Document:

Employee Savings Plan

 Exhibit 10.6 
 EXELON CORPORATION 
 EMPLOYEE SAVINGS PLAN 

Amended and Restated Effective as of January 1, 2010 

 EXELON CORPORATION EMPLOYEE SAVINGS PLAN 

TABLE OF CONTENTS 
  

					
	 	  	Page	 
		
	ARTICLE 1 TITLE, PURPOSE AND EFFECTIVE DATES	  	 	1	  
		
	ARTICLE 2 DEFINITIONS	  	 	1	  
		
	ARTICLE 3 PARTICIPATION	  	 	7	  
		
	 Section 3.1. Eligibility for Participation.
	  	 	7	  
		
	 Section 3.2. Applications for Before-Tax Contributions and After-Tax Contributions.
	  	 	8	  
		
	 Section 3.3. Transfer to Affiliates.
	  	 	11	  
		
	ARTICLE 4 EMPLOYER CONTRIBUTIONS	  	 	11	  
		
	 Section 4.1. Before-Tax Contributions.
	  	 	11	  
		
	 Section 4.2. 402(g) Annual Limit on Before-Tax Contributions.
	  	 	15	  
		
	 Section 4.3. Employer Matching Contributions.
	  	 	18	  
		
	 Section 4.4. Limitations on Contributions for Highly-Compensated Eligible Employees.
	  	 	21	  
		
	 Section 4.5. Limitation on Employer Contributions.
	  	 	29	  
		
	ARTICLE 5 EMPLOYEE CONTRIBUTIONS	  	 	31	  
		
	 Section 5.1. After-Tax Contributions.
	  	 	31	  
		
	 Section 5.2. Rollover Contributions.
	  	 	32	  
		
	 Section 5.3. Special Accounting Rules for Rollover Contributions.
	  	 	33	  
		
	ARTICLE 6 TRUST AND INVESTMENT FUNDS	  	 	34	  
		
	 Section 6.1. Trust.
	  	 	34	  
		
	 Section 6.2. Investment Funds.
	  	 	34	  
		
	ARTICLE 7 PARTICIPANT ACCOUNTS AND INVESTMENT ELECTIONS	  	 	35	  
		
	 Section 7.1. Participant Accounts and Investment Elections.
	  	 	35	  
		
	 Section 7.2. Allocation of Net Income of Trust Fund and Fluctuation in Value of Trust Fund Assets.
	  	 	37	  
		
	 Section 7.3. Allocations of Contributions Among Participants’ Accounts.
	  	 	38	  
		
	 Section 7.4. Limitations on Allocations Imposed by Section 415 of the Code.
	  	 	40	  
		
	 Section 7.5. Correction of Error.
	  	 	41	  
		
	ARTICLE 8 WITHDRAWALS AND DISTRIBUTIONS	  	 	42	  
		
	 Section 8.1. Withdrawals and Distributions Prior to Termination of Employment.
	  	 	42	  
		
	 Section 8.2. Loans to Participants.
	  	 	48	  
		
	 Section 8.3. Distributions Upon Termination of Employment.
	  	 	51	  
		
	 Section 8.4. Time of Distribution.
	  	 	55	  

  
 (i)

					
		
	 Section 8.5. Designation of Beneficiary.
	  	 	57	  
		
	 Section 8.6. Distributions to Minor and Disabled Distributees.
	  	 	58	  
		
	 Section 8.7. “Lost” Participants and Beneficiaries.
	  	 	59	  
		
	 Section 8.8. Death Benefits Under USERRA.
	  	 	60	  
		
	ARTICLE 9 PARTICIPANTS’ STOCKHOLDER RIGHTS	  	 	60	  
		
	 Section 9.1. Voting Shares of Common Stock.
	  	 	60	  
		
	 Section 9.2. Tender Offers.
	  	 	61	  
		
	ARTICLE 10 SPECIAL PARTICIPATION AND DISTRIBUTION RULES RELATING TO REEMPLOYMENT OF TERMINATED EMPLOYEES AND EMPLOYMENT BY RELATED ENTITIES	  	 	62	  
		
	 Section 10.1. Change of Employment Status.
	  	 	62	  
		
	 Section 10.2. Reemployment of an Eligible Employee Whose Employment Terminated Prior to His or Her Becoming a
Participant.
	  	 	63	  
		
	 Section 10.3. Reemployment of a Terminated Participant.
	  	 	63	  
		
	 Section 10.4. Employment by an Affiliate.
	  	 	63	  
		
	 Section 10.5. Leased Employees.
	  	 	64	  
		
	 Section 10.6. Reemployment of Veterans.
	  	 	64	  
		
	ARTICLE 11 ADMINISTRATION	  	 	66	  
		
	 Section 11.1. The Administrator, the Investment Fiduciary and the Corporate Investment Committee.
	  	 	66	  
		
	 Section 11.2. Claims Procedure.
	  	 	71	  
		
	 Section 11.3. Procedures for Domestic Relations Orders.
	  	 	73	  
		
	 Section 11.4. Notices to Participants, Etc.
	  	 	75	  
		
	 Section 11.5. Notices to Administrator.
	  	 	75	  
		
	 Section 11.6. Records.
	  	 	75	  
		
	 Section 11.7. Reports of Trustee and Accounting to Participants.
	  	 	75	  
		
	 Section 11.8. Electronic Media.
	  	 	76	  
		
	ARTICLE 12 PARTICIPATION BY OTHER EMPLOYERS	  	 	76	  
		
	 Section 12.1. Adoption of Plan.
	  	 	76	  
		
	 Section 12.2. Withdrawal from Participation.
	  	 	76	  
		
	 Section 12.3. Company as Agent for Employers.
	  	 	77	  
		
	ARTICLE 13 CONTINUANCE BY A SUCCESSOR	  	 	77	  
		
	ARTICLE 14 MISCELLANEOUS	  	 	78	  
		
	 Section 14.1. Expenses.
	  	 	78	  
		
	 Section 14.2. Non-Assignability.
	  	 	79	  
		
	 Section 14.3. Employment Non-Contractual.
	  	 	81	  

  
 (ii)

					
		
	 Section 14.4. Limitation of Rights.
	  	 	81	  
		
	 Section 14.5. Merger or Consolidation with Another Plan.
	  	 	81	  
		
	 Section 14.6. Gender and Plurals.
	  	 	81	  
		
	 Section 14.7. Applicable Law.
	  	 	81	  
		
	 Section 14.8. Severability.
	  	 	82	  
		
	 Section 14.9. No Guarantee.
	  	 	82	  
		
	 Section 14.10. Statute of Limitations for Actions under the Plan.
	  	 	82	  
		
	 Section 14.11. Forum for Legal Actions under the Plan.
	  	 	83	  
		
	 Section 14.12. Legal Fees.
	  	 	83	  
		
	ARTICLE 15 TOP-HEAVY PLAN REQUIREMENTS	  	 	84	  
		
	 Section 15.1. Top-Heavy Plan Determination.
	  	 	84	  
		
	 Section 15.2. Definitions and Special Rules.
	  	 	84	  
		
	 Section 15.3. Minimum Contribution for Top-Heavy Years.
	  	 	85	  
		
	ARTICLE 16 AMENDMENT, ESTABLISHMENT OF SEPARATE PLAN AND TERMINATION	  	 	86	  
		
	 Section 16.1. Amendment.
	  	 	86	  
		
	 Section 16.2. Establishment of Separate Plan.
	  	 	87	  
		
	 Section 16.3. Termination and Distributions upon Termination of the Plan.
	  	 	87	  
		
	 Section 16.4. Trust Fund to Be Applied Exclusively for Participants and Their Beneficiaries.
	  	 	89	  
		
	SUPPLEMENT I Transfers from Other Plans	  	 	I-1	  
		
	SUPPLEMENT II Elective Transfers Between This Plan and Plans of Affiliates or the TXU 401(k) Plan	  	 	II-1	  
		
	SUPPLEMENT III Merger of Certain AmerGen Plans into this Plan	  	 	III-1	  
		
	SUPPLEMENT IV Merger of New England Plan into this Plan	  	 	IV-1	  
		
	SUPPLEMENT V Transfers from the Exelon Corporation 401(k) Profit Sharing Plan No. 2	  	 	V-1	  

  
 (iii)

 ARTICLE 1 
 TITLE, PURPOSE AND EFFECTIVE DATES 
 The title of this Plan shall be the
“Exelon Corporation Employee Savings Plan.” This Plan is an amendment and restatement of the Commonwealth Edison Employee Savings and Investment Plan as in effect on December 31, 2010, and shall be effective January 1, 2010 in
respect of Participants whose employment terminates on or after such date, provided, however, that any provision that specifies a different effective date shall be effective as of such date; and provided, further that, the provisions
of Article 9 (relating to participants’ stockholders rights), Article 10 (relating to special participation and distribution rules relating to reemployment of terminated employees and employment by related entities), Article 11 (relating to
administration), Article 14 (relating to miscellaneous provisions) and Article 16 (relating to amendment and termination of the Plan) shall be effective for all such persons. 
 This Plan is designated as a “profit sharing plan” within the meaning of section 1.401-1(a)(2)(ii) of the Regulations; and is also designated as an ERISA section 404(c) Plan within the meaning
of section 2550.404c-1 of the Regulations. In addition, the portion of the Plan invested in the Employer Stock Fund described in Section 6.2 is designated as an “employee stock ownership plan” within the meaning of section 4975(e)(7)
of the Code and, as such, is designed to invest primarily in “qualifying employer securities” as defined in section 4975(e)(8) of the Code. 
 ARTICLE 2 
 DEFINITIONS 

As used herein, the following words and phrases shall have the following respective meanings when capitalized: 

(1) Administrator. The Company’s Director, Employee Benefit Plans & Programs, or such other person or committee
appointed pursuant to Section 11.1 (relating to the Administrator, the Investment Fiduciary and the Corporate Investment Committee). 

  
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 (2) Affiliate. (a) A corporation that is a member of the same controlled group
of corporations (within the meaning of section 414(b) of the Code) as an Employer, (b) a trade or business (whether or not incorporated) under common control (within the meaning of section 414(c) of the Code) with an Employer, (c) any
organization (whether or not incorporated) that is a member of an affiliated service group (within the meaning of section 414(m) of the Code) that includes an Employer, a corporation described in clause (a) of this subdivision or a trade or
business described in clause (b) of this subdivision or (d) any other entity that is required to be aggregated with an Employer pursuant to Regulations promulgated under section 414(o) of the Code. 

(3) After-Tax Contributions. Contributions made by a Participant pursuant to Section 5.1. 

(4) After-Tax Contributions Account. The account established pursuant to Section 7.1 to which shall be credited (i) a
Participant’s After-Tax Contributions, (ii) any after-tax contributions transferred to the Plan from the PECO Energy Company Employee Savings Plan (including any after-tax contributions transferred to such plan from the Philadelphia
Electric Company Tax Reduction Act Stock Ownership Plan) on behalf of such Participant and (iii) earnings (or losses) thereon. 
 (5) Before-Tax Contributions. Contributions made on behalf of a Participant pursuant to Section 4.1. The term “Before-Tax Contributions” includes Designated Roth Contributions, if
any, including Catch-Up Contributions. 
 (6) Before-Tax Contributions Account. The account established pursuant to
Section 7.1 to which shall be credited (i) a Participant’s Before-Tax Contributions other than Catch-Up Contributions, (ii) any before-tax contributions transferred to the Plan from the PECO Energy Company Employee Savings Plan
on behalf of such Participant and (iii) earnings (or losses) thereon. 
 (7) Beneficiary. The person or persons
entitled under Section 8.5 to receive benefits in the event of the death of a Participant. For any period in which the Plan is not an “ERISA section 404(c) Plan” as defined in the Regulations under section 404(c) of ERISA, each
Beneficiary shall be a “named fiduciary” within the meaning of section 402(a)(1) of ERISA for the sole purpose of directing the Trustee with respect to the exercise of shareholder rights pursuant to Article 9 (relating to
Participants’ stockholder rights). 
 (8) Catch-Up Contributions. Before-Tax Contributions made pursuant to
paragraph (d) of Section 4.1 (relating to Catch-Up Contributions) by a Participant who has attained age 50 before the close of the relevant Plan Year. 
 (9) Catch-Up Contributions Account. The account established pursuant to Section 7.1 for each Participant who has attained age 50 to which shall be credited a Participant’s Catch-Up
Contributions. 
 (10) Code. The Internal Revenue Code of 1986, as amended. 

(11) Common Stock. The common stock, without par value, of Exelon Corporation. 

  
 2 

 (12) Company. Exelon Corporation, a Pennsylvania corporation, or any successor to
such corporation that adopts the Plan pursuant to Article 13 (relating to continuance by a successor). 

(13) Compensation. The normal base pay under the applicable Exelon East or West payroll of an Employee from an
Employer for personal services rendered, including (i) nuclear license premiums for management employees, (ii) meter readers’ bonuses, (iii) payments attributable to worker’s compensation received from an Employer,
(iv) taxable payments received by an employee under the Exelon Corporation Disability Benefit Plan, (v) solely for employees who are employed by Exelon Boston Services LLC who are represented by Local 369 of the Utility Workers Union of
America, AFL-CIO, overtime pay, (vi) solely for employees who are represented by IBEW Local Union 15 and covered under the collective bargaining agreement between Commonwealth Edison Company and IBEW Local Union 15, overtime pay, but only
amounts paid with respect to hours worked in excess of an Employee’s normally scheduled hours, (vii) effective January 1, 2009, differential wage payments (as defined in section 3401(h) of the Code), and excluding (i) salary
continuation or lump sum payments under a severance benefit plan, or other severance arrangement, of an Employer, (ii) bonuses or incentive awards (other than meter readers’ bonuses), (iii) overtime pay for management employees,
(iv) shift premiums, (v) fringe benefits, (vi) other extraordinary payments and (vii) payments made in a form other than cash, but without reduction on account of the Employee’s election to have his or her pay reduced
pursuant to a qualified cash or deferred arrangement described in section 401(k) of the Code (including any such election to make a Designated Roth Contribution), a qualified transportation fringe benefit program described in section 132(f) of the
Code or a cafeteria plan described in section 125 of the Code. For purposes of the preceding sentence, the normal base pay of an Employee who works and is compensated based on a shift schedule other than a basic work week consisting of five
regularly scheduled eight-hour work days shall be computed by multiplying the number of regularly scheduled basic work hours for which such Employee is paid by his or her basic hourly rate, determined without regard to any premium payments made at
an overtime rate for such work. An Employee’s “compensation” (within the meaning of section 415 of the Code) for any Plan Year in excess of the applicable dollar limitation contained in Section 401(a)(17) of the Code (as adjusted
for changes in the cost of living pursuant to section 401(a)(17) of the Code), shall be not be taken into account for any purpose under the Plan. Notwithstanding the preceding, effective January 1, 2003, normal base pay shall also include lump
sum merit increases to base pay. Notwithstanding the foregoing, an amount classified as Compensation under the preceding paragraphs shall not be Compensation for purposes of the Plan if such amount is paid to an Employee after the Employee’s
severance from employment unless (i) such amount is regular compensation for services during the Employee’s regular working hours or compensation for services outside the Employee’s regular working hours and (ii) such amount is
paid on or before the later of (A) 2  1/2
months after the Employee’s severance from employment and (B) the last day of the Plan Year during which the Employee’s severance from employment occurs. Finally, in no event shall Compensation for purposes of this Plan include any
amount that is not “compensation” within the meaning of section 415(c)(3) of the Code and section 1.415(c)-2 of the Regulations. 
 (14) Corporate Investment Committee. The Committee consisting of the executives or other persons designated from time to time in the charter of such Committee. 

  
 3 

 (15) Designated Roth Contributions. Before-Tax Contributions designated as Roth
contributions pursuant to Section 4.2(e) (relating to Untaxed Contributions and Designated Roth Contributions) by a Participant. 
 (16) Designated Roth Contributions Account. The account established pursuant to Section 7.1 for each Participant to which shall be credited all Designated Roth Contributions made on behalf of
such Participant pursuant to Section 4.2(c) for Plan Years beginning on or after January 1, 2006 and earnings (or losses) thereon for each Participant who is not represented by IBEW Local Union 15 and covered under the collective
bargaining agreement between Commonwealth Edison Company and IBEW Local Union 15 (“Local 15 Member”) and (b) for Plan Years beginning on or after January 1, 2009 and earning (or losses) thereon for each Participant who is a Local
15 Member. 
 (17) Disability. A physical or mental condition which, in the judgment of the Administrator, based upon
medical reports and other evidence satisfactory to the Administrator, permanently prevents a Participant from satisfactorily performing his or her usual duties or the duties of such other position available to him and for which he is qualified by
reason of his or her training, education or experience. 
 (18) Effective Date. January 1, 2010. 

(19) Eligible Employee. An Employee other than (i) an Employee the terms of whose employment are subject to a collective
bargaining agreement that does not provide for participation in this Plan, (ii) an Employee on an unpaid leave of absence (except as required by applicable law respecting Military Service), (iii) an Employee paid on the temporary payroll
of an Employer who has never completed 1,000 Hours of Service in any period of twelve consecutive months beginning with the Employee’s date of employment or any anniversary thereof and (iv) an individual rendering services to an Employer
who is not on the payroll of any Employer. It is expressly intended that an individual rendering services to an Employer pursuant to any of the following agreements shall be excluded from Plan participation pursuant to clause (iv) of this
subdivision even if a court or administrative agency determines that such individual is an Employee: (a) an agreement providing that such services are to be rendered as an independent contractor, (b) an agreement with an entity, including
a leasing organization within the meaning of section 414(n)(2) of the Code, that is not an Employer or (c) an agreement that contains a waiver of participation in the Plan. 

(20) Employee. An individual whose relationship with an Employer is, under common law, that of an employee. 

(21) Employer. The Company, any Affiliate thereof that was an Employer under the Plan or a participating employer under the PECO
Energy Company Employee Savings Plan immediately prior to the Effective Date (including IBEW Local Union 15, but only with respect to Employees the terms of whose employment are subject to a collective bargaining agreement that provides for
participation in the Plan), and any other Affiliate that, with the consent of the Company elects to participate in the Plan in the manner described in Article 12 and any successor Affiliate that adopts the Plan pursuant to Article 13. If any entity
described in the preceding sentence withdraws from participation in the Plan pursuant to Section 12.2, such entity shall thereupon cease to be an Employer. 

  
 4 

 (22) Employer Matching Contributions. Contributions made by an Employer pursuant to
Section 4.3. 
 (23) Employer Matching Contributions Account. The account established pursuant to Section 7.1
to which shall be credited (i) any Employer Matching Contributions made on behalf of a Participant, (ii) any employer matching contributions transferred to the Plan from the PECO Energy Company Employee Savings Plan (including any employer
matching contributions transferred to such plan from the Philadelphia Electric Company Tax Reduction Act Stock Ownership Plan) on behalf of such Participant and (iii) earnings (or losses) thereon. 

(24) ERISA. The Employee Retirement Income Security Act of 1974, as amended. 

(25) Hour of Service. Each hour for which an Employee is directly or indirectly compensated by, or entitled to receive
compensation from, an Employer. For purposes of this subdivision, compensation shall mean the total earnings paid, directly or indirectly, to the Employee by an Employer, including any back pay, irrespective of mitigation of damages, either awarded
to the Employee or agreed to by an Employer. The computation of Hours of Service and the periods to which Hours of Service are credited shall be determined under uniform rules adopted by the Administrator in accordance with Department of Labor
regulations §2530.200b-2(b), (c) and (f). 
 (26) Investment Fiduciary. The Company acting through the Exelon
Investment Office. 
 (27) Military Service. The performance of duty on a voluntary or involuntary basis in a
“uniformed service” (as defined below) under competent authority of the United States government and includes active duty, active duty for training, initial active duty for training, inactive duty training, full-time National Guard duty,
and a period for which a person is absent from employment for the purpose of an examination to determine the fitness of the person to perform any such duty. For purposes of the preceding sentence, the term “uniformed service” means the
Armed Forces, the Army National Guard and the Air National Guard when engaged in active duty for training, inactive duty training, or full-time National Guard duty, the commissioned corps of the Public Health service, and any other category of
persons designated by the President of the United States in time of war or emergency. 
 (28) Participant. An Eligible
Employee who satisfies the conditions set forth in Section 3.1 (relating to eligibility for Participation). An individual shall cease to be a Participant upon the complete distribution, or transfer of his or her account under the Plan. For any
period in which the Plan is not an “ERISA section 404(c) Plan” as defined in Regulations under section 404(c) of ERISA, each Participant shall be a “named fiduciary” within the meaning of section 402(a)(1) of ERISA for the sole
purpose of directing the Trustee with respect to the exercise of shareholder rights pursuant to Article 9 (relating to Participants’ stockholder rights). 
 (29) Plan. The plan herein set forth, and as from time to time amended. 

(30) Plan Year. The twelve-month period beginning on each January 1. 

(31) Qualified Reservist. The term “Qualified Reservist” shall mean an individual who is (i) a member of a reserve
component (as defined in chapter 1 of title 37, United States Code) 

  
 5 

 
and (ii) ordered or called to active duty for a period in excess of 179 days or for an indefinite period, after September 11, 2001. 

(32) Regulations. Written final or temporary promulgations of the Department of Labor construing Title I of ERISA or the Internal
Revenue Service construing the Code. 
 (33) Rollover Account. The account established pursuant to Section 7.1 to
which shall be credited (i) any rollover contribution made by or on behalf of an Eligible Employee or a Participant, (ii) any rollover contribution transferred to the Plan from the PECO Energy Company Employee Savings Plan on behalf of
such Participant and (iii) earnings (or losses) thereon. 
 (34) Spouse. The individual who is a husband or wife of
a Participant as the result of a legal union between one man and one woman, within the meaning of the Defense of Marriage Act. 

(35) Termination Date. (a) The date an Employee quits, retires, is discharged from employment by an Employer or dies,
(b) the date the Employee’s employer ceases to be an Employer on account of its sale to a party or parties that do not qualify as an Affiliate of any Employer, (c) the first anniversary of the Employee’s first date of absence
from employment by an Employer for any other reason, except as provided in clause (d) or (e) below, (d) in the case of an Employee who is absent from employment for maternity or paternity reasons, the second anniversary of the first
date of such absence or (e) the last date following a period of Military Service as of which the Employee has reemployment rights under applicable law. For purposes of this subdivision, an absence from employment for maternity or paternity
reasons means an absence (1) by reason of the pregnancy of the Employee, (2) by reason of the birth of a child of the Employee, (3) by reason of the placement of a child with the Employee in connection with the adoption of such child
by such Employee or (4) for purposes of caring for such child for a period beginning immediately following such birth or placement. Notwithstanding the foregoing sentences, an Employee’s absence from employment for maternity or paternity
reasons or for Military Service shall not be considered in determining the Employee’s Termination Date unless the Employee, upon the Administrator’s request, provides certification that the leave was taken for one of the reasons enumerated
in the preceding sentence. 
 (36) Trust. The trust created by agreement between the Company and the Trustee, as from
time to time amended. 
 (37) Trust Fund. All money and property of every kind of the Trust held by the Trustee pursuant
to the terms of the Trust agreement. 
 (38) Trustee. The trustee that executes the Trust instrument provided for in
Article 6, or any successor trustee or, if there is more than one trustee acting at any time, all of such trustees collectively. 
 (39) Untaxed Contributions. Before-Tax Contributions not designated as Designated Roth Contributions pursuant to Section 4.2(e) (relating to Untaxed Contributions and Designated Roth
Contributions) by a Participant. 
 (40) Untaxed Contributions Account. The account established pursuant to
Section 7.1 for each Participant to which shall be credited (a) all Before-Tax Contributions that are made on behalf of the Participant pursuant to Section 4.2 for Plan Years beginning prior to January 1, 2006

  
 6 

 
with respect to a Participant who is not a Local 15 Member and for Plan Years beginning before January 1, 2009 with respect to a Participant who is a Local 15 Member, (b) any before-tax
contributions transferred to the Plan from the PECO Energy Company Employee Savings Plan on behalf of such Participant, (c) all Before-Tax Contributions that are Untaxed Contributions made pursuant to Section 4.2 for Plan Years beginning
on or after January 1, 2006 with respect to a Participant who is not a Local 15 Member and for Plan Years beginning before January 1, 2009 with respect to a Participant who is a Local 15 Member, and (d) earnings (or losses) thereon.

 (41) Valuation Date. Each business day, as determined by the Trustee, or such other days as the Administrator may
designate. 
 (42) VRU. The telephonic voice response unit designated by the Administrator, which may be used to make
certain elections under the Plan. The VRU shall require each Participant, or Beneficiary, as the case may be, to provide such identification data as may, from time to time, be required by the VRU. The Administrator shall cause to be kept such
records of VRU activity as it shall deem necessary or appropriate, and such records shall constitute valid authorization of the elections made by each Participant and Beneficiary for all purposes of the Plan and applicable Regulations. No written
authorization shall be required from a Participant or Beneficiary after an election has been made by calling the VRU. 

ARTICLE 3 

PARTICIPATION 

Section 3.1. Eligibility for Participation. 
 Each Eligible Employee who immediately before the Effective Date was a Participant in the Plan shall continue to be a Participant as of the Effective Date. Each other Eligible Employee who is a member of
a bargaining unit represented by IBEW Local Union 15 shall be eligible to become a Participant on the first day of the payroll period coinciding with or next following the date he or she has completed three months of employment with an Employer
(regardless of the number of Hours of Service actually performed). Each other Eligible Employee shall be eligible to become a Participant on the first day of the payroll period coinciding with or next following the date of his or her employment.

  
 7 

 Section 3.2. Applications for Before-Tax Contributions and After-Tax
Contributions. 
 (a) Regular Payroll Before-Tax and After-Tax Contributions. Each Eligible Employee who desires to
commence Before-Tax Contributions or After-Tax Contributions shall make a request in the manner prescribed by the Administrator specifying the Employee’s chosen rate of Before-Tax Contributions for each payroll period or his or her chosen rate
of After-Tax Contributions for each payroll period, or both. Such request shall authorize the Employee’s Employer to reduce the Eligible Employee’s Compensation by the amount of any such Before-Tax Contributions, to make regular payroll
deductions of any such After-Tax Contributions or both, as the case may be. The request shall also specify the Employee’s investment elections pursuant to Section 7.1(b) and shall evidence the Employee’s acceptance of and agreement to
all provisions of the Plan. In addition, an Eligible Employee who is not a member of a bargaining unit represented by IBEW Local Union 15 on the date of his or her employment may elect, in accordance with the provisions of this paragraph (a), to
become a Participant on the first day of the payroll period coinciding with or next following such date. All requests to commence contributions pursuant to this paragraph (a) shall be effective as of such time after the Administrator (or its
delegate) receives such request as shall be established by the Administrator, provided, that all such requests shall be effective on the first day of a payroll period commencing not more than 30 days after receipt thereof by the Administrator
(or its delegate). 
 (b) Quarterly Incentive Award Before-Tax Contributions. With respect to quarterly incentive awards
earned prior to January 1, 2002, each Eligible Employee may request, in the manner prescribed by the Administrator, to reduce his or her compensation by an amount equal to 100 percent of any such quarterly incentive awards that would otherwise
be paid to such Participant; provided, however, that for the 2001 Plan Year, such reduction shall be available solely with respect to quarterly incentive awards payable on or after the later of (i) March 31, 2001

  
 8 

 
and (ii) the first date thereafter which the Administrator determines is administratively practicable with respect to Employees of such Participant’s Employer. Before-Tax Contributions
pursuant to this paragraph (b) shall be invested in accordance with the Participant’s investment election under paragraph (a) of this Section 3.2 (or, if no such election is in effect, in accordance with an investment election
made by such Participant in the manner prescribed by the Administrator). 
 (c) Automatic Enrollment for Certain
Employees. (i) Deemed Election of Default Before-Tax Contributions. A Participant whose hire date is on or after April 6, 2009 and who does not make an election pursuant to paragraph (a) of this Section 3.2 to make
Before-Tax Contributions or After-Tax Contributions shall be deemed to have elected to make Before-Tax Contributions (“Default Before-Tax Contributions”) equal to 3 percent (“Default Percentage”) of his or her Compensation for
each payroll period and to have his or her Employer reduce his or her Compensation by the amount thereof. Such Participant’s Default Percentage will increase by 1 percent each Plan Year, beginning with the second Plan Year that begins after the
Default Percentage first applies to the Participant, until it reaches 5 percent. The increase will be effective March 1 of each applicable Plan Year. Notwithstanding the foregoing, in the event a Participant’s initial Default Before-Tax
Contribution occurs during the period commencing on December 1 and ending the last day of February, the initial increase to such Participant’s Default Percentage shall commence on the March 1 of the calendar year following the first
anniversary of the Participant’s initial Default Before-Tax Contribution. The effective date of such Participant’s deemed election shall be 90 days after the Participant receives a notice of his or her rights and obligations under this
paragraph (c)(i) (the “Automatic Enrollment Notice”). During the 90-day period after the Participant receives the Automatic Enrollment Notice, the Participant shall have an opportunity to make an affirmative election to (1) not have
any Default Before-Tax Contributions made on his or her behalf or (2) have Before-Tax Contributions made in a different amount or percentage of 

  
 9 

 
Compensation by giving direction to the Administrator (or its delegate) in the manner prescribed by the Administrator. Any deemed election described in this paragraph (c)(i) shall be effective
only with respect to Compensation not currently available to the Participant. Each Participant whose hire date is on or after April 6, 2009 shall be a “covered employee” for purposes of section 1.414(w)-1(e)(3) of the Regulations,
regardless of whether such Participant makes an affirmative election regarding Before-Tax Contributions. Notwithstanding the foregoing, an Employee who on or after April 6, 2009 becomes eligible to participate in the Plan as a result of the
Employee’s rehire by an Employer shall not be deemed to have made an election automatically to have Before-Tax Contributions made on his or her behalf pursuant to this paragraph (c)(i) or deemed to be a “covered employee.” 

(ii) Withdrawal of Default Before-Tax Contributions. A covered employee deemed to elect Default Before-Tax Contributions pursuant
to paragraph (c)(i) may elect, no later than 90 days after the first payroll date that the first Default Before-Tax Contributions on behalf of the covered employee occurs, to receive a distribution equal to the amount of all such contributions
(adjusted for earnings and losses and reduced by any applicable fees) made with respect to the covered employee through the earlier of (1) the pay date for the second payroll period that begins after the covered employee’s withdrawal
request and (2) the first pay date that occurs after 30 days following the covered employee’s request. An election by a covered employee to withdraw Default Before-Tax Contributions pursuant to this paragraph (c)(ii) shall be deemed to be
an election by the covered employee, as of the date of the withdrawal election, to reduce his Before-Tax Contribution percentage to 0 percent (subject to any affirmative election by the covered employee to the contrary). 

  
 10 

 Section 3.3. Transfer to Affiliates. 

If a Participant is transferred from one Employer to another Employer or from an Employer to an Affiliate, such transfer shall not
terminate the Participant’s participation in the Plan and such Participant shall continue to participate in the Plan until an event occurs that would have terminated his or her participation had the Participant continued in the service of an
Employer until the occurrence of such event; provided, however, that a Participant shall not be entitled (i) to make contributions to the Plan, or (ii) to have contributions made on his or her behalf to the Plan during any
period of employment by any Affiliate that is not an Employer. Periods of employment with an Affiliate shall be taken into account only to the extent set forth in Section 10.4 (relating to employment by Affiliates). Payments received by a
Participant from an Affiliate that is not an Employer shall not be treated as compensation for any purposes under the Plan. 

ARTICLE 4 

EMPLOYER CONTRIBUTIONS 
 Section 4.1. Before-Tax Contributions. 
 (a) Initial
Election Respecting Regular Payroll Before-Tax Contributions. Subject to the limitations set forth in Sections 4.2 (relating to the 402(g) annual limit on Before-Tax Contributions), 4.4 (relating to limitations on contributions for highly
compensated Eligible Employees), 4.5 (relating to the limitation on Employer contributions) and 7.4 (relating to limitations on allocations imposed by section 415 of the Code), each Employer shall contribute (i) on behalf of each Participant
who is an Eligible Employee of such Employer and is a member of a bargaining unit represented by IBEW Local Union 15 an amount equal to a whole percentage not less than 1 and not more than 15 percent of such Participant’s Compensation for each
payroll period as designated by the Participant in his or her request pursuant to Section 3.2(a), and (ii) on 

  
 11 

 
behalf of any other Participant who is an Eligible Employee of such Employer an amount equal to a whole percentage not less than 1 and not more than 20 percent and, effective as of
January 1, 2006, 50 percent, of such Participant’s Compensation for each payroll period as designated by the Participant on his or her request pursuant to Section 3.2(a). Before-Tax Contributions described in the preceding sentence
shall be delivered to the Trustee no less frequently than bi-weekly. In addition, if back-pay is awarded to a Participant who is an Eligible Employee and any portion of such back-pay constitutes Compensation as defined in subdivision (13) of
Article 2 (relating to the definition of Compensation), the Employer of such Participant shall contribute on behalf of such Participant an amount equal to the Before-Tax Contribution percentage, which was most recently chosen by the Participant in
his or her request pursuant to Section 3.2(a), of such back-pay that constitutes Compensation. A Before-Tax Contribution described in the preceding sentence shall be treated under the Plan in the same manner as all other Before-Tax
Contributions and shall be delivered to the Trustee as soon as practicable after the back-pay is paid to the Participant. 
 If
a Participant receives a hardship withdrawal pursuant to Section 8.1(a), then: (1) all Before-Tax Contributions made on behalf of such Participant pursuant to this Section 4.1 and After-Tax Contributions made by the Participant
pursuant to Section 5.1 shall cease beginning with the first payroll period beginning after the date on which the Participant receives such hardship withdrawal; and (2) such Participant shall not again be eligible to elect such
contributions until the first payroll period that coincides with or follows the date on which contributions ceased by six months. 
 (b) Changes in the Rate or Suspension of Regular Payroll Before-Tax Contributions. A Participant’s Before-Tax Contributions pursuant to paragraph (a) of this Section 4.1 shall
continue in effect at the rate designated by a Participant in his or her request until the Participant changes such designation or suspends such contributions. A Participant may change such 

  
 12 

 
designation at any time by giving direction to the Administrator (or its delegate) in the manner prescribed by the Administrator. Any such direction shall be limited to the contribution rates
described in paragraph (a) of this Section 4.1. 
 A Participant may suspend future Before-Tax Contributions pursuant
to paragraph (a) of this Section 4.1 by giving notice to the Administrator (or its delegate) in the manner prescribed by the Administrator. A Participant who has ceased Before-Tax Contributions pursuant to this subsection may resume
Before-Tax Contributions by so directing the Administrator (or its delegate) in the manner prescribed by the Administrator. All such directions to change the rate of, suspend or resume Before-Tax Contributions shall be effective as of such time
after the Administrator (or its delegate) receives any such direction as shall be established by the Administrator, provided that such direction shall be effective on the first day of a payroll period commencing not more than 30 days after
receipt thereof by the Administrator (or its delegate). 
 (c) Elections Respecting Quarterly Incentive Award Before-Tax
Contributions. With respect to quarterly incentive awards earned prior to January 1, 2002, and subject to the limitations set forth in subdivision (13) of Article 2 (relating to the $170,000 limitation on Compensation) and Sections 4.2
(relating to the 402(g) limit on Before-Tax Contributions), 4.4 (relating to limitations on contributions for highly compensated Eligible Employees), 4.5 (relating to the limitation on Employer contributions) and 7.4 (relating to limitations on
allocations imposed by section 415 of the Code), each Employer shall contribute on behalf of each Participant who has filed a request in accordance with Section 3.2(b) an amount equal to 100 percent of the amount of any such quarterly incentive
awards payable to such Participant on or after the effective date of such request. A Participant’s Before-Tax Contributions pursuant to this paragraph (c) shall continue in effect until the Participant suspends such contributions. A
Participant may suspend such contributions by giving direction to the Administrator (or its delegate) in the manner prescribed by 

  
 13 

 
the Administrator. Any such direction to suspend Before-Tax Contributions pursuant to this paragraph (c) shall be effective beginning with the quarterly incentive award payable in the
calendar quarter immediately following the calendar quarter in which such direction is received by the Administrator (or its delegate). Before-Tax Contributions pursuant to this paragraph (c) shall be delivered to the Trustee not later than the
fifteenth business day of the month following the month in which the related quarterly incentive award is payable. 
 (d)
Catch-Up Contributions. Effective for payroll periods beginning on or after August 1, 2002, each Participant who pursuant to paragraph (a) of this Section 4.1 is eligible to make Before-Tax Contributions for any Plan Year and
who shall attain age 50 before the close of such Plan Year shall be eligible to have Before-Tax Contributions made in addition to those described in paragraph (a) of this Section 4.1 (“Additional Before-Tax Contributions”) if no
other Before-Tax Contributions to be made pursuant to paragraph (a) of this Section 4.1 may be made to the Plan for such payroll period by reason of the limitations of Section 4.2 (relating to the 402(g) annual limit on Before-Tax
Contributions). Notwithstanding the preceding sentence, in no event shall the amount of Additional Before-Tax Contributions exceed (i) in the case of a Participant who is represented by IBEW Local Union 15 and covered under that certain
Collective Bargaining Agreement dated September 15, 2000 between Commonwealth Edison Company and IBEW Local Union 15, 40 percent of such Participant’s Compensation for any payroll period, and (ii) in the case of any other Participant,
50 percent of such Participant’s Compensation for any payroll period. Such Additional Before-Tax Contributions shall be elected, made, suspended, resumed and credited in a manner similar to that described in paragraphs (a), (b) and
(c) of this Section 4.1 and in accordance with and subject to such additional rules and limitations of section 414(v) of the Code and otherwise as the Administrator determines. To the extent such Additional Before-Tax Contributions are not
“Catch-Up Contributions” as defined for purposes of section 414(v) of the 

  
 14 

 
Code, they shall be taken into account, and to the extent such Additional Before-Tax Contributions are Catch-Up Contributions they shall not be taken into account, for purposes of Article 4 or 7
or other provisions of the Plan implementing the required limitations of sections 401(k)(3), 401(k)(11), 401(k)(12), 402(g), 404, 410(b), 415 or 416 of the Code, as applicable. 

Section 4.2. 402(g) Annual Limit on Before-Tax Contributions. 

(a) General Rule. Notwithstanding the provisions of Section 4.1 (relating to Before-Tax Contributions), a Participant’s
Before-Tax Contributions for any calendar year, together with amounts contributed under all other plans and arrangements maintained by an Employer or Affiliate and described in sections 401(k), 408(k), 408(p) or 403(b) of the Code, and excluding any
Additional Before-Tax Contributions made to the Plan pursuant to paragraph (d) of Section 4.1 which are Catch-Up Contributions described in such paragraph or Default Before-Tax Contributions that are withdrawn pursuant to paragraph (c)(ii)
of Section 3.2, shall not exceed the applicable dollar amount under section 402(g) of the Code (as adjusted for cost-of-living increases in accordance with section 402(g)(5) of the Code) for such calendar year. 

(b) Correction of Excess Before-Tax Contributions. If for any calendar year a Participant determines that the aggregate of the
(i) Before-Tax Contributions to this Plan, excluding any Additional Before-Tax Contributions made to the Plan pursuant to paragraph (d) of Section 4.1 which are Catch-Up Contributions described in such paragraph, and (ii) amounts
contributed under other plans or arrangements described in sections 401(k), 408(k) or 403(b) of the Code will exceed the limit imposed by paragraph (a) of this Section 4.2 for the calendar year in which such contributions were made
(“Excess Before-Tax Contributions”), such Participant shall, pursuant to such rules and at such time following such calendar year as determined by the Administrator, be allowed to submit a written request that the Excess Before-Tax
Contributions plus any income and minus any loss allocable thereto be distributed to him or her. The request 

  
 15 

 
described in this subsection shall be made in the manner and form prescribed by the Administrator and shall state the amount of the Participant’s Excess Before-Tax Contributions for the
calendar year. The request shall be accompanied by the Participant’s written statement that if such Excess Before-Tax Contributions are not distributed, such Excess Before-Tax Contributions, when added to amounts deferred under other plans or
arrangements described under sections 401(k), 408(k), or 403(b) of the Code, excluding any contributions which are Catch-Up Contributions described in section 414(v) of the Code, will exceed the limit for such Participant under section 402(g) of the
Code. A distribution of Excess Before-Tax Contributions (reduced by any amounts recharacterized or distributed pursuant to paragraph (e)(1) of Section 4.4 (relating to adjustments to comply with section 401(k)(3) of the Code)) shall be made no
later than the applicable time period set forth in the Code and Regulations thereunder following the end of the Plan Year for which such Excess Before-Tax Contributions were made, plus any income and minus any loss allocable thereto through the end
of such Plan Year. The amount of any income or loss allocable to such Excess Before-Tax Contributions shall be determined pursuant to applicable Regulations. If Excess Before-Tax Contributions are distributed pursuant to this Section 4.2, any
corresponding Employer Matching Contributions allocated to the Participant’s Employer Matching Contributions Account, adjusted for income or loss pursuant to Regulations, to which such Participant would be entitled under Section 8.3
(relating to distributions upon termination of employment) if such Participant had terminated employment on the last day of the calendar year during which contributions were made (or earlier if such Participant actually terminated employment at an
earlier date) shall be distributed to such Participant and any remaining amount of such corresponding Employer Matching Contributions, adjusted for income or loss, shall be forfeited. Notwithstanding the provisions of this paragraph, any such Excess
Before-Tax Contributions shall be treated as “annual additions” for purposes of Section 7.4 (relating to limitations on allocations 

  
 16 

 
imposed by section 415 of the Code) and shall not be disregarded as Before-Tax Contributions for purposes of determining the average deferral percentage described in Section 4.4(d)(1) or, to
the extent applicable, the average contribution percentage described in Section 4.4(d)(2), except that in the case of a non-highly compensated eligible employee, as that term is defined in Section 4.4(d)(4), such Excess Before-Tax
Contributions shall be ignored to the extent that such contributions are prohibited pursuant to section 401(a)(30) of the Code, which requires that Before-Tax Contributions not exceed the limit described in paragraph (a) of Section 4.2
(relating to the annual limit on Before-Tax Contributions). Any distribution of Excess Before-Tax Contributions to a Participant shall be treated as a distribution of the Untaxed Contributions, up to the extent Untaxed Contributions have been made
by such Participant to the Plan for such Plan Year and, to the extent that distributions of Excess Before-Tax Contributions to such Participant exceed the Participant’s Untaxed Contributions for such Plan Year, the distributions of Excess
Before-Tax Contributions shall be treated as Designated Roth Contributions made by the Participant to the Plan for the Plan Year. 
 (c) Untaxed Contributions and Designated Roth Contributions. Effective for Before-Tax Contributions made (i) in the case of a Participant who is not a Local 15 Member, for the 2006 Plan Year
and thereafter, and (ii) in the case of a Participant who is a Local 15 Member, for the 2009 Plan Year and thereafter, an election made by a Participant to commence, change, suspend or resume Before-Tax Contributions pursuant to this
Section 4.2 shall designate the portion of such contributions that are to be Designated Roth Contributions includible in the Participant’s gross income when made pursuant to section 402A of the Code. Such designation is irrevocable with
respect to contributions made or to be made with respect to Compensation currently available. Any such election made by a Participant which does not expressly designate a portion of Before-Tax Contributions as Designated Roth Contributions shall be
deemed to 

  
 17 

 
designate no portion of Before-Tax Contributions as Designated Roth Contributions. Any Before-Tax Contributions that are not Designated Roth Contributions are referred to herein as Untaxed
Contributions. 
 Section 4.3. Employer Matching Contributions. 

(a) Amount of Contributions. Subject to the limitations set forth in Sections 4.4 (relating to limitations on contributions for
highly compensated Eligible Employees), 4.5 (relating to the limitations on Employer contributions) and 7.4 (relating to limitations on allocations imposed by section 415 of the Code), and except as otherwise provided below, each Employer shall
contribute the following for each payroll period on behalf of each Participant who is an Employee of such Employer: 
  

	 	(i)	Effective beginning with the first payroll period in January 1, 2009, for each Participant who is a member of a bargaining unit represented by IBEW Local Union 15,
an amount equal to 100 percent of Matched Contributions, as defined below, but only to the extent that Matched Contributions do not exceed 5 percent of the Participant’s Compensation for the payroll period; 

 

	 	(ii)	For each Participant who is covered under the collective bargaining agreement between Exelon Power Services LLC and Local 369 of the Utility Workers Union of America,
AFL-CIO, if such Participant has completed less than 5 months of service with an Employer, no contribution shall be made; if such Participant has completed more than 5 months of service but fewer than 12 months of service with an Employer, an amount
equal to 50% of Matched Contributions, as defined below, but only the extent that Matched Contributions do not exceed 3 percent of the Participant’s Compensation for the payroll period; if such Participant has completed at least 12 months of
service with an Employer, an amount equal to 100% of Matched Contributions, but only to the extent that Matched Contributions do not exceed 3 percent of the Participant’s Compensation for the payroll period. For purposes of this paragraph, a
month of service shall mean a consecutive period of employment during which the Employee is employed by an Employer ending on the monthly anniversary of the Employee’s date of hire. A Participant who is credited with an additional month of
service during a pay period and becomes eligible to receive an increased Employer Matching Contribution, shall not be entitled to receive an increased Employer Matching Contribution until the first full payroll period following the payroll period in
which such Participant is credited with such additional month of service; 

  
 18 

	 	(iii)	For each Participant who is classified as a non-exempt craft employee or clerical employee assigned to the Peachbottom, Limerick, Outage Services East or Texas
generating plant, an amount equal to 100 percent of Matched Contributions, as defined below, but only to the extent that Matched Contributions do not exceed 5 percent of the Participant’s Compensation for the payroll period; and

  

	 	(iv)	For each other Participant, an amount equal to 60 percent of Matched Contributions, as defined below, but only to the extent that Matched Contributions do not exceed 5
percent of the Participant’s Compensation for the payroll period. 

 In addition, each Participant described
in clause (iv) of the preceding paragraph shall be eligible to receive a “Profit Sharing Matching Contribution,” provided that such Participant either (i) is an Employee of such Employer on the last day of such Plan Year,
(ii) is not employed on such day as a result of an approved unpaid leave of absence during such Plan Year, (iii) terminates employment during such Plan Year (1) after attaining age 50 and completing at least 10 years of service, as
determined by the Administrator, (2) as a result of circumstances entitling the Participant to separation benefits under an Employer’s severance benefit plan, (3) as a result of a disability that entitles the Participant to benefits
under an Employer’s long-term disability plan, or (4) on account of the Participant’s death. The “Profit Sharing Matching Contribution” shall be an amount (if any) determined by the Board of Directors of the Company (or the
Compensation Committee thereof) in its sole discretion based on attainment of specified performance goals, and not exceeding 60% of a Participant’s Matched Contributions, as defined below, for each payroll period, but only to the extent that
such Matched Contributions do not exceed 5 percent of the Participant’s Compensation for the payroll period. 
 For
purposes of this Section 4.3, “Matched Contributions” means the sum of (i) the Before-Tax Contributions made on behalf of the Participant for a payroll period, excluding Before-Tax Contributions made with respect to any quarterly
incentive awards pursuant to 

  
 19 

 
paragraph (b) of Section 3.2, excluding Additional Before-Tax Contributions which are Catch-Up Contributions described in section 414(v) of the Code and excluding Default Before-Tax
Contributions distributed pursuant to paragraph (c)(ii) of Section 3.2 (relating to withdrawal of Default Before-Tax Contributions), and (ii) the After-Tax Contributions made by the Participant for such payroll period. Any Employer
Matching Contributions made by an Employer with respect to Default Before-Tax Contributions that are withdrawn pursuant to paragraph (c)(ii) of Section 3.2, plus any earnings, shall be forfeited and used to reduce future Employer Matching
Contributions made by an Employer pursuant to this Section. 
 In addition to the Employer Matching Contributions described
above, in the case of a New England Plan Participant, as defined in Supplement IV attached hereto, whose Before-Tax Contributions exceed the limit described in Section 4.2 (relating to the 402(g) annual limit on Before-Tax Contributions), an
additional Employer Matching Contribution shall be made on behalf of such Participant in an amount equal to the amount described in clause (iii) above assuming that such Participant had continued making the same rate of Before-Tax Contributions
that were in effect with respect to such Participant at the time such Before-Tax Contributions exceeded the limit described in Section 4.2. 
 (b) Special Part-Time Employees. Notwithstanding paragraph (a) hereof, no Employer shall make a contribution pursuant to this Section 4.3 on behalf of any Participant who is a
“part-time regular employee” as defined in an Agreement dated July 23, 1993 between the Company and the System Council U-25, I.B.E.W. (the “July 23, 1993 Agreement”), unless one of the following applies: 

 

	 	(1)	the Participant had in effect on July 23, 1993 an authorization to make contributions under the Plan as then in effect and elected pursuant to the July 23,
1993 Agreement and request by the Company to become a part-time regular employee during the initial staffing period that began July 23, 1993 and ended December 31, 1993 (the “Initial Staffing Period”); 

  
 20 

	 	(2)	the Participant had in effect on the date the Participant became a part-time regular employee an authorization to make contributions under the Plan as then in effect
and chose the Option II Benefits Package as described in the July 23, 1993 Agreement, as amended; 

  

	 	(3)	the Participant did not have in effect on the date the Participant became a part-time regular employee an authorization to make contributions under the Plan as then in
effect and elected pursuant to the July 23, 1993 Agreement and request by the Company to become a part-time regular employee during the Initial Staffing Period; provided such Participant had in effect on any date after December 24, 1995
and before February 20, 1996 an authorization to make contributions under the Plan; or 

  

	 	(4)	the Participant elected other than pursuant to the July 23, 1993 Agreement to become a part-time regular employee during the Initial Staffing Period; provided that
such Participant had in effect on any date after December 24, 1995 and before February 20, 1996 and authorization to make contributions under the Plan. 

