Dell 2003 Annual Report Download - page 159

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different forms of payment prior to January 1, 2000, such Participant shall receive his distribution pursuant to the most recent form of distribution
elected by the Participant; provided, however, if no such election is on file with the Committee, his distribution shall be made in the form elected of a
single lump sum payment, unless such Participant elects to file a new election under Subsection (a) above.
(d) If a Participant dies prior to the date the payment of his benefit begins or is completed, such benefit shall be paid to such Participant's beneficiary
designated in accordance with Section 8.5 in a single lump payment, notwithstanding any other form of payment elected by such Participant.
(e) The preceding Subsections notwithstanding, if the Section 8.2 event triggering payment of a Participant's benefit is a Change of Control, such benefit
shall be paid to such Participant in a single lump sum cash payment as soon as administratively practicable after such Change of Control.
(f) Notwithstanding any provision of the Plan to the contrary, the Committee may, in its sole and absolute discretion, distribute a Participant's benefit in
the form of a single lump sum payment notwithstanding any other form of distribution elected by the Participant.
8.5 Designation of Beneficiaries.
(a) Each Participant shall have the right to designate the beneficiary or beneficiaries to receive payment of his benefit in the event of his death. Each such
designation shall be made by executing the beneficiary designation form prescribed by the Committee and filing such form with the Committee during
the life of such Participant. Any such beneficiary designation may be changed at any time by execution and filing of a new designation in accordance
with this Subsection. The preceding notwithstanding, (i) if a Participant has designated his spouse as his beneficiary, such designation shall be void
and of no effect upon the divorce of the Participant and such spouse, unless the Participant notifies the Committee to the contrary in writing after the
date of such divorce, and (ii) if a Participant who is married on the date of his death has designated an individual or entity other than his surviving
spouse as his beneficiary, such designation shall not be valid unless (a) such surviving spouse has consented thereto in writing, and such consent
(1) acknowledges the effect of such specific designation, (2) either consents to the specific designated beneficiary (which designation may not
subsequently be changed by the Participant without spousal consent) or expressly permits such designation by the Participant without the requirement
of further consent by such spouse, and (3) is witnessed by a Plan representative (other than the Participant) or a notary public or (b) the consent of
such spouse cannot be obtained because such spouse cannot be located or because of other circumstances that the Committee in its discretion
determines warrants a waiver of such consent. Any such consent by such surviving spouse shall be irrevocable.
(b) If at the time of the death of the Participant no designated beneficiary is on file with the Committee, or such beneficiary designation is not valid or
effective for any -16-