“If the Director elected to receive annual installments with respect to any portion of the Director’s Deferred Compensation Accounts, the first such installment shall be equal to the portion of the balance in the Director’s Deferred Compensation Account to which such installment election applies on the date of payment divided by the number of annual installment payments. Each subsequent annual payment shall be an amount equal to the portion of the balance in the Director’s Deferred Compensation Account to which such installment election applies on the date of payment divided by the number of the then-remaining annual payments and shall be paid on the respective anniversary of the preceding date of payment.” 4.

If the Director elected to receive annual installments, the first installment shall be equal to the balance in the Director’s Deferred Compensation Accounts on such date divided by the number of annual installment payments. Each subsequent annual payment shall be an amount equal to the balance in the Director’s Deferred Compensation Accounts on the date of payment divided by the number of the then-remaining annual payments and shall be paid on the respective anniversary of the preceding date of payment.

In the event a Director elected to receive the balance of his Deferred Compensation Accounts in a lump sum, distribution shall be made on the first day of the month selected by the Director on his Distribution Election, or as soon as reasonably possible thereafter. If the Director elected to receive annual installments, the first payment shall be made on the first day of the month selected by a Director, or as soon as reasonably possible thereafter, and shall be equal to the balance in the Director’s Deferred Compensation Accounts on such date divided by the number of annual installment payments. Each subsequent annual payment shall be an amount equal to the balance in the Director’s Deferred Compensation Accounts on the date of payment divided by the number of remaining annual payments and shall be paid on the anniversary of the preceding date of payment.

If annual installments are elected, the amount of the first payment will be a fraction of the value of the Director's deferred compensation account as of December 31 of the year preceding payment, the numerator of which is one and the denominator of which is the total number of installments elected. The amount of each subsequent payment will be a fraction of the value as of December 31 of the year preceding each subsequent payment, the numerator of which is one and the denominator of which is the total number of installments elected minus the number of installments previously paid.