Document:

Stock Incentive Plan as amended and restated as of January 16, 2003

 Exhibit 10.4 
  
 AK STEEL HOLDING CORPORATION 
  

STOCK INCENTIVE PLAN 
  
 (as amended and restated as of January 16, 2003) 
  
 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”). The Plan is hereby amended and
restated as set forth in this document effective as of January 16, 2003. The Plan permits the grant of Nonqualified Stock Options and awards of Restricted Stock to directors, executive officers and key employees of the Company. 
  
 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 Participants to those of the Company’s shareholders, and by providing Participants 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 Participants upon whose judgment, interest, and special effort the successful conduct of
its operation is largely dependent. 
  
 1.3    Duration of the Plan.    The Plan 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 10 herein. In no event may an Award be granted under the Plan on or after December 31, 2011. 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” means either or both of an Option Award or a Restricted Stock Award. 

  

	 	(b)	 	“Award Agreement” means either or both of an Option Award Agreement or a Restricted Stock Award Agreement. 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 a willful engaging in gross misconduct materially and demonstrably injurious to the Company or any subsidiary or affiliate thereof, including AK Steel
Corporation. “Willful” means an act or omission in bad faith and without reasonable belief that such act or omission was in or not opposed to the best interests of the Company or any subsidiary or affiliate thereof, including AK Steel
Corporation. “Cause” shall be determined in good faith by the Committee. 

  

	 	(g)	 	“Change in 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 committee, as specified in Article 3, appointed by the Board to administer the Plan. 

  

	 	(j)	 	“Company” means AK Steel Holding Corporation, a Delaware corporation, or any successor thereto, as provided in Article 13 herein. 

  

	 	(k)	 	“Director” means any individual who is a member of the Board and who is not an Employee. 

  

	 	(l)	 	“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. 

  

	 	(m)	 	“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. 

  

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

  

	 	(o)	 	“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.

  

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	 	(p)	 	“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. 

  

	 	(q)	 	“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. 

  

	 	(r)	 	“Option Award” means, individually or collectively, a grant under this Plan of a Nonqualified Stock Option. 

  

	 	(s)	 	“Option Award Agreement” means an agreement setting forth the terms and provisions applicable to an Option Award granted to a Participant under this Plan.

  

	 	(t)	 	“Option Price” means the price at which a Share may be purchased by a Participant under the terms of an Option Award Agreement. 

  

	 	(u)	 	“Par Value” shall mean the designated par value of one Share. 

  

	 	(v)	 	“Participant” means any Director or Employee who possesses an unexpired Award granted under the Plan. 

  

	 	(w)	 	“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. 

  

	 	(x)	 	“Restricted Stock Award” means, individually or collectively, a grant under this Plan of Shares of Restricted Stock. 

  

	 	(y)	 	“Restricted Stock Award Agreement” means an agreement setting forth the terms and provisions applicable to a Restricted Stock Award of Shares under this Plan.

  

	 	(z)	 	“Retirement” shall mean termination of employment with the Company and 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. 

  

	 	(aa) 	 	“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 Compensation Committee of the Board, or by any other Committee appointed by the Board consisting of not less than two (2) Directors. The members of the Committee shall be appointed from time-to-time by, and shall
serve at the sole discretion of, the Board. The Committee shall be comprised solely of Directors who: (a) are “non-employee directors” as defined in Rule 16b-3 promulgated under the Exchange Act, (b) are “independent directors”
as defined in the rules and regulations of the New York Stock Exchange, and (c) are “outside directors” within the meaning of Section 162(m) of the Code and related regulations. 
  
 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 

  

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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 Option Award or Restricted Stock 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 10 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 and Restricted Stock 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 and Restricted Stock Awards. Shares
issued upon exercise of 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

  

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	 	(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, 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. 
  
 Article 5.    Eligibility and Participation. 
  
 5.1    Eligibility.    Directors who are not Employees, officers who are Employees, and Employees who are not officers but who are recommended by the Chairman of the
Board shall be eligible to be Participants in this Plan. 
  
