Investment Election. Each Participant shall from time to time designate, in such manner as may be approved by the Company, the Phantom Fund or Funds that shall determine the investment experience with respect to such Participant’s Accounts. The Company may, in its discretion, # establish minimum amounts (in terms of dollar amounts or percentages) that may be allocated to any Phantom Fund, # establish rules regarding the time at which any such election (or any change in such election permitted under [Section 4(e)]) shall become effective, and # permit transfers among Phantom Funds in a Participant’s Account balances, pursuant to such procedures as the Company shall determine. If a Participant fails to make a valid election with respect to any amount allocated to the Participant’s Accounts (or if any such election ceases to be effective), such amount shall be deemed invested in the Phantom Fund which the Company determines generally to have the least risk of loss of principal.

Investment Election. A Participant may elect, pursuant to procedures established by the Committee and subject to applicable limitations herein, that his or her Basic, Matching, and Company Retirement Deferrals be credited with gains and losses as if such Deferrals had been invested (in increments of at least one percent (1%)) in one or more of the investment funds offered under the Plan, as may be determined by the Committee from time to time; provided, however, that a Participant may not elect to have any Company Retirement Deferrals credited with gains and losses as if such amounts had been invested in a fund composed of common stock of the Company (the “VF Corporation Stock Fund”), unless the Participant has elected to have the deemed investment of his or her Deferrals covered by the Financial Engines Professional Management Program, in which case up to twenty percent (20%) of the amounts attributable to his or her Company Retirement Deferrals may be credited with gains and losses as if such amounts had been invested in the VF Corporation Stock Fund.

Change in Investment Election. Effective for the close of any business day, a Participant may change his or her investment election for all of his existing Accounts in 5

Change of Investment Election. A Participant may elect, pursuant to procedures established by the Committee and subject to applicable limitations herein, a change with respect to his or her previously-made investment election.

Election An individual who is a Director on the Effective Date may elect by election duly filed with (and received by) the Committee on or before ​, to defer all or a portion of his or her fees for Board or committee meetings from ​ to ​

Election. Prior to ​ Eastern time on the final business day preceding June 1 of a given calendar year or, for a Non-Employee Director whose service as a Non-Employee Director commences in such given calendar year, such later date on which the Non-Employee Director’s service as a Non-Employee Director commences and that occurs prior to July 1 of such given calendar year (in any case, the “Election Deadline”), by delivery to the Company of a written election in a form provided by the Company (an “Election”), a Non-Employee Director may elect to receive payment of the entire Annual Retainer payable to the Non-Employee Director under this Program for services performed during the period beginning on July 1 occurring after the Election Deadline and ending on June 30 of the following calendar year (each such period, a “Service Year”) in the form of one or more options (each, an “Elective Option”) to purchase shares of the Company’s common stock (“Shares”) as set forth in this [Section I(B)] and [Section II(D)] rather than in cash in accordance with [Section I(A)]. A Non-Employee Director who makes an Election will be granted a separate Elective Option for the Base Retainer (a “Base Retainer Elective Option”) and for each Committee Member Retainer (a “Committee Member Retainer Elective Option”) that such Non-Employee Director would, as of the applicable Issue Date, otherwise have been entitled to receive under this Program in cash for service on the Board and its committees during the applicable Service Year. If a Non-Employee Director commences service on a committee of the Board following the Issue Date for a given Service Year, the Non-Employee Director will receive the Committee Member Retainer for such committee service during the corresponding Service Year in cash pursuant to [Section I(A)] and not in the form of a Committee Member Retainer Elective Option under this [Section II(B)].

Election. Further, the Administrator may, in its sole discretion, permit each Eligible Director to receive all or any portion of his Eligible Remuneration during the Remuneration Period in the form of Deferred Stock Units under this Plan (an “Election”). All deferrals pursuant to such an Election shall be evidenced by an Award Agreement.

Election. An Eligible Director who desires to defer receipt of all or a portion of his or her Eligible Remuneration in any calendar year shall make such election in writing to the Company specifying:

Election. To exercise the option described in this Subsection, the "Terminated Employer" must inform the "lead Employer" of its choice, and must supply any reasonably required documentation as soon as practical. If the "lead Employer" has not received notice of a "Terminated Employer's" exercise of this option within ten (10) days prior to the stated date of termination, the "lead Employer" can choose to disregard the exercise and proceed with the Spin-off.

Election. No election is required or allowed to participate in this Plan.