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her surviving, I give, devise, bequeath and appoint any and all property of whatsoever kind or nature, over which I have or shall have power of appointment pursuant to the aforesaid Trust Indenture, dated the 28th day of April, 1931, subject to the payment of such sum as may be due my son, JAMES A. COLE, pursuant to my agreements with him dated April 28, 1931 and April 28, 1941 respectively, to the lawful issue of my said granddaughter me surviving, share and share alike, per stirpes and not per capita, and, if my said granddaughter shall die before me and shall leave no lawful issue of hers me surviving, I give, devise, bequeath and appoint the same to my son, JAMES A. COLE, if living, or if my said son shall not be living at the time of my death, I give, devise, bequeath and appoint the same to such charitable or educational organization or organizations as my daughter-in-law, ELEANOR S. COLE, and my friend, MONROE PERCY BLOCH, jointly, or the survivor of them, shall in writing designate to my Executor within one year from the date of my death.

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EIGHTH: All the rest, residue and remainder of my estate, real, personal, and mixed, of whatsoever kind and nature, and wheresoever the same may be situated, of which I may die seized or possessed, or to which I may in any wise be entitled at the time of my death, including lapsed legacies, I give, devise and bequeath as follows:

(a) If my said granddaughter, PAMELA COLE, shall survive me, I give, devise and bequeath the same to CENTRAL HANOVER BANK AND TRUST COMPANY, 786 Fifth Avenue, New York, N. Y. and my son, JAMES A. COLE, in trust, nevertheless, to invest

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and reinvest the same and the proceeds thereof, to receive the rents, issues, profits and income therefrom derived, and (after paying and deducting therefrom all necessary, proper and reasonable costs, charges, expenses and commissions) to accumulate the net balance of said income during the minority of my granddaughter, PAMELA COLE. If and when said granddaughter attains the age of twenty-one (21) years, I direct my Trustees to pay over to my said granddaughter, all of the net balance of said income accumulated hereunder during her minority and thereafter to pay the net balance of said income from said trust fund to my said granddaughter, in equal quarterly installments, until she shall attain the age of thirty (30) years. If and when my said granddaughter shall attain the age of thirty (30) years, I give, devise and bequeath to my said granddaughter the principal of said trust fund, as it shall then exist, absolutely, free, clear and discharged of any trust whatsoever.

If my said granddaughter, PAMELA COLE, shall after my death die before attaining the age of thirty (30) years and shall leave lawful issue her surviving, I give, devise and bequeath the principal of said trust fund, together with all accumulations of income, to her lawful issue then surviving, share and share alike, per stirpes and not per capita. If my said granddaughter after my death shall die before attaining the age of thirty (30) years and shall leave no lawful issue her surviving, then I give, devise and bequeath the principal of said trust fund, together with all accumulations of income, to my son, James A. COLE, if living, or, if my said son shall not then be living, I

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give, devise and bequeath the same to such charitable or educational organization or organizations as my daughter-in-law, ELEANOR S. COLE, and my friend, MONROE PERCY Bloch, jointly, or the survivor of them, shall in writing designate to my said Trustees.

(b) If my said granddaughter, PAMELA COLE, shall die before me and shall leave lawful issue her surviving, I give, devise and bequeath my residuary estate to the lawful issue of my said granddaughter me surviving, share and share alike, per stirpes and not per capita, and, if my said granddaughter shall die before me and shall leave no lawful issue of hers me surviving, I give, devise and bequeath the same to my son, JAMES A. COLE, if living, or, if my said son shall not be living at the time of my death, I give, devise, and bequeath the same to such charitable or educational organization or organizations as my daughter-in-law, ELEANOR S. COLE, and my friend, MONROE PERCY Bloch, jointly, or the survivor of them, shall in writing designate to my Executor within one year from the date of my death.

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(c) I hereby further authorize and empower the Trustees under subdivision (a) of this Article “EIGHTH” of my Will to treat and administer the trust estate created by said subdivision and the trust estate created by subdivision (a) of Article “SEVENTH” of this my Will as one and the same trust estate, if, in their uncontrolled discretion, they decide to do so.

NINTH: The Trustees under the provisions of this my last Will and Testament may accept and

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hold as proper investments for each and every trust estate herein created and at such reasonable valuations thereof as my Executor may determine, any stocks, bonds or other securities which shall form part of my estate at the time of my death, and in making investments or reinvestments or in dividing or subdividing the principal of said trust funds and for the purposes of such division, my Trustees may sell all or any portion or portions of said stocks, bonds, or other securities, or may divide or subdivide the same in kind upon such reasonable valuations thereof as they may determine, and I hereby expressly authorize my Trustees to invest and reinvest at any and all times all or any portion of said trust funds in the common and preferred stocks and the bonds, or other evidences of indebtedness of railroad, public utility or industrial corporations bought and sold on the New York Stock Exchange, as well as in such securities as savings banks and trustees are permitted to invest in under the laws of the State of New York.

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TENTI: The Trustees hereunder are further authorized and empowered as follows:

To participate in any reorganization, consolidation or merger of any corporation, the stocks, bonds or other securities of which may at any time be held in trust, and to receive and to continue to hold upon the trusts herein created, any stocks, bonds or other securities which may be allotted to the Trustees by reason of their participation in any such reorganization, consolidation or merger;

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To make distribution in kind or in cash, or partly in kind and partly in cash, and the determination of the Trustees as to the fairness and equality of any such distribution shall be conclusive upon all persons entitled to receive any share of any trust estate herein created;

To compromise, settle or arbitrate any claim or demand in favor of or against any trust estate herein created;

To cause any stocks or securities at any time held in trust, to be registered in the name of the nominee or nominees of the trustees;

To attend all meetings of stockholders and other meetings, in their discretion, and to vote in person thereat, or by proxy if they so elect;

To exercise conversion or subscription rights appurtenant to any stocks, bonds or other securities at any time held in trust, and to use such portion of the principal of any trust estate as may be necessary therefor, or in the discretion of the Trustees, to sell any such rights;

All stock dividends and all realized appreciation in the value of stocks, bonds or other securities shall be considered principal, and not income; and the Trustees shall not be required to set up any sinking or other fund to amortize or absorb the premium at which any stocks, bonds or other securities may have been purchased or may be held by the said Trustees.

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ELEVENTH: I hereby nominate, constitute and appoint my son, JAMES A. COLE, the Executor of