Deferral Elections. A Monthly Deferral Participant in 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, or such amounts as may be specified by the Plan Administrator in its sole discretion, and whether such Deferral Amount shall 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 terms 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 no changes to any Election Form delivered to the Plan Administrator shall be permitted, except as specifically provided under the terms of the Plan.

Deferral Elections. Aelections shall apply to Monthly Deferral Participant inCompensation and annual Share allocations with respect to the Plan mayYear for which the elections are made. Participants will be required to make deferral elections for future Plan Years at such times to be specified by the Plan Administrator in accordance with the foregoing. If a Participant does not 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, or such amounts as may be specifieddeadline established by the Plan Administrator for deferral elections for a Plan Year, a Participant will be deemed not to have elected to defer Monthly Compensation for such Plan Year, as applicable. Notwithstanding the foregoing, in its sole discretion,the first year in which an individual who is newly elected or appointed to serve as a Director becomes eligible to participate in the Plan, such individual may, not later than thirty (30) days after the date he or she becomes eligible to participate in the Plan, elect in accordance with the preceding provisions of this [Section 4], to defer the receipt of Monthly Compensation and whether such Deferral Amount shall 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 terms of distribution of the Participant’individual's Account in accordance with [Section 6] hereof andrespect to services to be performed after the Participant’s Beneficiary designation. All elections to defer compensation under the Plan are irrevocable, and no changes to any Election Form delivered to the Plan Administrator shall be permitted, except as specifically provided under the termsfiling of the Plan.election with the Company.

Crediting of Deferral Elections.Amount. A Monthly Deferral Participant in the Plan may filewho has filed 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, or such amounts as may be specified byCompensation with respect to a Plan Year shall have the Plan Administrator in its sole discretion, and whether such Deferral Amount shall bededucted from the applicable compensation and 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 terms of distribution of the Participant’s appropriate Account in accordance with [Section 6] hereof and the Participant’s Beneficiary designation. All elections to defer compensation under the Plan are irrevocable, and no changes to any Election Form delivered to the Plan AdministratorPlan. The Deferral Amount so credited shall be permitted, except as specifically provided under the terms of the Plan.reduced by applicable tax withholding, distributions and expenses.