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. If a Participant’s Post-2022 Account is distributable in installments, distribution of the subaccount shall commence on the Distribution Date applicable to such subaccount and be distributed thereafter in annual installments on each anniversary of the Distribution Date over the period specified on such Participant’s applicable Election Form (each an “Issuance Date”). The annual distribution of such subaccount to be made to the Participant on each annual Issuance Date shall be equal to a percentage of his relevant Post-2022 Account balance on the relevant Issuance Date, determined by dividing the number of Deferred Share Units credited to such subaccount at the applicable Issuance 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(b)(ii)(1)].