 (c) Time of Delivery of Contributions. Employer Matching Contributions for any Plan Year shall be delivered to the Trustee at the same time the Before-Tax contributions or After-Tax Contributions
to which such Employer Matching Contributions relate are delivered to the Trustee. 
 Section 4.4. Limitations on
Contributions for Highly-Compensated Eligible Employees. 
 (a) Limits Imposed by Section 401(k)(3) of the Code.
Notwithstanding the provisions of Section 4.1 (relating to Before-Tax Contributions), if the Before-Tax Contributions for a Plan Year fail, or in the judgment of the Administrator are likely to fail, to satisfy both of the tests set forth in
paragraphs (1) and (2) of this subsection, the adjustments prescribed in paragraph (e)(1) of this Section 4.4 shall be made. 
  

	 	(1)	The average deferral percentage for the group consisting of highly compensated eligible employees of all Employers does not exceed the product of the average deferral
percentage for the group consisting of non-highly compensated eligible employees multiplied by 1.25. 

  

	 	(2)	 The average deferral percentage for the group consisting of highly compensated eligible employees of all Employers (i) does not exceed the average
deferral percentage for the group consisting of non-highly compensated eligible employees by more than two percentage points, and 

  
 21 

	 	 
(ii) does not exceed two times the average deferral percentage for such group. 

 Effective for payroll periods beginning on or after August 1, 2002, any Additional Before-Tax Contributions which are “Catch-Up Contributions” described in paragraph (d) of
Section 4.1 shall not be considered as Before-Tax Contributions for purposes of determining whether the tests set forth in paragraphs (1) and (2) of this subsection are satisfied or for purposes of making any adjustments prescribed in
paragraph (e) of this Section 4.4. 
 (b) Limits Imposed by Section 401(m) of the Code. Notwithstanding
the provisions of Section 4.3 (relating to Employer Matching Contributions) and Section 5.1 (relating to After-Tax Contributions), if the Employer Matching Contributions and After-Tax Contributions for a Plan Year fail, or in the judgment
of the Administrator are likely to fail, to satisfy both of the tests set forth in paragraphs (1) and (2) of this subsection, the adjustments prescribed in paragraph (e)(2) of this Section 4.4 shall be made. 

 

	 	(1)	The average contribution percentage for the group consisting of highly compensated eligible employees of all Employers does not exceed the product of the average
contribution percentage for the group consisting of non-highly compensated eligible employees multiplied by 1.25. 

  

	 	(2)	The average contribution percentage for the group consisting of highly compensated eligible employees of all Employers (i) does not exceed the average contribution
percentage for the group consisting of non-highly compensated eligible employees by more than two percentage points, and (ii) does not exceed two times the average contribution percentage for such group. 

(c) Aggregate Limit on Contributions. Deleted in its entirety. 

(d) Definitions. For purposes of this Section 4.4: 

 

	 	(1)	 the “average deferral percentage” for a group of Eligible Employees with respect to a Plan Year shall be the average of the ratios,
calculated separately for each Eligible Employee in such group to the nearest one-hundredth of one percent, of the Before-Tax Contributions made for the benefit of such Eligible Employee to the total compensation paid to such Eligible Employee for
the portion of such Plan Year during which such Eligible Employee was a Participant, except that no Additional Before-Tax 

  
 22 

	 	 
Contributions which are “Catch-Up Contributions” described in paragraph (d) of Section 4.1 or Default Before-Tax Contributions that are withdrawn pursuant to paragraph (c)(ii)
of Section 3.2 shall be considered as Before-Tax Contributions for purposes of determining a Participant’s average deferral percentage; 

  

	 	(2)	the “average contribution percentage” for a group of Eligible Employees with respect to a Plan Year shall be the average of the ratios, calculated separately
for each Eligible Employee in such group to the nearest one-hundredth of one percent, of the Employer Matching Contributions made, After-Tax Contributions made and, in the Administrator’s sole discretion, to the extent permitted under
Regulations or otherwise under the Code, the Before-Tax Contributions made during such year for the benefit of such Eligible Employee, except that no Additional Before-Tax Contributions which are “Catch-Up Contributions” described in
paragraph (d) of Section 4.1, shall be considered as Before-Tax Contributions for purposes of determining a Participant’s average contribution percentage, to such Eligible Employee’s compensation for the portion of such Plan Year
during which such Eligible Employee was a Participant; 

  

	 	(3)	the term “highly compensated eligible employee” shall mean any Eligible Employee who is a Participant, who performs service in the determination year and who
(a) is a 5%-owner (as determined under section 416(i)(1)(A)(iii) of the Code) at any time during the Plan Year or the preceding Plan Year or (b) both (1) is paid compensation in excess of $80,000 (as adjusted for increases in the cost
of living in accordance with section 414(q) of the Code) from an Employer for the preceding Plan Year, and (2) is in the group of employees consisting of the top 20% of the employees of the Employer and its Affiliates when ranked on the basis
of compensation paid during such preceding Plan Year; 

  

	 	(4)	the term “non-highly compensated eligible employee” shall mean any Eligible Employee who is a Participant, who performs services in the determination year and
is not a highly compensated eligible employee; 

  

	 	(5)	the term “compensation” shall have the meaning set forth in section 414(s) of the Code or, in the discretion of the Administrator, any other meaning in
accordance with the Code for these purposes, except that for purposes of determining whether an Eligible Employee is a “highly compensated eligible employee”, as described in paragraph (d)(3) of this Section 4.4,
“compensation” shall have the meaning set forth in section 415(c)(3) of the Code; 

  

	 	(6)	 if this Plan and one or more other plans of the Employer to which Before-Tax Contributions, After-Tax Contributions, or qualified nonelective
contributions (as such term is defined in section 401(m)(4)(C) of the Code) are made are treated as one plan for purposes of section 410(b) of the Code, such plans shall be treated as one plan for purposes of this Section. If a

  
 23 

	 	 
highly compensated eligible employee participates in this Plan and one or more other plans of the Employer to which any such contributions are made, all such contributions shall be aggregated for
purposes of this Section 4.4; and 

  

	 	(7)	if this Plan benefits Employees who are included in a unit of employees covered by a collective bargaining agreement and employees who are not included in such
collective bargaining unit, this Plan shall be treated as comprising two or more separate plans, as determined by the Administrator in accordance with applicable Regulations, for purposes of this Section 4.4. If such other plan has a plan year
that is different from the Plan Year of this Plan, then the highly compensated eligible employee’s contributions made to such other plan during the Plan Year of this Plan shall be aggregated with contributions of the same type made to this Plan
for such Plan Year for purposes of determining the average deferral percentage and average contribution percentage for this Plan for such Plan Year for the group of highly compensated eligible employees. 

This paragraph is inserted at the request of the Internal Revenue Service in order to obtain a favorable determination
letter. In computing the “average deferral percentage” for a group of Eligible Employees with respect to a Plan Year, the Before-Tax Contributions that will be taken into account for such Plan Year will be only those that relate to
compensation that would have been received by the Eligible Employee in the Plan Year or is attributable to services performed by the Eligible Employee in the Plan Year and would have been received by the Eligible Employee within 2-1/2 months after
the close of the Plan Year. In computing the “average contribution percentage” for a group of Eligible Employees with respect to a Plan Year, (i) an After-Tax Contribution will be taken into account only if it is paid to the Trust
during such Plan Year or paid to an agent of the Plan and transmitted to the Trust within a reasonable time after the end of the Plan Year; (ii) an excess contribution that is recharacterized will be taken into account during the Plan Year in
which the contribution would have been received in cash by the Eligible Employee had the Eligible Employee not elected to defer the contribution; (iii) an Employer Matching Contribution will be taken into account only if it is made on account
of the Eligible 

  
 24 

 
Employee’s Before-Tax Contributions or After-Tax Contributions, allocated to the Eligible Employee’s Account as of a date within that Plan Year and paid to the Trust by the end of the
twelfth month following the close of such Plan Year; and (iv) qualified matching contributions which are used to meet the requirements of section 401(k)(3)(A) of the Code are not to be taken into account for purposes of the actual deferral
percentage test of section 401(m) of the Code. To the extent required by law, the following will be treated as separate plans for purposes of sections 401(a)(4) and 410(b) of the Code: (i) the portion of the Plan that is a 401(k) plan,
(ii) the portion of the Plan that is a section 401(m) plan; (iii) the portion of the plan that provides for contributions other than elective, employee or matching; (iv) the portion of the Plan that is an ESOP; and (v) the
portion of the plan that is not an ESOP. 
 (e) Adjustments to Comply with Limits. 

(1) Adjustments to Comply with Section 401(k)(3) of the Code. The Administrator shall cause to be made such
periodic computations as it shall deem necessary or appropriate to determine whether either of the tests set forth in paragraph (a)(1) or (a)(2) of this Section 4.4 shall be satisfied during a Plan Year, and, if it appears to the Administrator
that neither of such tests will be satisfied, the Administrator shall take such steps as it deems necessary or appropriate to reduce or otherwise adjust the Before-Tax Contributions contributed or to be contributed for all or a portion of such Plan
Year on behalf of Participants who are highly compensated eligible employees to the extent necessary in order for one of such tests to be satisfied. If, as of the end of the Plan Year, the Administrator determines that, notwithstanding any
adjustments made pursuant to the preceding sentence, neither of the tests set forth in paragraph (a)(1) and (a)(2) of this Section 4.4 shall be satisfied with respect to such Plan Year, the total amount by which

  
 25 

 
Before-Tax Contributions must be reduced in order to satisfy either such test shall be calculated in the manner prescribed by section 401(k)(8)(B) of the Code (the “excess contributions
amount”). The Before-Tax Contributions made on behalf of the Participant who is a highly compensated eligible employee and whose actual dollar amount of Before-Tax Contributions is the highest shall be reduced until such dollar amount equals
the next highest actual dollar amount of Before-Tax Contributions made for such Plan Year on behalf of any highly compensated employee, or until the total reduction equals the excess contributions amount. If further reductions are necessary, then
the Before-Tax Contributions on behalf of each Participant who is a highly compensated eligible employee and whose actual dollar amount of Before-Tax Contributions is the highest (after the reduction described in the preceding sentence) shall be
reduced in accordance with the previous sentence. Such reductions shall continue to be made to the extent necessary so that the total reduction equals the excess contributions amount. 

To the extent that the sum of such reductions with respect to a Participant and the amount of other After-Tax
Contributions allocated to such Participant’s After-Tax Contributions Account does not exceed 20 percent (10 percent in the case of a Participant who is a member of a bargaining unit represented by IBEW Local Union 15) of the Participant’s
Compensation, the amount of such reductions shall be treated as an After-Tax Contribution. To the extent such amount cannot be treated as an After-Tax Contribution because of the limitation described in the preceding sentence, such amount, plus any
income and minus any loss allocable thereto through the end of the Plan Year for which the After-Tax Contribution was made, shall be distributed to such Participant no later than the last day of the subsequent Plan Year and the Participant shall
forfeit any corresponding Employer Matching Contributions related thereto plus any income and minus any loss 

  
 26 

 
allocable thereto through the end of the Plan Year for which the Employer Matching Contribution was made. The Participant shall designate the extent to which such distributed excess contributions
are treated as Untaxed Contributions or Designated Roth Contributions (but only up to the extent that such types of contributions were made by the Participant to the Plan for the Plan Year) and, in the event that any such designation is not made or
is incomplete, such distributed excess contributions shall be treated as Untaxed Contributions up to the extent Untaxed Contributions were made to the Plan for the Plan Year and, to the extent that such distributed excess contributions exceed such
Untaxed Contributions, such excess contributions shall be treated as distributions of Designated Roth Contributions made to the Plan for the Plan Year. 
 The amount of Before-Tax Contributions to be distributed to a Participant pursuant to this Section shall be reduced by any Before-Tax Contributions previously distributed to such Participant pursuant to
Section 4.2(b) (relating to correction of Excess Before-Tax Contributions) for such Plan Year. The amount of any income or loss allocable to any such reductions to be so distributed shall be determined pursuant to Regulations. The unadjusted
amount of any such reductions so distributed shall be treated as “annual additions” for purposes of Section 7.4 (relating to limitations on allocations imposed by section 415 of the Code). 

(2) Adjustments to Comply with Section 401(m) of the Code. The Administrator shall cause to be made such
periodic computations as it shall deem necessary or appropriate to determine whether either of the tests set forth in paragraph (b)(1) or (b)(2) of this Section 4.4 shall be satisfied during a Plan Year, and, if it appears to the Administrator
that neither of such tests will be satisfied, the Administrator shall take such steps as it deems necessary or appropriate to adjust the Employer Matching 

  
 27 

 
Contributions made, After-Tax Contributions made, and any Before-Tax Contributions treated as Employer Matching Contributions pursuant to paragraph (d)(2) of this Section 4.4 for all or a
portion of such Plan Year on behalf of Participants who are highly compensated eligible employees to the extent necessary in order for one of such tests to be satisfied. If after the end of a Plan Year it is determined that regardless of any steps
taken neither of the tests set forth in paragraph (b)(1) or (b)(2) of this Section 4.4 shall be satisfied with respect to such Plan Year, the Administrator shall calculate the total amount by which any such contributions on behalf of
Participants who are highly compensated eligible employees must be reduced in order to satisfy either such test, in the manner prescribed by section 401(m)(6) of the Code (the “excess aggregate contributions amount”). The amount to be
reduced with respect to Participants who are highly compensated eligible employees shall be determined by first reducing the After-Tax Contributions (including Before-Tax Contributions recharacterized as After-Tax Contributions pursuant to paragraph
(e)(1) of this Section 4.4) and then by reducing the Employer Matching Contributions for each Participant whose actual dollar amount of such aggregate contributions for such Plan Year is highest until such reduced dollar amount equals the next
highest dollar amount of such contributions for such Plan Year on behalf of any other highly compensated eligible employee, or until the total reduction equals the excess aggregate contributions amount. If further reductions are necessary, such
contributions on behalf of each Participant who is a highly compensated eligible employee and whose actual dollar amount of such contributions is the highest (after the reduction described in the preceding sentence) shall be reduced in accordance
with the preceding sentence. Such reductions shall continue to be made to the extent necessary until the total reduction equals the excess aggregate contributions amount. If After-Tax Contributions

  
 28 

 
are distributed pursuant to this paragraph (e)(2), any corresponding Employer Matching Contributions related thereto plus any income and minus any loss allocable through the end of the Plan Year
for which the Employer Matching Contributions were made to which such Participant would be entitled under Section 8.3 (relating to distributions upon termination of employment) if such Participant had terminated employment on the last day of
the Plan Year for which contributions were made (or earlier if any such Participant actually terminated employment at any earlier date) shall also be distributed with such After-Tax Contributions (and taken into account to determine whether further
reductions are necessary), and any remaining amount of such corresponding Employer Matching Contributions plus any income and minus any loss allocable through the end of the Plan Year for which the Employer Matching Contributions were made shall be
forfeited. If the reductions required by this subparagraph exceed the amount of After-Tax Contributions made or to be made by any Participant for such Plan Year and the amount of Employer Matching Contributions made or to be made on behalf of such
Participant for such Plan Year, any Before-Tax Contributions made on behalf of such Participant that the Administrator has elected to treat as Employer Matching Contributions pursuant to paragraph (d)(2) of this Section 4.4 shall also be
adjusted and taken into account in accordance with this subparagraph, except that such Before-Tax Contributions may not be recharacterized as After-Tax Contributions. 
 Section 4.5. Limitation on Employer Contributions. 
 The
contributions of an Employer for any Plan Year shall not exceed the maximum amount for which a deduction is allowable to such Employer for federal income tax purposes for the fiscal year of such Employer that coincides with such Plan Year.

  
 29 

 Any contribution made by an Employer by reason of a good faith mistake of fact, or the
portion of any contribution made by an Employer that exceeds the maximum amount for which a deduction is allowable to such Employer for federal income tax purposes by reason of a good faith mistake in determining the maximum allowable deduction,
shall upon the request of such Employer be returned by the Trustee to the Employer. An Employer’s request and the return of any such contribution must be made within one year after such contribution was mistakenly made or after the deduction of
such excess portion of such contribution was disallowed, as the case may be. The amount to be returned to an Employer pursuant to this paragraph shall be the excess of (i) the amount contributed over (ii) the amount that would have been
contributed had there not been a mistake of fact or a mistake in determining the maximum allowable deduction. Earnings attributable to the mistaken contribution shall not be returned to the Employer, but losses attributable thereto shall reduce the
amount to be so returned. If the return to the Employer of the amount attributable to the mistaken contribution would cause the balance of any Participant’s account as of the date such amount is to be returned (determined as if such date
coincided with the close of a Plan Year) to be reduced to less than what would have been the balance of such account as of such date had the mistaken amount not been contributed, the amount to be returned to the Employer shall be limited so as to
avoid such reduction. 
 Any Before-Tax Contributions returned to an Employer pursuant to this Section 4.5 shall be treated
as the return of Untaxed Contributions, up to the extent Untaxed Contributions were made by such Participant to the Plan for such Plan Year and, to the extent that the returned contributions exceed such Untaxed Contributions, such returned
contributions shall be treated as Designated Roth Contributions made by the Participant to the Plan for the Plan Year. 

  
 30 

 ARTICLE 5 
 EMPLOYEE CONTRIBUTIONS 
 Section 5.1. After-Tax Contributions.

 Subject to the limitations set forth in Section 4.4 (relating to limitations on contributions for highly-compensated
Eligible Employees) and Section 7.4 (relating to limitations on allocations imposed by section 415 of the Code), each Participant who is an Eligible Employee may elect in accordance with Section 3.2(a) to make After-Tax Contributions under
the Plan by payroll deduction. After-Tax Contributions made by a Participant who is a member of a bargaining unit represented by IBEW Local Union 15 for any payroll period shall equal a whole percentage not less than 1 nor more than 10 percent of
the Participant’s Compensation for such payroll period, as designated by the Participant in his or her request pursuant to Section 3.2(a). After-Tax Contributions made by any other Participant for any payroll period shall equal a whole
percentage not less than 1 nor more than 20 percent and, effective as of January 1, 2006, 50 percent, of the Participant’s Compensation for such payroll period, as designated by the Participant in his or her request pursuant to
Section 3.2(a). Except as set forth below, After-Tax Contributions shall be delivered to the Trustee no less frequently than bi-weekly. In addition, if back-pay is awarded to a Participant who is an Eligible Employee and any portion of such
back-pay constitutes Compensation as defined in subsection (13) of Article 2 (relating to the definition of compensation), After-Tax Contributions shall be made for such Participant in an amount equal to the After-Tax Contribution percentage,
which was most recently chosen by the Participant in his or her request pursuant to Section 3.2(a), of such back-pay that constitutes Compensation. An After-Tax Contribution described in the preceding sentence shall be treated under the Plan in
the same manner as all other After-Tax Contributions and shall be delivered to the Trustee as soon as practicable after the back-pay is paid to the Participant. Except as provided in the following

  
 31 

 
sentence and in Section 4.1, After-Tax Contributions shall be subject to the same provisions regarding commencement, change and suspension applicable to Before-Tax Contributions as set forth
in Section 4.1. If a Participant who has not attained age 59 1/2 makes a withdrawal of After-Tax Contributions pursuant to Section 8.1(c), then: (a) After-Tax Contributions made by such Participant pursuant to this Section 5.1 shall cease beginning with
the first payroll period beginning after the date on which the Participant receives such withdrawal and (b) such Participant shall not again be eligible to elect such contributions until the first payroll period that coincides with or follows
the date on which contributions ceased by 6 months. 
 Section 5.2. Rollover Contributions.

 (a) The Trustee shall be authorized to receive, hold and distribute in accordance with the Plan, a direct rollover
contribution consisting of cash, transferred to the Plan by (i) a qualified plan described in section 401(a) or 403(a) of the Code, including after-tax employee contributions to such plan, (ii) an annuity contract described in section
403(b) of the Code, excluding after-tax employee contributions or (iii) an eligible plan under section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political
subdivision of a state. The Trustee shall also be authorized to receive, hold and distribute in accordance with the Plan, a Participant contribution of an eligible rollover distribution from (A) a qualified plan described in section 401(a) or
403(a) of the Code, (B) an annuity contract described in section 403(b) of the Code, (C) an eligible plan under section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality
of a state or political subdivision of a state or (D) an individual retirement account or annuity described in section 408(a) or 408(b) of the Code that is eligible to be rolled over and would otherwise be includible in gross income. The
amounts transferred must be eligible rollover distributions, as defined in section 402(c) of the Code. An eligible rollover distribution to a 

  
 32 

 
“Separation Eligible Participant” from the PECO Energy Company Service Annuity System may also be contributed to this Plan in accordance herewith no later than December 31, 2002.
Notwithstanding any provision of the Plan to the contrary, a rollover contribution shall not include “designated Roth contributions” described in section 402A of the Code or any related earnings with respect to such contributions.

 (b) Delivery of Rollover Contributions to Administrator. Except as otherwise provided in paragraph (a) of this
Section 5.2, if an individual desires to make a rollover contribution pursuant to such paragraph (a), such contribution either (i) shall be delivered by the individual to the Administrator and by the Administrator to the Trustee on or
before the 60th day after the day on which the Employee receives the distribution or on or before such later date as may be prescribed by law, or (ii) shall be transferred on behalf of the individual directly from the trust from which the
eligible rollover distribution is made. Any contribution that is delivered by the Eligible Employee must be accompanied by (i) a statement of the Employee that to the best of his or her knowledge the amount so transferred meets the conditions
specified in paragraph (a) of this Section 5.2, (ii) a copy of such documents as may have been received by the Employee advising him or her of the amount of and the character of such distribution and (iii) any investment election
with respect to such contribution in such form and manner as may be required by the Administrator. Notwithstanding the foregoing, the Administrator shall not accept a rollover contribution if in its judgment accepting such contribution would cause
the Plan to violate any provision of the Code or Regulations, and the Administrator shall not be required to accept such a contribution to the extent it consists of property other than cash. 

Section 5.3. Special Accounting Rules for Rollover Contributions. 

If a rollover contribution is made by or on behalf of an Employee, the Administrator shall cause a Rollover Account to be established and
maintained for such Employee to which shall be 

  
 33 

 
credited all rollover contributions made pursuant to Section 5.2. A rollover contribution shall be credited to such Rollover Account as of the Valuation Date coinciding with or next
following the date on which such contribution is delivered to the Trustee. 
 If a rollover contribution is made by, or a direct
transfer is made on behalf of, an Eligible Employee prior to becoming a Participant, such Eligible Employee shall until such time as he or she becomes a Participant be deemed to be a Participant, and his or her Rollover Account and After-Tax
Contributions Account, if any, shall be deemed to be an account of a Participant, for all purposes of the Plan except for the purposes of the allocation of contributions provided for in paragraphs (a), (b), (c), (d) and (e) of
Section 7.3 and any determination of when he or she becomes a Participant pursuant to Article 3. 
 ARTICLE 6

 TRUST AND INVESTMENT FUNDS 
 Section 6.1. Trust. 
 A Trust shall be created by the execution
of a trust agreement between the Company and the Trustee. All contributions under the Plan shall be paid to the Trustee. The Trustee shall hold all monies and other property received by it and invest and reinvest the same, together with the income
therefrom, on behalf of the Participants collectively in accordance with the provisions of the trust agreement. The Trustee shall make distributions from the Trust Fund at such time or times to such person or persons and in such amounts as the
Administrator directs in accordance with the Plan. 
 Section 6.2. Investment Funds. 

The Trustee shall establish and maintain, or shall cause to be established and maintained, an investment fund herein called the
“Employer Stock Fund” which shall be invested in Common Stock, and shall also include such short-term obligations and short-term liquid investments 

  
 34 

 
purchased by the Trustee, in accordance with the Trust Agreement, pending the selection and purchase of the Common Stock or as otherwise determined by the Trustee to be necessary to satisfy such
fund’s cash needs. In addition, as directed by the Investment Fiduciary, one or more additional separate investment funds shall be established and maintained and shall be invested as directed by the Investment Fiduciary. For purposes of the
preceding sentence, the Investment Fiduciary may purchase a group annuity contract from an insurance company that permits investment in one or more separate investment funds. The Investment Fiduciary also may, from time to time, and in its sole
discretion, segregate any of the assets held under any investment fund established pursuant to this Section 6.2 and allocate the investment results from such segregated assets among all or a portion of the accounts of Participants in such
manner as it shall determine to be appropriate. All charges and expenses incurred in connection with the purchase and sale of investments for a fund shall be charged to such fund except to the extent such charges and expenses are paid by the
Employers. 
 ARTICLE 7 
 PARTICIPANT ACCOUNTS AND INVESTMENT ELECTIONS 
 Section 7.1.
Participant Accounts and Investment Elections. 
 (a) Participant Accounts. For each
Participant the Administrator shall establish and maintain, or shall cause to be established and maintained, investment accounts to which amounts contributed under the Plan shall be credited according to each Participant’s investment elections
pursuant to paragraph (b) of this Section 7.1, subject to the penultimate sentence of the first paragraph of Section 6.2 (relating to the Investment Fiduciary’s authority to segregate any of the assets held under any investment
fund). 

  
 35 

 Each such investment account shall, to the extent appropriate, be composed of the following
accounts: (A) a Before-Tax Contributions Account, which shall be divided into an Untaxed Contribution Account and a Designated Roth Contributions Account, (B) a Catch-Up Contributions Account, (C) an Employer Matching Contributions
Account, (D) an After-Tax Contributions Account, and (E) a Rollover Account. Earnings and losses on investment of funds in each account shall be credited or debited to that account. 

All such accounts and subaccounts shall be for accounting purposes only, and there shall be no segregation of assets within the
investment funds among the separate Participants’ accounts. 
 (b) Investment Election. Each Participant, as part of
his or her request for participation described in Section 3.2 (or in connection with the delivery of a rollover contribution pursuant to Section 5.2), shall make an investment election that shall apply to the investment of contributions to
be made on his or her behalf or by him or her pursuant to Article 4 (relating to Employer contributions) or Article 5 (relating to Employee contributions) and any earnings on such contributions. Such election shall specify that such
contributions be invested either (i) wholly in one of the funds maintained or employed by the Trustee pursuant to paragraph (a) of this Section 7.1 or (ii) divided among such funds in 1 percent increments or in such other
increments established by the Administrator or the Investment Fiduciary from time to time. Each Eligible Employee for whom a Rollover Account is established before such Eligible Employee has become a Participant shall, in the manner prescribed by
the Administrator, make such investment election as of the Valuation Date on which such account is established. During any period in which no direction as to the investment of an Employee’s account is on file with the Administrator,
contributions or direct transfers made by him or her, or on his or her behalf, to the Plan will be invested in such manner as the Investment Fiduciary shall determine. 

  
 36 

 (c) Change of Investment Election. Subject to such restrictions as may
be imposed by the Administrator or the Investment Fiduciary (including, without limitation, any restrictions imposed with respect to transfers of funds to or from the Employer Stock Fund described in Section 6.2 by individuals who are subject
to Rule16b-3 under section 16 of the Securities Exchange Act of 1934), a Participant may elect to change as of any Valuation Date his or her investment election applicable to all or any portion of his or her current account balance. In addition, a
Participant may elect to change as of the first day of any payroll period his or her investment election applicable to future contributions made pursuant to Articles 4 (relating to Employer contributions) or 5 (relating to Employee contributions),
or both, as specified by the Participant. Such changes shall be limited to the investment funds then maintained or employed by the Trustee pursuant to paragraph (a) of this Section 7.1. A Participant’s change of investment election
must be made in the manner and at the time prescribed by the Administrator (or its delegate). Any such change shall specify that such contributions be invested either (i) wholly in one of the funds maintained or employed by the Trustee pursuant
to paragraph (a) of this Section 7.1, or (ii) divided among such funds in 1 percent increments or such other increments established by the Administrator or the Investment Fiduciary from time to time. 

Section 7.2. Allocation of Net Income of Trust Fund and Fluctuation in Value of Trust Fund Assets. 

In the event that contributions, income and losses are not otherwise specifically allocated to Participant accounts by the Trustee, as
soon as practical after each Valuation Date, the net worth of each investment fund (as defined in Section 6.2) as of such Valuation Date shall be determined. If the net worth of such investment fund as so determined is more or less than the
total of all balances credited as of such Valuation Date to the subaccounts of Participants invested in the investment fund as of such Valuation Date who are Participants as of such Valuation Date, the

  
 37 

 
amount of any excess or deficiency shall be prorated and credited or charged to such subaccounts proportionally to the balances of such subaccounts as of the preceding Valuation Date after making
all allocations for such preceding Valuation Date prescribed by this Article and after decreasing each such subaccount by any loans, withdrawals or distributions from such subaccount during such period (but not less than zero), with all of such
decreases to be made in such manner as the Administrator determines in its discretion to be necessary. 
 Notwithstanding any
provision of this Article 7, any Designated Roth Contributions Account shall be maintained in a manner that satisfies the separate accounting requirement, and any Regulations or other requirements promulgated, under section 402A of the Code.
Accordingly, gains, losses and other credits and charges shall be separately allocated on a reasonable basis to each such account and other accounts under the Plan, the Plan shall keep a record of each Participant’s Designated Roth
Contributions that have not been withdrawn, and contributions and withdrawals of Designated Roth Contributions, and related earnings, shall be accounted for with respect to Designated Roth Contributions Accounts. However, forfeitures shall not be
allocated to any Designated Roth Contributions Account. These separate accounting requirements apply with respect to a Participant from the time the Participant makes his or her first Designated Roth Contribution until the time the
Participant’s Designated Roth Contributions Account is distributed. 
 Section 7.3. Allocations of
Contributions Among Participants’ Accounts. 
 (a) Allocation of Before-Tax Contributions. Before-Tax
Contributions shall be allocated to the Before-Tax Contributions Account of each Participant for whom such contributions are made as soon as practical after such contributions are delivered to the Trustee or insurer maintaining a group annuity
contract. The Before-Tax Contributions that consist of (i) Before-Tax Contributions made on behalf of the Participant pursuant to Section 4.1 for Plan Years 

  
 38 

 
beginning prior to (A) in the case of a Participant who is not a Local 15 Member, January 1, 2006, and (B) in the case of a Participant who is a Local 15 Member, January 1,
2009, (ii) any Before-Tax Contributions transferred to the Plan from the PECO Energy Company Employee Savings Plan on behalf of such Participant, and (iii) any Before-Tax Contributions that are Untaxed Contributions made pursuant to
Section 4.2 for Plan Years beginning on or after (A) in the case of a Participant who is not a Local 15 Member, January 1, 2006, and (B) in the case of a Participant who is a Local 15 Member, January 1, 2009, shall be
allocated to the Untaxed Contributions Account of such Participant. The Before-Tax Contributions that consist of Designated Roth Contributions made on behalf of the Participant pursuant to paragraph (c) Section 4.2 (relating to Untaxed
Contributions and Designated Roth Contributions) for Plan Years beginning on or after (A) in the case of a Participant who is not a Local 15 Member, January 1, 2006, and (B) in the case of a Participant who is a Local 15 Member,
January 1, 2009, January 1, 2006 shall be allocated to the Designated Roth Contributions Account of such Participant. 
 (b) Allocation of Catch-Up Contributions. Catch-Up Contributions shall be allocated to the Catch-Up Contributions Account of each Participant for whom such contributions are made as soon as
practical after such contributions are delivered to the Trustee or insurer maintaining a group annuity contract. 
 (c)
Allocation of Employer Matching Contributions. Employer Matching Contributions shall be allocated to the Employer Matching Contributions Account of each Participant for whom such contributions are made as soon as practical after such
contributions are delivered to the Trustee or insurer maintaining a group annuity contract. 
 (d) Allocation of After-Tax
Contributions. After-Tax Contributions shall be allocated to the After-Tax Contributions Account of the Participant who makes such contributions as soon 

  
 39 

 
as practical after such contributions are delivered to the Trustee or insurer maintaining a group annuity contract. 
 (e) Allocation of Rollover Contributions and Direct Transfers. Rollover contributions made pursuant to Article 5 (relating to Employee contributions) shall be credited to the Rollover Account of
the Participant on whose behalf such contribution is made as of the Valuation Date coinciding with or next following the date on which the contribution is delivered to the Trustee. 

(f) Allocation of Forfeitures. The total amount forfeited during any Plan Year shall be used to (i) pay the expenses incurred
by the Trustee for the administration of the Trust Fund not paid by the Company, (ii) held to pay the expenses reasonably estimated by the Trustee for the administration of the Trust Fund during the next following Plan Year but not expected to
be paid by the Company, or (iii) used to reduce Employer Matching Contributions as determined by the Administrator. 

Section 7.4. Limitations on Allocations Imposed by Section 415 of the Code. 

Notwithstanding any other provision of the Plan, the amount allocated to a Participant’s accounts under the Plan for each Plan Year
shall be limited so that the aggregate annual additions to the Participant’s accounts under this Plan and in all other defined contribution plans maintained by an Employer shall not exceed the lesser of: (A) $46,000 (as adjusted pursuant
to section 415(d) of the Code) and (B) 100% of the Participant’s compensation for such Plan Year. 
 If the amount to
be allocated to a Participant’s accounts pursuant to Section 7.3 (relating to allocations of contributions among Participant’s accounts) for a Plan Year would exceed the limitation set forth in this Section 7.4, then such excess
shall be reduced before allocations are made to the Participant’s accounts. If, in any Plan Year, the annual additions actually allocated to the Participant’s accounts exceed the limitation set forth in this Section 7.4, then such
annual 

  
 40 

 
additions shall be corrected in accordance with the Employee Plans Compliance Resolution System of the Internal Revenue Service. 

For purposes of this Section 7.4, the “annual additions” for a Plan Year to a Participant’s accounts in this Plan and
in any other defined contribution plan maintained by an Employer is the sum during such Plan Year of: 
 (a) the
amount of Employer contributions (including Before-Tax Contributions and Designated Roth Contributions and excluding any Default Before-Tax Contributions that are withdrawn pursuant to paragraph (c)(ii) of Section 3.2) allocated to the
Participant’s accounts, excluding, however, (X) Before-Tax Contributions and Designated Roth Contributions that are “catch-up contributions” made pursuant to section 414(v) of the Code, (Y) excess deferrals that are
distributed in accordance with section 402(g) of the Code and (Z) restorative payments (within the meaning of section 1.415(c)-1(b)(2)(ii)(C) of the Regulations), 

(b) the amount of forfeitures allocated to the Participant’s accounts, 

(c) the amount of Employee contributions allocated to the Participant accounts, but excluding any rollover contributions,
direct transfers or loan repayments, and 
 (d) the contributions allocated on behalf of the Participant to any
individual medical benefit account (as defined in section 415(l) of the Code) or, if the Participant is a key employee within the meaning of section 419A(d)(3) of the Code, to any post-retirement medical benefits account established pursuant to
section 419A(d)(1) of the Code. 
 For purposes of this Section 7.4, “defined contribution plan” shall have the
meaning set forth in section 415 of the Code and Regulations, and the term “Employer” shall include all Affiliates except that in defining Affiliates “more than 50 percent” shall be substituted for “at least 80 percent”
where required by section 415(g) of the Code. In addition, for purposes of this Section 7.4, “compensation” shall mean a Participant’s compensation as defined under section 415(c)(3) of the Code (as amended from time to time).

 Section 7.5. Correction of Error. 

If it comes to the attention of the Administrator that an error has been made in any of the allocations prescribed by this Article or an
error has been made in any other respect, appropriate 

  
 41 

 
adjustment shall be made to the accounts of all Participants and designated Beneficiaries that are affected by such error, except that no adjustment need be made with respect to any Participant
or Beneficiary whose account has been distributed in full prior to the discovery of such error. 
 ARTICLE 8 

WITHDRAWALS AND DISTRIBUTIONS 
 Section 8.1. Withdrawals and Distributions Prior to Termination of Employment. 
 (a) Hardship Withdrawals. An Employee who has not attained age 59 1/2 may make a request by calling the VRU, or in such other manner as may be prescribed by the Administrator, to withdraw as of any date all or a portion of the balance of his or her
Before-Tax Contributions Account (other than earnings credited to such account after December 31, 1988), Catch-Up Contributions Account and Employer Matching Contributions Account only if the Participant has incurred a financial hardship,
except that while any loan to the Participant under Section 8.2 remains outstanding, the amount available for withdrawal under this paragraph (a) shall be the balance in such account less the balance of all outstanding loans to the
Participant. The determination of the existence of financial hardship and the amount required to be distributed to satisfy the need created by the hardship will be made by the Administrator in a uniform and non-discriminatory manner subject to the
following rules: 
 (A) A financial hardship shall be deemed to exist if, and only if, the Participant
certifies to the Committee that the financial need is on account of: 
  

	 	(i)	medical expenses described in section 213(d) of the Code incurred or anticipated to be incurred by the Participant, the Participant’s Spouse or any dependents of
the Participant (as defined in section 152 of the Code) or primary beneficiary; 

  

	 	(ii)	funeral or burial expenses incurred by the Participant for the Participant’s deceased parent, Spouse, children or dependent (as defined in section 152 of the Code,
without regard to section 152(d)(1)(B) of the Code) or primary beneficiary; 

  
 42 

	 	(iii)	the purchase (excluding mortgage payments) of a principal residence of the Participant; 

 

	 	(iv)	the payment of tuition, related educational fees, and room and board expenses for up to the next twelve months of post-secondary education for the Participant, the
Participant’s Spouse, children or dependents (as defined in section 152 of the Code, without regard to sections 152(b)(1) and (2) and 152(d)(1)(B) of the Code) or primary beneficiary; 

 

	 	(v)	the need to prevent eviction of the Participant from his or her principal residence or foreclosure of mortgage of the Participant’s principal residence; or

  

	 	(vi)	expenses for the repair of damage to the Participant’s principal residence that would qualify for the casualty deduction under section 165 of the Code (determined
without regard to whether the loss exceeds 10% of adjusted gross income). 

 For purposes of the foregoing, an
individual is a Participant’s “primary beneficiary” if the Participant has designated him or her as a “Beneficiary” under Section 8.5 and such individual has an unconditional right to all or a portion of the
Participant’s accounts upon the Participant’s death. 
 (B) A distribution shall be deemed to be
necessary to satisfy a financial need of the Participant if, and only if, the Participant: 
  

	 	(i)	has obtained all distributions, other than hardship withdrawals, and all nontaxable loans under any Employer’s plan in which the Participant participates, and

  

	 	(ii)	demonstrates to the satisfaction of the Administrator that the distribution is not in excess of the amount of the immediate and heavy financial need, which need shall
include amounts necessary to pay any federal, state and local income taxes, excise taxes and penalties. 

 If a
Participant receives a hardship withdrawal pursuant to this paragraph (a), then, in addition to the cessation of Before-Tax Contributions and After-Tax Contributions required by paragraph (a) of Section 4.1 (relating to initial election
regarding regular payroll Before-Tax Contributions), contributions by the Participant to qualified or nonqualified plans of deferred 

  
 43 

 
compensation, including a stock option, stock purchase or similar plan, maintained by an Employer also shall cease beginning with the first payroll period beginning after the date on which the
Participant receives such hardship withdrawal and continuing until the first payroll period that coincides with or follows the date on which contributions ceased by six months. 

The Participant shall designate the extent to which the hardship withdrawal pursuant to this paragraph (a) are Designated Roth
Contributions from the Participant’s Designated Roth Contributions Account and the extent that such withdrawals are Untaxed Contributions from the Participant Untaxed Contributions Account and in the event that any such designation is not made
or is incomplete, such hardship withdrawals shall be treated as withdrawals of Designated Roth Contributions to the extent Designated Roth Contributions were made to the Plan and, to the extent that the hardship withdrawal exceeds such Designated
Roth Contributions, such hardship withdrawal shall be treated as Untaxed Contributions. 
 (b)
Withdrawals After Age 59 1/2. An Employee who has attained age 59 1/2 may make a request by calling the VRU, or in such other manner as may be prescribed by the Administrator, to withdraw as of any date an amount which is not greater than the balance of his or her
Before-Tax Contributions Account, Catch-Up Contributions Account and Employer Matching Contributions Account as of the most recent Valuation Date determined by the Administrator, except that while any loan to the Participant under Section 8.2
remains outstanding, the amount available for withdrawal shall be the balance in such accounts less the balance of all outstanding loans to the Participant. 
 The Participant shall designate the extent to which the withdrawal pursuant to this paragraph (b) are Designated Roth Contributions from the Participant’s Designated Roth Contributions Account
and the extent that such withdrawals are Untaxed Contributions from the Participant’s Untaxed Contributions Account and in the event that any such designation is not 

  
 44 

 
made or is incomplete, such withdrawals shall be treated as withdrawals of Designated Roth Contributions to the extent Designated Roth Contributions were made to the Plan and, to the extent that
the withdrawal exceeds such Designated Roth Contributions, such withdrawal shall be treated as Untaxed Contributions. 
 (c)
Withdrawals From the After-Tax Contributions Account. An Employee may make a request by calling the VRU, or in such other manner as may be prescribed by the Administrator, no more than once during any Plan Year, to withdraw from his or her
After-Tax Contributions Account an amount which is not greater than the balance of the Participant’s After-Tax Contributions Account as of the most recent Valuation Date determined by the Administrator, except that while any loan to the
Participant under Section 8.2 remains outstanding, the amount available for withdrawal shall be the balance in such account less the balance of all outstanding loans to the Participant. 

(d) Withdrawals from the Rollover Account. A Participant may make a request by calling the VRU, or in such other manner as may be
prescribed by the Administrator, to withdraw an amount which is not greater than the balance in his or her Rollover Account as of the most recent Valuation Date determined by the Administrator, except that while any loan to the Participant under
Section 8.2 remains outstanding, the amount available for withdrawal shall be the balance in such account less the balance of all outstanding loans to the Participant. 
 (e) Qualified Reservist Withdrawals. A Participant who is a Qualified Reservist may make a request by calling VRU, or in such manner as may be prescribed by the Administrator, to withdraw any
portion of his or her Before-Tax Contributions Account or his or her Designated Roth Contributions Account, and the amount requested shall not be subject to the 10 percent additional tax imposed pursuant to section 72(t)(2)(G) of the Code, provided
that the amount 

  
 45 

 
requested is distributed during the period beginning on the date the Participant is ordered or called to active duty and ending at the close of his or her active duty. 

(f) Withdrawals of Employer Matching Contributions for Members of IBEW Local Union 614. Notwithstanding any provision in the Plan
to the contrary, effective April 16, 2010, a Participant who is a member of a bargaining unit represented by IBEW Local Union 614 and who has completed 60 months as a Participant may elect, in accordance with procedures established by the
Administrator, to receive a distribution of all or any part of his or her Employer Matching Contributions Account, as adjusted for gains, earnings and losses attributable thereto determined as of the Valuation Date next succeeding the date of
receipt of the request for distribution. 
 Additionally, effective April 16, 2010, a Participant who is a member of a
bargaining unit represented by IBEW Local Union 614, regardless of whether he or she has completed 60 months as a Participant, may elect, in accordance with procedures established by the Administrator, to receive a distribution of all or any part of
that portion of the Employer Matching Contributions Account that is derived from Employer Matching Contributions in excess of Employer Matching Contributions allocated to his or her Employer Matching Contributions Account during the two Plan Years
preceding the Plan Year in which the withdrawal takes place, adjusted for gains, earnings and losses attributable thereto determined as of the Valuation Date next succeeding the date of receipt of the request for distribution. 

No distribution made pursuant to this paragraph (f) may be for an amount which is less than the lesser of (i) $200; and
(ii) the balance of the Participant’s Employer Matching Contributions Account, as adjusted for gains, earnings and losses attributable thereto. In addition, a Participant may not make more than one withdrawal pursuant to this paragraph
(f) in any Plan Year. 

  
 46 

 (g) Provisions Applicable to All Withdrawals. Any withdrawal made pursuant to this
Section 8.1 shall be made at such time as prescribed by the Administrator and shall be made pro-rata from each of the investment funds in which as of the date of the withdrawal (i) in the case of a withdrawal pursuant to paragraph
(a) or (b) of this Section 8.1, the Participant’s Before-Tax Contributions Account, Catch-Up Contributions Account (and, if applicable, Employer Matching Contributions Account) is invested, (ii) in the case of a withdrawal
pursuant to paragraph (c) of this Section 8.1, the Participant’s After-Tax Contributions Account is invested, (iii) in the case of a withdrawal pursuant to paragraph (d) of this Section 8.1, the Participant’s
Rollover Account is invested, (iv) in the case of a withdrawal pursuant to paragraph (e) of this Section 8.1, the Participant’s Before Tax Contributions Account and Designated Roth Contributions Account, and (v) the case of
a withdrawal pursuant to paragraph (f) of this Section 8.1, the Participant’s Employer Matching Contribution Account. Notwithstanding anything in the Plan to the contrary, the Administrator or the Investment Fiduciary may impose any
restrictions it deems necessary or appropriate with respect to withdrawals by individuals who have any portion of their accounts invested in the Employer Stock Fund described in Section 6.2 and who are subject to Rule 16b-3 under section 16 of
the Securities Exchange Act of 1934. 
 (h) Dividend Distributions in Respect of the Employer Stock Fund. Dividends shall
be allocated to the accounts of each Participant, any portion of whose account balance is invested in the Employer Stock Fund in accordance with paragraph (b) of Section 7.1, based upon the total number of shares of Common Stock
represented by the Participant’s proportionate share of the Employer Stock Fund as of such date as may be determined from time to time by the Administrator on or before each dividend record date. Cash dividends shall be reinvested in Common
Stock (through the Employer Stock Fund) unless the Participant (or his or her Beneficiary) elects, at the time and in the manner prescribed by the Administrator, to receive a 

  
 47 

 
cash distribution in an amount equal to such dividend, payable not later than 90 days after the end of the Plan Year in which such dividend was paid. 

Section 8.2. Loans to Participants. 
 (a) Making of Loans. Subject to the restrictions set forth in this Section 8.2, the Administrator shall establish a loan program whereby any Participant who is a party-in-interest (within the
meaning of section 3(14) of ERISA) or any Beneficiary who is a party-in-interest and any such Participant’s Beneficiary may request, in the manner and form prescribed by the Administrator, to borrow funds from the Plan. The principal amount of
such loan shall be not less than $1,000 and the aggregate amount of all outstanding loans to a Participant or Beneficiary shall not exceed the lesser of: (1) 50% of the value of the aggregate of the Participant’s vested account balances as
of the Valuation Date coinciding with or immediately preceding the day on which the loan is made; and (2) $50,000, reduced by the excess, if any, of the highest outstanding loan balances of the Participant under all plans maintained by the
Employer during the period of time beginning one year and one day prior to the date such loan is to be made and ending on the date such loan is to be made over the outstanding balance of loans from all such plans on the date on which such loan was
made. 
 (b) Restrictions. Any loan approved by the Administrator pursuant to the preceding paragraph (a) shall be
made only upon the following terms and conditions: 
 (1) The period for repayment of the loan shall be arrived
at by mutual agreement between the Administrator and the Participant but such period shall not exceed five years or, in the case of a loan to acquire a principal place of residence, shall not be less than five years or more than 15 years, from the
date of the loan. Such loan may be prepaid at any time, without penalty, by delivery to the Administrator of a check in an amount equal to the entire unpaid balance of such loan. No partial prepayment shall be permitted. Except as otherwise provided
under uniform and nondiscriminatory procedures established by the Administrator, any loan to a Participant who is an Employee is due in full immediately after termination of employment. 

