# EDGAR Filing Document

**Accession Number:** 0000078100
**File Stem:** 0000078100-25-000006
**Filing Date:** 2025-9
**Character Count:** 289369
**Document Hash:** 796bc0b88cd50aeb7c399ad28b965752
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000078100-25-000006.hdr.sgml**: 20250910

**ACCESSION NUMBER**: 0000078100-25-000006

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 115

**CONFORMED PERIOD OF REPORT**: 20250910

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250910

**DATE AS OF CHANGE**: 20250910

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PECO ENERGY CO
- **CENTRAL INDEX KEY:** 0000078100
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 230970240
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-16844
- **FILM NUMBER:** 251305081

**BUSINESS ADDRESS:**
- **STREET 1:** 2301 MARKET STREET
- **STREET 2:** PO BOX 8699
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19101-8699
- **BUSINESS PHONE:** 215-841-4000

**MAIL ADDRESS:**
- **STREET 1:** 2301 MARKET STREET
- **STREET 2:** PO BOX 8699
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19101-8699

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHILADELPHIA ELECTRIC CO
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? exc-20250910

---

| | |
|:---|:---|
| **UNITED STATES SECURITIES AND EXCHANGE COMMISSION** | **UNITED STATES SECURITIES AND EXCHANGE COMMISSION** |
| **Washington, D.C. 20549** | **Washington, D.C. 20549** |
| **FORM** | **8-K** |
| **CURRENT REPORT** | **CURRENT REPORT** |
| **Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** | **Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** |
| **September 10, 2025** | **September 10, 2025** |
| **Date of Report (Date of earliest event reported)** | **Date of Report (Date of earliest event reported)** |

---

---

| | | |
|:---|:---|:---|
| **Commission<br>File Number** | **Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone Number** | **IRS Employer Identification Number** |
| 000-16844 | PECO ENERGY COMPANY | 23-0970240 |
|  | (a Pennsylvania corporation)<br>2301 Market Street<br>P.O. Box 8699<br>Philadelphia, Pennsylvania 19101-8699<br>(215) 841-4000 |  |

---

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| | |
|:---|:---|
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

---

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| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| N/A | N/A | N/A |

---

Indicate by check mark whether any of the registrants are emerging growth companies as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if any of the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 1.01. Entry into a Material Definitive Agreement**

On September 10, 2025, PECO Energy Company (PECO) issued $525 million aggregate principal amount of its First and Refunding Mortgage Bonds, 4.875% Series due September 15, 2035 (2035 Bonds) and $525 million aggregate principal amount of its First and Refunding Mortgage Bonds, 5.650% Series due September 15, 2055 (2055 Bonds and, together with the 2035 Bonds, the Bonds). See Item 2.03 below for a description of the Bonds and related agreements.

**Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant** 

On September 10, 2025, PECO issued $525 million aggregate principal amount of the 2035 Bonds and $525 million aggregate principal amount of the 2055 Bonds. The Bonds were issued pursuant to PECO's First and Refunding Mortgage, dated as of May 1, 1923, as amended and supplemented and as further amended and supplemented by the One Hundred and Twenty-Fifth Supplemental Indenture, dated as of August 15, 2025 (Supplemental Indenture). The Bonds were registered under the Securities Act of 1933, as amended, pursuant to a shelf registration statement on Form S-3 (Registration No. 333-277223).

PECO will use the net proceeds from the sale of the Bonds to refinance at maturity $350,000,000 aggregate principal amount of PECO's 3.150% first and refunding mortgage bonds due October 15, 2025. The remainder of the net proceeds will be used to refinance currently outstanding commercial paper and for general corporate purposes.

The 2035 Bonds carry an interest rate of 4.875% per annum and the 2055 Bonds carry an interest rate of 5.650% per annum. Interest is payable semi-annually on March 15 and September 15, commencing on March 15, 2026. The Bonds are redeemable at any time at PECO's option as provided in the Supplemental Indenture. A copy of the Supplemental Indenture, which establishes the terms of the Bonds, is attached hereto as Exhibit 4.1 and is incorporated herein by reference.

In connection with the issuance of the Bonds, Ballard Spahr LLP provided PECO with the legal opinions attached to this Current Report as Exhibit 5.1 and Exhibit 8.1.

A copy of the Underwriting Agreement dated September 3, 2025 among PECO, BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc. and U.S. Bancorp Investments, Inc., as representatives of the several underwriters named therein is filed as Exhibit 1.1 to this report.

**Item 9.01. Financial Statements and Exhibits**

*(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.*

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| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| <u>[1.1](exc-20250910ex11.htm)</u> | <u>[Underwriting Agreement dated September 3, 2025 among PECO, BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc. and U.S. Bancorp Investments, Inc., as representatives of the several underwriters, as representatives of the several underwriters named therein.](exc-20250910ex11.htm)</u> |
| <u>[4.1](exc-20250910ex41.htm)</u> | <u>[One Hundred and Twenty-Fifth Supplemental Indenture dated as of August 15, 2025 from PECO to U.S. Bank National Association, as trustee.](exc-20250910ex41.htm)</u> |
| <u>[5.1](exc-20250910ex51.htm)</u> | <u>[Exhibit 5 Opinion of Ballard Spahr LLP](exc-20250910ex51.htm)</u> |
| <u>[8.1](exc-20250910ex81.htm)</u> | <u>[Exhibit 8 Opinion of Ballard Spahr LLP](exc-20250910ex81.htm)</u> |
| 101 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

\* \* \* \* \*

This Current Report contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as "could," "may," "expects," "anticipates," "will," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "predicts," "should," and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.

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Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient capacity to meet actual or forecasted demand or disruptions at power generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of PECO's credit ratings or other failure to satisfy the credit standards in PECO's agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets.

New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed in PECO's most recent Annual Report on Form 10-K, including in Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and in other reports filed by PECO from time to time with the SEC.

Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this Current Report. PECO undertakes no obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this Current Report.

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| |
|:---|
| **PECO ENERGY COMPANY** |
| /s/ Marissa E. Humphrey |
| Marissa E. Humphrey |
| Senior Vice President, Chief Financial Officer and Treasurer |

---

September 10, 2025

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| <u>[1.1](exc-20250910ex11.htm)</u> | <u>[Underwriting Agreement dated September 3, 2025 among PECO, BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc. and U.S. Bancorp Investments, Inc., as representatives of the several underwriters, as representatives of the several underwriters named therein.](exc-20250910ex11.htm)</u> |
| <u>[4.1](exc-20250910ex41.htm)</u> | <u>[One Hundred and Twenty-Fifth Supplemental Indenture dated as of August 15, 2025 from PECO to U.S. Bank National Association, as trustee.](exc-20250910ex41.htm)</u> |
| <u>[5.1](exc-20250910ex51.htm)</u> | <u>[Exhibit 5 Opinion of Ballard Spahr LLP](exc-20250910ex51.htm)</u> |
| <u>[8.1](exc-20250910ex81.htm)</u> | <u>[Exhibit 8 Opinion of Ballard Spahr LLP](exc-20250910ex81.htm)</u> |
| 101 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

## Exhibit 1.1

![](exc-20250910ex11001.jpg)

PECO ENERGY COMPANY $525,000,000 First and Refunding Mortgage Bonds, 4.875% Series Due 2035 $525,000,000 First and Refunding Mortgage Bonds, 5.650% Series Due 2055 Underwriting Agreement New York, New York September 3, 2025 To the Representatives named in Schedule I hereto of the Underwriters named in Schedule II hereto Ladies and Gentlemen: PECO Energy Company, a corporation organized under the laws of the Commonwealth of Pennsylvania (the "Company"), proposes to sell to the several underwriters named in Schedule II hereto (the "Underwriters"), for whom you (the "Representatives") are acting as representatives, $525,000,000 principal amount of the Company's First and Refunding Mortgage Bonds, 4.875% Series due 2035 (the "2035 Bonds") and $525,000,000 principal amount of the Company's First and Refunding Mortgage Bonds, 5.650% Series due 2055 (the "2055 Bonds" and, together with the 2035 Bonds, the "Securities"). The Securities are to be issued under the Company's First and Refunding Mortgage, dated as of May 1, 1923 (the "Mortgage"), as amended and supplemented through the date hereof, and as further amended by the One Hundred and Twenty-Fifth Supplemental Indenture, dated as of August 15, 2025 (the "Supplement"), between the Company and U.S. Bank National Association, as trustee (the "Trustee"). The Mortgage, together with any and all amendments or supplements thereto, including the Supplement, is referred to herein collectively as the "Indenture." Any reference herein to the Registration Statement, the Base Prospectus, any Preliminary Prospectus or the Final Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item 12 of Form S-3 which were filed under the Exchange Act on or before the Effective Date of the Registration Statement or the issue date of the Base Prospectus, any Preliminary Prospectus or the Final Prospectus, as the case may be; and any reference herein to the terms "amend," "amendment" or "supplement" with respect to the Registration Statement, the Base Prospectus, any Preliminary Prospectus or the Final Prospectus shall be deemed to refer to and include the filing of any document under the Exchange Act after the Effective Date of the Registration Statement or the issue date of the Base Prospectus, any Preliminary Prospectus or the Final Prospectus, as the case may be, deemed to be incorporated therein by reference. Certain terms used herein are defined in Section 20 hereof. 1. Representations and Warranties. The Company represents and warrants to, and agrees with, each Underwriter as set forth below in this Section 1. (a) The Company meets the requirements for use of Form S-3 under the Act and has prepared and filed with the Commission an automatic shelf registration statement as defined in Rule 405 (the file number of which is set forth in Schedule I hereto) on Form S-3, including a related base prospectus, for registration under the Act of the offering and sale of the Securities. Such Registration Statement, including any amendments thereto filed prior to the Execution Time, became effective upon filing. The Company may have filed one or more amendments thereto, including a Preliminary Prospectus, each of which has previously been furnished to you. The Company will next file with the Commission a final term sheet as contemplated by Section 5(b)

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![](exc-20250910ex11002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;2 hereof and a final prospectus supplement relating to the Securities in accordance with Rules 415 and 424(b). As filed, such final prospectus supplement shall contain all 430B Information, together with all other such required information, and, except to the extent the Representatives shall agree in writing to a modification, shall be in all substantive respects in the form furnished to you prior to the Execution Time or, to the extent not completed at the Execution Time, shall contain only such specific additional information and other changes (beyond that contained in the Base Prospectus and any Preliminary Prospectus) as the Company has advised you, prior to the Execution Time, will be included or made therein. The Registration Statement, at the Execution Time, meets the requirements set forth in Rule 415(a)(1)(x). (b) On the Effective Date, the Registration Statement did, and when the Final Prospectus is first filed in accordance with Rule 424(b) and on the Closing Date (as defined herein), the Final Prospectus (and any supplement thereto) will, comply in all material respects with the applicable requirements of the Act, the Exchange Act and the Trust Indenture Act and the respective rules thereunder; on the Effective Date and at the Execution Time, the Registration Statement did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading; on the Effective Date and on the Closing Date the Indenture did or will comply in all material respects with the applicable requirements of the Trust Indenture Act and the rules thereunder; and, on the date of any filing pursuant to Rule 424(b) and on the Closing Date, the Final Prospectus (together with any supplement thereto) will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Company makes no representations or warranties as to (i) that part of the Registration Statement which shall constitute the Statement of Eligibility and Qualification (Form T-1) under the Trust Indenture Act of the Trustee or (ii) the information contained in or omitted from the Registration Statement or the Final Prospectus (or any supplement thereto) in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of any Underwriter through the Representatives specifically for inclusion in the Registration Statement or the Final Prospectus (or any supplement thereto), it being understood and agreed that the only such information furnished by or on behalf of any Underwriter consists of the information described as such in Section 8(b) hereof. (c) The Disclosure Package did not, as of the time and date designated as the "Applicable Time of Sale" in Schedule I hereto (the "Applicable Time of Sale"), include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Disclosure Package based upon and in conformity with written information furnished to the Company by any Underwriter through the Representatives specifically for use therein, it being understood and agreed that the only such information furnished by or on behalf of any Underwriter consists of the information described as such in Section 8(b) hereof. (d) The Company has not made and will not make (other than the final term sheet prepared and filed pursuant to Section 5(b) hereof) any offer relating to the Securities that would constitute a "free writing prospectus" (as defined in Rule 405 under the Act), without the prior written consent of the Representatives; the Company will comply with the requirements of Rule 433 under the Act with respect to any such free writing prospectus; any such free writing prospectus (including the final term sheet prepared and filed pursuant to Section 5(b) hereof) will not, as of its issue date and through the completion of the public offer and sale of the Securities, include any information that is inconsistent with the information contained in the Registration Statement, the

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![](exc-20250910ex11003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;3 Disclosure Package and the Final Prospectus, and any such free writing prospectus, when taken together with the information contained in the Registration Statement, the Disclosure Package and the Final Prospectus, did not, when issued or filed pursuant to Rule 433 under the Act, include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. For the purpose of clarity, nothing in this Section 1(d) shall restrict the Company from making any filings required in order to comply with its reporting obligations under the Exchange Act or the rules and regulations of the Commission promulgated thereunder. (e) (i) At the time of filing the Registration Statement, (ii) at the time of the most recent amendment thereto for the purposes of complying with Section 10(a)(3) of the Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Sections 13 or 15(d) of the Exchange Act or form of prospectus), (iii) at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule 163(c)) made any offer relating to the Securities in reliance on the exemption in Rule 163, and (iv) at the Execution Time (with such date being used as the determination date for purposes of this clause (iv)), the Company was or is (as the case may be) a "well-known seasoned issuer" as defined in Rule 405. The Company agrees to pay the fees required by the Commission relating to the Securities within the time required by Rule 456(b)(1) without regard to the proviso therein and otherwise in accordance with Rules 456(b) and 457(r). (f) At the earliest time after the filing of the Registration Statement that the Company or another offering participant made a bona fide offer of the Securities (within the meaning of Rule 164(h)(2)) of the Securities Act and (y) as of the Execution Time (with such date being used as the determination date for purposes of this clause (y)), the Company was not and is not an Ineligible Issuer (as defined in Rule 405), without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered an Ineligible Issuer. (g) The Company is not, and, after giving effect to the offering and sale of the Securities and the application of the proceeds thereof as described in the Disclosure Package and the Final Prospectus, will not be required to register as an "investment company" under the Investment Company Act. (h) The Company has not taken, directly or indirectly, any action designed to cause or which has constituted or which might reasonably be expected to cause or result, under the Exchange Act or otherwise, in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities. (i) The Company has been duly organized and is validly subsisting as a corporation in good standing under the laws of the Commonwealth of Pennsylvania with full power and authority under its articles of incorporation and bylaws to own or lease, as the case may be, and to operate its properties and conduct its business as described in the Disclosure Package and the Final Prospectus, and is duly qualified to do business as a foreign entity and is in good standing under the laws of each jurisdiction which requires such qualification, except where the failure to be so qualified would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect (as defined below). (j) Except as disclosed in the Company's Form 10-K for the fiscal year ended December 31, 2024, the Company does not have any Significant Subsidiaries (as such term is defined in Rule 1.02 of Regulation S-X promulgated under the Act).

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![](exc-20250910ex11004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;4 (k) The statements in the Disclosure Package and the Final Prospectus under the heading "Description of the Bonds and First and Refunding Mortgage" fairly summarize the matters therein described. (l) This Agreement has been duly authorized, executed and delivered by the Company; the Indenture has been duly authorized and, assuming due authorization, execution and delivery of the Supplement by the Trustee, when the Supplement is executed and delivered by the Company, will constitute a legal, valid, binding instrument enforceable against the Company in accordance with its terms (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors' rights generally from time to time in effect and to general principles of equity); the Securities have been duly authorized, and, when executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Underwriters, will have been duly executed and delivered by the Company and will constitute the legal, valid and binding obligations of the Company entitled to the benefits of the Indenture (subject, as to the enforcement of remedies, to applicable bankruptcy, insolvency, moratorium or other laws affecting creditors' rights generally from time to time in effect and to general principles of equity). (m) The Pennsylvania Public Utility Commission (the "PAPUC") has entered an appropriate order authorizing the Company to issue and sell the Securities as contemplated herein; such order is in full force and effect and no proceeding has been initiated upon appeal from or to review the effectiveness of such order. No other consent, approval, authorization, filing with or order of any court or state or federal governmental agency or body, including the Commission and any applicable state regulatory authority, is required in connection with the transactions contemplated herein or in the Indenture, except such as will be obtained under the Act, the Trust Indenture Act and the Pennsylvania Public Utility Code, and such as may be required under the blue sky laws of any jurisdiction in connection with the purchase and distribution of the Securities by the Underwriters in the manner contemplated by this Agreement, the Disclosure Package and the Final Prospectus. (n) The Company will apply the net proceeds from the issuance and sale of the Securities, as set forth under "Use of Proceeds" in the Disclosure Package and the Final Prospectus, in a manner consistent with the order of the PAPUC authorizing the issuance and sale of the Securities. (o) Neither the execution and delivery of this Agreement, nor the consummation of any of the transactions herein contemplated, nor the fulfillment of the terms hereof will conflict with, result in a breach or violation or imposition of any lien, charge or encumbrance upon any property or assets of the Company (other than the lien of the Indenture) pursuant to, (i) the charter or bylaws of the Company; (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Company or any of its subsidiaries is a party or bound or to which its or their property is subject; or (iii) any statute, law, rule, regulation, judgment, order or decree applicable to the Company or any of its subsidiaries of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or any of its subsidiaries or any of its or their properties. (p) The Company has good and sufficient title to all property described or referred to in the Indenture and purported to be conveyed thereby, subject only to the lien of the Indenture and excepted encumbrances as therein defined (except as to property released from the lien of the

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![](exc-20250910ex11005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;5 Indenture in connection with the sale or other disposition thereof, and certain other exceptions which are not material in the aggregate). (q) The consolidated historical financial statements and schedules of the Company and its consolidated subsidiaries included or incorporated by reference in the Disclosure Package and the Final Prospectus present fairly in all material respects the financial condition, results of operations and cash flows of the Company as of the date and for the periods indicated, comply as to form with the applicable accounting requirements of the Act and have been prepared in conformity with generally accepted accounting principles. (r) The Company maintains systems of internal accounting controls sufficient to provide reasonable assurance that transactions are executed in accordance with management's general or specific authorizations, transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability, access to assets is permitted only in accordance with management's general or specific authorizations, and the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. (s) Neither the Company nor any Significant Subsidiary is (i) in violation of its operating agreement or its charter, bylaws or other organizational instrument or document; (ii) in default in the performance or observance of any material obligation, agreement, covenant or condition contained in any mortgage or any material contract, lease, note or other instrument to which it is a party or bound or to which its property is subject; or (iii) materially in violation of any law, rule, regulation, judgment, order or decree applicable to the Company or any of its subsidiaries or any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or such subsidiary or any of its properties, as applicable, except in each case to such extent as may be set forth in the Disclosure Package and the Final Prospectus. (t) The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) that comply with the requirements of the Exchange Act, such disclosure controls and procedures have been designed to ensure that material information relating to the Company is made known to the Company's principal executive officer and principal financial officer by others within those entities, and such disclosure controls and procedures are effective. (u) No action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries or its or their property is pending or, to the best knowledge of the Company, threatened that (i) could reasonably be expected to have a material adverse effect on the performance of this Agreement or the Indenture, or the consummation of any of the transactions contemplated hereby or thereby; or (ii) could reasonably be expected to have a material adverse effect on the condition (financial or otherwise), results of operations, stockholders' equity, properties or prospects of the Company and its subsidiaries, taken as a whole, (collectively, (i) and (ii), a "Material Adverse Effect"), except as set forth in or contemplated in the Disclosure Package and the Final Prospectus (exclusive of any amendment or supplement thereto). (v) PricewaterhouseCoopers LLP are independent registered public accountants with respect to the Company within the meaning of the Act and the applicable published rules and regulations thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;6 (w) Neither the Company nor any of its subsidiaries, nor, to the knowledge of the Company, any director, officer, agent, employee or other person associated with or acting on behalf of the Company or any of its subsidiaries, has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment. (x) The operations of the Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the "Money Laundering Laws") and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened. (y) Except as disclosed in the Disclosure Package and the Final Prospectus, there has been no material security breach or incident involving unauthorized access or disclosure of any of the Company's or its subsidiaries' information technology and computer systems, networks, hardware, software, data (including the data of their respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of them), equipment or technology (collectively, "IT Systems and Data") that could reasonably be expected to give rise to a data breach notification obligation to affected individuals under applicable data breach notification law or that could reasonably be expected to require disclosure or a notification thereof to the Commission or other applicable regulatory authority (a "Security Breach") and (y) the Company and its subsidiaries have not been notified of, and have no knowledge of any event or condition that would reasonably be expected to result in, any Security Breach to their IT Systems and Data; (ii) the Company and its subsidiaries are presently in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would not, in the case of this clause (ii), individually or in the aggregate, have a Material Adverse Effect; and (iii) the Company and its subsidiaries have implemented backup and disaster recovery technology reasonably consistent with industry standards and practices. (z) Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or affiliate of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("OFAC") (collectively, "Sanctions"); nor is the Company or any of its subsidiaries located, organized or resident in a country or territory that is the subject or the target of Sanctions, including, without limitation, Cuba, Iran, North Korea, Syria, Russia, the Crimea, so-called Donetsk People's Republic, and so-called Luhansk People's Republic regions of Ukraine (each such country, a "Sanctioned Country"); and the Company will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities or business with any person, or in any country or territory, that at the time of such financing, is the subject or the target of Sanctions or in any other manner that will result in

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&nbsp;&nbsp;&nbsp;&nbsp;7 a violation by any person (including any person participating in the transaction whether as Underwriters, advisor, investor or otherwise of applicable Sanction.) Any certificate signed by any officer of the Company and delivered to the Representatives or counsel for the Underwriters in connection with the offering of the Securities shall be deemed a representation and warranty by the Company, as to matters covered thereby, to each Underwriter. 2. Purchase and Sale. Subject to the terms and conditions and in reliance upon the representations and warranties herein set forth, the Company agrees to sell to each Underwriter, and each Underwriter agrees, at the aggregate purchase price set forth on Schedule I hereto, severally and not jointly, to purchase from the Company the principal amount of the Securities set forth opposite such Underwriter's name in Schedule II hereto. 3. Delivery and Payment. Delivery of and payment for the Securities shall be made on the date and at the time specified in Schedule I hereto or at such time on such later date not more than three Business Days after the foregoing date as the Representatives shall designate, which date and time may be postponed by agreement between the Representatives and the Company or as provided in Section 9 hereof (such date and time of delivery and payment for the Securities being herein called the "Closing Date"). Delivery of the Securities shall be made to the Representatives for the respective accounts of the several Underwriters against payment by the several Underwriters through the Representatives of the purchase price thereof to or upon the order of the Company by wire transfer payable in same-day funds to an account specified by the Company. Delivery of the Securities shall be made through the facilities of The Depository Trust Company unless the Representatives shall otherwise instruct. 4. Offering by Underwriters. It is understood that the several Underwriters propose to offer the Securities for sale to the public as set forth in the Final Prospectus, the Preliminary Prospectus and the final term sheet contemplated by Section 5(b) hereof. 5. Agreements. The Company agrees with the several Underwriters that: (a) Prior to the termination of the offering of the Securities, the Company will not file any amendment of the Registration Statement or supplement (including the Final Prospectus or any Preliminary Prospectus) to the Base Prospectus unless the Company has furnished you a copy for your review prior to filing and will not file any such proposed amendment or supplement to which you reasonably object. The Company will cause the Final Prospectus, properly completed, and any supplement thereto to be filed with the Commission pursuant to the applicable paragraph of Rule 424(b) within the time period prescribed and will provide evidence satisfactory to the Representatives of such timely filing. The Company will promptly advise the Representatives (i) when the Final Prospectus, and any supplement thereto, shall have been filed (if required) with the Commission pursuant to Rule 424(b), (ii) when, prior to termination of the offering of the Securities, any amendment to the Registration Statement shall have been filed or become effective, (iii) of any request by the Commission or its staff for any amendment of the Registration Statement, or any Rule 462(b) Registration Statement, or for any supplement to the Final Prospectus or for any additional information, (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of any notice objecting to its use or the institution or threatening of any proceeding for that purpose and (v) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the institution or threatening of any proceeding for such purpose. The Company will use its best efforts to prevent the issuance of any such stop order or the suspension of any such qualification and, if issued, to obtain as soon as possible the withdrawal thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;8 (b) The Company shall prepare a final term sheet, containing solely a description of the Securities, substantially in the form of Annex I hereto and approved by the Representatives, and shall file such term sheet pursuant to Rule 433(d) under the Act within the time period prescribed by such rule; and shall file promptly all other material required to be filed by the Company with the Commission pursuant to Rule 433(d) under the Act. (c) Each Underwriter, severally and not jointly, represents and agrees that, without the prior consent of the Company and the Representatives, it has not made and will not make any offer relating to the Securities that would constitute a "free writing prospectus" (as defined in Rule 405 under the Act), other than the final term sheet prepared and filed pursuant to Section 5(b) hereof or any free writing prospectus that is not required to be filed by the Company pursuant to Rule 433 (including a preliminary Bloomberg screen containing substantially the same information, but in any event not more information, than the final term sheet prepared and filed pursuant to Section 5(b)). (d) Each Underwriter, severally and not jointly, represents and agrees that: (i) it has not solicited, and will not solicit, offers to purchase any of the Securities from, (ii) it has not sold, and will not sell, any of the Securities to, and (iii) it has not distributed, and will not distribute, the Disclosure Package or the Final Prospectus to, any person or entity in any jurisdiction outside of the United States, except, in each case, in compliance in all material respects with applicable laws and as described in the Disclosure Package and the Final Prospectus. For the purposes of this paragraph, "United States" means the United States of America, its territories, its possessions (including the Commonwealth of Puerto Rico) and other areas subject to its jurisdiction. (e) If, at any time when a prospectus relating to the Securities is required to be delivered under the Act (including circumstances when such requirement may be satisfied pursuant to Rule 172), any event occurs or has occurred as a result of which the Final Prospectus as then supplemented would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it shall be necessary to amend the Registration Statement or supplement the Final Prospectus to comply with the Act or the Exchange Act or the respective rules thereunder, the Company promptly will (i) notify the Representatives of such event, (ii) prepare and file with the Commission, subject to the first and second sentences of paragraph (a) of this Section 5, an amendment or supplement which will correct such statement or omission or effect such compliance and (iii) supply any supplemented Final Prospectus to you in such quantities as you may reasonably request. If, prior to the Closing Date, there occurs an event or development as a result of which the Disclosure Package would include an untrue statement of a material fact or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances when the Disclosure Package is delivered to a purchaser, not misleading, the Company promptly will notify the Representatives so that any use of the Disclosure Package may cease until it is amended or supplemented, and will promptly prepare an amendment or supplement that will correct such statement or omission. (f) As soon as practicable, the Company will make generally available to its security holders and to the Representatives an earnings statement or statements of the Company and its subsidiaries which will satisfy the provisions of Section 11(a) of the Act and Rule 158 under the Act. (g) The Company will furnish to the Representatives and counsel for the Underwriters, without charge, signed copies of the Registration Statement (including exhibits thereto) and to each other Underwriter a copy of the Registration Statement (without exhibits thereto) and, so long as

