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6.03. Within ninety (90) daYs after the end of the calendar Year, the Administrator shall file with the EMPLOYER a written report of the assets of the Plan, ~ schedule of all receipts and disburse- ments, and a report of all material transactions of the Plan during the preceding year. 6.04. The Administrator's records Shall be open to inspection during normal business hours by the EMPLOYER or any PARTICIPANT~ or their designated representatives. 6.05. All reports to the PARTICIPANT shall be based on fair market value as of the reporting date. ARTICLE VII Investment of Deferred Amount 7.01. The deferred amounts shall be delivered by the EMPLOYER to the Administrator or his designaled agent fur'investment as designated by the EMPLOYER. 7.02. The EMPLOYER shall use the PARTICIPANT'S or Beneficiary's investment specifications so as to determine the value of the deferred accounl maintained with respect to the PARTICIPANT as if the deferred amounts had been invested according to such specifications. The EMPLOYER shall be under no obligation to invest the deferred amounts as specified by the PARTICIPANT or Beneficiary. 7.03. All inlerest, dividends, charges for premiums and administrative expenses, and changes in value due to market fluctuations applicable to each PARTICIPANT'S deferred account shall be credited or debited to the account as they occur. 7.04. All assets of the Plan, including all deferred amounls, property and rights purchased with deferred amounts, and all income attributable to such delerred amounts, property or rights, shall remain (until made available to the PARTICIPANT or Beneficiary) solely the property and rights of the EMPLOYER (without being restricted to the provision of benefits under the Plan), subject only to the claims of creditors of the EMPLOYER. Contracts and other evidences of the investments of all assets under this Plan shall be registered in the name of the EMPLOYER which shall be the owner and beneficiary thereof. The rights of the PARTICIPANT created by this Plan shall be lhose of a general creditor of the EMPLOYER, and in an amount equal to the fair market value of the deferred account maintained with respect to the PARTICIPANT. The PARTICIPANT acknowledges that his rights are no greater than those of a general creditor of the EMPLOYER and that in any suit for an accounting, to impose a constructive trust, or to recover any sum under this Plan, the PARTICIPANT'S rights are Jimited to those of a general creditor of the EMPLOYER. The EMPLOYER acknowledges that the Administrator is the agent of the EMPLOYER. ARTICLE VIII Benefits 8,.01. Commencement of Distributions: The PARTICIPANT may elect the time at which distributions under the Plan are to commence by designating the month and year during which the first distribution is to be made, The earliest distribution commencement date that may be elected by the PARTICIPANT shall be the earlier of: la) The date on which the PARTICIPANT separates from service; or lb) The date on which the PARTICIPANT altains age 701/z or terminates deferrals under this Plan, whichever is later. In addition, the date chosen must be at least five (5) days following the date on which Ihe election is filed with the Administrator. The PARTICIPANT shall make such election no later than sixty (60) days following the end of the calendar year in which the PARTICIPANT separates from service or sixty (60) days following attsinment of age 70, whichever occurs first, Benefits payable to the PARTICIPANT will be the equivalent of the total benefits that would have been created had the deferred amounts been invested as specified by the PARTICIPANT, The date elected for commencement of distributions ("the Elected Commencement Date") shall be not later than the Mandatory Commencement Date, which is' the later of: la) April 1 of the calendar year following the calendar year in which the PARTICIPANT attains age 701/2: or lb) April 1 of the calendar year following the calendar year in which the PARTICIPANT separates from service with the EMPLOYER. Page 4 (~ . .:'J ~7} ~ cc-5o2-B (8-89}