(2) No loan shall be made to a Participant who is an Employee unless such Participant consents to have such loan repaid in
substantially equal installments deducted 

  
 48 

 
from the regular payments of the Participant’s compensation during the term of the loan. A Participant who (a) was an Employee at the time the Participant received a loan from the Plan,
(b) is no longer an Employee and no longer receives compensation from an Employer, but (c) continues to perform services for an Employer, shall consent, either at the time the loan is taken or prior to the date prescribed by the
Administrator, to have the balance of any loan outstanding at the time the Participant no longer is an Employee repaid in substantially equal installments over the remaining life of the loan. Such installments shall be paid in the manner specified
by the Administrator. 
 (3) Each loan shall be evidenced by the Participant’s collateral promissory note,
in the form prescribed by the Administrator, for the amount of the loan, with interest, payable to the order of the Plan, and shall be secured by an assignment of 50% of the Participant’s vested account balance. 

(4) Each loan shall bear a fixed interest rate commensurate with the interest rates then being charged by persons in the
business of lending money for loans made under similar circumstances, as determined by the Administrator. 
 (5)
Except as otherwise provided in this Plan, no withdrawal (other than a withdrawal from a Participant’s accounts to the extent that such withdrawal would not reduce the Participant’s vested account balances to less than the then outstanding
balance of any loan to such Participant or such higher amount determined by the Administrator to be appropriate security for such loan) or distribution shall be made to any Participant who has borrowed from the Trust, or to a Beneficiary of any such
Participant, unless and until the loan, including interest, has been repaid. 
 (6) A charge shall be made
against the account of each Participant requesting a loan equal to such reasonable loan application fee (and loan acceptance fee, if required by the Administrator) as shall be set from time to time by the Administrator. 

(7) A Participant is permitted only one loan in any calendar year, provided, however, that no more than five loans to a
Participant may be outstanding at any time, except that for a Participant described in the following sentence, no more than three loans may be outstanding at any time (for the period beginning April 1, 2009 and ending August 31, 2010, only
one of such outstanding loans may be for the purpose of acquiring a principal place of residence and only two of such outstanding loans may be for other purposes). A Participant described in the preceding sentence is any of the following: (A) a
Participant who is a member of a bargaining unit represented by IBEW Local Union 15, (B) a Participant who is employed at Byron in Nuclear Security and is a member of United Security System Union Local 1, (C) a Participant who is employed
at Oyster Creek in Nuclear Security and is a member of United Government Security Officers of America Local 17, (D) a Participant who is employed at Three Mile Island in Nuclear Security in Nuclear Security and is a member of United Government
Security Officers of America Local 18, and (E) a Participant who is classified by an Employer as a management employee. 
 (8) Loan repayments shall be invested in the various investment funds as elected by the Participant. 

  
 49 

 (9) The Administrator may, in its sole discretion, restrict the amount to be
disbursed pursuant to any loan request to the extent it deems necessary to take into account any fluctuations in the value of a Participant’s accounts since the Valuation Date immediately preceding the date on which such loan is to be made.

 (10) Any restrictions the Administrator or the Investment Fiduciary determines are necessary or appropriate
with respect to loans requested by individuals who have any portion of their accounts invested in the Employer Stock Fund described in Section 6.2 and who are subject to Rule 16b-3 under section 16 of the Securities Exchange Act of 1934.

 If any loan or portion of a loan made to a Participant under the Plan, together with the accrued interest thereon, is in
default (taking into account any grace period permitted by law, and as determined by the Administrator), the Administrator shall take appropriate steps to collect on the note and foreclose on the security. If upon a Participant’s termination of
employment entitling the Participant to a distribution under Section 8.3 (relating to distributions upon termination of employment), death or retirement, any loan or portion of a loan made to such Participant under the Plan, together with the
accrued interest thereon, remains unpaid, such unpaid amount may be repaid to the Plan no later than the last day of the calendar quarter following the calendar quarter in which such termination of employment occurred or as of such later date or
dates permitted under uniform and nondiscriminatory procedures established by the Administrator. If full repayment is not so made, an amount equal to the unpaid portion of such loan, together with the accrued interest thereon, shall be charged to
the Participant’s accounts after all other adjustments required under the Plan, but before any distribution pursuant to Section 8.3 (relating to distributions upon termination of employment). 

(c) Loan Subaccount. The Trustee shall establish and maintain a loan subaccount on behalf of each Participant or Beneficiary to
whom a loan is made under this Section 8.2. Such subaccount shall represent the investment of the Participant’s or Beneficiary’s account in such loan. As of the Valuation Date immediately preceding the date on which a loan is
approved, the Participant’s or Beneficiary’s loan subaccount shall be credited with the amount of the loan and 

  
 50 

 
thereafter shall be debited with repayments of the principal of such loan. The various accounts maintained for the Participant or Beneficiary shall be invested in the loan subaccount and debited
by the amount of the loan and credited with payments of interest on, and repayments of principal of, such loan in accordance with uniform rules established by the Administrator. 

(d) Sarbanes-Oxley. Notwithstanding any provision of the Plan to the contrary, the Administrator reserves the right to deny the
request of a Participant for a loan that, in the judgment of the Administrator, would violate any provision of the Sarbanes-Oxley Act of 2002. 
 Section 8.3. Distributions Upon Termination of Employment. 

(a) Termination of Employment under Circumstances Entitling Participant to Full Distribution of His or Her Account Balance. If a
Participant terminates employment, the Participant, or his or her designated Beneficiary, as the case may be, shall be entitled to receive the entire balance of the Participant’s accounts, at the time set forth in Section 8.4 (relating to
time of distribution) and in the manner set forth in paragraph (b) of this Section 8.3. 
 (b) Form of
Distribution. (1) Subject to paragraph (d) of this Section 8.3 (relating to small benefits payable in lump sum), any distribution to which a Participant or Beneficiary, as the case may be, becomes entitled upon termination of
employment shall be distributed by whichever of the following forms of distribution the Participant or Beneficiary, as the case may be, elects by calling the VRU, or in such other manner as may be prescribed by the Administrator: 

 

	 	(A)	By payment in a lump sum. 

  

	 	(B)	By payment in a series of approximately equal annual, quarterly, or monthly installments, over a period of up to 15 years; provided that installments shall not be
available with respect to amounts invested in the CNA 1997 guaranteed investment contract. 

 A Participant who
elected to receive distribution of his or her vested account balance in the form of installments may, at any time after such election is made, elect to receive the remaining amount of his or her vested account balance in the form of a lump sum
payment. If no election is 

  
 51 

 
made by a Participant or Beneficiary, as the case may be, as to the form of distribution, the Participant’s vested account balance shall be distributed in the form of a lump sum payment.

 The amount distributed hereunder shall be paid in cash, except that if the Participant’s account is paid in a lump sum,
then the Participant may request that all of his or her account invested in the Employer Stock Fund be distributed in whole shares of Common Stock held in such Fund with any fractional share being paid in cash. The number of shares of Common Stock
to be distributed shall be based on the current fair market value of a share of Common Stock as determined by the Trustee under Section 7.2 (relating to allocation of net income of Trust Fund and fluctuation in value of Trust assets) as of the
Valuation Date coinciding with or immediately preceding the date payment of the Participant’s account is to be made. Requests for distribution in the form of Common Stock shall be made at such time and in such manner as the Administrator shall
determine under rules and regulations which are uniformly applied. 
 Notwithstanding the preceding paragraphs, no distribution
shall be made in the form of installments with respect to a Participant’s Rollover Account that was established to hold the amount distributed or directly transferred from the Commonwealth Edison Company Employee Stock Ownership Plan upon such
plan’s termination if the Participant elected not to receive distribution of such amount until his or her 65th birthday. 

(c) Notice of Availability of Election of Optional Forms of Benefits. No less than 30 days (or such shorter period as permitted by
law) and no more than 90 days before distribution is to be made hereunder, the Administrator, or its designee, shall explain to the Participant that he or she may elect either form of distribution set forth in paragraph (b) of this
Section 8.3. Such explanation shall include a general description of the eligibility conditions and other material features of the optional forms of distribution provided under the Plan. Notwithstanding the first sentence of this paragraph (c),
distribution may commence less than 30 days after the description 

  
 52 

 
described above is given, provided that: (i) the Administrator, or its designee, clearly informs the Participant that the Participant has a right to a period of at least 30 days after
receiving the explanation to consider the decision of whether or not to elect a distribution (and, if applicable, a particular distribution option), and (ii) the Participant, after receiving the explanation, affirmatively elects a distribution.
The description referred to in this paragraph (c), as well as the explanation of the participant’s right to a period of at least 30 days to consider such explanation before electing a distribution, shall be provided to the Participant through
the VRU or in such other manner prescribed by the Administrator. 
 (d) Small Benefits Payable in Lump Sum.
Notwithstanding any provision of the Plan to the contrary, if the vested amount of the Participant’s account balances does not exceed $5,000, not including the value of the Participant’s Rollover Account or, for distributions occurring on
or after March 28, 2005, $1,000, including the value of the Participant’s Rollover Account (such amount referred to herein as the “small benefit amount”), such vested amount shall be distributed in a lump sum cash payment as soon
as administratively practicable after the Participant’s termination of employment in accordance with such procedures as may be established by the Administrator. 
 (e) Direct Rollover Option. In the case of a distribution from the Plan (excluding any amount offset against the Participant’s account balance to repay the outstanding balance of any unpaid
loan) which is an “eligible rollover distribution” within the meaning of section 402(c)(4) of the Code, a Participant (or surviving Spouse of a Participant or a former Spouse who is an alternate payee under a qualified domestic relations
order as defined in section 414(p) of the Code) may elect that all or any portion of such distribution shall be directly transferred as a rollover contribution from this Plan to (i) an individual retirement account described in section 408(a)
of the Code, (ii) an individual retirement annuity described in section 408(b) of the Code, (iii) an 

  
 53 

 
annuity plan described in section 403(a) of the Code, (iv) an annuity contract described in section 403(b) of the Code, (v) a retirement plan qualified under section 401(a) of the Code
(the terms of which permit the acceptance of rollover contributions), (vi) an eligible plan under section 457(b) of the Code which is maintained by an eligible employer described in section 457(e)(1)(A) of the Code (the terms of which permit
the acceptance of rollover contributions) or (vii) effective January 1, 2008, a Roth IRA described in section 408A of the Code. However, in the case of a distribution of a Participant’s After-Tax Contributions Account prior to
January 1, 2007, such distribution shall only be directly transferred as a rollover contribution from this Plan to an account or annuity described in section 408 of the Code, or to such a retirement or annuity plan described in section 401(a)
or 403(a) of the Code that is a defined contribution plan that agrees to separately account for amounts so transferred, including separately accounting for the portion of such amount which is includible in gross income and the portion of such
distribution which is not so includible. In the case of a distribution of a Participant’s After-Tax Contributions Account on or after January 1, 2007, such distribution shall only be directly transferred as a rollover contribution to an
account or annuity described in section 408 of the Code, or to such a qualified retirement or annuity plan described in section 401(a) or 403(a) of the Code that agrees to separately account for amounts so transferred, including separately
accounting for the portion of such amount which is includible in gross income and the portion of such distribution which is not so includible. Notwithstanding any provision of this paragraph (e), in the case of any eligible rollover distribution
that includes all or any portion of the Participant’s Designated Roth Contributions Account, a Participant or surviving Spouse or a former Spouse who is an alternate payee under a qualified domestic relations order as defined in section 414(p)
of the Code may elect to transfer such portion only to another plan which accounts for Designated Roth Contributions described in section 402A of the Code or to a Roth IRA described in section 408A

  
 54 

 
of the Code and only to the extent the rollover is permitted by the rules of section 402(c) of the Code. In addition, in the case of a distribution described in the preceding sentence that occurs
on or after January 1, 2008, a Beneficiary who is not the surviving Spouse of the Participant may elect that all or any portion of such distribution shall be directly transferred as a rollover contribution from this Plan to (i) an
individual retirement account described in section 408(a) of the Code, (ii) an individual retirement annuity described in section 408(b) of the Code or (iii) effective January 1, 2010, a Roth IRA described in section 408A of the Code,
that, in either case, is established for the purpose of receiving such distribution on behalf of the Beneficiary. 

Section 8.4. Time of Distribution. 
 A Participant who has terminated employment shall commence receiving distribution of his or her vested account balance as soon as administratively practical after the Valuation Date coinciding with or
immediately following the date on which the Participant attains age 65, except as provided below. 
  

	 	(1)	Early Distribution. Except as provided in subparagraph (7), a Participant whose Termination Date is prior to his or her 65th birthday may elect by calling the
VRU, or in such other manner as may be prescribed by the Administrator, prior to his or her termination of employment to have distribution of his or her vested account balance commence within 60 days after the Valuation Date coinciding with or
immediately following the Participant’s Termination Date. 

  

	 	(2)	 Deferral of Distribution. A Participant may elect by calling the VRU, or in such other manner as may be prescribed by the Administrator, which
election shall be made at the time prescribed by the Administrator, that distribution of his or her vested account balance commence as soon as practicable after the Participant’s attainment of age 70 1/2. 

 

	 	(3)	 Elections After Termination Date. Except as provided in subparagraph (7), a Participant who has terminated employment and whose distribution is
to commence either after the Participant’s attainment of age 65 or 70 1/2 may elect at any time by calling the VRU, or in such other manner as may be prescribed by the Administrator, to have distribution of his or her vested account balance made within 60 days after the date
such election is made. 

  

	 	(4)	 Required Beginning Date. Distributions paid or commencing during the Participant’s lifetime shall commence not later than April 1 of
the calendar year 

  
 55 

	 	 
following the calendar year in which the Participant attains age 70 1/2, except that distributions made to a Participant who is not a “five percent owner” (as defined in section 416(i) of the Code) may commence on April 1 of the calendar
year following the later of the calendar year in which the Participant attains age 70 1/2 or the calendar year in which the Participant retires. Notwithstanding any provision of the Plan to the contrary, any distributions required by this subparagraph shall be made not less rapidly than in
accordance with the final Regulations under Section 401(a)(9). The Participant shall designate the extent to which the distribution of Before-Tax Contributions pursuant to this subparagraph 4 are Designated Roth Contributions from the
Participant’s Designated Roth Contributions Account and the extent that such withdrawals are Untaxed Contributions from the Participant’s Untaxed Contributions Account and in the event that any such designation is not made or is
incomplete, such distribution shall be treated as a distribution of Designated Roth Contributions to the extent Designated Roth Contributions were made to the Plan and, to the extent that the distribution of Before-Tax Contributions exceeds such
Designated Roth Contributions, such distribution shall be treated as Untaxed Contributions. 

  

	 	(5)	 Distributions Commencing After Participant’s Death. Distributions commencing after the Participant’s death shall be completed within
five years after the death of the Participant, except that (i) effective with respect to any Participant whose death occurs on or after January 1, 1995, regardless of when such Participant’s employment terminated, if the
Participant’s Beneficiary is the Participant’s Spouse, distribution may be deferred until the date on which the Participant would have attained age
70 1/2 had he or she survived and (ii) if the
Participant’s Beneficiary is a natural person other than the Participant’s Spouse and distributions commence not later than one year after the Participant’s death, such distributions may be made over a period not longer than the life
expectancy of such Beneficiary. If at the time of the Participant’s death, distribution of the Participant’s benefit has commenced, the remaining portion of the Participant’s benefit shall be paid in the manner elected by the
Participant’s Beneficiary, but at least as rapidly as was the method of distribution being used prior to the Participant’s death. 

  

	 	(6)	Distribution of Rollover Account After Termination Date. A Participant who has terminated employment or the Beneficiary of such Participant, as the case may be,
may elect by calling the VRU, or in such other manner as may be prescribed by the Administrator prior to the time his or her vested account balance is distributed under this Section 8.4 to have distribution of the balance of his or her Rollover
Account commence at such prior time as the Participant or Beneficiary shall elect, provided that, while any loan to the Participant under Section 8.2 remains outstanding, such distribution shall be made only to the extent that the balance of
such Participant’s vested account balance remaining after such distribution will equal or exceed the balance of all outstanding loans to the Participant. 

 

	 	(7)	 Compliance with Section 401(a)(9) of the Code. Notwithstanding any provision of the Plan to the contrary, all distributions will be made in
accordance with section 401(a)(9) of the Code and the regulations promulgated thereunder, including the minimum distribution incidental death benefit requirement thereof. 

  
 56 

	 	 
Notwithstanding the foregoing, any amount that would be a required minimum distribution described in section 401(a)(9) of the Code which is attributable to the 2009 calendar year will not be
distributed to a Participant, or his or her Beneficiary, as applicable, unless such individual elects to receive such distribution. In addition, the five-year period described in subparagraph (5) above shall be determined without regard to
calendar year 2009. 

 Notwithstanding anything contained herein to the contrary and except as provided in
subparagraph (4) above, in the event that the recordkeeper for the Plan is changed, distributions may be made at such time as prescribed by the Administrator in order to accommodate the transfer of records to the new recordkeeper. 

Section 8.5. Designation of Beneficiary. 
 Each Participant shall have the right to designate a Beneficiary or Beneficiaries (who may be designated contingently or successively and that may be an entity other than a natural person) to receive any
distribution to be made under Section 8.3 (relating to distributions upon termination of employment) upon the death of such Participant or, in the case of a Participant who dies subsequent to termination of his or her employment but prior to
the distribution of the entire amount to which he or she is entitled under the Plan, any undistributed balance to which such Participant would have been entitled, provided, however, that no such designation (or change thereof) shall be
effective if the Participant was married on the date of the Participant’s death unless such designation (or change thereof) was consented to at the time of such designation (or change thereof) by the person who was the Participant’s
Spouse, in writing, acknowledging the effect of such consent and witnessed by a notary public or a Plan representative, or it is established to the satisfaction of the Administrator that such consent could not be obtained because the
Participant’s Spouse cannot be located or such other circumstances as may be prescribed in Regulations. Subject to the preceding sentence, a Participant may from time to time, without the consent of any Beneficiary, change or cancel any such
designation. Such designation and each change therein shall be made in the form prescribed by the Administrator and shall be filed with 

  
 57 

 
the Administrator. A Participant’s beneficiary designation in effect under the PECO Energy Company Employee Savings Plan immediately prior to March 31, 2001 shall remain in effect under
the Plan on and after March 31, 2001 until such time as such designation is changed or canceled in accordance with this Section 8.5. If (i) no Beneficiary has been named by a deceased Participant, (ii) such designation is not
effective pursuant to the proviso contained in the first sentence of this section, or (iii) the designated Beneficiary has predeceased the Participant, any undistributed balance of the deceased Participant shall be distributed by the Trustee at
the direction of the Administrator (a) to the surviving Spouse of such deceased Participant, if any, or (b) if there is no surviving Spouse, to the surviving children of such deceased Participant, if any, in equal shares, or (c) if
there is no surviving Spouse or surviving children, to the surviving parents of such deceased Participant, if any, in equal shares, or (d) if there is no surviving Spouse, surviving children or surviving parents, to the executor or
administrator of the estate of such deceased Participant or (e) if no executor or administrator has been appointed for the estate of such deceased Participant within six months following the date of the Participant’s death, in equal shares
to the person or persons who would be entitled under the intestate succession laws of the state of the Participant’s domicile to receive the Participant’s personal estate. The marriage of a Participant shall be deemed to revoke any prior
designation of a Beneficiary made by him or her and a divorce shall be deemed to revoke any prior designation of the Participant’s divorced Spouse if written evidence of such marriage or divorce is timely received by the Administrator.

 Section 8.6. Distributions to Minor and Disabled Distributees. 

Any distribution under this Article that is payable to a distributee who is a minor or to a distributee who, in the opinion of the
Administrator, is unable to manage his or her affairs by reason of illness or mental incompetency may be made to or for the benefit of any such distributee at such time consistent with the provisions of Section 8.4 (relating to time of
distribution) and in 

  
 58 

 
such of the following ways as the legal representative of such distributee shall direct: (a) directly to any such minor distributee if, in the opinion of such legal representative, the
distributee is able to manage his or her affairs, (b) to such legal representative, (c) to a custodian under a Uniform Gifts to Minors Act for any such minor distributee, or (d) to some near relative of any such distributee to be used
for the latter’s benefit. Neither the Administrator nor the Trustee shall be required to see to the application by any third party other than the legal representative of a distributee of any distribution made to or for the benefit of such
distributee pursuant to this Section. 
 Section 8.7. “Lost” Participants and Beneficiaries.

 If within a period of five years following the death or other termination of employment of any Participant the Administrator
in the exercise of reasonable diligence has been unable to locate the person or persons entitled to benefits under this Article 8, the rights of such person or persons shall be forfeited, provided, however, that the Plan shall
reinstate and pay to such person or persons the amount of the benefits so forfeited upon a claim for such benefits made by such person or persons. The amount to be so reinstated shall be obtained from the total amount that shall have been forfeited
pursuant to Section 8.3 (relating to distribution upon termination of employment) during the Plan Year that the claim for such forfeited benefit is made. If the amount to be reinstated exceeds the amount of such forfeitures, the Employer in
respect of whose Employee the claim for forfeited benefit is made shall make a contribution in an amount equal to the remainder of such excess. Any such contribution shall be made without regard to whether or not the limitations set forth in
Section 4.5 (relating to limitation on Employer contributions) will be exceeded by such contribution. 

  
 59 

 Section 8.8. Death Benefits Under USERRA 

Effective January 1, 2007, in the case of a Participant who dies while performing Military Service, the Beneficiaries of such
Participant shall be entitled to any additional benefits, if any, (other than benefit accruals relating to the period of qualified military service) provided under the Plan had the Participant resumed employment with an Employer and then terminated
such employment on account of such Participant’s death. 
 ARTICLE 9 

PARTICIPANTS’ STOCKHOLDER RIGHTS 
 Section 9.1. Voting Shares of Common Stock. 

Each Participant and Beneficiary shall be entitled to direct the Trustee as to the exercise of any voting rights attributable to shares
of Common Stock then allocated to his or her account and the Trustee shall vote such shares according to the voting directions of the Participant or Beneficiary that have been timely submitted to the Trustee on forms provided by the Trustee for such
purpose. Participants and Beneficiaries shall be permitted to direct the Trustee as to the exercise of any voting rights, including, but not limited to, any corporate matter that involves the voting of shares of Common Stock with respect to the
approval or disapproval of any corporate merger or consolidation, recapitalization, reclassification, liquidation, dissolution, sale of substantially all assets of a trade or business, or similar transaction prescribed in Regulations. The Trustee
shall with respect to any matter vote the shares of Common Stock credited to Participants’ accounts with respect to which the Trustee does not timely receive voting instructions in the same proportion as to shares the Trustee has received
voting instructions. Written notice of any meeting of stockholders of the Company and a request for voting instructions shall be given by the Administrator or the Trustee, at such time and in such manner as the Administrator shall determine, to each
Participant or Beneficiary entitled to give instructions for voting shares of 

  
 60 

 
Common Stock at such meeting. The Administrator shall establish and pay for a means by which Participants and Beneficiaries can expeditiously deliver such voting instructions to the Trustee. All
instructions delivered by Participants or Beneficiaries shall be confidential and shall not be disclosed to any person, including the Employer. 
 Section 9.2. Tender Offers. 
 (a) In the event a tender
offer is made generally to the stockholders of the Company to transfer all or a portion of their shares of Common Stock in return for valuable consideration, including but not limited to, offers regulated by section 14(d) of the Securities
Exchange Act of 1934, as amended, each Participant or Beneficiary shall be entitled to direct the Trustee regarding how to respond to any such tender offer with respect to the number of shares of Common Stock then allocated to his or her account and
the Trustee shall vote such shares according to the voting directions of the Participant or Beneficiary that have been timely submitted to the Trustee on forms provided by the Trustee for such purpose. A Participant or Beneficiary shall not be
limited in the number of directions to tender or withdraw from tender that he or she can give, but shall not have the right to give directions to tender or withdraw from tender after a reasonable time established by the Trustee pursuant to
paragraph (c) of this Section 9.2. The Trustee shall with respect to a tender offer decline to vote the shares of Common Stock credited to Participants’ accounts with respect to which the Trustee does not timely receive directions on
how to respond to any such tender offer. All such directions shall be confidential and shall not be disclosed to any person, including the Employer. 
 (b) Within a reasonable time after the commencement of a tender offer, the Administrator shall provide to each Participant and Beneficiary: 

 

	 	(i)	the offer to purchase as distributed by the offeror to the stockholders of the Company, 

  
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	 	(ii)	a statement of the shares of Common Stock allocated to his or her account, and 

 

	 	(iii)	directions as to the means by which a Participant can give directions with respect to the tender offer. 

The Administrator shall establish and pay for a means by which a Participant and Beneficiary can expeditiously deliver directions to the
Trustee with respect to a tender offer. The Administrator shall transmit or cause to be transmitted to the Trustee aggregate numbers of shares to be tendered or withheld from tender representing directions of Participants and Beneficiaries. The
Administrator, at its election, may engage an agent to receive directions from Participants and Beneficiaries and transmit them to the Trustee. 
 (c) The Trustee may establish a reasonable time, taking into account the time restrictions of the tender offer, after which it shall not accept directions of Participants or Beneficiaries. 

ARTICLE 10 

SPECIAL PARTICIPATION AND DISTRIBUTION RULES RELATING 
 TO REEMPLOYMENT OF TERMINATED EMPLOYEES AND 
 EMPLOYMENT BY RELATED ENTITIES

 Section 10.1. Change of Employment Status. 

If an Employee who is not a Participant becomes eligible to participate because of a change in his or her employment status, such
Employee shall become a Participant as of the date of such change if either the Employee is not a member of a bargaining unit represented by IBEW Local Union 15 or the Employee has satisfied the eligibility service requirement set forth in
Section 3.1; otherwise the Employee shall become a Participant in accordance with Section 3.1 following satisfaction of the eligibility service requirement. 

  
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 Section 10.2. Reemployment of an Eligible Employee Whose Employment
Terminated Prior to His or Her Becoming a Participant. 
 (a) If the employment of an Eligible Employee who is a member of a
bargaining unit represented by IBEW Local Union 15 terminated before the Employee satisfied the eligibility service requirement set forth in Section 3.1 and such Employee is thereafter reemployed by an Employer, such Employee shall be eligible
to become a Participant in accordance with Section 3.1. 
 (b) If the employment of an Eligible Employee who is a member of
a bargaining unit represented by IBEW Local Union 15 terminated after he or she had satisfied the eligibility service requirement set forth in Section 3.1 but prior to becoming a Participant is reemployed by an Employer, he or she shall not be
required to satisfy again such requirement and shall be eligible to become a Participant upon filing an application in accordance with Section 3.2 (relating to application for Before-Tax Contributions and After-Tax Contributions). 

Section 10.3. Reemployment of a Terminated Participant. 

If a terminated Participant is reemployed, the Participant shall not be required to satisfy again the eligibility service requirement set
forth in Section 3.1 and shall again become a Participant upon filing an application in accordance with Section 3.2 (relating to application for Before-Tax Contributions and After-Tax Contributions). 

Section 10.4. Employment by an Affiliate. 
 If an individual is employed by an Affiliate, then any period of such employment shall be taken into account solely for the purposes of determining whether and when such individual is eligible to
participate in the Plan under Article 3 (relating to participation), when such individual has retired or otherwise terminated his or her employment for purposes of Article 8 (relating to 

  
 63 

 
withdrawals and distributions) to the same extent it would have been had such period of employment been as an Employee of his or her Employer. 

Section 10.5. Leased Employees. 
 A leased employee (as defined below) shall not be eligible to participate in the Plan. If an individual who performed services as a leased employee (as defined below) of an Employer or an Affiliate
becomes an Employee, or if an Employee becomes such a leased employee, then any period during which such services were so performed shall be taken into account solely for the purposes of determining whether and when such individual is eligible to
participate in the Plan under Article 3 (relating to participation) and determining when such individual has retired or otherwise terminated his or her employment for purposes of Article 8 (relating to withdrawals and distributions) to the same
extent it would have been had such service been as an Employee. This Section shall not apply to any period of service during which such a leased employee was covered by a plan described in section 414(n)(5) of the Code. Any contributions or benefits
provided under such plan to a leased employee by his or her leasing organization shall be treated as provided under this Plan and shall be taken into account under Section 7.4 (relating to limitation on allocations imposed by Section 415
of the Code) to the extent required under section 1.415(a)-1(f)(3) of the Regulations. For purposes of this Plan, a “leased employee” shall mean any person who is not an employee of an Employer and who pursuant to an agreement between an
Employer or Affiliate has performed services for an Employer or an Affiliate on a substantially full-time basis for a period of at least one year, which services were performed under the primary direction or control of an Employer or an Affiliate.

 Section 10.6. Reemployment of Veterans. 

(a) General. The provisions of this Section shall apply in the case of the reemployment by an Employer of an Eligible Employee,
within the period prescribed by the Uniformed Service 

  
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Employment and Reemployment Rights Act (“USERRA”), after the Employee’s completion of a period of Military Service. The provisions of this Section are intended to provide such
Employees with the rights required USERRA and section 414(u) of the Code, and shall be interpreted in accordance with such intent. 
 (b) Make Up of Before-Tax and After-Tax Contributions. Such Employee shall be entitled to make contributions under the Plan (“Make-Up Employee Contributions”), in addition to Before-Tax
and After-Tax Contributions which the Employee elects to have made under the Plan pursuant to Section 4.1 (relating to Before-Tax Contributions). From time to time while employed by an Employer, such Employee may elect to contribute Make-Up
Employee Contributions during the period beginning on the date of such Employee’s reemployment and ending on the earlier of: 
  

	 	(i)	the end of the period equal to the product of three and such Employee’s period of Military Service, and 

 

	 	(ii)	the fifth anniversary of the date of such reemployment. 

 Such Employee shall not be permitted to contribute Make-Up Employee Contributions to the Plan in excess of the amount which the Employee could have elected to have made under the Plan in the form of
Before-Tax and After-Tax Contributions if the Employee had continued in employment with his or her Employer during such period of Military Service. Such Employee shall be deemed to have earned “Compensation” from his or her Employer during
such period of Military Service for this purpose in the amount prescribed by sections 414(u)(2)(B) and 414(u)(7) of the Code. The manner in which an Eligible Employee may elect to contribute Make-Up Employee Contributions pursuant to this paragraph
(b) shall be prescribed by the Administrator. 
 (c) Make Up of Employer Matching Contributions. An Eligible
Employee who contributes Make-Up Employee Contributions as described in paragraph (b) shall be entitled to an allocation of Employer Matching Contributions (“Make-Up Matching Contributions”) in an amount equal to the amount of
Employer Matching Contributions which would have been 

  
 65 

 
allocated to the Employer Matching Contributions Account of such Eligible Employee under the Plan if such Make-Up Employee Contributions had been made in the form of Before-Tax or After-Tax
Contributions (as applicable) during the period of such Employee’s Military Service. The amounts necessary to make such allocation of Make-Up Matching Contributions shall be derived from any forfeitures not yet applied towards Employer Matching
Contributions for the Plan Year in which the Make-Up Employee Contributions are made, and if such forfeitures are not sufficient for this purpose, then the Eligible Employee’s Employer shall make a special contributions which shall be utilized
solely for purposes of such allocation. 
 (d) Application of Limitations and Nondiscrimination Rules. Any contributions
made by an Eligible Employee or an Employer pursuant to this Section on account of a period of Military Service in a prior Plan Year shall not be subject to the limitations prescribed by Sections 4.2, 4.5 and 7.4 of the Plan (relating to sections
402(g), 404 and 415 of the Code) for the Plan Year in which such contributions are made. The Plan shall not be treated as failing to satisfy the nondiscrimination rules of Section 4.4 of the Plan (relating to limitations on contributions for
highly compensated Eligible Employees) for any Plan Year solely on account of any make up contributions made by an Eligible Employee or an Employer pursuant to this Section 10.6. 

ARTICLE 11 

ADMINISTRATION 

Section 11.1. The Administrator, the Investment Fiduciary and the Corporate Investment Committee. 

(a) The Administrator. The Company’s Director, Employee Benefit Plans & Programs, or such other person or committee
appointed by the Chief Human Resources Officer from time to time (such director or other person or committee, the “Administrator”), shall be the 

  
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“administrator” of the Plan, within the meaning of such term as used in ERISA. In addition, the Administrator shall be the “named fiduciary” of the Plan, within the meaning of
such term as used in ERISA, solely with respect to administrative matters involving the Plan and not with respect to any investment of the Plan’s assets. The Administrator shall have the following duties, responsibilities and rights:

  

	 	(i)	The Administrator shall have the duty and discretionary authority to interpret and construe the Plan in regard to all questions of eligibility, the status and rights of
Participants, distributees and other persons under the Plan, and the manner, time, and amount of payment of any distribution under the Plan. Benefits under the Plan shall be paid to a Participant or Beneficiary only if the Administrator, in its
discretion, determines that such person is entitled to benefits. 

  

	 	(ii)	The Administrator shall direct the Trustee to make payments of amounts to be distributed from the Trust under Article 8 (relating to withdrawals and distributions).

  

	 	(iii)	The Administrator shall supervise the collection of Participants’ contributions made pursuant to Article 5 (relating to Employee contributions) and the
delivery of such contributions to the Trustee. 

  

	 	(iv)	The Administrator shall have all powers and responsibilities necessary to administer the Plan, except those powers that are specifically vested in the Investment
Fiduciary, the Corporate Investment Committee or the Trustee. 

  

	 	(v)	Each Employer shall, from time to time, upon request of the Administrator, furnish to the Administrator such data and information as the Administrator shall require in
the performance of its duties. 

  

	 	(vi)	The Administrator may require a Participant or Beneficiary to complete and file certain applications or forms approved by the Administrator and to furnish such
information requested by the Administrator. The Administrator and the Plan may rely upon all such information so furnished to the Administrator. 

  

	 	(vii)	The Administrator shall be the Plan’s agent for service of legal process and forward all necessary communications to the Trustee. 

(b) Removal of Administrator. The Chief Human Resources Officer shall have the right at any time, with or without cause, to remove
the Administrator (including any member of a 

  
 67 

 
committee that constitutes the Administrator). The Administrator may resign and the resignation shall be effective upon delivery of the written resignation to the Chief Human Resources Officer.
Upon the resignation, removal or failure or inability for any reason of the Administrator to act hereunder, the Chief Human Resources Officer shall appoint a successor. Any successor Administrator shall have all the rights, privileges and duties of
the predecessor, but shall not be held accountable for the acts of the predecessor. None of the Company, any member of the board of directors of the Company who is not the Chief Human Resources Officer, nor any other person shall have any
responsibility regarding the retention or removal of the Administrator. 
 (c) The Investment Fiduciary. The Company,
acting through the Exelon Investment Office, shall be the Investment Fiduciary and the “named fiduciary” of the Plan, within the meaning of such term as used in ERISA, solely with respect to matters involving the investment of assets of
the Plan and, any contrary provision of the Plan notwithstanding, in all events subject to the limitations contained in Sections 404(a)(2) and 404(c) of ERISA and all other applicable limitations. The Investment Fiduciary shall have the following
duties, responsibilities and rights: 
  

	 	(i)	The Investment Fiduciary shall be the “named fiduciary” for purposes of designating the investment funds under Section 6.2 and for purposes of appointing
one or more investment managers as described in ERISA. 

  

	 	(ii)	The Investment Fiduciary shall be solely responsible for all matters involving investment of the Employer Stock Fund described in Section 6.2 and neither the
Company nor any other person shall have any responsibility with respect to investment of such fund. 

  

	 	(iii)	Each Employer shall, from time to time, upon request of the Investment Fiduciary, furnish to the Investment Fiduciary such data and information as the Investment
Fiduciary shall require in the performance of its duties. 

 (d) The Corporate Investment Committee. The
Corporate Investment Committee shall be responsible for overall monitoring of the performance of the Investment Fiduciary. The Corporate Investment Committee shall have the right at any time, with or without cause, to remove one or more employees of
the Exelon Investment Office or to appoint another person or 

  
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committee to act as Investment Fiduciary. Any successor Investment Fiduciary member shall have all the rights, privileges and duties of the predecessor, but shall not be held accountable for the
acts of the predecessor. The power and authority of the Corporate Investment Committee with respect to the Plan shall be limited solely to the monitoring and removal of the members of the Investment Fiduciary and the Corporate Investment Committee
shall have no other duties or responsibilities with respect to the Plan. None of the Company, any member of the board of directors who is not a member of the Corporate Investment Committee, nor any other person shall have any responsibility
regarding the appointment or removal of the members of Investment Fiduciary. 
 (e) Status of Administrator, the Investment
Fiduciary and the Corporate Investment Committee. The Administrator, any person acting as, or on behalf of, the Investment Fiduciary, and any member of the Corporate Investment Committee may, but need not, be an Employee, trustee or officer of
an Employer and such status shall not disqualify such person from taking any action hereunder or render such person accountable for any distribution or other material advantage received by him or her under this Plan, provided that no Administrator,
person acting as, or on behalf of, the Investment Fiduciary, or any member of the Corporate Investment Committee who is a Participant shall take part in any action of the Administrator or the Investment Fiduciary on any matter involving solely his
or her rights under this Plan. 
 (f) Notice to Trustee of Members. The Trustee shall be notified as to the names of the
Administrator and the person or persons authorized to act on behalf of the Investment Fiduciary. 
 (g) Allocation of
Responsibilities. Each of the Administrator, the Investment Fiduciary and the Corporate Investment Committee may allocate their respective responsibilities and may designate any person, persons, partnership or corporation to carry out any of
such 

  
 69 

 
responsibilities with respect to the Plan. Any such allocation or designation shall be reduced to writing and such writing shall be kept with the records of the Plan. 

(h) General Governance. Each of the Administrator, the Investment Fiduciary and the Corporate Investment Committee may act at a
meeting or by written consent approved by a majority of its respective members, as applicable. The Corporate Investment Committee shall elect one of its members as chairman and appoint a secretary, who may or may not be a member of such Committee.
The secretary of the Corporate Investment Committee shall keep a record of all meetings and forward all necessary communications to the Employers or the Trustee. All decisions of the Corporate Investment Committee shall be made by the majority,
including actions taken by written consent. The Administrator, the Investment Fiduciary and the Corporate Investment Committee may adopt such rules and procedures as it deems desirable for the conduct of its affairs, provided that any such rules and
procedures shall be consistent with the provisions of the Plan. 
 (i) Indemnification. The Employers hereby jointly and
severally indemnify the Administrator, the persons employed in the Exelon Investment Office, the members of the Corporate Investment Committee, the Chief Human Resources Officer, and the directors, officers and employees of the Employers and each of
them, from the effects and consequences of their acts, omissions and conduct in their official capacity with respect to the Plan (including but not limited to judgments, attorney fees and costs with respect to any and all related claims, subject to
the Company’s notice of and right to direct any litigation, select any counsel or advisor, and approve any settlement), except to the extent that such effects and consequences result from their own willful misconduct. The foregoing
indemnification shall be in addition to (and secondary to) such other rights such persons may enjoy as a matter of law or by reason of insurance coverage of any kind. 

  
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 (j) No Compensation. None of the Administrator, any person employed in the Exelon
Investment Office nor any member of the Corporate Investment Committee may receive any compensation or fee from the Plan for services as the Administrator, the Investment Fiduciary or a member of the Corporate Investment Committee; provided, however
that nothing contained herein shall preclude the Plan from reimbursing the Company or any Employer for compensation paid to any such person if such compensation constitutes “direct expenses” for purposes of ERISA. The Employers shall
reimburse the Administrator, the persons employed in the Exelon Investment Office and the members of the Corporate Investment Committee for any reasonable expenditures incurred in the discharge of their duties hereunder. 

(k) Employ of Counsel and Agents. The Administrator, the Investment Fiduciary and the Corporate Investment Committee may employ
such counsel (who may be counsel for an Employer) and agents and may arrange for such clerical and other services as each may require in carrying out its respective duties under the Plan. 

Section 11.2. Claims Procedure. 
 Any Participant or distributee who believes he or she is entitled to benefits in an amount greater than those which he or she is receiving or has received may file a claim with the Administrator. Such a
claim shall be in writing and state the nature of the claim, the facts supporting the claim, the amount claimed, and the address of the claimant. The Administrator shall review the claim and, unless special circumstances require an extension of
time, within 90 days after receipt of the claim, give notice to the claimant, either in writing by registered or certified mail or in an electronic notification, of the Administrator’s decision with respect to the claim. Any electronic notice
delivered to the claimant shall comply with the standards imposed by applicable Regulations. If the Administrator determines that special circumstances require an extension of time for processing the claim, the claimant shall be so advised in
writing within the 

  
 71 

 
initial 90-day period and in no event shall such an extension exceed 90 days. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which
the Administrator expects to render the benefit determination. The notice of the decision of the Administrator with respect to the claim shall be written in a manner calculated to be understood by the claimant and, if the claim is wholly or
partially denied, the Administrator shall notify the claimant of the adverse benefit determination and shall set forth the specific reasons for the adverse determination, the references to the specific Plan provisions on which the determination is
based, a description of any additional material or information necessary for the claimant to perfect the claim, an explanation of why such material or information is necessary, and a description of the claim review procedure under the Plan and the
time limits applicable to such procedures, including a statement of the claimant’s right (subject to the limitations described in Sections 13.11 and 13.12) to bring a civil action under Section 502 of ERISA following an adverse benefit
determination on review. The Administrator shall also advise the claimant that the claimant or the claimant’s duly authorized representative may request a review by the by the Vice President, Compensation & Benefits (or such other
officer designated from time to time by the Chief Human Resources Officer) of the adverse benefit determination by filing with such officer, within 60 days after receipt of a notification of an adverse benefit determination, a written request for
such review. The claimant shall be informed that, within the same 60-day period, he or she (a) may be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the
claimant’s claim for benefits and (b) may submit to such officer written comments, documents, records and other information relating to the claim for benefits. If a request is so filed, review of the adverse benefit determination shall be
made by such officer within, unless special circumstances require an extension of time, 60 days after receipt of such request, and the claimant shall be given written notice of the officer’s final decision. If the

  
 72 

 
reviewing officer determines that special circumstances require an extension of time for processing the claim, the claimant shall be so advised in writing within the initial 60-day period and in
no event shall such an extension exceed 60 days. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the officer expects to render the determination on review. The review of the officer
shall take into account all comments, documents, records and other information submitted by the claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. The notice
of the final decision shall include specific reasons for the determination and references to the specific Plan provisions on which the determination is based and shall be written in a manner calculated to be understood by the claimant. 

Section 11.3. Procedures for Domestic Relations Orders. 

If the Administrator receives any written judgment, decree or order (including approval of a property settlement agreement) pursuant to
domestic relations or community property laws of any state relating to the provision of child support, alimony or marital property rights of a Spouse, former Spouse, child or other dependent of a Participant and purporting to provide for the payment
of all or a portion of the Participant’s benefit under the Plan to or on behalf of one or more of such persons (such judgment, decree or order being hereinafter called a “domestic relations order”), the Administrator shall promptly
notify the Participant and each other payee specified in such domestic relations order of its receipt and of the following procedures. After receipt of a domestic relations order, the Administrator shall determine whether such order constitutes a
“qualified domestic relations order,” as defined in paragraph (b) Section 14.2 (relating to exception for qualified domestic relations orders), and shall notify the Participant and each payee named in such order in writing of its
determination. Such notice shall be written in a manner calculated to be understood by the parties and shall set forth specific reasons for the Administrator’s 

  
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determination, and shall contain an explanation of the review procedure under the Plan. The Administrator shall also advise each party that the party or his or her duly authorized representative
may request a review by the Vice President, Compensation & Benefits (or such other officer designated from time to time by the Chief Human Resources Officer) of the Administrator’s determination by filing a written request for such
review. The Administrator shall give each party affected by such request notice of such request for review. Each party also shall be informed that he or she may have reasonable access to pertinent documents and submit comments in writing to such
officer in connection with such request for review. Each party shall be given written notice of the officer’s final determination, which notice shall be written in a manner calculated to be understood by the parties and shall include specific
reasons for such final determination. Any amounts subject to a domestic relations order which would be payable to the alternate payee prior to the determination that such order is a qualified domestic relations order shall be separately accounted
for and not distributed prior to such determination. If within a reasonable time after receipt of written evidence of such order it is determined that such domestic order constitutes a qualified domestic relations order, the amounts so separately
accounted for (plus any interest thereon) shall be paid to the alternate payee. If within such reasonable period of time it is determined that such order does not constitute a qualified domestic relations order, the amounts so separately accounted
for (plus any interest thereon) shall be paid to such other persons, if any, entitled to such amounts at such time. Prior to the issuance of regulations, the Administrator shall establish the time periods in which the Administrator’s
determination, a request for review thereof and the review by the Administrator shall be made, provided that the total of such time periods shall not be longer than 18 months from the date written evidence of a domestic relations order is received
by the Administrator. 

  
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 The duties of the Administrator under this Section 11.3 may be delegated by the
Administrator to one or more persons other than the Administrator. 
 Section 11.4. Notices to Participants,
Etc. 
 All notices, reports and statements given, made, delivered or transmitted to a Participant or distributee or any
other person entitled to or claiming benefits under the Plan shall be deemed to have been duly given, made or transmitted when mailed by first class mail with postage prepaid and addressed to the Participant or distributee or such other person at
the address last appearing on the records of the Administrator. A Participant or distributee or other person may record any change of his or her address from time to time by written notice filed with the Administrator. 

Section 11.5. Notices to Administrator. 
 Written directions, notices and other communications from Participants or distributees or any other person entitled to or claiming benefits under the Plan to the Administrator shall be deemed to have been
duly given, made or transmitted either when delivered to such location as shall be specified upon the forms prescribed by the Administrator for the giving of such directions, notices and other communications or when mailed by first class mail with
postage prepaid and addressed to the addressee at the address specified upon such forms. 
 Section 11.6.
Records. 
 Each of the Administrator and the Investment Fiduciary shall keep a record of all of their respective
proceedings, if any, and shall keep or cause to be kept all books of account, records and other data as may be necessary or advisable in their respective judgment for the administration of the Plan or the administration of the investments of the
Plan. 
 Section 11.7. Reports of Trustee and Accounting to Participants. 

The Administrator shall keep on file, in such form as it shall deem convenient and proper, all reports concerning the Trust Fund received
by it from the Trustee, and the Administrator will, 

  
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as soon as practicable after the last day of each quarter of each Plan Year furnish each Participant and Beneficiary with a statement reflecting the condition of his or her accounts as of that
date. 
 Section 11.8. Electronic Media. 

Notwithstanding any provision of the Plan to the contrary and for all purposes of the Plan, to the extent permitted by the Administrator
and any applicable law or Regulation, the use of electronic technologies shall be deemed to satisfy any written notice, consent, delivery, signature, disclosure or recordkeeping requirement under the Plan, the Code or ERISA to the extent permitted
by or consistent with applicable law and Regulations. Any transmittal by electronic technology shall be deemed delivered when successfully sent to the recipient, or such other time specified by the Administrator. 

ARTICLE 12 

PARTICIPATION BY OTHER EMPLOYERS 
 Section 12.1. Adoption of Plan. 
 With the consent of
the Company, any entity may become a participating Employer under the Plan by (a) taking such action as shall be necessary to adopt the Plan and (b) executing and delivering such instruments and taking such other action as may be necessary
or desirable to put the Plan into effect with respect to such entity. 
 Section 12.2.
Withdrawal from Participation. 
 Any Employer shall terminate its participation in the Plan at any time, under
such circumstances as the Company may provide, by delivering to the Company a duly certified copy of a resolution of its board of directors (or other governing body) to that effect, or by ceasing to be a member of the same controlled group as the
Company (within the meaning of section 1563(a) of the Code). 

  
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 Section 12.3. Company as Agent for Employers.

