Exelon 2015 Annual Report Download - page 492

during this period, then such Director shall be deemed to have elected to receive the portion of his or her Account attributable to fees earned for service on
such Board in the form of installments payments over a period of ten years upon the Director’s separation from service.
(c) Notwithstanding Sections 4(a) and 4(b), each participant who had not commenced and was not scheduled to commence the receipt of distributions
under the Plan on or before December 31, 2007 was permitted to submit a Benefit Distribution Election Form on or before June 30, 2007 which provided for
the payment of such participant’s Deferral Account (i) at any of the times and in any of the forms permitted under Section 4(a) of the Plan or (ii) in a lump sum
payment in the first quarter of 2008; provided that such election did not cause any payment to be made in 2007 and did not apply to any payment that
otherwise would be paid in 2007. This special election right was intended to comply with 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, which permits participants in deferred
compensation plans to change the date on which deferred compensation is payable.
(d) A Director may elect to change the time and/or method of his or her distributions payable under the Plan in accordance with procedures prescribed
by the Secretary; provided that, in accordance with Section 409A of the Code, any such change in a distribution election (i) shall not be effective until 12
months after it is submitted to the Secretary, (ii) must be submitted to the Secretary at least 12 months prior to the date on which such distributions were
previously scheduled to commence and (iii) must provide for distributions to commence at least five years after the date on which such distributions were
previously scheduled to commence. No more than one such election change shall be permissible with respect to the portion of a Director’s account
attributable to service with any Board.
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Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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