An election to defer compensation may be made by # a first-time nominee for election as a Director prior to his/her election for the remainder of the calendar year in which he/she is being elected (except that a person newly elected a Director by the Board of Directors may make an election to defer compensation within 30 days after his/her election as a Director, in which event such election to defer compensation shall be effective only with respect to compensation paid for services performed after the election to defer compensation is made) and # a person then currently serving as a Director for the next succeeding calendar year no later than the preceding December 31. This election will be deemed to be an election to defer compensation under this Plan for each succeeding calendar year, unless # the participant elects, in accordance with [Section 11], to discontinue the deferral, # the Board of Directors discontinues the Plan in accordance with Code Section 409A, or # the election is stated, in writing, to apply only to the first calendar year applicable under [(i) or (ii) above].