 Each entity that becomes a participating Employer pursuant to Section 12.1 (relating to adoption of Plan) or
Article 13 (relating to continuance by a successor) by so doing shall be deemed to have appointed the Company its agent to exercise on its behalf all of the powers and authorities hereby conferred upon the Company by the terms of the Plan,
including, but not by way of limitation, the power to amend and terminate the Plan. The authority of the Company to act as such agent shall continue unless and until the portion of the Trust Fund held for the benefit of Employees of the particular
Employer and their Beneficiaries is set aside in a separate Trust Fund as provided in Section 16.2 (relating to establishment of separate trust). 
 ARTICLE 13 
 CONTINUANCE BY A SUCCESSOR 

In the event that the Employer is reorganized by way of merger, consolidation, transfer of assets or otherwise, so that another entity
succeeds to all or substantially all of the Employer’s business, such successor entity may be substituted for the Employer under the Plan by adopting the Plan and becoming a party to the Trust agreement. Contributions by the Employer shall be
automatically suspended from the effective date of any such reorganization until the date upon which the substitution of such successor entity for the Employer under the Plan becomes effective. If, within 90 days following the effective date of any
such reorganization, such successor entity shall not have elected to become a party to the Plan, or if the Employer adopts a plan of complete liquidation other than in connection with a reorganization, the Plan shall be automatically terminated with
respect to Employees of such Employer as of the close of business on the 90th day following the effective date of such reorganization or as of the close of business on the date of adoption of such plan of complete liquidation, as the case may be,
and the Administrator shall 

  
 77 

 
direct the Trustee to distribute the portion of the Trust Fund applicable to such Employer in the manner provided in Article 16 (relating to establishment of separate plan and termination).

 If such successor entity is substituted for an Employer by electing to become a party to the Plan as described above, then,
for all purposes of the Plan, employment of such Employee with such Employer, including service with and compensation paid by such Employer, shall be considered to be employment with an Employer. 

ARTICLE 14 

MISCELLANEOUS 

Section 14.1. Expenses. 
 Except as provided in the last sentence of Section 6.2 (relating to expenses of investments for an investment fund), all costs and expenses incurred in administering the Plan and the Trust,
including, but not limited to, “direct expenses” incurred in administering the Plan and the Trust (including compensation paid to any employee of an Employer or an Affiliate who is engaged in the administration of the Plan or the Trust),
the expenses of the Administrator and the Investment Fiduciary, the fees of counsel and any agents for the Administrator and the Investment Fiduciary, the fees and expenses of the Trustee, the fees of counsel for the Trustee and other administrative
expenses shall, to the extent permitted by law, be paid from the Trust Fund to the extent such expenses are not paid by the Employers. Notwithstanding the foregoing, the Administrator may authorize an Employer to pay any expenses, and the Employer
shall be reimbursed from the Trust Fund for such payments. The Administrator, in its discretion, having regard to the nature of a particular expense, shall determine the portion of the expense that is to be borne by each Employer. 

  
 78 

 Section 14.2. Non-Assignability. 

(a) In general. It is a condition of the Plan, and all rights of each Participant and Beneficiary shall be subject thereto, that
no right or interest of any Participant or Beneficiary in the Plan shall be assignable or transferable in whole or in part, either directly or by operation of law or otherwise, including, but not by way of limitation, execution, levy, garnishment,
attachment, pledge or bankruptcy, but excluding devolution by death or mental incompetency, and no right or interest of any Participant or Beneficiary in the Plan shall be liable for, or subject to, any obligation or liability of such Participant or
Beneficiary, including claims for alimony or the support of any Spouse, except as provided below. 
 (b) Exception for
Qualified Domestic Relations Orders. Notwithstanding any provision of the Plan to the contrary, if a Participant’s account balance under the Plan, or any portion thereof, is the subject of one or more qualified domestic relations orders, as
defined below, such account balance or portion thereof shall be paid to the person and at the time and in the manner specified in any such order. For purposes of this paragraph (b), “qualified domestic relations order” shall mean any
“domestic relations order” as defined in Section 11.3 (relating to procedures for domestic relations orders) that creates (or recognizes the existence of) or assigns to a person other than the Participant (an “alternate
payee”) rights to all or a portion of the Participant’s account balance under the Plan, and: 
  

	 	(A)	clearly specifies 

  

	 	(i)	the name and last known mailing address (if any) of the Participant and each alternate payee covered by such order, 

 

	 	(ii)	the amount or percentage of this Participant’s benefits to be paid by the Plan to each such alternate payee, or the manner in which such amount or percentage is to
be determined, 

  

	 	(iii)	the number of payments to, or period of time for which, such order applies, and 

  
 79 

	 	(iv)	each plan to which such order applies; 

  

	 	(B)	does not require 

  

	 	(i)	the Plan to provide any type or form of benefit or any option not otherwise provided under the Plan at the time such order is issued, 

 

	 	(ii)	the Plan to provide increased benefits (determined on the basis of actuarial equivalence), and 

 

	 	(iii)	the payment of benefits to an alternate payee that at the time such order is issued already are required to be paid to a different alternate payee under a prior
qualified domestic relations order; and 

 (C) does not require the commencement of payment of
benefits to any alternate payee before the earlier of (I) the date on which the Participant is entitled to a distribution under the Plan and (II) the date the Participant attains age 50, except that the order may require the commencement of
payment of benefits as soon as administratively practicable after the date such order is determined by the Administrator to be a “qualified domestic relations order”; 
 all as determined by the Administrator pursuant to the procedures contained in Section 11.3 (relating to procedures for domestic relations orders). Any amounts subject to a domestic relations order
prior to determination of its status as a qualified domestic relations order that but for such order would be paid to the Participant shall be segregated in a separate account or an escrow account pending such determination. If within the reasonable
time period beginning with the date on which the first payment would be required to be made under a domestic relations order the Administrator determines that the domestic relations order constitutes a qualified domestic relations order, the amount
so segregated (plus any interest thereof) shall be paid to the alternate payee. If such determination is not made within such reasonable time period, then the amount so segregated (plus any interest thereon), shall, as soon as practicable after the
end of such reasonable time period, be paid to the Participant. Any determination regarding the status of such order after such reasonable time period shall be applied only to payments on or after the date of such determination. 

  
 80 

 Section 14.3. Employment Non-Contractual. 

The Plan confers no right upon an Employee to continue in employment. 

Section 14.4. Limitation of Rights. 
 A Participant or distributee shall have no right, title or claim in or to any specific asset of the Trust Fund, but shall have the right only to distributions from the Trust Fund on the terms and
conditions herein provided. 
 Section 14.5. Merger or Consolidation with Another Plan. 

A merger or consolidation with, or transfer of assets or liabilities to, any other plan shall not be effected unless the terms of such merger,
consolidation or transfer are such that each Participant, distributee, Beneficiary or other person entitled to receive benefits from the Plan would, if the Plan were to terminate immediately after the merger, consolidation or transfer, receive a
benefit equal to or greater than the benefit such person would be entitled to receive if the Plan were to terminate immediately before the merger, consolidation, or transfer. 
 Section 14.6. Gender and Plurals. 
 Wherever used in the Plan,
words in the masculine gender shall include masculine or feminine gender, and, unless the context otherwise requires, words in the singular shall include the plural, and words in the plural shall include the singular. 

Section 14.7. Applicable Law. 
 Except to the extent preempted by applicable federal law or otherwise provided under the terms of the Plan, the Plan and all rights hereunder shall be governed by and construed in accordance with the laws
of the State of Illinois. 

  
 81 

 Section 14.8. Severability. 

If a provision of the Plan shall be held illegal or invalid, the illegality or invalidity shall not affect the remaining parts of the
Plan and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included in the Plan. 

Section 14.9. No Guarantee. 
 Neither the Administrator or the Investment Fiduciary, the Employer, nor the Trustee in any way guarantees the Trust from loss or depreciation nor the payment of any money that may be or become due to any
person from the Trust Fund. Nothing herein contained shall be deemed to give any Participant, distributee, or Beneficiary an interest in any specific part of the Trust Fund or any other interest except the right to receive benefits out of the Trust
Fund in accordance with the provisions of the Plan and the Trust Fund. 
 Section 14.10. Statute of Limitations
for Actions under the Plan. 
 Except for actions to which the statute of limitations prescribed by Section 413 of
ERISA applies, (a) no legal or equitable action relating to a claim for benefits under Section 502 of ERISA may be commenced later than one year after the claimant receives a final decision from the Company’s Vice President,
Compensation & Benefits (or such other officer designated from time to time by the Chief Human Resources Officer) in response to the claimant’s request for review of the adverse benefit determination and (b) no other legal or
equitable action involving the Plan may be commenced later than two years from the time the person bringing an action knew, or had reason to know, of the circumstances giving rise to the action. This provision shall not be interpreted to extend any
otherwise applicable statute of limitations, nor to bar the Plan or its fiduciaries from recovering overpayments of benefits or other amounts incorrectly paid to any person under the Plan at any time or bringing any legal or equitable action against
any party. 

  
 82 

 Section 14.11. Forum for Legal Actions under the Plan. 

Any legal action involving the Plan that is brought by any Participant, any Beneficiary or any other person shall be litigated in the
federal courts located in the Northern District of Illinois or the Eastern District of Pennsylvania, whichever is most convenient, and no other federal or state court. 
 Section 14.12. Legal Fees. 
 Any award of legal fees in
connection with an action involving the Plan shall be calculated pursuant to a method that results in the lowest amount of fees being paid, which amount shall be no more than the amount that is reasonable. In no event shall legal fees be awarded for
work related to (a) administrative proceedings under the Plan, (b) unsuccessful claims brought by a Participant, Beneficiary or any other person, or (c) actions that are not brought under ERISA. In calculating any award of legal fees,
there shall be no enhancement for the risk of contingency, nonpayment or any other risk nor shall there be applied a contingency multiplier or any other multiplier. In any action brought by a Participant, Beneficiary or any other person against the
Plan, the Administrator, the Investment Fiduciary, the Vice President, Compensation & Benefits, any Plan fiduciary, the Chief Human Resources Officer, the Company, its affiliates or their respective officers, directors, employees, or agents
(the “Plan Parties”), legal fees of the Plan Parties in connection with such action shall be paid by the Participant, Beneficiary or other person bringing the action, unless the court specifically finds that there was a reasonable basis
for the action. 

  
 83 

 ARTICLE 15 
 TOP-HEAVY PLAN REQUIREMENTS 
 Section 15.1. Top-Heavy Plan
Determination. 
 If as of the determination date (as defined in Section 15.2) for any Plan Year (a) the sum of
the account balances under the Plan and all other defined contribution plans in the aggregation group (as defined in Section 15.2) and (b) the present value of accrued benefits under all defined benefit plans in such aggregation group of
all Participants in such plans who are key employees (as defined in Section 15.2) for such Plan Year exceeds 60 percent of the aggregate of the account balances and present value of accrued benefits of all participants in such plans as of the
determination date (as defined in Section 15.2), then this Plan shall be a top-heavy plan for such Plan Year, and the requirements of Sections 15.3 (relating to minimum contribution for top-heavy years) shall be applicable for such Plan Year as
of the first day thereof. If the Plan shall be a top-heavy plan for any Plan Year and not be a top-heavy plan for any subsequent Plan Year, the requirements of this Article shall not be applicable for such subsequent Plan Year. 

Section 15.2. Definitions and Special Rules. 

 

	 	(a)	Definitions. For purposes of this Article, the following definitions shall apply: 

 

	 	(1)	Determination Date. The determination date for all plans in the aggregation group shall be the last day of the preceding Plan Year, and the valuation date
applicable to a determination date shall be (i) in the case of a defined contribution plan, the date as of which account balances are determined which is coincident with or immediately precedes the determination date, and (ii) in the case
of a defined benefit plan, the date as of which the most recent actuarial valuation for the Plan Year that includes the determination date is prepared, except that if any such plan specifies a different determination or valuation date, such
different date shall be used with respect to such plan. 

  

	 	(2)	 Aggregation Group. The aggregation group shall consist of (a) each plan of an Employer in which a key Employee is a participant,
(b) each other plan that enables such a plan to be qualified under section 401(a) of the Code, and (c) any other plans of an Employer that the Company designates as part of the aggregation group and that shall permit the aggregation group
to 

  
 84 

	 	 
continue to meet the requirements of sections 401(a) and 410 of the Code with such other plan being taken into account. 

 

	 	(3)	Key Employee. Key Employee shall have the meaning set forth in section 416(i) of the Code. 

 

	 	(4)	Compensation. Compensation shall have the meaning set forth in section 1.415(c)-2 of the Regulations. 

(b) Special Rules. For the purpose of determining the accrued benefit or account balance of a Participant, the accrued benefit or
account balance of any person who has not performed services for an employer at any time during the 1-year period ending on the determination date shall not be taken into account pursuant to this Section. Any person who received a distribution from
a plan (including a plan that has terminated) in the aggregation group during the 1-year period ending on the last day of the preceding Plan Year shall be treated as a Participant in such plan, and any such distribution shall be included in such
Participant’s account balance or accrued benefit, except that in the case of any distribution made for a reason other than separation from service, death or disability, this sentence shall be applied by substituting “5-year period”
for the “1-year period” stated herein. 
 Section 15.3. Minimum Contribution for Top-Heavy Years.

 Notwithstanding any provision of the Plan to the contrary, the sum of the Employer contributions under Article 4 (other than
Before-Tax Contributions described in Section 4.1) allocated to the account of each Participant (other than a key Employee) during any Plan Year and the forfeitures allocated to the account of such Participant (other than a key Employee) during
any Plan Year for which the Plan is a top-heavy plan shall in no event be less than the lesser of (i) 3% of such Participant’s compensation during such Plan Year and (ii) the highest percentage at which contributions are made on
behalf of any key Employee for such Plan Year. Notwithstanding the preceding sentence, if the percentage determined pursuant to clause (ii) of the preceding sentence is less than 3%, such percentage shall be recalculated by including Before-Tax
Contributions made 

  
 85 

 
on behalf of key employees. Such minimum contribution shall be made even if, under other provisions of the Plan, the Participant would not otherwise be entitled to receive an allocation or would
receive a lesser allocation for the year because of (i) the Participant’s failure to complete 1,000 Hours of Service, or (ii) compensation of less than a stated amount. If, during any Plan Year for which this Section 15.3 is
applicable, a defined benefit plan is included in the aggregation group and such defined benefit plan is a top-heavy plan for such Plan Year, the percentage set forth in clause (i) of the first sentence of this Section shall be 5%. The
percentage referred to in clause (ii) of the first sentence of this Section shall be obtained by dividing the aggregate of contributions made pursuant to Article 4 and pursuant to any other defined contribution plan that is required to be
included in the aggregation group (other than a defined contribution plan that enables a defined benefit plan that is required to be included in such group to be qualified under section 401(a) of the Code) during the Plan Year on behalf of such key
Employee by such key Employee’s compensation for the Plan Year. Notwithstanding the above, the provisions of this Section 15.3 shall not apply for any Plan Year with respect to an Eligible Employee who has accrued the defined benefit
minimum provided under section 416 of the Code under a qualified defined benefit plan maintained by an Employer or Affiliate. 

ARTICLE 16 

AMENDMENT, ESTABLISHMENT OF SEPARATE PLAN AND TERMINATION 
 Section 16.1. Amendment. 
 The Company may at any time and from
time to time amend or modify the Plan by resolution of the Board of Directors of the Company or the Compensation Committee thereof; provided, however, that in the case of any amendment or modification that would not result in an aggregate
annual cost to the Company of more than $50,000,000, the Plan may be amended or 

  
 86 

 
modified by action of the Chief Human Resources Officer (with the consent of the Chief Executive Officer in the case of a discretionary amendment or modification expected to result in an increase
in annual expense or liability account balance exceeding $250,000) or another executive officer holding title of equivalent or greater responsibility. No amendment shall be made in respect of Eligible Employees who are members of a bargaining unit
represented by IBEW Local Union 15 that is inconsistent with that portion of the collective bargaining agreement between such an Employer and IBEW Local Union 15 concerning the Plan. 

Section 16.2. Establishment of Separate Plan. 

If an Employer withdraws from the Plan under Section 12.2 (relating to withdrawal from participation), the Administrator may
determine the portion of the Trust Fund held by the Trustee that is applicable to the Participants and former Participants of such Employer and direct the Trustee to segregate such portion in a separate Trust Fund. Such separate Trust Fund shall
thereafter be held and administered as a part of the separate plan of such Employer. 
 The portion of the Trust Fund applicable
to the Participants and former Participants of a particular Employer shall be the sum of: 
  

	 	(a)	the total amount credited to all accounts that are applicable to the Participants and former Participants of such Employer and 

 

	 	(b)	an amount that bears the same ratio to the excess, if any, of 

  

	 	(i)	the total value of the Trust Fund over 

  

	 	(ii)	the total amount credited to all accounts 

 as
the total amount credited to the accounts that are applicable to the Participants of such Employer bears to the total amount credited to such accounts of all Participants. 
 Section 16.3. Termination and Distributions upon Termination of the Plan. 
 The Company has established the Plan with the bona fide intention and expectation that contributions will be continued indefinitely, but the Company will not have any obligation or

  
 87 

 
liability whatsoever to maintain the Plan for any given length of time and may terminate the Plan at any time by resolution of the Board of Directors or the Compensation Committee thereof, to
that effect, without any liability whatsoever for any such termination. Notwithstanding the preceding sentence, the Plan shall not be terminated in respect of Eligible Employees who are members of a bargaining unit represented by IBEW Local Union 15
if such termination is inconsistent with the portion of the collective bargaining agreement between the Employer of such Eligible Employees and IBEW Local Union 15 concerning the Plan. The Plan will be deemed terminated: (a) if and when the
Company is judicially declared bankrupt, or (b) upon dissolution of the Company. 
 Upon termination of the Plan by the
Company or withdrawal from participation in the Plan by any Employer pursuant to Section 12.2 (relating to withdrawal from participation) or the partial termination of the Plan with respect to a group of Employees or complete discontinuance of
contributions hereunder, distributions shall be made to each affected Participant or other persons entitled to distributions pursuant to Article 8 (relating to withdrawals and distributions). If the entire Plan is terminating, upon the completion of
distribution to all Participants, the Trust will terminate, the Trustee will be relieved from all liability under the Trust, and no Participant or other person will have any claims thereunder, except as required by applicable law. 

Notwithstanding the preceding paragraph, no distribution shall be made to any Participant (i) until he or she
attains age 59 1/2 except as otherwise provided in
Section 8.3 (relating to distributions upon termination of employment) or (ii) if a successor plan, as defined in Regulations, is established or maintained by the Participant’s Employer. 

To the extent that no discrimination in value results, any distribution after termination or partial termination of the Plan may be made,
in whole or in part, in cash, in securities or other 

  
 88 

 
assets in kind, or in non-transferable annuity contracts, as the Administrator (in its discretion) may determine. All non-cash distributions shall be valued at fair market value at date of
distribution. 
 If the Internal Revenue Service refuses to issue an initial, favorable determination letter that the Plan and
Trust Fund as adopted by an Employer meet the requirements of section 401(a) of the Code and that the Trust Fund is exempt from tax under section 501(a) of the Code, the Employer may terminate its participation in the Plan and shall direct the
Trustee to pay and deliver the portion of the Trust Fund applicable to the Participants of such Employer, determined pursuant to Section 16.2 (relating to establishment of separate plan) to such Employer and such Employer shall pay to
Participants or their beneficiaries the part of such Employer’s portion of the Trust Fund as is attributable to contributions made by Participants. 
 Notwithstanding any provision of this Plan to the contrary, no distribution shall be made pursuant to this Section 16.3 (relating to termination and distribution upon termination of the Plan) solely
due to the termination of this Plan if, within the meaning of applicable Regulations, the employer establishes or maintains an alternative defined contribution plan. 
 Section 16.4. Trust Fund to Be Applied Exclusively for Participants and Their Beneficiaries. 
 Subject only to the provisions of Section 4.5 (relating to the limitation on Employer contributions), 7.4 (relating to limitations on allocations imposed by section 415 of the Code) and 16.3
(relating to termination and distributions upon termination of the Plan), and any other provision of the Plan to the contrary notwithstanding, it shall be impossible for any part of the Trust Fund to be used for or diverted to any purpose not for
the exclusive benefit of Participants and their Beneficiaries either by operation or termination of the Plan, power of amendment or other means. 

  
 89 

 IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its duly
authorized officer on this              day of December, 2010. 
  

			
	EXELON CORPORATION
		
	By	 	  

		 	Chief Human Resources Officer

  

			
	ATTEST:	 	
	
	  

			
	Title	 	  

  
 90 

 SUPPLEMENT I 
 Transfers from Other Plans 
 With the consent of the Administrator, whenever a
participant in any other qualified savings or profit sharing plan maintained for employees of an entity any of whose assets or stock are acquired by an Employer (the “Other Plan”) becomes a Participant in this Plan, then such
Participant’s interest in the Other Plan may be transferred to the Trustee of this Plan and credited to administrative subaccounts to be held, invested, reinvested and distributed pursuant to the terms of the Plan and the Trust and, as of the
date of the transfer of any such Participant’s interest in the Other Plan, 
  

	 	(a)	there shall be credited to the Before-Tax Contributions Account of such Participant that portion of his interest in the Other Plan which is transferred to the Trustee
and which represents the Participant’s salary reduction contributions, if any, made to the Other Plan on behalf of the Participant, 

  

	 	(b)	there shall be credited to the After-Tax Account of such Participant that portion of his interest in the Other Plan which is transferred to the Trustee and which
represents the Participant’s after-tax contributions, if any, made to the Other Plan, 

  

	 	(c)	there shall be credited to the Employer Matching Contributions Account of such Participant that portion of his interest in the Other Plan which is transferred to the
Trustee and which represents the matching contributions and other employer contributions, if any, made to the Other Plan on behalf of the Participant, and 

  

	 	(d)	there shall be credited to the Rollover Account of such Participant that portion of his interest in the Other Plan which is transferred to the Trustee and which
represents the Participant’s rollover contributions, if any, to the Other Plan. 

 Any amounts credited to a
Participant’s Before-Tax Contributions Account, After-Tax Contributions Account, Employer Matching Contributions Account and Rollover Account shall be 

  
 I-1

 
credited to the administrative subaccounts in accordance with such Participant’s investment direction in effect as of the date of such transfer. Any salary reduction contributions credited
to the Before-Tax Contributions Account that are designated Roth contributions within the meaning of section 402A of the Code shall be maintained in a manner that satisfies the separate accounting requirement, and any Regulations or other
requirements promulgated, under section 402A of the Code. Any special provisions applicable to amounts transferred to the Trustee from any Other Plan shall be set forth in an Exhibit hereto. 

  
 I-2

 SUPPLEMENT II 
 Elective Transfers Between This Plan and Plans of Affiliates or the TXU 401(k) Plan 
 A. Transfers to this Plan. Whenever an individual who is employed by an Affiliate that is not an Employer has a change in employment status that results in such individual (a) becoming an
Eligible Employee and (b) being ineligible to make additional elective contributions under a plan maintained by such Affiliate (an “Affiliate Plan”), such Eligible Employee may elect to transfer his or her benefits under the Affiliate
Plan to this Plan. Such election must be conditioned upon a voluntary, fully-informed election by the Eligible Employee. In the event that the Eligible Employee makes such election, his or her benefits under the Affiliate Plan shall be credited to
his account under this Plan, and such benefits shall be subject to the terms of, and paid as prescribed by, this Plan, and the terms of the Affiliate Plan shall not apply with respect to such benefits. 

An individual who becomes an Eligible Employee in connection with the Company’s 2002 acquisition of from Texas Utilities, Inc.
(“TXU”) may elect to transfer his or her benefits under TXU’s 401(k) plan (the “TXU Plan”) to this Plan. Such election must be conditioned upon a voluntary, fully-informed election by the Eligible Employee. In the event that
the Eligible Employee makes such election, his or her benefits under the TXU Plan shall be credited to his account under this Plan, and such benefits shall be subject to the terms of, and paid as prescribed by, this Plan, and the terms of the TXU
Plan shall not apply with respect to such benefits. 
 B. Transfers from this Plan. Whenever a Participant has a change
in employment status that results in such Participant (a) ceasing to be an Eligible Employee and (b) becoming eligible to participate in an Affiliate Plan, such Participant may elect to transfer his or her benefits under this Plan to the
Affiliate Plan. Such election must be conditioned upon a voluntary, fully-informed election by the Participant. In the event that the Participant makes such 

  
 II-1

 
election, the Participant, effective at the time of the transfer, shall not be entitled to any benefits under this Plan and the benefits transferred to the Affiliate Plan shall be subject to the
terms of, and paid as prescribed by, the Affiliate Plan, and the terms of this Plan shall not apply with respect to such benefits. 

  
 II-2

 SUPPLEMENT III 
 Merger of Certain AmerGen Plans into this Plan 
 Purpose. The purpose of
this Supplement III is to reflect the merger of the AmerGen Clinton Employee Savings Plan for Nonbargaining Employees (the “Clinton Plan”) and the AmerGen TMI and Oyster Creek Employee Savings Plan for Nonbargaining Employees
(collectively, the “AmerGen Plans”) into the Plan effective February 1, 2004 (the “Merger Date”) and to preserve those provisions of the AmerGenPlans that cannot be eliminated by amendment without violating section 411(d)(6)
of the Internal Revenue Code and applicable Treasury regulations thereunder. 
 Definitions. Unless the context clearly
indicates otherwise, a term defined in the Plan shall have the same meanings for purposes of this Supplement III. 

Conflicts Between the Plan and this Supplement III. This Supplement III and the Plan together comprise the Plan with respect to
AmerGen Plan Participants (as defined below). In case of any conflict between the provisions of the Plan and this Supplement III, the terms and provisions of this Supplement III shall govern to the extent necessary to eliminate such conflict.

 AmerGen Plan Participants. This Supplement III shall be applicable to all AmerGen Plan Participants. “AmerGen
Plan Participants” are participants in the Plan who were participants in the AmerGen Plans and whose account balances under the AmerGen Plans were merged into the Plan. 
 Vesting. All AmerGen Plan Participants shall be fully vested in their accounts under the Plan. 
 Withdrawals of Employer Matching Contributions. Notwithstanding any provision in the Plan to the contrary, an AmerGen Plan Participant who, immediately prior to the Merger Date was a participant in
the Clinton Plan (“Clinton Participant”) who has completed 60 months as either a participant in the Clinton Plan or a participant in this Plan may elect, in accordance with 

  
 III-1

 
procedures established by the Administrator, to receive a distribution of all or any part of his or her Employer Matching Contributions Account that is attributable to contributions made under
the Clinton Plan, as adjusted for gains, earnings and losses attributable thereto determined as of the Valuation Date next succeeding the date of receipt of the request for distribution. 
 Additionally, a Clinton Participant, regardless of his or her period of participation in the Clinton Plan or this Plan, may elect, in accordance with procedures established by the Administrator, to
receive a distribution of all or any part of that portion of the Employer Matching Contributions Account that is attributable to contributions made under the Clinton Plan and that is derived from Employer Matching Contributions in excess of Employer
Matching Contributions allocated to his or her Employer Matching Contributions Account during the two Plan Years preceding the Plan Year in which the withdrawal takes place, adjusted for gains, earnings and losses attributable thereto determined as
of the Valuation Date next succeeding the date of receipt of the request for distribution. 
 No distribution made pursuant to
this paragraph F may be for an amount which is less than the lesser of (i) $200; or (ii) that portion of the Participant’s Employer Matching Contributions Account that is attributable to contributions made under the Clinton Plan, as
adjusted for gains, earnings and losses attributable thereto. In addition, a Participant may not make more than one withdrawal pursuant to this paragraph F in any Plan Year. 
 Loans. With respect to any loan to an AmerGen Plan Participant that is outstanding at the Merger Date, the terms of such loan shall continue to be governed by the note evidencing such loan and the
terms applicable to such loan as in effect under the AmerGen Plans as of the Merger Date. All loans made after the Merger Date shall be governed by and in accordance with the terms of the Plan and any loan policy issued thereunder by the
Administrator. 

  
 III-2

 SUPPLEMENT IV 
 Merger of New England Plan into this Plan 
 Purpose. The purpose of this
Supplement IV is to reflect the merger of the Exelon New England Union Retirement 401(k) Plan ( the “New England Plan”) into the Plan effective November 1, 2004 (the “Merger Date”). 

Definitions. Unless the context clearly indicates otherwise, a term defined in the Plan shall have the same meanings for purposes
of this Supplement IV. 
 Conflicts Between the Plan and this Supplement IV. This Supplement IV and the Plan together
comprise the Plan with respect to New England Plan Participants (as defined below). In case of any conflict between the provisions of the Plan and this Supplement IV, the terms and provisions of this Supplement IV shall govern to the extent
necessary to eliminate such conflict. 
 New England Plan Participants. This Supplement IV shall be applicable to all New
England Plan Participants. “New England Plan Participants” are participants in the Plan who were participants in the New England Plan and whose account balances under the New England Plan were merged into the Plan. 

Vesting. All New England Plan Participants shall be fully vested in their accounts under the Plan. 

Loans. With respect to any loan to a New England Plan Participant that is outstanding at the Merger Date, the terms of such loan
shall continue to be governed by the note evidencing such loan and the terms applicable to such as in effect under the New England Plan as of the Merger Date. All loans made after the Merger Date shall be governed by and in accordance with the terms
of the Plan and any loan policy issued thereunder by the Administrator. 

  
 IV-1

 SUPPLEMENT V  
 Transfers from the Exelon Corporation 401(k) Profit Sharing Plan No. 2 
 A.
Purpose. The purpose of this Supplement IV is to reflect the transfer to the Plan of assets allocated to certain accounts under the Exelon Corporation 401(k) Profit Sharing Plan No. 2 (the “InfraSource Plan No. 2”), which
was terminated on November 30, 2007. 
 B. Definitions. All capitalized terms used in this Supplement IV, but not
separately defined herein, shall have the same meanings assigned to such terms in the Plan. 
 C. Applicability. This
Supplement shall apply to any individual (“Affected Participant”) whose benefit under the InfraSource Plan No. 2 is transferred pursuant to Section D of this Supplement IV. An Affected Participant shall be treated as a Participant
under the Plan for all purposes of the Plan except, unless the Affected Participant is otherwise eligible to participate in the Plan, for purposes related to making or receiving contributions as set forth in Articles 4 and 5 of the Plan. 

D. Transfer. Notwithstanding any provision in the Plan to the contrary, assets allocated to the InfraSource Plan No. 2
accounts of any individual who, in connection with the termination of the InfraSource Plan No. 2, elected to transfer his or her benefits thereunder to the Plan or who did not make a timely election with respect to his or her benefits under the
InfraSource Plan No. 2, shall be transferred to the Plan as soon as administratively practicable after November 30, 2007 and credited to a separate account (“Affected Account”) under this Plan. 

E. Conflicts Between the Plan and this Supplement IV. This Supplement IV and the Plan together comprise the Plan with respect to
Affected Accounts. In case of any conflict between the provisions of the Plan and this Supplement IV, the terms and provisions of this Supplement IV shall govern to the extent necessary to eliminate such conflict. 

F. Vesting. Each Affected Participant shall be fully vested in his or her Affected Account. 

  
 V-1Cash Balance Pension Plan

 Exhibit 10.7 
 EXELON CORPORATION CASH BALANCE PENSION PLAN 
 Amended and Restated
Effective as of January 1, 2010 

 Table of Contents 

 

									
	 	  	 	  	 	  	Page	 
		
	ARTICLE 1 TITLE AND PURPOSE	  	 	1	  
		
	 ARTICLE 2 DEFINITIONS
	  	 	1	  
		
	 ARTICLE 3 PARTICIPATION
	  	 	10	  
				
		  	 Section 3.1
	  	 Eligibility for Participation
	  	 	10	  
		  	 Section 3.2
	  	 Transfer to Affiliates
	  	 	13	  
		  	 Section 3.3
	  	 Cessation of Participation
	  	 	14	  
		  	 Section 3.4
	  	 Rehired Participants
	  	 	14	  
		
	ARTICLE 4 SOURCE OF CONTRIBUTIONS	  	 	14	  
				
		  	 Section 4.1
	  	 Source of Contributions
	  	 	14	  
		  	 Section 4.2
	  	 Limitation on Contributions
	  	 	15	  
		
	 ARTICLE 5 TRUST
	  	 	15	  
		
	 ARTICLE 6 PARTICIPANT ACCOUNTS
	  	 	16	  
				
		  	 Section 6.1
	  	 Cash Balance Accounts
	  	 	16	  
		
	 ARTICLE 7 DISTRIBUTIONS
	  	 	20	  
				
		  	 Section 7.1
	  	 Time of Distribution
	  	 	20	  
		  	 Section 7.2
	  	 Form of Distribution
	  	 	22	  
		  	 Section 7.3
	  	 Death Benefits
	  	 	24	  
		  	 Section 7.4
	  	 Election and Waiver Procedures
	  	 	26	  
		  	 Section 7.5
	  	 Distributions to Minor and Disabled Distributees
	  	 	32	  
		  	 Section 7.6
	  	 Direct Rollover Distributions
	  	 	32	  
		  	 Section 7.7
	  	 Withholding Requirements
	  	 	34	  
		  	 Section 7.8
	  	 Special Rules Applicable to Calculations of Lump Sum Distributions
	  	 	34	  
		  	 Section 7.9
	  	 Participant’s Death During Qualified Military Service
	  	 	34	  
		
	 ARTICLE 8 LIMITATIONS ON BENEFITS
	  	 	34	  
				
		  	 Section 8.1
	  	 Statutory Limits
	  	 	34	  
		  	 Section 8.2
	  	 Restrictions on Benefits
	  	 	37	  
		  	 Section 8.3
	  	 Benefit Restrictions as a Result of Funding
	  	 	39	  

  
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 Table of Contents 

(continued) 
  

									
	 	  	 	  	 	  	Page	 
		
	 ARTICLE 9 SPECIAL PARTICIPATION AND DISTRIBUTION RULES RELATING TO RECOMMENCEMENT OF EMPLOYMENT AND EMPLOYMENT BY
RELATED ENTITIES
	  	 	41	  
				
		  	 Section 9.1
	  	 Recommencement of Employment by a Terminated Employee
	  	 	41	  
		  	 Section 9.2
	  	 Suspension of Benefits
	  	 	44	  
		  	 Section 9.3
	  	 Employment by Related Entities
	  	 	45	  
		  	 Section 9.4
	  	 Leased Employees
	  	 	45	  
		  	 Section 9.5
	  	 Employees who Become Eligible Employees as a Result of Ceasing to be Represented by IBEW Local Union 15
	  	 	46	  
		  	 Section 9.6
	  	 Employees who Cease to be Eligible Employees as a Result of Becoming Represented by IBEW Local Union 15
	  	 	47	  
		  	 Section 9.7
	  	 Change in Employment Status or Transfer to Affiliate
	  	 	47	  
		
	 ARTICLE 10 ADMINISTRATION
	  	 	48	  
				
		  	 Section 10.1
	  	 The Administrator, the Investment Fiduciary and the Corporate Investment Committee
	  	 	48	  
		  	 Section 10.2
	  	 Claims Procedure
	  	 	53	  
		  	 Section 10.3
	  	 Notices to Participants, Etc.
	  	 	55	  
		  	 Section 10.4
	  	 Responsibility to Advise Administrator of Current Address
	  	 	56	  
		  	 Section 10.5
	  	 Notices to Employers or Administrator
	  	 	56	  
		  	 Section 10.6
	  	 Responsibility to Furnish Information and Sign Documents
	  	 	56	  
		  	 Section 10.7
	  	 Records
	  	 	57	  
		  	 Section 10.8
	  	 Actuary to be Employed
	  	 	57	  
		  	 Section 10.9
	  	 Funding Policy
	  	 	57	  
		  	 Section 10.10
	  	 Electronic Media
	  	 	58	  
		  	 Section 10.11
	  	 Correction of Error
	  	 	58	  
		
	 ARTICLE 11 PARTICIPATION BY OTHER EMPLOYERS
	  	 	58	  
				
		  	 Section 11.1
	  	 Adoption of Plan
	  	 	58	  
		  	 Section 11.2
	  	 Withdrawal from Participation
	  	 	58	  
		  	 Section 11.3
	  	 Company and Administrator as Agent for Employers
	  	 	59	  
		
	 ARTICLE 12 CONTINUANCE BY A SUCCESSOR
	  	 	59	  
		
	 ARTICLE 13 MISCELLANEOUS
	  	 	60	  
				
		  	 Section 13.1
	  	 Expenses
	  	 	60	  

  
 ii 

 Table of Contents 

(continued) 
  

									
	 	  	 	  	 	  	Page	 
				
		  	 Section 13.2
	  	 Non-Assignability
	  	 	61	  
		  	 Section 13.3
	  	 Employment Non-Contractual
	  	 	61	  
		  	 Section 13.4
	  	 Limitation of Rights
	  	 	62	  
		  	 Section 13.5
	  	 Merger or Consolidation with Another Plan
	  	 	62	  
		  	 Section 13.6
	  	 Construction
	  	 	62	  
		  	 Section 13.7
	  	 Applicable Law
	  	 	63	  
		  	 Section 13.8
	  	 Severability
	  	 	63	  
		  	 Section 13.9
	  	 No Guarantee
	  	 	63	  
		  	 Section 13.10
	  	 Military Service
	  	 	64	  
		  	 Section 13.11
	  	 Statute of Limitations for Actions under the Plan
	  	 	64	  
		  	 Section 13.12
	  	 Forum for Legal Actions under the Plan
	  	 	64	  
		  	 Section 13.13
	  	 Legal Fees
	  	 	64	  
		
	 ARTICLE 14 TOP-HEAVY PLAN REQUIREMENTS
	  	 	65	  
				
		  	 Section 14.1
	  	 Top-Heavy Plan Determination
	  	 	65	  
		  	 Section 14.2
	  	 Definitions and Special Rules
	  	 	66	  
		  	 Section 14.3
	  	 Minimum Benefit for Top-Heavy Years
	  	 	67	  
		  	 Section 14.4
	  	 Top-Heavy Vesting Requirements
	  	 	67	  
		
	 ARTICLE 15 AMENDMENT, ESTABLISHMENT OF SEPARATE PLAN AND TERMINATION
	  	 	68	  
				
		  	 Section 15.1
	  	 Amendment
	  	 	68	  
		  	 Section 15.2
	  	 Establishment of Separate Plan
	  	 	68	  
		  	 Section 15.3
	  	 Termination of the Plan by an Employer
	  	 	69	  
		  	 Section 15.4
	  	 Vesting and Distribution Upon Termination or Partial Termination
	  	 	69	  
		  	 Section 15.5
	  	 Trust Fund to Be Applied Exclusively for Participants and Their Beneficiaries
	  	 	71	  

  
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 ARTICLE 1 
 TITLE AND PURPOSE 
 The name of the plan set forth herein shall be the
“Exelon Corporation Cash Balance Pension Plan” (the “Plan”). This Plan is an amendment and restatement of the Exelon Corporation Cash Balance Pension Plan as in effect on December 31, 2009 and, except as otherwise provided,
shall apply to Employees whose employment is terminated on or after January 1, 2010 and to the Beneficiaries of such Employees. The rights and benefits of Employees whose employment terminates before January 1, 2010 and of the
Beneficiaries of such Employees shall be determined under the Exelon Corporation Cash Balance Pension Plan as in effect at the time of such Employees’ termination, including any provisions of this Plan effective at such time; provided, however,
that the provisions of Article 8 (relating to limitations on benefits), Article 9 (relating to special participation and distribution rules relating to recommencement of employment and employment by related entities), Article 10 (relating to
administration), Article 13 (relating to miscellaneous provisions) and Article 15 (relating to amendment and termination of the Plan) shall be effective for all such persons. 
 ARTICLE 2 
 DEFINITIONS 

As used herein, the following words and phrases shall have the following respective meanings when capitalized: 

(1) Accrued Benefit. Except as provided in Section 9.2 (relating to suspension of benefits), the amount payable under the Plan
commencing on the first day of the month coinciding with or next following a Participant’s Normal Retirement Age, determined as of a date not later than such Participant’s Normal Retirement Age as if the Participant had elected Option 1
(the life annuity) under Section 7.2(c) (relating to optional forms of benefit), that is the Actuarial Equivalent of the sum of the balance credited to the Participant’s Cash Balance Account as of the date of determination plus Investment
Credits (at the rate in effect under Section 6.1(d) (relating to investment credits) on the date of determination) from the date of 

 
determination until such assumed date of commencement, plus the Additional Credit, if any, determined as of the date of commencement, subject to adjustment pursuant to Section 7.2(d)(2)
(relating to special rules regarding pensions). Notwithstanding the preceding sentence, the Participant’s Accrued Benefit attributable to his or her Cash Balance Account, determined as of any date prior to the Participant’s Normal
Retirement Age, shall be the greater of (a) the amount that would be payable with respect to the sum of the Transition Credit, if any, the Service Credits and the Investment Credits credited to such Participant’s Cash Balance Account (the
“Account Balance”) if the Participant had elected Option 1 (the life annuity) under Section 7.2(c) (relating to optional forms of benefit), that is the Actuarial Equivalent of the Account Balance as of the date of determination
projected to the Participant’s Normal Retirement Age by crediting such Account Balance with interest calculated on the date of determination to the Participant’s Normal Retirement Age, and (b) the amount determined pursuant to the
preceding sentence. In addition, a Participant’s Accrued Benefit shall include the Participant’s Accrued Frozen Benefit. Notwithstanding the preceding sentences or anything contained herein to the contrary, a Participant’s Accrued
Benefit attributable to his or her Cash Balance Account, determined as of any date on or after August 18, 2006, shall be the Participant’s Cash Balance Account. 
 (2) Accrued Frozen Benefit. The meaning given such term in the applicable Schedule. 
 (3) Actuarial Equivalent. A benefit of value equivalent to the value of the benefit being replaced, computed using the table specified by the Commissioner of Internal Revenue for purposes of
section 417(e)(3) of the Code (which, as of the Effective Date, is the 1983 Group Annuity (unisex) Mortality Table (50% male, 50% female) and, as of January 1, 2003, is the 1994 Group Annuity Reserving (GAR) table (unisex basis)) in effect on
the date of determination and an interest rate assumption using the “applicable interest rate” as defined in section 417(e)(3) of the Code for the month of November of the Plan Year immediately preceding the Plan Year in which the
determination occurs. 
 (4) Additional Credit. The amount, if any, credited to a Participant’s Cash Balance Account
pursuant to Section 6.1(e). 
 (5) Administrator. The Vice President, Compensation & Benefits or such other
person appointed pursuant to Section 10.1 (relating to the Administrator, the Investment Fiduciary and the Corporate Investment Committee). 
 (6) Affiliate. (a) A corporation that is a member of the same controlled group of corporations (within the meaning of section 414(b) of the Code) as an Employer, (b) a trade or business
(whether or not incorporated) under common control (within the meaning of section 414(c) of the Code) with an Employer, (c) any organization (whether or not incorporated) that is a member of an affiliated service group (within the meaning of
section 414(m) of the Code) that includes (i) an Employer, (ii) a corporation described in clause (a) of this definition or (iii) a trade or business described in clause (b) of this definition, or (d) any other entity
that is required to be aggregated with an Employer pursuant to Regulations promulgated under section 414(o) of the Code. A corporation, trade or business entity shall be an Affiliate only for such period or periods of time during which such
corporation, trade or business entity is described in the preceding sentence, but not prior to such time. 

  
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 (7) Beneficiary. The person or persons entitled to receive a benefit under
Section 7.2 (relating to form of distribution) or Section 7.3 (relating to death benefits) in the event of the death of a Participant. 
 (8) Cash Balance Account. The hypothetical account established for each Participant pursuant to Section 6.1(a) (relating to establishment of accounts). 

(9) Code. The Internal Revenue Code of 1986, as amended. 
 (10) ComEd Plan. The Commonwealth Edison Company Service Annuity System under the Exelon Corporation Retirement Program. 
 (11) Company. Exelon Corporation, a Pennsylvania corporation, and any successor to such Company that shall adopt the Plan pursuant to Article 12 (relating to continuance by successor entities).

 (12) Compensation. The regular base salary or base wages, as applicable, paid by an Employer to an Eligible Employee
for a Plan Year, increased by all payments made during such Plan Year by an Employer to such Eligible Employee under any of the plans set forth in Exhibit A attached hereto, all nuclear license bonuses paid during such Plan Year by an Employer to
such Eligible Employee and all amounts not includible in such Eligible Employee’s regular base salary or base wages solely on account of his or her election to have compensation reduced pursuant to any qualified cash or deferred arrangement
described in section 401(k) of the Code, a qualified transportation fringe benefit program described in section 132(f) of the Code or a cafeteria plan as described in section 125 of the Code, in each case, maintained by an Employer, but excluding
any reimbursements or other allowances for automobile, relocation, travel or education expenses (even if includible in the Employee’s regular base salary or base wages) and any amount awarded under the Performance Share Award Program for Power
Team Employees under the Exelon Corporation Long Term Incentive Plan (or any predecessor or successor program). Notwithstanding the preceding sentence, an Employee’s Compensation in excess of the dollar amount prescribed by section 401(a)(17)
of the Code (as adjusted for increases in the cost-of-living) shall not be taken into account for any purposes under the Plan. In the case of a Participant who is absent from employment due to a leave of absence for participation in Military
Service, Compensation shall mean, for the period during which the Participant is absent due to Military Service, the Participant’s Compensation, as defined above, for the twelve-month period preceding the first day of the Participant’s
absence. Compensation shall also include lump sum merit increases to base salary paid on or after January 1, 2003. 
 (13)
Corporate Investment Committee. The Committee consisting of the executives or other persons designated from time to time in the charter of such Committee. 
 (14) Effective Date. January 1, 2010. 
 (15) Eligible Employee.
Except as otherwise provided herein, any Employee who has not, prior to the Effective Date, had an Hour of Service with any Affiliate, has never performed an Hour of Service with an Employer or Affiliate at the Clinton, Three Mile Island or Oyster
Creek Facility of the Company and whose first Hour of Service with an Employer is on or after 

  
 3 

 
the Effective Date and who is either receiving regular salary or wages from and rendering services to an Employer or is on authorized absence, and any Employee who is a non-exempt or a part-time
exempt employee of the Power Team, regardless of whether such Employee completes his or her first Hour of Service with an Employer or an Affiliate on or after the Effective Date, provided, however, that any individual who became an employee of the
Power Team on or after October 20, 2000 and prior to December 31, 2000 shall not be an Eligible Employee. In addition, any full-time exempt Employee of the Power Team who transfers employment to a participating business unit of an Employer
shall become an Eligible Employee upon the date of such transfer. Effective January 1, 2002, any individual who (a) is, at any time between January 1, 2002 and March 31, 2002, an Employee the terms of whose employment are not
subject to a collective bargaining agreement and (b) was, on December 31, 2000, a participant in either the ComEd Plan (other than a participant the terms of whose employment are subject to a collective bargaining agreement) or the PECO
Plan or would have been a participant in the PECO Plan if the age and service requirements for participation in the PECO Plan were disregarded shall be an Eligible Employee. Notwithstanding the preceding sentences, an Eligible Employee shall not
include (a) an Employee the terms of whose employment are subject to a collective bargaining agreement that does not provide for participation in this Plan, (b) an Employee paid on the temporary payroll of an Employer who has never
completed at least 1,000 Hours of Service in any period of twelve consecutive months beginning with the Employee’s date of employment or anniversary thereof, (c) an Employee who executes a written waiver of his or her right to participate
in the Plan, (d) an individual rendering services to an Employer who is not on the payroll of any Employer or (e) an Employee employed by Exelon Generation Company, LLC in the Nuclear Security Division or employed by Exelon Corporation
Nuclear Security LLC as an hourly non-exempt nuclear security guard. It is expressly intended that an individual rendering services to an Employer pursuant to any of the following agreements shall be excluded from Plan participation pursuant to
clause (d) of this subdivision even if a court or administrative agency determines that such individual is an Employee: (i) an agreement providing that such services are to be rendered as an independent contractor, (ii) an agreement
with an entity, including a leasing organization within the meaning of section 414(n)(2) of the Code, that is not an Employer or (iii) an agreement that contains a waiver of participation in the Plan. Notwithstanding anything contained in the
Plan to the contrary, any Employer may, at any time, designate, with the consent of the Administrator, a specified group of Employees who will be Eligible Employees. In the case of an individual who, as of December 31, 2000, was an Employee of
Commonwealth Edison Company and who subsequently transfers employment to employment with the Exelon Power Team and elects to participate in the Plan pursuant to Section 3.1(b) (relating to eligibility for participation for employees other than
new hires), such individual shall remain an Eligible Employee through a date not later than December 31, 2002. In the case of Exelon Services Inc., the term “Eligible Employee” shall be limited to those Employees of Exelon Services
Inc. who were on the payroll of Unicom Energy Solutions as of April 1, 2001 and are otherwise Eligible Employees who have elected to participate in the Plan pursuant to Section 3.1(b). For the Plan Year beginning January 1, 2003,
(a) each Employee who was a Participant on any date in 2003 and who becomes an employee of the Power Team during 2003 in connection with Exelon Way shall continue to be an Eligible Employee, (b) each Employee who was an employee of the
Power Team on any date in 2003 and who becomes an employee of a participating business unit of an Employer during 2003 in connection with Exelon Way shall be an Eligible Employee until December 31, 2003 only if such Employee was an

  
 4 

 
Eligible Employee prior to the date on which such Employee became an employee of a participating business unit of an Employer, (c) each Employee who was an employee of the Power Team on any
date in 2003 and who becomes an employee of a participating business unit of an Employer during 2003 in connection with Exelon Way shall not be an Eligible Employee during 2003 if such Employee was not an Eligible Employee prior to the date on which
such Employee became an employee of a participating business unit of an Employer, and (d) effective January 1, 2003, each Employee who is an employee of the Power Team but who does not participate in the Exelon Corporation Long Term
Incentive Plan (or any predecessor or successor program) during 2003 shall be an Eligible Employee. An Employee described in clause (c) of the preceding sentence shall become an Eligible Employee as of January 1, 2004. In addition,
effective as of January 1, 2004, each Employee who is an employee of the Power Team shall be an Eligible Employee. 
 (16)
Employee. An individual whose relationship with an Employer is, under common law, that of an employee. 
 (17)
Employer. The Company, Commonwealth Edison Company, PECO Energy Company, Exelon Generation Company, LLC, Exelon Enterprise, LLC, Exelon Business Services Company, any Affiliate that is a participating employer in the Exelon Corporation
Retirement Program as of December 31, 2001, and any other Affiliate that, with the consent of the Company, elects to participate in the Plan in the manner described in Article 11 (relating to participation by other employers) and any successor
Affiliate that adopts the Plan pursuant to Article 12 (relating to continuance by successor entities). If any entity described in the preceding sentence withdraws from participation in the Plan pursuant to Section 11.2 (relating to withdrawal
from participation) or terminates its participation in the Plan pursuant to Section 15.3 (relating to termination of the Plan by an Employer), such entity shall thereupon cease to be an Employer. 