 5.2    Participation.    A person who is eligible to be a Participant shall become a Participant upon receipt of an Award in accordance with the terms of this Plan. 
  
 Article 6.    Stock Options. 
  
 6.1    Grant of Options. 
  

	 	(a)	 	Options may be granted to an eligible 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 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)	 	the 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 

  

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	 	(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 Section 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. No Option shall be exercisable prior to six (6) months following the date of its grant. 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.    A written
notice of exercise shall be accompanied by full payment for the Shares to be purchased. Subject to the provisions of Article 11, 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 the Shares so tendered 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. 

  
  

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 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. Unless otherwise provided by the Committee and subject to the duration
established in accordance with Section 6.4, Options shall be exercisable in the following circumstances: 
  

	 	(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. 

  

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 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 

  

 8 

	 	 
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 Stockholder.    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 stockholder 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 effective as of December 31 to Directors then serving. Any
Director who leaves the Board during the calendar year shall be paid in cash for services rendered during said year. 
  
 Article 8.    Rights of Employees. 
  
 8.1    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 (b) 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. 
  
 8.2    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 9.    Change in Control. 
  
 Upon the occurrence of a Change in Control, unless otherwise specifically prohibited by the terms of this Article 9: 
  

	 	(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 in Control; 

  

 9 

	 	(b)	 	subject to Article 10 herein, the Committee shall have the authority to make any modifications to any Option Award determined by the Committee to be appropriate before the effective
date of the Change in Control; and 

  

	 	(c)	 	if the Shares are no longer traded over a national public securities exchange following a Change in 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 “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 in 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
in Control; and (2) the Option Price applicable to each Share held under Option; and 

  

	 	(ii)	 	Participants holding Shares of Restricted Stock shall have the right to require the Company to make a cash payment to them in exchange for their Restricted Stock. Such cash payment
shall be contingent upon the Participant’s surrendering the Restricted Stock. 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 in 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 in Control. 

  
 Article 10.    Amendment, Modification, and Termination. 
  
 10.1    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. 
  
 10.2    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 11.    Withholding. 
  
 11.1    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.

  
 11.2    Share
Withholding.    With respect to withholding required upon the exercise of Options or the vesting of Shares under a Restricted Stock 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. 
  
  

 10 

 Article 12.    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 13.    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 14.    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 or the granting of a Restricted Stock 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 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 15.    Deferral Elections.    The Committee may permit a Participant to elect to defer his or her receipt of Shares that would otherwise be due to such
Participant by virtue of the exercise of an Option, or due to the lapse of restrictions with respect to Restricted Stock, awarded under the Plan. 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 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.    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 or of Shares of Restricted Stock then subject to 

  

 11 

 
restrictions under the terms of the Plan or the Restricted Stock Award Agreement. 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. 
  
 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    Securities Law Compliance.    With respect to Insiders, transactions under this Plan are intended
to comply with all applicable conditions of Rule l6b-13 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 or Option Shares upon exercise of an Option 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. 
  
 16.5    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. 
  

 12Long-Term Performance Plan as amended and restated as of January 16, 2003

 Exhibit 10.5 
  
 AK STEEL CORPORATION 
  
 LONG-TERM PERFORMANCE PLAN 
  
 (as amended and restated as of January 16, 2003) 
  
  
 Introduction 
  
 The name of this plan is the AK Steel Corporation Long-Term Performance Plan
(the “Plan”). AK Steel Corporation (the “Company”) adopted the Plan in 1995 to enhance the Company’s focus on its long-term performance relative to that of its principal competitors in the flat rolled steel industry (the
“Peer Group”) and to reward certain employees for enhancing the profitability of the Company over extended periods of time. The Plan is hereby amended and restated as set forth in this document. 
  
 The Plan is a payroll practice intended to motivate selected employees to
meet certain performance goals. The Plan is not intended to be an employee benefit plan within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended, and the Plan shall be interpreted, administered and
enforced to the extent possible in a manner consistent with that intent. Any obligations under the Plan shall be the joint and several obligations of AK Steel Holding Corporation, the Company, and each of their respective subsidiaries and
affiliates. The Plan is designed to comply with the performance-based compensation exception under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”). 
  
