In addition to an Eligible Director’s voluntary election provided under [Section V.4(b)], if any, a portion of each Eligible Director’s annual retainer payable to each Director for service on the Board shall be automatically exchanged for Phantom Shares (in the same manner as provided in [Section V.4(b)]). The retainer amount automatically exchanged for Phantom Shares shall be $15,000, unless otherwise determined by the Board from time to time but in all events prior to the first day of the Plan Year for which the annual retainer is awarded.

For 2019 and prior Plan Years only, -in addition to an Eligible Director’s voluntary election provided under [Section V.4(b)], if any, a portion of each Eligible Director’s annual retainer payable to each Eligible Director for service on the Board shall be automatically exchanged for Phantom Shares (in the same manner as provided in [Section V.4(b)]). The retainer amount automatically exchanged for Phantom Shares shall be $15,000. Effective for the 2020 Plan Year and subsequent years, no portion of the annual retainer payable to each Eligible Director for service on the Board shall be automatically exchanged for Phantom Shares.

Notwithstanding the foregoing, a portion of each Eligible Director’s annual retainer for Board service shall be automatically deferred in Phantom Shares in accordance with [Section V.3] below only for 2019 and the prior Plan Years.