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&nbsp;&nbsp;&nbsp;&nbsp;9 delivery of a prospectus by an Underwriter or dealer may be required by the Act (including circumstances when such requirement may be satisfied pursuant to Rule 172), as many copies of each Preliminary Prospectus, the Final Prospectus and each Issuer Free Writing Prospectus and any supplement thereto as the Representatives may reasonably request. The Company will pay the expenses of printing or other production of all documents relating to the offering. (h) The Company will arrange, if necessary, for the qualification of the Securities for sale under the laws of such jurisdictions as the Representatives may designate, will maintain such qualifications in effect so long as required for the distribution of the Securities and will pay any fee of FINRA in connection with its review of the offering; provided that in no event shall the Company be obligated to qualify to do business in any jurisdiction where it is not now so qualified or to take any action that would subject it to service of process in suits, other than those arising out of the offering or sale of the Securities, in any jurisdiction where it is not now so subject. (i) The Company will not, without the prior written consent of the Representatives, offer, sell, contract to sell, pledge, or otherwise dispose of, or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the Company, directly or indirectly, or announce the offering of, any long-term debt securities issued or guaranteed by the Company or preferred stock (other than the Securities), prior to the Closing Date. (j) The Company will not take, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities. (k) The Company agrees to pay the costs and expenses relating to the following matters: (i) the preparation of the Supplement, the issuance of the Securities and the fees of the Trustee (including the reasonable costs of its counsel); (ii) the preparation, printing or reproduction and filing of the Registration Statement, the Preliminary Prospectus and Final Prospectus, and each amendment or supplement to either of them, and any Issuer Free Writing Prospectus; (iii) the printing (or reproduction) and delivery (including postage, air freight charges and charges for counting and packaging) of such copies of the Preliminary Prospectus, the Final Prospectus, and all amendments or supplements to either of them, as may, in each case, be reasonably requested for use in connection with the offering and sale of the Securities; (iv) the preparation, printing, authentication, issuance and delivery of certificates for the Securities, including any stamp or transfer taxes in connection with the original issuance and sale of the Securities; (v) the printing (or reproduction) and delivery of this Agreement, any blue sky memorandum and all other agreements or documents printed (or reproduced) and delivered in connection with the offering of the Securities; (vi) any registration or qualification of the Securities for offer and sale under the securities or blue sky laws of the several states (including filing fees and the reasonable fees and expenses of counsel for the Underwriters relating to such registration and qualification); (vii) the transportation and other expenses incurred by or on behalf of Company representatives in connection with presentations to prospective purchasers of the Securities; (viii) the fees and expenses of the Company's accountants and counsel (including local and special counsel); (ix) the fees and expenses of any rating agencies rating the Securities and (x) all other costs and expenses incident to the performance by the Company of its obligations hereunder. 6. Conditions to the Obligations of the Underwriters. The obligations of the Underwriters to purchase the Securities shall be subject to the accuracy of the representations and warranties on the part of the Company contained herein as of the Applicable Time of Sale, the Execution Time and

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&nbsp;&nbsp;&nbsp;&nbsp;10 the Closing Date, to the accuracy of the statements of the Company made in any certificates pursuant to the provisions hereof, to the performance by the Company of its obligations hereunder and to the following additional conditions: (a) The Final Prospectus, and any supplement thereto, shall have been filed in the manner and within the time period required by Rule 424(b); the final term sheet contemplated by Section 5(b) hereto, and any other material required to be filed by the Company pursuant to Rule 433(d) under the Act, shall have been filed with the Commission within the applicable time periods prescribed for such filings by Rule 433; and no stop order suspending the effectiveness of the Registration Statement or any notice by the Commission objecting to its use shall have been issued and no proceedings for that purpose shall have been instituted or threatened. (b) Ballard Spahr LLP, counsel for the Company, shall have furnished to the Representatives its opinion, dated the Closing Date and addressed to the Representatives, to the effect that: (i) the Company has been duly organized and is validly subsisting as a corporation under the laws of the Commonwealth of Pennsylvania, with full corporate power and authority under its articles of incorporation to own or lease, as the case may be, and to operate its properties and conduct its business as described in the Disclosure Package and the Final Prospectus; (ii) the Securities are in due and proper form; the issue and sale of the Securities by the Company in accordance with the terms of this Agreement have been duly and validly authorized by all necessary corporate action on the part of the Company and by orders duly entered by the Pennsylvania Public Utility Commission. The Securities have been duly executed and delivered by the duly authorized officers of the Company and, when authenticated and delivered by the Trustee against payment therefor, will constitute legal, valid and binding obligations of the Company, entitled to the benefits of the Indenture and enforceable in accordance with their terms subject to (1) the effect of applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, fraudulent transfer, marshalling or similar laws affecting creditors' rights and remedies generally and (2) general principles of equity, including without limitation, concepts of materiality, reasonableness, good faith and fair dealing (regardless of whether such enforceability is considered in a proceeding in equity or at law); (iii) the Indenture has been duly authorized by all necessary corporate action on the part of the Company and has been duly executed and delivered by duly authorized officers of the Company. The Indenture constitutes a legal, valid and binding instrument, enforceable in accordance with its terms except as the enforceability thereof may be limited by (1) the effect of applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, fraudulent transfer, marshalling or similar laws affecting creditors' rights and remedies generally and (2) general principles of equity, including without limitation, concepts of materiality, reasonableness, good faith and fair dealing (regardless of whether such enforceability is considered in a proceeding in equity or at law). The Indenture has been duly qualified under the Trust Indenture Act; (iv) the Indenture constitutes a valid mortgage lien of record upon all real property presently owned by the Company described therein as subject to the lien thereof (other than properties expressly excepted therefrom, properties properly released from the lien thereof pursuant to the terms thereof and substantially all of the Company's

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&nbsp;&nbsp;&nbsp;&nbsp;11 leaseholds), and the Securities are secured by a valid and, to the extent that it may be perfected by filing under the Uniform Commercial Code, a perfected security interest in such of the personal property of the Company as is described in the Indenture, whether such personal property is now owned or hereinafter acquired by the Company (other than properties expressly excepted therefrom; properties released from the security interest created thereby; "proceeds" as defined in the Uniform Commercial Code to the extent limited by the terms of Section 9-315 of the Uniform Commercial Code; after-acquired property subject to Section 552 of the Federal Bankruptcy Code; property sold to a buyer in the ordinary course of business, licensed to a licensee in the ordinary course of business or leased to a lessee in the ordinary course of business; insurance policies (except to the extent that payments thereunder are "proceeds," as defined in the Uniform Commercial Code); and contract rights or general intangibles which by their terms, or by law, are not assignable); such counsel need express no opinion as to any actions that may be required to be taken periodically under the Uniform Commercial Code or other applicable law in order for the validity or perfection of any security interest to be maintained; (v) this Agreement has been duly authorized, executed and delivered by the Company; (vi) such counsel is not representing the Company in any pending litigation in which it is a named defendant, or in any litigation that is overtly threatened in writing against it by a potential claimant, that challenges the validity or enforceability of, or seeks to enjoin the performance of, the transactions contemplated by this Agreement, the Indenture and the Securities and, to the knowledge of such counsel, there are no material pending legal proceedings to which the Company or any subsidiary is a party and which are required to be set forth in the documents incorporated by reference in the Registration Statement and Final Prospectus other than those referred to in such documents; and the statements in any Preliminary Prospectus and the Final Prospectus under the heading "Description of the Bonds and First and Refunding Mortgage" fairly summarize the matters therein described; (vii) the PAPUC has entered an appropriate order authorizing the Company to issue and sell the Securities as contemplated herein; such order is in full force and effect and, to the best of such counsel's knowledge after due inquiry, no proceeding has been initiated upon appeal from or to review the effectiveness of such order. No other consent, approval, authorization, filing with or order of any court or state or federal governmental agency or body is required in connection with the transactions contemplated in this Agreement, the Indenture or the Securities, except such as have been obtained under the Act, the Trust Indenture Act, and from the PAPUC, and such as may be required under the blue sky or securities laws of any jurisdiction in connection with the purchase and sale of the Securities by the Underwriters in the manner contemplated in this Agreement and the Final Prospectus and such other approvals (specified in such opinion) as have been obtained; (viii) the Registration Statement has become effective under the Act; any required filing of the Base Prospectus, any Preliminary Prospectus and the Final Prospectus, and any supplements thereto, pursuant to Rule 424(b) has been made in the manner and within the time period required by Rule 424(b); to the knowledge of such counsel, no stop order suspending the effectiveness of the Registration Statement or any notice by the Commission objecting to its use has been issued, no proceedings for that purpose have been instituted or threatened, and the Registration Statement (other than the

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&nbsp;&nbsp;&nbsp;&nbsp;12 financial statements and other financial information contained therein, as to which such counsel need express no opinion), as of the date the Registration Statement originally became effective under the Act, and together with the Preliminary Prospectus and the final Prospectus, as of each "new effective date" with respect to the Notes pursuant to and within the meaning of Rule 430B(f)(2) under the Act, complied, and the Preliminary Prospectus and the final Prospectus (other than the financial statements and other financial information contained therein, as to which such counsel need express no opinion), as of their respective dates, complied, and the final Prospectus (other than the financial statements and other financial information contained therein, as to which such counsel need express no opinion), as of the date hereof, complies, in each case as to form in all material respects with the applicable requirements of the Act, the Exchange Act and the Trust Indenture Act and the respective rules thereunder; (ix) the Company is not and, after giving effect to the offering and sale of the Securities and the application of the proceeds thereof as described in the Disclosure Package and the Final Prospectus, will not be required to register as an "investment company" under the Investment Company Act; (x) the execution and delivery of this Agreement, the Indenture and the Securities, the consummation of any other transactions contemplated by this Agreement, the Indenture and the Securities, and the fulfillment of the terms hereof or thereof do not, and the performance of the obligations hereunder and thereunder will not, (1) violate the articles of incorporation and bylaws of the Company; (2) violate any statute, law, rule, regulation, judgment, order or decree applicable to the Company or any of its subsidiaries of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or any of its subsidiaries or any of their properties; or (3) conflict with, breach or result in a default under the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Company or any of its subsidiaries is a party or bound or to which their property is subject that is listed in the Exhibit Index to the Company's Form 10-K for the fiscal year ended December 31, 2024, Forms 10-Q for the fiscal quarters ended March 31, 2025 and June 30, 2025 and Forms 8- K filed with the Commission during the period between January 1, 2025 and the Closing Date or result in the creation or imposition of any security interest in or lien or encumbrance upon, any property or asset of the Company or any of its subsidiaries pursuant to any item referred to in this clause (3) (other than the lien of the Indenture); (xi) the discussions in any Preliminary Prospectus and the Final Prospectus in each case under the caption "Certain United States Federal Income Tax Consequences" are fair and accurate summaries of the matters addressed therein, based upon current law and the assumptions stated or referred to therein, and such counsel shall confirm that these discussions, to the extent they constitute matters of federal income tax law or legal conclusions with respect thereto, represent its opinion; and (xii) such counsel has no reason to believe that (1) on the Effective Date, the Registration Statement contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein not misleading, (2) as of the Applicable Time of Sale, the Disclosure Package contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading or (3) as of its date and on the Closing Date,

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&nbsp;&nbsp;&nbsp;&nbsp;13 the Final Prospectus included or includes any untrue statement of a material fact or omitted or omits to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading (in each case, other than the financial statements and other financial information contained therein, as to which such counsel need express no opinion); In rendering such opinion, such counsel may rely (A) as to matters involving the application of laws of any jurisdiction other than the Commonwealth of Pennsylvania or the Federal laws of the United States, to the extent they deem proper and specified in such opinion, upon the opinion of other counsel of good standing whom they believe to be reliable and who are satisfactory to counsel for the Underwriters and (B) as to matters of fact, to the extent they deem proper, on certificates of responsible officers of the Company and public officials. References to the Final Prospectus in this paragraph (b) include any supplements thereto at the Closing Date. (c) The Representatives shall have received from Winston & Strawn LLP, counsel for the Underwriters, such opinion or opinions, dated the Closing Date and addressed to the Representatives, with respect to the issuance and sale of the Securities, the Indenture, the Registration Statement, the Final Prospectus (together with any supplement thereto) and other related matters as the Representatives may reasonably require, and the Company shall have furnished to such counsel such documents as they request for the purpose of enabling them to pass upon such matters. In rendering such opinion, Winston & Strawn LLP may rely, as to matters governed by the laws of the State of Pennsylvania, upon the opinion of counsel for the Company referred to in Section 6(b). (d) The Company shall have furnished to the Representatives a certificate of the Company, signed by the Chairman of the Board or the President and the principal financial or accounting officer of the Company, dated the Closing Date, to the effect that the signers of such certificate have carefully examined the Registration Statement, the Disclosure Package, the Final Prospectus and any amendment or supplement thereto and that: (i) the representations and warranties of the Company in this Agreement are true and correct on and as of the Closing Date with the same effect as if made on the Closing Date and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to the Closing Date; (ii) no stop order suspending the effectiveness of the Registration Statement or any notice by the Commission objecting to its use has been issued and no proceedings for that purpose have been instituted or, to the Company's knowledge, threatened; and (iii) since the date of the most recent financial statements included or incorporated by reference in the Disclosure Package and the Final Prospectus (exclusive of any supplement thereto), there has been no Material Adverse Effect, except as set forth in or contemplated in the Disclosure Package and the Final Prospectus (exclusive of any supplement thereto). (e) At the Execution Time and at the Closing Date, the Company shall have requested and caused PricewaterhouseCoopers LLP to furnish to the Representatives letters, dated respectively as of the Execution Time and as of the Closing Date, in form and substance satisfactory to the Representatives.

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&nbsp;&nbsp;&nbsp;&nbsp;14 (f) Subsequent to the Execution Time or, if earlier, the dates as of which information is given in the Registration Statement (exclusive of any amendment thereof), the Disclosure Package and the Final Prospectus (exclusive of any amendment or supplement thereto), there shall not have been (i) any change or decrease specified in the letter or letters referred to in paragraph (e) of this Section 6 or (ii) any change, or any development involving a prospective change, in or affecting the financial condition, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Disclosure Package or the Final Prospectus (exclusive of any amendment or supplement thereto) the effect of which, in any case referred to in clause (i) or (ii) above, is, in the sole judgment of the Representatives, so material and adverse as to make it impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated by the Registration Statement (exclusive of any amendment thereof), the Disclosure Package and the Final Prospectus (exclusive of any amendment or supplement thereto). (g) During the period from the Execution Time to and including the Closing Date, there shall not have occurred a downgrading in the rating assigned to the Securities or any of the Company's debt securities or commercial paper by any "nationally recognized statistical rating agency," as that term is defined by the Commission in Section 3(a)(62) of the Exchange Act, and no such securities rating agency shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of the Securities or any of the Company's other debt securities. (h) Prior to the Closing Date, the Company shall have furnished to the Representatives such further information, certificates and documents as the Representatives may reasonably request. If any of the conditions specified in this Section 6 shall not have been fulfilled in all material respects when and as provided in this Agreement, or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be in all material respects reasonably satisfactory in form and substance to the Representatives and counsel for the Underwriters, this Agreement and all obligations of the Underwriters hereunder may be canceled at, or at any time prior to, the Closing Date by the Representatives. Notice of such cancellation shall be given to the Company in writing or by telephone or facsimile confirmed in writing. The documents required to be delivered by this Section 6 will be delivered at the office of counsel for the Company, at Ballard Spahr LLP, 1735 Market Street, 51st Floor, Philadelphia, Pennsylvania 19103, on the Closing Date. 7. Reimbursement of Underwriters' Expenses. If the sale of the Securities provided for herein is not consummated because any condition to the obligations of the Underwriters set forth in Section 6 hereof is not satisfied, because of any termination pursuant to Section 10 hereof or because of any refusal, inability or failure on the part of the Company to perform any agreement herein or comply with any provision hereof other than by reason of a default by any of the Underwriters, the Company will reimburse the Underwriters severally upon demand for all out-of-pocket expenses (including fees and disbursements of counsel reasonably incurred) that shall have been incurred by them in connection with the proposed purchase and sale of the Securities. 8. Indemnification and Contribution. (a) The Company agrees to indemnify and hold harmless each Underwriter, the directors, officers, employees and agents of each Underwriter and each person who controls any Underwriter within the meaning of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any

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&nbsp;&nbsp;&nbsp;&nbsp;15 of them may become subject under the Act, the Exchange Act or other Federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) (i) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, or arise out of or are based upon an omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or (ii) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact, or an omission or alleged omission to state a material fact required to be stated or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, in any Preliminary Prospectus, the Final Prospectus, or in any amendment or supplement thereto, or in any Issuer Free Writing Prospectus or any "issuer information" filed or required to be filed pursuant to Rule 433(d) under the Act, and agrees to reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Company by or on behalf of any Underwriter through the Representatives specifically for inclusion therein, it being understood and agreed that the only such information furnished by or on behalf of any Underwriter consists of the information described as such in Section 8(b) hereof. (b) Each Underwriter severally and not jointly agrees to indemnify and hold harmless the Company, each of its directors, each of its officers, and each person who controls the Company within the meaning of either the Act or the Exchange Act, to the same extent as the foregoing indemnity from the Company to each Underwriter, but only with reference to written information relating to such Underwriter furnished to the Company by or on behalf of such Underwriter through the Representatives specifically for inclusion in the documents referred to in Section 8(a) above. This indemnity agreement will be in addition to any liability which any Underwriter may otherwise have. The Company acknowledges that (i) the last sentence set forth on the cover page regarding delivery of the Securities, (ii) the first paragraph under the heading "Underwriting (Conflicts of Interest) – Commissions and Discounts" related to concessions and reallowances and (iii) the paragraphs under the subheading "Underwriting (Conflicts of Interest) – Price Stabilization and Short Positions" related to stabilization, syndicate covering transactions and penalty bids in any Preliminary Prospectus and the Final Prospectus constitute the only information furnished in writing by or on behalf of the several Underwriters for inclusion in any Preliminary Prospectus, the Final Prospectus or any Issuer Free Writing Prospectus. (c) Promptly after receipt by an indemnified party under this Section 8 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 8, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel of the indemnifying party's choice at the indemnifying party's expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall be satisfactory to the indemnified party. Notwithstanding the indemnifying party's election to

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&nbsp;&nbsp;&nbsp;&nbsp;16 appoint counsel to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel (including local counsel) if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest, (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. Notwithstanding the foregoing, if any indemnified party is entitled to retain separate legal counsel (including local counsel) the indemnifying party shall not be required to bear the fees, costs and expenses of more than one separate counsel (in addition to the fees and expenses of any local counsel) for all indemnified parties with respect to such lawsuit, claim or proceeding; provided that such legal counsel shall be reasonably satisfactory to each indemnified person. An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding and does not include a statement as to, or admission of, fault, culpability or failure to act on behalf of any indemnified party. (d) In the event that the indemnity provided in paragraph (a) or (b) of this Section 8 is for any reason held to be unenforceable by an indemnified party or is insufficient to hold harmless a party indemnified under paragraph (a) or (b) of this Section 8, although applicable in accordance with its terms (including the requirements of Section 8(c) above), the Company and the Underwriters severally agree to contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating or defending same) (collectively "Losses") to which the Company and one or more of the Underwriters may be subject in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and by the Underwriters on the other from the offering of the Securities; provided, however, that in no case shall any Underwriter (except as may be provided in any agreement among underwriters relating to the offering of the Securities) be responsible for any amount in excess of the underwriting discount or commission applicable to the Securities purchased by such Underwriter hereunder; provided, further, that each Underwriter's obligation to contribute to Losses hereunder shall be several and not joint. If the allocation provided by the immediately preceding sentence is unavailable for any reason, the Company and the Underwriters severally shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and of the Underwriters on the other in connection with the statements or omissions which resulted in such Losses as well as any other relevant equitable considerations. Benefits received by the Company shall be deemed to be equal to the total net proceeds from the offering (before deducting expenses) received by it, and benefits received by the Underwriters shall be deemed to be equal to the total underwriting discounts and commissions, in each case as set forth on the cover page of the Final Prospectus. Relative fault shall be determined by reference to, among other things, whether any untrue or any alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information provided by the Company on the one hand or the Underwriters on the other, the intent of the parties and their relative knowledge, access to information and opportunity

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&nbsp;&nbsp;&nbsp;&nbsp;17 to correct or prevent such untrue statement or omission. The Company and the Underwriters agree that it would not be just and equitable if contribution were determined by pro rata allocation or any other method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 8, each person who controls an Underwriter within the meaning of either the Act or the Exchange Act and each director, officer, employee and agent of an Underwriter shall have the same rights to contribution as such Underwriter, and each person who controls the Company within the meaning of either the Act or the Exchange Act, each officer of the Company and each director of the Company shall have the same rights to contribution as the Company, subject in each case to the applicable terms and conditions of this paragraph (d). 9. Default by an Underwriter. (a) If any one or more Underwriters shall fail to purchase and pay for any of the Securities agreed to be purchased by such Underwriter or Underwriters hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Underwriters shall be obligated severally to take up and pay for (in the respective proportions which the principal amount of Securities set forth opposite their names in Schedule II hereto bears to the aggregate principal amount of Securities set forth opposite the names of all such remaining Underwriters) the Securities which the defaulting Underwriter or Underwriters agreed but failed to purchase; provided, however, that in the event that the aggregate principal amount of Securities which the defaulting Underwriter or Underwriters agreed but failed to purchase shall exceed 10% of the aggregate principal amount of Securities set forth in Schedule II hereto, the remaining Underwriters shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Securities the defaulting Underwriter failed to purchase. (b) If the non-defaulting Underwriters are not obligated to and do not purchase all the Securities the defaulting Underwriter failed to purchase, the Company shall be entitled to a period of 24 hours within which to procure other persons reasonably satisfactory to the non-defaulting Underwriters to purchase such Securities and if arrangements for the purchase of such Securities by other persons selected by the Company and reasonably satisfactory to the Representative are not made within 24 hours after such default, this Agreement will terminate without liability to any non- defaulting Underwriter or the Company. (c) In the event of a default by any Underwriter as set forth in this Section 9, the Closing Date shall be postponed for such period, not exceeding five Business Days, as the Representatives shall determine in order that the required changes in the Registration Statement and the Final Prospectus or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting Underwriter of its liability, if any, to the Company and any non-defaulting Underwriter for damages occasioned by its default hereunder. 10. Termination. This Agreement shall be subject to termination in the absolute discretion of the Representatives, by notice given to the Company prior to delivery of and payment for the Securities, if (a) at any time prior to such time (i) trading in the common stock of Exelon Corporation shall have been suspended by the Commission or the New York Stock Exchange, or trading in securities generally on the New York Stock Exchange shall have been suspended or limited or minimum prices shall have been established on such Exchange, (ii) a banking moratorium shall have been declared either by Federal or New York State authorities, (iii) a major disruption of settlements of securities or clearance services in the United States shall have occurred or (iv) there shall have occurred any outbreak or escalation of hostilities, declaration by the United States of a national emergency or war, or other calamity or crisis

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&nbsp;&nbsp;&nbsp;&nbsp;18 and (b) in the case of the foregoing clauses (iii) and (iv), the effect of the event as set forth therein on the financial markets is such as to make it, in the sole judgment of the Representatives, impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated by the Disclosure Package and the Final Prospectus (exclusive of any supplement thereto). 11. Representations and Indemnities to Survive. The respective agreements, representations, warranties, indemnities and other statements of the Company or its officers and of the Underwriters set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of any Underwriter or the Company or any of the officers, directors, employees, agents or controlling persons referred to in Section 8 hereof, and will survive delivery of and payment for the Securities. The provisions of Sections 7 and 8 hereof shall survive the termination or cancellation of this Agreement. 12. U.S. Special Resolution Regime. In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. As used in this Section 12: "BHC Act Affiliate" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k). "Covered Entity" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). "Default Right" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. "U.S. Special Resolution Regime" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder. 13. Notices. All communications hereunder will be in writing and effective only on receipt, and, if sent to the Representatives, will be mailed, delivered or telefaxed to BNY Mellon Capital Markets, LLC, 240 Greenwich St., New York, NY 10286 Attention: Debt Capital Markets,

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&nbsp;&nbsp;&nbsp;&nbsp;19 by email: dan.klinger@bny.com, Citigroup Global Markets Inc., 388 Greenwich Street, New York, NY 10013 Attention: General Counsel, Fax: (646) 291-1469, PNC Capital Markets LLC, 300 Fifth Ave, 10th Floor, Pittsburgh, PA 15222 Attention: Debt Capital Markets, Fixed Income Transaction Execution, by email: capitalmarketsnotices@pnc.com, Scotia Capital (USA) Inc., 250 Vesey Street, New York, NY 10281, Attn: US Debt Capital Markets (email: US.Legal@scotiabank.com; TAG@scotiabank.com) and U.S. Bancorp Investments, Inc. 214 North Tryon Street, 26th Floor Charlotte, NC 28202-1078 Attention: Investment Grade Syndicate Fax number: 877-774-3462, if sent to the Company, will be mailed, delivered or telefaxed to Exelon Corporation, 10 South Dearborn Street, 51st Floor, P.O. Box 805398, Chicago, Illinois 60680-5398, Attention: Vice President and Treasurer (fax : (312) 394-8925) and confirmed to the General Counsel (fax: (215) 568-3389). 14. Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers, directors, employees, agents and controlling persons referred to in Section 8 hereof, and no other person will have any right or obligation hereunder. 15. No Fiduciary Duty. The Company hereby acknowledges that (a) the purchase and sale of the Securities pursuant to this Agreement is an arm's-length commercial transaction between the Company, on the one hand, and the Underwriters and any affiliate through which it may be acting, on the other, (b) the Underwriters are acting as principals and not as agents or fiduciaries of the Company and (c) the Company's engagement of the Underwriters in connection with the offering and the process leading up to the offering is as independent contractors and not in any other capacity. Furthermore, the Company agrees that it is solely responsible for making its own judgments in connection with the offering (irrespective of whether any of the Underwriters has advised or is currently advising the Company on related or other matters). The Company agrees that it will not claim that the Underwriters have rendered advisory services of any nature or respect, or owe an agency, fiduciary or similar duty to the Company, in connection with such transaction or the process leading thereto. 16. Research Analyst Independence. The Company and the Underwriters acknowledge that the Underwriters' research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters' research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to the Company and/or the offering of the Securities that differ from the views of their respective investment banking divisions. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Company by such Underwriters' investment banking divisions. The Company acknowledges that each of the Underwriters is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt securities of the Company. 17. Applicable Law. This Agreement will be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed within the State of New York. 18. Waiver of Jury Trial. The Company and the Underwriters hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

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&nbsp;&nbsp;&nbsp;&nbsp;20 19. Counterparts. This Agreement may be signed in one or more counterparts, each of which shall constitute an original and all of which together shall constitute one and the same agreement. 20. Headings. The section headings used herein are for convenience only and shall not affect the construction hereof. 21. Electronic Signature. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law) www.docusign.com or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 22. Definitions. The terms which follow, when used in this Agreement, shall have the meanings indicated. "Act" shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. "Agreement" shall mean this Underwriting Agreement including all schedules attached hereto and made a part hereof. "Base Prospectus" shall mean the base prospectus referred to in paragraph 1(a) above contained in the Registration Statement at the Effective Time. "Business Day" shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorized or obligated by law to close in New York City. "Commission" shall mean the Securities and Exchange Commission. "Disclosure Package" shall mean (i) the Preliminary Prospectus, including the Base Prospectus, as amended and supplemented to the Applicable Time of Sale, (ii) the final term sheet prepared and filed pursuant to Section 5(b) hereof, (iii) any Issuer Free Writing Prospectus and (iv) any other free writing prospectus that the parties hereto shall hereafter expressly agree in writing to treat as part of the Disclosure Package. Notwithstanding any provision hereof to the contrary, each document included in the Disclosure Package shall be deemed to include all documents incorporated therein by reference, whether any such incorporated document is filed before or after the document into which it is incorporated, so long as the incorporated document is filed before the Applicable Time of Sale. "Effective Date" shall mean each date and time that the Registration Statement, any post- effective amendment or amendments thereto became or becomes effective. "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder. "Execution Time" shall mean the date and time that this Agreement is executed and delivered by the parties hereto. "Final Prospectus" shall mean the prospectus supplement relating to the Securities that was first filed pursuant to Rule 424(b) after the Execution Time, together with the Base Prospectus.

