Dell 2003 Annual Report Download - page 99

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VII.
DISTRIBUTIONS AFTER SEPARATION FROM SERVICE
7.1 Retirement Benefits. A Participant who terminates his employment with the Employer and all Controlled Entities on or after his Normal Retirement Date
shall be entitled to a "retirement benefit," payable at the time and in the form provided in Article VIII. A Participant's retirement benefit shall be equal to
the value of his Accounts on his Benefit Commencement Date.
7.2 Disability Benefits. In the event a Participant becomes totally and permanently disabled, as determined pursuant to this subsection, such Participant shall
be entitled to a "disability benefit," payable at the time and in the form provided in Article VIII. A Participant's disability benefit shall be equal to the value
of his Accounts on his Benefit Commencement Date. A Participant shall be considered totally and permanently disabled if the Committee determines,
based on a written medical opinion (unless waived by the Committee as unnecessary), that such Participant is permanently incapable of performing his job
for physical or mental reasons and has incurred a "disability" within the meaning of Code Section 401(k)(2)(B)(i)(I).
7.3 Death Benefits. Upon the death of a Participant while an Employee or an employee of a Controlled Entity, the Participant's designated beneficiary shall be
entitled to a "death benefit," payable at the time and in the form provided in Article VIII. A Participant's death benefit shall be equal to the value of his
Accounts on his Benefit Commencement Date.
(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. Any such designation may be changed at any time by such Participant by execution and filing of a new designation in accordance with
this Section. Notwithstanding the foregoing, 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 effective unless (i) such surviving spouse has consented thereto in
writing and such consent (A) acknowledges the effect of such specific designation, (B) 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 (C) is witnessed by a Plan representative (other than the Participant) or
a notary public or (ii) the consent of such spouse cannot be obtained because such spouse cannot be located or because of other circumstances
described by applicable Treasury Regulations. Any such consent by such surviving spouse shall be irrevocable.
(b) If no beneficiary designation is on file with the Committee at the time of the death of the Participant or if such designation is not effective for any
reason as -31-