A participant may assign to this plan any excess elective deferrals made during a taxable year of the participant by following the claim procedure set forth in [Section 5.5(a)(4)]. Also, the employer may notify this plan on behalf of a participant who has excess deferrals for the taxable year calculated by taking into account only elective deferrals under the plans, contracts or arrangements maintained by the employer.

Elective Deferrals. A participant may elect, by filing the appropriate form pursuant to [Section 8], to defer receipt for any calendar year of either # all of the compensation payable to the participant for serving on the Board of Directors and any committee thereof, # only the retainer fee payable to the participant for service on the Board of Directors, or # any percentage, equal to or exceeding twenty-five percent of the compensation payable to the participant specified in [clause (1) hereof].

Elective Deferrals. On or before the time necessary to administer deferral elections that are effective as of the first day of the next Plan Year, the Committee shall, in its sole discretion, determine which Participants are eligible to make Elective Deferrals for that Plan Year. For Participants compensated primarily on a commission basis, eligibility to make such Deferrals may be based on whether a Participant has achieved a threshold of Gross Production for the fiscal year ending on the November 30th immediately preceding the Plan Year for which the eligibility determination is being made. The threshold of Gross Production for purposes of this Section shall be established by the Committee in its sole discretion.

Notwithstanding the above, for any years in which a Participant makes both Roth Elective Deferrals and Pre -Tax Elective Deferrals, the distribution of any Excess Deferrals for such year shall be made, as operationally determined by the Administrator, from the Participant's Pre-Tax Elective Deferral Account or Participant's Roth Elective Deferral Account. Matching contributions which relate to Excess Elective Deferrals (regardless of whether such Excess Elective Deferrals are Pre -Tax Elective Deferrals or Roth

Any distribution of Excess Deferrals made pursuant to this Subsection shall be made first from unmatched Elective Deferrals (regardless of whether they are attributable to Pre-Tax Elective Deferrals or Roth Elective Deferrals) and, thereafter, from Elective Deferrals which are matched. Matching contributions which relate to Excess Deferrals that are distributed pursuant to this Se ction

Notwithstanding any other provision of the plan, excess elective deferrals, plus any income and minus any loss allocable thereto, shall be distributed no later than April 15 to any participant to whose account excess elective deferrals were assigned for the preceding year and for whom excess elective deferrals have been claimed for such taxable year or calendar year. For participant taxable years beginning after ​, distribution of excess elective deferrals for a year shall be made first from the participant's Roth elective deferral account, to the extent Roth elective deferrals were made for the year. Excess elective deferrals shall only be distributed from the 401(k) elective deferral account after the Roth elective deferrals made for the year have been fully distributed.

Excess Deferrals. If a Participant has Excess Deferrals for a taxable year, the Participant may, not later than March 1st following the close of such taxable year, notify the Administrator in writing of such excess and request that the Participant's Elective Deferrals under this Plan be reduced by an amount specified by the Participant. In such event, the Administrator shall direct the distr ibution of such excess amount (and any "income" allocable to such excess amount) to the Participant not later than the first April 15th following the close of the Participant's taxable year. Any distribution of less than the entire amount of Excess Deferrals and "income" shall be treated as a pro rata distribution of Excess Deferrals and "income." The amount distributed shall not exceed the Participant's Elective Deferrals under the Plan for the taxable year. Any distribution on or before the last day of the Participant's taxable year m ust satisfy each of the following conditions:

Regardless of the preceding, if a Participant has Excess Deferrals solely from Elective Deferrals made under thi s Plan or any

after-tax voluntary Employee contribution pursuant to [Section 4.8]) until the total amount of Excess Contributions has been distributed, or until the amount of the Participant's Elective Deferrals equals the Elective Deferrals of the Highly Compensated Participant having the next largest amount of Elective Deferrals allocated. This process shall continue until the total amount of Excess Contrib utions has been distributed. However, in the event the Plan permits Catch-Up Contributions, then any "HCE" who is eligible to make Catch-Up Contributions pursuant to [Section 12.2(c)] shall have any amount that would have otherwise been distributed pursuant to this Section recharacterized as a Catch-Up Contribution (up to the maximum catch-up dollar limitation). Any distribution and/or recharacterization of Excess Contributions shall be made in the following order:

for such Plan Year. Employer contributions on behalf of any Participant shall include: # any Elective Deferrals made pursua nt to the Participant's salary deferral election (including Excess Deferrals of "HCEs"), but excluding # Excess Deferrals of "NHCEs" that arise solely from Elective Deferrals made under the plan or plans of this Employer and # Elective Deferrals that are taken into account in the ACP tests set forth in [Section 12.6] (provided the ADP test is satisfied both with and without exclusion of these Elective Deferrals); and # except as provided in [[Subsections (f) and (g)])]])], at the election of the Employer, Qualified Nonelective Contributions and Qualified Matching Contributions to the extent such contributions are not used to satisfy the ACP test.