Installments. If a Participant elects distribution in the form of instalment payments, the installments shall be calculated using the declining account balance method. The distribution of each installment, except the last installment, shall be in whole shares (rounded down). Any fractional shares shall be distributed with the last installment.

Installments. If the subaccount established within a Participant’s Deferral Account for Fees is payable in installments, distribution of the applicable subaccount shall commence on the Distribution Date applicable to such subaccount and be paid thereafter in annual payments on each anniversary of the Distribution Date over the period specified on such Participant’s applicable Election Form (each a “Payment Date”). The annual payment of such subaccount to be made to the Participant on each annual Payment Date shall be equal to a percentage of his relevant Deferral Account for Fees subaccount balance on the relevant Payment Date, determined by dividing such subaccount balance at the applicable Payment Date by the total remaining years of the payment term. If the Director fails to select an installment election, then the default distribution form shall be in a lump sum in accordance with [Section 5.1(a)(i)].

Installments. A series of annual installments made over either five (5) years or ten (10) years commencing at a time provided under Section 5.2.2(a) or (b). For purposes of Code section 409A, installment payments will be treated as a series of separate payments at all times.

Installments. Notwithstanding the foregoing, a Participant may elect in the form and manner designated by the Committee, that payment of his or her Basic Deferrals for a Plan Year be made in annual installments over a period of not more than ten (10) years with such payments commencing not earlier than the first business day of the month occurring three full calendar months following the event giving rise to the distribution and not later than the close of the Plan Year during which such three month period ends or any such later date as may be permitted under Code section 409A. Such election must be made to the Committee at the same time that the Participant makes his or her Basic Deferral Elections for such Plan Year in accordance with [Subsection 1] of Section III. Any such installment payment election with respect to salary deferred by a Participant for a Plan Year shall also apply with respect to the Matching Deferrals credited on account of such salary deferrals, any Company Retirement Deferrals credited on behalf of the Participant for the Plan Year, and any Transitional Deferrals for the Plan Year. Any such installment payment election with respect to Performance-Based Compensation deferred by a Participant for a Plan Year shall also apply with respect to the Matching Deferrals credited on account of such Performance-Based Compensation deferral for the Plan Year.

Installment payments shall be paid in three (3) annual installments, in five (5) annual installments or in ten (10) annual installments, as specified in the applicable Deferral Agreement.

o 10 annual installments

In ten (10) annual installments commencing

• An annual Board retainer of $100,000, payable in equal installments quarterly in advance; and

in annual installments over a period of years stipulated by him/her not to exceed ten (10). The amount of the installments will be determined by annually dividing the value of the benefits in the Account by the number of installments remaining to be paid.

Annual installments over a term certain as elected by the Participant not to exceed years.