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&nbsp;&nbsp;&nbsp;&nbsp;21 "FINRA" shall mean The Financial Industry Regulatory Authority. "Investment Company Act" shall mean the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission promulgated thereunder. "Issuer Free Writing Prospectus" shall mean any "issuer free writing prospectus" as defined in Rule 433 under the Act. "Preliminary Prospectus" shall mean any preliminary prospectus supplement to the Base Prospectus which describes the Securities and the offering thereof and is used prior to the filing of the Final Prospectus, together with the Base Prospectus. "Registration Statement" shall mean the registration statement referred to in paragraph 1(a) above, including exhibits and financial statements and any prospectus supplement relating to the Securities that is filed with the Commission pursuant to Rule 424(b) and deemed part of such registration statement pursuant to Rule 430B, as amended on the Effective Date and, in the event any post-effective amendment thereto becomes effective prior to the Closing Date, shall also mean such registration statement as so amended. "Rule 158," "Rule 164," "Rule 172," "Rule 405," "Rule 415," "Rule 424," "Rule 430B" and "Rule 462" refer to such rules under the Act. "Rule 430B Information" shall mean information with respect to the Securities and the offering thereof permitted to be omitted from the Registration Statement when it becomes effective pursuant to Rule 430B. "Trust Indenture Act" shall mean the Trust Indenture Act of 1939, as amended and the rules and regulations of the Commission promulgated thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the foregoing is in accordance with your understanding of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement among the Company and the several Underwriters. Very truly yours, PECO ENERGY COMPANY By: ___________________________________ Name: Ryan Brown Title: Assistant Treasurer

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The foregoing Agreement is hereby confirmed and accepted as of the date specified in Schedule I hereto. BNY MELLON CAPITAL MARKETS, LLC By: ____________________________________ Name: Title: CITIGROUP GLOBAL MARKETS INC. By: ____________________________________ Name: Title: PNC CAPITAL MARKETS LLC By: ____________________________________ Name: Title: SCOTIA CAPITAL (USA) INC. By: ____________________________________ Name: Title: U.S. BANCORP INVESTMENTS, INC. By: ____________________________________ Name: Title: Dan Klinger

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The foregoing Agreement is hereby confirmed and accepted as of the date specified in Schedule I hereto. BNY MELLON CAPITAL MARKETS, LLC By: ____________________________________ Name: Title: CITIGROUP GLOBAL MARKETS INC. By: ____________________________________ Name: Adam D. Bordner Title: Managing Director PNC CAPITAL MARKETS LLC By: ____________________________________ Name: Title: SCOTIA CAPITAL (USA) INC. By: ____________________________________ Name: Title: U.S. BANCORP INVESTMENTS, INC. By: ____________________________________ Name: Title:

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The foregoing Agreement is hereby confirmed and accepted as of the date specified in Schedule I hereto. BNY MELLON CAPITAL MARKETS, LLC By: ____________________________________ Name: Title: CITIGROUP GLOBAL MARKETS INC. By: ____________________________________ Name: Title: PNC CAPITAL MARKETS LLC By: ____________________________________ Name: Title: SCOTIA CAPITAL (USA) INC. By: ____________________________________ Name: Title: U.S. BANCORP INVESTMENTS, INC. By: ____________________________________ Name: Title: Valerie Shadeck Managing Director

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The foregoing Agreement is hereby confirmed and accepted as of the date specified in Schedule I hereto. BNY MELLON CAPITAL MARKETS, LLC By: ____________________________________ Name: Title: CITIGROUP GLOBAL MARKETS INC. By: ____________________________________ Name: Title: PNC CAPITAL MARKETS LLC By: ____________________________________ Name: Title: SCOTIA CAPITAL (USA) INC. By: ____________________________________ Name: Title: U.S. BANCORP INVESTMENTS, INC. By: ____________________________________ Name: Title: Michael Ravanesi Managing Director & Head of U.S. Debt Origination

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The foregoing Agreement is hereby confirmed and accepted as of the date specified in Schedule I hereto. BNY MELLON CAPITAL MARKETS, LLC By: ____________________________________ Name: Title: CITIGROUP GLOBAL MARKETS INC. By: ____________________________________ Name: Title: PNC CAPITAL MARKETS LLC By: ____________________________________ Name: Title: SCOTIA CAPITAL (USA) INC. By: ____________________________________ Name: Title: U.S. BANCORP INVESTMENTS, INC. By: ____________________________________ Name: Isabella Swanson Title: Vice President

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE I Underwriting Agreement, dated September 3, 2025 Registration Statement No. 333-277223 Representatives: BNY Mellon Capital Markets, LLC Citigroup Global Markets Inc. PNC Capital Markets LLC Scotia Capital (USA) Inc. U.S. Bancorp Investments, Inc. A. Title, Purchase Price and Description of the 2035 Bonds: Title: First and Refunding Mortgage Bonds, 4.875% Series due 2035 Principal amount: $525,000,000 Public offering price: 99.811% ($524,007,750) Underwriting Discount: 0.650% ($3,412,500) Underwriters' aggregate purchase price (including accrued interest or amortization, if any): 99.161% ($520,595,250) Sinking fund provisions: None Redemption provisions: As set forth in the Final Prospectus Other provisions: As set forth in the Final Prospectus B. Title, Purchase Price and Description of the 2055 Bonds: Title: First and Refunding Mortgage Bonds, 5.650% Series due 2055 Principal amount: $525,000,000 Public offering price: 99.999% ($524,994,750) Underwriting Discount: 0.875% ($4,593,750) Underwriters' aggregate purchase price (including accrued interest or amortization, if any): 99.124% ($520,401,000) Sinking fund provisions: None Redemption provisions: As set forth in the Final Prospectus Other provisions: As set forth in the Final Prospectus

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Closing Date, Time and Location: September 10, 2025 at approximately 10 a.m. ET Ballard Spahr LLP 1735 Market Street, 51st Floor Philadelphia, Pennsylvania 19103 Type of Offering: Non-delayed Applicable Time of Sale pursuant to Section 1(c) of the Underwriting Agreement: 3:45 p.m. ET, September 3, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE II Underwriters Principal Amount of 2035 Bonds to be Purchased Principal Amount of 2055 Bonds to be Purchased BNY Mellon Capital Markets, LLC $73,500,000 $73,500,000 Citigroup Global Markets Inc. $73,500,000 $73,500,000 PNC Capital Markets LLC $73,500,000 $73,500,000 Scotia Capital (USA) Inc. $73,500,000 $73,500,000 U.S. Bancorp Investments, Inc. $73,500,000 $73,500,000 Mizuho Securities USA LLC $44,625,000 $44,625,000 MUFG Securities Americas Inc. $44,625,000 $44,625,000 M&T Securities, Inc. $21,000,000 $21,000,000 Siebert Williams Shank & Co., LLC $21,000,000 $21,000,000 Guzman & Company $5,250,000 $5,250,000 MFR Securities, Inc. $5,250,000 $5,250,000 Mischler Financial Group, Inc. $5,250,000 $5,250,000 Roberts & Ryan, Inc. $5,250,000 $5,250,000 R. Seelaus & Co., LLC $5,250,000 $5,250,000 Total $525,000,000 $525,000,000

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annex I Filed Pursuant to Rule 433 Registration Statement No. 333-277223 Dated September 3, 2025 PECO Energy Company $525,000,000 First and Refunding Mortgage Bonds 4.875% Series Due 2035 $525,000,000 First and Refunding Mortgage Bonds 5.650% Series Due 2055 Pricing Term Sheet Issuer: PECO Energy Company PECO Energy Company Ratings:1 [intentionally omitted] [intentionally omitted] Securities: First and Refunding Mortgage Bonds First and Refunding Mortgage Bonds Trade Date: September 3, 2025 September 3, 2025 Settlement Date\*\*: September 10, 2025 (T+5) September 10, 2025 (T+5) Principal Amount: $525,000,000 $525,000,000 Maturity: September 15, 2035 September 15, 2055 Coupon: 4.875% 5.650% Benchmark Treasury: 4.250% due August 15, 2035 4.750% due May 15, 2055 Benchmark Treasury Price and Yield: 100-08 / 4.219% 97-21 / 4.900% Spread to Benchmark Treasury: +68 basis points +75 basis points Yield to Maturity: 4.899% 5.650% Public Offering Price: 99.811% 99.999% Interest Payment Dates: March 15 and September 15, commencing March 15, 2026 March 15 and September 15, commencing March 15, 2026 Optional Redemption Provisions: At any time prior to June 15, 2035 (three months prior to the maturity date) (the "Par Call Date"), at a make whole price equal to the greater of (1)(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 12.5 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the Notes to At any time prior to March 15, 2055 (six months prior to the maturity date) (the "Par Call Date"), at a make whole price equal to the greater of (1)(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the Notes to 1 Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;be redeemed, plus, in each case, accrued and unpaid interest to the redemption date. At any time on or after the Par Call Date, at 100% of the principal amount, plus accrued and unpaid interest to the redemption date. be redeemed, plus, in each case, accrued and unpaid interest to the redemption date. At any time on or after the Par Call Date, at 100% of the principal amount, plus accrued and unpaid interest to the redemption date. CUSIP: 693304 BH9 693304 BJ5 ISIN: US693304BH96 US693304BJ52 Joint Book-Running Managers: BNY Mellon Capital Markets, LLC Citigroup Global Markets Inc. PNC Capital Markets LLC Scotia Capital (USA) Inc. U.S. Bancorp Investments, Inc. Mizuho Securities USA LLC MUFG Securities Americas Inc. BNY Mellon Capital Markets, LLC Citigroup Global Markets Inc. PNC Capital Markets LLC Scotia Capital (USA) Inc. U.S. Bancorp Investments, Inc. Mizuho Securities USA LLC MUFG Securities Americas Inc. Senior Co-Managers: M&T Securities, Inc. Siebert Williams Shank & Co., LLC M&T Securities, Inc. Siebert Williams Shank & Co., LLC Co-Managers: Guzman & Company MFR Securities, Inc. Mischler Financial Group, Inc. Roberts & Ryan, Inc. R. Seelaus & Co., LLC Guzman & Company MFR Securities, Inc. Mischler Financial Group, Inc. Roberts & Ryan, Inc. R. Seelaus & Co., LLC \*\*We expect to deliver the bonds on or about September 10, 2025, which will be the fifth business day following the date of this term sheet ("T+5"). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade bonds any day prior to the business day preceding the settlement date will be required, by virtue of the fact that the bonds initially will settle in T+5, to specify an alternate settlement cycle at the time of any such trade to prevent failed settlement and should consult their own advisors. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BNY Mellon Capital Markets, LLC, toll-free at (800) 269-6864, Citigroup Global Markets Inc., toll- free at (800) 831-9146, PNC Capital Markets LLC, toll-free at (855) 881-0697, Scotia Capital (USA) Inc., toll-free at (800) 372-3930, and U.S. Bancorp Investments, Inc., toll-free at (877) 558-2607.

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## Exhibit 4.1

![](exc-20250910ex41001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepared by, Record and Return to: Patrick R. Gillard Ballard Spahr LLP 1735 Market Street, 51st Floor Philadelphia, PA 19103 (215) 864-8536 Counterpart ______ of 30 PECO ENERGY COMPANY TO U.S. BANK NATIONAL ASSOCIATION, TRUSTEE ______________________ ONE HUNDRED AND TWENTY-FIFTH SUPPLEMENTAL INDENTURE DATED AS OF AUGUST 15, 2025 TO FIRST AND REFUNDING MORTGAGE OF THE COUNTIES GAS AND ELECTRIC COMPANY TO FIDELITY TRUST COMPANY, TRUSTEE DATED MAY 1, 1923 __________________ 4.875% SERIES DUE 2035 5.650% SERIES DUE 2055 (New Series)

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![](exc-20250910ex41002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;1 THIS SUPPLEMENTAL INDENTURE dated as of August 15, 2025 by and between PECO ENERGY COMPANY, a corporation organized and existing under the laws of the Commonwealth of Pennsylvania (hereinafter called the Company), party of the first part, and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America (hereinafter called the Trustee), as Trustee under the Mortgage hereinafter mentioned, party of the second part, Witnesseth that WHEREAS, The Counties Gas and Electric Company (hereinafter called Counties Company), a Pennsylvania corporation and a predecessor to the Company, duly executed and delivered to Fidelity Trust Company, a Pennsylvania corporation to which the Trustee is successor, as Trustee, a certain indenture of mortgage and deed of trust dated May 1, 1923 (hereinafter called the Mortgage), to provide for the issue of, and to secure, its First and Refunding Mortgage Bonds, issuable in series and without limit as to principal amount except as provided in the Mortgage, the initial series of Bonds being designated the 6% Series of 1923, and the terms and provisions of other series of bonds secured by the Mortgage to be determined as provided in the Mortgage; and WHEREAS, thereafter Counties Company, Philadelphia Suburban-Counties Gas and Electric Company (hereinafter called Suburban Company), and the Company, respectively, have from time to time executed and delivered indentures supplemental to the Mortgage, providing for the creation of additional series of bonds secured by the Mortgage and for amendment of certain of the terms and provisions of the Mortgage and of indentures supplemental thereto, or evidencing the succession of Suburban Company to Counties Company and of the Company to Suburban Company, such indentures supplemental to the Mortgage, the respective dates, parties thereto, and purposes thereof, being as follows:

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![](exc-20250910ex41003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;2 Supplemental Indenture and Date Parties Providing for: First September 1, 1926 Counties Company to Fidelity-Philadelphia Trust Company (Successor to Fidelity Trust Company) Bonds of 5% Series of 1926 Second May 1, 1927 Suburban Company to Fidelity-Philadelphia Trust Company Evidencing succession of Suburban Company to Counties Company Third May 1, 1927 Suburban Company to Fidelity-Philadelphia Trust Company Bonds of 4-1/2% Series due 1957; amendment of certain provisions of Mortgage Fourth November 1, 1927 Suburban Company to Fidelity-Philadelphia Trust Company Additional Bonds of 4-1/2% Series due 1957 Fifth January 31, 1931 Company to Fidelity-Philadelphia Trust Company Evidencing succession of Company to Suburban Company Sixth February 1, 1931 Company to Fidelity-Philadelphia Trust Company Bonds of 4% Series due 1971 Seventh March 1, 1937 Company to Fidelity-Philadelphia Trust Company Bonds of 3-1/2% Series due 1967; amendment of certain provisions of Mortgage Eighth December 1, 1941 Company to Fidelity-Philadelphia Trust Company Bonds of 2-3/4% Series due 1971; amendment of certain provisions of Mortgage Ninth November 1, 1944 Company to Fidelity-Philadelphia Trust Company Bonds of 2-3/4% Series due 1967 and 2-3/4% Series due 1974; amendment of certain provisions of Mortgage Tenth December 1, 1946 Company to Fidelity-Philadelphia Trust Company Bonds of 2-3/4% Series due 1981; amendment of certain provisions of Mortgage\*

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![](exc-20250910ex41004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;3 Supplemental Indenture and Date Parties Providing for: Eleventh February 1, 1948 Company to Fidelity-Philadelphia Trust Company Bonds of 2-7/8% Series due 1978\* Twelfth January 1, 1952 Company to Fidelity-Philadelphia Trust Company Bonds of 3-1/4% Series due 1982\* Thirteenth May 1, 1953 Company to Fidelity-Philadelphia Trust Company Bonds of 3-7/8% Series due 1983\* Fourteenth December 1, 1953 Company to Fidelity-Philadelphia Trust Company Bonds of 3-1/8% Series due 1983\* Fifteenth April 1, 1955 Company to Fidelity-Philadelphia Trust Company Bonds of 3-1/8% Series due 1985\* Sixteenth September 1, 1957 Company to Fidelity-Philadelphia Trust Company Bonds of 4-5/8% Series due 1987; amendment of certain provisions of Mortgage\* Seventeenth May 1, 1958 Company to Fidelity-Philadelphia Trust Company Bonds of 3-3/4% Series due 1988; amendment of certain provisions of Mortgage\* Eighteenth December 1, 1958 Company to Fidelity-Philadelphia Trust Company Bonds of 4-3/8% Series due 1986\* Nineteenth October 1, 1959 Company to Fidelity-Philadelphia Trust Company Bonds of 5% Series due 1989\* Twentieth May 1, 1964 Company to Fidelity-Philadelphia Trust Company Bonds of 4-1/2% Series due 1994\* Twenty-first October 15, 1966 Company to Fidelity-Philadelphia Trust Company Bonds of 6% Series due 1968-1973\*

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![](exc-20250910ex41005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;4 Supplemental Indenture and Date Parties Providing for: Twenty-second June 1, 1967 Company to The Fidelity Bank (formerly Fidelity-Philadelphia Trust Company) Bonds of 5-1/4 % Series due 1968-1973 and 5-3/4 % Series due 1977\* Twenty-third October 1, 1957 Company to The Fidelity Bank Bonds of 6-1/8 % Series due 1997\* Twenty-fourth March 1, 1968 Company to The Fidelity Bank Bonds of 6-1/2% Series due 1993; amendment of Article XIV of Mortgage\* Twenty-fifth September 10, 1968 Company to The Fidelity Bank Bonds of 1968 Series due 1969-1976\* Twenty-sixth August 15, 1969 Company to The Fidelity Bank Bonds of 8% Series due 1975\* Twenty-seventh February 1, 1970 Company to The Fidelity Bank Bonds of 9% Series due 1995\* Twenty-eighth May 1, 1970 Company to The Fidelity Bank Bonds of 8-1/2% Series due 1976\* Twenty-ninth December 15, 1970 Company to The Fidelity Bank Bonds of 7-3/4% Series due 2000\* Thirtieth August 1, 1971 Company to The Fidelity Bank Bonds of 8-1/4% Series due 1996\* Thirty-first December 15, 1971 Company to The Fidelity Bank Bonds of 7-3/8% Series due 2001; amendment of Article XI of Mortgage\* Thirty-second June 15, 1972 Company to The Fidelity Bank Bonds of 7-1/2% Series due 1998\* Thirty-third January 15, 1973 Company to The Fidelity Bank Bonds of 7-1/2% Series due 1999\* Thirty-fourth January 15, 1974 Company to The Fidelity Bank Bonds of 8-1/2% Series due 2004 Thirty-fifth October 15, 1974 Company to The Fidelity Bank Bonds of 11% Series due 1980\*

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![](exc-20250910ex41006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;5 Supplemental Indenture and Date Parties Providing for: Thirty-sixth April 15, 1975 Company to The Fidelity Bank Bonds of 11-5/8% Series due 2000\* Thirty-seventh August 1, 1975 Company to The Fidelity Bank Bonds of 11% Series due 2000\* Thirty-eighth March 1, 1976 Company to The Fidelity Bank Bonds of 9-1/8% Series due 2006\* Thirty-ninth August 1, 1976 Company to The Fidelity Bank Bonds of 9-5/8% Series due 2002\* Fortieth February 1, 1977 Company to The Fidelity Bank Bonds of Pollution Control Series A and Pollution Control Series B\* Forty-first March 15, 1977 Company to The Fidelity Bank Bonds of 8-5/8% Series due 2007\* Forty-second July 15, 1977 Company to The Fidelity Bank Bonds of 8-5/8% Series due 2003\* Forty-third March 15, 1978 Company to The Fidelity Bank Bonds of 9-1/8% Series due 2008\* Forty-fourth October 15, 1979 Company to The Fidelity Bank Bonds of 12-1/2% Series due 2005\* Forty-fifth October 15, 1980 Company to The Fidelity Bank Bonds of 13-3/4% Series due 1992\* Forty-sixth March 1, 1981 Company to The Fidelity Bank Bonds of 15-1/4% Series due 1996; amendment of Article VIII of Mortgage\* Forty-seventh March 1, 1981 Company to The Fidelity Bank Bonds of 15% Series due 1996; amendment of Article VIII of Mortgage\* Forty-eighth July 1, 1981 Company to The Fidelity Bank Bonds of 17-5/8% Series due 2011\* Forty-ninth September 15, 1981 Company to The Fidelity Bank Bonds of 18-3/4% Series due 2009\*

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![](exc-20250910ex41007.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;6 Supplemental Indenture and Date Parties Providing for: Fiftieth April 1, 1982 Company to The Fidelity Bank Bonds of 18% Series due 2012\* Fifty-first October 1, 1982 Company to The Fidelity Bank Bonds of 15-3/8% Series due 2010\* Fifty-second June 15, 1983 Company to The Fidelity Bank Bonds of 13-3/8% Series due 2013\* Fifty-third November 15, 1984 Company to Fidelity Bank, National Association (formerly The Fidelity Bank) Bonds of 13.05% Series due 1994; amendment of Article VIII of Mortgage\* Fifty-fourth December 1, 1984 Company to Fidelity Bank, National Association Bonds of 14% Series due 1988-1994; amendment of Article VIII of Mortgage\* Fifty-fifth May 15, 1985 Company to Fidelity Bank, National Association Bonds of Pollution Control Series C\* Fifty-sixth October 1, 1985 Company to Fidelity Bank, National Association Bonds of Pollution Control Series D\* Fifty-seventh November 15, 1985 Company to Fidelity Bank, National Association Bonds of 10-7/8% Series due 1995\* Fifty-eight November 15, 1985 Company to Fidelity Bank, National Association Bonds of 11-3/4% Series due 2014\* Fifty-ninth June 1, 1986 Company to Fidelity Bank, National Association Bonds of Pollution Control Series E\* Sixtieth November 1, 1986 Company to Fidelity Bank, National Association Bonds of 10-1/4% Series due 2016\* Sixty-first November 1, 1986 Company to Fidelity Bank, National Association Bonds of 8-3/4% Series due 1994\* Sixty-second April 1, 1987 Company to Fidelity Bank, National Association Bonds of 9-3/8% Series due 2017\* Sixty-third July 15, 1987 Company to Fidelity Bank, National Association Bonds of 11% Series due 2016\* Sixty-fourth July 15, 1987 Company to Fidelity Bank, National Association Bonds of 10% Series due 1997\*

