Exelon 2015 Annual Report Download - page 512

6. TERMINATION OF PARTICIPATION; CESSATION OF BENEFITS
A Participant’s benefits under Section 4 of the Plan shall terminate on the last day of the Participant’s Salary Continuation Period; provided that a
Participant’s right to benefits shall terminate immediately on such date as the Company discovers that the Participant has breached any of the Restrictive
Covenants or the Waiver and Release, or if at any time the Company determines that in the course of his or her employment the Executive engaged in
conduct described in Section 7.11(b), (c), (d) or (e) or the Executive fails to comply with Section 13.2, in which case the Company may require the repayment
of amounts paid pursuant to Section 4.1 prior to such breach or other conduct, and shall discontinue the payment of any additional amounts under Section 4
of the Plan.
A Participant’s benefits under Section 5 of the Plan shall terminate on the later of the last day of the Participant’s Severance Period or the date all
benefits to which the Participant is entitled to have been paid from the Plan; provided that a Participant’s right to benefits shall terminate immediately on the
date the Company discovers that the Participant has breached any of the Restrictive Covenants or the Waiver and Release, or if at any time the Company
determines, in accordance with the procedural requirements set forth in Section 5.4(b) that in the course of his or her employment the Executive engaged in
conduct described in Section 7.11(b), (c), (d) or (e) or the Executive fails to comply with Section 13.2, in which case the Company may require the repayment
of amounts paid pursuant to Section 5 prior to such breach or other conduct, and shall discontinue the payment of any additional amounts under Section 5 of
the Plan.
Benefits paid or payable to a Participant under Section 4 and Section 5 of the Plan shall be subject to any executive or officer incentive compensation
recoupment policy of the Board of Directors as in effect as of the Termination Date.
7. DEFINITIONS
In addition to terms previously defined, when used in the Plan, the following capitalized terms shall have the following meanings unless the context
clearly indicates otherwise:
7.1. “Accrued Annual Incentive” means the amount of any annual incentive earned but not yet paid with respect to the Company’s latest fiscal
year ended prior to the Termination Date.
7.2. “Accrued Base Salary” means the amount of a Participant’s Base Salary that is accrued but not yet paid as of the Termination Date.
7.3. “Accrued Obligations” means, as of any date, the sum of a Participant’s Accrued Base Salary, Accrued Annual Incentive and any accrued but
unpaid paid time off
7.4. “Annual Incentive” as of a certain date means an amount to which a Participant would have been entitled under the Annual Incentive Award
Plan (or, with respect to a termination pursuant to Section 5, such other Incentive Plan applicable to such Participant) for the applicable
performance period based on the actual achievement performance goals established pursuant to such plan as of the end of the applicable
performance period had the Participant remained employed through
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Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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