1) Distribute a single /8 to each RIR at the point when new IANA free pool hits 5 */8. This date is defined as "IANA Exhaustion Date".
2) It should be completely left up to each RIR communities to define a regional policy on how to distribute the remaining RIR free pool to LIRs within their respective regions after "IANA Exhaustion Date".
Note 1: It is fine for an RIR to continue operations with the existing policy if that is the consensus decision of the respective RIR community.
Note 2: Address recovery and re-distribution of recovered address space is another important measure for considerations, but should be treated as a separate policy proposal from distribution of new IANA pool.
3) RIRs should provide an official projection on IANA Exhaustion Date to the community through their website, at their Policy Meetings and through any other effective means.