 1.    Administration of the Plan. 
  
 This Plan shall be administered by the Compensation Committee (the “Committee”) of the Board of Directors of the
Company (the “Board”). 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. Each member of the Committee shall be an
“outside director” within the meaning of Section 162(m) of the Code and related regulations, an “independent director” as defined in the rules and regulations of the New York Stock Exchange, and a “non-employee
director” as defined in Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended. The Human Resources Department of the Company shall maintain records of authorized participants for each period described in paragraph 4 below
(the “Performance Period”). 
  
 2.    Participation. 
  
 Each
elected officer of the Company shall be eligible to participate in this Plan, and certain other management employees of the Company (“Plan Member” or “Plan Members”) shall be eligible to participate in this Plan upon selection by
the Chairman of the Board or his delegate, the Executive Management Committee (the “EMC”), subject to the approval and/or review from time to time by the Committee. The EMC shall consist of the Company’s Chief Executive Officer,
President, Vice President—Human Resources, and such other individuals as may be designated from time to time by the Chief Executive Officer. Notwithstanding the foregoing, any covered employee, as defined in Section 162(m)(3) of the Code
(“Covered Employee”), shall be designated to participate in the Plan by the Committee in writing within the time period prescribed by Section 162(m) of the Code and related regulations. 
  
 3.    Bonus Opportunity Targets. 
  
 Each Plan Member shall be assigned a Bonus Opportunity Target Percentage
(“Target Percentage”) at the time the Plan Member is selected for participation in this Plan. A Plan Member’s Target Percentage may be changed from time to time at the discretion of the Committee or, in the case of Plan Members who
are not elected officers, by the EMC. Notwithstanding the foregoing, the Committee shall assign or change, in writing, the Target Percentage for any Covered Employee for a particular Performance Period within the time period prescribed by Section
162(m) of the Code and related regulations. 
  

 A Plan Member’s Target Percentage is the maximum percentage of his annual base salary (as defined
below) that can be achieved with respect to any Performance Period for which he is selected for participation. A Plan Member’s Target Percentage is multiplied by his annual base salary for the final year of the Performance Period for which the
calculation of a Performance Award is made in order to arrive at his Bonus Opportunity Target Amount (“Target Amount”). A Plan Member’s annual base salary for purposes of this Plan shall be determined by multiplying his monthly rate
of base salary for the last month of the relevant Performance Period by twelve (12). 
  
 Any amount awarded to a Plan Member under this Plan shall be referred to herein as a “Performance Award.” If a Plan Member is designated to participate in the Plan after the commencement of a Performance
Period, his Performance Award, if any, will be prorated based on his period of participation in the Plan during such Performance Period. 
  
 4.    Performance Periods. 
  
 Each Performance Period shall consist of a period of three consecutive calendar years. The first such three-year period commenced on January 1, 1995 and
ended on December 31, 1997. 
  
 5.    Performance Award
Payment Date. 
  
 The Performance Award Payment Date is the
date on which any Performance Awards are paid to Plan Members, which date shall not be more than 120 days following the last day of the final year of each Performance Period. Before any Performance Award is paid to a Covered Employee, the Committee
shall certify in writing that the criteria for receiving a Performance Award pursuant to the terms of this Plan have been satisfied. 
  
 6.    Peer Group. 
  
 The Peer Group shall consist of Bethlehem Steel Corporation, National Steel Corporation, Nucor Corporation, and U.S. Steel Group. The Peer Group may be
modified from time to time at the discretion of the Committee; however, to the extent any modification of the Peer Group impacts the Performance Award to be received by a Covered Employee, such modification will be made within the time period
prescribed by Section 162(m) of the Code and related regulations. 
  
