Exhibit 10(q)

Attachment 1

EMPLOYMENT AGREEMENT

This Employment Agreement (the "Agreement") is made as of the 20th day of December, 2001 by and between Constellation Energy Group, Inc.
("Company") and Michael J. Wallace ("Executive").

WITNESSETH:

WHEREAS,
Company desires to employ Executive and Executive is willing to accept such employment, all upon the terms and conditions hereinafter set forth.

NOW,
THEREFORE, in consideration of the mutual covenants and obligations hereinafter set forth, the parties hereto agree as follows:

1.Employment Term.Company hereby employs Executive and Executive accepts employment with Company as President
of the Company's Generation Group on the terms and conditions herein set forth, for a period commencing on January 2, 2002 and expiring on December 31, 2004 (the "Term"). Executive's
duties and responsibilities shall be determined by Company's Chief Executive Officer ("CEO") consistent with Executive's qualifications and the best interests of Company. Executive also shall perform
such other or additional duties as may be assigned to him by the CEO from time to time as are reasonably consistent with the position of President or such other position as may be mutually agreed upon
by the parties.

2.Duties.During the term hereof, Executive shall devote his entire attention and energy to the business and
affairs of Company on a full-time basis during normal business hours, and as reasonably required, outside normal business hours, and shall not be engaged in any other business activity,
regardless of whether such business activity is pursued for gain, profit or other pecuniary advantage, unless the CEO otherwise consents in writing; but this shall not be construed as preventing
Executive from investing his assets in such form or manner as will not require any services on the part of the Executive in the operation of the affairs of the companies in which such investments are
made and will not otherwise conflict with the provisions of this Agreement.

3.Compensation.



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4.Benefits.Executive shall be entitled to participate in all of the Company's benefit plans on the same basis
as other senior executives, including, but not limited to, the Company's Flexible Benefits Plan (including health and dental coverage), Pension Equity Pension Plan, and an Employee Savings Plan with a
401(k) feature. Executive shall also be provided the Supplemental Benefits and Perquisites set forth in Appendix A.

5.Business Expenses.Executive shall be entitled to prompt reimbursement for all reasonable expenses incurred
by him in furtherance of Company's business, in accordance with the policies and procedures established for senior executives of Company.

6.Relocation Expenses.

To
assist in Executive's relocation to the Maryland area, Company will provide Executive with reimbursement for the following reasonable, documented costs:



To
the extent that the reimbursement of any of these costs is subject to federal, state or local tax, the Executive shall be entitled to receive an additional payment ("a
gross-up" payment) in an amount such that, after payment by the Executive of all taxes on such reimbursements, the Executive retains an amount of the gross-up payment equal to
the tax imposed on the reimbursements.

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7.Termination.



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8.Confidential Information and Discoveries.Executive acknowledges that he will, as a result of his duties as
an employee of Company, have access to and be in a position to receive confidential information. Therefore, Executive agrees that during his employment by Company and thereafter he will not divulge
to, or use for the benefit of, himself or any other person, any information concerning any inventions, discoveries, improvements, processes, methods, trade secrets, research or secret data (including,
without limitation, computer programs, software development or executive systems), or other confidential matters possessed, owned or used by Company that may be obtained or learned by the Executive in
the course of or as a result of his employment hereunder unless such disclosure is authorized in writing by the CEO. The expiration or termination of employment shall not be deemed to release the
Executive from his duties hereunder not to reveal or convert to his own use or the use of others the information described herein.

9.Remedy.Executive understands that Company would not have an adequate remedy at law for the material breach
or threatened breach by Executive of the covenants set forth in Paragraph 8 of this Agreement and agrees that in the event of any such material breach or threatened breach, Company

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may, in addition to the other remedies which may be available to it, file a suit in equity to enjoin Executive from the breach or threatened breach of such covenant.

10.Miscellaneous.



|CONSTELLATION ENERGY GROUP, INC. |  | MICHAEL J. WALLACE
|-------------------------------- |  | ------------------
|By:                              |  | /S/               
|Its:                             |  | V.P., HR          
|Address:                         |  |                   
|                                 |  |                   
|Date:                            |  | 12/20/01          
|                                 |  |                   

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Exhibit 10(q)

Attachment 2

SEVERANCE AGREEMENT

This Agreement is made the    day
of                        , 2003, by and between CONSTELLATION ENERGY GROUP, INC. (the "Company") and Michael J.
Wallace (the "Executive"), and is effective as of January 24, 2003.

WHEREAS,
the Company wishes to encourage the orderly succession of management in the event of a Change in Control (as hereinafter defined); and

WHEREAS,
the Company desires to maintain a severance benefit for the Executive covering the period from the date of a Change in Control until the end of the twenty-four month
period following the date of a Change in Control, to avoid the loss or the serious distraction of the Executive to the detriment of the Company and its stockholders prior to and during such period
when the Executive's undivided attention and commitment to the needs of the Company would be particularly important; and

WHEREAS,
the Executive desires to devote the Executive's time and energy for the benefit of the Company and its stockholders and not to be distracted as a result of a Change in Control.

NOW,
THEREFORE, the parties agree as follows:

1.Definitions.