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![](exc-20250910ex41008.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;7 Supplemental Indenture and Date Parties Providing for: Sixty-fifth August 1, 1987 Company to Fidelity Bank, National Association Bonds of 10-1/4% Series due 2007\* Sixty-sixth October 15, 1987 Company to Fidelity Bank, National Association Bonds of 11% Series due 1997\* Sixty-seventh October 15, 1987 Company to Fidelity Bank, National Association Bonds of 12-1/8% Series due 2016\* Sixty-eighth April 15, 1988 Company to Fidelity Bank, National Association Bonds of 10% Series due 1998\* Sixty-ninth April 15, 1988 Company to Fidelity Bank, National Association Bonds of 11% Series due 2018\* Seventieth June 15, 1989 Company to Fidelity Bank, National Association Bonds of 10% Series due 2019\* Seventy-first October 1, 1989 Company to Fidelity Bank, National Association Bonds of 9-7/8% Series due 2019\* Seventy-second October 1, 1989 Company to Fidelity Bank, National Association Bonds of 9-1/4% Series due 1999\* Seventy-third October 1, 1989 Company to Fidelity Bank, National Association Medium-Term Note Series A\* Seventy-fourth October 15, 1990 Company to Fidelity Bank, National Association Bonds of 10-1/2% Series due 2020\* Seventy-fifth October 15, 1990 Company to Fidelity Bank, National Association Bonds of 10% Series due 2000\* Seventy-sixth April 1, 1991 Company to Fidelity Bank, National Association Bonds of Pollution Control Series F and Pollution Control Series G\* Seventy-seventh December 1, 1991 Company to Fidelity Bank, National Association Bonds of Pollution Control Series H\* Seventy-eighth January 15, 1992 Company to Fidelity Bank, National Association Bonds of 7-1/2% 1992 Series due 1999\* Seventy-ninth April 1, 1992 Company to Fidelity Bank, National Association Bonds of 8% Series due 2002\*

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![](exc-20250910ex41009.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;8 Supplemental Indenture and Date Parties Providing for: Eightieth April 1, 1992 Company to Fidelity Bank, National Association Bonds of 8-3/4% Series due 2022\* Eighty-first June 1, 1992 Company to Fidelity Bank, National Association Bonds of Pollution Control Series I\* Eighty-second June 1, 1992 Company to Fidelity Bank, National Association Bonds of 8-5/8% Series due 2022\* Eighty-third July 15, 1992 Company to Fidelity Bank, National Association Bonds of 7-1/2% Series due 2002\* Eighty-fourth September 1, 1992 Company to Fidelity Bank, National Association Bonds of 8-1/4% Series due 2022\* Eighty-fifth September 1, 1992 Company to Fidelity Bank, National Association Bonds of 7-1/8% Series due 2002\* Eighty-sixth March 1, 1993 Company to Fidelity Bank, National Association Bonds of 6-5/8% Series due 2003\* Eighty-Seventh March 1, 1993 Company to Fidelity Bank, National Association Bonds of 7-3/4% Series due 2023\* Eighty-eighth March 1, 1993 Company to Fidelity Bank, National Association Bonds of Pollution Control Series J, Pollution Control Series K, Pollution Control Series L and Pollution Control Series M\* Eighty-ninth May 1, 1993 Company to Fidelity Bank, National Association Bonds of 6-1/2% Series due 2003\* Ninetieth May 1, 1993 Company to Fidelity Bank, National Association Bonds of 7-3/4% Series 2 due 2023\* Ninety-first August 15, 1993 Company to First Fidelity Bank, N.A., Pennsylvania Bonds of 7-1/8% Series due 2023\* Ninety-second August 15, 1993 Company to First Fidelity Bank, N.A., Pennsylvania Bonds of 6-3/8% Series due 2005\* Ninety-third August 15, 1993 Company to First Fidelity Bank, N.A., Pennsylvania Bonds of 5-3/8% Series due 1998\*

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![](exc-20250910ex41010.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;9 Supplemental Indenture and Date Parties Providing for: Ninety-fourth November 1, 1993 Company to First Fidelity Bank, N.A., Pennsylvania Bonds of 7-1/4% Series due 2024\* Ninety-fifth November 1, 1993 Company to First Fidelity Bank, N.A., Pennsylvania Bonds of 5-5/8% Series due 2001\* Ninety-sixth May 1, 1995 Company to First Fidelity Bank, N.A., Pennsylvania Medium Term Note Series B\* Ninety-seventh October 15, 2001 Company to First Union National Bank (formerly First Fidelity Bank, N.A., Pennsylvania) Bonds of 5.95% Series due 2011\* Ninety-eighth October 1, 2002 Company to Wachovia Bank, National Association Bonds of 5.95% Series Due 2011\* Ninety-ninth September 15, 2002 Company to Wachovia Bank, National Association Bonds of 4.75% Series Due 2012\* One Hundredth April 15, 2003 Company to Wachovia Bank, National Association Bonds of 3.50% Series Due 2008\* One Hundred and First April 15, 2004 Company to Wachovia Bank, National Association Bonds of 5.90% Series Due 2034\* One Hundred and Second September 15, 2006 Company to Wachovia Bank, National Association Bonds of 5.95% Series Due 2036; amendment of certain provisions of Mortgage\* One Hundred and Third March 15, 2007 Company to U.S. Bank National Association Bonds of 5.70% Series Due 2037\* One Hundred and Fourth February 15, 2008 Company to U.S. Bank National Association Bonds of 5.35% Series Due 2018\* One Hundred and Fifth February 15, 2008 Company to U.S. Bank National Association Bonds of Pollution Control Series N\* One Hundred and Sixth September 15, 2008 Company to U.S. Bank National Association Bonds of 5.60% Series Due 2013\* One Hundred and Seventh March 15, 2009 Company to U.S. Bank National Association Bonds of 5.00% Series Due 2014\* One Hundred and Eighth September 1, 2012 Company to U.S. Bank National Association Bonds of 2.375% Series Due 2022\*

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![](exc-20250910ex41011.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;10 Supplemental Indenture and Date Parties Providing for: One Hundred and Ninth September 15, 2013 Company to U.S. Bank National Association Bonds of 1.200% Series Due 2016\* One Hundred and Tenth September 15, 2013 Company to U.S. Bank National Association Bonds of 4.800% Series Due 2043\* One Hundred and Eleventh September 1, 2014 Company to U.S. Bank National Association Bonds of 4.150% Series Due 2044\* One Hundred and Twelfth September 15, 2015 Company to U.S. Bank National Association Bonds of 3.15% Series Due 2025\* One Hundred and Thirteenth September 1, 2016 Company to U.S. Bank National Association Bonds of 1.700% Series Due 2021\* One Hundred and Fourteenth September 1, 2017 Company to U.S. Bank National Association Bonds of 3.700% Series Due 2047\* One Hundred and Fifteenth February 1, 2018 Company to U.S. Bank National Association Bonds of 3.900% Series Due 2048\* One Hundred and Sixteenth September 1, 2018 Company to U.S. Bank National Association Bonds of 3.900% Series Due 2048 (Additional Issuance of Bonds of 3.900% Series due 2048) One Hundred and Seventeenth August 15, 2019 Company to U.S. Bank National Association Bonds of 3.000% Series Due 2049\* One Hundred and Eighteenth June 1, 2020 Company to U.S. Bank National Association Bonds of 2.800% Series Due 2050\* One Hundred and Nineteenth February 15, 2021 Company to U.S. Bank National Association Bonds of 3.050% Series Due 2051\* One Hundred and Twentieth September 1, 2021 Company to U.S. Bank National Association Bonds of 2.850% Series Due 2051\* One Hundred and Twenty- first May 1, 2022 Company to U.S. Bank National Association Bonds of 4.600% Series Due 2052\* One Hundred and Twenty- second August 1, 2022 Company to U.S. Bank National Association Bonds of 4.375% Series Due 2052\* One Hundred and Twenty- third June 1, 2023 Company to U.S. Bank National Association Bonds of 4.900% Series Due 2033\*

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![](exc-20250910ex41012.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;11 Supplemental Indenture and Date Parties Providing for: One Hundred and Twenty- fourth August 15, 2024 Company to U.S. Bank National Association Bonds of 5.250% Series Due 2054\* \*And amendment of certain provisions of the Ninth Supplemental Indenture.

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![](exc-20250910ex41013.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;12 WHEREAS, the respective principal amounts of the bonds of each series presently outstanding under the Mortgage and the several supplemental indentures above referred to, are as follows: Series PRINCIPAL AMOUNT 5.90% Series due 2034 ........................................................................... $75,000,000 5.95% Series due 2036 ............................................................................ 300,000,000 5.70% Series due 2037 ............................................................................ 175,000,000 4.80% Series due 2043 ............................................................................ 250,000,000 4.150% Series due 2044 ............................................................................ 300,000,000 3.150% Series due 2025 ............................................................................ 350,000,000 3.700% Series due 2047 ............................................................................ 325,000,000 3.900% Series due 2048 ............................................................................ 650,000,000 3.000% Series due 2049 ............................................................................ 325,000,000 2.800% Series due 2050 ............................................................................ 350,000,000 3.050% Series due 2051 ............................................................................ 375,000,000 2.850% Series due 2051 ............................................................................ 375,000,000 4.600% Series due 2052 ............................................................................ 350,000,000 4.375% Series due 2052 ............................................................................ 425,000,000 4.900% Series due 2033 ............................................................................ 575,000,000 5.250% Series due 2054 ............................................................................ 575,000,000 Total $5,775,000,000 WHEREAS, the Company deems it advisable and has determined, pursuant to Article XI of the Mortgage, (a) to amend Article II of the Ninth Supplemental Indenture to the Mortgage as heretofore amended; (b) to convey, pledge, transfer and assign to the Trustee and to subject specifically to the lien of the Mortgage additional property not therein or in any supplemental indenture specifically described but now owned by the Company and acquired by it by purchase or otherwise; and (c) to create two new series of bonds to be issued from time to time under, and secured by, the Mortgage, to be designated (i) PECO Energy Company First and Refunding Mortgage Bonds, 4.875% Series due 2035 (hereinafter called the "bonds of the 4.875% Series due 2035") and (ii) PECO Energy Company First and Refunding Mortgage Bonds, 5.650% Series due 2055 (hereinafter called the "bonds of the 5.650% Series due 2055" and, together with the bonds of the 4.875% Series due 2035, collectively or individually as the context may require, the "bonds of the New Series"); and for the above-mentioned purposes to execute, deliver and record this Supplemental Indenture; and WHEREAS, the Company has determined by proper corporate action that the terms, provisions and form of the bonds of the 4.875% Series due 2035 shall be substantially as follows:

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![](exc-20250910ex41014.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;13 (Form of Face of Bond) UNLESS THIS BOND IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY BOND ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. PECO ENERGY COMPANY REGISTERED NUMBER FIRST AND REFUNDING MORTGAGE BOND, 4.875% Series due 2035, DUE SEPTEMBER 15, 2035 PECO Energy Company, a Pennsylvania corporation (hereinafter called the Company), for value received, hereby promises to pay to Cede & Co. or registered assigns, Five Hundred Twenty-Five Million Dollars on September 15, 2035, at the office or agency of the Company, in the City of Philadelphia, Pennsylvania, or, at the option of the holder, at the office or agency of the Company, in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment shall constitute legal tender for the payment of public and private debts, and to pay interest (computed on the basis of a 360-day year of twelve 30-day months) thereon from the date hereof at the rate of 4.875 percent per annum in like coin or currency, payable at either of the offices aforesaid on March 15 and September 15 of each year, beginning on March 15, 2026, until the Company's obligation with respect to the payment of such principal shall have been discharged. The record date for determining the registered holder of this bond entitled to an interest payment shall be fourteen calendar days prior to any interest payment date. Only the registered holder on such record date shall be entitled to receive such payment, notwithstanding any transfer of this bond upon the registration books subsequent to such record date. This bond shall not be valid or become obligatory for any purpose unless it shall have been authenticated by the certificate of the Trustee under said Mortgage endorsed hereon. The provisions of this bond are continued on the reverse hereof and such continued provisions shall for all purposes have the same effect as though fully set forth at this place. [Remainder of this page intentionally left blank]

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![](exc-20250910ex41015.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;14 IN WITNESS WHEREOF, PECO Energy Company has caused this instrument to be signed in its corporate name with the manual or facsimile signature of its Treasurer or Assistant Treasurer, duly attested by the manual or facsimile signature of its Secretary or an Assistant Secretary. Dated: PECO ENERGY COMPANY By_________________________________ Treasurer or Assistant Treasurer Attest______________________________ Secretary or Assistant Secretary

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![](exc-20250910ex41016.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;15 (Form of Reverse of Bond) PECO ENERGY COMPANY First and Refunding Mortgage Bond, 4.875% Series Due 2035, Due September 15, 2035 (CONTINUED) This bond is one of a duly authorized issue of bonds of the Company, unlimited as to amount except as provided in the Mortgage hereinafter mentioned or in any indenture supplemental thereto, and is one of a series of said bonds known as First and Refunding Mortgage Bonds, 4.875% Series due 2035. This bond and all other bonds of said issue are issued and to be issued under and pursuant to and are all secured equally and ratably by an indenture of mortgage and deed of trust dated May 1, 1923, duly executed and delivered by The Counties Gas and Electric Company (to which the Company is successor) to Fidelity Trust Company, as Trustee (to which U.S. Bank National Association, a national banking association organized and existing under the laws of the United States of America, is successor Trustee), as amended, modified or supplemented by certain supplemental indentures from the Company or its predecessors to said successor Trustee or its predecessors, said mortgage, as so amended, modified or supplemented being herein called the Mortgage. Reference is hereby made to the Mortgage for a statement of the property mortgaged and pledged, the nature and extent of the security, the rights of the holders of said bonds and of the Trustee in respect of such security, the rights, duties, indemnities and immunities of the Trustee, and the terms and conditions upon which said bonds are and are to be secured, and the circumstances under which additional bonds may be issued. As provided in the Mortgage, the bonds secured thereby may be for various principal sums and are issuable in series, which series may mature at different times, may bear interest at different rates, and may otherwise vary. The bonds of this series mature on September 15, 2035, and are issuable only in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. Any bond or bonds of this series may be exchanged for another bond or bonds of this series in a like aggregate principal amount in authorized denominations, upon presentation at the corporate trust office of the Trustee in the City of Philadelphia, Pennsylvania, or, at the option of the holder, at the office or agency of the Company in the Borough of Manhattan, The City of New York, all subject to the terms of the Mortgage but without any charge other than a sum sufficient to reimburse the Company for any stamp tax or other governmental charge incident to the exchange. The bonds of this series are redeemable at the option of the Company, as a whole or in part, at any time upon notice sent by the Company through the mail, postage prepaid, or electronically delivered (or otherwise transmitted in accordance with DTC's (or another depositary's) procedures) at least ten (10) days and not more than sixty (60) days prior to the date fixed for redemption, to the registered holder of each bond to be redeemed, addressed to such holder at his address appearing upon the registration books. At any time prior to June 15, 2035 (three months prior to the maturity date of the bonds of this series) (the "Par Call Date"), the redemption price (expressed as a percentage of principal amount and rounded to three decimal places) shall be equal to the greater of (1) 100% of the principal amount of the bonds to be redeemed; and (2) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the bonds to be redeemed matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 12.5 basis points less (b) interest accrued to the redemption date; plus, in each case, accrued and unpaid interest to, but not including, the redemption date. Unless the Company defaults in

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![](exc-20250910ex41017.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;16 payment of the redemption price, on and after the redemption date, interest will cease to accrue on the bonds of this series or portions of the bonds of this series called for redemption. On or after the Par Call Date, the Company may redeem bonds of this series, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the bonds of this series being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. "Treasury Rate" means, with respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs. The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) - H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities–Treasury constant maturities–Nominal" (or any successor caption or heading) ("H.15 TCM"). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the "Remaining Life"); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. If on the third Business Day preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. "Business Day" means any day that is not a day on which banking institutions in New York City are authorized or required by law or regulation to close.

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&nbsp;&nbsp;&nbsp;&nbsp;17 The Company's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. The Trustee will have no obligation to calculate or verify the calculation of the amount of the redemption price. In the case of a partial redemption, selection of the bonds of this series for redemption will be made pro rata, by lot or by such other method as the Trustee deems appropriate and fair. No bonds of this series of a principal amount of $2,000 or less will be redeemed in part. If any bonds of this series is to be redeemed in part only, the notice of redemption that relates to the bond will state the portion of the principal amount of the bonds of this series to be redeemed. New bonds of this series in a principal amount equal to the unredeemed portion of the bonds of this series will be issued in the name of the holder of the bonds of this series upon surrender for cancellation of the original bonds of this series. For so long as the bonds of this series are held by DTC (or another depositary), the redemption of the bonds of this series shall be done in accordance with the policies and procedures of the depositary. The principal of this bond may be declared or may become due on the conditions, in the manner and with the effect provided in the Mortgage upon the happening of an event of default as in the Mortgage provided. This bond is transferable by the registered holder hereof in person or by attorney, duly authorized in writing, at the corporate trust office of the Trustee in the City of Philadelphia, Pennsylvania, or, at the option of the holder, at the office or agency of the Company in the Borough of Manhattan, The City of New York, in books of the Company to be kept for that purpose, upon surrender and cancellation hereof, and upon any such transfer, a new registered bond or bonds, without coupons, of this series and for the same aggregate principal amount, will be issued to the transferee in exchange herefor, all subject to the terms of the Mortgage but without payment of any charge other than a sum sufficient to reimburse the Company for any stamp tax or other governmental charge incident to the transfer. The Company, the Trustee, and any paying agent may deem and treat the person in whose name this bond is registered as the absolute owner hereof for the purpose of receiving payment of or on account of the principal and interest due hereon and for all other purposes, and neither the Company nor the Trustee nor any paying agent shall be affected by any notice to the contrary. No recourse shall be had for the payment of the principal of or interest on this bond to any incorporator or any past, present or future stockholder, officer or director of the Company or of any predecessor or successor corporation, either directly or indirectly, by virtue of any statute or by enforcement of any assessment or otherwise, and any and all liability of the said incorporators, stockholders, officers or directors of the Company or of any predecessor or successor corporation in respect to this bond is hereby expressly waived and released by every holder hereof, except to the extent that such liability may not be waived or released under the provisions of the Securities Act of 1933, as amended, or of the rules and regulations of the Securities and Exchange Commission thereunder. (End of Form of Reverse of Bond)

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&nbsp;&nbsp;&nbsp;&nbsp;18 and WHEREAS, the Company has determined by proper corporate action that the terms, provisions and form of the bonds of the 5.650% Series due 2055 shall be substantially as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;19 (Form of Face of Bond) UNLESS THIS BOND IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY BOND ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. PECO ENERGY COMPANY REGISTERED NUMBER FIRST AND REFUNDING MORTGAGE BOND, 5.650% SERIES DUE 2055, DUE SEPTEMBER 15, 2055 PECO Energy Company, a Pennsylvania corporation (hereinafter called the Company), for value received, hereby promises to pay to Cede & Co. or registered assigns, Five Hundred Twenty-Five Million Dollars on September 15, 2055, at the office or agency of the Company, in the City of Philadelphia, Pennsylvania, or, at the option of the holder, at the office or agency of the Company, in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment shall constitute legal tender for the payment of public and private debts, and to pay interest (computed on the basis of a 360-day year of twelve 30-day months) thereon from the date hereof at the rate of 5.650 percent per annum in like coin or currency, payable at either of the offices aforesaid on March 15 and September 15 of each year, beginning on March 15, 2026, until the Company's obligation with respect to the payment of such principal shall have been discharged. The record date for determining the registered holder of this bond entitled to an interest payment shall be fourteen calendar days prior to any interest payment date. Only the registered holder on such record date shall be entitled to receive such payment, notwithstanding any transfer of this bond upon the registration books subsequent to such record date. This bond shall not be valid or become obligatory for any purpose unless it shall have been authenticated by the certificate of the Trustee under said Mortgage endorsed hereon. The provisions of this bond are continued on the reverse hereof and such continued provisions shall for all purposes have the same effect as though fully set forth at this place. [Remainder of this page intentionally left blank]

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&nbsp;&nbsp;&nbsp;&nbsp;20 IN WITNESS WHEREOF, PECO Energy Company has caused this instrument to be signed in its corporate name with the manual or facsimile signature of its Treasurer or Assistant Treasurer, duly attested by the manual or facsimile signature of its Secretary or an Assistant Secretary. Dated: PECO ENERGY COMPANY By_________________________________ Treasurer or Assistant Treasurer Attest______________________________ Secretary or Assistant Secretary

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&nbsp;&nbsp;&nbsp;&nbsp;21 (Form of Reverse of Bond) PECO ENERGY COMPANY First and Refunding Mortgage Bond, 5.650% Series Due 2055, Due September 15, 2055 (CONTINUED) This bond is one of a duly authorized issue of bonds of the Company, unlimited as to amount except as provided in the Mortgage hereinafter mentioned or in any indenture supplemental thereto, and is one of a series of said bonds known as First and Refunding Mortgage Bonds, 5.650% Series due 2055. This bond and all other bonds of said issue are issued and to be issued under and pursuant to and are all secured equally and ratably by an indenture of mortgage and deed of trust dated May 1, 1923, duly executed and delivered by The Counties Gas and Electric Company (to which the Company is successor) to Fidelity Trust Company, as Trustee (to which U.S. Bank National Association, a national banking association organized and existing under the laws of the United States of America, is successor Trustee), as amended, modified or supplemented by certain supplemental indentures from the Company or its predecessors to said successor Trustee or its predecessors, said mortgage, as so amended, modified or supplemented being herein called the Mortgage. Reference is hereby made to the Mortgage for a statement of the property mortgaged and pledged, the nature and extent of the security, the rights of the holders of said bonds and of the Trustee in respect of such security, the rights, duties, indemnities and immunities of the Trustee, and the terms and conditions upon which said bonds are and are to be secured, and the circumstances under which additional bonds may be issued. As provided in the Mortgage, the bonds secured thereby may be for various principal sums and are issuable in series, which series may mature at different times, may bear interest at different rates, and may otherwise vary. The bonds of this series mature on September 15, 2055, and are issuable only in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. Any bond or bonds of this series may be exchanged for another bond or bonds of this series in a like aggregate principal amount in authorized denominations, upon presentation at the corporate trust office of the Trustee in the City of Philadelphia, Pennsylvania, or, at the option of the holder, at the office or agency of the Company in the Borough of Manhattan, The City of New York, all subject to the terms of the Mortgage but without any charge other than a sum sufficient to reimburse the Company for any stamp tax or other governmental charge incident to the exchange. The bonds of this series are redeemable at the option of the Company, as a whole or in part, at any time upon notice sent by the Company through the mail, postage prepaid, or electronically delivered (or otherwise transmitted in accordance with DTC's (or another depositary's) procedures) at least ten (10) days and not more than sixty (60) days prior to the date fixed for redemption, to the registered holder of each bond to be redeemed, addressed to such holder at his address appearing upon the registration books. At any time prior to March 15, 2055 (six months prior to the maturity date of the bonds of this series) (the "Par Call Date"), the redemption price (expressed as a percentage of principal amount and rounded to three decimal places) shall be equal to the greater of (1) 100% of the principal amount of the bonds to be redeemed; and (2) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the bonds to be redeemed matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points less (b) interest accrued to the redemption date; plus, in each case, accrued and unpaid interest to, but not including, the redemption date. Unless the Company defaults in

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&nbsp;&nbsp;&nbsp;&nbsp;22 payment of the redemption price, on and after the redemption date, interest will cease to accrue on the bonds of this series or portions of the bonds of this series called for redemption. On or after the Par Call Date, the Company may redeem bonds of this series, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the bonds of this series being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. "Treasury Rate" means, with respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs. The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) - H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities–Treasury constant maturities–Nominal" (or any successor caption or heading) ("H.15 TCM"). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the "Remaining Life"); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. If on the third Business Day preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. "Business Day" means any day that is not a day on which banking institutions in New York City are authorized or required by law or regulation to close.

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&nbsp;&nbsp;&nbsp;&nbsp;23 The Company's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. The Trustee will have no obligation to calculate or verify the calculation of the amount of the redemption price. In the case of a partial redemption, selection of the bonds of this series for redemption will be made pro rata, by lot or by such other method as the Trustee deems appropriate and fair. No bonds of this series of a principal amount of $2,000 or less will be redeemed in part. If any bonds of this series is to be redeemed in part only, the notice of redemption that relates to the bond will state the portion of the principal amount of the bonds of this series to be redeemed. New bonds of this series in a principal amount equal to the unredeemed portion of the bonds of this series will be issued in the name of the holder of the bonds of this series upon surrender for cancellation of the original bonds of this series. For so long as the bonds of this series are held by DTC (or another depositary), the redemption of the bonds of this series shall be done in accordance with the policies and procedures of the depositary. The principal of this bond may be declared or may become due on the conditions, in the manner and with the effect provided in the Mortgage upon the happening of an event of default as in the Mortgage provided. This bond is transferable by the registered holder hereof in person or by attorney, duly authorized in writing, at the corporate trust office of the Trustee in the City of Philadelphia, Pennsylvania, or, at the option of the holder, at the office or agency of the Company in the Borough of Manhattan, The City of New York, in books of the Company to be kept for that purpose, upon surrender and cancellation hereof, and upon any such transfer, a new registered bond or bonds, without coupons, of this series and for the same aggregate principal amount, will be issued to the transferee in exchange herefor, all subject to the terms of the Mortgage but without payment of any charge other than a sum sufficient to reimburse the Company for any stamp tax or other governmental charge incident to the transfer. The Company, the Trustee, and any paying agent may deem and treat the person in whose name this bond is registered as the absolute owner hereof for the purpose of receiving payment of or on account of the principal and interest due hereon and for all other purposes, and neither the Company nor the Trustee nor any paying agent shall be affected by any notice to the contrary. No recourse shall be had for the payment of the principal of or interest on this bond to any incorporator or any past, present or future stockholder, officer or director of the Company or of any predecessor or successor corporation, either directly or indirectly, by virtue of any statute or by enforcement of any assessment or otherwise, and any and all liability of the said incorporators, stockholders, officers or directors of the Company or of any predecessor or successor corporation in respect to this bond is hereby expressly waived and released by every holder hereof, except to the extent that such liability may not be waived or released under the provisions of the Securities Act of 1933, as amended, or of the rules and regulations of the Securities and Exchange Commission thereunder. (End of Form of Reverse of Bond) WHEREAS, on the face of each of the bonds of the New Series, there is to be endorsed a certificate of the Trustee in substantially the following form, to wit: (Form of Trustee's Certificate) This bond is one of the bonds, of the series designated therein, provided for in the within-mentioned Mortgage and in the One Hundred and Twenty-Fifth Supplemental Indenture dated as of August 15, 2025.

