Initial Elections. Unless the Participant # dies while an employee of the Company and its Subsidiaries, or # makes an election as provided in [Sections 4.1.1 or 4.2], the Annual Benefit Commencement Date with respect to a Unit Award shall be the seventh anniversary of the Grant Date of the Unit Award. Unless the Participant makes an election as provided in Section 4.1.2, the Annual Benefit shall be five equal installments each in the amount of one-fifth of the full Unit Award value (thus, in the absence of an adjustment under [Section 6.2], the Annual Benefit is $25,000).

Initial Elections. The election period for initial deferral elections shall be established by the Administrator in accordance with the requirements of Section 409A of the Code, as follows:

Initial Elections. Unless the Participant # dies while an employee of the Company and its Subsidiaries, or # makes an election as provided in [Sections 4.1.1 or 4.2], the Annual Benefit Commencement Date with respect to a Unit Award shall be the seventh anniversary of the Grant Date of the Unit Award. Unless the Participant makes an election as provided in Section 4.1.2, the Annual Benefit shall be five equal installments each in the amount of one-fifth of the full Unit Award value (thus, in the absence of an adjustment under [Section 6.2], the Annual Benefit with respect to a Unit Award made

Initial Interest Elections. Anything in Section 2.2 or this Section 2.7 to the contrary notwithstanding, Borrowers may not select a Eurodollar Borrowing as a Borrowing on the Effective Date unless Administrative Agent receives the applicable Borrowing Request not later than 11:00 a.m., New York City time, 3 Business Days prior to the Effective Date, together with an indemnity agreement from Administrative Borrower on behalf of Borrowers agreeing to pay losses to the extent required by Section 2.15, in form and substance reasonably acceptable to Administrative Agent.

Initial Participant Elections. Notwithstanding the foregoing, when a Director first becomes eligible to participate in the Plan, the Director may file an initial election to defer Retainer Fees at any time during the 30-day period beginning on the date such Director first becomes a Director. Such election shall apply to Retainer Fees earned for services performed after the date such election is filed.

Elections. A Participant may elect to reduce Deferral Eligible Amounts by any dollar amount or whole percent, but not more than one-hundred percent (100%). A separate reduction amount or percentage may apply to base compensation and to bonuses. In addition, a Participant may make a separate election to reduce his or her base compensation by an amount equal to the amount, if any, distributed to the Participant in the applicable Year under the RLI Corp. 401k Plan, or a successor thereto, and representing excess contributions for the previous Year under Section 415(c) of the Code. An election must be made in such manner and in accordance with such rules as may be prescribed for this purpose by RLI (including by means of a voice response or other electronic system under circumstances authorized by RLI). An election must be made as part of the enrollment described in [Section 2.3].

Elections. A Director may elect to reduce any annual retainers, committee fees, and, if applicable, committee chair fees earned in the applicable Year (“Direct Compensation”) by any whole percent, but not more than

Deferral Elections. A Member’s elections under Section 4.01 shall be made in accordance with the following provisions:

Evergreen Elections. Unless otherwise provided by the Committee, a Participant’s elections for a Plan Year with respect to the rate of his Compensation Deferrals, Deemed Investment Option(s) and Beneficiary designation shall continue in effect for each subsequent Plan Year in which the Participant continues to meet the eligibility requirements of Article II, unless, in accordance with the time periods established by the Committee in accordance with Section 4.2, the Participant either changes his prior elections under Section 3.1 or indicates in a manner prescribed by the Committee that the Participant does not want to have Compensation Deferrals made for such Participant for such Plan Year.

Distribution Elections. Each Plan Year, Participants may make an election regarding the timing and form of distribution with respect to any or all of the Supplemental Company Contributions, Discretionary Company Contributions and Elective Deferrals to be allocated to the Participant’s Account with respect to the next Plan Year. A Participant may select from the available distribution dates and forms designated by the Administrator and set forth in the Distribution Election. Except as otherwise provided in this [Section 11], payment of a Participant’s vested Company Contributions Account and Elective Deferral Account shall be made (or commence, in the case of installments) in accordance with the distribution date and form specified in the Participant’s Distribution Election.