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2.Severance Benefits for an Executive Ineligible to Retire.Upon the occurrence of a
Qualifying Termination with respect to an Executive who is Ineligible to Retire:



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3.Severance Benefits for an Executive Eligible to Retire.Upon the occurrence of a
Qualifying Termination with respect to an Executive who is Eligible to Retire:



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4.Non-Exclusivity of Rights.Nothing in this Agreement shall prevent or
limit the Executive's continuing or future participation in any plan, program, policy or practice provided by the Company or a successor company or a Subsidiary (whichever is the Executive's employer)
for which the Executive may qualify, nor shall anything in this Agreement limit or otherwise affect such rights as the Executive may have under any contract or agreement with the Company or a
successor Company or such Subsidiary. However, if the Executive receives severance benefits under this Agreement, the Executive is not also entitled to any benefit under any other severance plan,
program, arrangement or agreement maintained by the Company or a Subsidiary except under the Employment Agreement made December 20, 2001 between the Company and the Executive (Employment
Agreement); provided, however the Base Salary and performance bonus payments under Sections 7(d)(i) and (ii), and 7(e)(i) and (ii) of the Employment Agreement shall be offset by
any cash payment made under Section 2(a) or 3(a) of this Agreement, and the Senior Executive Supplemental Plan benefit under Sections 7(d)(vi) and 7(e)(vi) of the Employment
Agreement shall be offset by any such benefit under Section 2(b) or 3(b) of this Agreement. Vested benefits and other amounts that the Executive is otherwise entitled to receive under any
incentive
compensation (including, but not limited to any restricted stock or stock option agreements), deferred compensation and other benefit programs listed in Section 1.6(d), life insurance coverage,
or any other plan, policy, practice or program of, or any contract or agreement with, the Company or a successor Company or such Subsidiary on or after the date of the Qualifying Termination shall be
payable in accordance with the terms of each such plan, policy, practice, program, contract or agreement, as the case may be, except as explicitly modified by this Agreement.

5.Full Settlement.The Company's obligation to make the payments provided for in, and
otherwise to perform its obligations under, this Agreement shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action that the Company may have
against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any
of the provisions of this Agreement and, such amounts shall not be reduced, regardless of whether the Executive obtains other employment.

6.Certain Additional Payments by the Company.



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7.Termination of Agreement.This Agreement shall remain in effect from the date hereof
until the last day of the twenty-fourth calendar month following the date of a Change in Control. Further, upon the date of a Change in Control, this Agreement shall continue until the Company or its
successor shall have fully performed all of its obligations thereunder with respect to the Executive, with no future performance being possible. This Agreement may be terminated at any time by the
Board with the written consent of the Executive. Notwithstanding the foregoing, this Agreement shall automatically terminate upon cessation of Executive's employment with the Company and its
Subsidiaries prior to the date of a Change in Control.

8.Amendment of Agreement.This Agreement may be amended at any time by the Board with
the written consent of the Executive.

9.Construction.Wherever any words are used herein in the masculine gender they shall
be construed as though they were also used in the feminine gender in all cases where they would so apply, and wherever any words are used herein in the singular form, they shall be construed as though
they were also used in the plural form in all cases where they would so apply.

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10.Governing Law.This Agreement shall be governed by the laws of Maryland.

11.Successors and Assigns.



12.Indemnification.The Company will pay all reasonable fees and expenses, if any,
(including, without limitation, legal fees and expenses) that are incurred by the Executive to enforce this Agreement and that result from a breach of this Agreement by the Company.

13.Notice.Any notices, requests, demands, or other communications provided for by this
Agreement shall be sufficient if in writing and if sent by registered or certified mail to the Executive at the last address the Executive has filed in writing with the Company, or in the case of the
Company, to its principal offices.

14.Severability.The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement. If any provision of this Agreement shall be held invalid or unenforceable in part, the remaining portion of
such provision, together with all other provisions of this Agreement, shall remain valid and enforceable and continue in full force and effect to the fullest extent consistent with law.

15.Withholding.Notwithstanding any other provision of this Agreement, the Company may
withhold from amounts payable under this Agreement all federal, state, local and foreign taxes that are required to be withheld by applicable laws or regulations.

16.Entire Agreement.Unless otherwise specifically provided in this Agreement, the
Executive and the Company acknowledge that this Agreement supersedes any other agreement between them or between the Executive and the Company or a Subsidiary, concerning the subject matter hereof;
provided, however, that this Agreement shall not supersede the Employment Agreement made December 20, 2001 referenced in Section 4 of this Agreement but such agreements shall be
coordinated as set forth in Section 4 of this Agreement.

17.Alienability.The rights and benefits of the Executive under this Agreement may not
be anticipated, alienated or subject to attachment, garnishment, levy, execution or other legal or equitable process except as required by law. Any attempt by the Executive to anticipate, alienate,
assign, sell, transfer, pledge, encumber or charge the same shall be void. Payments hereunder shall not be considered assets of the Executive in the event of insolvency or bankruptcy.

18.Counterparts.This Agreement may be executed in several counterparts, each of which
shall be deemed an original, and said counterparts shall constitute but one and the same instrument.

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IN
WITNESS WHEREOF, the Executive has hereunto set the Executive's hand and, pursuant to the authorization of the Board, the Company has caused this Agreement to be executed in its name
on its behalf, all as of the day and year first above written.

| |  | CONSTELLATION ENERGY GROUP, INC.
| |  | --------------------------------
| |  | By:                             
| |  | Michael J. Wallace              

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