ComEd 2006 Annual Report Download - page 441

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 5.2(a).
5.3 Special Distribution Election. Pursuant to the transition rule set forth in IRS Notice 2005-1, Q&A-19(c), and extended in the
preamble to regulations proposed under section 409A of the Code and IRS Notice 2006-79 (the “Transition Rule”), Participants may
make the special distribution elections described in Section 5.3(a) and (b).
(a) Each Participant may elect or change the form of payment of such Participant’s Deferred Stock Account payable upon
separation from service by submitting an election on or before December 31, 2007 in accordance with procedures prescribed by
the Plan Administrator, provided that (i) if such Participant’s distribution is made or commences in 2006, then such election shall
be effective only if it is submitted on or before December 31, 2005, and (ii) if a Participant’s distribution is made or commences
in 2007, then such election shall be effective only if it is submitted on or before December 31, 2006.
(b) Each Participant may elect to receive a distribution of such Participant’s Deferred Stock Account attributable to Plan Years
prior to January 1, 2007 in a lump sum cash payment in the third quarter of 2007, by submitting such election on or before
December 31, 2006 in accordance with procedures prescribed by the Plan Administrator, provided that such election shall be null
and void if such Participant’s distribution under the Plan otherwise would be made or commence prior to January 1, 2007.
(c) Notwithstanding the foregoing, pursuant to resolutions adopted by the Compensation Committee of the Board of Directors of
the Company on December 5, 2006, each Participant who elected pursuant to Section 3.1 to defer receipt of the portion of
performance share unit awards granted in 2004, 2005 or 2006 that are payable in Exelon Stock shall, to the extent such awards
become vested in 2007 or later, be deemed to have elected, pursuant to the Transition Rule, to change the date on which such
performance share unit awards are payable, such that the performance share unit awards shall be payable in a lump sum
distribution of the portions of such awards payable in Exelon Stock as of their respective vesting dates.
5.4 Timing of Distribution Elections; Default Elections. Subject to Section 5.3, a distribution election under Section 5.1 shall be made
concurrently with such Participant’s initial deferral election under the Plan, or at such other time or times determined by the Plan
Administrator in accordance with interpretive guidance issued by the U.S. Treasury Department under section 409A of the Code. If a
Participant does not have a timely distribution election on file with the Plan Administrator, his or her Stock Deferral Account will be
distributed in a lump sum.
5.5 Beneficiaries. If a Participant shall die while any shares of Exelon Stock remain credited to the Deferred Stock Account
established on his or her behalf under Article IV, such amount shall be distributed as provided in Section 5.1 (and 5.3) to the
beneficiary or beneficiaries as the Participant may, from time to time, designate in writing delivered to the Plan Administrator (as
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