In the absence of an effective election to the contrary, the Executive’s Benefit will be paid in a single lump sum on the first day of the 7th month following his or her Termination Date (as defined in Section 5.2(c)). Notwithstanding the foregoing, effective for amounts credited to an Executive’s Account on or after August 6, 2020, the Executive’s Benefit will in all events be paid in a single lump sum on the first day of the 7th month following his or her Termination Date (as defined in Section 5.2(c)).

The Executive may elect, subject to the requirements of Section 5.3, below, and subject to the approval of the Administration Committee, to have his or her Benefit paid in annual installments over not more than 5 years, with the first installment being paid on the first day of the 7th month following his or her Termination Date and remaining installments being paid over the remaining period as determined by the Administration Committee. In addition, the Executive may elect, subject to the requirements set forth in Section 5.3, below, and subject to the approval of the Administration Committee, the form of payment of his or her Benefit hereunder to his or her designated Beneficiary, in the event of the Executive’s death before his or her entire Plan Benefit has been paid to him or her. Notwithstanding the foregoing, effective for amounts credited to an Executive’s Account on or after August 6, 2020, the Executive may not make any election with respect to the manner in which such portion of the Executive’s Benefit shall be payable. Rather, such portion of the Executive’s Benefit will in all events be paid to the Executive in a single lump sum on the first day of the 7th month following the Executive’s Termination Date.