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Performance Awards. In the case of a Performance Award, the deferral election must be received by the Company no later than six (6) months before the end of the applicable Performance Period, provided that # the Participant was employed continuously from the later of the first day of the Performance Period or the date on which the Performance Measure was established through the date of election, # the election to defer is made before such compensation has become readily ascertainable (i.e., substantially certain to be paid), and # the Performance Period is at least twelve (12) months in length and the Performance Measure was established within ninety (90) days after commencement of the Performance Period.

Performance Awards. InWith respect to bonuses that are performance-based compensation, and based upon a performance period of at least twelve months, the case of a Performance Award, theinitial deferral election mustmay be received by the Company no later thanmade as late as six (6) months before the end of the applicable Performance Period,performance period, provided that # the Participant was employedperformed services continuously from the later of the first day of the Performance Period or the date onupon which the Performance Measure wasperformance criteria are established through the date of election, #upon which the Participant makes the initial deferral election. In no event may an election to defer isperformance-based compensation be made beforeafter such compensation has become readily ascertainable (i.e.,both substantially certain to be paid),paid and #readily ascertainable. The term performance-based compensation means compensation where the Performance Periodamount of, or entitlement to, the compensation is contingent on the satisfaction of pre-established organizational or individual performance criteria relating to a performance period of at least twelve (12)consecutive months in length andwhich the Performance Measure was established within ninety (90) days after commencement of the Performance Period.Eligible Employee performs services.

Performance Awards. InAn election to defer must be made in a manner satisfactory to the case of a Performance Award, the deferral electionRetirement Committee and must be received by the CompanyRetirement Committee on or before the last business day of the year preceding the year for which performance is measured to determine the granting of an incentive compensation award. Notwithstanding the foregoing, in the case of any incentive compensation award that qualifies as being “performance-based compensation” within the meaning of [Section 409A] and that is attributable to a performance period that is at least 12 months in duration and is based on performance criteria established no later than six (6) months before the enddate 90 days after the commencement of the applicableperformance period (a “Performance Award”), the Retirement Committee may permit an election with regard to a Performance Period,Award to be received by the Retirement Committee no later than 6 months prior to the expiration of such performance period (e.g., no later than June 30th for a performance period ending December 31), provided that # the Participantemployee was employed by Commerce continuously from the later ofdate the first day of the Performance Period or the date on which the Performance Measureperformance criteria was established through the date of election, # the election and that the payment of the Performance Award is not substantially certain or readily ascertainable at the time the election is received by the Retirement Committee. An election to defer is made before suchany incentive compensation hasawards (including any Performance Award) shall become readily ascertainable (i.e., substantially certain to be paid), and # the Performance Period is at least twelve (12) months in length and the Performance Measure was established within ninety (90) days after commencementirrevocable as of the Performance Period.deadline for making such election.

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