Exelon 2015 Annual Report Download - page 526

Company determines to be appropriate under applicable law and may report all such amounts payable to such authority in accordance with
any applicable law or regulation.
13.13. Section 409A. This Plan shall be interpreted and construed in a manner that avoids the imposition of additional taxes and penalties under
Section 409A of the Code (“409A Penalties”). In the event the terms of this Plan would subject a Participant to 409A Penalties, the Company
may amend the terms of the Plan to avoid such 409A Penalties, to the extent possible. The payments to a Participant pursuant to this Plan are
intended to be exempt from Section 409A of the Code to the maximum extent possible, under either the separation pay exemption pursuant to
Treasury regulation §1.409A-1(b)(9)(iii) or as a short-term deferral pursuant to Treasury regulation §1.409A-1(b)(4), and for purposes of the
separation pay exemption, each installment paid to a Participant shall be considered a separate payment. Notwithstanding any other provision
in this Plan, if on the date of a Participant’s Termination Date the Participant is a Specified Employee, then to the extent any amount payable
under this Plan constitutes the payment of nonqualified deferred compensation, within the meaning of Section 409A of the Code, that under
the terms of this Plan would be payable prior to the six-month anniversary of the Termination Date, such payment shall be delayed until the
earlier to occur of (A) the six-month anniversary of the Termination Date or (B) the date of the Participant’s death. Any reimbursement
(including any advancement) payable to a Participant pursuant to this Plan shall be conditioned on the submission by the Participant of all
expense reports reasonably required by the Company under any applicable expense reimbursement policy, and shall be paid to the Participant
within 30 days following receipt of such expense reports (or invoices), but in no event later than the last day of the calendar year following
the calendar year in which the Participant incurred the reimbursable expense. Any amount of expenses eligible for reimbursement during a
calendar year shall not affect the expenses eligibility for reimbursement during any other calendar year. The right to reimbursement pursuant
to this Plan shall not be subject to liquidation or exchange for any other benefit.
EXELON CORPORATION
By: /s/ Amy E. Best
Amy E. Best
Senior Vice President and
Chief Human Resources Officer
30
Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information,
except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.