<PAGE>

Exhibit 10(a)





                        CONSTELLATION ENERGY GROUP, INC.
                        --------------------------------


                             EXECUTIVE BENEFITS PLAN
                             -----------------------



                       NOTE - SEE ATTACHED SUMMARY OF NEW
                       EXECUTIVE PENSION PROVISIONS FOR A
                   DESCRIPTION OF CHANGES AFFECTING THIS PLAN
                    THAT HAVE NOT YET BEEN INCORPORATED INTO
                          FINAL WRITTEN PLAN DOCUMENTS




                             Restated October, 1999
<PAGE>

                               TABLE OF CONTENTS


                                                                        Page No.

1.   Objective                                                             1

2.   Definitions                                                           1

3.   Plan Administration                                                   4

4.   Eligibility                                                           4

5.   Supplemental Pension Benefit                                          4
     (a)  Retirement benefits                                              4
          (i)   Eligibility for retirement benefits
          (ii)  Computation of retirement benefits                         5
          (iii) Form of payout of retirement benefits                      6
          (iv)  Amount, timing, and source of monthly
                retirement benefit payout                                  7
          (v)   Amount, timing, and source of lump sum
                retirement benefit payout                                  7
          (vi)  Death of participant entitled to lump sum payout           7
          (vii) Health and dental benefits                                 7
     (b)  Accrued benefit                                                  8
          (i)   Computation of gross accrued benefit                       8
          (ii)  Computation of net accrued benefit                         8
     (c)  Entitlement to benefit upon happening of
          certain events                                                   9
          (i)   Satisfaction of requirements                               9
          (ii)  Other events                                               9
                (1)  Change in control                                     9
                (2)  Plan amendment                                        9
                (3)  Involuntary Demotion, Termination
                     From Employment With Constellation
                     Energy Group, or eligibility
                     withdrawal without Cause                             10
          (iii) Form of benefit payout                                    10
          (iv)  Amount, timing and source of benefit
                payout                                                    10
          (v)   Death of participant entitled to lump
                sum payout                                                11
     (d)  Other benefits                                                  12
          (i)   Eligibility for other benefits                            12
          (ii)  Computation of other benefits                             12
          (iii) Form of payout of other benefits                          13
          (iv)  Amount, timing, and source of monthly
<PAGE>

                                      -2-

               other benefit payout                                       13

6.   Supplemental Long-Term Disability Benefit                            13
          (i)   Eligibility for disability benefits                       13
          (ii)  Computation of disability benefits                        14
          (iii) Form of payment of disability benefits                    14
          (iv)  Amount, timing, and source of monthly
                disability benefit payout                                 14
          (v)   Bonus                                                     15

7.   Supplemental Survivor Annuity Benefit 15
     (a)  Survivor annuity benefit                                        15
          (i)   Eligibility for survivor annuity benefit                  15
          (ii)  Computation of survivor annuity benefit                   15
          (iii) Form of payout of survivor annuity benefits               17
          (iv)  Amount, timing, and source of monthly
                survivor annuity benefit payout                           17
     (b)  Other survivor benefit                                          17
          (i)   Eligibility for other survivor benefit                    17
          (ii)  Computation of other survivor benefit                     18
          (iii) Form of payout of other survivor
                     benefit                                              18
          (iv)  Amount, timing, and source of monthly
                other survivor benefit payout                             18

8.   Death Benefit                                                        19

9.   Dependent Death Benefit                                              19

10.  Sickness Benefit                                                     19

11.  Vacation Benefit                                                     20

12.  Planning Benefit                                                     20

13.  Miscellaneous                                                        21

<PAGE>

                        CONSTELLATION ENERGY GROUP, INC.
                        --------------------------------

                             EXECUTIVE BENEFITS PLAN
                        --------------------------------


1.   Objective. The objective of this Plan is to enhance the benefits provided
     ---------
     to officers and key employees of Constellation Energy Group and its
     subsidiaries in order to attract and retain talented executive personnel.

2.   Definitions. All words beginning with an initial capital letter and not
     -----------
     otherwise defined herein shall have the meaning set forth in the Pension
     Plan. All singular terms defined in this Plan will include the plural and
     vice versa. As used herein, the following terms will have the meaning
     ----------
     specified below:

     "Annual Base Salary" means an amount determined by adding the monthly base
     rate of pay amounts (i.e., the types of such pay that are includable in the
     computation of Pension Plan benefits)earned over the twelve calendar months
     immediately preceding the month that includes the date of the computation.

     "Average Incentive Award" (or "Average Award") means generally the product
     of the percentage equal to an average of the two highest of the
     participant's five immediately prior year award percentages earned under
     Constellation Energy Group's Executive Annual Incentive Plan, Constellation
     Energy Group's Senior Management Annual Incentive Plan and/or the Results
     Incentive Awards Program multiplied by the participant's annualized base
     rate of pay amount (i.e., the types of such pay that are includable in the
     computation of Pension Plan benefits) in effect at the end of the prior
     year.

     "Cause" means the participant's (a) failure to comply with Constellation
     Energy Group policy, (b) deliberate and continual refusal to satisfactorily
     perform employment duties on substantially a full-time basis, (c)
     deliberate and continual refusal to act in accordance with any specific
     instructions of a majority of Constellation Energy Group's Board of
     Directors, (d) disclosure, without the consent of a majority of
     Constellation Energy Group's Board of Directors, of confidential
     information or trade secrets concerning Constellation Energy Group which
     could be materially
<PAGE>

                                      -2-

     damaging to Constellation Energy Group, or (e) deliberate misconduct which
     could be materially damaging to Constellation Energy Group without
     reasonable good faith belief by the participant that such conduct was in
     the best interest of Constellation Energy Group.