 7.    Performance Award Determination. 
  
 Any Performance Award to be paid to a Plan Member with respect to a Performance Period shall be the amount determined by multiplying his Target Amount under paragraph 3 above by the sum of the applicable percentages
for the completed Performance Period and for the final year of the completed Performance Period as set forth in the chart below. (For example, the #1 ranking indicated in the first column of the chart below would result in a Performance Award equal
to 200% (the sum of the corresponding percentages in the second and third columns) of a Member’s Target Amount.) The chart is based upon the Company’s earnings before interest expense, provision for income taxes, depreciation and
amortization (referred to as “EBITDA”) per ton shipped (excluding special and unusual items) as compared to EBITDA per ton shipped (excluding special and unusual items) of the Peer Group. The maximum Performance Award that may be paid to
any Covered Employee with respect to any Performance Period shall be $5 million. The Committee may delegate the calculation of Performance Awards to the Company’s Chief Financial Officer, subject to the Committee’s supervision. 

 
 The percentages to be applied to a Plan Member’s Target Amount in
determining any Performance Award with respect to a Performance Period shall be based upon the following chart: 
  

					
	 EBITDA Per Ton Shipped

	 	 Percentages of Target Amount
 Based Upon Relative Performance Ranking

	 Ranking of Company Versus
 Peer Group

	 	 Percentage for
 Completed Performance Period

	 	 Percentage for Final Year of
Completed Performance Period

	 1
	 	100%	 	100%
	 2
	 	50%	 	50%
	 3
	 	25%	 	25%

  

 2 

 8.    Form of Payment. 
  
 All Performance Awards with respect to a Performance Period will be paid in a single lump-sum payment either in cash or in a
combination of cash and whole shares of Restricted Stock as determined by the Committee; however, no more than fifty percent (50%) of any Performance Award shall be paid in Restricted Stock. The Company shall withhold such payroll or other taxes as
it determines to be necessary or appropriate. 
  
 If any portion
of Performance Awards with respect to a Performance Period are to be paid in whole shares of Restricted Stock, such shares shall be issued pursuant to grants of Restricted Stock under the AK Steel Holding Corporation Stock Incentive Plan (as amended
and restated as of January 16, 2003) (the “SIP”); however, notwithstanding any provision in the SIP to the contrary, the restrictions on such shares granted under the SIP pursuant to this Plan shall lapse as to 20% of those shares on each
of the first, second, third, fourth and fifth anniversaries of the Performance Award Payment Date on which such Restricted Stock was issued. Restricted Stock issued pursuant to this Plan shall be valued at the average of the high price and the low
price of shares traded on the date the Committee approves issuance of such Restricted Stock. 
  
 9.    Occurrence of Events During Performance Period. 
  
 a.    Termination of Employment. 
  
 If during a calendar year a Plan Member dies, becomes totally and permanently disabled, retires, or is involuntarily terminated for
reasons other than cause, the Plan Member (or his estate in the case of death) shall be entitled under this Plan to an amount equal to twice the amount paid to the Plan Member on the Performance Award Payment Date occurring within that calendar
year, less any amount actually paid to the Plan Member on such Performance Award Payment Date. Any amount payable under this paragraph 9a shall be paid on the next to occur of the Performance Award Payment Date falling within that calendar year or
within 60 days following such Plan Member’s death or other termination of employment. Any such amount shall be paid in cash and in full satisfaction of any claims the Plan Member may have under this Plan. 
  
 b.    Termination for Cause. 
  
 If a Plan Member is terminated for cause, as cause may be
defined by the Committee or the EMC, no Performance Award shall be paid under this Plan. 
  
 c.    Voluntary Termination. 
  
 Subject to the provisions of paragraph 9a, a Plan Member who voluntarily terminates employment with the Company prior to any Performance
Award Payment Date shall forfeit all rights hereunder to any payment that is or may be due on or after such Performance Award Payment Date. 
  
 d.    Removal from the Plan. 
  
 A Plan Member may be removed from further participation in this Plan by the Committee or the EMC and such removal shall be effective as of
the date determined by the Committee or the EMC. In such a case, the Plan Member may receive, in the sole discretion of the Committee or the EMC, a prorated Performance Award, if any, based on his period of participation during the Performance
Period in which his removal occurs. 
  