(18) ERISA. The Employee Retirement Income Security Act of 1974, as amended. 

(19) Hour of Service. (a) Each hour for which an Employee is paid, or entitled to payment, for the performance of duties
(such hours to be credited to the Employee for the computation period or periods in which the duties are performed); (b) each hour for which an Employee is paid, or entitled to payment, on account of a period of time during which no duties are
performed (irrespective of whether a Termination of Employment has occurred) due to vacation, holiday, illness, incapacity (including disability), layoff, jury duty, military duty or leave of absence (such hours to be credited to the Employee for
the computation period or periods in which the period of time during which no duties are performed occurs); and (c) each hour for which back pay, irrespective of mitigation of damages, is either awarded or agreed to by an Employer (such hours
to be credited to the Employee for the computation period or periods in which the award or agreement pertains rather than the computation period in which the award, agreement or payment is made). Hours of Service shall be computed in accordance with
paragraphs (b) and (c) of section 2530.200b-2 of the Department of Labor Regulations. 
 (20) Investment
Credits. The amounts credited to a Participant’s Cash Balance Account pursuant to Section 6.1(d). 

  
 5 

 (21) Investment Fiduciary. The Company acting through the Exelon Investment Office.

 (22) Military Service. The performance of duty on a voluntary or involuntary basis in a “uniformed service”
(as defined below) under competent authority of the United States government and includes active duty, active duty for training, initial active duty for training, inactive duty training, full-time National Guard duty, and a period for which a person
is absent from employment for the purpose of an examination to determine the fitness of the person to perform any such duty. For purposes of the preceding sentence, the term “uniformed service” means the Armed Forces, the Army National
Guard and the Air National Guard when engaged in active duty for training, inactive duty training, or full-time National Guard duty, the commissioned corps of the Public Health Service, and any other category of persons designated by the President
of the United States in time of war or emergency. 
 (23) Normal Retirement Age. With respect to a Participant’s
Cash Balance Account, (a) for periods prior to May 23, 2007, the earlier of (a) the date the Participant completes five years of Vesting Service and (b) the later of (i) the Participant’s 65th birthday, and
(ii) the fifth anniversary of the date the Participant commenced participation in the Plan; and (b) for periods beginning on and after May 23, 2007, the later of (i) the Participant’s 62nd birthday, and (ii) the fifth
anniversary of the date the Participant commenced participation in the Plan. 
 (24) Participant. An Eligible Employee
who has satisfied the requirements set forth in Article 3 (relating to participation). An Eligible Employee who becomes a Participant shall cease to be a Participant upon the distribution of his or her entire vested benefit under the Plan. Any
Participant who upon his or her Termination of Employment has not satisfied the Vesting Requirement shall cease to be a Participant upon such Termination of Employment. 
 (25) PECO Plan. The Service Annuity Plan of PECO Energy Company under the Exelon Corporation Retirement Program. 
 (26) Pension. A monthly payment continuing for the lifetime of the payee. 

(27) Pension Starting Date. The first day as of which an amount becomes payable to a Participant or Beneficiary in accordance with
Article 7 (relating to distributions). A Participant or Beneficiary shall have only one Pension Starting Date with respect to the Participant’s Accrued Benefit. 
 (28) Period of Severance. Any twelve-month period commencing on the date an Employee terminates employment or any twelve-month period beginning on the anniversary of such date during which the
Employee does not perform any Hours of Service for an Employer. For purposes of this definition, an Employee shall be credited with Hours of Service for any period of absence from an Employer during which such Employee (a) is in Military
Service, provided that the Employee returns to the employ of an Employer within the period prescribed by laws relating to the reemployment rights of persons in Military Service, (b) is on an uncompensated leave of absence duly granted by an
Employer, or (c) is absent from work for a maximum of twenty-four consecutive months because of (i) the pregnancy of the Employee, (ii) the birth of the Employee’s child, (iii) the placement of a child with the Employee in
connection 

  
 6 

 
with the Employee’s adoption of such child, or (iv) the need to care for any such child for a period beginning immediately following such birth or placement. Notwithstanding the
foregoing, no Hours of Service shall be credited to an Employee under clause (c) of this subdivision unless the Employee timely furnishes to the Administrator a certificate of birth, proof of adoption or other appropriate legal documentation
setting forth parentage or adoption. 
 (29) Plan. The plan herein set forth and as from time to time amended.

 (30) Plan Year. The calendar year. 
 (31) Qualified Domestic Relations Order. Any domestic relations order which the Administrator has determined, in accordance with procedures established by the Administrator to be a “qualified
domestic relations order” defined in section 414(p) of the Code. 
 (32) Qualified Joint and Survivor Annuity. The
form of distribution described in Section 7.2(b) (relating to manner of distribution with respect to married Participants). 
 (33) Regulations. Written temporary or final regulations of (i) the Department of Labor construing ERISA or (ii) the Treasury Department construing the Code. 

(34) Schedule. If a Participant’s accrued benefit under the ComEd Plan was transferred to the Plan pursuant to
Section 3.1(c) (relating to transfer of benefits and assets to Plan) or Section 9.1 (relating to recommencement of employment by terminated employee), Schedule A and, if a Participant’s accrued benefit under the PECO Plan was
transferred to the Plan pursuant to Section 3.1(c) or Section 9.1, Schedule B. 
 (35) Schedule Equivalent. A
benefit of value equivalent to the value of the benefit being replaced, computed using the actuarial factors and rules set forth in the applicable Schedule. 
 (36) Service Credits. The amounts, if any, credited to a Participant’s Cash Balance Account pursuant to Section 6.1(c). 

(37) Spouse. The individual who is the husband or wife of a Participant as a result of the legal union between one man and one
woman, within the meaning of the Defense of Marriage Act, on the Participant’s Pension Starting Date or, if earlier, on the date of the Participant’s death. While the Spouse is living and, except as otherwise provided in a qualified
domestic relations order as described in Section 13.2(b) (relating to exception to nonassignability in the case of a qualified domestic relations order) or Section 7.4(h) (relating to automatic cancellation of elections), such Spouse shall
be treated as the Participant’s Spouse for all purposes of the Plan without regard to whether such Spouse remains married to the Participant after the Participant’s Pension Starting Date. 

(38) Target Income. (a) In the case of a Participant who participated in the ComEd Plan prior to becoming a Participant,
Target Income means the sum of (i) the total of the Participant’s “basic compensation” as defined in the ComEd Plan for all pay periods ending during calendar year 2001 (for a Participant who was on an authorized leave of absence
during calendar year 2001, basic compensation for any pay period during which such Participant did not 

  
 7 

 
receive compensation shall be the Participant’s average base pay rate per pay period for the twelve-month period preceding the first day of the Participant’s leave of absence) and
(ii) “incentive pay” as defined in the ComEd Plan, except that incentive pay shall equal 100% of the target incentive pay the Participant would receive for calendar year 2002 under the applicable plans if the target goals were
achieved during 2002, except that incentive pay shall equal 100% of the target incentive pay the Participant would receive for calendar year 2002 under the applicable plans if the target goals were achieved during 2002. 

(b) In the case of a Participant who participated in the PECO Plan prior to becoming a Participant, Target Income means the sum of
(i) the Participant’s “annual base salary” for 2001 determined in accordance with Section 3.1(b) of the PECO Plan (for a Participant who was on an authorized leave of absence during calendar year 2001, annual base salary for
2001 shall be determined by assuming that for any pay period during which such Participant did not receive compensation, the Participant was paid the base rate in effect immediately prior to the start of the Participant’s leave of absence) and
(ii) incentive pay under any Employer’s incentive pay plan (excluding the Performance Share Award Program for Power Team Employees under the Exelon Corporation Long Term Incentive Plan), except that incentive pay shall equal 100% of the
target incentive pay the Participant would receive for calendar year 2002 under the applicable plans if the target goals were achieved during 2002. 
 In determining “incentive pay” for purposes of the preceding subparagraphs, (i) if the Participant’s incentive pay is determined by multiplying his or her compensation by a percentage,
the target percentage for 2002 (based on pay-grade in effect as of December 31, 2001) shall be used for such Participant and such target percentage shall be multiplied by the Participant’s 2001 “basic compensation” or
“annual base salary”, as applicable, (ii) if the Participant’s incentive pay is defined as a flat dollar amount, the Participant’s incentive pay shall be the 2002 target incentive pay, (iii) if the Participant’s
incentive pay is determined by adding quarterly bonus targets and an annual target incentive, the Participant’s incentive pay shall equal the sum of the target quarterly bonuses for calendar year 2002 and the target annual incentive for
calendar year 2002, and (iv) if any limits apply to the payment of incentive compensation to a Participant under any applicable incentive pay plan, such limits will apply for purposes of this Plan. 

(39) Termination of Employment. A Participant’s ceasing to be an Employee of all Employers and all Affiliates. A transfer
between employment by an Employer and employment by an Affiliate or between employment by Employers or Affiliates shall not constitute a Termination of Employment. 
 (40) Transition Credit. An amount equal to the product of the following: (a) a Participant’s “credited service” under the ComEd Plan or the Participant’s “benefit
years” under the PECO Plan, as applicable, determined as of December 31, 2001, (b) the percentage applicable to the Participant determined pursuant to Table T and (c) the Participant’s Target Income. Notwithstanding the
preceding sentence, in no event shall a Participant’s Transition Credit exceed 100% of his or her Target Income. 
 (41)
Trust. The Directed Retirement Trust under the Exelon Corporation Cash Balance Pension Plan, as from time to time amended and, effective November 1, 2010, the Exelon Corporation Pension Master Retirement Trust. 

  
 8 

 (42) Trust Fund. All money and property of every kind held by the Trustee pursuant
to the terms of the agreement governing the Trust. 
 (43) Trustee. The trustee provided for in Article 5 (relating to
the Trust) or any successor trustee or, if there is more than one such trustee acting at any time, all of such trustees collectively. 
 (44) Vesting Requirement. For periods beginning prior to May 23, 2007, a Participant’s attainment, during the time such Participant is an Employee, of his or her Normal Retirement Age.
For periods beginning on and after May 23, 2007, the earlier of (a) the date a Participant completes the applicable years of Vesting Service described in the following sentence and (b) the date the Participant’s attains, during
the time such Participant is an Employee, his or her Normal Retirement Age. For purposes of the preceding sentence, the applicable years of Vesting Service are, for Plan Years beginning before January 1, 2008, five years, and for Plan Years
beginning on and after January 1, 2008, three years. 
 (45) Vesting Service. The period of an Employee’s
employment which is used to determine whether the Employee has satisfied the Vesting Requirement. An Employee’s Vesting Service includes the aggregate of the periods during which the Employee is employed by an Employer or an Affiliate beginning
on the day on which the Employee first performs an Hour of Service with an Employer or Affiliate, provided that in the case of an Employee who has no vested right to any benefits under this Plan, such Employee’s periods of employment before and
after a period of absence from employment shall be aggregated only when the Employee’s number of consecutive one-year Periods of Severance is less than five and the Employee has at least one year of Vesting Service after such period of absence
from employment. For purposes of the preceding sentence, an Employee shall be deemed to be employed by an Employer or an Affiliate during (a) any period of absence from employment by an Employer or an Affiliate which is of less than twelve
months’ duration, (b) the first twelve months of any period of absence from employment for any reason other than the Employee’s quitting, retiring or being discharged, (c) the period during which the Employee is not rendering
services to any Employer or Affiliate as a result of a disability during which period the Employee is receiving benefits under any Employer’s or Affiliate’s long-term disability plan and (d) any period during which the Employee is in
Military Service, provided that the Employee returns to the employ of an Employer or an Affiliate within the period prescribed by laws relating to the reemployment rights of persons in Military Service. The Administrator may require certification
from an Employee, as a condition of granting Vesting Service under this subdivision, that the leave was taken for one of the reasons enumerated in the preceding sentence. Notwithstanding the preceding sentences, in determining an Employee’s
period of absence from employment by an Employer or an Affiliate, the following shall be disregarded: the first twenty-four months of any period of absence from employment by reason of (i) the Employee’s pregnancy, (ii) the birth of
the Employee’s child, (iii) the placement of a child with the Employee in connection with the adoption of such child by such Employee or (iv) caring for such child for a period beginning immediately following such birth or placement.
Notwithstanding anything in this definition to the contrary, the Vesting Service for a Participant who elects to participate in the Plan pursuant to Section 3.1(b) (relating to eligibility for participation for employees other than new hires)
and whose accrued benefit under the PECO Plan is transferred to the Plan pursuant to Section 3.1(c) (relating to transfer of benefits and assets to Plan) shall be (a) for periods prior to January 1,

  
 9 

 
2002, the vesting service credited to the Participant under the terms of the PECO Plan, as in effect on December 31, 2001, and (b) for the Participant’s “eligibility
computation period” (as defined in the PECO Plan) that ends during the 2002 Plan Year, the greater of (i) the Vesting Service, for such period, determined pursuant to this subdivision and (ii) the vesting service, for such period,
determined pursuant to the terms of the PECO Plan. 
 ARTICLE 3 

PARTICIPATION 
 Section 3.1 Eligibility for Participation. (a) General. Each Eligible Employee who immediately before the Effective Date was a Participant in the Plan shall continue to be a Participant as
of the Effective Date. Each other Eligible Employee who has not, prior to the Effective Date, had an Hour of Service with any Affiliate and whose first Hour of Service with an Employer is on or after the Effective Date shall become a Participant as
of the first day that such Eligible Employee completes an Hour of Service with an Employer as an Eligible Employee. 
 (b)
Other Employees Prior to the Effective Date. Each individual who (a) is, at any time between January 1, 2002 and April 30, 2002, an Employee and (b) was, on December 31, 2000, a participant in either the ComEd Plan
(other than a participant the terms of whose employment are subject to a collective bargaining agreement) or the PECO Plan, or would have been a participant in the PECO Plan if the age and service requirements for participation in the PECO Plan were
disregarded, shall be permitted to elect, in the time and manner prescribed by the “Committee,” as such term was defined in the Plan prior to June 1, 2006, to either (i) continue participating in the ComEd Plan or the PECO Plan,
as the case may be, on and after January 1, 2002 (or begin participating in the PECO Plan, in the case of an Employee who will satisfy the eligibility and age and service requirements for participation in such plan on January 1, 2002) or
(ii) cease participating in the applicable Plan described in clause (i) hereof as of 

  
 10 

 
December 31, 2001 and begin participating in the Plan as of January 1, 2002 (or, if later, his or her employment or reemployment date). Each such Eligible Employee who affirmatively
elects to participate in the Plan in lieu of participation in the ComEd Plan or the PECO Plan shall become a Participant as of January 1, 2002 (or, if later, his or her employment or reemployment date), unless such Participant receives a
notification (the “Notice”) from an Employer that his or her employment with the Employers and their Affiliates will be terminated on or before December 31, 2002 and that such Participant is eligible for severance benefits under the
Exelon Corporation Merger Separation Plan for Designated Management Employees or any other severance plan maintained by an Employer or an Affiliate. An Eligible Employee who receives a Notice shall not become a Participant, notwithstanding such
Eligible Employee’s election to participate in the Plan. An Eligible Employee (i) who receives a Notice, but whose employment does not terminate on or before December 31, 2002, or (ii) whose employment terminates before
December 31, 2002 without the Employee receiving a Notice shall become a Participant as of January 1, 2002 (or, if later, his or her employment or reemployment date) if such Employee elects, in the time and manner prescribed by the
“Committee,” as such term was defined in the Plan prior to June 1, 2006, to participate in the Plan. 
 In the
case of an Eligible Employee who became an employee of the Power Team during 2003 pursuant to Exelon Way, such Eligible Employee shall continue to be a Participant. In addition, each Eligible Employee who was an employee of the Power Team on any
date in 2003 and who became an employee of a participating business unit of an Employer during 2003 in connection with Exelon Way shall continue to be a Participant only if such Employee was a Participant prior to the date on which such Employee
became an employee of a participating business unit of an Employer. Effective as of January 1, 2004, each individual (i) who either (A)

  
 11 

 
is an employee of the Power Team or (B) transferred employment from the Power Team to a participating business unit of an Employer during 2003 pursuant to Exelon Way, (ii) who became an
Eligible Employee on or after January 1, 2004 and (iii) who either (A) has a frozen accrued benefit under this Plan or (B) does not have an accrued benefit under either the ComEd Plan or the PECO Plan shall become a Participant
as of the later of January 1, 2004 and the date the Eligible Employee completes an Hour of Service with an Employer as an Eligible Employee. In addition, each Eligible Employee (i) who either (A) is an employee of the Power Team or
(B) transferred employment from the Power Team to a participating business unit of an Employer during 2003 pursuant to Exelon Way, (ii) who became an Eligible Employee on January 1, 2004, (iii) who has an accrued benefit under
either the ComEd Plan or the PECO Plan, (iv) who is not described in the preceding sentence and (v) who did not previously make a valid election pursuant to the preceding paragraph shall be permitted to elect, in the time and manner
prescribed by the “Committee,” as such term was defined in the Plan prior to June 1, 2006, to either (A) resume or continue participation in the ComEd Plan or the PECO Plan, as the case may be, as of January 1, 2004 or
(B) participate in the Plan as of January 1, 2004. Each such Eligible Employee who affirmatively elects to participate in the Plan in lieu of participation in the ComEd Plan or the PECO Plan shall become a Participant as of January, 1,
2004. 
 (c) Transfer of Benefits and Assets to Plan. If an Employee described in paragraph (b) above elects to
participate in the Plan in lieu of participating in the ComEd Plan or the PECO Plan, as the case may be, the Employee’s accrued benefit under either such plan, determined as of December 31, 2001, or December 31, 2003, as the case may
be, in accordance with the provisions of the applicable plan, shall be transferred to the Plan. An amount of assets that is equal to the present value of the Employee’s accrued benefit described in the preceding sentence

  
 12 

 
determined using the methods and assumptions prescribed by section 4044 of ERISA shall also be transferred to the Plan. Such transfer of benefits and assets related thereto shall occur as soon as
practicable after the Eligible Employee makes the election described in paragraph (b) above. Each Participant whose benefits are so transferred shall be permitted to have his or her Accrued Frozen Benefit paid in any of the optional forms of
benefit listed in the applicable Schedule in lieu of the forms provided hereunder. The provisions set forth in the applicable Schedule shall govern all matters relating to a Participant’s Accrued Frozen Benefit. 

In the event that an Eligible Employee whose accrued benefit under the ComEd Plan or the PECO Plan, and related assets, is transferred to
the Plan receives a Notice and has a Termination of Employment on or before December 31, 2002, the accrued benefit, and related assets, transferred to the Plan shall be transferred back to the ComEd Plan or the PECO Plan, as the case may be,
and the amount of the pension benefit accrued by such Employee during 2002 (if any) shall be determined under the terms of the ComEd Plan or the PECO Plan, as applicable, rather than the Plan. Such transfer shall occur as soon as administratively
practicable. 
 Section 3.2 Transfer to Affiliates. If a Participant is transferred from one Employer to another Employer
or from an Employer to an Affiliate that is not an Employer, then such transfer shall not terminate the Participant’s participation in the Plan and the Participant shall continue to participate in the Plan until an event occurs that would have
entitled the Participant to a complete distribution of the Participant’s vested Pension had the Participant continued to be employed by an Employer until the occurrence of such event. Nevertheless, except to the extent provided in Section 9.3
(relating to employment by related entities) or Section 9.7 (relating to change in employment status or transfer to affiliate), a Participant shall not be entitled to receive Service Credits under Section 6.1(c) (relating to Service
Credits) during any period of employment by 

  
 13 

 
any Affiliate that is not an Employer, and periods of employment with an Affiliate that is not an Employer shall be taken into account only to the extent set forth in Section 9.3 (relating
to employment by related entities) or Section 9.7 (relating to change in employment status or transfer to affiliate). 

Section 3.3 Cessation of Participation. An individual’s participation in the Plan shall cease upon the date the individual is
no longer eligible to receive a benefit from this Plan or upon the individual’s Termination of Employment if the individual has not satisfied the Vesting Requirement upon the date of his or her Termination of Employment. 

Section 3.4 Rehired Participants. Notwithstanding anything contained herein to the contrary, if a Participant terminates
employment and is reemployed as an Employee under circumstances that satisfy the applicable conditions for continuation of payment of retirement benefits set forth in the Company’s policy regarding the rehiring of retirees, including that the
Participant waives participation in, or additional benefits and accruals under the Plan, such Participant shall not be entitled to receive any Service Credits under Section 6.1(c) (relating to Service Credits) during such period of
reemployment. 
 ARTICLE 4 
 SOURCE OF CONTRIBUTIONS 
 Section 4.1 Source of Contributions. The
Employers intend to make contributions to the Trust of amounts which, in the aggregate over a period of time, shall be sufficient to finance the benefits provided by the Plan. Any such contributions shall be in such amounts and shall be made in such
manner and at such time as the Company may from time to time determine in accordance with the funding policy it establishes and consistent with minimum funding standards under section 412 of the Code, provided, however, that all contributions made
by the Employers 

  
 14 

 
for any Plan Year shall be made prior to the due date, including extensions thereof, of the Employers’ federal income tax return for the taxable year of the Employers which coincides with
such Plan Year. The Company may rely on the advice of actuaries in establishing and carrying out a funding policy. Forfeitures arising under the Plan for any reason shall be applied to reduce the cost of the Plan, not to increase the benefits
otherwise payable to the Participants. 
 Section 4.2 Limitation on Contributions. The contributions of an Employer for
any Plan Year shall not exceed the maximum amount for which a deduction is allowable to such Employer for federal income tax purposes for the taxable year of such Employer that ends with or within such Plan Year. Any contribution made by an Employer
by reason of a good faith mistake of fact, or the portion of any contribution made by an Employer that exceeds the maximum amount for which a deduction is currently allowable to such Employer for federal income tax purposes, shall upon the request
of such Employer be returned by the Trustee to the Employer. An Employer’s request and the return of any such contribution must be made within one year after such contribution was mistakenly made or after the deduction of such excess portion of
such contribution was disallowed, as the case may be. The amount to be returned to an Employer pursuant to this Section shall be the excess of (i) the amount contributed over (ii) the amount that would have been contributed had there not
been a mistake of fact or the maximum amount that is so deductible, as the case may be. Earnings attributable to the mistaken contribution shall not be returned to the Employer, but losses attributable thereto shall reduce the amount to be so
returned. 
 ARTICLE 5 
 TRUST 

  
 15 

 A trust (the “Trust”) has been created by the execution of a trust agreement
between the Company and a trustee (the “Trustee”) for purposes of holding and administering the assets of the Plan. All contributions under the Plan shall be paid to the Trustee. The Trustee shall hold all monies and other property
received by it and invest and reinvest the same, together with the income therefrom, on behalf of the Participants collectively in accordance with the provisions of such trust agreement. The Trustee shall make distributions from the Trust Fund at
such time or times to such person or persons and in such amounts as the Administrator directs in accordance with the Plan. 

ARTICLE 6 

PARTICIPANT ACCOUNTS 
 Section 6.1 Cash Balance Accounts. (a) Establishment of Accounts. A separate Cash Balance Account shall be established for each Participant. Each such account shall have an initial balance
of zero until credited with any Transition Credit, if applicable, or Service Credit as provided herein. Each such account shall be for accounting purposes only, and there shall be no segregation of assets among such accounts. A Participant’s
Cash Balance Account shall cease to be maintained as of the Participant’s Pension Starting Date (except to the extent such Pension Starting Date is required by Section 7.1(b) (relating to distributions to five percent owners)), in which
case the Participant’s Cash Balance Account shall cease to be maintained as of the first January 1 following the Participant’s Termination of Employment). 
 (b) Transition Credit. A Participant’s Cash Balance Account shall be credited, as of the first day of the Plan Year in which such Participant becomes a Participant, with an amount equal to the
Participant’s Transition Credit, provided that (a) the Participant is an Employee on January 1, 2002 and becomes a Participant pursuant to Section 3.1(b) (relating to eligibility for

  
 16 

 
participation for employees who are not new hires) and (b) the Participant is not an employee of the Power Team. An Employee who becomes a Participant pursuant to Section 3.1(a)
(relating to eligibility for participation for new hires) shall not be credited with a Transition Credit at any time and a rehired Employee who becomes a Participant pursuant to Section 9.1 (relating to recommencement of employment by
terminated employee) shall not be credited with a Transition Credit at the time of his or her rehire. 
 (c) Service
Credits. A Participant’s Cash Balance Account shall be credited, as of the last day of each Plan Year during which the Participant is a Participant and an Eligible Employee, with an amount equal to the following percentage of Compensation
received by such Participant during such portion of such Plan Year that the Participant was an Eligible Employee: (i) for each Plan Year beginning before January 1, 2008 and, in the case of a Participant whose employment is subject to a
collective bargaining agreement that provides for participation in this Plan, for each Plan Year thereafter, 5.75%, and (ii) for each Plan Year beginning on and after January 1, 2008 if the Participant’s employment is not subject to a
collective bargaining agreement, 7.00%. Notwithstanding the foregoing, if a Participant’s Pension Starting Date occurs other than on the last day of a Plan Year and if the Participant is entitled to have an amount credited to his or her Cash
Balance Account for such Plan Year pursuant to the preceding sentence, such amount shall be credited to the Participant’s Cash Balance Account as of the last day of the month before such Pension Starting Date (and prior to the crediting of any
Investment Credit for such Plan Year). No amount shall be credited pursuant to this paragraph (c) to the Cash Balance Account of a Participant who is not rendering services to any Employer or Affiliate as a result of a disability, regardless of
whether such Participant is receiving benefits under any Employer’s or Affiliate’s long-term disability plan. 

  
 17 

 (d) Investment Credits. For each Plan Year beginning before January 1, 2008, a
Participant’s Cash Balance Account shall be credited, as of the last day of each Plan Year during which the Participant is a Participant, whether or not such Participant is an Eligible Employee during such Plan Year, with an amount equal to the
product of (i) the “Pre-2008 Plan Interest Rate” (as defined below) multiplied by (ii) the balance of such Participant’s Cash Balance Account as of the first day of such Plan Year. For each Plan Year beginning on and after
January 1, 2008, such Participant’s Cash Balance Account shall be credited, as of the last day of each Plan Year during which the Participant is a Participant, whether or not such Participant is an Eligible Employee during such Plan Year,
with an amount equal to the sum of the following amounts: (i) the product of (A) the “Pre-2008 Plan Interest Rate” (as defined below) multiplied by (B) the balance of such Participant’s Cash Balance Account as of
December 31, 2007, if any; and (ii) the product of (A) the “Post-2007 Plan Interest Rate” (as defined below) multiplied by (B) the portion of such Participant’s Cash Balance Account attributable to Service Credits
credited after December 31, 2007, determined as of the first day of such Plan Year. A Participant who is not rendering Services to any Employer or Affiliate as a result of a disability with respect to which such Participant is receiving
benefits under any Employer’s or Affiliate’s long-term disability plan shall be credited with the amount described in the first and second sentences of this paragraph (d), as applicable. Notwithstanding the preceding sentences, if a
Participant’s Pension Starting Date occurs other than on the last day of a Plan Year, the amount to be credited to the Participant’s Cash Balance Account pursuant to this paragraph (d) for the Plan Year in which the Participant’s
Pension Starting Date occurs shall be equal to the product of (i) 4% (or, for Plan Years beginning on and after January 1, 2008, the “Post-2007 Plan Interest Rate,” as defined below, for the immediately preceding Plan Year)
multiplied by (ii) a fraction, 

  
 18 

 
the numerator of which is the number of whole calendar months during such Plan Year prior to and including the month which contains the date immediately preceding the Participant’s Pension
Starting Date and the denominator of which is twelve, and such Investment Credit shall be made as of the last day of the month before such Pension Starting Date prior to the crediting of any Service Credit for such year. Except to the extent
provided in Section 7.2(d)(2) (relating to special rules regarding pensions), a Participant’s Cash Balance Account shall not be credited with Investment Credits after the Participant’s Pension Starting Date. 

For purposes of this Section, the “Pre-2008 Plan Interest Rate” for any Plan Year shall mean a percentage equal to the greater
of (i) 4% and (ii) the average of (A) the “applicable interest rate” as defined in section 417(e)(3) of the Code for the month of November of such Plan Year and (B) the annual percentage rate of return for the S&P
500 Stock Index for the 12-month period ending on December 31 of such Plan Year, as reported in The Wall Street Journal on the first business day of the succeeding year. For purposes of this Section, the “Post-2007 Plan Interest Rate”
for any Plan Year shall mean a percentage equal to the third segment rate of interest on long-term investment grade corporate bonds, as provided for in section 430(h)(2)(C)(iii) of the Code for the month of November of such Plan Year. 

(e) Additional Credit. If, as of a Participant’s Pension Starting Date, the amount described in (1) below exceeds the
amount described in (2) below, an amount equal to the difference between such amounts shall be credited the Participant’s Cash Balance Account as of the day before such Pension Starting Date: 

(1) The cumulative amount that would have been credited to the Participant’s Cash Balance Account if the Plan Interest Rate
described in Section 6.1(d) of the Plan (relating to Investment Credits) were credited to the Participant’s “Opening Credit” (as defined below) for 

  
 19 

 
each Plan Year during which the Participant is a Participant at the Plan Interest Rate then in effect, whether or not such Participant is an Eligible Employee during such Plan Year. 

(2) The cumulative amount that would have been credited to the Participant’s Cash Balance Account if 6.5% interest were credited to
the Participant’s “Opening Credit” (as defined below) for all Plan Years during which the Participant is a Participant, whether or not such Participant is an eligible Employee during such Plan Year. 

If the amount described in (1) above is equal to or less than the amount described in (2) above, no amount shall be credited to
the Participant’s Cash Balance Account pursuant to this paragraph (e). In addition, no amount shall be credited pursuant to this paragraph (e) if a Participant does not have an Accrued Frozen Benefit. 

For purposes of this paragraph (e), “Opening Credit” shall mean an amount equal to the present value of a Participant’s
Accrued Frozen Benefit determined as of December 31, 2001 using a 6.5% discount rate and the 1983 Group Annuity (unisex) Mortality Table (50% male, 50% female) assuming the Accrued Frozen Benefit otherwise payable at the Schedule A Retirement
Date would commence at the later of the Participant’s attained age as of December 31, 2001 or age 60. 
 ARTICLE 7

 DISTRIBUTIONS 
 Section 7.1 Time of Distribution. (a) In General. A Participant who has satisfied the Vesting Requirement shall be entitled to receive a distribution of the aggregate of the balance of
his or her Cash Balance Account and his or her Accrued Frozen Benefit in the manner provided by Section 7.2 (relating to form of distribution) commencing as soon as practicable after the first day of the month immediately following the date on
which the Participant’s Termination of Employment occurs. Notwithstanding the preceding sentence, a Participant whose Termination of Employment occurs prior to such Participant’s attainment of age 70- 1/2 shall be deemed to

  
 20 

 
have elected to defer receipt of his or her Cash Balance Account and Accrued Frozen Benefit until the April 1 next following the date the Participant attains age 70- 1/2, unless the Participant elects, in the time and manner described in
the following sentence, to receive a distribution prior to such date. The Participant may elect to commence such distribution by giving the Administrator not less than 30 nor more than 90 days advance written notice of the Pension Starting Date
desired by the Participant; provided, however, that the Administrator may waive such advance written notice requirement if the Participant submits the appropriate form to the Administrator in accordance with the requirements set forth in
Section 7.4(d) (relating to notice of availability of optional forms of benefit). A Participant who has satisfied the Vesting Requirement and who does not make an election as described in the preceding sentence prior to such Participant’s
attainment of age 70- 1/2 shall receive a
distribution of the aggregate of the balance of his or her Cash Balance Account and his or her Accrued Frozen Benefit in the manner provided by Section 7.2 (relating to form of distribution) commencing no later than April 1 next following
the date the Participant attains age 70- 1/2.

 (b) Distributions to Five Percent Owners. Notwithstanding any provision of
the Plan to the contrary, if a Participant who has satisfied the Vesting Requirement and who is a “five percent owner” (as described in section 416(i) of the Code) remains employed by an Employer through April 1 of the year following
the year in which the Participant attains age
70 1/2, distribution of the balance of the
Participant’s Cash Balance Account and his or her Accrued Frozen Benefit shall commence on such April 1 (or such later date as may be provided by the Code or Regulations). Any other Participant who remains in such employment shall not be
permitted to commence distribution of such Participant’s Cash Balance Account or Accrued 

  
 21 

 
Frozen Benefit at the time specified in the preceding sentence unless required by the Code or Regulations. 
 (c) Immediate Distribution of Small Benefits. Notwithstanding any provision of the Plan to the contrary, if, as of the date of a Participant’s Termination of Employment (including on account
of death), the aggregate of the balance of the Participant’s Cash Balance Account and the lump sum Schedule Equivalent of the Participant’s Accrued Frozen Benefit does not exceed $5,000 or, for distributions occurring on or after
March 28, 2005, $1,000, such Participant or, in the event of the Participant’s death, such Participant’s Beneficiary or Beneficiaries, shall receive a distribution in the amount and in the form described in Option 2 of
Section 7.2(c) (relating to lump sum distribution) as soon as practicable following such Termination of Employment in satisfaction of all benefits to which the Participant or his or her Beneficiaries, as the case may be, is entitled under the
Plan. 
 (d) Deemed Distributions. If a Participant has not satisfied the Vesting Requirement upon his or her Termination
of Employment, such Participant’s vested interest in his or her benefit under the Plan shall have a value of zero, such Participant shall be deemed to have received immediately after such termination a lump sum distribution of such vested
interest and concurrent therewith shall forfeit all benefits hereunder, and the Participant’s Cash Balance Account and Accrued Frozen Benefit shall no longer be maintained. 

Section 7.2 Form of Distribution. (a) Manner of Distribution With Respect to Unmarried Participants. A Participant who
is not married on his or her Pension Starting Date shall have the Actuarial Equivalent of the Participant’s Accrued Benefit attributable to his or her Cash Balance Account and the Schedule Equivalent of his or her Accrued Frozen Benefit, if
any, 

  
 22 

 
distributed in the form of a Pension for the life of the Participant unless the Participant elects an optional form of distribution described in paragraph (c) of this Section (relating to
optional forms of distributions) at the time and in the manner described in Section 7.4 (relating to election and waiver procedures). 
 (b) Manner of Distribution With Respect to Married Participants. A Participant who is married on his or her Pension Starting Date shall have the Actuarial Equivalent of the Participant’s
Accrued Benefit attributable to his or her Cash Balance Account and the Schedule Equivalent of his or her Accrued Frozen Benefit, if any, distributed in the form of a Pension payable to the Participant for the life of the Participant and,
thereafter, if the Participant’s Spouse survives the Participant, a Pension payable to the Spouse during the remaining lifetime of such Spouse equal to 50% of the Pension payable to the Participant during the Participant’s lifetime.
Notwithstanding the preceding sentence, the Participant, with the consent of his or her Spouse, may elect an optional form of distribution described in paragraph (c) of this Section (relating to optional forms of distributions) at the time and
in the manner described in Section 7.4 (relating to election and waiver procedures). 
 (c) Optional Forms of
Distribution. Upon written request to the Administrator made at the time and in the manner prescribed in Section 7.4 (relating to election and waiver procedures), a Participant may elect to receive a distribution of the Participant’s
benefit under the Plan in one of the following optional forms in lieu of the form described in paragraph (a) or (b) of this Section (relating to manner of distribution with respect to unmarried Participants and married Participants,
respectively): 
 Option 1: Life Annuity. If the Participant is married on his or her Pension
Starting Date, a Pension payable for the life of the Participant in an 

  
 23 

 
amount that is the Actuarial Equivalent of the Participant’s Accrued Benefit attributable to his or her Cash Balance Account and the Schedule Equivalent of his or her Accrued Frozen Benefit,
if any. 
 Option 2: Lump Sum Distribution. Except as otherwise provided in Section 7.8
(relating to special rules applicable to calculations of lump sum distributions), a single, lump sum distribution in an amount equal to the sum of (a) the balance credited to the Participant’s Cash Balance Account as of the last day of the
month immediately preceding the date of such distribution and (b) the lump sum Schedule Equivalent of the Participant’s Accrued Frozen Benefit. 
 Option 3: Survivor Annuity. A reduced Pension payable to the Participant during the Participant’s lifetime and, thereafter, if the designated Beneficiary survives the Participant, a
Pension equal to 100%, 75% or 50% (whichever is specified when this option is elected) of such reduced Pension payable to the Designated Beneficiary during the remaining lifetime of such Designated Beneficiary, the aggregate amount of which are the
Actuarial Equivalent of the Participant’s Accrued Benefit attributable to his or her Cash Balance Account and the Schedule Equivalent of his or her Accrued Frozen Benefit, if any. 

(d) Special Rules Regarding Pensions. 
 (1) If a Participant’s spouse dies before the Participant’s Pension Starting Date and the Participant has not elected an optional form of distribution described in paragraph (c) of this
Section (relating to optional forms of distribution), the Participant shall again be entitled to make an election under this Section. 
 (2) If a Pension commences pursuant to Section 7.1(b) (relating to distributions to five percent owners) while a Participant remains employed by an Employer, such Pension shall be actuarially
adjusted as of January 1 following the end of each calendar year during which such Participant remains employed by an Employer to reflect any additional Service Credits and Investment Credits credited to the Participant’s Cash Balance
Account as of December 31 of the preceding calendar year. 
 (3) If a Participant elects Option 3 under
Section 7.2(c) and the Participant’s Beneficiary is other than the Participant’s Spouse, the Pension payable to the Participant and to the Beneficiary shall be adjusted as is necessary to satisfy the incidental benefit requirement
under section 401(a)(9) of the Code. 
 Section 7.3 Death Benefits. (a) Eligibility. If a Participant who has
satisfied the Vesting Requirement dies prior to his or her Pension Starting Date, the Participant’s surviving Beneficiary shall be entitled to receive a benefit under this Section. In addition, if a Participant

  
 24 

 
dies while an Employee, the Participant’s surviving Beneficiary shall be entitled to receive a benefit under this Section, regardless of whether the Participant has satisfied the Vesting
Requirement. 
 (b) Form of Payment. A surviving Beneficiary who is entitled to a distribution of the Participant’s
benefit under this Section shall receive the following, as applicable: 
 (1) Lump Sum Payment. Except as
otherwise provided in Section 7.8 (relating to special rules applicable to calculations of lump sum distributions), a lump sum payment that is equal to the sum of (a) the balance credited to the Participant’s Cash Balance Account as
of the last day of the month immediately preceding the date of such distribution and (b) the lump sum Schedule Equivalent of the Participant’s Accrued Frozen Benefit shall be payable to the Participant’s surviving Beneficiary not
later than the fifth anniversary of the Participant’s death, except that if the Participant’s surviving Beneficiary is the Participant’s surviving Spouse, distribution to such surviving Spouse may commence at the same time as
described in subparagraph (2). Notwithstanding the foregoing, should any benefit be payable pursuant to subparagraph (2) of this Section 7.3(b) (relating to statutory surviving Spouse’s benefit), the amount of any benefit payable
pursuant to this subparagraph (1) shall be reduced by the Actuarial Equivalent of the benefit payable pursuant to such subparagraph (2). 

(2) Statutory Surviving Spouse’s Benefit. If the Participant is survived by a Spouse to
whom the Participant was married throughout the one-year period ending on the date of the Participant’s death, then, unless such Participant has with his or her Spouse’s consent waived the benefit described herein in the manner described
in Section 7.4(e) (relating to waiver of statutory surviving Spouse’s benefit), such Spouse shall be entitled to receive a survivor’s Pension commencing as of any January 1 coinciding with or following the date of the
Participant’s death or any succeeding January 1 (but not later than the January 1 immediately preceding or coinciding with the date the Participant would have attained age 70- 1/2 had he or she survived) and continuing for the lifetime of such
Spouse in an amount equal to the Pension such Spouse would have received pursuant to a Qualified Joint and Survivor Annuity if the Participant had survived until such day and such Qualified Joint and Survivor Annuity had commenced on such day and
the Participant had died immediately after such annuity commenced, but determined without regard to any Service Credits that would have been credited to the Participant’s Cash Balance Account with respect to any periods subsequent to the
Participant’s Termination of Employment. 
 (c) The death benefits provided by this Section shall not be effective
to the extent required to comply with the terms of a Qualified Domestic Relations Order. 

  
 25 

 Section 7.4 Election and Waiver Procedures. (a) Election of Optional Form of
Benefit. Subject to paragraph (c) of this Section (relating to spousal consent to election of optional form of benefit or beneficiary designation), a Participant may elect, change or revoke any form of distribution provided under
Section 7.2 (relating to forms of distribution) at any time during the 90-day period ending on the later of the Participant’s Pension Starting Date and the date the Participant’s benefit is paid or commences. Such an election, change
or revocation shall be made by the Participant delivering a written notice describing the election, change or revocation to the Administrator on a form provided by the Administrator for this purpose. 

(b) Beneficiary Designation. Subject to paragraph (e) below (relating to waiver of statutory surviving spouse’s
benefit), each Participant may designate one or more Beneficiaries to receive any payment pursuant to Section 7.3(b)(1) (relating to lump sum pre-retirement death benefit) in the event of his or her death. A Participant may from time to time,
without the consent of any Beneficiary, change or cancel any such designation. Such designation and each change therein shall be made in the form prescribed by the Administrator and shall be filed with the Administrator. If no Beneficiary has been
designated by a deceased Participant, or the designated Beneficiary has predeceased the Participant, any payment pursuant to Section 7.3(b)(1) (relating to lump sum pre-retirement death benefit) shall be made by the Trustee at the direction of
the Administrator (i) to the surviving Spouse of such deceased Participant, if any, or (ii) if there shall be no surviving Spouse, to the surviving children of such deceased Participant, if any, in equal shares, or (iii) if there
shall be no surviving Spouse or surviving children, to the executor or administrator of the estate of such deceased Participant, or (iv) if no executor or administrator shall have been appointed for the estate of such deceased Participant
within six months following the date of the Participant’s death, in equal shares to the person or persons who 

  
 26 

 
would be entitled under the intestate succession laws of the state of the Participant’s domicile to receive the Participant’s personal estate. The marriage of a Participant shall be
deemed to revoke any prior designation of a Beneficiary made by him or her and a divorce shall be deemed to revoke any prior designation of the Participant’s divorced Spouse if written evidence of such marriage or divorce shall be received by
the Administrator before distribution shall have been made in accordance with such designation. If, within a period of three years following any Participant’s death or other termination of employment by an Employer, the Administrator in the
exercise of reasonable diligence has been unable to locate the person or persons entitled to benefits under this Article in respect of such Participant, the rights of such person or persons shall be forfeited and the Administrator shall direct the
Trustee to pay such benefit or benefits to the person or persons next entitled thereto under the succession prescribed by this Section. 
 (c) Spousal Consent to Election of Optional Form of Benefit or Beneficiary Designation. If a Participant is married on his or her Pension Starting Date, and if after giving effect to an election,
revocation or change described in paragraph (a) of this Section (relating to election of optional form of benefit) the Participant’s Spouse would not be entitled to receive a survivor’s benefit at least equal to that provided by
Section 7.2(b) (relating to manner of distribution with respect to married Participants), such election, revocation or change shall not be effective unless it shall have been consented to at the time of such election, revocation or change in
writing by the Participant’s Spouse and such consent acknowledges the effect of such election and is witnessed by a notary public. The consent of a Spouse to such an election, revocation or change shall not be required if it is established to
the satisfaction of the Administrator that such consent cannot be obtained because there is no Spouse, the Spouse cannot be located or such other circumstances as may be prescribed in Regulations. If the Spouse is legally incompetent to

  
 27 

 
give consent, the consent may be executed by the Spouse’s legal guardian (including the Participant, if the Participant is the legal guardian). An election of an optional form of
distribution shall be deemed a rejection of the distribution form provided by paragraph (a) or (b) of Section 7.2 (relating to manner of distribution with respect to unmarried Participants and manner of distribution with respect to
married Participants). The consent of a Spouse otherwise required by this paragraph shall not be necessary for a distribution required by a Qualified Domestic Relations Order. 
 (d) Notice of Availability of Optional Forms of Benefit. No less than 30 days (or such shorter period as may be permitted by applicable law) and no more than 90 days before the later of a
Participant’s Pension Starting Date and the date the Participant’s benefit is paid or commences, the Administrator shall give the Participant by mail or personal delivery written notice in non-technical language that he or she may elect an
optional form of distribution set forth in Section 7.2 (relating to form of distribution); provided, however, that the Participant may waive (with applicable spousal consent) such 30-day notice period as long as the Participant’s
distribution commences not less than eight days after such notice is provided. Such notice shall include a general description of the eligibility conditions and other material features of the optional forms of distribution provided under the Plan;
the circumstances under which the basic forms of distribution set forth in Section 7.2 (relating to form of distribution) will be provided unless a Participant, with the consent of the Participant’s Spouse, elects otherwise; the
Participant’s right to revoke any such election; and information regarding the financial effect, in terms of dollars per payment, upon his or her distribution if he or she elects an optional form of distribution or revokes any prior election.
Notwithstanding the foregoing, the notice described in the previous paragraph may be provided to the Participant subsequent to the Participant’s 

  
 28 

 
Pension Starting Date, if the Participant so elects, provided that the following conditions are satisfied: 
 (i) the date on which the first payment to be received by the Participant is made (the “initial payment date”) shall be no earlier than thirty (30) days following the date that the notice
is furnished to the Participant, except that the initial payment date may be as early as the eighth day after such notice is provided if (i) such notice clearly indicates that the Participant has a right to a period of thirty (30) days
after receiving the notice to consider to waive the basic forms of distribution provided under the Plan and to elect (with spousal consent) an optional form of benefit, (ii) the Participant affirmatively elects a form of distribution with the
consent of his or her spouse (if required) to commence as of the initial payment date, and (iii) the Participant is permitted to revoke such election until the initial payment date; 

(ii) the notice shall be provided to the Participant no more than ninety (90) days before the initial payment date,
however, the Plan will not fail to satisfy the ninety (90)-day requirement if the delay in providing the distribution is due solely to an administrative delay; 
 (iii) the Participant is not permitted to elect a Pension Starting Date that precedes the date upon which the Participant could have otherwise started receiving benefits under the terms of the Plan as in
effect on the Pension Starting Date; 
 (iv) to the extent that a Participant has not received any payments for
the period from the Pension Starting Date to the initial payment date, the Participant shall receive a one-time payment to reflect any such missed payments (a “make-up payment”). Such make-up payment shall be adjusted for interest from the
period beginning on the Pension Starting Date and ending on the initial payment date, which shall be calculated with respect to such payments that would have been received prior to the initial payment date. The interest rate used to compute the
adjustment described in the preceding sentence shall equal the 30 Year Treasury rate for December of the preceding Plan Year. For purposes of Section 8.1 (relating to statutory limits), the limitations set forth therein shall comply with the
adjustments required thereto pursuant to Treasury Regulation 1.417(e)-1 with respect to any Pension Starting Date described in this paragraph which is a “retroactive annuity starting date” as defined for purposes of such Regulation; and

 (v) if a Participant who is married elects to commence the Participant’s benefit as of the initial
payment date pursuant to this paragraph, then the Participant’s spouse (including an alternate payee who is treated as the Participant’s spouse under a qualified domestic relations order), determined as of the initial payment date, must
consent to such election if the survivor benefits 

  
 29 

 
payable as of the Pension Starting Date are less than the survivor benefits payable under the benefit described in Option 3 of Section 7.2(b) of the Plan as of the initial payment date.

