To begin participation in the Plan, a Director shall properly complete and timely submit an Election Form in accordance with the Committee's rules. A Director shall become a Participant on the first day on which a deferral of an elected amount is first credited to the Participant's Account. The Committee or its delegate may establish from time to time such other enrollment requirements as it determines in its sole discretion are necessary. Such Participant shall remain a Participant in the Plan until the Participant's Account balance is paid in full.