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&nbsp;&nbsp;&nbsp;&nbsp;24 U.S. BANK NATIONAL ASSOCIATION, Trustee By______________________________ Authorized Officer and WHEREAS, all acts and things necessary to make the bonds of the New Series, when duly executed by the Company and authenticated by the Trustee as provided in the Mortgage and indentures supplemental thereto, and issued by the Company, the valid, binding and legal obligations of the Company, and this Supplemental Indenture a valid and enforceable supplement to the Mortgage, have been done, performed and fulfilled and the execution and delivery hereof have been in all respects duly and lawfully authorized. NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: That in order to secure the payment of the principal of and interest on all bonds issued and to be issued under the Mortgage and/or under any indenture supplemental thereto, according to their tenor and effect, and according to the terms of the Mortgage and of any indenture supplemental thereto, and to secure the performance of the covenants and obligations in the bonds and in the Mortgage and any indenture supplemental thereto respectively contained, and for the proper assuring, conveying, and confirming unto the Trustee, its successors in trust and its and their assigns forever, upon the trusts and for the purposes expressed in the Mortgage and in any indentures supplemental thereto, all and singular the estates, property and franchises of the Company thereby mortgaged or intended so to be, the Company, for and in consideration of the premises and of the sum of One Dollar ($1.00) in hand paid by the Trustee to the Company upon the execution and delivery of this Supplemental Indenture, receipt whereof is hereby acknowledged, and of other good and valuable consideration, has granted, bargained, sold, conveyed, released, confirmed, pledged, assigned, transferred and set over and by these presents does grant, bargain, sell, convey, release, confirm, pledge, assign, transfer, and set over to U.S. Bank National Association, as Trustee, and to its successors in trust and its and their assigns forever, all the following described property, real, personal and mixed of the Company, viz.: The real property set forth in Exhibit A, attached hereto and hereby made a part hereof, with any improvements thereon erected as may be owned by the Company but not specifically described in the Mortgage or in any indenture supplemental thereto heretofore executed, in the places set forth in Exhibit A. All of the real property with any improvements thereon erected as may be owned by the Company and described in the Mortgage or in any indenture supplemental thereto as may heretofore have been executed, delivered and recorded, but excluding therefrom all real property heretofore released from the lien of the Mortgage. The purpose of restating such prior conveyances as security is to confirm that the obligations of the Company as provided in this Supplemental Indenture are included within the lien and security of the Mortgage, and that public record be made of such purpose and fact by the recording of this Supplemental Indenture. Together with all gas works, electric works, plants, buildings, structures, improvements and machinery located upon such real estate or any portion thereof, and all rights, privileges and easements of every kind and nature appurtenant thereto, and all and singular the tenements, hereditaments and

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&nbsp;&nbsp;&nbsp;&nbsp;25 appurtenances belonging to the real estate or any part thereof hereinbefore described or referred to or intended so to be, or in any way appertaining thereto, and the reversions, remainders, rents, issues and profits thereof; also all the estate, right, title, interest, property, possession, claim and demand whatsoever, as well in law as in equity, of the Company, of, in and to the same and any and every part thereof, with the appurtenances. Also all the Company's electric transmission and distribution lines and systems, substations, transforming stations, structures, machinery, apparatus, appliances, devices and appurtenances. Also all the Company's gas transmission and distribution mains, pipes, pipe lines and systems, storage facilities, structures, machinery, apparatus, appliances, devices and appurtenances. Also all plants, systems, works, improvements, buildings, structures, fixtures, appliances, engines, furnaces, boilers, machinery, retorts, tanks, condensers, pumps, gas tanks, holders, reservoirs, expansion tanks, gas mains and pipes, tunnels, service pipe, pipe lines, fittings, gates, valves, connections, gas and electric meters, generators, dynamos, fans, supplies, tools and implements, tracks, sidings, motor and other vehicles, all electric light lines, electric power lines, transmission lines, distribution lines, conduits, cables, stations, substations, and distributing systems, motors, conductors, converters, switchboards, shafting, belting, wires, mains, feeders, poles, towers, mast arms, brackets, pipes, lamps, insulators, house wiring connections and all instruments, appliances, apparatus, fixtures, fittings and equipment and all stores, repair parts, materials and supplies of every nature and kind whatsoever now or hereafter owned by the Company in connection with or appurtenant to its plants and systems for production, purchase, storage, transmission, distribution, utilization and sale of gas and its by-products and residual products, and/or for the generation, production, purchase, storage, transmission, distribution, utilization and sale of electricity, or in connection with such business. Also all the goodwill of the business of the Company, and all rights, claims, contracts, leases, patents, patent rights, and agreements, all accounts receivable, accounts, claims, demands, choses in action, books of account, cash assets, franchises, ordinances, rights, powers, easements, water rights, riparian rights, licenses, privileges, immunities, concessions and consents now or hereafter owned by the Company in connection with or appurtenant to its said business. Also all the right, title and interest of the Company in and to all contracts for the purchase, sale or supply of gas, and its by-products and residual products of electricity and electrical energy, now or hereafter entered into by the Company with the right on the part of the Trustee, upon the happening of an event of default as defined in the Mortgage as supplemented by any supplemental indenture, to require a specific assignment of any and all such contracts, whenever it shall request the Company to make the same. Also all rents, tolls, earnings, profits, revenues, dividends and income arising or to arise from any property now owned, leased, operated or controlled or hereafter acquired, leased, operated or controlled by the Company and subject to the lien of the Mortgage and indentures supplemental thereto. Also all the estate, right, title and interest of the Company, as lessee, in and to any and all demised premises under any and all agreements of lease now or at any time hereafter in force, insofar as the same may now or hereafter be assignable by the Company. Also all other property, real, personal and mixed not hereinbefore specified or referred to, of every kind and nature whatsoever, now owned, or which may hereafter be owned by the Company (except shares of stock, bonds or other securities not now or hereafter specifically pledged under the Mortgage and indentures supplemental thereto or required to be pledged thereunder by the provisions of the Mortgage or any indenture supplemental thereto), together with all and singular the tenements, hereditaments and

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&nbsp;&nbsp;&nbsp;&nbsp;26 appurtenances thereunto belonging or in any way appertaining and the reversions, remainder or remainders, rents, issues and profits thereof; and also all the estate, right, title, interest, property, claim and demand whatsoever as well in law as in equity of the Company of, in and to the same and every part and parcel thereof. It is the intention and it is hereby agreed that all property and the earnings and income thereof acquired by the Company after the date hereof shall be as fully embraced within the provisions hereof and subject to the lien hereby created for securing the payment of all bonds, together with the interest thereon, as if the property were now owned by the Company and were specifically described herein and conveyed hereby, provided nevertheless, that no shares of stock, bonds or other securities now or hereafter owned by the Company, shall be subject to the lien of the Mortgage and indentures supplemental thereto unless now or hereafter specifically pledged or required to be pledged thereunder by the provisions of the Mortgage or any indenture supplemental thereto. TO HAVE AND TO HOLD, all and singular the property, rights, privileges and franchises hereby conveyed, transferred or pledged or intended so to be, including after-acquired property, together with all and singular the reversions, remainders, rents, revenues, income, issues and profits, privileges and appurtenances, now or hereafter belonging or in any way appertaining thereto, unto the Trustee and its successors in the trust hereby created, and its and their assigns forever; IN TRUST NEVERTHELESS, for the equal and pro rata benefit and security of each and every person or corporation who may be or become the holders of bonds secured by the Mortgage and indentures supplemental thereto, without preference, priority or distinction (except as provided in Section 1 of Article VIII of the Mortgage) as to lien or otherwise of any bond of any series over or from any other bond, so that (except as aforesaid) each and every of the bonds issued or to be issued, of whatsoever series, shall have the same right, lien, privilege under the Mortgage and indentures supplemental thereto and shall be equally secured thereby and hereby, with the same effect as if the bonds had all been made, issued and negotiated simultaneously on the date of the Mortgage. AND THIS SUPPLEMENTAL INDENTURE FURTHER WITNESSETH: It is hereby covenanted that all bonds secured by the Mortgage and indentures supplemental thereto with the coupons appertaining thereto, are issued to and accepted by each and every holder thereof, and that the property aforesaid and all other property subject to the lien of the Mortgage and indentures supplemental thereto is held by or hereby conveyed to the Trustee, under and subject to the trusts, conditions and limitations set forth in the Mortgage and indentures supplemental thereto and upon and subject to the further trusts, conditions and limitations hereinafter set forth, as follows, to wit: ARTICLE I AMENDMENTS OF MORTGAGE Section 1. Article II of the Ninth Supplemental Indenture to the Mortgage, as heretofore amended, is hereby further amended as follows: By adding to paragraph (d) of Section 5 and to the first clause of Section 9, the following: "4.875% SERIES DUE 2035" "5.650% SERIES DUE 2055"

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&nbsp;&nbsp;&nbsp;&nbsp;27 ARTICLE II. BONDS OF THE NEW SERIES Section 1. The bonds of the New Series shall be designated as hereinabove specified for such designation in the recital immediately preceding the forms of bonds of the New Series, subject however, to the provisions of Section 2 of Article I of the Mortgage, as amended, and are issuable only as registered bonds without coupons, substantially in the form hereinbefore recited. Subject to the provisions of the Mortgage, the bonds of the New Series shall be issuable without limitation as to the aggregate principal amount thereof. The bonds of the New Series shall bear interest from the date thereof and shall be dated as of the interest payment date to which interest was paid next preceding the date of issue unless (a) such date of issue is an interest payment date to which interest was paid, in which event such bonds shall be dated as of such interest payment date, or (b) issued prior to the occurrence of the first interest payment date on which interest is to be paid, in which event such bonds shall be dated September 10, 2025. The bonds of the 4.875% Series due 2035 shall mature on September 15, 2035. The bonds of the 5.650% Series due 2055 shall mature on September 15, 2055. The bonds of the New Series shall bear interest (computed on the basis of a 360-day year of twelve 30-day months) at the rate provided in the forms of bonds hereinbefore recited, payable on March 15 and September 15 of each year, beginning on March 15, 2026, until the Company's obligation with respect to the payment of principal thereof shall have been discharged. In the event that any interest payment date is not a Business Day (as defined below), then the payment of interest payable on such date will be made on the next succeeding day which is a Business Day with the same force and effect as if made on the interest payment date (and without any interest or other payment in respect of such delay). Both principal and interest on bonds of the New Series shall be payable at the office or agency of the Company in the City of Philadelphia, Pennsylvania, or, at the option of the holder, at the office or agency of the Company in the Borough of Manhattan, The City of New York, and shall be payable in such coin or currency of the United States of America as at the time of payment shall constitute legal tender for the payment of public and private debts. The bonds of the New Series shall be in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. Any bond or bonds of the New Series shall be exchangeable for another bond or bonds of the New Series in a like aggregate principal amount and maturity. Any such exchange may be made upon presentation at the corporate trust office of the Trustee in the City of Philadelphia, Pennsylvania, or, at the option of the holder, at the office or agency of the Company in the Borough of Manhattan, The City of New York, without any charge other than a sum sufficient to reimburse the Company for any stamp tax or other governmental charge incident to the exchange. Section 2. (a) Initially, the bonds of the New Series shall be issued pursuant to a book-entry system administered by The Depository Trust Company (or its successor, referred to herein as the "Depository") as a global security with no physical distribution of bond certificates to be made except as provided in this Section 2. Any provisions of the Mortgage or the bonds of the New Series requiring physical delivery of bonds shall, with respect to any bonds of the New Series held under the book-entry system, be deemed to be satisfied by a notation on the bond registration books maintained by the Trustee that such bonds are subject to the book-entry system.

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&nbsp;&nbsp;&nbsp;&nbsp;28 (b) So long as the book-entry system is being used, one or more bonds of the New Series in the aggregate principal amount of the bonds of the New Series and registered in the name of the Depository's nominee (the "Nominee") will be issued and required to be deposited with the Depository and held in its custody. The book-entry system will be maintained by the Depository and its participants and indirect participants and will evidence beneficial ownership of the bonds of the New Series, with transfers of ownership effected on the records of the Depository, the participants and the indirect participants pursuant to rules and procedures established by the Depository, the participants and the indirect participants. The principal of and any premium on each bond of the New Series shall be payable to the Nominee or any other person appearing on the registration books as the registered holder of such bond or its registered assigns or legal representative at the office of the office or agency of the Company in the City of Philadelphia, Pennsylvania or the Borough of Manhattan, The City of New York. So long as the book- entry system is in effect, the Depository will be recognized as the holder of the bonds of the New Series for all purposes. Transfers of principal, interest and any premium payments or notices to participants and indirect participants will be the responsibility of the Depository, and transfers of principal, interest and any premium payments or notices to beneficial owners will be the responsibility of participants and indirect participants. No other party will be responsible or liable for such transfers of payments or notices or for maintaining, supervising or reviewing such records maintained by the Depository, the participants or the indirect participants. While the Nominee or the Depository, as the case may be, is the registered owner of the bonds of the New Series, notwithstanding any other provisions set forth herein, payments of principal of, redemption premium, if any, and interest on the bonds of the New Series shall be made to the Nominee or the Depository, as the case may be, by wire transfer in immediately available funds to the account of such holder. Without notice to or consent of the beneficial owners, the Trustee with the consent of the Company and the Depository may agree in writing to make payments of principal, redemption price and interest in a manner different from that set forth herein. In such event, the Trustee shall make payment with respect to the bonds of the New Series in such manner as if set forth herein. (c) The Company may at any time elect (i) to provide for the replacement of any Depository as the depository for the bonds of the New Series with another qualified depository, or (ii) to discontinue the maintenance of the bonds of the New Series under book-entry system. In such event, the Trustee shall give 30 days' prior notice of such election to the Depository (or such fewer number of days acceptable to such Depository). (d) Upon the discontinuance of the maintenance of the bonds of the New Series under a book-entry system, the Company will cause the bonds to be issued directly to the beneficial owners of the bonds of the New Series, or their designees, as further described below. In such event, the Trustee shall make provisions to notify participants and beneficial owners of the bonds of the New Series, by mailing an appropriate notice to the Depository, that bonds of the New Series will be directly issued to beneficial owners of the bonds as of a date set forth in such notice (or such fewer number of days acceptable to such Depository). (e) In the event that bonds of the New Series are to be issued to beneficial owners of the bonds, or their designees, the Company shall promptly have bonds of the New Series prepared in certificated form registered in the names of the beneficial owners of such bonds shown on the records of the participants provided to the Trustee, as of the date set forth in the notice above. Bonds issued to beneficial owners, or their designees shall be substantially in the form set forth in this Supplemental Indenture, but will not include the provision related to global securities. (f) If the Depository is replaced as the depository for the bonds of the New Series with another qualified depository, the Company will issue a replacement global security substantially in the form set forth in this Supplemental Indenture.

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&nbsp;&nbsp;&nbsp;&nbsp;29 (g) The Company and the Trustee shall have no liability for the failure of any Depository to perform its obligations to any participant, any indirect participant or any beneficial owner of any bonds of the New Series, and the Company and the Trustee shall not be liable for the failure of any participant, indirect participant or other nominee of any beneficial owner or any bonds of the New Series to perform any obligation that such participant, indirect participant or other nominee may incur to any beneficial owner of the bonds of the New Series. Neither the Trustee nor any of its agents shall have any responsibility for any actions taken or not taken by the Depository. (h) Notwithstanding any other provision of the Mortgage, on or prior to the date of issuance of the bonds of the New Series, the Trustee shall have executed and delivered to the initial Depository a Letter of Representations governing various matters relating to the Depository and its activities pertaining to the bonds of the New Series. The terms and provisions of such Letter of Representations are incorporated herein by reference and, in the event there shall exist any inconsistency between the substantive provisions of the said Letter of Representations and any provisions of the Mortgage, then, for as long as the initial Depository shall serve as depository with respect to the bonds of the New Series, the terms of the Letter of Representations shall govern. (i) The Company and the Trustee may rely conclusively upon (i) a certificate of the Depository as to the identity of a participant in the book-entry system; (ii) a certificate of any participant as to the identity of any indirect participant and (iii) a certificate of any participant or any indirect participant as to the identity of, and the respective principal amount of bonds of the New Series owned by, beneficial owners. (j) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Supplement Indenture or under applicable law with respect to any transfer or any interest in the bonds of the New Series (including any transfer between or among DTC participants, members or beneficial owners in global security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Supplemental Indenture, and to examine the same to determine substantial compliance as to form with the express requirements thereof. Section 3. So long as the bonds of the New Series are held by The Depository Trust Company, such bonds of the New Series shall bear the following legend: UNLESS THIS BOND IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY BOND ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. Section 4. So long as any of the bonds of the New Series remain outstanding, the Company shall keep at its office or agency in the Borough of Manhattan, The City of New York, as well as at the corporate trust office of the Trustee in the City of Philadelphia, Pennsylvania, books for the registry and transfer of outstanding bonds of the New Series, in accordance with the terms and provisions of the bonds of the New Series and the provisions of Section 8 of Article I of said Mortgage.

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&nbsp;&nbsp;&nbsp;&nbsp;30 Section 5. So long as any bonds of the New Series remain outstanding, the Company shall maintain an office or agency in the City of Philadelphia, Pennsylvania, and an office or agency in the Borough of Manhattan, The City of New York, for the payment upon proper demand of the principal of, the interest on, or the redemption price of the outstanding bonds of the New Series, and will from time to time give notice to the Trustee of the location of such office or agency. In case the Company shall fail to maintain for such purpose an office or agency in the City of Philadelphia or shall fail to give such notice of the location thereof, then notices, presentations and demands in respect of the bonds of the New Series may be given or made to or upon the Trustee at its office in the City of Philadelphia and the principal of, the interest on, and the redemption price of said bonds in such event be payable at said office of the Trustee. All bonds of the New Series when paid shall forthwith be cancelled. Section 6. The record date for determining the registered holder of this bond entitled to an interest payment shall be fourteen calendar days prior to any interest payment date. Only the registered holder of such bond on such record date shall be entitled to receive such payment, notwithstanding any transfer of such bond upon the registration books subsequent to such record date. Section 7. The bonds of the New Series shall be issued under and subject to all of the terms and provisions of the Mortgage, of the indentures supplemental thereto referred to in the recitals hereof and of this Supplemental Indenture which may be applicable to such bonds or applicable to all bonds issued under the Mortgage and indentures supplemental thereto. ARTICLE III. ISSUE AND AUTHENTICATION OF BONDS OF THE 4.875% SERIES DUE 2035 In addition to any bonds of any series which may from time to time be executed by the Company and authenticated and delivered by the Trustee upon compliance with the provisions of the Mortgage and/or of any indenture supplemental thereto, bonds of the 4.875% Series due 2035 in an aggregate principal amount of $525,000,000 shall forthwith be executed by the Company and delivered to the Trustee, and the Trustee shall thereupon, whether or not this Supplemental Indenture shall have been recorded, authenticate and deliver said bonds to or upon the written order of the President, a Vice President, the Treasurer, or the Assistant Treasurer of the Company, under the terms and provisions of paragraph (e) of Section 3 of Article II of the Mortgage, as amended. ARTICLE IV. REDEMPTION OF BONDS OF THE 4.875% SERIES DUE 2035 Section 1. The bonds of the 4.875% Series due 2035 shall be redeemable at the option of the Company, as a whole or in part, at any time upon notice sent by the Company through the mail, postage prepaid, or electronically delivered (or otherwise transmitted in accordance with DTC's (or another depositary's) procedures) at least ten (10) days and not more than sixty (60) days prior to the date fixed for redemption, to the registered holder of each bond to be redeemed, addressed to such holder at his address appearing upon the registration books. At any time prior to June 15, 2035 (three months prior to the maturity date of the bonds of the 4.875% Series due 2035) (as used in this Article IV, the "Par Call Date"), the redemption price (expressed as a percentage of principal amount and rounded to three decimal places) shall be equal to the greater of (1) 100% of the principal amount of the bonds to be redeemed; and (2) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the bonds to be redeemed matured on the Par Call Date) on a

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&nbsp;&nbsp;&nbsp;&nbsp;31 semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 12.5 basis points less (b) interest accrued to the redemption date; plus, in each case, accrued and unpaid interest to, but not including, the redemption date. On or after the Par Call Date, the Company may redeem the bonds of the 4.875% Series due 2035, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the bonds of the 4.875% Series due 2035 being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the bonds of the 4.875% Series due 2035 or portions of the bonds of the 4.875% Series due 2035 called for redemption. For purposes of this Section 1, "Treasury Rate" means, with respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs. The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) - H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities–Treasury constant maturities–Nominal" (or any successor caption or heading) ("H.15 TCM"). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the "Remaining Life"); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. If on the third Business Day preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

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&nbsp;&nbsp;&nbsp;&nbsp;32 "Business Day" means any day that is not a day on which banking institutions in New York City are authorized or required by law or regulation to close. The Company's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. The Trustee will have no obligation to calculate or verify the calculation of the amount of the redemption price. In the case of a partial redemption, selection of the bonds of the 4.875% Series due 2035 for redemption will be made pro rata, by lot or by such other method as the Trustee deems appropriate and fair. No bonds of the 4.875% Series due 2035 of a principal amount of $2,000 or less will be redeemed in part. If any bond of the New Series is to be redeemed in part only, the notice of redemption that relates to the bond will state the portion of the principal amount of the bonds of the 4.875% Series due 2035 to be redeemed. A new bond of the New Series in a principal amount equal to the unredeemed portion of the bonds of the 4.875% Series due 2035 will be issued in the name of the holder of the bonds of the 4.875% Series due 2035 upon surrender for cancellation of the original bonds of the 4.875% Series due 2035. For so long as the bonds of the 4.875% Series due 2035 are held by DTC (or another depositary), the redemption of the bonds of the 4.875% Series due 2035 shall be done in accordance with the policies and procedures of the depositary. Section 2. In case the Company shall desire to exercise such right to redeem and pay off all or any part of such bonds of the 4.875% Series due 2035 as hereinbefore provided it shall comply with all the terms and provisions of Article III of the Mortgage, as amended, applicable thereto, and such redemption shall be made under and subject to the terms and provisions of Article III and in the manner and with the effect therein provided, but at the time or times and upon mailing of notice, all as hereinbefore set forth in Section 1 of this Article. No publication of notice of any redemption of any bonds of the 4.875% Series due 2035 shall be required. ARTICLE V ARTICLE VIISSUE AND AUTHENTICATION OF BONDS OF THE 5.650% SERIES DUE 2055 In addition to any bonds of any series which may from time to time be executed by the Company and authenticated and delivered by the Trustee upon compliance with the provisions of the Mortgage and/or of any indenture supplemental thereto, bonds of the 5.650% Series due 2055 in an aggregate principal amount of $525,000,000 shall forthwith be executed by the Company and delivered to the Trustee, and the Trustee shall thereupon, whether or not this Supplemental Indenture shall have been recorded, authenticate and deliver said bonds to or upon the written order of the President, a Vice President, the Treasurer, or the Assistant Treasurer of the Company, under the terms and provisions of paragraph (e) of Section 3 of Article II of the Mortgage, as amended. ARTICLE VII. REDEMPTION OF BONDS OF THE 5.650% SERIES DUE 2055 Section 1. The bonds of the 5.650% Series due 2055 shall be redeemable at the option of the Company, as a whole or in part, at any time upon notice sent by the Company through the mail, postage prepaid, or electronically delivered (or otherwise transmitted in accordance with DTC's (or another depositary's) procedures) at least ten (10) days and not more than sixty (60) days prior to the date fixed for redemption, to the registered holder of each bond to be redeemed, addressed to such holder at his address appearing upon the registration books. At any time prior to March 15, 2055 (six months prior to the maturity date of the bonds of the 5.650% Series due 2055) (as used in this Article VII, the "Par Call Date"), the

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&nbsp;&nbsp;&nbsp;&nbsp;33 redemption price (expressed as a percentage of principal amount and rounded to three decimal places) shall be equal to the greater of (1) 100% of the principal amount of the bonds to be redeemed; and (2) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the bonds to be redeemed matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points less (b) interest accrued to the redemption date; plus, in each case, accrued and unpaid interest to, but not including, the redemption date. On or after the Par Call Date, the Company may redeem the bonds of the 5.650% Series due 2055, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the bonds of the 5.650% Series due 2055 being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the bonds of the 5.650% Series due 2055 or portions of the bonds of the 5.650% Series due 2055 called for redemption. For purposes of this Section 1, "Treasury Rate" means, with respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs. The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) - H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities–Treasury constant maturities–Nominal" (or any successor caption or heading) ("H.15 TCM"). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the "Remaining Life"); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. If on the third Business Day preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United

