to exceed 10) minus the number of installments previously paid. Amounts paid prior to the final installment payment shall be rounded to the nearest whole number of shares; the final installment payment shall be for the whole number of stock units then credited to the Participating Directors Deferred Stock Account, together with cash in lieu of any fractional share.
(e) Payment of Deferred Stock Accounts Change in Control. Notwithstanding Sections 5(c) and (d), in the event of a Change in Control, credits to a Participating Directors vested Deferred Stock Account immediately prior to the effective time of the transaction constituting the Change in Control shall be paid in full to the Participating Director or the Participating Directors beneficiary or estate, as the case may be, either in whole shares of Common Stock (together with cash in lieu of a fractional share) or, if the holders of Common Stock generally are to receive other consideration in such Change in Control transaction, in the consideration per share of Common Stock to be received by such holders of Common Stock, in either case, on the business day immediately after the effective date of the transaction.
Section 6. Designation of Beneficiaries.
(a) Right to Designate. Each Participant may designate, upon forms to be furnished by and filed with the Program Administrator, one or more primary Beneficiaries or alternative Beneficiaries to receive all or a specified part of such Participants Deferred Stock Account in the event of such Participants death. The Participant may change or revoke any such designation from time to time without notice to or consent from any Beneficiary. No such designation, change or revocation shall be effective unless executed by the Participant and received by the Company during the Participants lifetime.
(b) Failure of Designation. If a Participant:
(i) fails to designate a Beneficiary,
(ii) designates a Beneficiary and thereafter revokes such designation without naming another Beneficiary, or
(iii) designates one or more Beneficiaries and all such Beneficiaries so designated fail to survive the Participant,
such Participants Deferred Stock Account, or the part thereof as to which such Participants designation fails, as the case may be, shall be payable to the first class of the following classes of automatic Beneficiaries with a member surviving the Participant and (except in the case of surviving issue) in equal shares if there is more than one member in such class surviving the Participant:
Participants surviving spouse
Participants surviving issue per stirpes and not per capita
Participants surviving parents
Participants surviving brothers and sisters
Representative of Participants estate.
(c) Disclaimers by Beneficiaries. A Beneficiary entitled to a distribution of all or a portion of a deceased Participants Deferred Stock Account may disclaim an interest therein subject to the following requirements. To be eligible to disclaim, a Beneficiary must be a natural person, must not have received a distribution of all or any portion of the Deferred Stock Account at the time such disclaimer is executed and delivered, and must have attained at least age twenty-one (21) years as of the date of the Participants death. Any disclaimer must be in writing and must be executed personally by the Beneficiary before a notary public. A disclaimer shall state that the Beneficiarys entire interest in the undistributed Deferred Stock Account is disclaimed or shall specify what portion thereof is disclaimed. To be effective, duplicate original executed copies of the