SECTION X. COMMENCEMENT OF BENEFITS

Benefit payments shall commence for a Participant not later than the 60th day of the year following the close of the Plan Year in which occurs whichever of the following applies to the Participant:
1. If the Participant is vested, the later of the Participant's attainment of age 65 and his or her separation from Industry Service, unless he or she elects otherwise elects in writing, or
2. If the Participant is not vested, the latest of the Participant's attainment of age 65, the 10th anniversary of his or her participation in the Plan, and his or her separation from Industry Service, unless the Participant otherwise elects in writing.

Notwithstanding any other provision of the Plan, for every Participant who is not a 5% owner of a contributing employer, benefits shall commence not later than April 1 of the year following the close of the calendar year in which the Participant attains age 70 1/2, unless the Participant is actively employed at that time and elects to defer commencement of benefits. If a Participant elects to defer receipt of benefits, then his or her benefits shall commence when the Participant ceases to be actively employed, or at any earlier time at the Participant's election. Benefits which were deferred from age 70 1/2 shall be adjusted actuarially in accordance with Internal Revenue Code ' 401(a)(9) and the applicable Regulations. For a Participant who is a 5% owner of a contributing employer, distribution of benefits must commence no later than April 1 of the calendar year following the year in which the Participant turns age 70 1/2, even if he is still actively employed.
Procedures for Commencement of Benefits: Unless benefits are required to be distributed under the terms of the Plan, payment of benefits shall commence for each Participant upon submission of an application in which the Participant elects a type of retirement and a form of benefit. An election of a type of retirement and a form of benefit is final, and may not be changed, once the first benefit payment is cashed or deposited. If benefits are required to be commenced under the terms of the Plan, and a Participant cannot be located before the annuity commencement date, benefits shall be payable in the normal form for the Participant as of the required annuity commencement date, and upon being located, the Participant may elect a form of benefit for remaining benefit payments.