Exelon 2015 Annual Report Download - page 497

EXELON CORPORATION
SENIOR MANAGEMENT SEVERANCE PLAN
(As Amended and Restated)
1. PURPOSE OF THE PLAN
The Exelon Corporation Senior Management Severance Plan, as amended and restated herein (the “Plan”), is effective as of November 1, 2015 (the
“Effective Date”) except as otherwise specifically provided herein, and supersedes in its entirety all prior versions of the Plan with respect to terminations of
employment occurring any time on or after the Effective Date (or such other date as set forth herein). The Plan provides severance benefits to eligible
executives of Exelon Corporation (“Exelon”) and its subsidiaries of which Exelon owns at least 80% of the outstanding voting power that are designated by
the Plan Administrator as participating employers in the Plan (Exelon and such subsidiaries jointly and severally referred to as the “Company”) who submit a
Notice of Termination or who are notified of their termination of employment on or after the Effective Date (or such other date as set forth herein), and to
provide additional protection in the event of a Change in Control of Exelon or an Imminent Control Change of Exelon.
2. ELIGIBILITY
2.1. Eligibility in General. Subject to the remaining provisions of this Section 2.1, eligibility to participate in the Plan is limited to each employee
of the Company whose position is in Salary Band E09 (or equivalent executive grade) or above (an “Executive”) who executes and returns to
the Company by the later of 90 days after becoming an Executive, or 90 days after delivery thereof to the Executive, non-competition, non-
solicitation, confidential information and intellectual property covenants (“Restrictive Covenants”) which are acceptable to Exelon and are
either substantially in the form attached hereto and made a part hereof as Exhibit I (as may be modified from time to time by Exelon in its sole
discretion) or set forth in another agreement between the Company and the Executive. Notwithstanding any provision of the Plan to the
contrary, eligibility for benefits under the Plan shall be subject to the provisions of any agreement (including but not limited to an offer of
employment or grant instrument) between an Executive and the Company providing that that such Executive would be ineligible for (or
waives) all or a portion of the benefits under the Plan or “change in control” benefits in the event of a termination of employment, or under
which the Executive had agreed, prior to the Applicable Trigger Date, to terminate his or her employment.
2.2. Eligibility Under Section 4. Subject to Section 2.1, each Executive shall be eligible for the benefits provided under Section 4 hereof in the
event such Executive has a Termination of Employment; provided, however, that any Executive whose Termination of Employment is
covered under Section 5 hereof or a change in control agreement entered into between such Executive and the Company (an “Individual
Change in Control Agreement”), or who is an interim employee separating under the change in control provisions of another severance
Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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