ComEd 2015 Annual Report Download - page 522

8. FUNDING
The Plan is an unfunded employee welfare benefit plan maintained for the purpose of providing severance benefits to a select group of management or
highly compensated employees. Nothing in the Plan shall be interpreted as requiring the Company to set aside any of its assets for the purpose of funding its
obligations under the Plan. No person entitled to benefits under the Plan shall have any right, title or claim in or to any specific assets of the Company, but
shall have the right only as a general creditor to receive benefits from the Company on the terms and conditions provided in the Plan.
9. ADMINISTRATION OF THE PLAN
The Plan shall be administered on a day-to-day basis by the Vice President, Corporate Compensation of Exelon (the “Plan Administrator”). The Plan
Administrator has the sole and absolute power and authority to interpret and apply the provisions of this Plan to a particular circumstance, make all factual
and legal determinations, construe uncertain or disputed terms and make eligibility and benefit determinations in such manner and to such extent as the Plan
Administrator, in his or her sole discretion may determine. Benefits under the Plan will be paid only if the Plan Administrator, in his or her discretion,
determines that an individual is entitled to them; provided, however, that any dispute after the claims procedure under Section 10 has been exhausted
regarding whether an Executive’s termination of employment for purposes of Section 5 is based on either Good Reason or Cause may, at the election of the
Executive, be submitted to binding arbitration pursuant to Section 11.
The Plan Administrator may promulgate any rules and regulations it deems necessary to carry out the purposes of the Plan or to interpret the terms and
conditions of the Plan; provided, however, that no rule, regulation or interpretation shall be contrary to the provisions of the Plan. The rules, regulations and
interpretations made by the Plan Administrator shall, where appropriate, be applied on a consistent basis with respect to similarly situated Executives, and
shall be final and binding on any Executive or former Executive and any successor in interest.
The Plan Administrator may delegate any administrative duties, including, without limitation, duties with respect to the processing, review,
investigation, approval and payment of severance pay and provision of severance benefits, to designated individuals or committees. The Plan Administrator
may amend any Participant’s Severance Agreement to the extent the Plan Administrator determines it is reasonably necessary or appropriate to do so to
comply with section 409A of the Code.
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Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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