     "Change in Control" means (a) the purchase or acquisition by any person,
     entity or group of persons, (within the meaning of Section 13(d) or 14(d)
     of the Securities Exchange Act of 1934 (the "Exchange Act"), or any
     comparable successor provisions), of beneficial ownership (within the
     meaning of Rule 13d-3 promulgated under the Exchange Act) of 20 percent or
     more of either the outstanding shares of common stock of Constellation
     Energy Group or the combined voting power of Constellation Energy Group's
     then outstanding shares of voting securities entitled to a vote generally,
     or (b) the consummation of, following the approval by the stockholders of
     Constellation Energy Group of a reorganization, merger, or consolidation of
     Constellation Energy Group, in each case, with respect to which persons who
     were stockholders of Constellation Energy Group immediately prior to such
     reorganization, merger or consolidation do not, immediately thereafter, own
     more than 50 percent of the combined voting power entitled to vote
     generally in the election of directors of the reorganized, merged or
     consolidated entity's then outstanding securities, or (c) a liquidation or
     dissolution of Constellation Energy Group or the sale of substantially all
     of its assets, or (d) a change of more than one-half of the members of the
     Board of Directors of Constellation Energy Group within a 90-day period for
     reasons other than the death, disability, or retirement of such members.

     "Committee" means the Committee on Management of the Board of Directors of
     Constellation Energy Group.

     "Constellation Energy Group" means Constellation Energy Group, Inc., a
     Maryland corporation, or its successor.

     "Constellation Energy Group's Executive Annual Incentive Plan" means such
     plan or other incentive plan or arrangement designated in writing by the
     Plan Administrator.

     "Constellation Energy Group's Senior Management Annual Incentive Plan"
     means such plan or other incentive plan or arrangement designated in
     writing by the Plan Administrator.
<PAGE>

                                      -3-

     "Demotion" means a transfer to a position with Constellation Energy Group
     or a subsidiary of Constellation Energy Group that either (a) is below the
     substantially equivalent position in which the participant was employed on
     the date of transfer, or (b) results in a substantial reduction in pay when
     compared to the participant's pay on the date of the transfer. Whether a
     position is a substantially equivalent position shall be determined in the
     reasonable discretion of the Committee, with reference to factors including
     whether the participant retains principal responsibility for a department
     or division, and whether the participant remains eligible for the
     perquisites enjoyed by the participant before the position change.

     "Income Replacement Percentage" means the percentage under the LTD Plan
     that is used to calculate the participant's actual LTD Plan benefit.

     "Interest Rate" means the rate equal to 3.5% plus 65% of yield on the
     Lehman Brothers Government/Corporate Bond Index.

     "LTD Plan" means the Constellation Energy Group, Inc. Disability Insurance
     Plan as may be amended from time to time, or any successor plan.

     "Mortality Table" means the mortality table used to value liabilities for
     Pension Plan funding purposes.

     "Pension Plan" means the Pension Plan of Constellation Energy Group, Inc.
     as may be amended from time to time, or any successor plan.

     "Plan Administrator" means, as set forth in Section 3, the Committee.

     "Rabbi Trust" means the trust adopted by Constellation Energy Group
     pursuant to the Grantor Trust Agreement Dated as of April 30, 1999, between
     Constellation Energy Group and Citibank, N.A.

     "Results Incentive Awards Program" means the program applicable to certain
     employees that provides awards; but includes only the types of awards that
     are includable in the computation of Pension Plan benefits.

     "Termination From Employment With Constellation Energy Group" means a
     participant's separation from service with
<PAGE>

                                      -4-

     Constellation Energy Group or a subsidiary of Constellation Energy Group;
     however, a participant's retirement, disability, or transfer of employment
     to or from a subsidiary of Constellation Energy Group shall not constitute
     a Termination From Employment With Constellation Energy Group.

3.   Plan Administration. The Committee is the Plan Administrator and has sole
     -------------------
     authority (except as specified otherwise herein) to interpret the Plan and,
     in general, to make all other determinations advisable for the
     administration of the Plan to achieve its stated objective. Appeals of
     written decisions by the Plan Administrator may be made to the Board of
     Directors of Constellation Energy Group. Decisions by the Board shall be
     final and not subject to further appeal. The Plan Administrator shall have
     the power to delegate all or any part of its duties to one or more
     designees, and to withdraw such authority, by written designation.

4.   Eligibility. Each officer or key employee of Constellation Energy Group or
     -----------
     its subsidiaries may be designated in writing by the Plan Administrator as
     a participant with respect to one or more benefits under the Plan. Once
     designated, participation shall continue until such designation is
     withdrawn at the discretion and by written order of the Plan Administrator,
     provided, however, that such withdrawal may not be made for benefits
     provided pursuant to Sections 5 and 7 with respect to a participant who has
     satisfied the eligibility requirements to retire (as set forth in Section
     5(a)(i)). Notwithstanding the foregoing, any participant who is disabled
     under the LTD Plan shall continue to participate in this Plan while
     classified as disabled and, for purposes of the supplemental pension
     benefit provided by this Plan, while classified as disabled, shall be
     deemed to continue to accrue Credited Service until no later than his/her
     Normal Retirement Date.

5.   Supplemental Pension Benefit.
     -----------------------------

     (a)  Retirement benefits.
          -------------------

          (i)  Eligibility for retirement benefits. A participant shall be
               -----------------------------------
               eligible to retire under this Plan on or after the participant's
               Normal Retirement Date, or on the first day of any month
               preceding his/her Normal Retirement Date, if the participant has
<PAGE>

                                      -5-

               attained (1) age 55 and has accumulated at least 20 years of
               Credited Service; or (2) age 60 and has accumulated at least one
               year of Credited Service.