 (e) Waiver of Statutory Surviving Spouse’s Benefit. A Participant may waive the statutory surviving spouse’s
benefit provided by Section 7.3(b)(2) at any time prior to the Participant’s death, provided, however, that if such waiver is made prior to the Plan Year in which the Participant attains age 35, such waiver shall become invalid on the
first day of such year unless the Participant has terminated employment by the Employers prior to such day. A Participant whose waiver becomes invalid pursuant to the preceding sentence may elect, at any time after the waiver becomes invalid, to
again waive the statutory surviving spouse’s benefit provided by Section 7.3(b)(2). A waiver made pursuant to this paragraph (e) shall be made by delivering a written notice thereof to the Administrator on a form provided by the
Administrator for this purpose with a written consent of the Participant’s Spouse which satisfies the requirements of paragraph (b) of this Section (relating to beneficiary designation) (unless it is determined pursuant to paragraph
(c) of this Section that such consent is not needed). Such a waiver shall cease to be effective if, subsequent to the execution of such waiver, the Participant shall make any other Beneficiary designation pursuant to paragraph (b) of this
Section (relating to beneficiary designation) which diminishes the rights or contingent rights of the Participant’s Spouse, which are specified in the Beneficiary designation in effect at the time such Spouse consented to such waiver, to all or
part of the benefit provided under Section 7.3(b) (relating to form of payment of pre-retirement death benefits), provided, however, that in no event shall such other Beneficiary designation affect the effectiveness of such waiver if such
Spouse shall have so specified at the time of consent. A waiver described in this paragraph shall cease to be effective on (i) the date on which the Participant is subsequently married to a person other than the Spouse

  
 30 

 
who consented to such waiver, (ii) the Participant’s Pension Starting Date, or (iii) the date of the Participant’s revocation of such waiver. 

(f) Notice of Right to Waive Statutory Surviving Spouse’s Benefit. Not later than twelve months after the day on which an
Employee has become a Participant, the Administrator shall give the Participant by mail or personal delivery written notice in nontechnical language that he or she may waive the statutory surviving spouse’s benefit provided by
Section 7.3(b)(2). Such notice shall include a general description of terms and conditions of such benefit and the circumstances under which it will be provided unless waived and the Participant’s right to revoke any such waiver and
general information on the relative financial effect, if any, upon the Participant’s Pension of such benefit and its waiver. Such notice shall also advise the Participant that, upon written request to the Administrator prior to the end of the
waiver period set forth in paragraph (e) of this Section (relating to waiver of statutory surviving spouse’s benefit), he or she will be given a written explanation in nontechnical language of the terms and conditions of such benefit and
the financial effect, in terms of dollars per payment, upon his or her other death benefits if he or she does not waive such benefit. Such explanation shall be mailed or personally delivered to the Participant within 30 days from the date his or her
written request is received by the Administrator. 
 (g) Election of Optional Form of Statutory Surviving Spouse’s
Benefit. A surviving Spouse may elect to have the statutory surviving spouse’s benefit provided by Section 7.3(b)(2) payable in the form of Option 2 of Section 7.2(c) (relating to optional forms of distribution). Such an election
may be made at any time prior to the commencement of such benefit and not thereafter. Such an election shall be made by delivering a written notice thereof to the Administrator on a form provided by the Administrator for this purpose. 

  
 31 

 (h) Automatic Cancellation of Elections. If a Participant’s Pension is payable
in the form of a joint and survivor annuity and if, prior to the Participant’s Pension Starting Date, the Participant’s Spouse dies or the Participant and such Spouse divorce, the Participant’s election or deemed election to receive a
joint and survivor annuity shall, upon the Participant’s notice to the Administrator of such death or divorce, be automatically cancelled, unless, subsequent to such Spouse’s death or the Participant’s divorce and prior to the
Participant’s Pension Starting Date, the Participant remarries and notice of such new marriage is timely received by the Administrator. 
 Section 7.5 Distributions to Minor and Disabled Distributees. Any distribution under this Article that is payable to a distributee who is a minor or to a distributee who, in the opinion of the
Administrator, is unable to manage his or her affairs by reason of illness or mental incompetency may be made to or for the benefit of any such distributee at such time consistent with the provisions of Section 7.2 (relating to form of
distribution) and in such of the following ways as the legal representative of such distributee shall direct: (i) directly to any such minor distributee if, in the opinion of such legal representative, he or she is able to manage his or her
affairs, (ii) to such legal representative, (iii) to a custodian under a Uniform Gifts to Minors Act for any such minor distributee, or (iv) directly in payment of expenses of support or maintenance of such person. Neither the
Administrator nor the Trustee shall be required to see to the application by any third party other than the legal representative of a distributee of any distribution made to or for the benefit of such distributee pursuant to this Section.

 Section 7.6 Direct Rollover Distributions. In the case of a distribution under this Plan that is an “eligible
rollover distribution” within the meaning of section 402 of the Code and that is at least $200, an eligible distributee (as defined below) may elect that all or any portion of 

  
 32 

 
such distribution to which such eligible distributee is entitled shall be directly transferred as a rollover contribution from the Plan to (i) an individual retirement account described in
section 408(a) of the Code, (ii) an individual retirement annuity described in section 408(b) of the Code, (iii) an annuity plan described in section 403(a) of the Code, (iv) a retirement plan qualified under section 401(a) of the
Code, (v) an annuity contract described in section 403(b) of the Code, (vi) an eligible plan under section 457(b) of the Code which is maintained by an eligible employer described in section 457(e)(1)(A) of the Code (the terms of which
permit the acceptance of rollover contributions) or (vii) effective January 1, 2008, a Roth IRA described in section 408A of the Code; provided, however, that (x) with respect to a plan described in clause (vii), for transfers
occurring before January 1, 2010, the Participant (or surviving spouse of a Participant or a former spouse who is an alternate payee under a qualified domestic relations order as defined in section 414(p) of the Code) meets the requirements of
section 408A(c)(3)(B) of the Code and (y) with respect to a distribution (or portion of a distribution) to a person who is not the Participant or the surviving spouse or former spouse of the Participant, “eligible retirement plan”
shall mean only a plan described in clause (i), (ii) or (vii) that, in either case, is established for the purpose of receiving such distribution on behalf of such person. For purposes of this Section, “eligible distributee”
shall include the Participant, his or her spouse or his or her former spouse who is an alternate payee under a qualified domestic relations order within the meaning of section 414(p) of the Code and, effective January 1, 2010, the
Participant’s Beneficiary who is not the Participant’s spouse or former spouse. Notwithstanding the foregoing, an eligible distributee shall not be entitled to elect to have less than the total amount of such distribution transferred as a
rollover contribution unless the amount to be transferred equals at least $500. 

  
 33 

 Section 7.7 Withholding Requirements. Any benefit payment made under the Plan will
be subject to any applicable income tax withholding requirements. 
 Section 7.8 Special Rules Applicable to Calculations of
Lump Sum Distributions. Notwithstanding anything contained herein to the contrary, if a lump sum distribution is paid to a Participant prior to the Participant’s Normal Retirement Age and prior to May 23, 2007, the portion of any lump
sum payment made under Section 7.2(c), Option 2, or Section 7.3(b)(1) that, in either case, is attributable to the Participant’s Cash Balance Account shall be the greater of (x) the balance credited to the Participant’s Cash
Balance Account as of the last day of the month immediately preceding the date of such distribution and (y) the Actuarial Equivalent of the Participant’s Accrued Benefit. 

Section 7.9 Participant’s Death During Qualified Military Service. Effective January 1, 2007, in the case of a
Participant who dies while performing Military Service, the Beneficiaries of such Participant shall be entitled to any additional benefits, if any (other than benefit accruals relating to the period of Military Service), provided under the Plan had
the Participant resumed employment with an Employer and then terminated such employment on account of such Participant’s death. 
 ARTICLE 8 
 LIMITATIONS ON BENEFITS 

Section 8.1 Statutory Limits. The provisions of this Section shall be effective for any “Limitation Year” (as defined
below) solely to the extent required by the Code or Regulations for such year. 

  
 34 

 Notwithstanding any other provision of the Plan to the contrary, the amount of the
Participant’s annual benefit (as defined below) accrued, distributable or payable at any time under the Plan shall be limited to an amount such that such annual benefit and the aggregate annual benefit of the Participant under all other defined
benefit plans maintained by the Employer or any other Affiliate does not exceed the lesser of: 
 (i) $160,000
(as increased to reflect the cost of living adjustments provided under section 415(d) of the Code), multiplied by a fraction (not exceeding 1 and not less than 1/10th), the numerator of which is the Participant’s years of participation (within
the meaning of Treasury Regulation section 1.415(b)-1(g)(1)(ii)) and the denominator of which is 10; or 
 (ii)
an amount equal to 100% of the Participant’s average compensation for the three consecutive calendar years in which his or her compensation was the highest (as determined in accordance with Treasury Regulation section 1.415(b)-1(a)(5)) and
which are included in his or her years of service (within the meaning of Treasury Regulation section 1.415(b)-1(g)(2)(ii)) with the Employers multiplied by a fraction (not exceeding 1 and not less than 1/10th), the numerator of which is the
Participant’s years of service and the denominator of which is 10. 
 The dollar amount set forth in clause (i) of the
preceding paragraph shall be actuarially reduced in accordance with Treasury Regulation section 1.415(b)-1(d) if the Participant’s Pension Starting Date occurs prior to the Participant’s attainment of age 62. If the Participant’s
Pension Starting Date occurs after the Participant attains age 65, such dollar amount shall be actuarially increased in accordance with Treasury Regulation section 1.415(b)-1(e). 

A Participant’s “annual benefit” shall mean the Participant’s accrued benefit payable annually in the form of a
straight life annuity, as determined in, and accordance with, Treasury Regulation section 1.415(b)-1(b). If the annual benefit is payable in a form other than a single life annuity, the annual benefit shall be adjusted to the Actuarial Equivalent of
a single life annuity using the assumptions of the following sentences; provided, however, that no adjustment 

  
 35 

 
shall be required for survivor benefits payable to a surviving Spouse under a Qualified Joint and Survivor Annuity (as described in Section 7.2(b)) to the extent such benefits would not be
payable if the Participant’s annual benefit were paid in another form. 
 Effective for Plan Years beginning
January 1, 2004 and January 1, 2005, for any form of benefit subject to section 417(e)(3) of the Code, a Participant’s annual benefit shall be the greater of (i) the amount computed using the interest rate and mortality table
specified under subdivision (3) of Article 2 (relating to definition of Actuarial Equivalent) as in effect and (ii) the amount computed using an interest rate assumption of 5.5% and the applicable mortality table under Treasury Regulation
section 1.417(e)-1(d)(2) (the “Applicable Mortality Table”). Effective for Plan Years beginning on or after January 1, 2006, for any form of benefit subject to section 417(e)(3) of the Code, a Participant’s annual benefit shall
be the greatest of (i) the amount computed using the interest rate and mortality table specified under subdivision (3) of Article 2 (relating to definition of Actuarial Equivalent) as in effect, (ii) the amount computed using an
interest rate assumption of 5.5% and the Applicable Mortality Table and (iii) the amount computed using the applicable interest rate under Treasury Regulation section 1.417(e)-1(d)(3) and the Applicable Mortality Table, divided by 1.05.
Effective for Plan Years beginning on or after January 1, 2006, for any form of benefit not subject to section 417(e)(3) of the Code, a Participant’s annual benefit shall be determined in accordance with Treasury Regulation section
1.415(b)-1(c). An individual’s “annual benefit” under any other defined benefit plan maintained by the Employer and Affiliate shall be as determined pursuant to the provisions of section 415 of the Code and the Regulations issued
thereunder the terms of such plan. 
 Notwithstanding the foregoing provisions of this Section, the limitation provided by this
Section shall not apply to a Participant who has not at any time participated in a defined 

  
 36 

 
contribution plan maintained by any Employer and whose annual benefit under the Plan does not exceed $10,000 multiplied by a fraction (not exceeding 1 and not less than 1/10th) the numerator of
which is the Participant’s years of service (within the meaning of Treasury Regulation section 1.415(b)-1(g)(2)(ii))) and the denominator of which is 10. 
 For purposes of this Section, the term “compensation” shall have the meaning set forth in section 415(c)(3) of the Code and the applicable Regulations, the term “defined contribution
plan” shall have the meaning set forth in Treasury Regulation section 1.415(c)-1(a)(2), the term “defined benefit plan” shall have the meaning set forth in Treasury Regulation section 1.415(b)-1(a)(2) and the term “Employer”
shall include the Employers and all corporations and entities required to be aggregated with any of the Employers pursuant to section 414(b) and (c) of the Code as modified by section 415(h) of the Code. 

Section 8.2 Restrictions on Benefits. (a) The annual Plan payments to a Participant in the Restricted Group (as defined
below) for any Plan Year may not exceed an amount equal to the annual payments that would be made to or on behalf of the Participant under: 
 (i) a single life annuity that is equal to the Participant’s Accrued Benefit and any other Benefits (as defined below) to which the Participant is entitled under the Plan (disregarding any Social
Security supplement within the meaning of section 1.411(a)-7(c)(4)(ii) of the Treasury Regulations), plus 
 (ii)
the amount of any payment to which the Participant is entitled as a Social Security supplement under the Plan. 
 (b)
Application of Restriction. The restriction set forth in paragraph (a) of this Section (relating to restrictions on benefits) shall not apply to any payment if any of the following conditions is satisfied at the date as of which the
payment is to be made: 

  
 37 

 (i) after reduction to reflect the present value of all Benefits payable to
or on behalf of the Participant under the Plan, the value of the Plan’s assets would equal or exceed 110% of the value of the Plan’s current liabilities, as defined in section 412(l)(7) of the Code; 

(ii) the present value of the Benefits payable to or on behalf of the Participant under the Plan is less than 1% of the
value of the Plan’s current liabilities, as defined in section 412(l)(7) of the Code; or 
 (iii) the
present value of the Benefits payable to or on behalf of the Participant under the Plan does not exceed $5,000 (or such greater amount as may be set forth in section 411(a)(11)(A) of the Code). 

(c) Plan Termination Rule. In the event of termination of the Plan, the benefit of any Participant in the Restricted Group shall
be limited to a benefit that is nondiscriminatory under section 401(a)(4) of the Code. 
 (d) Definitions. For purposes
of this Section: 
 (i) “Restricted Group” consists of the highly compensated employees and highly
compensated former employees (within the meaning of section 414(q) of the Code) of the Employer and its Affiliates, but the total number in the Restricted Group for any calendar year shall be limited to 25 and shall consist of those highly
compensated active and highly compensated former employees with the greatest compensation in the current or any prior year for which compensation information is available. 

(ii) The term “Benefit” includes, without limitation, any periodic income from the Plan, any withdrawal values
payable to a living employee under the Plan, any Plan loans in excess of the amounts set forth in section 72(p)(2)(A) of the Code and any Plan death benefits not provided for by insurance on the employee’s or former employee’s life.

 (iii) The “current liability” of the Plan as of any date may be based on the current liability
reported on Schedule B of the Plan’s most recent, timely-filed Form 5500 or 5500 C/R. For purposes of this Section, the value of the Plan’s assets shall be determined on the same date as of which the current liability is determined.

 (e) Effective Date. The restrictions set forth in this Section shall cease to be in effect when (i) a condition
set forth in subparagraph (b)(i), (b)(ii) or (b)(iii) above is satisfied, (ii) the Participant is not in the Restricted Group, (iii) the Plan is terminated and the benefit received by

  
 38 

 
the Participant is nondiscriminatory or (iv) such restrictions are not required to be applied to such payment under the Code or Regulations. 

Section 8.3 Benefit Restrictions as a Result of Funding. (a) Notwithstanding any provision of the Plan to the contrary, the
following benefit restrictions shall apply if the Plan’s “Adjusted Funding Target Attainment Percentage” (the “AFTAP”), as defined in section 436(j) of the Code, is at or below the following levels. 

(i) If the Plan’s AFTAP is 60% or greater but less than 80% for a Plan Year, the Plan shall not pay any prohibited
payment (as defined in subparagraph (a)(iv) below) after the valuation date for the Plan Year to the extent the amount of the payment exceeds the lesser of (x) 50% of the amount of the payment which could be made without regard to the
restrictions under this Section and (y) the present value (determined pursuant to guidance prescribed by the Pension Benefit Guaranty Corporation, using the interest and mortality assumptions under section 417(e) of the Code) of the maximum
guarantee with respect to the Participant under section 4022 of ERISA. Notwithstanding the preceding sentence, only one such prohibited payment may be made with respect to any Participant during any period of consecutive Plan Years to which the
limitations under either clause (x) or (y) of the preceding sentence apply. For purposes of this subparagraph, a Participant, his or her Beneficiary and any alternate payee (as defined in section 414(p)(8) of the Code) shall be deemed a
single “Participant.” 
 (ii) If the Plan’s AFTAP is less than 60% for a Plan Year, the Plan shall
not pay any prohibited payment after the valuation date for the Plan Year. 
 (iii) During any period in which
the Company is a debtor in a case under Title 11, United States Code (or similar federal or state law), the Plan shall not make any prohibited payment. The preceding sentence shall not apply on or after the date on which the Plan’s enrolled
actuary certifies that the AFTAP is not less than 100%. 
 (iv) For purposes of this subparagraph (a), the term
“prohibited payment” means (x) any payment, in excess of the monthly amount paid under a single life annuity (plus any social security supplements payable with respect to the Participant’s Accrued Frozen Benefit), to a
Participant or Beneficiary whose annuity starting date (as defined in section 417(f)(2) of the Code and any regulations promulgated thereunder) occurs during any period a limitation under subparagraph (a)(ii) or (iii) is in effect, (y) any
payment for the purchase of an irrevocable commitment from an insurer to pay benefits or (z) any other payment specified by the Secretary of the Treasury by regulations. 

  
 39 

 (b) In any Plan Year in which the Plan’s AFTAP for such Plan Year is less than 60%,
benefit accruals under the Plan shall cease as of the valuation date for the Plan Year. This restriction shall cease to apply with respect to any Plan Year, effective as of the first day of the Plan Year, upon payment by the Company or the Employers
of a contribution (in addition to any minimum required contribution under section 430 of the Code) equal to the amount sufficient to result in an AFTAP of 60%. 
 (c) No amendment which has the effect of increasing Plan liabilities by reason of increases in benefits, establishment of new benefits, changing the rate of benefit accruals or the rate at which benefits
become nonforfeitable shall take effect during any Plan Year if the Plan’s AFTAP for such Plan Year is less than 80% or would be less than 80% after taking into account such amendment; provided, however, that the preceding restriction shall not
apply to an amendment which provides for an increase in benefits under a formula which is not based on a Participant’s compensation if the rate of such increase is not in excess of the contemporaneous rate of increase in average wages of
Participants covered by the amendment; and provided, further, that such restriction shall cease to apply with respect to any Plan Year, effective as of the first day of the Plan Year (or if later, the effective date of the amendment), upon payment
by the Company or the Employers of a contribution as described in section 436(c)(2) of the Code. 
 (d) The Plan shall not
provide an unpredictable contingent event benefit payable with respect to any event occurring during any Plan Year if the AFTAP for such Plan Year is less than 60% or would be less than 60% after taking into account such occurrence; provided,
however, such restriction shall cease to apply with respect to any Plan Year, effective as of the first day of the Plan Year, upon payment by the Company or the Employers of a contribution as described in section 436(b)(2) of the Code. For purposes
of this subparagraph (d), the term “unpredictable 

  
 40 

 
contingent event benefit” means any benefit payable solely by reason of a plant shutdown (or similar event, as determined by the Secretary of the Treasury), or any event other than the
attainment of any age, performance of any service, receipt or derivation of any compensation, or occurrence of death or disability. 
 (e) To avoid benefit restrictions, the Company may take any action permitted by section 436 of the Code and the regulations promulgated thereunder. 

(f) The provisions of this Section are intended to comply with section 436 of the Code and any regulations promulgated thereunder, and
shall be construed to comply therewith. 
 ARTICLE 9 

SPECIAL PARTICIPATION AND DISTRIBUTION RULES 
 RELATING TO RECOMMENCEMENT OF EMPLOYMENT AND 
 EMPLOYMENT BY RELATED
ENTITIES 
 Section 9.1 Recommencement of Employment by a Terminated Employee. (a) Rehire Date Before Absence
of 5 Years. If an Employee who has a Termination of Employment recommences employment with an Employer before having a Period of Severance of five years and, on the date of his or her rehire, the terms of such Employee’s employment are not
subject to a collective bargaining agreement that does not provide for participation in this Plan, then either: (1) if such Employee was a Participant on the date his or her employment terminated, such Employee shall be Participant in the Plan
as of his or her rehire date if he or she is then an Eligible Employee or (2) if such Employee was not a Participant on the date his or her employment terminated, such Employee shall not be an Eligible Employee and shall not become a
Participant. Notwithstanding clause (1) of the preceding sentence, if an Employee described in the preceding sentence who first became an employed by an Employer prior to January 1, 2001 was not at any time permitted to make the election
described in Section 3.1(b) (relating to 

  
 41 

 
eligibility for participation for employees who are not new hires) or was permitted to make such election and elected to participate in the Plan but such election was not given effect as a result
of such Employee’s Termination of Employment, such Eligible Employee shall be permitted to elect, in the time and manner prescribed by the Administrator, to either (1) participate in the Plan as of his or her rehire date or
(2) participate in the ComEd Plan or the PECO Plan, as applicable, at the time prescribed therein and have his or her accrued benefit under the ComEd Plan or PECO Plan, as applicable, and related assets transferred to the Plan in the manner
described in Section 3.1(c) (relating to transfer of benefits and assets to Plan). If an Employee makes the election described in clause (1) of the preceding sentence, (a) the applicable Schedule shall apply with respect to the
Participant’s Accrued Frozen Benefit and (b) such Employee shall not be entitled to a Transition Credit. 
 (b)
Rehire Date After Absence of at Least 5 Years. If a Participant who has a vested benefit under the Plan has a Termination of Employment and thereafter is rehired by an Employer, such Participant shall remain a Participant upon his or her
rehire. If an Employee who has a Termination of Employment did not have a vested benefit under the Plan or under either the ComEd Plan or the PECO Plan recommences employment with an Employer after having a Period of Severance of at least five
years, such Employee shall become a Participant as of the date of his or her rehire if he or she is then an Eligible Employee. If an Employee who has a Termination of Employment had a vested benefit under either the ComEd Plan or the PECO Plan
recommences employment with an Employer after having a Period of Severance of at least five years, such Employee shall not be an Eligible Employee and shall not become a Participant upon such recommencement of employment. Notwithstanding the
preceding sentence, if an Employee described in the preceding sentence who first became employed by an Employer prior 

  
 42 

 
to January 1, 2001 was not at any time permitted to make the election described in Section 3.1(b) (relating to eligibility for participation for employees who are not new hires) or was
permitted to make such election and elected to participate in the Plan but such election was not given effect as a result of such Employee’s Termination of Employment, such Eligible Employee shall be permitted to elect, in the time and manner
prescribed by the Administrator, to either (1) participate in the Plan as of his or her rehire date or (2) participate in the ComEd Plan or the PECO Plan, as applicable, at the time prescribed therein and have his or her accrued benefit
under the ComEd Plan or PECO Plan, as applicable, transferred to the Plan in the manner described in Section 3.1(c) (relating to transfer of benefits and assets to Plan). The accrued benefit under the ComEd Plan or the PECO Plan, as applicable,
of an Employee who elects to participate in the Plan shall be transferred to the Plan, along with an appropriate amount of assets, and (a) the applicable Schedule shall apply with respect to the Participant’s Accrued Frozen Benefit and
(b) such Employee shall not be entitled to a Transition Credit. 
 (c) Reestablishment of Cash Balance Account for
Rehired Participant. If a Participant whose Termination of Employment occurs before his or her satisfaction of the Vesting Requirement recommences employment with an Employer and becomes a Participant pursuant to paragraph (a) above, such
Participant’s Cash Balance Account shall be reinstated and credited with Investment Credits for the Participant’s Period of Severance. If a Participant whose Termination of Employment occurs after his or her satisfaction of the Vesting
Requirement receives a complete distribution of his or her benefit under the Plan and subsequently recommences employment with an Employer as an Employee and becomes a Participant pursuant to paragraph (b) above, a new Cash Balance Account
shall be established for such Participant as of such recommencement of employment. Such new Cash Balance 

  
 43 

 
Account shall have an initial balance of zero and shall be credited with Service Credits and Investment Credits solely for the Participant’s period of employment thereafter. 

Section 9.2 Suspension of Benefits. (a) Generally. If a Participant continues employment by an Employer beyond the
Participant’s Normal Retirement Age or, except as provided in paragraph (b) below, if a former Employee again becomes an Employee after his or her Normal Retirement Age, such Participant shall not be entitled to receive any Pension during
such employment. If such a Participant was receiving a Pension, the Participant’s Cash Balance Account as of his or her Pension Starting Date shall be restored and thereafter credited with Service Credits and Investment Credits with respect to
such period of employment and Investment Credits from the Participant’s prior Pension Starting Date to the date the Participant’s Cash Balance Account is so restored. Upon the Participant’s Termination of Employment or subsequent
Termination of Employment, as the case may be, the Participant’s Accrued Benefit shall be the larger of (i) the Participant’s Accrued Benefit as of the first day of the month coinciding with or next following the Participant’s
date of rehire, or Normal Retirement Age, as the case may be, actuarially increased to reflect the later termination date (for purposes of this clause (i), the Investment Credits described in Section 6.1(d) with respect to such period of
employment shall be the actuarial increase to the Participant’s Accrued Benefit), and (ii) the Actuarial Equivalent of the Participant’s Cash Balance Account, and the Accrued Frozen Benefit, as of the Participant’s Termination of
Employment, or subsequent Termination of Employment, as the case may be, reduced in either case by the sum of any Pension previously paid to the Participant plus interest thereon at the rate described in subdivision (3) of Article 2 (relating
to definition of Actuarial Equivalent). 

  
 44 

 (b) Circumstances under which a Rehired Employee’s Pension Payments may
Continue. Notwithstanding paragraph (a) above, a reemployed Participant who is employed under circumstances that satisfy the applicable conditions for continuation of payment of retirement benefits set forth in the Company’s policy
regarding the rehiring of retirees shall not have his or her Pension suspended under this Section nor shall such reemployed Participant be prohibited from commencing his or her Pension if he or she is otherwise eligible to commence such Pension.

 Section 9.3 Employment by Related Entities. If an individual is employed by an entity that is an Affiliate, then any
period of employment by such entity (but only after such entity became an Affiliate) shall be taken into account solely for the purpose of determining when or whether and when such individual is eligible to participate in the Plan under Article 3
(relating to eligibility), measuring such individual’s years of Vesting Service for purposes of the Vesting Requirement and determining when such individual’s Termination of Employment occurs for purposes of Article 7 (relating to
distributions) to the same extent such period would have been taken into account had such employment been with an Employer. 

Section 9.4 Leased Employees. If an individual who performed services as a leased employee (within the meaning of section
414(n)(2) of the Code) of an Affiliate becomes an Employee, or if an Employee becomes such a leased employee, then any period as a leased employee shall be taken into account solely for the purposes of determining whether and when such individual is
eligible to participate in the Plan under Article 3 (relating to eligibility), measuring such individual’s years of Vesting Service for purposes of the Vesting Requirement and determining when such individual’s Termination of Employment
occurs for purposes of Article 7 (relating to distributions) to the same extent such period would have been taken into 

  
 45 

 
account had such service or employment been with an Employer. In addition, any contributions or benefits provided under another plan to such leased employee by his or her leasing organization
shall be treated as provided under this Plan and shall be taken into account under Section 8.1 (relating to statutory limits) to the extent required under Treasury Regulation section 1.415(a)-1(f)(3). This Section shall not apply to any period
during which such a leased employee was covered by a plan described in section 414(n)(5) of the Code and leased employees do not constitute more than 20% of the Employer’s nonhighly compensated work force. Notwithstanding the preceding
sentences, an individual who performed services only as a leased employee prior to January 1, 2001 shall be treated as not performing an Hour of Service prior to January 1, 2001 solely for the purposes of determining whether such
individual qualifies as an Eligible Employee under subdivision (15) of Article 2. 
 Section 9.5 Employees who Become
Eligible Employees as a Result of Ceasing to be Represented by IBEW Local Union 15. If an Employee who, on the day he or she first performed an Hour of Service with an Employer, was a member of a collective bargaining unit represented by IBEW
Local Union 15 and who first became employed by an Employer prior January 1, 2001 later ceases to be a member of a collective bargaining unit represented by IBEW Local Union 15, such Employee shall be permitted to elect, in the time and manner
prescribed by the Administrator, to either (a) continue to participate in the ComEd Plan or (b) participate in this Plan as of the date he or she ceases to be a member of a collective bargaining unit represented by IBEW Local Union 15 and
have his or her accrued benefit under the ComEd Plan and related assets transferred to the Plan in the manner described in Section 3.1(c) (relating to transfer of benefits and assets to Plan). If an Employee who, on the day he or she first
performed an Hour of Service with an Employer, was a member of a collective bargaining unit represented by IBEW 

  
 46 

 
Local Union 15 and who first became employed by an Employer on or after January 1, 2001 and participated in the Exelon Corporation Pension Plan for Bargaining Unit Employees later becomes an
Eligible Employee as a result of ceasing to be a member of a collective bargaining unit represented by IBEW Local Union 15, such Employee shall become a Participant as of the date he or she ceases to be a member of a collective bargaining unit
represented by IBEW Local Union 15 and shall have his or her accrued benefit under the Exelon Corporation Pension Plan for Bargaining Unit Employees and related assets transferred to the Plan. If an Employee who, on the day he or she first performed
an Hour of Service with an Employer, was a member of a collective bargaining unit represented by IBEW Local Union 15 and who first became employed by an Employer on or after January 1, 2001 and who was a participant in the Commonwealth Edison
Company Service Annuity System later becomes a member of a collective bargaining unit represented by IBEW Local Union 15, such Employee shall not become a Participant in this Plan. 

Section 9.6 Employees who Cease to be Eligible Employees as a Result of Becoming Represented by IBEW Local Union 15. If an
Employee ceases to be an Eligible Employee as a result of becoming a member of a collective bargaining unit represented by IBEW Local Union 15 and becomes a participant in the Exelon Corporation Pension Plan for Bargaining Unit Employees or the
Commonwealth Edison Company Service Annuity System, such Employee shall have his or her accrued benefit under this Plan and related assets transferred to the applicable plan. 
 Section 9.7 Change in Employment Status or Transfer to Affiliate. Except as otherwise provided herein, if an Employee who was a Participant transfers employment to or is reemployed by an Employer
or an Affiliate in a job classification with respect to which similarly situated 

  
 47 

 
employees of such Employer or Affiliate are not eligible to participate in the Plan but are instead either eligible to participate in another plan maintained by such Employer or Affiliate or are
not eligible to participate in any plan, then such individual shall upon such transfer or reemployment participate in the plan, if any, determined pursuant to rules established by the Company, which rules may be set forth in a Supplement hereto.

 ARTICLE 10 
 ADMINISTRATION 
 Section 10.1 The Administrator, the Investment
Fiduciary and the Corporate Investment Committee. 
 (a) The Administrator. The Company’s Vice President,
Compensation & Benefits, or such other person or committee appointed by the Chief Human Resources Officer from time to time (such vice president or other person or committee, the “Administrator”), shall be the
“administrator” of the Plan, within the meaning of such term as used in ERISA. In addition, the Administrator shall be the “named fiduciary” of the Plan, within the meaning of such term as used in ERISA, solely with respect to
administrative matters involving the Plan and not with respect to any investment of the Plan’s assets. The Administrator shall have the following duties, responsibilities and rights: 

(i) The Administrator shall have the duty and discretionary authority to interpret and construe this Plan in regard to all
questions of eligibility, the status and rights of Participants, Beneficiaries and other persons under this Plan, and the manner, time, and amount of payment of any distributions under this Plan. The determination of the Administrator with respect
to an Employee’s years of Vesting Service, the amount of the Employee’s Compensation, and any other matter affecting payments under the Plan shall be final and binding. Benefits under the Plan shall be paid to a Participant or Beneficiary
only if the Administrator, in his or her discretion, determines that such person is entitled to benefits. 

  
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 (ii) Each Employer shall, from time to time, upon request of the
Administrator, furnish to the Administrator such data and information as the Administrator shall require in the performance of his or her duties. 
 (iii) The Administrator shall direct the Trustee to make payments of amounts to be distributed from the Trust Fund under Article 7 (relating to distributions). In addition, it shall be the duty of the
Administrator to certify to the Trustee the names and addresses of all Participants, the amounts of all Pensions, the dates of death of Participants and all proceedings and acts of the Administrator necessary or desirable for the Trustee to be fully
informed as to the Pension to be paid out of the Trust Fund. 
 (iv) The Administrator shall have all powers and
responsibilities necessary to administer the Plan, except those powers that are specifically vested in the Investment Fiduciary, the Corporate Investment Committee or the Trustee. 

(v) The Administrator may require a Participant or Beneficiary to complete and file certain applications or forms approved
by the Administrator and to furnish such information requested by the Administrator. The Administrator and the Plan may rely upon all such information so furnished to the Administrator. 

(vi) The Administrator shall be the Plan’s agent for service of legal process and forward all necessary
communications to the Trustee. 
 (b) Removal of Administrator. The Chief Human Resources Officer shall have the right at
any time, with or without cause, to remove the Administrator (including any member of a committee that constitutes the Administrator). The Administrator may resign and the resignation shall be effective upon delivery of the written resignation to
the Chief Human Resources Officer. Upon the resignation, removal or failure or inability for any reason of the Administrator to act hereunder, the Chief Human Resources Officer shall appoint a successor. Any successor Administrator shall have all
the rights, privileges and duties of the predecessor, but shall not be held accountable for the acts of the predecessor. None of the Company, any member of the board of directors of the Company who is not the Chief Human Resources Officer, nor any
other person shall have any responsibility regarding the retention or removal of the Administrator. 

  
 49 

 (c) The Investment Fiduciary. The Company, acting through the Exelon Investment
Office, shall be the Investment Fiduciary and the “named fiduciary” of the Plan, within the meaning of such term as used in ERISA, solely with respect to matters involving the investment of assets of the Plan and, any contrary provision of
the Plan notwithstanding, in all events subject to the limitations contained in section 404(a)(2) of ERISA and all other applicable limitations. The Investment Fiduciary shall have the following duties, responsibilities and rights: 

(i) The Investment Fiduciary shall be the “named fiduciary” for purposes of directing the Trustee as to the
investment of amounts held in the Trust Fund and for purposes of appointing one or more investment managers as described in ERISA. 
 (ii) The Investment Fiduciary shall submit to the Corporate Investment Committee annual manager review results and such other reports and documents as may be necessary for the Corporate Investment
Committee to monitor the activities and performance of the Investment Fiduciary. 
 (iii) Each Employer shall,
from time to time, upon request of the Investment Fiduciary, furnish to the Investment Fiduciary such data and information as the Investment Fiduciary shall require in the performance of its duties. 

(d) The Corporate Investment Committee. The Corporate Investment Committee shall be responsible for overall monitoring of the
performance of the Investment Fiduciary. The Corporate Investment Committee shall have the following duties, responsibilities and rights: 
 (i) The Corporate Investment Committee shall monitor the activities and performance of the Investment Fiduciary and shall review annual manager review results and any other reports and documents submitted
by the Investment Fiduciary. 
 (ii) The Corporate Investment Committee shall have authority to approve asset
allocation recommendations of the Investment Fiduciary, and approve the retention or firing of any investment consultant (but not any investment manager), custodian or trustee, as recommended by the Investment Fiduciary. 

  
 50 

 (iii) The Corporate Investment Committee shall have the right at any time,
with or without cause, to remove one or more employees of the Exelon Investment Office or to appoint another person or committee to act as Investment Fiduciary. Any successor Investment Fiduciary shall have all the rights, privileges and duties of
the predecessor, but shall not be held accountable for the acts of the predecessor. 
 The power and authority of the Corporate Investment
Committee with respect to the Plan shall be limited solely to the monitoring and removal of the Investment Fiduciary and approval of the recommendations specified in clause (ii) above. The Corporate Investment Committee shall have no
responsibility for making investment decisions, appointing or firing investment managers or for any other duties or responsibilities with respect to the Plan, other than those specifically listed herein. 

(e) Status of Administrator, the Investment Fiduciary and the Corporate Investment Committee. The Administrator, any person acting
as, or on behalf of, the Investment Fiduciary, and any member of the Corporate Investment Committee may, but need not, be an Employee, trustee or officer of an Employer and such status shall not disqualify such person from taking any action
hereunder or render such person accountable for any distribution or other material advantage received by him or her under this Plan, provided that no Administrator, person acting as, or on behalf of, the Investment Fiduciary, or any member of the
Corporate Investment Committee who is a Participant shall take part in any action of the Administrator or the Investment Fiduciary on any matter involving solely his or her rights under this Plan. 

(f) Notice to Trustee of Members. The Trustee shall be notified as to the names of the Administrator and the person or persons
authorized to act on behalf of the Investment Fiduciary. 

  
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 (g) Allocation of Responsibilities. Each of the Administrator, the Investment
Fiduciary and the Corporate Investment Committee may allocate their respective responsibilities and may designate any person, persons, partnership or corporation to carry out any of such responsibilities with respect to the Plan. Any such allocation
or designation shall be reduced to writing and such writing shall be kept with the records of the Plan. 
 (h) General
Governance. Each of the Administrator, the Investment Fiduciary and the Corporate Investment Committee may act at a meeting or by written consent approved by a majority of its respective members, as applicable. The Corporate Investment Committee
shall elect one of its members as chairman and appoint a secretary, who may or may not be a member of such Committee. The secretary of the Corporate Investment Committee shall keep a record of all meetings and forward all necessary communications to
the Employers or the Trustee. All decisions of the Corporate Investment Committee shall be made by the majority, including actions taken by written consent. The Administrator, the Investment Fiduciary and the Corporate Investment Committee may adopt
such rules and procedures as it deems desirable for the conduct of its affairs, provided that any such rules and procedures shall be consistent with the provisions of the Plan. 

(i) Indemnification. The Employers hereby jointly and severally indemnify the Administrator, the persons employed in the Exelon
Investment Office, the members of the Corporate Investment Committee, the Chief Human Resources Officer, and the directors, officers and employees of the Employers and each of them, from the effects and consequences of their acts, omissions and
conduct in their official capacity with respect to the Plan (including but not limited to judgments, attorney fees and costs with respect to any and all related claims, subject to the Company’s notice of and right to direct any litigation,
select any counsel or advisor, and 

  
 52 

 
approve any settlement), except to the extent that such effects and consequences result from their own willful misconduct. The foregoing indemnification shall be in addition to (and secondary to)
such other rights such persons may enjoy as a matter of law or by reason of insurance coverage of any kind. 
 (j) No
Compensation. None of the Administrator, any person employed in the Exelon Investment Office nor any member of the Corporate Investment Committee may receive any compensation or fee from the Plan for services as the Administrator, Investment
Fiduciary or a member of the Corporate Investment Committee; provided, however that nothing contained herein shall preclude the Plan from reimbursing the Company or any Affiliate for compensation paid to any such person if such compensation
constitutes “direct expenses” for purposes of ERISA. The Employers shall reimburse the Administrator, the persons employed in the Exelon Investment Office and the members of the Corporate Investment Committee for any reasonable
expenditures incurred in the discharge of their duties hereunder. 
 (k) Employ of Counsel and Agents. The Administrator,
the Investment Fiduciary and the Corporate Investment Committee may employ such counsel (who may be counsel for an Employer) and agents and may arrange for such clerical and other services as each may require in carrying out its respective duties
under the Plan. 
 Section 10.2 Claims Procedure. Any Participant or distributee who believes he or she is entitled to
benefits in an amount greater than those which he or she is receiving or has received may file a claim with the Administrator. Such a claim shall be in writing and state the nature of the claim, the facts supporting the claim, the amount claimed,
and the address of the claimant. The Administrator shall review the claim and, unless special circumstances require an extension 

  
 53 

 
of time, within 90 days after receipt of the claim, give notice to the claimant, either in writing by registered or certified mail or in an electronic notification, of the Administrator’s
decision with respect to the claim. Any electronic notice delivered to the claimant shall comply with the standards imposed by applicable Regulations. If the Administrator determines that special circumstances require an extension of time for
processing the claim, the claimant shall be so advised in writing within the initial 90-day period and in no event shall such an extension exceed 90 days. The extension notice shall indicate the special circumstances requiring an extension of time
and the date by which the Administrator expects to render the benefit determination. The notice of the decision of the Administrator with respect to the claim shall be written in a manner calculated to be understood by the claimant and, if the claim
is wholly or partially denied, the Administrator shall notify the claimant of the adverse benefit determination and shall set forth the specific reasons for the adverse determination, the references to the specific Plan provisions on which the
determination is based, a description of any additional material or information necessary for the claimant to perfect the claim, an explanation of why such material or information is necessary, and a description of the claim review procedure under
the Plan and the time limits applicable to such procedures, including a statement of the claimant’s right (subject to the limitations described in Section 13.11 (relating to statute of limitations for actions under the Plan) and 13.12
(relating to forum for legal actions under the Plan)) to bring a civil action under section 502 of ERISA following an adverse benefit determination on review. The Administrator shall also advise the claimant that the claimant or the claimant’s
duly authorized representative may request a review by the Chief Human Resources Officer (or such other officer designated from time to time by the Chief Human Resources Officer) of the adverse benefit determination by filing with such officer,
within 60 days after receipt of a notification of an 

  
 54 

 
adverse benefit determination, a written request for such review. The claimant shall be informed that, within the same 60-day period, he or she (a) may be provided, upon request and free of
charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant’s claim for benefits and (b) may submit to the officer written comments, documents, records and other information relating
to the claim for benefits. If a request is so filed, review of the adverse benefit determination shall be made by the officer within, unless special circumstances require an extension of time, 60 days after receipt of such request, and the claimant
shall be given written notice of the officer’s final decision. If the officer determines that special circumstances require an extension of time for processing the claim, the claimant shall be so advised in writing within the initial 60-day
period and in no event shall such an extension exceed 60 days. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the officer expects to render the determination on review. The review
of the officer shall take into account all comments, documents, records and other information submitted by the claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit
determination. The notice of the final decision shall include specific reasons for the determination and references to the specific Plan provisions on which the determination is based and shall be written in a manner calculated to be understood by
the claimant. 
 Section 10.3 Notices to Participants, Etc. All written notices, reports and statements given, made,
delivered or transmitted to a Participant or Beneficiary or any other person entitled to or claiming benefits under the Plan shall be deemed to have been duly given, made or transmitted when mailed by first class mail with postage prepaid and
addressed to the Participant or Beneficiary or such other person at the address last appearing on the records of the 

  
 55 

 
Administrator. A Participant or Beneficiary or other person may record any change of his or her address from time to time by written notice filed with the Administrator. 

Section 10.4 Responsibility to Advise Administrator of Current Address. Each person entitled to receive a payment under the Plan
shall file with the Administrator in writing his or her complete mailing address and each change therein. A check or communication mailed to any person at his or her address on file with the Administrator shall be deemed to have been received by
such person for all purposes of the Plan, and neither the Administrator, the Employers nor the Trustee shall be obliged to search for or ascertain the location of any person. If the Administrator shall be in doubt as to whether payments are being
received by the person entitled thereto, it shall, by registered mail addressed to the person concerned at his or her last address known to the Administrator, notify such person that all future Pension payments will be withheld until such person
submits to the Administrator evidence of his or her continued life and his or her proper mailing address. 
 Section 10.5
Notices to Employers or Administrator. Written directions, notices and other communications from Participants or Beneficiaries or any other persons entitled to or claiming benefits under the Plan to the Employers or the Administrator shall be
deemed to have been duly given, made or transmitted either when delivered to such location as shall be specified upon the form prescribed by the Administrator for the giving of such directions, notices and other communications or when mailed by
first class mail with postage prepaid and addressed to the addressee at the address specified upon such forms. 
 Section 10.6
Responsibility to Furnish Information and Sign Documents. Each person entitled to a payment under the Plan shall furnish such information and data, including birth 

  
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certificates or other evidence of age satisfactory to the Administrator, and sign such documents as may reasonably be requested by the Administrator or the Trustee in connection with the
administration of the Plan. 
 Section 10.7 Records. Each of the Administrator, the Investment Fiduciary and the
Corporate Investment Committee shall keep a record of all of their respective proceedings, if any, and shall keep or cause to be kept all books of account, records and other data as may be necessary or advisable in their respective judgment for the
administration of the Plan, the administration of the investments of the Plan or the monitoring of the investment activities of the Plan, as applicable. 
 Section 10.8 Actuary to be Employed. The Company or the Investment Fiduciary shall engage an actuary to do such technical and advisory work as the Company or the Investment Fiduciary may request,
including analyses of the experience of the Plan from time to time, the preparation of actuarial tables for the making of computations thereunder, and the submission to the Company or the Investment Fiduciary of an annual actuarial report, which
report shall contain information showing the financial condition of the Plan, a statement of the contributions to be made by the Employers for the ensuing year, and such other information as may be requested by the Company or the Investment
Fiduciary. 
 Section 10.9 Funding Policy. The Company shall establish a funding policy and method consistent with the
objectives of the Plan and the requirements of Title I of ERISA and shall communicate such policy and method, and any changes in such policy and method, to the Investment Fiduciary. 

  
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 Section 10.10 Electronic Media. Notwithstanding any provision of the Plan to the
contrary and for all purposes of the Plan, to the extent permitted by the Administrator and any applicable law or Regulation, the use of electronic technologies shall be deemed to satisfy any written notice, consent, delivery, signature, disclosure
or recordkeeping requirement under the Plan, the Code or ERISA to the extent permitted by or consistent with applicable law and Regulations. Any transmittal by electronic technology shall be deemed delivered when successfully sent to the recipient,
or such other time specified by the Administrator. 
 Section 10.11 Correction of Error. If it comes to the attention of
the Administrator that an error has been made in the amount of benefits payable, or paid, to any Participant or Beneficiary under the Plan, the Administrator shall be permitted to correct such error by whatever means that the Administrator, in its
sole discretion determines, including by offsetting future benefits payable to the Participant or Beneficiary or requiring repayment of benefits to the Plan, except that no adjustment need be made with respect to any Participant or Beneficiary whose
benefit has been distributed in full prior to the discovery of such error. 
 ARTICLE 11 

PARTICIPATION BY OTHER EMPLOYERS 
 Section 11.1 Adoption of Plan. With the consent of the Company, any entity may become a participating Employer under the Plan with respect to all or a designated group of its employees by taking
such action as shall be necessary or desirable to adopt the Plan and executing and delivering such instruments as may be necessary or desirable to put the Plan into effect with respect to such entity. 

