This excerpt taken from the AKS 8-K filed Oct 22, 2008.
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, and additional Options in a similar amount may be granted at approximately five year intervals thereafter to such Directors during their term on the Board as shall be determined by and in the sole discretion of the Committee, 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.
These excerpts taken from the AKS 10-Q filed Nov 6, 2007.
ARTICLE V: ELIGIBILITY AND PARTICIPATION
5.1 Eligibility. Participation in this Plan shall be limited to Directors. An individual shall be eligible to participate in the Plan upon his designation as a Director.
5.2 Participation. Participation shall commence upon the completion and filing with the Administrator of a properly completed Election Form. A Director who becomes a Participant shall continue to be a Participant until such time as his Account has been completely distributed to him or his Beneficiary.
ARTICLE V: ELIGIBILITY AND PARTICIPATION
5.1 Eligibility. Participation in this Plan shall be limited to Eligible Employees. Participation shall commence upon the completion and filing with the Administrator of a properly completed Election Form. An Eligible Employee who becomes a Participant shall continue to be a Participant until such time as his Account has been completely distributed to him or his Beneficiary.
5.2 Removal. The Chairman, subject to the approval from time to time by the Administrator, may remove any Participant from future participation in this Plan. Such removal shall not affect the removed Participants benefits under this Plan that accrued prior to the effective date of the removal.
ARTICLE 5: ELIGIBILITY AND PARTICIPATION
Except to the extent that Key Management Members may be entitled to a Benefit under this Plan due to their participation in the Prior Plan as in effect immediately before November 25, 2003, participation in this Plan shall be limited to officers of the Company who have been selected by the Chairman and approved from time to time by the Administrator. Participation shall commence at such time as the Administrator determines after the selected officer enters into any agreements with the Company as the Administrator may require as a condition to participation in this Plan, and provides to the Administrator any documents or other information required by the Administrator, including but not limited to information relating to the officers participation in any Qualified Plan.
The Board may remove any Member or Key Management Member from participation in this Plan. With respect to any removed Member or Key Management Member who has
attained his Vesting Date, such removal shall not directly or indirectly deprive such Member or Key Management Member of all or any portion of his Benefit or any right to receive his Benefit under the terms of the Plan as in effect immediately before such removal.
The Company shall notify in writing those employees selected as Members pursuant to Section 5.1 of their Member status and shall notify in writing any Member or Key Management Member removed from membership pursuant to Section 5.2.