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&nbsp;&nbsp;&nbsp;&nbsp;34 States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. "Business Day" means any day that is not a day on which banking institutions in New York City are authorized or required by law or regulation to close. The Company's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. The Trustee will have no obligation to calculate or verify the calculation of the amount of the redemption price. In the case of a partial redemption, selection of the bonds of the 5.650% Series due 2055 for redemption will be made pro rata, by lot or by such other method as the Trustee deems appropriate and fair. No bonds of the 5.650% Series due 2055 of a principal amount of $2,000 or less will be redeemed in part. If any bond of the New Series is to be redeemed in part only, the notice of redemption that relates to the bond will state the portion of the principal amount of the bonds of the 5.650% Series due 2055 to be redeemed. A new bond of the New Series in a principal amount equal to the unredeemed portion of the bonds of the 5.650% Series due 2055 will be issued in the name of the holder of the bonds of the 5.650% Series due 2055 upon surrender for cancellation of the original bonds of the 5.650% Series due 2055. For so long as the bonds of the 5.650% Series due 2055 are held by DTC (or another depositary), the redemption of the bonds of the 5.650% Series due 2055 shall be done in accordance with the policies and procedures of the depositary. In case the Company shall desire to exercise such right to redeem and pay off all or any part of such bonds of the 5.650% Series due 2055 as hereinbefore provided it shall comply with all the terms and provisions of Article III of the Mortgage, as amended, applicable thereto, and such redemption shall be made under and subject to the terms and provisions of Article III and in the manner and with the effect therein provided, but at the time or times and upon mailing of notice, all as hereinbefore set forth in Section 1 of this Article. No publication of notice of any redemption of any bonds of the 5.650% Series due 2055 shall be required. ARTICLE V. CERTAIN EVENTS OF DEFAULT; REMEDIES Section 1. So long as any bonds of the New Series remain outstanding, in case one or more of the following events shall happen, such events shall, in addition to the events of default heretofore enumerated in paragraphs (a) throughout (d) of Section 2 of Article VIII of the Mortgage, constitute an "event of default" under the Mortgage, as fully as if such events were enumerated therein: (e) default shall be made in the due and punctual payment of the principal (including the full amount of any applicable optional redemption price) of any bond or bonds of the New Series whether at the maturity of said bonds, or at a date fixed for redemption of said bonds, or any of them, or by declaration as authorized by the Mortgage; Section 2. So long as any bonds of the New Series remain outstanding, Section 10 of Article VIII of the Mortgage, as heretofore amended, is hereby further amended by inserting in the first paragraph of such Section 10, immediately after the words "as herein provided," at the end of clause (2) thereof, the following: "or (3) in case default shall be made in any payment of any interest on any bond or bonds secured by this indenture or in the payment of the principal (including any applicable optional redemption price) of any bond or bonds secured by this indenture, where such default is not of the character referred to in clause

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&nbsp;&nbsp;&nbsp;&nbsp;35 (1) or (2) of this Section 10 but constitutes an event of default within the meaning of Section 2 of this Article VIII." ARTICLE VI. CONCERNING THE TRUSTEE The Trustee hereby accepts the trust herein declared and provided and agrees to perform the same upon the terms and conditions set forth in the Mortgage, as amended and supplemented, and upon the following terms and conditions: The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity of this Supplemental Indenture or the due execution hereof by the Company or for or in respect of the recitals contained herein, all of which recitals are made by the Company solely. In acting hereunder and with respect to the bonds of the New Series, the rights, privileges, protections, immunities and benefits afforded to the Trustee under the Mortgage and indentures supplemental thereto, including, without limitation, its right to be indemnified, are deemed to be incorporated herein, and shall be enforceable by the Trustee hereunder, in each of its capacities hereunder as if set forth herein in full. ARTICLE VII. MISCELLANEOUS Section 1. Unless otherwise clearly required by the context, the term "Trustee," or any other equivalent term used in this Supplemental Indenture, shall be held and construed to mean the trustee under the Mortgage for the time being whether the original or a successor trustee. Section 2. The headings of the Articles of this Supplemental Indenture are inserted for convenience of reference only and are not to be taken to be any part of this Supplemental Indenture or to control or affect the meaning of the same. Section 3. Nothing expressed or mentioned in or to be implied from this Supplemental Indenture or in or from the bonds of the New Series is intended, or shall be construed, to give any person or corporation, other than the parties hereto and their respective successors, and the holders of bonds secured by the Mortgage and the indentures supplemental thereto, any legal or equitable right, remedy or claim under or in respect of such bonds or the Mortgage or any indenture supplemental thereto, or any covenant, condition or provision therein or in this Supplemental Indenture contained. All the covenants, conditions and provisions thereof and hereof are for the sole and exclusive benefit of the parties hereto and their successors and of the holders of bonds secured by the Mortgage and indentures supplemental thereto. Section 4. This Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all collectively but one instrument. The Trustee shall have the right to accept and act upon any notice, instruction, or other communication, including any funds transfer instruction, (each, a "Notice") received pursuant to this Agreement by electronic transmission (including by e-mail, facsimile transmission, web portal or other electronic methods) and shall not have any duty to confirm that the person sending such Notice is, in fact, a person authorized to do so. Electronic signatures believed by Trustee to comply with the ESIGN Act of 2000 or other applicable law (including electronic images of handwritten signatures and digital signatures provided by DocuSign, Orbit, Adobe Sign or any other digital signature provider identified by any other party hereto and acceptable to Trustee) shall be deemed original signatures

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&nbsp;&nbsp;&nbsp;&nbsp;36 for all purposes. Each other party to this Agreement assumes all risks arising out of the use of electronic signatures and electronic methods to send Notices to Trustee, including without limitation the risk of Trustee acting on an unauthorized Notice and the risk of interception or misuse by third parties. Notwithstanding the foregoing, Trustee may in any instance and in its sole discretion require that a Notice in the form of an original document bearing a manual signature be delivered to Trustee in lieu of, or in addition to, any such electronic Notice. Section 5. This Supplemental Indenture shall be effective as of August 15, 2025, but was actually executed and delivered as of August 28, 2025 by the Trustee, and as of August 15, 2025 by the Company. [Remainder of this page intentionally left blank]

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&nbsp;&nbsp;&nbsp;&nbsp;A-1 Exhibit A 100 Cromby Road, Township Line Road, Cromby Road Phoenixville, PA 19460 County of Chester and Commonwealth of Pennsylvania PREMISES A ALL THOSE THREE (3) certain tracts or parcels of ground with the buildings and improvements thereon erected, Situate in the Township of East Pikeland in the County of Chester and Commonwealth of Pennsylvania, bounded and described in accordance with a survey and plan made thereof by T.G. Colesworthy, County Surveyor, dated December 1918, as follows: NO. 1 - BEGINNING at a point on the Easterly right of way line of Schuylkill Valley Branch of the Pennsylvania Railroad Company a corner common to ground herein described and other ground of Philadelphia Electric Company, said point also being 40 feet distant measured Northeastwardly from and radially to the center line of the aforesaid railroad and 37.5 feet distant measured Northwardly from and at right angles to the center line of Philadelphia Electric Company's steel tower transmission line, extending thence from said point of beginning along the Easterly right of way line of said railroad parallel with and 40 feet distant measured Northeastwardly from the center line of the aforesaid railroad the three (3) following courses and distances; (1) on a line curving to the right in a general Northeasterly direction with a radius of 1233.57 feet an arc distance of 567.80 feet the chord of which bears North 06 degrees 35 minutes 50 seconds East562.69 feet to a point; (2) North 19 degrees 47 minutes East 1,566.22 feet and (3) on a line curving to the left in a general Northeasterly direction with a radius of 2,904.93 feet an arc distance of 439.60 feet the chord of which bears North 15 degrees 29 minutes 40 seconds East 439.11 feet to a point; thence South 78 degrees 50 minutes 30 seconds East 10 feet to a point, said point being 50 feet measured Eastwardly from and radially to the last mentioned center line; thence continuing along aforesaid Easterly right of way line parallel with and 50 feet distant measured Eastwardly from the last mentioned centerline on a line curving to the left in a general Northeasterly direction with a radius of 2,914.93 feet an arc distance of 406.90 feet the chord of which bears North 07 degrees 09 minutes 30 seconds East 406.60 feet to a point; thence North 86 degrees 50 minutes 30 seconds West 10 feet to a point, said point being 40 feet measured Northeastwardly from and radially to the last mentioned center line and thence continuing along the aforesaid Easterly right of way line parallel with and 40 feet distant measured Eastwardly from the last mentioned centerline the two (2) following courses and distances; (1) on a line curving to the left in a general Northwestwardly direction with a radius of 2,904.93 feet an arc distance of 430.60 feet the chord of which bears North 01 degree 05 minutes 20 seconds West 430.14 feet to a point and (2) North 05 degrees 20 minutes West 885.50 feet to a point in line of ground of others; thence by ground of others North 36 degrees 20 minutes East crossing a canal 321.40 feet to the Schuylkill River; thence along the said Schuylkill River the following (13) courses and distances; (1) South 13 degrees 06 minutes East 371.80 feet to a point; (2) South 07 degrees 22 minutes 30 seconds East 391.05 feet to a point; (3) South 03 degrees 41 minutes 30 seconds East 377.47 feet to a point; (4) South no degrees 29 minutes 30 seconds West 490.88 feet to a point; (5) South 06 degrees 44 minutes East 278.57 feet to a point; (6) South 02 degrees 12 minutes East 277.35 feet to a point; (7) South 09 degrees 56 minutes West 220 feet.80 feet to a point; (8) South 11 degrees 47 minutes 20 seconds East 254.77 feet to a point; (9) South 12 degrees 32 minutes West 303.92 feet to a point; (10) South 14 degrees 09 minutes West 287.10 feet to a point; (11) South 07 degrees 57 minutes West 464.25 feet to a point; (12) South no degrees 14 minutes 30 seconds East 457.35 feet to a point; and (13) South 01 degrees 53 minutes East 143.84 feet to a point a corner common to ground herein described and other ground of Philadelphia Electric Company and thence by other ground of Philadelphia Electric Company the following three (3) courses

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&nbsp;&nbsp;&nbsp;&nbsp;A-2 and distances; (1) South 78 degrees 49 minutes West crossing the aforesaid canal and stone Southwest of said canal 737.90 feet to a point; (2) South 07 degrees 52 minutes East 23.18 feet to a point; and (3) North 71 degrees 27 minutes West 36.57 feet to the first mentioned point and place of beginning. CONTAINING 40.655 acres. (Part of Tax ID 26-1-56) No. 2 - BEGINNING at a point on the Westerly right of way line of the Schuylkill Valley Branch of The Pennsylvania Railroad Company a corner common to ground herein described and other ground of Philadelphia Electric Company said point also being 40 feet distant measured Southwestwardly from and radially to the center line of aforesaid railroad company and 37.5 feet distant measured Northwardly from and at right angles to the center line of Philadelphia Electric Company's Steel tower transmission line, extending from said point of beginning parallel with and 37.5 feet distance measured Northeastwardly from the last mentioned center line the two (2) following courses and distances; (1) North 71 degrees 27 minutes West 28.01 feet to a point; and North 67 degrees 02 minutes West crossing a public road and Stoney Run 1,072.24 feet to a point in line of ground now or late of William H. Sowers also a corner common to ground herein described and other ground of Philadelphia Electric Company, thence by ground now or late of William H. Sowers the two (2) following courses and distances; (1) North 23 degrees 29 minutes West 55.29 feet to a stone and (2) North 23 degrees 42 minutes 20 seconds West 235.94 feet to an iron pin; thence through ground of the Estate of Harry V. Elliott the two (2) following courses and distances; (1) South 67 degrees 02 minutes East re-crossing Stoney Run and an iron pin set 22 feet Northwest of the middle line of aforesaid public road 416.80 feet to a point in the middle of said public road and (2) North 65 degrees 21 minutes 50 seconds East crossing an iron pin set 23 feet Northeast of the middle of aforesaid public road 1,067.04 feet to an iron pin in the Westerly right of way line of the aforesaid railroad, said pin being 40 feet distant measured Westwardly from and at right angles to the center line of the said railroad; thence along the Westerly right of way line of said railroad parallel with and 40 feet distant measured Westwardly from the last mentioned center line the three following courses and distances; (1) South 19 degrees 47 minutes West 444.33 feet to a point; (2) on a line curving to the left in a general Southwesterly direction with a radius of 1,313.57 feet an arc distance of355.67 feet the chord of which bears South 12 degrees 02 minutes West 354.50 feet and (3) on a line curving to the left in a general Southeasterly direction with a radius of 1,313.57 feet an arc distance of 211.68 feet the chord of which bears South no degrees 21 minutes 30 seconds East 211.40 feet to the first mentioned point and place of beginning. CONTAINING 12.353 acres. No. 3 - BEGINNING at a point on the Westerly right of way line of the Schuylkill Valley Branch of the Pennsylvania Railroad Company a corner common to ground herein described and other ground of Philadelphia Electric Company also being 40 feet distant measured Southwestwardly from and radially to the center line of aforesaid railroad, extending thence from said point of beginning by other ground of Philadelphia Electric Company the four (4) following courses and distances; (1) North 46 degrees 59 minutes West crossing aforesaid public road 197.83 feet to a point; (2) North 53 degrees 20 minutes West 125.75 feet to a point; (3) North 55 degrees 59 minutes West 260.37 feet to a point, said point being 112.50 feet distant measured Southwestwardly from the center line of Philadelphia Electric Company's steel tower transmission line and (4) parallel with and 112.50 feet distant measured Southwestwardly from the last mentioned centerline North 67 degrees 02 minutes West crossing Stoney Run 749.90 feet to a point in line of ground now or late of William H. Sowers; thence by ground now or late of William H. Sowers the five following courses and distances; (1) South 68 degrees 18 minutes West 118.53 feet to a point; (2) South 59 degrees 28 minutes West 182.70 feet to a point; (3) South 68 degrees 23 minutes West 66.56 feet to a point; (4) North 87 degrees 41 minutes West 142.18 feet to a point; (5) South 71 degrees 16 minutes West 127.69 feet to a stone in line of ground now or

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&nbsp;&nbsp;&nbsp;&nbsp;A-3 late of John E. Griffith, a corner common to ground herein described and ground now or late of William H. Sowers; thence by ground now or late of John E. Griffith and Malcom Ottinger South 53 degrees 23 minutes East 2,281 feet to the middle of a public road a corner common to ground herein described and other ground of Philadelphia Electric Company; thence along the middle of aforesaid public road and other ground of Philadelphia Electric Company North 03 degrees 37 minutes 40 seconds West 651.71 feet to a point; thence leaving said public road and by other ground of Philadelphia Electric Company and right of way of the aforesaid railroad South 88 degrees 08 minutes East 38.80 feet to a point and thence along the Westerly right of way line of the aforesaid railroad North 18 degrees 15 minutes West 267.57 feet to the first mentioned point and place of beginning. CONTAINING 26.229 acres. (Part of Tax ID 26-3-46) TOGETHER with the full, free and uninterrupted right, liberty and privileges to erect, construct, in stall, use, operate, patrol, inspect, maintain, repair, renew, add to, relocate and remove facilities, including poles, cross arms, wires, cables, anchor guys and other equipment and appurtenances, necessary for transmitting and distributing electricity alone, on, over under and across. ALL THAT CERTAIN strip or piece of ground situate in the Township of Schuylkill in the County of Chester and Commonwealth of Pa., bounded and described in accordance with a survey and plan made thereof by T. G. Colesworthy, County Surveyor, dated December 1946, as follows: BEGINNING at a point at the intersection of the middle line of Township Line Road (dividing the Township of Schuylkill and East Pikeland) with the Westerly right of way line of the Schuylkill Valley Branch of the Pennsylvania Railroad Company, said point also being 50 feet distant measured Southwestwardly from and to right angles to the center line of aforesaid railroad, extending thence from said point of beginning along the said Westerly right of way line of said railroad parallel with and 50 feet distant measured Westwardly from the center line thereof the three (3) following courses and distances; (1) South 54 degrees 46 minutes 30 seconds East crossing an iron pin set on the Southeast side of said road 346.60 feet to an iron pin; (2) on a line curving to the right in a general Southeasterly direction with a radius of 905.37 feet an arc distance of 1271.37 feet to an iron pin the chord of which bears South 14 degrees 33 minutes East 1169.36 feet and (3) South 25 degrees 41 minutes West 277.16 feet to an iron pin a corner common to ground herein described and ground now or late of Holy Trinity Polish Church Cemetery; thence by said latter ground North 20 degrees 36 minutes West 69.18 feet to an iron pin; thence through ground of the Estate of Harry V. Elliott and on a line parallel with and 100 feet distant measured Westwardly from the aforesaid center line the three following courses and distances; (1) North 25 degrees 41 minutes East 206.69 feet to an iron pin; (2) on a line curving to the left in a general Northwesterly direction with a radius of 855.37 feet an arc distance of 1201.25 feet to an iron pin, the chord of which bears North 14 degrees 33 minutes West 1104.78 feet and (3) North 54 degrees 46 minutes 30 seconds West crossing an iron pin on the Southeast side of aforesaid road 348.36 feet to the middle line of said Township Line Road and thence along the middle line of said road North 37 degrees 14 minutes 30 seconds East 50.03 feet to the first mentioned point and place of beginning. CONTAINING 2.109 acres. TOGETHER with the right, as often as necessary to cut down and remove from said strip any trees, brush, buildings or other things and to cut, trim and keep trimmed any trees on the premises adjoining said strip on either side likely to interfere with the safe operation of the said facilities; also the right of ingress and egress, to, from and over said strip.

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&nbsp;&nbsp;&nbsp;&nbsp;A-4 EXCEPTING AND RESERVING THEREOUT AND THEREFROM: ALL THAT CERTAIN tract or parcel of land, situate in the Township of East Pikeland, County of Chester, and Commonwealth of Pa., bounded and described as follows: BEGINNING at an iron pipe in line dividing land of Philadelphia Electric Company and land now or late of Manor Real Estate Company, said iron pipe being at the Southwesterly corner of the parcel of land containing 7.8499 acres which has been conveyed by Manor Real Estate Company to The Pennsylvania Railroad Company by Deed dated April 11, 1956 and recorded in Deed Book No. B-26 page 249 & c., of the Deed Records of said Chester County, said iron pipe also being at the distance of 786.95 feet measured Northeastwardly along the prolongation of said dividing line and along said dividing line from a point at the intersection of the prolongation of aforesaid dividing line and the middle line of a public road (33 feet wide) and extending thence from said point of beginning along said land of The Pennsylvania Railroad Company, acquired as aforesaid, North 65 degrees 21 minutes 50 seconds East 280.09 feet to a point in the Westerly right of way line of the Schuylkill Branch of The Pennsylvania Railroad, (60 feet wide) said point being at the distance of 40 feet measured Westwardly from and at right angles to the center line of said railroad; thence along the last mentioned right of way line the two (2) following courses and distances; (1) on a line parallel with and 40 feet distant measured Westwardly from and at right angles to the last mentioned center line South 19 degrees 47 minutes West 444.33 feet to a point of curve and (2) continuing Southwardly on a line, parallel with and 40 feet distant measured Westwardly from and radially to the last mentioned center line, curving to the left having a radius of 1313.57 feet an arc distance of 520.37 feet to a point; thence through land of Philadelphia Electric Company, the five (5) following courses and distances; (1) North 71 degrees 43 minutes 44 seconds West 10.97 feet to a point; (2) on a line curving to the right in a General Northerly direction having a radius of 1,093.11 feet an arc distance of 501.94 feet to a point; (3) North 35 degrees 45 minutes West 66.64 feet to a point; (4) North 70 degrees 13 minutes West 111.26 feet to a point; (5) North 19 degrees 47 minutes East 246.82 feet to the first mentioned point and place of beginning. CONTAINING 1.938 acres, more or less. PREMISES B (Intentionally omitted) PREMISES C ALL THAT PARCEL of land SITUATE in the Township of East Pikeland, County of Chester, Commonwealth of Pa., bounded and described according to a Plan based upon a Plan of Survey made by Earl R. Ewing, Registered Surveyor, dated Nov. 25, 1953, as follows, viz: BEGINNING at an angle corner in the general Westerly line of land of The Pennsylvania Railroad Company occupied by the railroad of said Railroad Company, known as the Schuylkill Branch, said place of beginning being also the Northeasternmost corner of the parcel of land containing 79.520 acres which has been conveyed to Manor Real Estate and Trust Company by Joseph M. Marosek and Antonina, his wife, by deed dated May 12, 1954 and recorded in the Office for the Recording of Deeds, in and for said County of Chester in Deed Book R-24 Volume 589 at Page 415.

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&nbsp;&nbsp;&nbsp;&nbsp;A-5 EXTENDING from said place of beginning, the following ten courses and distances; (1) South 00 degrees 46 minutes West, along said general Westerly line of land of Railroad Company 65.0 feet to the Northernmost corner of the parcel of land containing 7.8499 acres which has been conveyed by Manor Real Estate Company to The Pennsylvania Railroad Company be deed dated April 11, 1956, and recorded in Deed Book No. B-26 at Page 249 etc. of the Deed Records of said Chester County; the following five courses and distances being along the general Westerly line of said last mentioned parcel of land; (2) South 19 degrees 03 minutes West 159.40 feet (3) South 00 degrees 46 minutes West 573.45 feet to a point of curve; (4) Southwardly on a curve to the right having a radius of 2,775 feet, an arc length of 658.37 feet (5) South 36 degrees 30 minutes West 501.29 feet; (6) South 25 degrees 56 minutes West 1,383.09 feet to an iron pipe in the Southwesterly corner of said parcel of land containing 7.8499 acres conveyed as aforesaid to said Railroad Company, said iron pipe being also at the Northwesterly corner of a parcel of land containing 1.938 acres which has been conveyed or is about to be conveyed by Philadelphia Electric Company to said Railroad Company; (7) South 71 degrees 30 minutes West along the line dividing land of said Philadelphia Electric Company and land of Manor Real Estate Company, 168.05 feet to a point distant 618.90 feet, measured Northeastwardly along the prolongation of said last mentioned land dividing line and along said dividing line from a point in the middle line of a public road 33 feet wide; the following two courses and distances being by remaining land of said Manor Real Estate Company; (8) North 25 degrees 56 minutes East parallel with and 120 feet Northwestwardly, at right angels from course Number 6 herein and the prolongation thereof, 2,313.16 feet; (9) North 01 degree 40 minutes East 871.42 feet to a point in the Southeasterly line of land now or formerly of Enos Grubb, distant 120 feet Westwardly from the prolongation Northwardly of course Number 3 herein; and (10) North 42 degrees 21 minutes East partly along said Southeasterly line of the last mentioned land and partly along a Southeasterly line of land of said Railroad Company, 256.14 feet to the place of beginning. CONTAINING 10.0174 acres, more or less. (Part of 26-1-54) PREMISES D ALL THOSE TWO CERTAIN pieces or parcels of ground hereinafter designated as Parcel Number One and Parcel Number Two, situate in East Pikeland Township, Chester County, Pa., bounded and described according to a survey made June 1929 by United Engineers & Constructors Incorporated of Philadelphia, Pa, as follows, to wit: PARCEL NUMBER ONE, BEGINNING at an iron pipe on a line between lands of William H. Sowers and Harry V. Elliott, said iron pipe being 55.20 feet distant on a course bearing South 23 degrees 29 minutes East from a stone marking a corner common to lands of said William H. Sowers and Harry V. Elliott; thence from said point of beginning, South 67 degrees 02 minutes East parallel with and 37.5 feet distant from the center line of the 75 feet wide right of way of the Philadelphia Suburban Counties Gas and Electric Company and crossing a pond and a public road leading to Spring City a distance of 1072.24 feet to an iron pipe; thence South 71 degrees 24 minutes East parallel with and 37.5 feet distant from the center line of the 75 feet wide right of way of the Philadelphia Suburban Counties Gas and Electric Company a distance of 27.52 feet to an iron pipe on the Westerly right of way line of the Schuylkill Division of the Pennsylvania Railroad; thence along said right of way line by a curve to the left of radius 1314 feet and crossing the center line of the right of way of the Philadelphia Suburban Counties Gas and Electric Company a distance of 218.98 feet to a point in the bed of said first mentioned road leading to Spring City, said point being distant 218.80 feet on a course bearing South 09 degrees 40 minutes East from said last mentioned iron pipe; thence leaving said right

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&nbsp;&nbsp;&nbsp;&nbsp;A-6 of way of the Pennsylvania Railroad along the bed of said road leading to Spring City the following three courses and distances; viz: First North 46 degrees 59 minutes West a distance of 70.18 feet to a point; Second North 53 degrees 20 minutes West a distance of 131.64 feet to a point; third North 55 degrees 59 minutes West a distance of 269.35 feet to a point; thence leaving said road North 67 degrees 02 minutes West parallel with and 37.5 feet distant from the center line of the 75 feet wide right of way of the Philadelphia Suburban Counties Gas and Electric Company and crossing said first mentioned pond, a distance of 680.92 feet to an iron pipe line of land of William H. Sowers; thence by said line of land of William H. Sowers, the following two courses and distances viz: First North 71 degrees 13 minutes East a distance of .33 feet to a stone corner, Second North 23 degrees 29 minutes West and crossing the center line of the right of way of the Philadelphia Suburban Counties Gas and Electric Company a distance of 108.54 feet to the point or place of beginning. CONTAINING 2.272 acres of land be the same more or less. PARCEL NUMBER TWO: BEGINNING at an iron pipe on the line between lands of the Philadelphia Suburban Counties Gas and Electric Company and Harry V. Elliott said iron pipe being distant 23.18 feet on a course bearing South 07 degrees 52 minutes East from a stone marking a corner common to lands of said Philadelphia Suburban Counties Gas and Electric Company and Harry V. Elliott; thence from said point of beginning along said line between lands of Philadelphia Suburban Counties Gas and Electric Company and Harry V. Elliott and crossing the center line of the right of way of the Philadelphia Suburban Gas and Electric Company South 07 degrees 52 minutes East a distance of 208.17 feet to a stone corner; thence continuing by land of the Philadelphia Suburban Counties Gas and Electric Company South 74 degrees 11 minutes West a distance of 16.02 feet to a stone on the Easterly right of way line of the Schuylkill Division of the Pennsylvania Railroad; thence by said right of way line along a curve to the right of radius 1234 feet and crossing the center line of the right of way of the Philadelphia Suburban Counties Gas and Electric Company a distance of 227.92 feet to an iron pipe, said iron pipe being distant 227.60 feet on a course bearing North 12 degrees 14 minutes West from said last mentioned stone; thence leaving the right of way of said Pennsylvania Railroad, South 71 degrees 24 minutes East parallel with and 37.5 feet distant from the center line of the 75 feet wide right of way of the Philadelphia Suburban Counties Gas and Electric Company a distance of 37.11 feet to the point or place of beginning. CONTAINING 0.139 acres be the same more or less. PREMISES E ALL THAT CERTAIN 75 feet wide strip or piece of land SITUATE in the Township of East Pikeland, County of Chester, and Commonwealth of Pa., bounded and described as follows: BEGINNING at a point on the Westerly right of way line of the Schuylkill Division of the Pennsylvania Railroad at a corner common to land of Philadelphia Electric Company and land herein described; thence extending from said point of beginning by and along said Railroad right of way line the two following courses and distances; (1) on a line curving to the left in a general Southeasterly direction with a radius of 1,314.00 feet an arc distance of 61.70 feet to a point; and (2) South 17 degrees 31 minutes 30 seconds East 88.27 feet to a point; thence by remaining land of Harry V. Elliot parallel with and 75 feet distant Southwestwardly from and measured at right angles to the Southwesterly right of way line of Philadelphia Electric Company the four following courses and distances; (1) North 46 degrees 59 minutes West 195.88 feet to a point; (2) North 53 degrees 20 minutes West 125.75 feet to a point; and (3) North 55 degrees 59 minutes West 260.37 feet to a point; (4) North 67 degrees 02

