An election to defer Compensation shall be effective on the date an eligible Employee or Director delivers a completed Election of Deferral form to the Plan Administrator; provided, however, that, if the eligible Employee or Director delivers another properly completed Election of Deferral form to the Plan Administrator prior to the close of the deferral election period described in [Section 4.1] , the deferral election on the form bearing the latest date shall control. After the last day of the election period, the controlling election made prior to the close of the period shall be irrevocable.

A new deferral election must be timely executed and delivered to the Committee for each Plan Year during which the Eligible Employee or Director desires to defer Compensation. Except as provided in [Section 8.5], elections shall become irrevocable for a Plan Year at the end of the Election Period immediately preceding that Plan Year.

In order to electively defer any portion of Compensation earned in any calendar year, an eligible Employee or Director must submit at least one completed Election of Deferral form to the Plan Administrator before the start of that calendar year. If an Employee or Director fails to make such a submission, the Employee or Director will be deemed to have chosen not to defer Compensation to the Plan for that Plan Year.