Company’s Board of Directors Uses in Timing Clause

Timing from Deferred Compensation Plan

Timing. To be effective, a Deferral Election must be filed with the Administrative Committee by December 31 of the year prior to the year in which the Fees are payable, except that any director newly elected to the Companys Board of Directors shall have 30 days following the date of such directors election in which to file an irrevocable Deferral Election covering Fees payable during the remainder of the current year. A Deferral Election filed by December 31 shall be irrevocable for the next year and will thereafter remain in effect indefinitely on a year-by-year basis until participation in the Plan terminates, or until the Deferral Election is amended or revoked by a new Deferral Election, which shall take effect the following year.