AK Steel Holding (AKS)

ARTICLE VI: DEFERRAL ELECTIONS

6.1 Initial Election. With respect to any Plan Year in which an individual first becomes an Eligible Employee, the Eligible Employee may elect to defer a percentage or specific dollar amount of one or more components of his compensation 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 an Eligible Employee; provided however, such election shall be effective only for compensation for services performed subsequent to the election and only if the percentage or specific dollar amount of compensation so elected to be deferred hereunder exceeds the maximum Pretax Contributions permitted under the Thrift Plan for such Plan Year.

6.2 Annual Election. Subject to the provisions of Sections 6.3, an Eligible Employee 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 one or more components of compensation payable to the Participant during the Plan Year that commences immediately after the Administrator receives a timely filed Election Form; provided however, such election shall be effective only if the percentage or specific dollar amount of compensation so elected to be deferred hereunder exceeds the maximum Pretax Contributions permitted under the Thrift Plan for such Plan Year.