          (ii) Computation of retirement benefits. A participant who is eligible
               ----------------------------------
               to retire under this Plan will be entitled to supplemental
               pension retirement benefits under this Plan, which will be
               calculated as set forth below on the participant's Retirement
               Date:

               (1)  add the Annual Base Salary and the Average Incentive Award,

               (2)  divide the sum by 12,

               (3)  multiply this dollar amount by the appropriate percentage,
                    determined as follows: Chairman of the Board and President
                    of Constellation Energy Group, and President of
                    Constellation Enterprises, Inc. - 60%; all other
                    participants (by completed years of Credited Service) 1
                    through 9 - 3% per year; 10 through 19 - 40%; 20 through 24
                    - 45%; 25 through 29 - 50%; and 30 or more - 55%,

               (4)  multiply this dollar amount by the Early Retirement
                    Adjustment Factor set forth under the Pension Plan;
                    provided, however, if the participant is age 62 or older and
                    is an officer or key employee of Constellation Energy Group
                    or its subsidiaries, other than the Chairman of the Board
                    and President of Constellation Energy Group or the President
                    of Constellation Enterprises, Inc., such factor shall be one
                    (1),

               (5)  subtract from this dollar amount the charges relating to
                    coverage for a preretirement survivor annuity in excess of
                    50%, and for a post-retirement survivor annuity in excess of
                    50%, and

               (6)  subtract from the remainder the net amount payable to the
                    participant under the Pension Plan.
<PAGE>

                                      -6-

         (iii) Form of payout of retirement benefits. Each participant entitled
               -------------------------------------
               to supplemental pension retirement benefits will receive his/her
               supplemental pension retirement benefits payout in the form of a
               monthly payment, unless the participant makes a valid election to
               receive his/her supplemental pension retirement benefits payout
               in the form of a lump sum.

               A participant may elect to receive his/her supplemental pension
               retirement benefits payout in the form of a lump sum by
               submitting to the Plan Administrator a signed Lump Sum Election
               Form. The Form must be received by the Plan Administrator before
               the beginning of the calendar year during which the participant's
               Retirement Date occurs. The election may be revoked at any time
               before the beginning of the calendar year during which the
               participant's Retirement Date occurs, by submitting to the Plan
               Administrator a signed Lump Sum Revocation Form.

         (iv)  Amount, timing, and source of monthly retirement benefit payout.
               ---------------------------------------------------------------
               A participant entitled to monthly supplemental pension retirement
               benefits will receive monthly payments equal to the amount
               determined under paragraph (a)(ii). Such payments shall commence
               effective with the participant's Retirement Date. If such
               participant receives (or would have received but for the Internal
               Revenue Code limitations) cost of living adjustment(s) under the
               Pension Plan, the monthly payments hereunder will be
               automatically increased based on the percentage of, and at the
               same time as, such adjustment(s). Monthly payments hereunder
               shall permanently cease upon the death of the participant,
               effective with the monthly payment for the month following the
               month of the participant's death. Monthly payments hereunder
               shall be made in accordance with the provisions of the Rabbi
               Trust and, to the extent not paid under the terms of the Rabbi
               Trust, from general corporate assets.

         (v)   Amount, timing, and source of lump sum retirement benefit payout.
               ----------------------------------------------------------------
               A participant entitled to a lump sum supplemental pension
               retirement benefit will
<PAGE>

                                      -7-

                receive a lump sum payment. This lump sum payment will be
                calculated by a certified actuary and will be equal to the
                present value of an immediate annuity including the estimated
                present value of post-retirement supplemental survivor annuity
                benefits described in Section 7, using (1) the supplemental
                pension retirement benefit amount calculated under paragraph
                (a)(ii), which is expressed as a monthly amount, (2) the
                Interest Rate computed on the participant's Retirement Date, and
                (3) the Mortality Table. Such lump sum payment shall be made
                within 60 days after the participant's Retirement Date. The lump
                sum payment shall be made in accordance with the provisions of
                the Rabbi Trust and, to the extent not paid under the terms of
                the Rabbi Trust, from general corporate assets. A participant
                who receives a lump sum payment shall not be entitled to any
                cost of living or other pension payment adjustments or to post-
                retirement survivor annuity coverage under the Plan.

          (vi)  Death of participant entitled to lump sum payout. In the event
                ------------------------------------------------
                of the death of a participant after his/her Retirement Date and
                before the participant receives the lump sum payment under
                paragraph (a)(v), such lump sum payment shall be made to the
                participant's surviving spouse (as defined in Section 7(i)). The
                lump sum payment shall be the same amount and made at the same
                time and from the same sources as set forth in paragraph (a)(v).
                If there is no surviving spouse at the date of the participant's
                death, no payments shall be made pursuant to Sections 5 or 7. A
                surviving spouse who receives a lump sum benefit under this
                paragraph (a)(vi) shall not be entitled to any cost of living or
                other pension payment adjustments or to post-retirement survivor
                annuity coverage under the Plan.

          (vii) Health and dental benefits. A participant who receives
                --------------------------
                supplemental pension retirement benefits under this Plan, but
                who is not eligible for benefits under the Constellation Energy
                Group Retiree Flexible Benefits Program, is entitled to health
                and dental benefits under this Plan that in the sole discretion
                of the Plan Administrator, are reasonably similar to health and
                dental benefits
<PAGE>

                                      -8-

               provided for participants under the Constellation Energy Group
               Retiree Flexible Benefits Program, taking into account employer
               cost, age and service.

     (b)  Accrued benefit.
          ---------------

          (i)  Computation of gross accrued benefit. The computation of the
               ------------------------------------
               gross accrued supplemental pension benefit for a participant as
               of the date of the computation will be made as follows:

               (1)  add the Annual Base Salary and the Average Incentive Award,

               (2)  divide the sum by 12, and

               (3)  multiply this dollar amount by the appropriate percentage,
                    determined as follows: Chairman of the Board and President
                    of Constellation Energy Group and President of Constellation
                    Enterprises, Inc. - 60%; all other participants (by
                    completed years of Credited Service as of the date of the
                    computation) 1 through 9 - 3% per year; 10 through 19 - 40%;
                    20 through 24 - 45%; 25 through 29 - 50%; and 30 or more -
                    55%.