Section 11.2 Withdrawal from Participation. Any Employer shall terminate its participation in the Plan at any time, under such
circumstances as the Company may provide, by 

  
 58 

 
delivering to the Company a duly certified copy of a resolution of its board of directors (or other governing body) to that effect, or by ceasing to be a member of the same controlled group as
the Company (within the meaning of section 1563(a) of the Code). 
 Section 11.3 Company and Administrator as Agent for
Employers. Each entity which shall become a participating Employer pursuant to Section 11.1 (relating to adoption of the Plan) or Article 12 (relating to continuance by a successor) by so doing shall be deemed to have appointed the Company
and the Administrator its agent to exercise on its behalf all of the powers and authorities hereby conferred upon the Company and the Administrator by the terms of the Plan, including, but not by way of limitation, the power to amend and terminate
the Plan. The authority of the Company and the Administrator to act as such agent shall continue unless and until the portion of the Trust held for the benefit of Employees of the particular Employer and their Beneficiaries is set aside in a
separate trust as provided in Section 15.2 (relating to establishment of separate plan). 
 ARTICLE 12 

CONTINUANCE BY A SUCCESSOR 
 In the event that an Employer is reorganized by way of merger, consolidation, transfer of assets or otherwise, so that another entity succeeds to all or substantially all of the Employer’s business,
such successor entity may be substituted for the Employer under the Plan by adopting the Plan and becoming a party to the Trust agreement. If, within 90 days following the effective date of any such reorganization, such successor entity shall not
have elected to become a party to the Plan, or if the Employer adopts a plan of complete liquidation other than in connection with a reorganization, the Plan shall be automatically terminated with respect to Employees of such Employer as of the
close of business on the 90th day following the effective date of such 

  
 59 

 
reorganization or as of the close of business on the date of adoption of such plan of complete liquidation, as the case may be. If such successor entity is substituted for the Employer by
electing to become a party to the Plan as described above, then, for all purposes of the Plan, employment with such successor entity and compensation paid by such successor entity shall be considered to be employment with, and Compensation paid by,
an Employer. 
 ARTICLE 13 
 MISCELLANEOUS 
 Section 13.1 Expenses. The expenses of the Trustee
in the administration of the Trust Fund, including compensation, if any, to the Trustee for its services, shall be paid by the Company or the Employers. All costs and expenses incurred in the operation of the Trust Fund, to the extent not described
in the preceding sentence, and all costs and expenses incurred in the operation of the Plan or the Trust Fund, as applicable, including, but not limited to, “direct expenses” incurred in administering the Plan and the Trust Fund (including
compensation paid to any employee of an Employer or an Affiliate who is engaged in the administration of the Plan or the Trust Fund), the expenses of the Administrator, the Investment Fiduciary and the Corporate Investment Committee, the fees of
counsel and any agents for the Trustee, the Administrator, the Investment Fiduciary or the Corporate Investment Committee, and the fees of investment managers that manage assets of the Trust Fund, as applicable, shall be paid by the Trustee from the
Trust Fund in such proportion as the Investment Fiduciary, in its sole discretion, shall determine, to the extent such expenses are not paid by the Employers and to the extent permitted under ERISA, Regulations and other applicable laws.
Notwithstanding the foregoing, the Administrator or the Investment Fiduciary may authorize an Employer to act as an agent of the Plan to pay any expenses, and the Employer shall be reimbursed from the Trust Fund for such payments. 

  
 60 

 Section 13.2 Non-Assignability. (a) In General. It is a condition of the
Plan, and all rights of each Participant and Beneficiary shall be subject thereto, that no right or interest of any Participant or Beneficiary in the Plan shall be assignable or transferable in whole or in part, either directly or by operation of
law or otherwise, including, but not limited to, by way of limitation, execution, levy, garnishment, attachment, pledge or bankruptcy, but excluding devolution by death or mental incompetency, and no right or interest of any Participant or
Beneficiary in the Plan shall be liable for, or subject to, any obligation or liability of such Participant or Beneficiary, including claims for alimony or the support of any Spouse. 

(b) Exception for Qualified Domestic Relations Orders. Notwithstanding any provision of the Plan to the contrary, if a
Participant’s Accrued Benefit under the Plan, or any portion thereof, shall be the subject of one or more Qualified Domestic Relations Orders, such Accrued Benefit or portion thereof shall be paid to the person and at the time and in the manner
specified in any such order. The Administrator or its agent, in its sole discretion, shall determine whether any order constitutes a Qualified Domestic Relations Order under this paragraph (b). A domestic relations order shall not fail to constitute
a Qualified Domestic Relations Order under this paragraph (b) solely because such order provides for immediate payment to an alternate payee of the portion of the Participant’s Accrued Benefit assigned to the alternate payee under the
terms of such order. 
 Section 13.3 Employment Non-Contractual. Neither this Plan nor any action taken by the
Administrator or the Investment Fiduciary confers any right upon an Employee to continue in employment with any Employer. 

  
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 Section 13.4 Limitation of Rights. A Participant or distributee shall have no right,
title or claim in or to any specific asset of the Trust Fund, but shall have the right only to distributions from the Trust Fund on the terms and conditions he or she herein provided. Neither this Plan nor any action taken by the Administrator or
the Investment Fiduciary shall obligate any Employer to make contributions to the Trust in excess of the contributions authorized by the board of directors of the Company or create any liability on an Employer for the payment of Pensions under this
Plan. 
 Section 13.5 Merger or Consolidation with Another Plan. A merger or consolidation with, or transfer of assets or
liabilities to, any other plan shall not be effected unless the terms of such merger, consolidation or transfer are such that each Participant, distributee, Beneficiary or other person entitled to receive benefits from the Plan would, if the Plan
were to terminate immediately after the merger, consolidation or transfer, receive a benefit equal to or greater than the benefit such person would be entitled to receive if the Plan were to terminate immediately before the merger, consolidation, or
transfer. 
 Section 13.6 Construction. (a) General. Wherever used in the Plan, words in the masculine gender
shall include masculine or feminine gender, and, unless the context otherwise requires, words in the singular shall include the plural, and words in the plural shall include the singular. All references to employment or the rehire or termination
thereof shall refer to employment by any and all Employers, and to the extent provided herein, and, to the extent required by Section 3.2 (relating to transfers to affiliates) and Section 9.3 (relating to employment by related entities),
any and all Affiliates, unless the context requires otherwise. 

  
 62 

 (b) Definition of “Highly Compensated Employee”. Wherever applicable for
purposes of satisfying legal requirements applicable to the Plan, the term “highly compensated employee” shall mean any Employee who performs service in the determination year and who (a) is a 5%-owner (as determined under section
416(i)(1)(A)(iii) of the Code) at any time during the Plan Year or the preceding Plan Year or (b) both (1) is paid compensation in excess of $80,000 (as adjusted for increases in the cost of living in accordance with section
414(q)(1)(B)(ii) of the Code) from an Employer for the preceding Plan Year, and (2) is in the group of employees consisting of the top 20% of the employees of the Employer and its Affiliates when ranked on the basis of compensation paid during
such preceding Plan Year. 
 Section 13.7 Applicable Law. Except to the extent preempted by applicable federal law or
otherwise provided under the terms of the Plan, the Plan and all rights hereunder shall be governed by and construed in accordance with the laws of the State of Illinois. 
 Section 13.8 Severability. If a provision of the Plan shall be held illegal or invalid, the illegality or invalidity shall not affect the remaining parts of the Plan and the Plan shall be construed
and enforced as if the illegal or invalid provision had not been included in the Plan. 
 Section 13.9 No Guarantee. None
of the Administrator, the Investment Fiduciary, the Corporate Investment Committee, the Employers, nor the Trustee in any way guarantees the Trust from loss or depreciation nor the payment of any money that may be or become due to any person from
the Trust Fund or pursuant to the Plan. Nothing herein contained shall be deemed to give any Participant, distributee, or Beneficiary an interest in any specific part of the Trust Fund or any other interest, right or claim except the right to
receive benefits out of the Trust Fund in accordance with the provisions of the Plan and the Trust Fund. 

  
 63 

 Section 13.10 Military Service. Notwithstanding any provision of the Plan to the
contrary, contributions, benefits and Service with respect to Military Service shall be provided in accordance with section 414(u) of the Code. 
 Section 13.11 Statute of Limitations for Actions under the Plan. Except for actions to which the statute of limitations prescribed by section 413 of ERISA applies, (a) no legal or equitable
action relating to a claim for benefits under section 502 of ERISA may be commenced later than one year after the claimant receives a final decision from the Chief Human Resources Officer (or such other officer designated from time to time by the
Chief Human Resources Officer) in response to the claimant’s request for review of the adverse benefit determination and (b) no other legal or equitable action involving the Plan may be commenced later than two years from the time the
person bringing an action knew, or had reason to know, of the circumstances giving rise to the action. This provision shall not be interpreted to extend any otherwise applicable statute of limitations, nor to bar the Plan or its fiduciaries from
recovering overpayments of benefits or other amounts incorrectly paid to any person under the Plan at any time or bringing any legal or equitable action against any party. 
 Section 13.12 Forum for Legal Actions under the Plan. Any legal action involving the Plan that is brought by any Participant, any Beneficiary or any other person shall be litigated in the federal
courts located in the Northern District of Illinois or the Eastern District of Pennsylvania, whichever is most convenient, and no other federal or state court. 
 Section 13.13 Legal Fees. Any award of legal fees in connection with an action involving the Plan shall be calculated pursuant to a method that results in the lowest amount of fees being paid,
which amount shall be no more than the amount that is reasonable. In no event 

  
 64 

 
shall legal fees be awarded for work related to (a) administrative proceedings under the Plan, (b) unsuccessful claims brought by a Participant, Beneficiary or any other person, or
(c) actions that are not brought under ERISA. In calculating any award of legal fees, there shall be no enhancement for the risk of contingency, nonpayment or any other risk nor shall there be applied a contingency multiplier or any other
multiplier. In any action brought by a Participant, Beneficiary or any other person against the Plan, the Administrator, any member of the Exelon Investment Office, any member of the Corporate Investment Committee, the Chief Human Resources Officer,
any Plan fiduciary, the Company, its affiliates or their respective officers, directors, employees, or agents (the “Plan Parties”), legal fees of the Plan Parties in connection with such action shall be paid by the Participant, Beneficiary
or other person bringing the action, unless the court specifically finds that there was a reasonable basis for the action. 

ARTICLE 14 

TOP-HEAVY PLAN REQUIREMENTS 
 Section 14.1 Top-Heavy Plan Determination. If as of the determination date (as hereinafter defined) for any Plan Year the aggregate present value of (i) the accrued benefits under the Plan and
under all other defined benefit plans in the aggregate group (as hereinafter defined) and (ii) the aggregate account balances under all defined contribution plans in such aggregation group, in each case with respect to all participants in such
plans who are key employees (as defined in section 416(i) of the Code) for such Plan Year, exceeds 60% of the aggregate present value of accrued benefits and the account balances of all participants in all such plans as of the determination date,
then the Plan shall be a top-heavy plan for such Plan Year and the requirements of Sections 14.3 (relating to minimum benefits for top-heavy years) and 14.4 (relating to top-heavy vesting requirements) shall be applicable for such Plan Year as of
the first day thereof. If the Plan shall be a top-heavy plan for any Plan Year, such requirements 

  
 65 

 
shall not be applicable for such subsequent Plan Year except to the extent provided in Section 14.3 (relating to minimum benefits for top-heavy years). 

Section 14.2 Definitions and Special Rules. (a) Definitions. For purposes of this Article, the following definitions
shall apply: 
 (i) Determination Date. The determination date for all plans in the aggregation group
shall be the last day of the preceding plan year, and the valuation date applicable to a determination date shall be (a) in the case of a defined contribution plan, the date as of which account balances are determined that is coinciding with or
immediately precedes the determination date, and (b) in the case of a defined benefit plan, the date as of which the most recent actuarial valuation for the plan year that includes the determination date is prepared, except that if any such
plan specifies a different determination or valuation date, such different date shall be used with respect to such plan. 
 (ii) Aggregation Group. The aggregation group shall consist of (a) each plan of an Employer in which a key employee is a participant, (b) each other plan that enables such a plan to be
qualified under section 401(a) of the Code, and (c) any other plans of an Employer that the Company designates as part of the aggregation group. 
 (iii) Key Employee. Key employee shall have the meaning set forth in section 416(i) of the Code. 
 (iv) Top-Heavy Compensation. Top-heavy compensation shall have the meaning set forth in section 1.415(c)-2 of the Treasury Regulations. 

(b) Special Rules. For the purpose of determining the accrued benefit or account balance of a participant, the accrued benefit or
account balance of any person who has not been actively at work with an Employer at any time during the one-year period ending on the determination date shall not be taken into account pursuant to this Section, and any person who received a
distribution from a plan (including a plan that has terminated) in the aggregation group during the one-year period ending on the determination date shall be treated as a participant in such plan, and any such distribution shall be included in such
participant’s account balance or accrued benefit, as the case may be; provided, however, that in the case of a 

  
 66 

 
distribution made for a reason other than a Participant’s severance from employment, death or disability, this sentence shall be applied by substituting “five-year period” for
“one-year period”. 
 Section 14.3 Minimum Benefit for Top-Heavy Years. (a) The Pension to which a
Participant is entitled at Normal Retirement Age under Section 7.2 (relating to form of distribution) shall in no event be less than two percent of the Participant’s highest average compensation (as hereinafter defined) multiplied by the
number of the Participant’s years of Vesting Service, determined as provided below, not in excess of ten. For purposes of this Section, (i) a Participant’s years of Vesting Service shall mean his or her years of Vesting Service but
excluding any year of Vesting Service completed in a Plan Year for which the Plan was not a top-heavy plan, and (ii) a Participant’s highest average compensation shall be the annual average of his or her top heavy compensation for the
period of consecutive calendar years not exceeding 5 during which the Participant’s top heavy compensation was the greatest, except that calendar years after the last Plan Year for which the Plan was top-heavy shall be disregarded. 

(b) The provisions of paragraph (a) of this Section shall not apply with respect to a Participant if, for each year in which the
Plan is a top-heavy plan, (i) the eligible employee’s Employer also maintains a defined contribution plan which is included in the aggregation group for such year and (ii) under such plan, contributions made and forfeitures allocated
to each eligible employee (other than key employees) equal 5% of such Participant’s top heavy compensation for each Plan Year the Plan is top-heavy. 
 Section 14.4 Top-Heavy Vesting Requirements. If a Participant’s Termination of Employment shall occur during a Plan Year for which a Plan is a top-heavy plan as defined in section 416(i) of
the Code and after the Participant shall have completed at least three years of 

  
 67 

 
Vesting Service, the Participant shall be deemed to have satisfied the Vesting Requirement and shall be entitled to the Pension described in Section 7.2 (relating to form of distribution).

 ARTICLE 15 
 AMENDMENT, ESTABLISHMENT OF SEPARATE 
 PLAN AND TERMINATION

 Section 15.1 Amendment. The board of directors of the Company (or a committee thereof) may at any time and from
time to time amend or modify this Plan in any manner deemed by the board of directors of the Company to be necessary or desirable, provided, however, that in the case of any amendment or modification that would not result in an aggregate annual cost
to the Company of more than $50,000,000, the Plan may be amended or modified by action of the Chief Human Resources Officer (with the consent of the Chief Executive Officer in the case of a discretionary amendment or modification expected to result
in an increase in annual expense or liability account balance exceeding $250,000) or another executive officer holding title of equivalent or greater. Any such amendment or modification shall become effective on such date as the board (or committee
thereof) or executive shall determine and may apply to Participants in this Plan at the time thereof as well as to future Participants, provided, however, that, unless permitted by applicable law, no such amendment or modification which reduces the
basis for the computation of Pensions shall be retroactive as to service prior to the date of such amendment or modification. 

Section 15.2 Establishment of Separate Plan. If an Employer shall withdraw from this Plan under Section 11.2 (relating to
withdrawal from participation), the Investment Fiduciary shall determine the portion of the Trust Fund held by the Trustee which is applicable to the Participants of such Employer and direct the Trustee to segregate such portion in a separate trust.

  
 68 

 
Such separate trust shall thereafter be held and administered as a part of the separate plan of such Employer. 
 Section 15.3 Termination of the Plan by an Employer. The Company may at any time, by resolution adopted by its board of directors, terminate this Plan in its entirety. In addition, any Employer may
at any time terminate its participation in this Plan by resolution adopted by its board of directors to that effect. Contributions of an Employer to the Plan are conditioned on the receipt from the Internal Revenue Service of an initial favorable
determination letter that this Plan and the Trust Fund as adopted by the Company meets the requirements of section 401(a) of the Code and that the Trust Fund is exempt from tax under section 501(a) of the Code, and if the Internal Revenue Service
shall refuse to issue such letter, any Employer may terminate its participation in this Plan and direct the Trustee to pay and deliver to that Employer the portion of the Trust Fund applicable to its contributions. 

Section 15.4 Vesting and Distribution Upon Termination or Partial Termination. Upon termination or partial termination of the
Plan, the benefit as of the date of termination or partial termination, as the case may be, of all affected Participants shall be fully vested; provided, however, that full vesting shall be required with respect to a termination or partial
termination only to the extent the Plan is then funded. 
 Allocation and distribution of the terminated portion of the Trust
Fund shall thereafter be made in accordance with the applicable requirements of ERISA and the Code and with any applicable approval of the Pension Benefit Guaranty Corporation (the “PBGC”). If the Administrator is notified by PBGC that
PBGC is unable to determine that the Trust Fund is sufficient to discharge when due all obligations of the Plan with respect to benefits guaranteed by 

  
 69 

 
PBGC pursuant to section 4022 of ERISA, then the allocation and distribution of such portion of the Trust Fund shall be made only under the direction of PBGC or a United States district court
pursuant to section 4044 of ERISA. 
 In the event that, after the termination of the Plan, any assets remain after such
allocation, such assets shall be paid to the Company. The portion of the assets allocated to provide benefits to any person or group of persons may be applied for the benefit of such person or persons by the distribution of cash, continuance of the
Trust Fund, establishment of a new Trust Fund, purchase of annuities from an insurance company, or otherwise, as determined by the Investment Fiduciary in its sole discretion; provided, however, that the benefit of any Participant or former
Participant who is married and has satisfied the Vesting Requirement shall, unless such person shall elect otherwise, be paid in the form set forth in Section 7.2(b) (relating to manner of distribution with respect to married Participants) and,
if the surviving Spouse of a deceased Participant or deceased former Participant is entitled to receive a benefit pursuant to Section 7.2(b) (relating to manner of distribution with respect to married Participants) or Section 7.3 (relating
to pre-retirement death benefits), as the case may be, such benefit shall, unless such person shall elect otherwise, be paid in the form set forth therein. 
 Contributions of an Employer to the Plan are conditioned on the receipt from the Internal Revenue Service of an initial favorable determination letter that the Plan and Trust Fund as adopted by the
Company meet the requirements of section 401(a) of the Code and that the Trust Fund is exempt from tax under section 501(a) of the Code, and, in the event that the Internal Revenue Service shall refuse to issue such letter, the Company may terminate
the Plan and shall direct the Trustee to pay and deliver the Trust Fund to the Company. 

  
 70 

 Section 15.5 Trust Fund to Be Applied Exclusively for Participants and Their
Beneficiaries. Subject only to the provisions of Section 4.2 (relating to limitation on contributions) and 15.4 (relating to vesting and distribution upon termination or partial termination), and any other provision of the Plan to the
contrary notwithstanding, it shall be impossible for any part of the Trust Fund to be used for or diverted to any purpose not for the exclusive benefit of Participants and their beneficiaries and the payment of expenses in accordance with
Section 13.1 (relating to expenses) either by operation or termination of the Plan, power of amendment or otherwise. 

  
 71 

 IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its duly
authorized officer on this      day of December, 2010. 
  

			
	EXELON CORPORATION
		
	By	 	  

		 	Chief Human Resources Officer

  

			
	ATTEST:
	
	  

		
	Title	 	  

  
 72 

 Exhibit A 
 Incentive Pay Plans 
 Exelon Corporation Annual Incentive Award Plan (or the
equivalent cash incentive award program applicable to employees in salary band VII or higher) 
 Exelon Corporation Quarterly Incentive Award
Program 

 Table T 

Transition Credit Factors 
  

							
	 Age on 12/31/2001
	  	Percentage	  	Age on 12/31/2001	  	Percentage
	<31	  	2.0	  	41	  	4.6
	31	  	2.4	  	42	  	4.7
	32	  	2.8	  	43	  	4.8
	33	  	3.2	  	44	  	4.9
	34	  	3.6	  	45	  	5.0
	35	  	4.0	  	46	  	5.2
	36	  	4.1	  	47	  	5.4
	37	  	4.2	  	48	  	5.6
	38	  	4.3	  	49	  	5.8
	39	  	4.4	  	50+	  	6.0
	40	  	4.5	  		  	

 SCHEDULE A 
 PROVISIONS APPLICABLE TO 
 ACCRUED FROZEN BENEFIT 

UNDER THE COMMONWEALTH EDISON COMPANY 
 SERVICE ANNUITY SYSTEM 
  

	1.	APPLICATION 

 This Schedule shall apply only to a
Participant who elects to participate in the Plan pursuant to Section 3.1(b) of the Plan (relating to eligibility for participation for employees other than new hires) or Section 9.1 of the Plan (relating to recommencement of employment by
terminated employee) and whose accrued benefit under the ComEd Plan is transferred to the Plan pursuant to Section 3.1(c) of the Plan (relating to transfer of benefits and assets to Plan) or Section 9.1 of the Plan. The provisions of this
Schedule shall govern with respect to all matters relating to such a Participant’s Accrued Frozen Benefit. 
  

	2.	DEFINED TERMS 

 For purposes of this Schedule A,
capitalized terms used herein shall have their respective meanings set forth in the Plan, except that the following words and phrases shall have the following respective meanings when capitalized unless the context clearly indicates otherwise:

  

	 	A.	Accrued Frozen Benefit. The amount payable with respect to a Participant’s accrued benefit under the ComEd Plan determined as of December 31, 2001
commencing on the first day of the month coinciding with or next following a Participant’s Schedule A Normal Retirement Age, determined as if such amount were payable in the form of a single life annuity for the life of the Participant.

  

	 	B.	Child. A Participant’s natural child born prior to the Participant’s Pension Starting Date or a child adopted by a Participant prior to the
Participant’s Pension Starting Date. 

  

	 	C.	Consumer Price Index. The United States Bureau of Labor Statistics Consumer Price Index (U.S. City Average 1967 = 100). Such term shall also mean such index as
it may from time to time be changed or, if it shall be discontinued, the most nearly comparable index, appropriately adjusted to yield results comparable with those which would have been produced if the index as defined in the preceding sentence had
been used, as determined by the Investment Fiduciary. 

  

	 	D.	 Credited Service. A Participant’s Credited Service includes the Participant’s “credited service” as of the date he or she
becomes a Participant, determined in accordance with the provisions of the ComEd Plan as in effect on such date, and the period beginning on the date the Participant becomes a Participant during which the Participant shall have been an Employee,
including, (a) any period 

  
 1 

	 	 
during which the Participant is in Military Service, provided that the Participant returns to the employ of an Employer within the period prescribed by laws relating to the reemployment rights of
persons in Military Service, (b) any period for which back pay is awarded to the Participant and pursuant to which award the Participant is required to receive credited service under the Plan, (c) the period following Termination of
Employment on account of a total and permanent disability during which the Participant is receiving benefits under any Employer’s long term disability plan and (d) as and to the extent provided by resolutions of the board of directors of
the Company, (i) any period of employment by Affiliates or other companies, and (ii) any period of authorized absence from such employment or from employment as an Eligible Employee. A Participant’s periods of Credited Service before
and after a Period of Severance that is not included in the Participant’s Credited Service pursuant to the preceding sentences shall be aggregated only if (i) the Participant completes at least one year of Credited Service after such
period of absence and (ii) the number of years of such Period of Severance is less than five. 

  

	 	E.	Dependent Minor Child. A Child who, as of the time of the Participant’s retirement or death, is under the age of 21 and qualifies as a dependent of the
Participant within the meaning of Section 152 of the Code. 

  

	 	F.	Dependent Disabled Child. A Child who, as of the time of the Participant’s retirement or death, has a permanent physical or mental disability, as certified
by the medical director of the Company or by such other licensed physician designated by the Administrator, that causes such Child to be unable to engage in substantial gainful employment, and is a dependent of the Participant within the meaning of
Section 152 of the Code (determined by disregarding any age limitation contained in Section 152 of the Code). 

  

	 	G.	Early Retirement Date. The date on which a Participant completes at least ten years of Credited Service and attains at least age 50. 

 

	 	H.	Schedule A Actuarial Factors. The table specified by the Commissioner of Internal Revenue for purposes of section 417(e)(3) of the Code (which, as of the
Effective Date, is the 1983 Group Annuity (unisex) Mortality Table (50% male, 50% female)) in effect on the date a determination hereunder occurs and an interest rate assumption using the “applicable interest rate” as defined in section
417(e)(3) of the Code for the month of November of the Plan Year immediately preceding the Plan Year in which a determination hereunder occurs. 

  

	 	I.	Schedule A Normal Retirement Age. A Participant’s 65th birthday. 

 

	3.	SPECIAL RULES REGARDING COMPUTATION OF BENEFIT 

  

	 	A.	Factors to Calculate Pension Paid Before Schedule A Normal Retirement Age 

 

	 	1.	 Pension Starting Date on or After Early Retirement Date and Prior to Schedule A Normal Retirement Age. The Pension attributable to the

  
 2 

	 	 
Accrued Frozen Benefit of a Participant whose Termination of Employment occurs on or after his or her Early Retirement Date and whose Pension commences prior to his or her Schedule A Normal
Retirement Age shall be computed by multiplying such Participant’s Accrued Frozen Benefit by the applicable factor from Table B-1. 

  

	 	2.	Pension Starting Date After Attainment of Age 60 but Prior to Early Retirement Date. The Pension attributable to the Accrued Frozen Benefit of a Participant
whose Pension Starting Date occurs on or after such Participant’s attainment of age 60 but prior to such Participant’s attainment of his or her Early Retirement Date shall be such Participant’s Accrued Frozen Benefit without any
actuarial reduction. 

  

	 	3.	Pension Starting Date After Completion of Ten Years of Credited Service but Prior to Attainment of Age 60. The Pension attributable to the Accrued Frozen Benefit
of a Participant whose Pension Starting Date occurs prior to such Participant’s attainment of age 60 and prior to his or her attainment of his or her Early Retirement Date, but after the Participant has completed at least ten years of Credited
Service, shall be (a) if the Participant’s Pension Starting Date occurs on or after his or her attainment of age 50, the amount determined by multiplying such Participant’s Accrued Frozen Benefit by the applicable factor in Table F
and (b) if the Participant’s Pension Starting Date occurs prior to his or her attainment of age 50, the amount determined by actuarially reducing the Participant’s Accrued Frozen Benefit using the factors in Table F to reduce the
Accrued Frozen Benefit from age 60 to age 50 and using the Schedule A Actuarial Factors to reduce the Accrued Frozen Benefit to the Participant’s Pension Starting Date. 

 

	 	4.	Pension Starting Date Prior to Attainment of Age 60 and Prior to Completion of Ten Years of Credited Service. The Pension attributable to the Accrued Frozen
Benefit of a Participant whose Pension Starting Date occurs prior to such Participant’s attainment of age 60 and prior to such Participant’s completion of ten years of Credited Service shall be computed by reducing the Participant’s
Accrued Frozen Benefit by using the Schedule A Actuarial Factors to reduce the Accrued Frozen Benefit to the Pension Starting Date. 

  

	 	B.	Distribution with Respect to Married Participants. Notwithstanding Section 7.2(b) of the Plan, if a Participant will receive his or her Accrued Benefit in
the form of a Qualified Joint and Survivor Annuity, the payments attributable to the Participant’s Accrued Frozen Benefit shall be calculated and paid as follows: 

 

	 	1.	 Pension Starting Date After Attainment of Age 50. Annuity payments will be made during the Participant’s lifetime in an amount equal to the
annual Accrued Frozen Benefit the Participant would have received if the Participant’s Accrued Frozen Benefit were payable in the form of a single 

  
 3 

	 	 
life annuity for the Participant’s lifetime reduced by the product of (i) 50% of the annual amount of Accrued Frozen Benefit the Participant would have received if the
Participant’s Accrued Frozen Benefit were payable in the form of a single life annuity for the Participant’s lifetime multiplied by (ii) 40% of the applicable factor set forth in Table D. 

Thereafter, if the Participant’s Spouse shall survive the Participant, such Spouse shall receive during the remainder of the
Spouse’s lifetime an annual amount, payable monthly, equal to 50% of the annual amount the Participant would have received if the Participant’s Accrued Frozen Benefit were payable as a single life annuity for the Participant’s
lifetime. 
 If the Participant survives the Spouse, such Participant shall receive during the remainder of the
Participant’s lifetime an annual amount payable monthly equal to the annual amount the Participant would have received if the Participant’s Frozen Benefit were payable as a single life annuity for the Participant’s lifetime.

  

	 	2.	Pension Starting Date Prior to Attainment of Age 50. Annuity payments will be made during the Participant’s lifetime in an amount equal to the annual
Accrued Frozen Benefit the Participant would have received if the Participant’s Accrued Frozen Benefit were payable in the form of a single life annuity for the Participant’s lifetime multiplied by (i) an applicable factor determined
by using the Schedule A Actuarial Factors. 

 Thereafter, if the Participant’s Spouse shall survive the
Participant, such Spouse shall receive during the remainder of the Spouse’s lifetime an annual amount, payable monthly, equal to 50% of the annuity payment prior to the Participant’s death. 

If the Participant survives the Spouse, the monthly annuity will continue to be paid without any further adjustments during the remainder
of the Participant’s lifetime. 
  

	 	C.	 Post Retirement Adjustments. If a Participant’s Pension Starting Date occurs on or after his or her 50th birthday and the Participant’s Accrued Frozen Benefit is paid
in a form other than a lump sum distribution, the annual Accrued Frozen Benefit payable pursuant to this Schedule shall, subject to the limitations set forth in this paragraph C., be adjusted each October 1 for the twelve-month period then
beginning by adding a post-retirement cost of living adjustment computed by applying an adjustment percentage to the appropriate base specified in this paragraph C. A Participant whose Pension Starting Date occurs prior to his or her 50th birthday or who receives his or her Accrued Frozen Benefit in the
form of a lump sum distribution shall not be entitled to any post-retirement cost of living adjustment under this Schedule. In addition, the post-retirement cost of living adjustment shall apply only to the portion of a Participant’s Accrued
Benefit that is attributable to his or her Accrued Frozen Benefit. 

  
 4 

	 	1.	The adjustment percentage shall equal, for each October 1, the percentage by which the Consumer Price Index for the July immediately preceding such October 1
exceeds the Consumer Price Index for the July immediately preceding the twelve-month period beginning October 1 in which the Participant terminated employment or payment of a Pension commenced; provided, however, that: 

(a) If, as of such October 1, there shall be no such excess, the adjustment percentage shall be deemed to be zero for the
twelve-month period beginning on such October 1. 
 (b) There shall be no negative adjustment percentage. 

(c) The aggregate adjustment percentage for any twelve-month period beginning October 1 shall never be lower than the aggregate
adjustment percentage for the preceding such period. 
 (d) If the percentage increase in the Consumer Price Index computed for
the twelve-month period beginning on October 1 does not exceed the aggregate adjustment percentage for the preceding twelve-month period by at least three percentage points, the aggregate adjustment percentage for the preceding twelve-month
period shall continue in effect during such twelve-month period beginning on October 1. 
 (e) The aggregate adjustment
percentage for any twelve-month period beginning on October 1 shall not be more than seven percentage points greater than that for the preceding twelve-month period. If the aggregate adjustment percentage for any twelve-month period beginning
on October 1 exceeds by more than seven percentage points the aggregate adjustment percentage for the preceding twelve-month period, the excess shall be carried over to succeeding twelve-month periods until such excess is reduced to zero.

 (f) The adjustment percentage for the twelve-month period beginning with the October 1 next following the date the
Participant’s Pension Starting Date shall be the adjustment percentage determined in accordance with the preceding provisions of this paragraph C. multiplied by a fraction the numerator of which shall be the number of full calendar months
between such date and such October 1 and the denominator of which shall be twelve. 
  

	 	2.	 To determine the amount of the monthly cost of living adjustment, the adjustment percentage shall be applied to the first $500 per month of a
Participant’s Accrued Frozen Benefit, subject to a maximum monthly adjustment of $500 or, if the monthly amount of such Accrued Frozen Benefit is less than $500 per month, subject to a maximum monthly adjustment equal to the monthly Accrued
Frozen Benefit payment. To 

  
 5 

	 	 
determine the amount of the adjustment made in the case of a Qualified Joint and Survivor Annuity or surviving Spouse annuity payable pursuant to Section 7.3 of the Plan to the surviving
Spouse of a deceased Participant, a family pension payable pursuant to Section 4.B. of this Schedule to a surviving Dependent Minor Child or Children of a deceased Participant or a surviving dependent’s pension payable pursuant to
Section 4.C. of this Schedule to a surviving Dependent Disabled Child or Children of a deceased Participant, the adjustment percentage shall be applied to the first $250 per month of such annuity or pension, subject to a maximum monthly
adjustment of $175 ($250 in the case of a Qualified Joint and Survivor Annuity) or, if the monthly amount of such annuity or pension is less than $175 ($250 in the case of a Qualified Joint and Survivor Annuity), subject to a maximum monthly
adjustment equal to the monthly Accrued Frozen Benefit payment. 

  

	 	D.	Lump Sum Value. If a Participant elects to receive his or her Accrued Frozen Benefit in the form of a lump sum distribution as described in Option 2 of
Section 7.2(c) of the Plan, the amount of the lump sum attributable to the Participant’s Accrued Frozen Benefit shall be the greater of: 

  

	 	1.	the lump sum actuarial equivalent of the Participant’s Accrued Frozen Benefit determined using the Schedule A Actuarial Factors, and 

 

	 	2.	an amount equal to the present value of the Participant’s Accrued Frozen Benefit determined as of December 31, 2001 using a 6.5% discount rate and the 1983
Group Annuity (unisex) Mortality Table (50% male, 50% female), assuming the Accrued Frozen Benefit otherwise payable at the Schedule A Normal Retirement Age would commence at the later of the Participant’s attained age at December 31, 2001
or age 60 and credited with 6.5% interest for each Plan Year subsequent to December 31, 2001 during which the Participant is a Participant, whether or not such Participant is an Eligible Employee during such Plan Year. 

With respect to a Participant’s lump sum value determined under subparagraph 1. above, if the Participant’s
Pension Starting Date occurs on or after his or her 50th
birthday, the actuarial equivalent of the Participant’s Accrued Frozen Benefit shall reflect the post retirement adjustments, if any, defined in Paragraph 3.C of this Schedule. 

 

	4.	OPTIONAL FORMS OF BENEFIT PAYABLE UPON RETIREMENT 

In lieu of the forms of benefit available under Section 7.2 of the Plan, a Participant may elect to have the portion of his or her Accrued Benefit
attributable to his or her Accrued Frozen Benefit paid in the following forms, subject to Section 7.4 (relating to election and waiver procedures): 
  

	 	A.	 Optional Qualified Joint and Survivor Annuity: A Participant who is married on the Participant’s Pension Starting Date may elect to receive
a Qualified Joint and 

  
 6 

	 	 
Survivor Annuity described in Section 7.2(b) of the Plan (relating to manner of distribution with respect to married Participants) with the portion of the Pension payable to the
Participant’s Spouse that is attributable to the Participant’s Accrued Frozen Benefit of a percentage less than 50 of the Pension the Participant would have received if the Participant’s Pension attributable to his or her Accrued
Frozen Benefit were payable in the form of a single-life annuity for the Participant’s lifetime. A Qualified Joint and Survivor Annuity described in this paragraph shall be payable at the same time and in the same manner as described in
Section 7.2(b) of the Plan (relating to manner of distribution with respect to married Participant) and shall be computed in the same manner as described in Section 3.B. of this Schedule (relating to special rules regarding computation of
benefits), except that the lesser percentage of Pension designated by the Participant shall be used. 

  

	 	B.	Family Pension: A Participant who is not married on the Participant’s Pension Starting Date and who, as of such date, has a Dependent Minor Child or
Dependent Minor Children may elect to receive his or her Accrued Frozen Benefit in the form of a family pension payable in monthly payments for the Participant’s lifetime and, thereafter, payable in monthly payments in equal shares to each of
the Participant’s Dependent Minor Children who have not yet attained age 21. The annual amount of the family pension payable to the Participant shall be the annual Accrued Frozen Benefit the Participant would have received if the
Participant’s Pension were payable in the form of a single life annuity for the Participant’s lifetime, reduced by the product of (1) the annual amount of the family pension designated by the Participant for the Participant’s
surviving Dependent Minor Child or Children which amount shall be a percentage, not to exceed 50, of the annual amount of the Participant’s Pension payable in the form of a single life annuity for the Participant’s lifetime multiplied by
(2) (i) if the Participant is at least age 50 on his or her Pension Starting Date, the applicable factor set forth in Table E or (ii) if the Participant is not at least age 50 on his or her Pension Starting Date, the applicable factor
determined by using the Schedule A Actuarial Factors. The annual amount of the family pension payable after the Participant’s death to the Participant’s Dependent Minor Child or Children who have not yet attained age 21 shall equal the
percentage designated by the Participant, not to exceed 50, of the annual amount of the Pension the Participant would have received if the Participant’s Pension were payable in the form of a single life annuity for the Participant’s
lifetime. 

  

	 	C.	 Surviving Dependent’s Pension: A Participant who is not married on the Participant’s Pension Starting Date and who, as of such date,
has a Dependent Disabled Child or Dependent Disabled Children may elect to receive his or her Accrued Frozen Benefit in the form of a surviving dependent’s pension payable in monthly payments for the Participant’s lifetime and, thereafter,
payable in monthly payments in equal shares to each of the Participant’s Dependent Disabled Children who remain disabled. The annual amount of the surviving dependent’s pension payable to the Participant shall be the annual Accrued Frozen
Benefit the Participant would have received if the Participant’s Pension were payable in the 

  
 7 

	 	 
form of a single life annuity for the Participant’s lifetime, reduced by the product of (1) the annual amount of the surviving dependent’s pension designated by the Participant for
the Participant’s Dependent Disabled Child or Children, which amount shall be a percentage, not to exceed 50, of the annual amount of the Participant’s Pension payable in the form of a single life annuity for the Participant’s
lifetime multiplied by (2) (i) if the Participant is at least age 50 on his or her Pension Starting Date, 50% of the applicable factor set forth in Table D, such factor to be determined based on the age of the other parent of such Child or
Children, at the Participant’s Pension Starting Date or the age such other parent would have attained had such other parent survived or if, in either case, the age of such other parent cannot be determined, the age of the Participant or
(ii) if the Participant is not at least age 50 on his or her Pension Starting Date, the applicable factor determined by using the Schedule A Actuarial Factors. The annual amount of the surviving dependent’s pension payable after the
Participant’s death to the Participant’s Dependent Disabled Child or Children who remain disabled shall equal the percentage designated by the Participant, not to exceed 50, of the annual amount of the Pension the Participant would have
received if the Participant’s Pension were payable in the form of a single life annuity for the Participant’s lifetime. 

  

	 	D.	75% Marital Annuity: A Participant who is married on the Participant’s Annuity Starting Date may elect to receive a 75% marital annuity with a Service
Annuity payable to the Participant’s Spouse, if the Participant predeceases such Spouse, of a percentage equal to 75 of the Service Annuity the Participant would have received under Article 5 (relating to Service Annuities) if the
Participant’s Service Annuity were payable in semi-monthly payments for the Participant’s lifetime. A 75% marital annuity described in this Section 6.2 shall be payable at the same time and in the same manner as described in paragraph
(b) of Section 6.1 (relating to annuities payable to married Participants) and shall be the actuarial equivalent of the Service Annuity the Participant would have received under Article 5 (relating to Service Annuities), determined by
using the annual interest rate specified under section 417(e) of the Code for the November preceding the calendar year in which such distribution is made or commences, and the mortality table prescribed for purposes of section 417(e)(3)(A)(ii)(I) of
the Code. 

  
 8 

 Table B1 
 Early Retirement Service Factors 
 Applicable Monthly Payments to Age 65

 For purposes of Schedule A, in the case of a Pension commencing after a Participant’s Early Retirement Date but prior to his or
her Schedule A Normal Retirement Age, the following factors shall be applied to determine the reductions applicable to the benefit accrued while a Participant is not a member of IBEW Local Union 15 and, for purposes of Schedule B, in the case of a
Pension commencing after a Participant’s Early Retirement Date but prior to his or her Schedule B Normal Retirement Age, the following factors shall be applied to determine the reductions applicable to the Participant’s benefit accrued
under the PECO Plan*: 
  

																																																	
	AGE	  	0	 	  	1	 	  	2	 	  	3	 	  	4	 	  	5	 	  	6	 	  	7	 	  	8	 	  	9	 	  	10	 	  	11	 
	50	  	 	.7200	  	  	 	.7225	  	  	 	.7250	  	  	 	.7275	  	  	 	.7300	  	  	 	.7325	  	  	 	.7350	  	  	 	.7375	  	  	 	.7400	  	  	 	.7425	  	  	 	.7450	  	  	 	.7475	  
	51	  	 	.7500	  	  	 	.7525	  	  	 	.7550	  	  	 	.7575	  	  	 	.7600	  	  	 	.7625	  	  	 	.7650	  	  	 	.7675	  	  	 	.7700	  	  	 	.7725	  	  	 	.7750	  	  	 	.7775	  
	52	  	 	.7800	  	  	 	.7825	  	  	 	.7850	  	  	 	.7875	  	  	 	.7900	  	  	 	.7925	  	  	 	.7950	  	  	 	.7975	  	  	 	.8000	  	  	 	.8025	  	  	 	.8050	  	  	 	.8075	  
	53	  	 	.8100	  	  	 	.8125	  	  	 	.8150	  	  	 	.8175	  	  	 	.8200	  	  	 	.8225	  	  	 	.8250	  	  	 	.8275	  	  	 	.8300	  	  	 	.8325	  	  	 	.8350	  	  	 	.8375	  
	54	  	 	.8400	  	  	 	.8425	  	  	 	.8450	  	  	 	.8475	  	  	 	.8500	  	  	 	.8525	  	  	 	.8550	  	  	 	.8575	  	  	 	.8600	  	  	 	.8625	  	  	 	.8650	  	  	 	.8675	  
	55	  	 	.8700	  	  	 	.8725	  	  	 	.8750	  	  	 	.8775	  	  	 	.8800	  	  	 	.8825	  	  	 	.8850	  	  	 	.8875	  	  	 	.8900	  	  	 	.8925	  	  	 	.8950	  	  	 	.8975	  
	56	  	 	.9000	  	  	 	.9025	  	  	 	.9050	  	  	 	.9075	  	  	 	.9100	  	  	 	.9125	  	  	 	.9150	  	  	 	.9175	  	  	 	.9200	  	  	 	.9225	  	  	 	.9250	  	  	 	.9275	  
	57	  	 	.9300	  	  	 	.9325	  	  	 	.9350	  	  	 	.9375	  	  	 	.9400	  	  	 	.9425	  	  	 	.9450	  	  	 	.9475	  	  	 	.9500	  	  	 	.9525	  	  	 	.9550	  	  	 	.9575	  
	58	  	 	.9600	  	  	 	.9617	  	  	 	.9633	  	  	 	.9650	  	  	 	.9667	  	  	 	.9683	  	  	 	.9700	  	  	 	.9717	  	  	 	.9733	  	  	 	.9750	  	  	 	.9767	  	  	 	.9783	  
	59*	  	 	.9800	  	  	 	.9817	  	  	 	.9833	  	  	 	.9850	  	  	 	.9867	  	  	 	.9883	  	  	 	.9900	  	  	 	.9917	  	  	 	.9933	  	  	 	.9950	  	  	 	.9967	  	  	 	.9983	  
	60	  	 	1.0000	  	  				  				  				  				  				  				  				  				  				  				  			

  

	*	Effective January 1, 2002, for Craft, Craft/Technical, Technical Support and Professional Support Employees with an accrued benefit under the PECO Plan, factor
shall be 1.0000 at ages 59 and above 

 For purposes of Schedule A, in the case of a Pension commencing after a
Participant’s Early Retirement Date but prior to his or her Schedule A Normal Retirement Age, the following factors shall be applied to determine the reductions applicable to the benefit accrued while the Participant is a member of IBEW Local
Union 15: 
  

																																																	
	AGE	  	0	 	  	1	 	  	2	 	  	3	 	  	4	 	  	5	 	  	6	 	  	7	 	  	8	 	  	9	 	  	10	 	  	11	 
	50	  	 	.7900	  	  	 	.7925	  	  	 	.7950	  	  	 	.7975	  	  	 	.8000	  	  	 	.8025	  	  	 	.8050	  	  	 	.8075	  	  	 	.8100	  	  	 	.8125	  	  	 	.8150	  	  	 	.8175	  
	51	  	 	.8200	  	  	 	.8225	  	  	 	.8250	  	  	 	.8275	  	  	 	.8300	  	  	 	.8325	  	  	 	.8350	  	  	 	.8375	  	  	 	.8400	  	  	 	.8425	  	  	 	.8450	  	  	 	.8475	  
	52	  	 	.8500	  	  	 	.8525	  	  	 	.8550	  	  	 	.8575	  	  	 	.8600	  	  	 	.8625	  	  	 	.8650	  	  	 	.8675	  	  	 	.8700	  	  	 	.8725	  	  	 	.8750	  	  	 	.8775	  
	53	  	 	.8800	  	  	 	.8825	  	  	 	.8850	  	  	 	.8875	  	  	 	.8900	  	  	 	.8925	  	  	 	.8950	  	  	 	.8975	  	  	 	.9000	  	  	 	.9025	  	  	 	.9050	  	  	 	.9075	  
	54	  	 	.9100	  	  	 	.9125	  	  	 	.9150	  	  	 	.9175	  	  	 	.9200	  	  	 	.9225	  	  	 	.9250	  	  	 	.9275	  	  	 	.9300	  	  	 	.9325	  	  	 	.9350	  	  	 	.9375	  
	55	  	 	.9400	  	  	 	.9425	  	  	 	.9450	  	  	 	.9475	  	  	 	.9500	  	  	 	.9525	  	  	 	.9550	  	  	 	.9575	  	  	 	.9600	  	  	 	.9625	  	  	 	.9650	  	  	 	.9675	  
	56	  	 	.9700	  	  	 	.9725	  	  	 	.9750	  	  	 	.9775	  	  	 	.9800	  	  	 	.9825	  	  	 	.9850	  	  	 	.9875	  	  	 	.9900	  	  	 	.9925	  	  	 	.9950	  	  	 	.9975	  
	57	  	 	1.0000	  	  				  				  				  				  				  				  				  				  				  				  			

 Table D 
 Qualified Joint and Survivor Annuity Factors 
  

																																																																	
	YOUNGER (-) OR
OLDER (+) THAN
EMPLOYEE AT	  	AGE OF EMPLOYEE AT RETIREMENT	 
	 RETIREMENT
	  	50	 	  	51	 	  	52	 	  	53	 	  	54	 	  	55	 	  	56	 	  	57	 	  	58	 	  	59	 	  	60	 	  	61	 	  	62	 	  	63	 	  	64	 	  	65	 
																	
	-20	  	 	.1334	  	  	 	.1432	  	  	 	.1537	  	  	 	.1650	  	  	 	.1771	  	  	 	.1901	  	  	 	.2040	  	  	 	.2189	  	  	 	.2349	  	  	 	.2520	  	  	 	.2703	  	  	 	.2897	  	  	 	.3103	  	  	 	.3322	  	  	 	.3554	  	  	 	.3799	  
	-19	  	 	.1324	  	  	 	.1420	  	  	 	.1524	  	  	 	.1636	  	  	 	.1756	  	  	 	.1884	  	  	 	.2022	  	  	 	.2169	  	  	 	.2326	  	  	 	.2495	  	  	 	.2675	  	  	 	.2866	  	  	 	.3070	  	  	 	.3285	  	  	 	.3514	  	  	 	.3754	  
	-18	  	 	.1312	  	  	 	.1408	  	  	 	.1511	  	  	 	.1621	  	  	 	.1739	  	  	 	.1866	  	  	 	.2002	  	  	 	.2147	  	  	 	.2302	  	  	 	.2469	  	  	 	.2646	  	  	 	.2835	  	  	 	.3035	  	  	 	.3247	  	  	 	.3471	  	  	 	.3707	  
	-17	  	 	.1301	  	  	 	.1395	  	  	 	.1496	  	  	 	.1605	  	  	 	.1722	  	  	 	.1847	  	  	 	.1981	  	  	 	.2124	  	  	 	.2277	  	  	 	.2441	  	  	 	.2616	  	  	 	.2801	  	  	 	.2998	  	  	 	.3206	  	  	 	.3427	  	  	 	.3658	  
	-16	  	 	.1288	  	  	 	.1381	  	  	 	.1481	  	  	 	.1589	  	  	 	.1704	  	  	 	.1827	  	  	 	.1959	  	  	 	.2100	  	  	 	.2250	  	  	 	.2412	  	  	 	.2583	  	  	 	.2766	  	  	 	.2959	  	  	 	.3164	  	  	 	.3380	  	  	 	.3607	  
																	