 10.    Source of Benefits. 
  
 The Company shall make any cash payments due under the terms of this Plan directly from its assets or from any trust that the Company may choose to establish and maintain from time to time. Nothing contained in this
Plan shall give or be deemed to give any Plan Member or any other person any interest in any property of any such trust or in any property of the Company, nor shall any Plan Member or any other person have any right under this Plan not expressly
provided by the terms hereof, as such terms may be interpreted and applied by the Committee in its discretion. 
  
 11.    Liability of Officers and Plan Members. 
  
 No current or former employee, officer, director or agent of AK Steel Holding Corporation or of the Company shall be personally liable to any Plan Member
or other person with respect to any benefit under this Plan or for any action taken by any such person in the administration or interpretation of this Plan. 
  

 3 

 12.    Unsecured General Creditor. 
  
 The rights of a Plan Member (or his designated beneficiary in the event of
his death) under this Plan shall only be the rights of a general unsecured creditor of the Company, and the Plan Member (or his designated beneficiary) shall not have any legal or equitable right, interest, or other claim in any property or assets
of the Company by reason of the establishment of this Plan. 
  
 13.    Arbitration. 
  
 Any
dispute under this Plan shall be submitted to binding arbitration subject to the rules of the American Arbitration Association before an arbitrator selected by the Company and acceptable to the Plan Member. If the Plan Member objects to the
appointment of the arbitrator selected by the Company, and the Company does not appoint an arbitrator acceptable to the Plan Member, then the Company and the Plan Member 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 Plan Member shall share equally the costs of arbitration. No Company agreement of indemnity, whether under its Articles of Incorporation, the bylaws or
otherwise, and no insurance by the Company, shall apply to pay or reimburse any Plan Member’s costs of arbitration. 
  
 14.    Amendment or Termination of Plan. 
  
 The Board expressly reserves for itself and for the Committee the right and the power to amend or terminate the Plan at any time. In such a case, unless
the Committee otherwise expressly provides at the time the action is taken, no Performance Awards shall be paid to any Plan Member on or after the date of such action. 
  
 15.    Miscellaneous. 
  

a.    Assignability. 
  
 Plan Members shall not alienate, assign, sell, transfer, pledge, encumber, attach, mortgage, or otherwise hypothecate or convey in advance
of actual receipt the amounts, if any, payable hereunder. No part of the amounts payable hereunder shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony, or separate maintenance, nor
shall any person have any other claim to any benefit payable under this Plan as a result of a divorce or the Plan Member’s, or any other person’s bankruptcy or insolvency. 
  
 b.    Obligations to the Company. 
  
 If a Plan Member becomes entitled to payment of any amounts under this Plan, and if at such time the Plan
Member has any outstanding debt, obligation, or other liability representing an amount owed to the Company, then the Company may offset such amounts against the amounts otherwise payable under this Plan.  Such determination shall be made by the
Committee or the Board. 
  
 c.    No
Promise of Continued Employment. 
  
 Nothing
in this Plan or in any materials describing or relating to this Plan grants, nor should it be deemed to grant, any person any employment right, nor does participation in this Plan imply that any person has been employed for any specific term or
duration or that any person has any right to remain in the employ of the Company. Subject to the provisions of paragraph 9 hereof, the Company retains the right to change or terminate any condition of employment of any Plan Member without regard to
any effect any such change has or may have on such person’s rights hereunder. 
  
 d.    Captions. 
  
 The captions to the paragraphs of this Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions. 
  
  

 4 

 e.    Pronouns. 
  
 Masculine pronouns and other words of masculine gender shall refer to both men and women. 
  
 f.    Validity. 
  
 In the event any provision of this Plan is found by a court
of competent jurisdiction to be invalid, void, or unenforceable, such provision shall be stricken and the remaining provisions shall continue in full force and effect. 
  
 g.    Applicable Law. 
  
 This Plan is subject to interpretation under federal law and, to the extent applicable, the law of the State
of Ohio. 
  

 5

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