At the time an Eligible Director’s Annual Deferral Election is made for a Plan Year, each Eligible Director shall specify the time and manner in which his/her Annual Deferred Cash Account and/or Annual Deferred Stock Account shall be distributed. If an Eligible Director does not specify an election for the timing and manner of a distribution, the balance of an Eligible Director’s Annual Deferred Accounts shall be distributed in a lump sum in accordance with option # below. The Eligible Director shall be entitled to receive, or to commence receiving, his/her Annual Deferred Accounts as soon as practicable after the following:

For each Plan Year, a Director may elect during the applicable Election Period, by executing in writing or electronically a deferral agreement on form(s) approved by the Committee, # to defer the receipt of a designated percentage of his or her Director Cash Compensation, and to direct that such Director Cash Compensation be credited to the Director’s Directed Investment Account, # to defer the receipt of a designated percentage of his or her Director Cash Compensation in the form of Deferred Stock Units credited to the Director’s Deferred Stock Unit Account, and/or # to elect to defer the receipt of his or Director Stock Compensation in the form of Deferred Stock Units credited to the Director’s Deferred Stock Unit Account (which shall be credited to the Director’s Deferred Stock Unit Account pursuant to [Section 5.5] following satisfaction of any applicable vesting conditions).