This excerpt taken from the AKS 10-Q filed Nov 6, 2007.
ARTICLE VI: COMPENSATION DEFERRAL ELECTIONS
6.1 Initial Election. With respect to the initial Plan Year in which a Director becomes eligible to participate in the Plan, the Director may elect to defer a percentage or specific dollar amount of the compensation to be earned for his services as a Director for the remainder of the Plan Year by completing an Election Form and delivering it to the Administrator within thirty (30) days following his designation as a Director; provided however, such election shall be effective only for compensation for services performed subsequent to the election.
6.2 Annual Election. A Director who does not initially elect to defer compensation in accordance with Section 6.1 when first eligible, and each other Participant, may, by completing
an Election Form and delivering it to the Administrator on or before December 31st of any Plan Year, elect to defer a percentage or dollar amount of the compensation to be earned for his services as a Director with respect to the Plan Year that commences immediately after the Administrator receives a timely filed Election Form.
6.3 Elections Irrevocable. Any election to defer compensation that is timely filed as provided under this Article VI shall be irrevocable after the commencement of the period to which the election relates.