Deferral Election. Each Director may elect, with respect to any Year, that all or any percentage of his or her Eligible Compensation be deferred in accordance with the terms of this Plan.

Deferral Election. EachElections. A Director may elect, with respectelect to any Year, thatdefer payment of all or any percentagea specified portion of his or herany Eligible Compensation be deferred in accordanceby filing a written election with the terms of this Plan.Company on a form prescribed by the Company as follows (such an election, a “Deferral Election”):

Election. EachAn Eligible Director may elect, with respectwho desires to any Year, thatdefer receipt of all or any percentagea portion of his or her Eligible Compensation be deferredRemuneration in accordance withany calendar year shall make such election in writing to the terms of this Plan.Company specifying:

Before December 31 of any year, an incumbent Director may elect, with respectelect to any Year, thatdefer all or any percentagea portion of his or her Eligible Compensation for services as a Director during any Payment Year(s) beginning in a later calendar year, in which case the elected deferrals shall be deferred in accordance withand credited to a Plan Year Balance for the applicable Payment Year established pursuant to the terms of thisthe Plan.

On or before December 31 of any Year, the Director may elect, with respectelect to any Year, thatdefer all or any percentageportion of his or herany Eligible Compensation be deferredgranted to such Director during any Year following the Year in accordance withwhich the terms of this Plan.Deferral Election was made, subject to [[Section 2.2(b) and (c)])]])] below.