ComEd 2006 Annual Report Download - page 430

Notwithstanding the foregoing, if the aggregate balance of the Participant’s accounts hereunder does not exceed $25,000 as of the date
of the Participant’s separation from service or any subsequent Valuation Date (as defined below), such Participant’s benefit hereunder
shall be distributed in a lump sum.
6.2 Timing of Distributions. (a) Except as otherwise provided in Section 6.2(b), Section 6.3, Section 6.4 or Section 6.7, the
balance of a Participant’s accounts hereunder (together with his or her account balance under the Exelon Corporation Stock Deferral
Plan) shall be paid or commence to be paid in accordance with Section 6.1 as of the calendar quarter immediately following the date
that is six months following the date on which the Participant separates from service, within the meaning of section 409A of the Code.
In the case of a Participant who has elected annual installment payments, the remaining annual installments shall be paid as soon as
practicable after April 1 of the calendar year following the calendar year in which the first such payment is made, and as soon as
practicable, following each succeeding April 1. The amount of each installment payment shall be determined by dividing the balance
of the Participant’s accounts hereunder as of the April 1, or if such April 1 is not a business day, as of the first business day preceding
such April 1, (the “Valuation Date”) preceding such payment by the total number of installment payments remaining in the
installment period elected by the Participant.
(b) Notwithstanding Section 6.2(a), each Participant shall have a single opportunity to defer the date on which such Participant’s
accounts shall be paid or commence; provided, however, that in accordance with Section 409A of the Code (i) no such deferred
payment election shall become effective until the first anniversary of the date such deferred payment election is made, (ii) no deferred
payment election shall be effective if the Participant is scheduled, pursuant to Section 6.2(a), to receive or begin receiving payments
within one year after the date such deferred payment election is made and (iii) such deferred payment election provides for payments
to the Participant to be made or begin at least five years later than the date on which such distribution was previously scheduled to be
made or begin pursuant to Section 6.2(a). In the event such a deferred payment election does not become effective, the time and
manner of payment of such Participant’s accounts shall be governed by Section 6.2(a).
6.3 Hardship Withdrawals. Notwithstanding the provisions of Section 6.1, a Participant who is an active employee of the
Company or a Subsidiary may request a withdrawal from his or her accounts hereunder of an amount that is reasonably necessary to
satisfy an Unforeseeable Financial Emergency. For purposes of the Plan, an “Unforeseeable Financial Emergency” shall mean (i) a
severe financial hardship to a Participant resulting from an illness or accident of the Participant, or the spouse or a dependent (as
defined in section 152(a) of the Code) of the Participant, (ii) the loss of a Participant’s property due to casualty or (iii) such other
similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, within the
meaning of section 409A of the Code. A Participant’s written request for such a payment shall describe the circumstances which the
Participant believes justify the payment and an estimate of the amount necessary to eliminate the Unforeseeable Financial Emergency.
The Plan Administrator will have the authority to grant or deny any such request. A payment shall not be made pursuant to this
Section to the extent the Unforeseeable Financial Emergency may be relieved through reimbursement or compensation from insurance
or otherwise, by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not cause a severe financial
hardship, or by the cessation of
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