Election Changes. A Participant may not change his or her deferral election that is in effect for a Plan Year, unless permitted by the Bank in compliance with [Section 409A] of the Code.

Deferral Election. Each Director may elect, with respect to any Year, that all or any percentage of his or her Eligible Compensation be deferred in accordance with the terms of this Plan.

Rederral Election. A Participant making a valid election under this Section 5.2 may elect to further defer the date on which payment for any Plan Year’s deferrals and any HP Matching Contributions (and earnings thereon) was originally scheduled to commence, under either the single sum or the annual installment election addressed in Section 5.2(a). Any such rederral election most postpone the originally elected commencement date by at least five (5) years and must be made at least twelve (12) months prior to the date on which the original payment was scheduled to occur. In addition, no such redeferral election shall take effect and be considered valid until twelve (12) months from the date the redeferral election is made.

A Director who elects to participate in the deferral of Director’s Fees under the Plan shall file a deferral election on a form, which shall indicate:

Holder's Election. Holder's failure to exercise the election described in this Section 4 with respect to any event of default shall not constitute a waiver of the right to exercise such election upon the occurrence of any subsequent default.

Investment Election. Each Participant shall from time to time designate, in such manner as may be approved by the Company, the Phantom Fund or Funds that shall determine the investment experience with respect to such Participant’s Accounts. The Company may, in its discretion, # establish minimum amounts (in terms of dollar amounts or percentages) that may be allocated to any Phantom Fund, # establish rules regarding the time at which any such election (or any change in such election permitted under Section 4(e)) shall become effective, and # permit transfers among Phantom Funds in a Participant’s Account balances, pursuant to such procedures as the Company shall determine. If a Participant fails to make a valid election with respect to any amount allocated to the Participant’s Accounts (or if any such election ceases to be effective), such amount shall be deemed invested in the Phantom Fund which the Company determines generally to have the least risk of loss of principal.

Distribution Election. Participants or Beneficiaries may elect on an individual basis whether the 5-year rule or the rule in [Section 9.2(b)(2)(ii) and 9.2(b)(4)(ii)] (the “life expectancy rule”) applies to distributions after the death of a Participant who has a designated Beneficiary. The election must be made no later than the earlier of September 30 of the calendar year in which distribution would be required to begin under Section 9.2(b)(2)(ii), or by September 30 of the calendar year which contains the fifth anniversary of the Participant’s (or, if applicable, surviving Spouse’s) death. If neither the Participant nor the Beneficiary makes an election under this [Section 9.2(b)(5)(ii)], distributions will be made in accordance with [Sections 9.2(b)(2)(ii), 9.2(b)(4)(ii) and 9.2(b)(5)(i)])].

Investment Election. A Participant may elect, pursuant to procedures established by the Committee and subject to applicable limitations herein, that his or her Basic, Matching, and Company Retirement Deferrals be credited with gains and losses as if such Deferrals had been invested (in increments of at least one percent (1%)) in one or more of the investment funds offered under the Plan, as may be determined by the Committee from time to time; provided, however, that a Participant may not elect to have any Company Retirement Deferrals credited with gains and losses as if such amounts had been invested in a fund composed of common stock of the Company (the “VF Corporation Stock Fund”), unless the Participant has elected to have the deemed investment of his or her Deferrals covered by the Financial Engines Professional Management Program, in which case up to twenty percent (20%) of the amounts attributable to his or her Company Retirement Deferrals may be credited with gains and losses as if such amounts had been invested in the VF Corporation Stock Fund.

Delay in Requests. Failure or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to this [Section 2.14] shall not constitute a waiver of such Lender’s or such Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or an Issuing Bank pursuant to this [Section 2.14] for any increased costs or reductions incurred more than three (3) months prior to the date that such Lender or such Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or such Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the three (3) month period referred to above shall be extended to include the period of retroactive effect thereof.

Delay in Requests. Failure or delay on the part of any Lender or any L/C Issuer to demand compensation pursuant to the foregoing provisions of this Section 3.04 shall not constitute a waiver of such Lender’s or such L/C Issuer’s right to demand such compensation, provided that the [[Consolidated Parties:Organization]] shall not be required to compensate a Lender or such L/C Issuer