          (ii) Computation of net accrued benefit. The computation of the net
               ----------------------------------
               accrued supplemental pension benefit for a participant as of the
               date of the computation will be made by subtracting from the
               gross accrued benefit determined under paragraph (b)(i) the
               amount, computed on the date a benefit is payable under paragraph
               (c)(iv), of (1) the participant's Accrued Gross Pension under the
               Pension Plan, expressed as a monthly amount if the participant is
               not eligible for Normal Retirement, Early Retirement or
               Disability Retirement benefits under the Pension Plan, otherwise
               (2) the gross amount payable to the participant under the Pension
               Plan.

     (c)  Entitlement to benefit upon happening of certain events.
          -------------------------------------------------------
<PAGE>

                                      -9-

          (i)  Satisfaction of requirements. A participant who has satisfied the
               ----------------------------
               age and Credited Service requirements set forth in Section
               5(a)(i) while eligible as set forth in Section 4, but who does
               not retire under the Plan due to Demotion, Termination From
               Employment With Constellation Energy Group, or the withdrawal of
               a participant's eligibility to participate under Section 5, shall
               be entitled to his/her net accrued supplemental pension benefit.
               The effective date of the Demotion, Termination From Employment
               With Constellation Energy Group, or eligibility withdrawal event
               shall be the date of such Demotion, Termination From Employment
               With Constellation Energy Group, or eligibility withdrawal.

          (ii) Other events. A participant, regardless of his/her age and years
               ------------
               of Credited Service, shall be entitled to his/her net accrued
               supplemental pension benefit upon the happening of any of the
               following entitlement events, but only if such entitlement event
               occurs before a participant retires under this Plan:

               (1)  Change in Control. A Change in Control, followed within two
                    -----------------
                    years by the participant's Demotion, a participant's
                    Termination From Employment With Constellation Energy Group,
                    or the withdrawal of the participant's eligibility to
                    participate under the Plan, is an entitlement event. The
                    effective date of the entitlement event shall be the date of
                    the Demotion, Termination From Employment With Constellation
                    Energy Group, or eligibility withdrawal.

               (2)  Plan amendment. A Plan amendment that has the effect of
                    --------------
                    reducing a participant's gross accrued supplemental pension
                    benefit is an entitlement event. In determining whether such
                    a reduction has occurred, the participant's gross accrued
                    supplemental pension benefit calculated on the day
                    immediately preceding the effective date of the amendment
                    shall be compared to the
<PAGE>

                                     -10-

                    participant's gross accrued supplemental pension benefit
                    calculated on the effective date of the amendment. An
                    amendment that has the effect of reducing future benefit
                    accruals is not an entitlement event. It is intended that an
                    entitlement event under this paragraph (c)(i)(2) will occur
                    only with respect to those amendments that are substantially
                    similar to amendments that are prohibited by Internal
                    Revenue Code section 411(d)(6) with respect to qualified
                    pension plans. The effective date of the entitlement event
                    shall be the effective date of the Plan amendment.

               (3)  Involuntary Demotion, Termination From Employment With
                    ------------------------------------------------------
                    Constellation Energy Group, or eligibility withdrawal
                    -----------------------------------------------------
                    without Cause. A participant's involuntary Demotion or
                    -------------
                    involuntary Termination From Employment With Constellation
                    Energy Group without Cause, or the withdrawal of a
                    participant's eligibility to participate under Sections 5 or
                    7 of the Plan without Cause, is an entitlement event. The
                    effective date of the entitlement event shall be the
                    effective date of the participant's involuntary Demotion or
                    involuntary Termination From Employment With Constellation
                    Energy Group without Cause, or the eligibility withdrawal
                    without Cause.

          (iii) Form of benefit payout. Each participant entitled to a payout
                ----------------------
                under this paragraph (c) will receive such payout in the form of
                a lump sum payment.

          (iv)  Amount, timing, and source of benefit payout. A participant
                --------------------------------------------
                entitled to a payout of his/her net accrued benefit, as a result
                of the occurrence of an event described in paragraphs (c)(i),
                (c)(ii)(1), (2), or (3) will be entitled to a lump sum benefit.
                This lump sum benefit will be calculated by a certified actuary
                as the present value of an annuity beginning at age 62 (unless
                the participant is the Chairman of the Board or President of
                Constellation Energy Group, or the President of Constellation
                Enterprises, Inc. in which case age 65) (or the participant's
                actual
<PAGE>

                                     -11-

               age, if the participant is older than age 62 (unless the
               participant is the Chairman of the Board or President of
               Constellation Energy Group, or the President of Constellation
               Enterprises, Inc. in which case age 65) on the date the lump sum
               benefit is payable), including the estimated present value of
               post-retirement survivor annuity benefits described in Section 7,
               using (1) the net accrued benefit amount calculated under
               paragraph (b)(ii) on the effective date of the event, which is
               expressed as a monthly amount, (2) the Early Retirement
               Adjustment Factor (using the method set forth in (a)(ii)(4))
               computed by substituting the date the lump sum benefit is payable
               for the Retirement Date, (3) the Interest Rate computed on the
               date the lump sum benefit is payable, and (4) the Mortality
               Table. The lump sum benefit shall be payable on the date that is
               the later of the date of the participant's Termination From
               Employment With Constellation Energy Group or the date the
               participant reaches age 55. The lump sum payment shall be made
               within 60 days after such date and shall be made in accordance
               with the provisions of the Rabbi Trust and, to the extent not
               paid under the terms of the Rabbi Trust, from general corporate
               assets. A participant who receives a lump sum benefit under this
               paragraph (c)(iv) shall not be entitled to any cost of living or
               other pension payment adjustments or to preretirement or post-
               retirement survivor annuity coverage.