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&nbsp;&nbsp;&nbsp;&nbsp;A-7 minutes West 757.07 feet to a point in line of land now or late of William H. Sowers; thence by and along said line of land North 71 degrees 13 minutes East 112.63 feet to a point on the said Southwesterly right of way line of Philadelphia Electric Company; thence by and along said right of way line the four following courses and distances; (1) South 67 degrees 02 minutes East 680.92 feet to a point in the bed of the public road leading from Phoenixville to Spring City; (2) along said public road South 55 degrees 59 minutes East 269.35 feet to a point; (3) partly along the last mentioned public road South 53 degrees 20 minutes East 131.64 feet to a point; and (4) South 46 degrees 59 minutes East 70.18 feet to the first mentioned point and place of beginning. CONTAINING 2.144 acres of land, more or less. PREMISES F ALL THAT PARCEL of land the greater portion of the length being 20 feet wide located at Cromby and SITUATE in the Township of East Pikeland, in the County of Chester, and Commonwealth of Pa., bounded and described counter clockwise according to a plan based upon a Plan of Survey made by T. G. Colesworthy, County Surveyor, July 23, 1951, as follows, viz: Extending from said BEGINNING point, the following fourteen (14) courses and distances; (1) North 71 degrees 56 minutes 40 seconds East along remaining land of said Railroad Company, 20 feet to a general Westerly line of land of the Philadelphia Electric Company, the following 8 courses and distances being along said general Westerly line of land of the Philadelphia Electric Company, the following three courses and distances being on a line parallel with and distant 40 feet Eastwardly, radially and at right angles from said center line of the railroad, (2) Northwardly on a curve to the right having a radius of 1,233.57 feet with a central angle of 37 degrees 50 minutes 20 seconds said curve being subtended by a chord having a bearing of North no degrees 52 minutes East and a length of 799.92 feet an arc length of 814.67 feet to a point of tangent; (3) North 19 degrees 47 minutes East 1,566.22 feet to a point of curve; (4) Northwardly on a curve to the left having a radius of 2,904.93 feet with a central angle of 08 degrees 40 minutes 15 seconds said curve being subtended by a chord having a bearing of North 15 degrees 28 minutes 20 seconds East a length of 439.11 feet an arc length of 439.60 feet to a corner; (5) South 78 degrees 51 minutes 50 seconds East on a radial line, 10 feet to a corner; (6) Northwardly on a line parallel with and distant 50 feet Eastwardly radially from said center line of the railroad, on a curve to the left having a radius of 2,914.93 feet with a central angle of 7 degrees 59 minutes 55 seconds said curve being substended by a chord having a bearing of North 07 degrees 08 minutes 10 seconds East and a length of 406.60 feet the arc length of 406.90 feet to a corner; (7) North 86 degrees 51 minutes 50 seconds West on a radial line, 10 feet to a corner the following two courses and distances being on a line parallel with and distant 40 feet East at right angles from said center line of the railroad; (8) Northwardly on a curve to the left having a radius of 2,904.93 feet with a central angle of 8 degrees 29 minutes 35 seconds said curve being subtended by a chord having a bearing of North 01 degrees 06 minutes 30 seconds West and a length of 430.14 feet and an arc length of 430.60 feet to a point of tangent; (9) North 05 degrees 20 minutes West 472.83 feet the following five courses and distances partly along the remaining land of the Railroad Company (10) South 84 degrees 40 minutes West 20 feet the following four courses and distances being on a line parallel with and distant 20 feet Eastwardly, at right angles and radially from said center line on the railroad; (11) South 05 degrees 20 minutes East 472.83 feet to a point of curve; (12) Southwardly on a curve to the right having a radius of 2,884.93 feet with a central angle of 25 degrees 09 minutes 40 seconds said curve being subtended by a chord having a bearing of South 07 degrees 13 minutes 30 seconds West and a length of 1,256.65 feet an arc length of 1,266.90 feet to a point of tangent; (13) South 19 degrees 47 minutes West 1,566.22 feet to a point of curve; and (14) Southwardly on a curve to the left having a radius of 1,253.57 feet with a central angle of 37 degrees 50 minutes 20 seconds

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&nbsp;&nbsp;&nbsp;&nbsp;A-8 said curve being subtended by a chord having a bearing of South no degrees 52 minutes West and a length of 812.92 feet, an arc length of 827.87 feet to the place of beginning. CONTAINING in area of 1.995 acres of land, more or less. (Part of 26-1-54) PREMISES G ALL THAT CERTAIN lot or parcel of land and premises situate, lying and being in East Pikeland Township, Chester County, Pa., which according to a survey thereof, made the 29th day of July 1924, by J. Vernon Keech, Registered Surveyor is bounded and described as follows: BEGINNING at an iron pin 73 feet East of the center line of the Schuylkill Division of the Pennsylvania Railroad and a corner of other land of the said Grantor; thence by the same North 87 degrees 30 minutes East 737.9 feet crossing the canal of the Schuylkill Navigation Company to an iron pin at the edge of the Schuylkill River; thence along the edge of the said River, South 05 degrees 42 minutes West, 286.1 feet to an iron pin a corner of land of Philadelphia Suburban Gas and Electric Company; thence by the same South 78 degrees 11 minutes West 605.6 feet to an iron pin (the last mentioned course being described in a corner deed from the said Grantor to the aid Grantee as South 76 degrees 41 minutes West according to the then bearing of the magnetic needle) thence still by the same North 43 degrees 19 minutes West, 197.6 feet to an iron pin 40 feet from the center line of the first mentioned Railroad also a corner to l and of the said Elliott; thence by land of the said Elliott North 82 degrees 41 minutes East 16 feet to an iron pin; thence still by the said Elliott's land North no degrees 49 minutes East 231.2 feet to the point and place of beginning. CONTAINING 5.466 acres of land, more or less. (Part of Tax ID 26-1-56) PREMISES H ALL THAT CERTAIN tract or piece of land SITUATE in East Pikeland Township, Chester County, Pa. and bounded and described in accordance with a survey and draft made Sept. 12, 1917, a photograph of which draft is hereto attached and made part of this deed as follows: BEGINNING at an iron pin on the West bank of Schuylkill Navigation Company's Canal at a point 90 feet more or less North of the North wall of the Cromby Plant of the party of the second part, and 25 feet more or less East of the most Easterly wall of that building being a point in the line between other land of the party of the second part and the land herein conveyed; thence South 76 degrees 41 minutes West 220.09 feet to an iron pin; thence North 81 degrees West 27.9 feet to an iron pin; thence along other lands of the said party of the Second Part North 43 degrees 54 minutes West 382.1 feet to an iron pin; a corner of other lands of the party of the first part; thence along said latter lands North 76 degrees 41 minutes East 605.6 feet, crossing over said Canal to point on West bank of the Schuylkill River; thence along the West bank of the Schuylkill River South 13 degrees 19 minutes East 343.00 feet to a point in the line of the other land of the party of the second part; thence along said latter lands and crossing the said canal South 76 degrees 41 minutes East 181.1 feet to an iron pin on the West bank of said Canal, the place of beginning. CONTAINING 4 acres of land, more or less. (Part of Tax ID 26-1-56) PREMISES I

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&nbsp;&nbsp;&nbsp;&nbsp;A-9 ALL THOSE TWO certain tracts or pieces of land situate in East Pikeland Township, Chester County, PA, and bounded and described in accordance with a survey and draft made by George F. P. Wanger, Civil Engineer, in August 1916, a copy of which draft is hereto attached as follows: TRACT No. 1 BEGINNING at an iron pin at a corner of a pier of a wire tower near Elliott's Crossing on the Schuylkill Division of the Pennsylvania Railroad, at a corner of this and other lands of the said Harry V. Elliott, and being approximately on the right of way line of said Railroad Company; thence along said Elliott's other lands the two following courses and distances, South 44 degrees 45 minutes East 197.6 feet to an iron pin, 1 foot from the corner of another wire tower pier and South 43 degrees 54 minutes East 382.1 feet to an iron pin at the corner of another wire tower pier and the corner of lands of Raser brothers; thence along the same North 81 degrees West 220 feet more or less to a point in the right of way of said Pennsylvania Railroad Company; thence along the same North 27 degrees 45 minutes West 384 feet to a point and North 08 degrees 45 minutes West 42 feet more or less to the place of beginning. CONTAINING .95 acres more or less. TRACT NO. 2, BEGINNING at an iron pin in the line dividing land of the said Harry V. Elliott and Raser Brothers distant 27.9 feet from an iron pin at the last above mentioned wire tower pier, and a corner of Tract No. 1 above described in the direction of South 81 degrees East; thence along other land of the said Harry V. Elliott North 76 degrees 41 minutes East 220.9 feet to an iron pin; thence continuing on said line and crossing the Schuylkill Canal 118.5 feet to an iron pin and continuing said line 62.6 feet to the low water mark at the Schuylkill River, thence down the same South 23 degrees 49 minutes East 145 feet to a point in line of land of Raser Brothers; thence along the same North 84 degrees 56 minutes West 244.4 feet the line crossing the Schuylkill Canal to a planted stone, thence continuing along said land and on same course 208.4 feet to the place of beginning. CONTAINING .64 acres more or less. (Part of 26-1-54) PREMISES J ALL THAT CERTAIN tract or piece of land SITUATE in the Township of East Pikeland aforesaid, bounded and described in accordance with a draft made by George F. P. Wanger, Civil Engineer, in August 1916, copy of which draft is hereto attached and made a part of this deed, as follows: BEGINNING at a point in the right of way line of the Schuylkill Division of the Pennsylvania Railroad and in line of land of Harry V. Elliott; thence along the latter South 81 degrees East 213.3 feet more or less to an iron pin at the corner of a wire tower pier, thence along said course and land 27.9 feet to an iron pin, thence still by said Elliott's land South 84 degrees 56 minutes East 208.4 feet to a planted stone, thence by said course and land the line crossing the Schuylkill Canal 244.4 feet to low water mark at the Schuylkill River, thence along the same South 45 degrees 49 minutes East 87.6 feet to a point and South 22 degrees 05 minutes East 164.5 feet the latter line crossing the mouth of Stony Run to a point; thence by other land of parties of first part, North 87 degrees 04 minutes West 45 feet to an iron pin, thence continuing by said course and land 121.1 feet to an iron pin; thence by said course and land 56.8 feet to an iron spike on the towpath of canal, thence by said course and land crossing the canal 73 feet to an iron pin; thence still by said land South 59 degrees 34 minutes West 176 feet to an iron pin, and by said course and land 74.9 feet more or less to the right of way line of said Railroad Company; thence along the same North 46 degrees 50 minutes West 141 feet more or less to a point; thence along

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&nbsp;&nbsp;&nbsp;&nbsp;A-10 the same North 15 degrees 17 minutes West 70 feet more or less to a point and by the same on a line curving to the right 300 feet more or less to the place of beginning. CONTAINING 3.36 acres more or less. (Part of 15-1-31) PREMISES K ALL THAT CERTAIN lot or piece of ground with the buildings and improvements thereon, erected, situate in the Township of East Pikeland, in the County of Chester, and State of Pa., bounded and described as follows: BEGINNING at a stake in the middle of Township Line Road dividing the Townships of East Pikeland and Schuylkill; thence along on said Township Line in a Northeastwardly direction the distance of 389.5 feet to a stone at low water mark on the Schuylkill River; thence along land of the Philadelphia Suburban Gas and Electric Company North 87 degrees 04 minutes West 295.9 feet to a stone; thence South 59 degrees 34 minutes West 241.9 feet to a stake in line of the right of way of the Pennsylvania Railroad; thence along the same parallel with and 60 feet distant Northeast from the center line thereof South 49 degrees 05 minutes East 218.4 feet to the place of beginning. ALL THAT CERTAIN lot or piece of ground with the buildings and improvements thereon erected, situate in the Township of East Pikeland, in the County of Chest and State of Pa, bounded and described in accordance with a Plan showing Cromby Generating Station and Vicinity, dated 3/31/1960 as follows, to wit: BEGINNING at a point on the title line in the bed of Township Line Road at the Easternmost corner of land now or formerly of the Carsi Co., Inc.; thence leaving said title line and extending along said land now or formerly of The Carsi Co., Inc., the two following courses and distances; (1) North 49 degrees 05 minutes West 458.67 feet to a point; and (2) South 31 degrees 46 minutes West crossing the required right of way line of Cromby Road 427.84 feet to a point in the bed of said Cromby Road; thence through and partially across the bed of Cromby Road approximately 90 feet to a point a corner of Tract 1 on said Plan; thence along said Tract 1 the two following courses and distances; (1) North 02 degrees 20 minutes East recrossing the required right of way line of Cromby Road and also crossing a stream of water 666.6 feet to a point; and (2) South 84 degrees 35 minutes East 22.6 feet to a point on the Southwesterly side of land now or formerly of the Pennsylvania Railroad Company thence along said railroad land the following four courses and distances; (1) Southeastwardly along the arc of a circle curving to the left having a radius of 1369 feet the arc distance of 254.5 feet (recrossing the aforesaid stream of water) to a point of tangent; (2) South 67 degrees East 118.8 feet to a point of curve; (3) Southeastwardly along the arc of a circle curving to the left having a radius of 1314 feet the arc distance of 168.9 feet to a point of tangent; and (4) South 49 degrees 05 minutes East 356.4 feet to a point on the title line in the bed of Township Line Road aforesaid; thence along the said title line South 37 degrees 14 minutes 30 seconds West 50.03 feet to the first mentioned point and place of beginning. BEING LOT 10-2 as shown on the above mentioned Plan. CONTAINING 3.393 acres of land, be the same more or less. PREMISES L

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&nbsp;&nbsp;&nbsp;&nbsp;A-11 ALL THAT CERTAIN messuage, tenement and three tracts of ground, situate in the Township of Schuylkill and the Township of East Pikeland, County of Chester, Commonwealth of Pa., now or late property of the Commonwealth of Pennsylvania (formerly the Schuylkill Navigation Company) bounded and described as follows, according to a survey made by the Department of Forests and Waters the 15th day of February 1951; TRACT NO. 1 BEGINNING at a point on the Easterly side of the Schuylkill Canal in line of lands now or late of the Philadelphia Electric Company, said point being the two following courses and distances from U.S.E.D. Monument No. 33 (1) South 00 degrees 38 minutes 40 seconds West 201.56 feet to a point; (2) North 87 degrees 56 minutes 55 seconds East 10.00 feet to a point; thence by lands of the said Philadelphia Electric Company and along the Easterly side of the Schuylkill Canal the seven following courses and distances; (1) South 02 degrees 39 minutes 05 seconds East 117.79 feet to a corner; (2) South 07 degrees 06 minutes 50 seconds East 166.78 feet to a corner; (3) South 13 degrees 57 minutes 15 seconds East 126.97 feet to a corner; (4) South 22 degrees 37 minutes 15 seconds East 246.33 feet to a corner; (5) South 20 degrees 53 minutes 45 seconds East 134.05 feet to a corner, (6) South 22 degrees 03 minutes 35 seconds East 122.15 feet to a corner; (7) South 39 degrees 33 minutes 50 seconds East 80.91 feet to a corner (an iron pin) in line of other lands now or late of the Commonwealth of Pa. (formerly the Schuylkill Navigation Company); thence along other lands of the Commonwealth of Pa. (formerly the Schuylkill Navigation Company); the four following courses and distances; (1) South 36 degrees 52 minutes 29 seconds West 15.36 feet to a corner; (an iron pin), (2) South 60 degrees 30 minutes 50 seconds East 66.22 feet to a corner; (3) South 64 degrees 44 minutes 35 seconds East 301.77 feet to a corner; (4) South 68 degrees 13 minutes 55 seconds West 186.08 feet to a corner (an iron pin), thence leaving the Easterly side of the Schuylkill Canal and crossing over lands now or late of the Commonwealth of Pennsylvania (formerly the Schuylkill Navigation Company) South 22 degrees 37 minutes 15 seconds West 109.65 feet to a corner (an iron pin) on the Westerly side of the Schuylkill Canal, thence along the Westerly side of the Schuylkill Canal and along lands now or late of Lillie Mollard, Wm. J. Elliot, John T. Elliot, Mary Lewis, Harry V. Elliot, Abraham Hallman and the Philadelphia Electric Company the 36 following courses and distances; (1) North 63 degrees 55 minutes 45 seconds West 120.80 feet to a corner; (2) North 58 degrees 15 minutes 05 seconds West 97.72 feet to a corner; (3) North 63 degrees 58 minutes 10 seconds West 76.75 feet to a corner, (4) North 62 degrees 29 minutes 10 seconds West 143.28 feet to a corner; (5) North 44 degrees 42 minutes 36 seconds West 80.28 feet to a corner;(6) North 56 degrees 01 minutes 13 seconds West 154.20 feet to a point; (7) North 20 degrees 42 minutes 55 seconds West 196.19 feet to a corner; (8) North 27 degrees 37 minutes 45 seconds West 130.46 feet to a corner; (9) North 25 degrees 01 minutes 20 seconds West 156.43 feet to a corner; (10) North 16 degrees 55 minutes 35 seconds West 121.79 feet to a corner; (11) North 12 degrees 39 minutes 25 seconds West 113.38 feet to a corner; (12) North 06 degrees 31 minutes 55 seconds West 229.00 feet to a corner; (13) North 04 degrees 58 minutes West 219.86 feet to a corner; (14) North 03 degrees 27 minutes 35 seconds West 157.39 feet to a corner; (15) North 01 degrees 12 minutes 15 seconds West 329.47 feet to a corner; (16) North 00 degrees 03 minutes 30 seconds West 183.19 feet to a corner; (17) North 01 degree 12 minutes 00 seconds West 140.51 feet to a corner; (18) North 00 degrees 17 minutes 05 seconds East 96.61 feet to a corner (19) North 09 degrees 09 minutes 20 seconds East to a corner, (20) North 00 degrees 23 minutes 50 seconds East 52.12 feet to a corner (21) North 09 degrees 10 minutes 35 seconds East 212.64 feet to a corner; (22) North 11 degrees 35 minutes 35 seconds East 450.68 feet to a corner; (23) North 11 degrees 01 minute 20 seconds East 422.50 feet to a corner; (24) North 11 degrees 42 minutes 40 seconds East 103.76 feet to a corner; (25) North 74 degrees 10 minutes 40 seconds West 7.04 feet to a corner; (26) North 15 degrees 49 minutes 20 seconds East 65.32feet to a corner; (27) North 00 degrees 55 minutes 50 seconds East 209.13 feet to a corner; (28) North 07 degrees 15 minutes 30 seconds West 171.99 feet to a corner; (29) North 01 degree 31 minutes 20 seconds East 165.61 feet to a corner; (30) North 07 degrees 05

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&nbsp;&nbsp;&nbsp;&nbsp;A-12 minutes 45 seconds West 147.84 feet to a corner; (31) North 03 degrees 20 minutes 45 seconds East 143.33 feet to a corner; (32) North 04 degrees 58 minutes 15 seconds West 140.40 feet to a corner; (33) North 12 degrees 50 minutes 30 seconds West 153.27 feet to a corner; (34) North 35 degrees 26 minutes 00 seconds West 173.75 feet to a corner; (35) North 01 degree 49 minutes 45 seconds West 64.09 feet to a corner; (36) North 19 degrees 17 minutes 05 seconds West 169.09 feet to a corner; (an iron pin); thence leaving the Westerly side of the Schuylkill Canal and re-crossing other lands of the Commonwealth of Pa. (formerly the Schuylkill Navigation Company) North 35 degrees 10 minutes 55 seconds East 208.68 feet to a corner (an iron pin) on the Easterly side of the Schuylkill Canal, thence along the Easterly side of the Schuylkill Canal and along the lands now or late of the Philadelphia Electric Company the 16 following courses and distances; (1) South 12 degrees 10 minutes 00 seconds East 339.07 feet to a corner; (2) South 13 degrees 20 minutes 15 seconds East 104.91 feet to a corner; (3) South 17 degrees 30 minutes 05 seconds East 173.67 feet to a corner; (4) South 15 degrees 50 minutes 50 seconds East 75.10 feet to a corner; (5) South 07 degrees 02 minutes 35 second East 140.85 feet to a corner; (6) South 01 degrees 37 minutes 45 seconds East 115.56 feet to a corner; (7) South 00 degrees 16 minutes 20 seconds West 208.53 feet to a corner; (8) South 02 degrees 38 minutes 50 seconds East 335.27 feet to a corner; (9) South 02 degrees 35 minutes 40 seconds West 206.72 feet to a corner (10) South 07 degrees 15 minutes 40 seconds West 148.04 feet to a corner; (11) South 10 degrees 39 minutes 40 seconds West 1099.71 feet to a corner; (12) South 08 degrees 10 minutes 25 seconds West 187.36 feet to a corner (13) South 00 degrees 01 minutes 55 seconds West 240.93 feet to a corner; (14) South 05 degrees 35 minutes 15 seconds East 138.86 feet to a corner; (15) South 02 degrees 04 minutes 15 seconds East 562.42 feet to a corner (16) South 01 degree 27 minutes 05 seconds East 322.92 feet to a corner; the first mentioned point and place of beginning CONTAINING 13.07 acres of land, more or less. TRACT NO. 2 BEGINNING at a point (an iron pin) on the Easterly side of the Schuylkill Canal in line of lands now or late of Abraham Hallman, thence along lands of the said Abraham Hallman the three following courses and distances; (1) South 60 degrees 30 minutes 50 seconds East 62.50 feet to a corner; (2) South 64 degrees 44 minutes 35 seconds East 300.09 feet to a corner; (3) South 68 degrees 13 minutes 55 seconds East 185.69 feet to a corner (an iron pin), thence leaving line of lands of said Abraham Hallman and crossing lands now or late of the Commonwealth of Pa. (formerly the Schuylkill Navigation Company) the five following courses and distances: (1) South 22 degrees 37 minutes 15 seconds West 25.00 feet to a corner (an iron pin) (2) North 68 degrees 13 minutes 55 seconds West 186.08 feet to a corner; (3) North 64 degrees 44 minutes 35 seconds West 301.77 feet to a corner; (4) North 60 degrees 30 minutes 50 seconds West 66.22 feet to a corner (an iron pin) (5) North 35 degrees 52 minutes 20 seconds East 25.15 feet to a corner (an iron pin) the first mentioned point and place of beginning. CONTAINING 0.32 acres of land, more or less. TRACT NO. 3 BEGINNING at a point (an iron pin) in line of lands now or late of Viola B. Schwenk, said point being on the Northerly side of a macadam road, thence along lands of the said Viola B. Schwenk and crossing over said macadam road and along land now or late of John M. Howell, Harry V. Elliot and recrossing the aforesaid macadam road North 73 degrees 02 minutes 50 seconds West 323.40 feet to a corner (an iron pin) in the bed of a dirt road, thence leaving the bed of said dirt road South 36 degrees 57 minutes 10 seconds West 137.95 feet to a corner (an iron pin) in line of lands now or late of the Estate of William J. Elliot, thence along land of the said Estate of William J. Elliot and land now or late of Mary Lewis North 51 degrees 17 minutes 58 seconds West 313.83 feet to a corner in line of lands now or late of

