Crediting of Deferral Amount. A Participant who has filed an Election Form with the Plan Administrator for the deferral of Monthly Compensation with respect to a Plan Year shall have the Deferral Amount deducted from the applicable compensation and credited to the Participant’s appropriate Account under the Plan. The Deferral Amount so credited shall be reduced by applicable tax withholding, distributions and expenses.

Deferral Amount.Elections. A Monthly Deferral Participant who has filedin the Plan may file an Election Form with the Plan Administrator on or before the date specified in accordance with [Section 4(c)] hereof. The Election Form shall permit the Monthly Deferral Participant to specify the Deferral Amount, subject to a minimum annual Deferral Amount of ​, for the deferral of Monthly Compensation with respect to aCompensation, or such amounts as may be specified by the Plan Year shall have theAdministrator in its sole discretion, and whether such Deferral Amount deducted fromshall be credited in cash to his or her Deferred Compensation Account or in Shares to his or her Deferred Stock Account, pursuant to [Section 5(a)] hereof. The Election Form shall also set forth the applicableterms of distribution of the Participant’s Account in accordance with [Section 6] hereof and the Participant’s Beneficiary designation. All elections to defer compensation under the Plan are irrevocable, and creditedno changes to any Election Form delivered to the Participant’s appropriate AccountPlan Administrator shall be permitted, except as specifically provided under the terms of the Plan. The Deferral Amount so credited shall be reduced by applicable tax withholding, distributions and expenses.