          (v)  Death of participant entitled to lump sum payout. In the event of
               ------------------------------------------------
               the death of a participant after the occurrence of an event
               described in paragraphs (c)(i), (c)(ii)(1), (2), or (3) and
               before the participant receives the lump sum payment under
               paragraph (c)(iv), such lump sum payment shall be made to the
               participant's surviving spouse (as defined in Section 7(i)). The
               lump sum payment will be calculated by a certified actuary and
               will be equal to 50% of the present value of an immediate annuity
               using (1) the monthly amount under paragraph (c)(iv), (2) the
               Early Retirement Adjustment Factor computed using the
               participant's age at the date of the participant's death, or if
               the participant was younger than age 60 on the date of death,
               using age 60, (3) the Interest Rate
<PAGE>

                                     -12-

               computed on the date the lump sum benefit is payable, and (4) the
               Mortality Table. However, if the participant's death occurred
               during the 60 day period described in paragraph (c)(iv), 100%
               shall be used instead of 50% in the preceding sentence. The lump
               sum benefit shall be payable on the date that is the later of the
               date that the participant would have reached age 55 or the date
               of the participant's death. The lump sum payment shall be made
               within 60 days after such date, and shall be made in accordance
               with the provisions of the Rabbi Trust and, to the extent not
               paid under the terms of the Rabbi Trust, from general corporate
               assets. If there is no surviving spouse at the date of the
               participant's death, no payments shall be made pursuant to
               Sections 5 or 7. A surviving spouse who receives a lump sum
               benefit under this paragraph (c) (v) shall not be entitled to any
               cost of living or other pension payment adjustments or to
               preretirement or post-retirement survivor annuity coverage under
               the Plan.

     (d)  Other benefits.
          --------------

          (i)  Eligibility for other benefits. Upon a participant's Termination
               ------------------------------
               From Employment With Constellation Energy Group, if such
               participant (1) does not satisfy the requirements of Sections
               5(a)(i), 5(c)(i), and/or 5(c)(ii), and (2) is a vested
               participant under the Pension Plan, such participant shall be
               entitled to the benefits in this Section 5(d).

          (ii) Computation of other benefits. A participant who is eligible for
               -----------------------------
               other benefits will be entitled to benefits under this Plan,
               which will be calculated as set forth below on the date the
               participant begins receipt of benefit payments under the Pension
               Plan:

               (1)  compute the participant's adjusted monthly benefit payment
                    under the terms of the Pension Plan, by also treating
                    awards, if any, paid to the participant under Constellation
                    Energy Group's Executive Annual Incentive Plan and/or
                    Constellation Energy Group's Senior Management Annual
                    Incentive Plan during the immediately preceding twenty-
<PAGE>

                                     -13-

                    four consecutive months as bonuses and/or incentives
                    included in the computation of the participant's Average Pay
                    (as defined under the Pension Plan), and

               (2)  subtract from the amount in (1) above the participant's
                    actual monthly benefit payment under the Pension Plan.

                    For purposes of the computation in (1), the participant will
                    bear the cost of any post-retirement survivor annuity
                    coverage provided under Section 7(b).

          (iii) Form of payout of other benefits. Each participant entitled to
                --------------------------------
                other benefits will receive his/her other benefits payout in the
                form of a monthly payment.

          (iv)  Amount, timing, and source of monthly other benefit payout. A
                ----------------------------------------------------------
                participant entitled to monthly other benefits will receive
                monthly payments equal to the amount determined under paragraph
                (d)(ii). Such payments shall commence effective with the date
                the participant commences receipt of benefit payments under the
                Pension Plan. Monthly payments hereunder shall permanently cease
                upon the death of the participant, effective with the monthly
                payment for the month following the month of the participant's
                death. Monthly payments hereunder shall be made from general
                corporate assets.

6.   Supplemental Long-Term Disability Benefit.
     -----------------------------------------

     (i)  Eligibility for disability benefits. Any participant who has completed
          -----------------------------------
          at least one full calendar month of service with Constellation Energy
          Group or its subsidiaries, who has elected coverage under the LTD
          Plan, and who is disabled (as determined under the LTD Plan) will be
          entitled to supplemental disability benefits under this Plan.

     (ii) Computation of disability benefits. The amount of such supplemental
          ----------------------------------
          disability benefits shall be determined as follows:
<PAGE>

                                     -14-

          (1)  multiply the monthly base rate of pay amount in effect
               immediately prior to becoming entitled to benefits under the LTD
               Plan by twelve,

          (2)  add the Average Incentive Award to the product,

          (3)  add certain bonuses and incentives that are included in the
               computation of Average Pay under the Pension Plan (except that
               awards under the Results Incentive Awards Program shall be
               excluded), earned over the last 12 months to the product,

          (4)  divide the sum by 12,

          (5)  multiply this monthly dollar amount by the Income Replacement
               Percentage, and

          (6)  subtract from the product the gross monthly amount provided for
               the participant under the LTD Plan before such amount is reduced
               for other benefits as set forth under the LTD Plan.

     (iii) Form of payment of disability benefits. Each participant entitled to
           --------------------------------------
           supplemental disability benefits will receive his/her supplemental
           disability benefit payout in the form of a monthly payment.

     (iv)  Amount, timing, and source of monthly disability benefit payout. A
           ---------------------------------------------------------------
           participant entitled to supplemental disability benefits will receive
           a monthly payment equal to the amount determined under (ii) above.
           Such payments shall commence effective with the commencement of the
           participant's LTD Plan benefit payments. Monthly payments shall
           permanently cease when benefit payments under the LTD Plan cease.
           Monthly payments shall be made from Constellation Energy Group's
           general corporate assets.

