ComEd 2015 Annual Report Download - page 493

5. Death Benefits. Each participant shall designate a beneficiary or beneficiaries to receive any remaining amounts payable from his or her Deferral
Account after the participant’s death. The beneficiaries, and any priority or allocation between them, shall be designated in the manner specified by the
Secretary. If a participant dies before the entire balance in his or her Deferral Account has been paid out, the remaining balance shall be paid to the
beneficiary in a lump sum upon the participant’s death. If the participant is not survived by a designated beneficiary, the participant’s beneficiary shall be the
participant’s spouse, if living, or otherwise, the participant’s estate. If a beneficiary survives the participant but dies before the entire balance payable to him
or her has been distributed, any remaining balance shall be paid to the beneficiary’s estate in a lump sum. In the absence of contrary proof, the participant
shall be deemed to have survived any designated beneficiary. A participant may change his or her beneficiary designation under this Section at any time
until his or her death by filing a written beneficiary designation with the Secretary, in the manner specified by the Secretary.
6. Unforeseeable Financial Emergency. The Secretary may, in his or her discretion, direct that a participant be paid an amount in cash (not in excess of
the balance of his or her Deferral Account) sufficient to meet an unforeseeable emergency. An “unforeseeable emergency” means (i) a severe financial
hardship to a Director resulting from an illness or accident of the Director, or the spouse or a dependent (as defined in Section 152(a) of the Code) of the
Director, (ii) the loss of a Director’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 Director, within the meaning of Section 409A of the Code. A Director’s written request for such a payment shall describe the
circumstances which the Director believes justify the payment and an estimate of the amount necessary to eliminate the unforeseeable emergency. An
immediate payment to satisfy an unforeseeable emergency will be made only to the extent necessary to satisfy the emergency need,
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Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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