Exelon 2015 Annual Report Download - page 525

to the fullest extent possible while remaining lawful and valid. Notwithstanding the foregoing, in the event a determination is made that the
Restrictive Covenants are invalid or unenforceable in whole or in part, then the Severance Agreement with respect to the Participant subject
to such determination shall be void and the Company shall have no obligation to provide benefits under this Plan to such Participant.
13.7. Governing Law. The Plan shall be construed and enforced in accordance with the applicable provisions of ERISA and Section 409A of the
Code.
13.8. No Right to Continued Employment. Nothing in this Plan shall guarantee the right of a Participant to continue in employment, and the
Company retains the right to terminate a Participant’s employment at any time for any reason or for no reason.
13.9. Successors and Assigns. This Plan shall be binding upon and inure to the benefit of Exelon and its successors and assigns and shall be
binding upon and inure to the benefit of a Participant and his or her legal representatives, heirs and legatees. Exelon shall cause any successor
to assume the Plan. No rights, obligations or liabilities of a Participant hereunder shall be assignable without the prior written consent of
Exelon Corporation. In the event of the death of a Participant prior to receipt of severance pay or benefits to which he or she is entitled
hereunder (and, with respect to benefits under Section 4 or Section 5, after he or she has signed the Waiver and Release), the severance pay
described in Sections 4.1, 5.1, or 5.2, as applicable, shall be paid to his or her estate, and the Participant’s dependents who are covered under
any health care plans maintained by the Company shall be entitled to continued rights under Section 4.5 or Section 5.1(e) or Section 5.2(g),
as applicable; provided that the estate or other successor of the Participant has not revoked such Waiver and Release.
13.10. Notices. All notices and other communications under this Plan shall be in writing and delivered by hand, by nationally-recognized delivery
service that promises overnight delivery, or by first-class registered or certified mail, return receipt requested, postage prepaid, addressed as
follows:
If to a Participant, to such Participant at his most recent home address on file with the Company.
If to the Company: to the Plan Administrator.
or to such other address as either party shall have furnished to the other in writing. Notice and communications shall be effective when
actually received by the addressee.
13.11. Number and Gender. Wherever appropriate, the singular shall include the plural, the plural shall include the singular, and the masculine shall
include the feminine.
13.12. Tax Withholding. The Company may withhold from any amounts payable under this Plan or otherwise payable to a Participant or beneficiary
any Taxes the
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Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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