           If a participant receiving payments pursuant to this Section 6
           receives cost of living or other inflation/indexing adjustment(s)
           under the LTD Plan, the payments hereunder will be automatically
           increased based on the same percentage of, and at the same time as,
           such adjustment(s).
<PAGE>

                                     -15-

     (v)  Bonus. Any participant who has less than ten years of Credited Service
          -----
          shall be entitled to a monthly taxable cash bonus, equal to an amount
          based on the cost of LTD Plan coverage, using the formula for
          computing Constellation Energy Group-provided Flexible Benefits Plan
          credits for LTD Plan coverage and taking into account the
          Participant's Credited Service and covered compensation. Such cash
          bonus shall be made from general corporate assets.

7.   Supplemental Survivor Annuity Benefit.
     -------------------------------------

     (a)  Survivor annuity benefit.
          ------------------------

          (i)  Eligibility for survivor annuity benefit. Following the death of
               ----------------------------------------
               a participant (other than a participant who satisfied the
               requirements of Section 5(d)(i) upon such participant's
               Termination From Employment With Constellation Energy Group), a
               supplemental survivor annuity may be paid to the participant's
               surviving spouse until the death of that spouse, using the same
               percentage to compute such supplemental benefit that is actually
               used to compute any survivor annuity provided on behalf of the
               participant under the Pension Plan. The participant will not bear
               the cost of up to a 50% survivor annuity benefit, but will bear
               the cost of a survivor annuity benefit in excess of 50%. For
               purposes of this Section 7(a), a participant's surviving spouse
               is the individual married to the participant on the date of the
               participant's death. If there is no surviving spouse, or if the
               participant or the participant's spouse previously received or is
               entitled to receive a lump sum payment under Section 5, no
               supplemental survivor annuity will be payable.

          (ii) Computation of survivor annuity benefit. The amount of the
               ---------------------------------------
               supplemental survivor annuity will be determined as follows:

               (1)  if the participant had retired prior to the date of death:

                    (a)  begin with the monthly pension benefit (under Section
                         5(a) of this Plan) that
<PAGE>

                                     -16-

                         the participant was receiving prior to the date of
                         death, and

                    (b)  multiply this dollar amount by the percentage used to
                         compute the survivor annuity provided on behalf of the
                         participant under the Pension Plan.

               (2)  otherwise:

                    (a)  begin with the larger of the Early Retirement pension
                         benefit (under both the Pension Plan and Section 5(a)
                         of this Plan) to which the participant would have been
                         entitled to receive if the:

                         (A)  participant had been retired at age 60 on the date
                              of death for purposes of computing the Early
                              Retirement Adjustment Factor, or

                         (B)  participant had retired on the date of death for
                              purposes of computing the Early Retirement
                              Adjustment Factor,

                    (b)  multiply this dollar amount by the percentage used to
                         compute the survivor annuity provided on behalf of the
                         participant under the Pension Plan,

                    (c)  subtract from the product the net amount, if any, of
                         the survivor annuity provided on behalf of the
                         participant under the Pension Plan, and

                    (d)  subtract from this dollar amount the charges relating
                         to coverage (under both the Pension Plan and this Plan)
                         for a preretirement survivor annuity in excess of 50%,
                         and for a post-retirement survivor annuity in excess of
                         50%.

          (iii) Form of payout of survivor annuity benefits. Each surviving
                -------------------------------------------
                spouse entitled to a supplemental survivor annuity benefit will
                receive his/her
<PAGE>

                                     -17-

               survivor annuity benefit payout in the form of a monthly payment.

          (iv) Amount, timing, and source of monthly survivor annuity benefit
               --------------------------------------------------------------
               payout. A surviving spouse entitled to monthly supplemental
               ------
               survivor annuity benefits will receive a monthly payment equal to
               the amount determined under (ii) above. Such payments shall
               commence effective with the first day of the month following the
               month of the participant's death. If such surviving spouse
               receives (or would have received but for the Internal Revenue
               Code limitations) cost of living adjustment(s) under the Pension
               Plan, the monthly payments hereunder will be automatically
               increased based on the percentage of, and at the same time as,
               such adjustment(s). Monthly payments hereunder shall permanently
               cease upon the death of the surviving spouse, effective with the
               monthly payment for the month following the month of the
               surviving spouse's death. Monthly payments hereunder shall be
               made in accordance with the provisions of the Rabbi Trust and, to
               the extent not paid under the terms of the Rabbi Trust, from
               general corporate assets.

     (b)  Other survivor benefit.
          ----------------------

          (i)  Eligibility for other survivor benefit. Following the death of a
               --------------------------------------
               participant who satisfied the requirements of Section 5(d)(i)
               upon such participant's Termination From Employment With
               Constellation Energy Group, a survivor benefit may be paid to the
               participant's surviving spouse until the death of that spouse.
               For purposes of this Section 7(b), a participant's surviving
               spouse is the individual who is the Surviving Spouse under the
               Pension Plan. If there is no surviving spouse, no survivor
               benefit will be payable.

          (ii) Computation of other survivor benefit. The amount of the survivor
               -------------------------------------
               benefit will be calculated as set forth below on the date the
               surviving spouse begins receipt of benefit payments under the
               Pension Plan:
<PAGE>

                                     -18-

               (1)  compute the surviving spouse's adjusted monthly benefit
                    payment under the terms of the Pension Plan, by also
                    treating awards, if any, paid to the participant under
                    Constellation Energy Group's Executive Annual Incentive Plan
                    and/or Constellation Energy Group's Manager Annual Incentive
                    Plan during the immediately preceding twenty-four
                    consecutive months as bonuses and/or incentives included in
                    the computation of the participant's Average Pay (as defined
                    under the Pension Plan), and

               (2)  subtract from the amount in (1) above the surviving spouse's
                    actual monthly benefit payment under the Pension Plan.

