Except as set forth in Section 5.4(b), prior to the initial establishment of a Deferred Compensation Account for a Director, the Director must elect that upon Separation from Service the values and quantities held in the Director’s Deferred Compensation Accounts be distributed to the Director, pursuant to the provisions of Section 7 in a single lump sum or in a series of annual installments not to exceed ten (10) years. The time for the commencement of distributions shall be elected by the Director and shall not be later than the first of the month coinciding with or next following the second anniversary of the Director’s Separation from Service. Notwithstanding the foregoing, a Director may elect to modify his or her distribution election to delay distribution under this Section 5.4 provided that such modification is subject to the requirements of the Modification Delay.

Except as set forth in Section 6.4 (b) and (c) of this Pre-2005 Addendum, prior to the initial establishment of a Deferred Compensation Account for a Director, the Director must elect, in writing, that upon termination from the Board of Directors the values and quantities held in the Directors Deferred Compensation Accounts be distributed to the Director, pursuant to the provisions of this Section 6, in a lump sum or in a series of annual installments not to exceed ten (10) years. The time for the commencement of distribution shall not be later than the first day of the month coinciding with or next following the second anniversary of termination of Board membership.

Except as set forth in [Section 5.4(d)], prior to the beginning of any Plan Period for which a Director has made a deferral election pursuant to [Section 5.1] or for which the Director is expected to receive a Stock Retainer, the Director must elect that upon Separation from Service the values and quantities held in the Director’s Deferred Compensation Accounts that are attributable to such Plan Period be distributed to the Director, pursuant to the provisions of [Section 7], in a single lump sum or in a series of annual installments not to exceed ten (10) years. The time for the commencement of distributions shall be elected by the Director and shall not be later than the first of the month coinciding with or next following the second anniversary of the Director’s Separation from Service. A Director may elect the same time and form of payment for amounts attributable to Cash Compensation (“Cash Deferral Amounts”) and amounts attributable to Stock Retainer (“Stock Deferral Amounts”), or may elect a different time and form of payment for each of the Cash Deferral Amounts and the Stock Deferral Amounts. The applicable form and timing of distribution elected by a Director with respect to Cash Deferral Amounts or Stock Deferral Amounts in accordance with this [Section 5.4(a)] shall apply to Cash Deferral Amounts or Stock Deferral Amounts, respectively, credited to the Director’s Deferred Compensation Accounts in respect of the Plan Period to which the distribution election relates (and any additional interest, earnings, or dividends credited in respect of such applicable amounts pursuant to the terms of this Plan).