Mandatory Conversions. For each calendar quarter commencing on or after July 1, 2014 in which the Plan is in effect, 50% of the aggregate dollar amount of a Participant’s Director’s Fees payable for such quarter up to $62,500, and 100% of the aggregate dollar amount of a Participant’s Director’s Fees payable for such quarter in excess of $62,500 shall be converted into a Stock Unit Award pursuant to Section 4(c) hereof.
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