                    For purposes of the computation in (1), the surviving spouse
                    will bear the cost of the survivor benefit.

          (iii) Form of payout of other survivor benefit. Each surviving spouse
                ----------------------------------------
                entitled to a survivor benefit will receive his/her survivor
                benefit payout in the form of a monthly payment.

          (iv)  Amount, timing, and source of monthly other survivor benefit
                ------------------------------------------------------------
                payout. A surviving spouse entitled to monthly survivor benefits
                ------
                will receive monthly payments equal to the amount determined
                under paragraph (b)(ii). Such payments shall commence effective
                with the date the surviving spouse commences receipt of benefit
                payments under the Pension Plan. Monthly payments hereunder
                shall permanently cease upon the death of the surviving spouse,
                effective with the monthly payment for the month following the
                month of the surviving spouse's death. Monthly payments
                hereunder shall be made from general corporate assets.

8.   Death Benefit. Constellation Energy Group shall make arrangements, through
     -------------
     its split-dollar life insurance program or otherwise, for life insurance
     coverage for each participant providing that the participant's beneficiary
     shall receive, as a pre-rollout death benefit, an amount which is
     approximately equal to three times the
<PAGE>

                                     -19-

     participant's compensation, and as a post-rollout benefit, an amount which
     is approximately equal to two times the participant's compensation, as set
     forth in a separate agreement between Constellation Energy Group and the
     participant.

     As determined in the sole discretion of the Plan Administrator, in the
     event that either (i) a participant is ineligible to receive the type of
     life insurance coverage provided to other participants under this Plan, or
     (ii) such coverage is not available on reasonably cost-effective terms as a
     result of any penalty for smoking or other factors that are reflected in
     the insurance carrier's rates, then Constellation Energy Group shall
     provide a benefit that, in the discretion of the Plan Administrator, is
     substantially equivalent to the cost of the benefit provided to other
     participants under this Plan.

9.   Dependent Death Benefit. In the event of the death of a participant's
     -----------------------
     qualified dependent while the participant is an active employee of
     Constellation Energy Group or a subsidiary of Constellation Energy Group,
     Constellation Energy Group shall make a death benefit payment to the
     participant, from general corporate assets. For purposes of this Section 9,
     qualified dependent shall have the same meaning as set forth in
     Constellation Energy Group's Family Life Insurance Plan. For purposes of
     this Section 9, the amount of the death benefit payment shall be the
     highest amount of insurance that would have been payable with respect to
     such qualified dependent if coverage had been provided under Constellation
     Energy Group's Family Life Insurance Plan. The dependent death benefit
     payment under this Plan shall be grossed-up for income tax withholding.

10.  Sickness Benefit. Each participant, without regard to length of service,
     ----------------
     shall be entitled to the greater of the benefits stipulated under the
     Constellation Energy Group sick benefit policy for employees or twenty-six
     (26) weeks of paid sick benefits within a rolling 52-week period.

11.  Vacation Benefit. Each participant, without regard to length of service,
     ----------------
     shall be entitled to the greater of the benefits stipulated under the
     Constellation Energy Group vacation benefit policy for employees or five
     weeks of paid vacation during a calendar year.
<PAGE>

                                     -20-

12.  Planning Benefit. Each participant shall be entitled to certain personal
     ----------------
     financial, tax, and estate planning services paid for by Constellation
     Energy Group but provided through designated professional firms. This
     entitlement shall be subject to any dollar limitation established by the
     Plan Administrator with respect to all such fees. The services shall be
     provided to each participant by the chosen firm(s) on a personalized and
     confidential basis; and each firm shall have sole responsibility for
     quality of the services which it may render.

     The services to be provided shall be on an on-going and continuous basis,
     but shall be limited to (i) the development and legal documentation of both
     career-oriented financial plans and personal estate plans, and (ii) tax
     counseling regarding personal tax return preparation and the most
     advantageous structuring, tax-wise, of proposed personal transactions.

     Such planning benefit shall continue during the year of retirement plus the
     next two calendar years and include the completion of the federal and state
     personal tax returns for the second calendar year following retirement.
     However, if a retired member of senior management continues to serve as a
     member of the Board of Directors of Constellation Energy Group, his/her
     planning benefit period shall be extended until he/she no longer serves as
     a member of the Board of Directors.

     Upon the death of a participant entitled to the planning benefit provided
     hereunder, his/her surviving spouse shall be entitled to receive the
     following planning benefit: (i) if the deceased was not retired at the time
     of death, the surviving spouse shall be entitled to the planning benefit
     for the year in which the death occurred plus the next two calendar years,
     including completion of the federal and state personal tax returns for the
     second calendar year after the year in which the death occurred; or (ii) if
     the deceased was retired at the time of death, then the surviving spouse
     shall receive a planning benefit equal to that the deceased would have
     received if he/she had not died prior to expiration of the planning
     benefit. The surviving spouse of a retired member of senior management
     whose death occurs while serving as a member of the Board of Directors of
     Constellation Energy Group, shall be entitled to a planning benefit as set
     forth in (i) above.
<PAGE>

                                     -21-

     The planning benefit provided under this Plan shall be grossed-up for
     income tax withholding.

13.  Miscellaneous. None of the benefits provided under this Plan shall be
     -------------
     subject to alienation or assignment by any participant or beneficiary nor
     shall any of them be subject to attachment or garnishment or other legal
     process except (i) to the extent specially mandated and directed by
     applicable State or Federal statute; (ii) as requested by the participant
     or beneficiary to satisfy income tax withholding or liability; and (iii)
     any policy of insurance written by a commercial carrier on a split-dollar
     basis shall be assignable.

