ComEd 2006 Annual Report Download - page 440

Stock Account (together with his or her account balances under the Exelon Corporation Deferred Compensation Plan) in one of
the following forms by filing an election in the manner specified by the Plan Administrator:
(i) a lump sum; or
(ii) a series of annual installments over a period of up to 15 years.
Each such Participant who separates from service during 2006 may make separate payment elections with respect to (A) the
portion of his or her account which was deferred and became vested prior to January 1, 2005 and (B) the portion of his or her
account which was deferred or became vested on or after January 1, 2005.
Notwithstanding the foregoing, if the value of a Participant’s Deferred Stock Account does not exceed $25,000 as of the date of
the Participant’s separation from service and any subsequent Valuation Date (as defined below), such Participant’s account shall
be distributed in a lump sum. All payments hereunder shall be made in the form of Exelon Stock.
5.2 Timing of Distributions.
(a) Except as otherwise provided in Section 5.2(b), Section 5.3 or Section 5.4, the balance of a Participant’s Stock Deferral
Account (together with his or her account balance under the Exelon Corporation Deferred Compensation Plan) shall be paid or
commence to be paid in accordance with Section 5.1 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 the 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. The net shares of Exelon Stock (including any fractional share)
determined by reference to the closing price per share of Exelon Stock, as reported on the New York Stock Exchange on the
business day immediately preceding the date of distribution and reduced by any amount required by law to be deducted or
withheld (or to the extent determined by the Plan Administrator, in its discretion, after consultation with its advisers), including
income tax withholding, shall be credited to an account established on behalf of the Participant at such institution as the Plan
Administrator shall designate.
(b) Notwithstanding Section 5.2(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
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