Common use of Change of Control Agreement Clause in Contracts

Change of Control Agreement. Reference is made to the agreement between us, dated , (the “Prior Agreement”), setting forth the extent to which benefits will be provided to you in the event of termination, under certain circumstances after a “Change of Control” (as defined below), of your employment with AK Steel Corporation (the “Company”), AK Steel Holding Corporation (“Holding”) or any of their respective subsidiaries, affiliates, or successors (hereinafter collectively referred to as “AKS”). Upon your execution of this letter agreement (the “Agreement”), the Prior Agreement shall be deemed superseded in its entirety and no longer in effect. The Agreement sets forth your obligations and commitments in exchange for continued employment with AKS, the compensation and benefits you receive during such employment, and the promise and/or receipt of severance benefits if your employment terminates under certain circumstances. It establishes time limits for asserting certain claims under this Agreement or arising out of your employment relationship with AKS. It also requires that certain claims be resolved through arbitration rather than through litigation. This Agreement is not, however, an employment agreement and nothing in this Agreement shall be construed as a contract or promise of continued employment with AKS. As an “at-will” employee, your employment may be terminated by you or AKS at any time.