     This Plan may be amended from time to time, or suspended or terminated at
     any time, provided, however, that no amendment or termination shall reduce
     any previously accrued supplemental pension benefit under this Plan or
     impair the rights of any participant or beneficiary entitled to receive
     current or future payment hereunder at the time of such action. All
     amendments to this Plan which would increase or decrease the compensation
     of any Officer of Constellation Energy Group, either directly or
     indirectly, must be approved by the Board of Directors. All other
     permissible amendments may be made at the written direction of the
     Committee.

     Participation in this Plan shall not constitute a contract of employment
     between Constellation Energy Group and any person and shall not be deemed
     to be consideration for, or a condition of, continued employment of any
     person.

     The Plan, notwithstanding the creation of the Rabbi Trust, is intended to
     be unfunded for purposes of Title I of the Employee Retirement Income
     Security Act of 1974. Constellation Energy Group shall make contributions
     to the Rabbi Trust in accordance with the terms of the Rabbi Trust. Any
     funds which may be invested and any assets which may be held to provide
     benefits under this Plan shall continue for all purposes to be a part of
     the general funds and assets of Constellation Energy Group and no person
     other than Constellation Energy Group shall by virtue of the provisions of
     this Plan have any interest in such funds and assets. To the extent that
     any person acquires a right to receive payments from Constellation Energy
     Group under this Plan, such rights shall be no greater than the right of
     any unsecured general creditor of Constellation Energy Group.
<PAGE>

                                     -22-

     In the event Constellation Energy Group becomes a party to a merger,
     consolidation, sale of substantially all of its assets or any other
     corporate reorganization in which Constellation Energy Group will not be
     the surviving corporation or in which the holders of the common stock of
     Constellation Energy Group will receive securities of another corporation
     (in any such case, the "New Company"), then the New Company shall assume
     the rights and obligations of Constellation Energy Group under this Plan.

     This Plan shall be governed in all respects by Maryland law.

                   Summary of New Executive Pension Provisions
                   -------------------------------------------

     Effective January 1, 2000, the Constellation Energy Group, Inc. Board of
     Directors authorized the company to make changes to the Executive Benefits
     Plan, and to adopt new plans, to provide supplemental pension and other
     benefits to executives of the company and certain subsidiaries. The
     following is a summary of the amended and new plans, formal documents for
     which have not yet been finalized:

     Constellation Energy Group, Inc. Senior Executive Supplemental Pension Plan
     ---------------------------------------------------------------------------
     - Senior officers of Constellation Energy Group, Inc. and presidents of the
     primary business units are eligible for a supplemental pension at age 55 or
     older with 10 or more years of service or age 62 or older with 5 or more
     years of service. The benefit formula is 5.5% per year of supplemental
     pension plan eligibility (and for each 4 years of service while not a
     supplemental pension plan participant, the participant accrues an
     additional 5.5%), with a maximum gross benefit of 55% for all participants
     except the Chief Executive Officer of Constellation Energy Group, Inc. who
     is entitled to a gross 60% benefit regardless of service. Pay under the
     Plan for purposes of computing benefits is based on the sum of the average
     of the highest two base salaries and the average of the highest two annual
     incentive awards earned in the past five 12-month periods. A 4% per year
     early retirement reduction factor is applied for each year retirement is
     earlier than age 62. Any lump sum payment under the Plan will be computed
     with reference to the 30-year Treasury rate, less 50 basis points. The Plan
     also provides a free 50% survivor annuity benefit. Benefits will be secured
     under the rabbi trust that currently secures benefits under the Executive
     Benefits Plan. For participants in the Plan as of January 1, 2000, if
     benefits under the Supplemental Pension Plan (described below) are greater
     than benefits
<PAGE>

                                     -23-

     under this Plan, the participant will receive benefits only under the
     Supplemental Pension Plan.

     Constellation Energy Group, Inc. Supplemental Pension Plan - Participants
     ----------------------------------------------------------
     under the Executive Benefits Plan as of December 31, 1999 became
     participants under the Supplemental Pension Plan effective January 1, 2000.
     The Supplemental Pension Plan replaces the supplemental pension benefit
     provisions under the Executive Benefits Plan. The Supplemental Pension Plan
     benefits are the same as the supplemental pension benefit provisions under
     the Executive Benefits Plan, with the following modifications: (a)
     retirement eligibility requirements are reduced to age 55 or older with 10
     or more years of service; (b) the early retirement reduction factor is
     reduced from 6% to 3% for retirements between age 55 and 60, with no
     reduction for retirements at or after age 62; and (c) any lump sum payment
     under the Plan will be computed with reference to the 30-year Treasury
     rate, less 50 basis points. The Plan also provides certain health and
     dental benefits, and a free 50% survivor annuity benefit. Benefits will be
     secured under the rabbi trust that currently secures benefits under the
     Executive Benefits Plan.

     Constellation Energy Group, Inc. Supplemental Benefits Plan - The
     -----------------------------------------------------------
     Supplemental Benefits Plan replaces the supplemental welfare benefit and
     other non-pension benefit provisions under the Executive Benefits Plan. The
     Supplemental Benefits Plan benefits are the same as the supplemental
     welfare and other non-pension benefit provisions under the Executive
     Benefits Plan. Senior executives and executives of Constellation Energy
     Group, Inc. and certain of its subsidiaries are eligible to participate in
     the plan.

     Constellation Energy Group, Inc. Restoration Plan - The Restoration Plan
     -------------------------------------------------
     will provide supplemental pension benefits to employees of Constellation
     Energy Group, Inc. and certain of its subsidiaries to the extent their
     pension benefits are impacted by Internal Revenue Service limitations under
     the Pension Plan of Constellation Energy Group, Inc. Employees who are
     entitled to benefits under the Senior Executive Supplemental Pension Plan
     or the Supplemental Pension Plan are not eligible to participate in the
     Restoration Plan.