Exelon 2015 Annual Report Download - page 505

covered the Participant or such Participant’s dependents as of the Termination Date, in accordance with the terms and conditions of such
plans and applicable law. Such provision of welfare benefits shall be subject to the following:
(i) In determining benefits applicable under such Welfare Plans, such Participant’s annual compensation attributable to base salary
and incentives for any plan year or calendar year, as applicable, shall be deemed to be not less than such Participant’s Base Salary
and annual incentive for the year in which the Termination Date occurs.
(ii) The cost of such welfare benefits to such Participant and dependents under this Section 5.1(e) shall not exceed the cost of such
benefits to peer executives who are actively employed during the Severance Period.
(iii) Health care coverage under this Section 5.1(e) shall be provided for the duration of the Severance Period in lieu of continuation
coverage under Section 4980B of the Code and Section 601 to 609 of ERISA (“COBRA”) for the same period. At the end of the
Severance Period, COBRA continuation coverage may be elected for the remaining balance of the statutory coverage period, if
any, at the Participant’s sole expense.
(iv) If such Participant has, as of the last day of the Severance Period, attained age 50 and completed at least 10 years of service with
the Company, such Participant shall be entitled to elect coverage under such Company group health care programs for retirees as
are in effect as of the Termination Date and are applicable to such Participant by the programs’ eligibility terms and conditions as
though such Participant had attained such programs’ age and service requirements ; provided, however, that for purposes hereof,
any years of age and/or credited service granted to such Participant in any other plan or agreement between such Participant and
the Company shall be taken into account. For purposes of determining eligibility for (but not the time of commencement of) such
retiree benefits, such Participant shall also be considered (1) to have remained employed until the last day of the Severance Period
and to have retired on the last day of such period, and (2) to have attained at least the age such Participant would have attained on
the last day of the Severance Period. The eligibility for coverage and availability of programs or plans, the amounts charged for
coverage, and the other terms, conditions and limitations under the Company’s group health care programs or plans shall remain
subject to the Company’s right to amend, change or terminate such programs or plans at any time.
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Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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