Common use of Default Form, Timing and Medium of Payment Clause in Contracts

Default Form, Timing and Medium of Payment. Except as otherwise may be provided in Sections 8.2, 8.3 or 8.4, the Participant’s Account (or any particular sub-account) shall be distributed in a single lump sum at the following time: (a) with respect to sub-accounts related to the deferral of cash fees or Stock Awards earned for service as a Non-Employee Director, as soon as practicable (but no later than ninety (90) days) after the Non-Employee Director’s Separation from Service, provided that any cash fees deferred for 2024 will be distributed (or distributions will commence) on the first day of the seventh (7th) month following the month in which the Non-Employee Director’s Separation from Service occurs; and (b) with respect to all other sub-accounts, on the first day of the seventh (7th) month following the month in which the Participant’s Separation from Service occurs. All distributions from the Cash Account shall be made in cash and all distributions from the Stock Account shall be made in Shares (provided that fractional shares may be distributed in cash). All Shares payable under the Plan shall be issued from the Equity Plan. All cash distributions hereunder shall be the amount determined as of a Valuation Date that is within two weeks preceding the date of distribution.