Designation of Beneficiary. Each Director shall have the right to designate a beneficiary who is to succeed to his right to receive payments hereunder in the event of the Director’s death (each, a “Designated Beneficiary”). Any Designated Beneficiary will receive payments in the same manner as the applicable Director if he had lived. In the event of a Director failing to designate a beneficiary under this [Section 4.3] or upon the death of a Designated Beneficiary without a designated successor, the balance of the amounts contained in the Director’s Deferred Compensation Account, if any, shall be payable in accordance with Section 4.2 to the Director’s estate in full. No designation of a beneficiary or change in beneficiary shall be valid unless in writing signed by the Director and filed with the Administrator. A Designated Beneficiary may be changed without the consent of any prior beneficiary.

Designation of Beneficiary. Each Director shall havemay designate from time to time one or more natural persons or entities as his or her Beneficiary or Beneficiaries to whom the right to designate a beneficiary who is to succeedamounts credited to his rightor her Deferred Fee Account are to receive payments hereunder in the event of the Director’s death (each, a “Designated Beneficiary”). Any Designated Beneficiary will receive payments in the same manner as the applicable Directorbe paid if he had lived. Inor she dies before all such amounts have been paid to the event of a Director failing to designate a beneficiary under this [Section 4.3] or upon the death of a DesignatedDirector. Each Beneficiary without a designated successor, the balance of the amounts contained in the Director’s Deferred Compensation Account, if any,designation shall be payable in accordance with Section 4.2 tomade on a form prescribed by the Director’s estate in full. No designation of a beneficiary or change in beneficiaryCompany and shall be valid unless in writing signed by the Director andeffective only when filed with the Administrator. A DesignatedSecretary during the Director’s lifetime. Each Beneficiary may be changed withoutdesignation filed with the Secretary shall revoke all Beneficiary designations previously made. The revocation of a Beneficiary designation shall not require the consent of any prior beneficiary.Beneficiary. In the absence of an effective Beneficiary designation, or if payment can be made to no Beneficiary, payment shall be made to the Director’s estate.