Plan, Option Shares upon exercise of an Option, or Shares pursuant to a Performance Share Award, shall be subject to: compliance with all applicable governmental rules and regulations, and administrative action; the
effectiveness of a registration statement under the Securities Act of 1933, as amended, if deemed necessary or appropriate by the Company; and the condition that listing requirements (or authority for listing upon official notice of issuance) for
each stock exchange on which outstanding shares of the same class may then be listed shall have been satisfied. 
 17.5 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 Delaware.

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