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&nbsp;&nbsp;&nbsp;&nbsp;A-13 Lillie H. Mollard, thence by lands of the said Lillie H. Mollard North 22 degrees 37 minutes 15 seconds East 43.00 feet to a corner (an iron pin) in the bed of a dirt road; thence leaving the bed of the said dirt road and crossing lands now or late of the Commonwealth of Pa. (formerly the Schuylkill Navigation Company) North 22 degrees 37 minutes 15 seconds East 109.65 feet to a corner; (an iron pin); thence still along lands o the Commonwealth of Pa. (formerly the Schuylkill Navigation Company) North 22 degrees 37 minutes 15 seconds East 25.00 feet to a corner (an iron pin) in line of lands now or late of Abraham Hallman; thence by lands of said Abraham Hallman passing over an iron pin North 22 degrees 37 minutes 15 seconds East 123.28 feet to a corner in the low water mark of the Schuylkill River; thence downstream along the low water mark of the Schuylkill River the two following courses and distances; (1) South 47 degrees 55 minutes 52 seconds East 261.08 feet to a corner; (2) South 57 degrees 39 minutes 54 seconds West 81.15 feet to a corner ; thence leaving the low water mark of the Schuylkill River and along the old low water mark of the Schuylkill River passing over an iron pin the two following courses and distances; (1) South 08 degrees 57 minutes 10 seconds West 79.20 feet to a corner; (an iron pin) (2) South 59 degrees 17 minutes 50 seconds East 313.50 feet to a corner (an iron pin) the first mentioned point or place of beginning. CONTAINING 2.47 acres of land, more or less. PREMISES M ALL THAT CERTAIN lot or piece of ground SITUATE in the Township of Schuylkill, County of Chester and Commonwealth of Pa., bounded and described as follows: BEGINNING at a point on the Northerly side of a road leading from the Borough of Phoenixville Water Works to the road leading from Phoenixville to Cromby, in line dividing ground of the Borough of Phoenixville and ground of Viola B. Kraft, extending thence from said point of beginning along the said Northerly side of the above mentioned road and through ground of Viola B. Kraft North 63 degrees 38 minutes West 88.65 feet to a point a corner of ground of Philadelphia Electric Company; thence along said latter ground North 59 degrees 17 minutes 50 seconds West 16.42 feet to a point, a corner common to ground herein described and ground now or late of J. M. Howell; thence along said latter ground North 02 degrees 35 minutes 50 seconds West 36 feet more or less to a point in the low water line of the Schuylkill River, also a corner common to ground of J. M. Howell and ground herein described; thence along the said low water line of the Schuylkill River in a Southeasterly direction a distance of 88.03 feet more or less to a point, a corner common to ground herein described and ground now or late of the Borough of Phoenixville; and thence along the last mentioned ground South 22 degrees 08 minutes East 46 feet to the first mentioned point and place of beginning. CONTAINING 0.7 acres, more or less. PREMISES N ALL THAT CERTAIN lot or piece of ground, situate in the Township of Schuylkill, County of Chester and Commonwealth of Pa., bounded and described as follows: BEGINNING at a point at the intersection of the Southwesterly side of the private road leading from the Water Works to the public road leading from the Borough of Phoenixville, to Cromby also being the Southwesterly side of the former Schuylkill Canal property and the line dividing ground of John M. Howell and ground now or late of Ray and Krivulka and extending thence from said point of beginning along ground now or late of Raymond Krivulka through the former Schuylkill Canal Property North 35 degrees 57 minutes 10 seconds East 25.07 feet to a point on the Northeasterly side

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&nbsp;&nbsp;&nbsp;&nbsp;A-14 of said Canal Property; thence continuing along ground now or late of Raymond Krivulka North 35 degrees 57 minutes 10 seconds East 28 feet more or less to a point in the low water line of the Schuylkill River a corner common to ground herein described and ground now or late of Raymond Krivulka; thence along the last mentioned low water line of the Schuylkill River in a general Southeasterly direction a distance of 60.05 feet more or less to a point a corner common to ground herein described and ground of Philadelphia Electric Company formerly of Viola B. Kraft, thence along last mentioned ground and through the former Schuylkill Canal property South 02 degrees 35 minutes 50 seconds East 40.12 feet more or less to a point in the bed of the aforesaid private road at or near the Northeasterly side thereof also being the Southwesterly side of former Schuylkill Canal Property (X) and in the bed of the aforesaid private road North 73 degrees 02 minutes 50 seconds West 90.57 feet to the first mentioned point and place of beginning. CONTAINING .08 acres more or less. PREMISES O ALL THAT CERTAIN lot or piece of ground, situate in the Township of Schuylkill, County of Chester and Commonwealth of Pa., bounded and described as follows: BEGINNING at a point at the intersection of the Southwesterly side of the private road leading from the Borough of Phoenixville Water Works to the public road leading from the Borough of Phoenixville, to Cromby, also being the Southwesterly side of the former Schuylkill Canal property and the line dividing ground of Raymond Krivulka and ground now or late of John M. Howell and extending thence from said point of beginning through ground of Raymond Krivulka, of which this is a part, along the Southwesterly side of the former Schuylkill Canal property and partly in the bed of the aforesaid private road North 73 degrees 02 minutes 50 seconds West 218.26 feet to a point in the bed of last mentioned private road and in line of ground of Philadelphia Electric Company formerly of the Schuylkill Canal; thence along last mentioned ground and through the former Schuylkill Canal property in a general Northeasterly direction 129 feet more or less, to a point in the low water line of the Schuylkill River a corner common to ground herein described and ground of Philadelphia Electric Company, formerly of the Schuylkill Canal; thence along the last mentioned low water line of the Schuylkill River in a general Southeasterly direction a distance of 206 feet more or less to a point, (to a point) a corner common to ground herein described and ground now or late of John M. Howell; thence along last mentioned ground and through the former Schuylkill Canal property South 35 degrees 57 minutes 10 seconds East 53.07 feet to the first mentioned point and place of beginning. CONTAINING 0.45 acres more or less. PREMISES P ALL THAT CERTAIN lot or parcel of ground, situate in the Township of Schuylkill, County of Chester, and Commonwealth of Pa., bounded and described in accordance with a survey and plan made thereof by Earl R. Ewing, Registered Surveyor, Phoenixville, Pa., dated May 13, 1953 as follows: BEGINNING at an iron pin in line of ground of Philadelphia Electric Company at a corner common to ground of Harry E. Elliott, herein described and ground now or late of Lillie Hollard, said point also being on the Southwesterly side of the former Schuylkill Canal at the distance of 94 feet more or less measured Northeastwardly from a point in the centerline of Cromby Phoenixville Road on a course North 22 degrees 37 minutes 15 seconds East along line dividing ground now or late of Lillie Hollard said ground of Philadelphia Electric Company and extending thence from said point of beginning along the said Southwesterly side of the former Schuylkill Canal, the five (5) following courses and distances; (1) along ground now or late of Lillie Hollard, William J. Elliott, John T. Elliott and Mary Lewis, et al, North 63 degrees 55 minutes 45 seconds West 120.80 feet to an iron pin; (2) along ground now or late

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&nbsp;&nbsp;&nbsp;&nbsp;A-15 of H. V. Elliott, North 58 degrees 15 minutes 50 seconds West 97.72 feet to an iron pin; and along ground now or late of Abraham Hallman, the next three courses and distances; (3) North 63 degrees 58 minutes 10 seconds West 76.75 feet to an iron pin; (4) North 62 degrees 29 minutes 10 seconds West 143.28 feet to an iron pin and (5) North 56 degrees 01 minute 30 seconds West 134.20 feet to an iron pin in line of other ground of Philadelphia Electric Company, said latter point being 35 feet more or less distant Northeasterly from a point in the center line of aforesaid Cromby Phoenixville Road measured on a course North 35 degrees 52 minutes 20 seconds East along line dividing ground of Philadelphia Electric Company and said ground now or late of Abraham Hallman; thence along said other ground of Philadelphia Electric Company North 35 degrees 52 minutes 20 seconds East crossing an iron pin set 5 feet from the edge of the Stoney Run Creek and crossing last mentioned creek 269.80 feet to a point near the west side of said creek at the low water line of the Schuylkill River; thence crossing the mouth of last mentioned creek at the low water line of the Schuylkill River; thence crossing the mouth of last mentioned creek and along the low water line of the Schuylkill River South 37 degrees 53 minutes 15 seconds East 73.25 feet to a point; thence continuing along the low water line of the Schuylkill River the two (2) following courses and distance; (1) South 58 degrees 42 minutes East 318.34 feet to a point; and (2) South 54 degrees 56 minutes East 130.73 feet to a point; a corner common to ground herein described and other ground of Philadelphia Electric Company and thence along last mentioned ground South 22 degrees 37 minutes 15 seconds West crossing an iron pin set 8 feet from the edge of the water 216.30 feet to the first mentioned point and place of beginning. CONTAINING 2.993 acres of ground more or less. PREMISES Q ALL THAT CERTAIN strip or parcel of ground situate in the Sixth Ward of the Borough of Phoenixville, (formerly the Township of Schuylkill), County of Chester, Commonwealth of Pennsylvania, bounded and described in accordance with a plan of property of Harriet E. Elliott Estate, made by Earl R. Ewing, Inc., dated February 25, 1970 as follows: BEGINNING at a spike set at the intersection of the center line of Township Line Road, produced Northeastwardly, dividing the Borough of Phoenixville, and the Township of East Pikeland and the center line of Cromby Road and extending thence from said point of beginning along ground of Philadelphia Electric Company the five following courses and distances; (1) along the line dividing the Borough of Phoenixville and the Township of East Pikeland North 40 degrees 47 minutes 20 seconds East 36.33 feet to an iron pipe (2) South 51 degrees 06 minutes 30 seconds East 134.20 feet to an iron pipe; (3) South 57 degrees 34 minutes 10 seconds East 143.28 feet to an iron pipe; (4) South 53 degrees 53 minutes 10 seconds East 76.75 feet to an iron pipe and (5) South 53 degrees 20 minutes 50 seconds East 97.72 feet to an iron pipe set at a corner common to ground herein described and ground now or late of Margaret J. Riley; thence along said ground now or late of Margaret J. Riley South 31 degrees 09 minutes 30 seconds West crossing an iron pin set 62.77 feet Southwest of the last mentioned iron pipe 84.35 feet to a spike set on the center line of Cromby Road and thence along same the two following courses and distances; (1) North 50 degrees 04 minutes West 186.92 feet to a spike and (2) North 48 degrees 20 minutes West 276.34 feet to the first mentioned point and place of beginning. CONTAINING 0.617 of an acre more or less. PREMISES R (Intentionally omitted) Being part of the same premises which Exelon Generation Company, LLC by Deed dated 6/11/18 and recorded 8/21/18 in Chester County, PA, in Record Book 9799 Page 2383 conveyed unto WP Cromby, LLC, a Delaware limited liability company, in fee.

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&nbsp;&nbsp;&nbsp;&nbsp;A-16 EXCEPTING AND RESERVING THEREFROM all that certain tract of land conveyed to The County of Chester, by Deed (Fee Simple) dated 7/16/2024 and recorded 8/29/2024, in Chester County, PA, in Record Book 11260 page 431.

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&nbsp;&nbsp;&nbsp;&nbsp;A-17 500 S. Gravers Road, Plymouth Meeting, PA 19462 Montgomery County and Commonwealth of Pennsylvania ALL THAT CERTAIN lot or piece of land, situate in the Township of Plymouth, County of Montgomery and Commonwealth of Pennsylvania, as shown on a Plan of 500 Gravers Road prepared by landmark Engineering (formerly Reagis, Inc) Engineers and Surveyors, Job Number 99037, plan dated October 1, 1999 and last revised December 6, 2001, being more fully described as follows, to wit: BEGINNING at a point in the center line of Gravers Road (33 feet wide) and the Southerly right of way line of the Delaware River Extension of the Pennsylvania Turnpike , said point being at the distance of 100 feet measured Southeastwardly from the right angles to the centerline of aforesaid Turnpike and extending thence from said point of beginning along the said center line of Gravers Road, South 29 degrees 24 minutes 05 seconds East 531.35 feet to a nail; thence through ground no or late of Philadelphia Electric Company, of which this is part, the two following courses and distances, (1) on a line parallel with and 535 feet distant measured Northwesterly from and at right angles to the aforesaid centerline of the Pennsylvania Railroad Company's right of way South 86 degrees 23 minutes 55 seconds West 781.50 feet to an iron pin (2) on a line parallel with and 150 feet distant measured Easterly from and at right angles to the Easterly right of way line of the Philadelphia Electric Company's transmission line right of way North 00 degrees 06 minutes 05 seconds East 334.53 feet to a point in the Southerly right of way line of aforesaid Turnpike said point being 133 feet distant measured Southeasterly from and at right angles to the aforesaid center line of Turnpike; thence along the last mentioned right of way line, the three following courses and distances (1) on a line parallel to and 133 feet distant measured Southeastwardly from and at right angles to the last mentioned center line North 74 degrees 34 minutes 05 seconds East 340.80 feet to a point (2) North 41 degrees 08 minutes 35 seconds East 59.90 feet to a point (3) on a line parallel to and 100 feet distant measured Southeastwardly from and at right angles to the last mentioned center line, North 74 degrees 34 minutes 05 seconds East 156.25 feet to the first mentioned point and place of beginning. Less and Excepting thereout and therefrom the land described in that certain Deed of Dedication set forth of record in Deed Book 5750 page 1458. TOGETHER with and under and subject to that certain Sewer Easement Agreement as set forth in Deed Book 4705 page 2218. Being the same premises which 500 Gravers Associates, L.P., a Pennsylvania limited partnership by Deed dated 3-7-2005 and recorded 4-1-2005 in Montgomery County in Deed Book 5548 Page 2326 conveyed unto BPG Office VI Gravers LP, a Pennsylvania limited partnership, in fee. Being the same premises which BPG Office VI Gravers RD LLC, a Pennsylvania limited partnership by Deed dated 6-27-2017 and recorded 7-12-2017 in Montgomery County in Deed Book 6052 Page 1550 conveyed unto 500 South Gravers RD LLC, a Pennsylvania limited liability company, in fee. APN/Parcel ID(s): 49-00-04504-00-1

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&nbsp;&nbsp;&nbsp;&nbsp;A-18 688 and 790 Bear Hill Road, Berwyn, PA 19321 Chester County, Commonwealth of Pennsylvania Premises A ALL that certain piece, parcel or lot of land situate in the Township of Tredyffrin County of Chester and Commonwealth of Pennsylvania more particularly bounded and described as follows, to wit: BEGINNING at a rebar set along the legal variable width right-of-way of Bear Hill Road (S.R. 0252) at the division line between lands of George J. & Regina F. Bartosh and lands now or formerly Philadelphia Electric Company as shown on "ALTNNSPS Land Title Survey Plan for PECO Energy Company at 688-790 Bear Hill Road" referenced hereinafter; THENCE along said variable width right-of-way of Bear Hill Road (S.R. 0252) North 38"36'25" East a distance of 356.52 feet to a rebar set; THENCE along said right-of-way of Bear Hill Road (S.R. 0252) and the division line between Premises A and Premises B South 49"50'52" East passing over a rebar set at 20.00 feet for a total distance of 207.84 feet to a found concrete monument along the division line between lands of George J. & Regina F. Bartosh and lands now or formerly Philadelphia Electric Company; THENCE along the said division line between lands of George J. & Regina F. Bartosh and lands now or formerly Philadelphia Electric Company South 69"14'08" West a distance of 407.81 feet to the POINT OF BEGINNING. CONTAINING 37,036 square feet and being all Premises A as shown on the "ALTNNSPS Land Title Survey Plan for PECO Energy Company at 688-790 Bear Hill Road" prepared by RETTEW Associates, Inc. Dated December 04, 2024. UPI: 43-9-86 Street Address: 790 Bear Hill Road Premises B ALL that certain piece, parcel or lot of land situate in the Township of Tredyffrin County of Chester and Commonwealth of Pennsylvania more particularly bounded and described as follows, to wit: BEGINNING at a rebar set along the legal 145-foot-wide right-of-way of Bear Hill Road (S.R. 0252) at the division line between lands of George J. & Regina F. Bartosh and lands now or formerly Dorothy Bartosh Burkus and Michael Burkus as shown on "ALTA/NSPS Land Title Survey Plan for PECO Energy Company at 688-790 Bear Hill Road" referenced hereinafter; THENCE along said division line between lands of George J. & Regina F. Bartosh and lands now or formerly Dorothy Bartosh Burkus and Michael Burkus the following four (4) courses and distances: 1. South 55"09'52" East a distance of 75.39 feet to a found 5/8" rebar; 2. South 24"29'31" West a distance of 139.02 feet to a found 5/8" rebar; 3. South 14"43'30" East a distance of 91.97 feet to a found 5/8" rebar; 4. South 34"50'59" West a distance of 74.33 feet to a found concrete monument along the division line between Premises A and Premises B;

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&nbsp;&nbsp;&nbsp;&nbsp;A-19 THENCE along said along the division line between Premises A and Premises B North 49'50'52" West a distance of 187.84 feet to a rebar set along the said legal 145-foot-wide right-of-way of Bear Hill Road (S.R. 0252); THENCE along the said legal 145-foot-wide right-of-way of Bear Hill Road (S.R. 0252) North 38'36'25" East a distance of 253.89 feet to the POINT OF BEGINNING. CONTAINING 33,531 square feet and being all Premises Bas shown on the "ALTA/NSPS Land Title Survey Plan for PECO Energy Company at 688-790 Bear Hill Road" prepared by RETTEW Associates, Inc. Dated December 04, 2024. UPI: 43-9-87 Street Address: 688 Bear Hill Road

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&nbsp;&nbsp;&nbsp;&nbsp;A-20 1814 and 1818 Gallagher Road, Plymouth Meeting, PA 19462 Montgomery County, Commonwealth of Pennsylvania (Premises-A) All that certain lot, piece or parcel of land, with the buildings and improvements thereon erected, situate, lying and being in the Township of Plymouth, County of Montgomery and Commonwealth of Pennsylvania, bounded and described according to a survey made July, 1933 by Will D. Hiltner, C. E., a follows: BEGINNING at a point in the middle of a public road, known as Gallagher Road, (leading to Bellvoir Avenue), said point being marked by a iron pin in line of land now or late of August Ungaub; thence along the middle of the said public road, North sixty-seven degrees fifty-six minutes West one hundred three and five tenths feet to an iron pin in line of land now or late of Steve Zimnoch; thence along the same, North forty degrees eighteen minutes East one hundred twenty-nine feet to a stake in line of other land now or late of Steve Zimnoch; thence along the same North forty-eight degrees one minute West forty and eighty-five hundredths feet to a stake in line of land now or late of Daniel Rhoads Estate, thence along the same North forty-five degrees four minutes East one hundred twenty-one and ninety- five hundredths feet to a post in land now or late of Daniel Rhoads Estate, thence along the same South forty-four degrees forty-five minutes East one hundred three feet to a post in line of land now or late of August Ungaub, thence along the same South thirty-five degrees fifteen minutes West three hundred eight and five tenths feet to an iron pin in the middie of the said public road and point of BEGINNING. (Premises-B) All that certain lot, piece or parcel of land, with the buildings and improvements thereon erected, situate, lying and being in the Township of Plymouth, County of Montgomery and Commonwealth of Pennsylvania, bounded and described according to a Survey made by John E. Burkhardt, dated October 1955, as follows to wit; BEGINNING at an iron pin on the Northeast side of Gallagher Road a corner of this and land formerly of Steve Zimnoch, now or late of Joseph Stong, said point of beginning being South seventy-six degrees twenty-six minutes East from the center line of Gravers Lane, five hundred twenty one feet, thence along land of Stong, North thirty degrees, forty five minutes East, two hundred ninety eight and sixty one- hundredths feet to an old post, a corner in line of land now or late of Sherman Reid, thence along said land of Reid, South fifty two degrees, twenty six minutes thirty seconds East, One hundred thirty one and fifty nine one-hundredths feet to an iron pin, a corner of other land of Edward Ferrier, et ux, thence along said land of Ferrier, South twenty seven degrees, fifty minutes West Two hundred thirty nine and eleven one-hundredths feet to an iron pin on the Northeast side of Gallagher Road aforesaid, and thence along the said side thereof North seventy six degrees, twenty six minutes West One hundred forty nine and fifty three one-hundredths feet to the place of BEGINNING. (As to Premises-A) Being the same premises which Ruth E. Stong by Deed dated 8-27-2003 and recorded 12-5-2003 in Montgomery County in Deed Book 5484 page 2223 conveyed unto Jacob M. Stong and Barbara Stong, husband and wife, in fee. (As to Premises-B) Being the same premises which James M. Miller and Viola E. Miller, his wife by Deed dated 10-11-1968 and recorded 10-14-1968 in Montgomery County in Deed Book 35M page 190 conveyed unto Jacob M. Stong and Barbara A. Stong, his wife, in fee. (As to A and B) Being the same premises which Jacob M. Stong and Barbara A. Stong, husband and wife by Deed dated 3- 18-2024 and recorded 3-19-2024 in Montgomery County, PA, in Deed Book 6357 Page 688 conveyed unto LCI Properties L.L.C., a Pennsylvania limited liability company, in fee.

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## Exhibit 5.1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlanta \| Baltimore \| Boulder \| Delaware \| Denver \| Las Vegas \| Los Angeles \| Minneapolis \| New Jersey \| New York \| Philadelphia Phoenix \| Salt Lake City \| Sioux Falls \| Washington, DC \| www.ballardspahr.com September 10, 2025 PECO Energy Company 2301 Market Street Philadelphia, PA 19103 Re: $525,000,000 aggregate principal amount of First and Refunding Mortgage Bonds, 4.875% Series due 2035 and $525,000,000 aggregate principal amount of First and Refunding Mortgage Bonds, 5.650% Series due 2055 Ladies and Gentlemen: We have acted as counsel to PECO Energy Company, a Pennsylvania corporation (the "Company"), in connection with the issuance and sale by the Company of (i) $525,000,000 aggregate principal amount of First and Refunding Mortgage Bonds, 4.875% Series due 2035 and (ii) $525,000,000 aggregate principal amount of First and Refunding Mortgage Bonds, 5.650% Series due 2055 (together, the "Bonds"), covered by the Registration Statement on Form S-3, No. 333-277223 (the "Registration Statement"), filed by the Company with the Securities and Exchange Commission ("Commission") on February 21, 2024, under the Securities Act of 1933, as amended. The Bonds were issued under the Company's Mortgage (the "Mortgage"), dated May 1, 1923 between The Counties Gas and Electric Company (to which the Company is successor) and Fidelity Trust Company (to which U.S. Bank National Association is successor), as Trustee (the "Trustee"), as amended and supplemented, which Mortgage is governed by Pennsylvania law, and sold by the Company pursuant to the Underwriting Agreement dated September 3, 2025, among the Company, BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., and U.S. Bancorp Investments, Inc. We have examined originals or copies, certified or otherwise identified to our satisfaction, of (i) the Registration Statement and all exhibits thereto, (ii) the Amended and Restated Articles of Incorporation of the Company, and (iii) the Amended and Restated Bylaws of the Company. We have also examined such corporate records and other agreements, documents and instruments,

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PECO Energy Company September 10, 2025 Page 2 and such certificates or comparable documents of public officials and officers and representatives of the Company, and have made such inquiries of such officers and representatives and have considered such matters of law as we have deemed appropriate as the basis for the opinions hereinafter set forth. In delivering this opinion, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to originals of all documents submitted to us as certified, photostatic or conformed copies, the authenticity of originals of all such latter documents, and the accuracy and completeness of all records, information and statements submitted to us by officers and representatives of the Company. In making our examination of documents executed by parties other than the Company, we have assumed that such parties had the power, corporate or other, to enter into and perform all obligations thereunder and have also assumed the due authorization of all requisite action, corporate or other, and execution and delivery by such parties of such documents and the validity and binding effect thereof with respect to such parties. Based upon and subject to the limitations and assumptions set forth herein, we are of the opinion that: 1. The Company is duly incorporated and validly existing under the laws of the Commonwealth of Pennsylvania; and 2. The Bonds are legally issued and binding obligations of the Company entitled to the benefits under the Mortgage and enforceable against the Company in accordance with their respective terms (except to the extent enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other similar laws affecting the enforcement of creditors' rights generally and by the effect of general principles of equity, regardless of whether considered in a proceeding in equity or at law). We express no opinion as to the law of any jurisdiction other than the Commonwealth of Pennsylvania and the Federal laws of the United States. We hereby consent to the filing of this letter as Exhibit 5.1 to the Registration Statement, and to the use therein of this firm's name under the caption "Legal Matters." In giving such consent, we do not hereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Commission. Very truly yours, /s/ Ballard Spahr LLP

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## Exhibit 8.1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlanta \| Baltimore \| Boulder \| Delaware \| Denver \| Las Vegas \| Los Angeles \| Minneapolis \| New Jersey \| New York \| Philadelphia Phoenix \| Salt Lake City \| Sioux Falls \| Washington, DC \| www.ballardspahr.com September 10, 2025 PECO Energy Company 2301 Market Street Philadelphia, PA 19103 Re: $525,000,000 aggregate principal amount of First and Refunding Mortgage Bonds, 4.875% Series due 2035 and $525,000,000 aggregate principal amount of First and Refunding Mortgage Bonds, 5.650% Series due 2055 Ladies and Gentlemen: We have acted as counsel to PECO Energy Company, a Pennsylvania corporation (the "Company"), in connection with the issuance and sale by the Company of (i) $525,000,000 aggregate principal amount of First and Refunding Mortgage Bonds, 4.875% Series due 2035 and (ii) $525,000,000 aggregate principal amount of First and Refunding Mortgage Bonds, 5.650% Series due 2055 (together, the "Bonds"), covered by the Registration Statement on Form S-3, No. 333-277223 (the "Registration Statement"), filed by the Company with the Securities and Exchange Commission ("Commission") on February 21, 2024, under the Securities Act of 1933, as amended. We are familiar with the proceedings to date with respect to the Registration Statement and have examined such records, documents and questions of law, and satisfied ourselves as to such matters of fact, as we have considered relevant and necessary as a basis for this opinion. In addition, we have assumed that there will be no change in the laws currently applicable to the Company and that such laws will be the only laws applicable to the Company. We have also assumed that there will be no change in the facts. Any such changes in the laws or the facts could alter our opinion. Based upon and subject to the foregoing, the statements set forth in the Prospectus Supplement dated September 3, 2025 included in the Registration Statement under the heading "Certain United States Federal Income Tax Consequences," to the extent they constitute matters of Federal income tax law or legal conclusions with respect thereto, represent our opinion.

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PECO Energy Company September 10, 2025 Page 2 In giving the foregoing opinion, we express no opinion as to the laws of any jurisdiction other than the Federal income tax laws of the United States of America. This opinion letter is limited to the matters stated herein and no opinion is implied or may be inferred beyond the matters expressly stated herein. This opinion is rendered as of the date hereof based on the law and facts in existence on the date hereof, and we do not undertake, and hereby disclaim, any obligation to advise you of any changes in law or fact, whether or not material, which may be brought to our attention at a later date. We hereby consent to the filing of this opinion with the Commission as Exhibit 8.1 to the Registration Statement. We also consent to the use of our name under the heading "Certain United States Federal Income Tax Consequences" in the Prospectus Supplement dated September 3, 2025 included in the Registration Statement. In giving this consent, we do not hereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules or regulations of the Commission promulgated thereunder. Very truly yours, /s/ Ballard Spahr LLP

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