	-15	  	 	.1275	  	  	 	.1367	  	  	 	.1465	  	  	 	.1571	  	  	 	.1685	  	  	 	.1806	  	  	 	.1936	  	  	 	.2074	  	  	 	.2222	  	  	 	.2381	  	  	 	.2550	  	  	 	.2729	  	  	 	.2918	  	  	 	.3119	  	  	 	.3331	  	  	 	.3553	  
	-14	  	 	.1261	  	  	 	.1351	  	  	 	.1448	  	  	 	.1553	  	  	 	.1664	  	  	 	.1784	  	  	 	.1911	  	  	 	.2048	  	  	 	.2193	  	  	 	.2349	  	  	 	.2514	  	  	 	.2690	  	  	 	.2876	  	  	 	.3073	  	  	 	.3280	  	  	 	.3498	  
	-13	  	 	.1246	  	  	 	.1335	  	  	 	.1431	  	  	 	.1533	  	  	 	.1643	  	  	 	.1761	  	  	 	.1886	  	  	 	.2020	  	  	 	.2162	  	  	 	.2315	  	  	 	.2478	  	  	 	.2650	  	  	 	.2832	  	  	 	.3024	  	  	 	.3227	  	  	 	.3440	  
	-12	  	 	.1231	  	  	 	.1318	  	  	 	.1412	  	  	 	.1513	  	  	 	.1621	  	  	 	.1736	  	  	 	.1859	  	  	 	.1990	  	  	 	.2130	  	  	 	.2280	  	  	 	.2439	  	  	 	.2608	  	  	 	.2786	  	  	 	.2974	  	  	 	.3172	  	  	 	.3379	  
	-11	  	 	.1214	  	  	 	.1301	  	  	 	.1393	  	  	 	.1492	  	  	 	.1598	  	  	 	.1711	  	  	 	.1831	  	  	 	.1960	  	  	 	.2097	  	  	 	.2244	  	  	 	.2399	  	  	 	.2564	  	  	 	.2738	  	  	 	.2921	  	  	 	.3115	  	  	 	.3317	  
																	
	-10	  	 	.1198	  	  	 	.1282	  	  	 	.1373	  	  	 	.1470	  	  	 	.1574	  	  	 	.1684	  	  	 	.1802	  	  	 	.1928	  	  	 	.2062	  	  	 	.2206	  	  	 	.2358	  	  	 	.2519	  	  	 	.2688	  	  	 	.2867	  	  	 	.3056	  	  	 	.3253	  
	-9	  	 	.1180	  	  	 	.1263	  	  	 	.1352	  	  	 	.1447	  	  	 	.1548	  	  	 	.1657	  	  	 	.1772	  	  	 	.1895	  	  	 	.2026	  	  	 	.2166	  	  	 	.2315	  	  	 	.2472	  	  	 	.2637	  	  	 	.2812	  	  	 	.2995	  	  	 	.3187	  
	-8	  	 	.1162	  	  	 	.1243	  	  	 	.1330	  	  	 	.1423	  	  	 	.1522	  	  	 	.1628	  	  	 	.1741	  	  	 	.1861	  	  	 	.1989	  	  	 	.2126	  	  	 	.2271	  	  	 	.2424	  	  	 	.2585	  	  	 	.2755	  	  	 	.2933	  	  	 	.3120	  
	-7	  	 	.1143	  	  	 	.1222	  	  	 	.1307	  	  	 	.1398	  	  	 	.1495	  	  	 	.1599	  	  	 	.1709	  	  	 	.1826	  	  	 	.1951	  	  	 	.2084	  	  	 	.2225	  	  	 	.2374	  	  	 	.2531	  	  	 	.2696	  	  	 	.2869	  	  	 	.3051	  
	-6	  	 	.1123	  	  	 	.1201	  	  	 	.1284	  	  	 	.1372	  	  	 	.1467	  	  	 	.1568	  	  	 	.1676	  	  	 	.1790	  	  	 	.1911	  	  	 	.2041	  	  	 	.2178	  	  	 	.2323	  	  	 	.2475	  	  	 	.2636	  	  	 	.2804	  	  	 	.2980	  
																	
	-5	  	 	.1103	  	  	 	.1178	  	  	 	.1259	  	  	 	.1346	  	  	 	.1438	  	  	 	.1537	  	  	 	.1641	  	  	 	.1752	  	  	 	.1871	  	  	 	.1997	  	  	 	.2130	  	  	 	.2271	  	  	 	.2419	  	  	 	.2575	  	  	 	.2738	  	  	 	.2909	  
	-4	  	 	.1082	  	  	 	.1155	  	  	 	.1234	  	  	 	.1319	  	  	 	.1409	  	  	 	.1504	  	  	 	.1606	  	  	 	.1714	  	  	 	.1829	  	  	 	.1951	  	  	 	.2081	  	  	 	.2217	  	  	 	.2361	  	  	 	.2512	  	  	 	.2671	  	  	 	.2836	  
	-3	  	 	.1060	  	  	 	.1132	  	  	 	.1209	  	  	 	.1291	  	  	 	.1378	  	  	 	.1471	  	  	 	.1570	  	  	 	.1675	  	  	 	.1786	  	  	 	.1905	  	  	 	.2031	  	  	 	.2163	  	  	 	.2302	  	  	 	.2449	  	  	 	.2602	  	  	 	.2762	  
	-2	  	 	.1038	  	  	 	.1108	  	  	 	.1182	  	  	 	.1262	  	  	 	.1347	  	  	 	.1437	  	  	 	.1533	  	  	 	.1635	  	  	 	.1743	  	  	 	.1858	  	  	 	.1980	  	  	 	.2108	  	  	 	.2243	  	  	 	.2385	  	  	 	.2533	  	  	 	.2687	  
	-1	  	 	.1015	  	  	 	.1083	  	  	 	.1155	  	  	 	.1233	  	  	 	.1315	  	  	 	.1403	  	  	 	.1496	  	  	 	.1594	  	  	 	.1699	  	  	 	.1811	  	  	 	.1928	  	  	 	.2053	  	  	 	.2183	  	  	 	.2320	  	  	 	.2463	  	  	 	.2612	  
																	
	0	  	 	.0992	  	  	 	.1057	  	  	 	.1128	  	  	 	.1203	  	  	 	.1283	  	  	 	.1367	  	  	 	.1457	  	  	 	.1553	  	  	 	.1654	  	  	 	.1762	  	  	 	.1876	  	  	 	.1996	  	  	 	.2122	  	  	 	.2254	  	  	 	.2393	  	  	 	.2536	  
																	
	+ 1	  	 	.0968	  	  	 	.1032	  	  	 	.1100	  	  	 	.1172	  	  	 	.1250	  	  	 	.1332	  	  	 	.1419	  	  	 	.1511	  	  	 	.1609	  	  	 	.1713	  	  	 	.1824	  	  	 	.1939	  	  	 	.2061	  	  	 	.2188	  	  	 	.2322	  	  	 	.2460	  
	+ 2	  	 	.0944	  	  	 	.1005	  	  	 	.1071	  	  	 	.1142	  	  	 	.1216	  	  	 	.1296	  	  	 	.1380	  	  	 	.1469	  	  	 	.1563	  	  	 	.1664	  	  	 	.1771	  	  	 	.1882	  	  	 	.1999	  	  	 	.2122	  	  	 	.2250	  	  	 	.2383	  
	+ 3	  	 	.0919	  	  	 	.0979	  	  	 	.1042	  	  	 	.1110	  	  	 	.1182	  	  	 	.1259	  	  	 	.1340	  	  	 	.1426	  	  	 	.1517	  	  	 	.1615	  	  	 	.1717	  	  	 	.1825	  	  	 	.1938	  	  	 	.2056	  	  	 	.2179	  	  	 	.2307	  
	+ 4	  	 	.0894	  	  	 	.0952	  	  	 	.1013	  	  	 	.1079	  	  	 	.1148	  	  	 	.1222	  	  	 	.1300	  	  	 	.1383	  	  	 	.1471	  	  	 	.1565	  	  	 	.1664	  	  	 	.1767	  	  	 	.1876	  	  	 	.1989	  	  	 	.2107	  	  	 	.2230	  
	+ 5	  	 	.0869	  	  	 	.0925	  	  	 	.0984	  	  	 	.1047	  	  	 	.1114	  	  	 	.1185	  	  	 	.1261	  	  	 	.1340	  	  	 	.1425	  	  	 	.1515	  	  	 	.1610	  	  	 	.1709	  	  	 	.1813	  	  	 	.1922	  	  	 	.2036	  	  	 	.2153	  
																	
	+ 6	  	 	.0844	  	  	 	.0897	  	  	 	.0954	  	  	 	.1015	  	  	 	.1080	  	  	 	.1148	  	  	 	.1221	  	  	 	.1297	  	  	 	.1379	  	  	 	.1465	  	  	 	.1556	  	  	 	.1652	  	  	 	.1751	  	  	 	.1856	  	  	 	.1964	  	  	 	.2077	  
	+ 7	  	 	.0819	  	  	 	.0870	  	  	 	.0925	  	  	 	.0983	  	  	 	.1045	  	  	 	.1111	  	  	 	.1181	  	  	 	.1254	  	  	 	.1332	  	  	 	.1415	  	  	 	.1503	  	  	 	.1594	  	  	 	.1690	  	  	 	.1789	  	  	 	.1893	  	  	 	.2000	  
	+ 8	  	 	.0793	  	  	 	.0843	  	  	 	.0895	  	  	 	.0951	  	  	 	.1011	  	  	 	.1074	  	  	 	.1141	  	  	 	.1211	  	  	 	.1286	  	  	 	.1366	  	  	 	.1449	  	  	 	.1537	  	  	 	.1628	  	  	 	.1724	  	  	 	.1823	  	  	 	.1924	  
	+ 9	  	 	.0768	  	  	 	.0815	  	  	 	.0866	  	  	 	.0920	  	  	 	.0977	  	  	 	.1037	  	  	 	.1101	  	  	 	.1169	  	  	 	.1240	  	  	 	.1316	  	  	 	.1396	  	  	 	.1480	  	  	 	.1567	  	  	 	.1658	  	  	 	.1752	  	  	 	.1848	  
	+10	  	 	.0742	  	  	 	.0788	  	  	 	.0836	  	  	 	.0888	  	  	 	0943	  	  	 	.1001	  	  	 	.1062	  	  	 	.1126	  	  	 	.1195	  	  	 	.1267	  	  	 	.1344	  	  	 	.1423	  	  	 	.1506	  	  	 	.1593	  	  	 	.1682	  	  	 	.1773	  
																	
	+11	  	 	.0717	  	  	 	.0761	  	  	 	.0807	  	  	 	.0856	  	  	 	.0909	  	  	 	.0964	  	  	 	.1022	  	  	 	.1084	  	  	 	.1149	  	  	 	.1219	  	  	 	.1292	  	  	 	.1367	  	  	 	.1446	  	  	 	.1528	  	  	 	.1612	  	  	 	.1698	  
	+12	  	 	.0692	  	  	 	.0734	  	  	 	.0778	  	  	 	.0825	  	  	 	.0875	  	  	 	.0928	  	  	 	.0984	  	  	 	.1042	  	  	 	.1105	  	  	 	.1171	  	  	 	.1240	  	  	 	.1312	  	  	 	.1386	  	  	 	.1463	  	  	 	.1543	  	  	 	.1624	  
	+13	  	 	.0667	  	  	 	.0707	  	  	 	.0749	  	  	 	.0794	  	  	 	.0842	  	  	 	.0892	  	  	 	.0945	  	  	 	.1001	  	  	 	.1060	  	  	 	.1123	  	  	 	.1189	  	  	 	.1257	  	  	 	.1327	  	  	 	.1400	  	  	 	.1474	  	  	 	.1550	  
	+14	  	 	.0643	  	  	 	.0680	  	  	 	.0721	  	  	 	.0764	  	  	 	.0809	  	  	 	.0857	  	  	 	.0907	  	  	 	.0960	  	  	 	.1016	  	  	 	.1076	  	  	 	.1138	  	  	 	.1202	  	  	 	.1268	  	  	 	.1337	  	  	 	.1407	  	  	 	.1479	  
	+15	  	 	.0618	  	  	 	.0654	  	  	 	.0693	  	  	 	.0733	  	  	 	.0776	  	  	 	.0822	  	  	 	.0870	  	  	 	.0920	  	  	 	.0973	  	  	 	.1029	  	  	 	.1088	  	  	 	.1148	  	  	 	.1210	  	  	 	.1274	  	  	 	.1341	  	  	 	.1408	  
																	
	+16	  	 	.0594	  	  	 	.0629	  	  	 	.0665	  	  	 	.0704	  	  	 	.0744	  	  	 	.0788	  	  	 	.0833	  	  	 	.0881	  	  	 	.0931	  	  	 	.0983	  	  	 	.1038	  	  	 	.1095	  	  	 	.1153	  	  	 	.1214	  	  	 	.1276	  	  	 	.1340	  
	+17	  	 	.0571	  	  	 	.0603	  	  	 	.0638	  	  	 	.0674	  	  	 	.0713	  	  	 	.0754	  	  	 	.0797	  	  	 	.0841	  	  	 	.0888	  	  	 	.0938	  	  	 	.0990	  	  	 	.1043	  	  	 	.1098	  	  	 	.1155	  	  	 	.1214	  	  	 	.1275	  
	+18	  	 	.0547	  	  	 	.0578	  	  	 	.0611	  	  	 	.0646	  	  	 	.0682	  	  	 	.0721	  	  	 	.0761	  	  	 	.0803	  	  	 	.0847	  	  	 	.0894	  	  	 	.0942	  	  	 	.0992	  	  	 	.1044	  	  	 	.1098	  	  	 	.1154	  	  	 	.1212	  
	+19	  	 	.0525	  	  	 	.0554	  	  	 	.0585	  	  	 	.0618	  	  	 	.0652	  	  	 	.0688	  	  	 	.0726	  	  	 	.0765	  	  	 	.0806	  	  	 	.0850	  	  	 	.0895	  	  	 	.0943	  	  	 	.0991	  	  	 	.1042	  	  	 	.1096	  	  	 	.1151	  
	+20	  	 	.0502	  	  	 	.0530	  	  	 	.0559	  	  	 	.0590	  	  	 	.0622	  	  	 	.0656	  	  	 	.0691	  	  	 	.0728	  	  	 	.0767	  	  	 	.0808	  	  	 	.0850	  	  	 	.0895	  	  	 	.0941	  	  	 	.0989	  	  	 	.1040	  	  	 	.1093	  

 FACTORS FOR AGE COMBINATIONS NOT
SHOWN ARE COMPUTED ON THE SAME ACTUARIAL BASIS AS THAT USED FOR COMPUTATION OF THE FACTORS STATED IN THE ABOVE TABLE. AS PROVIDED IN SECTION 3.B. OF SCHEDULE A, 40% OF THE APPROPRIATE FACTOR PROVIDED FOR BY THIS TABLE IS TO BE USED IN DETERMINING
THE AMOUNT OF THE QUALIFIED JOINT AND SURVIVOR ANNUITY ATTRIBUTABLE TO A PARTICIPANT’S ACCRUED FROZEN BENEFIT. 

 Table E 
 Family Annuity Factors 
  

																																																																	
	 AGE OF
YOUNGEST CHILD
	  	AGE OF EMPLOYEE AT RETIREMENT	 
	  	50	 	  	51	 	  	52	 	  	53	 	  	54	 	  	55	 	  	56	 	  	57	 	  	58	 	  	59	 	  	60	 	  	61	 	  	62	 	  	63	 	  	64	 	  	65	 
																	
	20	  	 	.0012	  	  	 	.0014	  	  	 	.0016	  	  	 	.0018	  	  	 	.0020	  	  	 	.0023	  	  	 	.0027	  	  	 	.0030	  	  	 	.0034	  	  	 	.0038	  	  	 	.0043	  	  	 	.0049	  	  	 	.0055	  	  	 	.0063	  	  	 	.0071	  	  	 	.0080	  
	19	  	 	.0033	  	  	 	.0037	  	  	 	.0041	  	  	 	.0046	  	  	 	.0052	  	  	 	.0058	  	  	 	.0065	  	  	 	.0072	  	  	 	.0081	  	  	 	.0090	  	  	 	.0102	  	  	 	.0114	  	  	 	.0128	  	  	 	.0143	  	  	 	.0161	  	  	 	.0181	  
	18	  	 	.0055	  	  	 	.0061	  	  	 	.0068	  	  	 	.0076	  	  	 	.0084	  	  	 	.0094	  	  	 	.0104	  	  	 	.0116	  	  	 	.0129	  	  	 	.0145	  	  	 	.0162	  	  	 	.0181	  	  	 	.0203	  	  	 	.0227	  	  	 	.0255	  	  	 	.0287	  
	17	  	 	.0078	  	  	 	.0086	  	  	 	.0096	  	  	 	.0106	  	  	 	.0118	  	  	 	.0131	  	  	 	.0146	  	  	 	.0162	  	  	 	.0180	  	  	 	.0201	  	  	 	.0225	  	  	 	.0252	  	  	 	.0282	  	  	 	.0315	  	  	 	.0354	  	  	 	.0398	  
	16	  	 	.0101	  	  	 	.0112	  	  	 	.0124	  	  	 	.0138	  	  	 	.0153	  	  	 	.0170	  	  	 	.0188	  	  	 	.0209	  	  	 	.0233	  	  	 	.0260	  	  	 	.0291	  	  	 	.0325	  	  	 	.0364	  	  	 	.0408	  	  	 	.0458	  	  	 	.0514	  
																	
	15	  	 	.0126	  	  	 	.0139	  	  	 	.0153	  	  	 	.0170	  	  	 	.0189	  	  	 	.0209	  	  	 	.0233	  	  	 	.0259	  	  	 	.0288	  	  	 	.0322	  	  	 	.0360	  	  	 	.0402	  	  	 	.0450	  	  	 	.0504	  	  	 	.0565	  	  	 	.0634	  
	14	  	 	.0151	  	  	 	.0166	  	  	 	.0184	  	  	 	.0204	  	  	 	.0226	  	  	 	.0251	  	  	 	.0279	  	  	 	.0310	  	  	 	.0345	  	  	 	.0386	  	  	 	.0431	  	  	 	.0482	  	  	 	.0540	  	  	 	.0604	  	  	 	.0677	  	  	 	.0758	  
	13	  	 	.0176	  	  	 	.0195	  	  	 	.0215	  	  	 	.0238	  	  	 	.0264	  	  	 	.0294	  	  	 	.0326	  	  	 	.0363	  	  	 	.0405	  	  	 	.0452	  	  	 	.0505	  	  	 	.0565	  	  	 	.0632	  	  	 	.0708	  	  	 	.0792	  	  	 	.0886	  
	12	  	 	.0203	  	  	 	.0224	  	  	 	.0247	  	  	 	.0274	  	  	 	.0304	  	  	 	.0338	  	  	 	.0376	  	  	 	.0418	  	  	 	.0466	  	  	 	.0521	  	  	 	.0582	  	  	 	.0651	  	  	 	.0728	  	  	 	.0815	  	  	 	.0911	  	  	 	.1016	  
	11	  	 	.0230	  	  	 	.0254	  	  	 	.0281	  	  	 	`.0311	  	  	 	.0346	  	  	 	.0384	  	  	 	.0427	  	  	 	.0475	  	  	 	.0530	  	  	 	.0592	  	  	 	.0662	  	  	 	.0740	  	  	 	.0827	  	  	 	.0924	  	  	 	.1032	  	  	 	.1149	  
																	
	10	  	 	.0258	  	  	 	.0285	  	  	 	.0315	  	  	 	.0350	  	  	 	.0388	  	  	 	.0431	  	  	 	.0480	  	  	 	.0534	  	  	 	.0596	  	  	 	.0666	  	  	 	.0744	  	  	 	.0832	  	  	 	.0929	  	  	 	.1036	  	  	 	.1154	  	  	 	.1284	  
	9	  	 	.0287	  	  	 	.0317	  	  	 	.0351	  	  	 	.0389	  	  	 	.0432	  	  	 	.0480	  	  	 	.0534	  	  	 	.0595	  	  	 	.0664	  	  	 	.0742	  	  	 	.0828	  	  	 	.0925	  	  	 	.1032	  	  	 	.1149	  	  	 	.1279	  	  	 	.1419	  
	8	  	 	.0316	  	  	 	.0350	  	  	 	.0387	  	  	 	.0430	  	  	 	.0477	  	  	 	.0531	  	  	 	.0591	  	  	 	.0658	  	  	 	.0734	  	  	 	.0819	  	  	 	.0915	  	  	 	.1020	  	  	 	.1136	  	  	 	.1264	  	  	 	.1404	  	  	 	.1556	  
	7	  	 	.0347	  	  	 	.0383	  	  	 	.0425	  	  	 	.0471	  	  	 	.0524	  	  	 	.0583	  	  	 	.0649	  	  	 	.0722	  	  	 	.0805	  	  	 	.0899	  	  	 	.1002	  	  	 	.1116	  	  	 	.1241	  	  	 	.1379	  	  	 	.1530	  	  	 	.1694	  
	6	  	 	.0378	  	  	 	.0418	  	  	 	.0463	  	  	 	.0514	  	  	 	.0572	  	  	 	.0636	  	  	 	.0708	  	  	 	.0788	  	  	 	.0878	  	  	 	.0979	  	  	 	.1090	  	  	 	.1213	  	  	 	.1347	  	  	 	.1495	  	  	 	.1656	  	  	 	.1831	  
																	
	5	  	 	.0410	  	  	 	.0454	  	  	 	.0503	  	  	 	.0559	  	  	 	.0621	  	  	 	.0691	  	  	 	.0768	  	  	 	.0855	  	  	 	.0952	  	  	 	.1060	  	  	 	.1179	  	  	 	.1310	  	  	 	.1453	  	  	 	.1611	  	  	 	.1782	  	  	 	.1969	  
	4	  	 	.0443	  	  	 	.0490	  	  	 	.0544	  	  	 	.0604	  	  	 	.0671	  	  	 	.0746	  	  	 	.0830	  	  	 	.0923	  	  	 	.1027	  	  	 	.1142	  	  	 	.1268	  	  	 	.1407	  	  	 	.1559	  	  	 	.1726	  	  	 	.1908	  	  	 	.2105	  
	3	  	 	.0476	  	  	 	.0528	  	  	 	.0585	  	  	 	.0650	  	  	 	.0722	  	  	 	.0803	  	  	 	.0892	  	  	 	.0991	  	  	 	.1101	  	  	 	.1223	  	  	 	.1357	  	  	 	.1504	  	  	 	.1669	  	  	 	.1841	  	  	 	.2032	  	  	 	.2240	  
	2	  	 	.0511	  	  	 	.0566	  	  	 	.0628	  	  	 	.0697	  	  	 	.0774	  	  	 	.0860	  	  	 	.0955	  	  	 	.1060	  	  	 	.1176	  	  	 	.1305	  	  	 	.1446	  	  	 	.1601	  	  	 	.1770	  	  	 	.1954	  	  	 	.2155	  	  	 	.2372	  
	1	  	 	.0546	  	  	 	.0605	  	  	 	.0671	  	  	 	.0745	  	  	 	.0826	  	  	 	.0917	  	  	 	.1018	  	  	 	.1128	  	  	 	.1251	  	  	 	.1386	  	  	 	.1534	  	  	 	.1696	  	  	 	.1873	  	  	 	.2066	  	  	 	.2275	  	  	 	.2501	  

 FACTORS FOR AGE COMPUTATIONS NOT
SHOWN ARE COMPUTED ON THE SAME ACTUARIAL BASIS AS THAT USED FOR COMPUTATION OF THE FACTORS STATED IN THE ABOVE TABLE. AS PROVIDED IN SECTION 4.B. OF SCHEDULE A, 100% OF THE APPROPRIATE FACTOR PROVIDED FOR BY THIS TABLE IS TO BE USED IN DETERMINING
THE AMOUNT OF THE FAMILY ANNUITY ATTRIBUTABLE TO A PARTICIPANT’S ACCRUED FROZEN BENEFIT. 

 Table F 
 Deferred Vesting Schedule 
  

																																													
	AGE AT	  	AGE THAT VESTED BENEFITS BEGIN	 
	 TERMINATION
	  	50	 	 	51	 	 	52	 	 	53	 	 	54	 	 	55	 	 	56	 	 	57	 	 	58	 	 	59	 	 	60	 
												
	49	  	 	70.0	% 	 	 	73.0	% 	 	 	76.0	% 	 	 	79.0	% 	 	 	82.0	% 	 	 	85.0	% 	 	 	88.0	% 	 	 	91.0	% 	 	 	94.0	% 	 	 	97.0	% 	 	 	100	% 
	48	  	 	69.0	% 	 	 	72.1	% 	 	 	75.2	% 	 	 	78.3	% 	 	 	81.4	% 	 	 	84.5	% 	 	 	87.6	% 	 	 	90.7	% 	 	 	93.8	% 	 	 	96.9	% 	 	 	100	% 
	47	  	 	68.0	% 	 	 	71.2	% 	 	 	74.4	% 	 	 	77.6	% 	 	 	80.8	% 	 	 	84.0	% 	 	 	87.2	% 	 	 	90.4	% 	 	 	93.6	% 	 	 	96.8	% 	 	 	100	% 
	46	  	 	67.0	% 	 	 	70.3	% 	 	 	73.6	% 	 	 	76.9	% 	 	 	80.2	% 	 	 	83.5	% 	 	 	86.8	% 	 	 	90.1	% 	 	 	93.4	% 	 	 	96.7	% 	 	 	100	% 
	45	  	 	66.0	% 	 	 	69.4	% 	 	 	72.8	% 	 	 	76.2	% 	 	 	79.6	% 	 	 	83.0	% 	 	 	86.4	% 	 	 	89.8	% 	 	 	93.2	% 	 	 	96.6	% 	 	 	100	% 
	44	  	 	65.0	% 	 	 	68.5	% 	 	 	72.0	% 	 	 	75.5	% 	 	 	79.0	% 	 	 	82.5	% 	 	 	86.0	% 	 	 	89.5	% 	 	 	93.0	% 	 	 	96.5	% 	 	 	100	% 
	43	  	 	64.0	% 	 	 	67.6	% 	 	 	71.2	% 	 	 	74.8	% 	 	 	78.4	% 	 	 	82.0	% 	 	 	85.6	% 	 	 	89.2	% 	 	 	92.8	% 	 	 	96.4	% 	 	 	100	% 
	42	  	 	63.0	% 	 	 	66.7	% 	 	 	70.4	% 	 	 	74.1	% 	 	 	77.8	% 	 	 	81.5	% 	 	 	85.2	% 	 	 	88.9	% 	 	 	92.6	% 	 	 	96.3	% 	 	 	100	% 
	41	  	 	62.0	% 	 	 	65.8	% 	 	 	69.6	% 	 	 	73.4	% 	 	 	77.2	% 	 	 	81.0	% 	 	 	84.8	% 	 	 	88.6	% 	 	 	92.4	% 	 	 	96.2	% 	 	 	100	% 
	40	  	 	61.0	% 	 	 	64.9	% 	 	 	68.8	% 	 	 	72.7	% 	 	 	76.6	% 	 	 	80.5	% 	 	 	84.4	% 	 	 	88.3	% 	 	 	92.2	% 	 	 	96.1	% 	 	 	100	% 
	39	  	 	60.0	% 	 	 	64.0	% 	 	 	68.0	% 	 	 	72.0	% 	 	 	76.0	% 	 	 	80.0	% 	 	 	84.0	% 	 	 	88.0	% 	 	 	92.0	% 	 	 	96.0	% 	 	 	100	% 
	38	  	 	59.0	% 	 	 	63.1	% 	 	 	67.2	% 	 	 	71.3	% 	 	 	75.4	% 	 	 	79.5	% 	 	 	83.6	% 	 	 	87.7	% 	 	 	91.8	% 	 	 	95.9	% 	 	 	100	% 
	37	  	 	58.0	% 	 	 	62.2	% 	 	 	66.4	% 	 	 	70.6	% 	 	 	74.8	% 	 	 	79.0	% 	 	 	83.2	% 	 	 	87.4	% 	 	 	91.6	% 	 	 	95.8	% 	 	 	100	% 
	36	  	 	57.0	% 	 	 	61.3	% 	 	 	65.6	% 	 	 	69.9	% 	 	 	74.2	% 	 	 	78.5	% 	 	 	82.8	% 	 	 	87.1	% 	 	 	91.4	% 	 	 	95.7	% 	 	 	100	% 
	35	  	 	56.0	% 	 	 	60.4	% 	 	 	64.8	% 	 	 	69.2	% 	 	 	73.6	% 	 	 	78.0	% 	 	 	82.4	% 	 	 	86.8	% 	 	 	91.2	% 	 	 	95.6	% 	 	 	100	% 
	34	  	 	55.0	% 	 	 	59.5	% 	 	 	64.0	% 	 	 	68.5	% 	 	 	73.0	% 	 	 	77.5	% 	 	 	82.0	% 	 	 	86.5	% 	 	 	91.0	% 	 	 	95.5	% 	 	 	100	% 
	33	  	 	54.0	% 	 	 	58.6	% 	 	 	63.2	% 	 	 	67.8	% 	 	 	72.4	% 	 	 	77.0	% 	 	 	81.6	% 	 	 	86.2	% 	 	 	90.8	% 	 	 	95.4	% 	 	 	100	% 
	32	  	 	53.0	% 	 	 	57.7	% 	 	 	62.4	% 	 	 	67.1	% 	 	 	71.8	% 	 	 	76.5	% 	 	 	81.2	% 	 	 	85.9	% 	 	 	90.6	% 	 	 	95.3	% 	 	 	100	% 
	31	  	 	52.0	% 	 	 	56.8	% 	 	 	61.6	% 	 	 	66.4	% 	 	 	71.2	% 	 	 	76.0	% 	 	 	80.8	% 	 	 	85.6	% 	 	 	90.4	% 	 	 	95.2	% 	 	 	100	% 
	30	  	 	51.0	% 	 	 	55.9	% 	 	 	60.8	% 	 	 	65.7	% 	 	 	70.6	% 	 	 	75.5	% 	 	 	80.4	% 	 	 	85.3	% 	 	 	90.2	% 	 	 	95.1	% 	 	 	100	% 
	29	  	 	50.0	% 	 	 	55.0	% 	 	 	60.0	% 	 	 	65.0	% 	 	 	70.0	% 	 	 	75.0	% 	 	 	80.0	% 	 	 	85.0	% 	 	 	90.0	% 	 	 	95.0	% 	 	 	100	% 
	28	  	 	49.0	% 	 	 	54.1	% 	 	 	59.2	% 	 	 	64.3	% 	 	 	69.4	% 	 	 	74.5	% 	 	 	79.6	% 	 	 	84.7	% 	 	 	89.8	% 	 	 	94.9	% 	 	 	100	% 
	27	  	 	48.0	% 	 	 	53.2	% 	 	 	58.4	% 	 	 	63.6	% 	 	 	68.8	% 	 	 	74.0	% 	 	 	79.2	% 	 	 	84.4	% 	 	 	89.6	% 	 	 	94.8	% 	 	 	100	% 
	26	  	 	47.0	% 	 	 	52.3	% 	 	 	57.6	% 	 	 	62.9	% 	 	 	68.2	% 	 	 	73.5	% 	 	 	78.8	% 	 	 	84.1	% 	 	 	89.4	% 	 	 	94.7	% 	 	 	100	% 
	25	  	 	46.0	% 	 	 	51.4	% 	 	 	56.8	% 	 	 	62.2	% 	 	 	67.6	% 	 	 	73.0	% 	 	 	78.4	% 	 	 	83.8	% 	 	 	89.2	% 	 	 	94.6	% 	 	 	100	% 
	24	  	 	45.0	% 	 	 	50.5	% 	 	 	56.0	% 	 	 	61.5	% 	 	 	67.0	% 	 	 	72.5	% 	 	 	78.0	% 	 	 	83.5	% 	 	 	89.0	% 	 	 	94.5	% 	 	 	100	% 
	23	  	 	44.0	% 	 	 	49.6	% 	 	 	55.2	% 	 	 	60.8	% 	 	 	66.4	% 	 	 	72.0	% 	 	 	77.6	% 	 	 	83.2	% 	 	 	88.8	% 	 	 	94.4	% 	 	 	100	% 
	22	  	 	43.0	% 	 	 	48.7	% 	 	 	54.4	% 	 	 	60.1	% 	 	 	65.8	% 	 	 	71.5	% 	 	 	77.2	% 	 	 	82.9	% 	 	 	88.6	% 	 	 	94.3	% 	 	 	100	% 
	21	  	 	42.0	% 	 	 	47.8	% 	 	 	53.6	% 	 	 	59.4	% 	 	 	65.2	% 	 	 	71.0	% 	 	 	76.8	% 	 	 	82.6	% 	 	 	88.4	% 	 	 	94.2	% 	 	 	100	% 
	20	  	 	41.0	% 	 	 	46.9	% 	 	 	52.8	% 	 	 	58.7	% 	 	 	64.6	% 	 	 	70.5	% 	 	 	76.4	% 	 	 	82.3	% 	 	 	88.2	% 	 	 	94.1	% 	 	 	100	% 

  

			
	NOTE:	  	EMPLOYEES MUST HAVE 5 YEARS OF SERVICE TO QUALIFY FOR VESTING
		
		  	 SCHEDULE INDICATES PERCENTAGE OF VESTED BENEFIT PAYABLE
 INTERPOLATION WILL BE MADE TO THE NEAREST MONTH

 SCHEDULE B 
 PROVISIONS APPLICABLE TO 
 ACCRUED FROZEN BENEFIT 

UNDER THE SERVICE ANNUITY PLAN 
 OF PECO ENERGY COMPANY 
  

	1.	APPLICATION 

 This Schedule shall apply only to a
Participant who elects to participate in the Plan pursuant to Section 3.1(b) of the Plan (relating to eligibility for participation for employees other than new hires) or Section 9.1 of the Plan (relating to recommencement of employment by
terminated employee) and whose accrued benefit under the PECO Plan is transferred to the Plan pursuant to Section 3.1(c) of the Plan (relating to transfer of benefits and assets to Plan) or Section 9.1 of the Plan. The provisions of this
Schedule shall govern with respect to all matters relating to such a Participant’s Accrued Frozen Benefit. 
  

	2.	DEFINED TERMS 

 For purposes of this Schedule B,
capitalized terms used herein shall have their respective meanings set forth in the Plan, except that the following words and phrases shall have the following respective meanings when capitalized unless the context clearly indicates otherwise:

 A. Accrued Frozen Benefit. The amount payable with respect to a Participant’s accrued benefit under the PECO Plan
determined as of December 31, 2001 commencing on the first day of the month coinciding with or next following a Participant’s Schedule B Normal Retirement Age, determined as if such amount were payable in the form of a single life annuity
for the life of the Participant. 
 B. Benefit Years. For periods prior to January 1, 2002, a Participant’s
Benefit Years includes the Participant’s “benefit years” as of the date he or she becomes a Participant, determined in accordance with the provisions of the PECO Plan as in effect on December 31, 2001. For the Participant’s
12 month “benefit accrual computation period” (as defined in the PECO Plan) that ends during the 2002 Plan Year, the greater of (i) the Vesting Service, for such period, determined pursuant to subdivision (45) of Article 2 of the
Plan (relating to definition of Vesting Service) and (ii) the “benefit years”, for such period, determined pursuant to the terms of the PECO Plan as in 

  
 1 

 
effect on December 31, 2001. For periods after the 12 month period described in the preceding sentence, a Participant’s Benefit Years shall equal his or her Vesting Service for such
periods. 
 C. Early Retirement Date. The date on which a Participant completes at least ten years of Vesting Service and
attains at least age 50. 
 D. Schedule B Actuarial Factors. An interest rate assumption of seven percent and a mortality
assumption of the TPF&C mortality table in effect as of the date a determination hereunder occurs set back one year for participants and five years for beneficiaries. 
 E. Schedule B Normal Retirement Age. A Participant’s 65th birthday. 
  

	3.	SPECIAL RULES REGARDING COMPUTATION OF BENEFIT 

 A. Factors to Calculate Pension Paid Before Schedule B Normal Retirement Age 
  

	 	1.	Pension Starting Date on or After Early Retirement Date and Prior to Schedule B Normal Retirement Age. The Pension attributable to the Accrued Frozen Benefit of
a Participant whose Termination of Employment occurs on or after his or her Early Retirement Date and whose Pension commences prior to his or her Schedule B Normal Retirement Age shall be computed by multiplying such Participant’s Accrued
Frozen Benefit by the applicable factor from Table B-1. 

  

	 	2.	Pension Starting Date After Attainment of Age 50 but Prior to Early Retirement Date. The Pension attributable to the Accrued Frozen Benefit of a Participant
whose Pension Starting Date occurs on or after such Participant’s attainment of age 50 but prior to such Participant’s attainment of his or her Early Retirement Date and whose Pension commences prior to his or her Schedule B Normal
Retirement Age shall be computed by multiplying such Participant’s Accrued Frozen Benefit by the applicable factor from Table G. 

  

	 	3.	Pension Starting Date Prior to Attainment of Age 50. The amount determined by actuarially reducing the Participant’s Accrued Frozen Benefit using the
factors in Table G to reduce the Accrued Frozen Benefit from age 65 to age 50 and using the Schedule B Actuarial Factors to reduce the Accrued Frozen Benefit from age 50 to the Participant’s Pension Starting Date. 

  
 2 

 B. Lump Sum Value. If a Participant elects to receive his or her Accrued Frozen
Benefit in the form of a lump sum distribution as described in Option 2 of Section 7.2(c) of the Plan, the amount of the lump sum attributable to the Participant’s Accrued Frozen Benefit shall be the greater of: 

 

	 	1.	the actuarial equivalent of the Participant’s Accrued Frozen Benefit using the Schedule B Actuarial Factors, and 

 

	 	2.	an amount equal to the present value of the Participant’s Accrued Frozen Benefit determined as of December 31, 2001 using a 6.5% discount rate and the 1983
Group Annuity (unisex) Mortality Table (50% male, 50% female), assuming the Accrued Frozen Benefit otherwise payable at the Schedule B Normal Retirement Age would commence at the later of the Participant’s attained age at December 31, 2001
or age 60 (or, effective January 1, 2002, age 59 for Craft, Craft/Technical, Technical Support and Professional Support Employees with an Accrued Frozen Benefit) and credited with 6.5% for each Plan Year subsequent to December 31, 2001
during which the Participant is a Participant, whether or not such Participant is an Eligible Employee during such Plan Year. 

  

	4.	OPTIONAL FORMS OF BENEFIT PAYABLE UPON RETIREMENT 

In lieu of the optional forms of benefit available under Section 7.2(c) of the Plan, a Participant may elect to have the portion of his or her
Accrued Benefit attributable to his or her Accrued Frozen Benefit paid in the following form, subject to Section 7.4 (relating to election and waiver procedures): 
  

	 	A.	Contingent Annuity Option: A Participant (each, an “Eligible Participant”) who has a Termination of Employment after he or she (1) has completed
at least 14 Benefit Years, or (2) has attained age 65 and has completed at least 5 Benefit Years, or (3) has attained his or her Early Retirement Date may elect a contingent annuity option under which the Participant may designate a
percentage equal to 25%, 50%, 75% or 100% of his or her Pension to be paid upon his or her death to a contingent Beneficiary designated by such Participant. The annuity otherwise payable to a Participant electing a Contingent Annuity Option or to
his or her contingent Beneficiary will be actuarially reduced using the Schedule B Actuarial Factors to reflect the payments which may become payable to the Beneficiary. Notwithstanding the preceding sentence, if the Participant’s Spouse is
designated as the contingent Beneficiary, the actuarial reduction will not reflect the cost of a joint and survivor annuity option providing a survivor annuity to the Participant’s Spouse of 

  
 3 

	 	 
(1) 50% of the amount payable to the Participant, if a 50%, 75% or 100% contingent annuity option is elected, or (2) 25% of the amount payable to the Participant, if a 25% contingent annuity
option is elected; provided, however, that the subsidy described in this sentence shall not apply to a former spouse who is to be treated as a Participant’s spouse pursuant to a qualified domestic relations order, unless the qualified domestic
relations order specifically provides that such subsidy applies to the former spouse. If the contingent Beneficiary is other than the Spouse, the percentage payable to the contingent Beneficiary after the Participant’s death may not exceed the
applicable percentage from Appendix B. The contingent annuity option of an electing Participant who has a Termination of Employment before he or she attains his or her Early Retirement Date shall be canceled. 

  
 4 

 APPENDIX B 
 MINIMUM DISTRIBUTION INCIDENTAL BENEFIT TABLE 
  

			
	Excess if Age of Participant
over Age of Beneficiary	  	Applicable
Percentage
		
	 10 years or less
	  	100%
	 11
	  	96%
	 12
	  	93%
	 13
	  	90%
	 14
	  	87%
	 15
	  	84%
	 16
	  	82%
	 17
	  	79%
	 18
	  	77%
	 19
	  	75%
	 20
	  	73%
	 21
	  	72%
	 22
	  	70%
	 23
	  	68%
	 24
	  	67%
	 25
	  	66%
	 26
	  	64%
	 27
	  	63%
	 28
	  	62%
	 29
	  	61%
	 30
	  	60%
	 31
	  	59%
	 32
	  	59%
	 33
	  	58%
	 34
	  	57%
	 35
	  	56%
	 36
	  	56%
	 37
	  	55%
	 38
	  	55%
	 39
	  	54%
	 40
	  	54%
	 41
	  	53%
	 42
	  	53%
	 43
	  	53%
	 44 and greater
	  	52%

  
 5 

 Table G 
 Reduction Factors Applicable to Accrued Frozen Benefit under Schedule B 

For Pension Starting Date on or after Age 50 and before Early Retirement Age* 

Months 
  

																																																	
	 Age
	  	0	 	  	1	 	  	2	 	  	3	 	  	4	 	  	5	 	  	6	 	  	7	 	  	8	 	  	9	 	  	10	 	  	11	 
													
	50	  	 	0.235	  	  	 	0.237	  	  	 	0.239	  	  	 	0.240	  	  	 	0.242	  	  	 	0.244	  	  	 	0.246	  	  	 	0.247	  	  	 	0.249	  	  	 	0.251	  	  	 	0.253	  	  	 	0.254	  
	51	  	 	0.256	  	  	 	0.258	  	  	 	0.260	  	  	 	0.262	  	  	 	0.264	  	  	 	0.266	  	  	 	0.268	  	  	 	0.269	  	  	 	0.271	  	  	 	0.273	  	  	 	0.275	  	  	 	0.277	  
	52	  	 	0.279	  	  	 	0.281	  	  	 	0.283	  	  	 	0.286	  	  	 	0.288	  	  	 	0.290	  	  	 	0.292	  	  	 	0.294	  	  	 	0.296	  	  	 	0.299	  	  	 	0.301	  	  	 	0.303	  
	53	  	 	0.305	  	  	 	0.307	  	  	 	0.310	  	  	 	0.312	  	  	 	0.314	  	  	 	0.317	  	  	 	0.319	  	  	 	0.321	  	  	 	0.324	  	  	 	0.326	  	  	 	0.328	  	  	 	0.331	  
	54	  	 	0.333	  	  	 	0.336	  	  	 	0.338	  	  	 	0.341	  	  	 	0.344	  	  	 	0.346	  	  	 	0.349	  	  	 	0.352	  	  	 	0.354	  	  	 	0.357	  	  	 	0.360	  	  	 	0.362	  
	55	  	 	0.365	  	  	 	0.368	  	  	 	0.371	  	  	 	0.374	  	  	 	0.377	  	  	 	0.380	  	  	 	0.383	  	  	 	0.385	  	  	 	0.388	  	  	 	0.391	  	  	 	0.394	  	  	 	0.397	  
	56	  	 	0.400	  	  	 	0.403	  	  	 	0.407	  	  	 	0.410	  	  	 	0.413	  	  	 	0.417	  	  	 	0.420	  	  	 	0.423	  	  	 	0.427	  	  	 	0.430	  	  	 	0.433	  	  	 	0.437	  
	57	  	 	0.440	  	  	 	0.444	  	  	 	0.447	  	  	 	0.451	  	  	 	0.455	  	  	 	0.458	  	  	 	0.462	  	  	 	0.466	  	  	 	0.469	  	  	 	0.473	  	  	 	0.477	  	  	 	0.480	  
	58	  	 	0.484	  	  	 	0.488	  	  	 	0.492	  	  	 	0.496	  	  	 	0.500	  	  	 	0.504	  	  	 	0.509	  	  	 	0.513	  	  	 	0.517	  	  	 	0.521	  	  	 	0.525	  	  	 	0.529	  
	59	  	 	0.533	  	  	 	0.538	  	  	 	0.542	  	  	 	0.547	  	  	 	0.552	  	  	 	0.556	  	  	 	0.561	  	  	 	0.566	  	  	 	0.570	  	  	 	0.575	  	  	 	0.580	  	  	 	0.584	  
	60	  	 	0.589	  	  	 	0.594	  	  	 	0.599	  	  	 	0.605	  	  	 	0.610	  	  	 	0.615	  	  	 	0.620	  	  	 	0.625	  	  	 	0.630	  	  	 	0.636	  	  	 	0.641	  	  	 	0.646	  
	61	  	 	0.651	  	  	 	0.657	  	  	 	0.663	  	  	 	0.669	  	  	 	0.675	  	  	 	0.681	  	  	 	0.687	  	  	 	0.692	  	  	 	0.698	  	  	 	0.704	  	  	 	0.710	  	  	 	0.716	  
	62	  	 	0.722	  	  	 	0.729	  	  	 	0.736	  	  	 	0.742	  	  	 	0.749	  	  	 	0.756	  	  	 	0.763	  	  	 	0.769	  	  	 	0.776	  	  	 	0.783	  	  	 	0.790	  	  	 	0.796	  
	63	  	 	0.803	  	  	 	0.811	  	  	 	0.818	  	  	 	0.826	  	  	 	0.834	  	  	 	0.841	  	  	 	0.849	  	  	 	0.857	  	  	 	0.864	  	  	 	0.872	  	  	 	0.880	  	  	 	0.887	  
	64	  	 	0.895	  	  	 	0.904	  	  	 	0.913	  	  	 	0.921	  	  	 	0.930	  	  	 	0.939	  	  	 	0.948	  	  	 	0.956	  	  	 	0.965	  	  	 	0.974	  	  	 	0.983	  	  	 	0.991	  
	65 and Over	  	 	1.000	  	  	 	1.000	  	  	 	1.000	  	  	 	1.000	  	  	 	1.000	  	  	 	1.000	  	  	 	1.000	  	  	 	1.000	  	  	 	1.000	  	  	 	1.000	  	  	 	1.000	  	  	 	1.000	  

  

	*	Factors above are to be multiplied by the Frozen Accrued Benefit applicable to Schedule B. The Basis for the above Factors is the 1971 TPF&C Projection Mortality
Table for Males with 1-Year Setback, and 7.00% Interest. 

 SCHEDULE C 
 PROVISIONS APPLICABLE TO 
 ACCRUED FROZEN BENEFIT 

UNDER THE CASH BALANCE PROVISIONS 
 OF THE TXU RETIREMENT PLAN 
  

	1.	APPLICATION 

 This Schedule C shall apply only to
a Participant who, immediately prior to becoming a Participant, was a participant in the TXU Retirement Plan (the “TXU Plan”). The provisions of this Schedule C shall govern with respect to all matters relating to such a
Participant’s Cash Balance Account that is attributable to the Participant’s accrued benefit under the TXU Plan. 
  

	2.	DEFINED TERMS 

 For purposes of this Schedule C,
capitalized terms used herein shall have their respective meanings set forth in the Plan, except that the following words and phrases shall have the following respective meanings when capitalized unless the context clearly indicates otherwise:

  

	 	A.	Accrued Frozen Benefit. The amount payable with respect to a Participant’s accrued benefit under the TXU Plan determined as of the date such Participant
became a Participant commencing on the first day of the month coinciding with or next following a Participant’s Schedule C Normal Retirement Age, determined as if such amount were payable in the form of a single life annuity for the life of the
Participant. 

  

	 	B.	 Accredited Service. A Participant’s Accredited Service includes the Participant’s “Accredited Service” as of the date he or
she becomes a Participant, determined in accordance with the provisions of the TXU Plan as in effect on such date, and the number of years and full calendar months of service beginning on the date the Participant becomes a Participant and ending on
the Participant’s Severance from Service Date (as defined below) but not to exceed, in the aggregate, a maximum of 40 years. A Participant’s Severance from Service is the earlier of the first day of the month coincident with or next
following the date on which an Employee quits, retires or is discharged or dies, or the first day of the month coincident with or next following the first anniversary of the first day of absence for any other reason. Severance from Service shall not
occur if an Employee leaves the employ of an Employer and is eligible for disability benefits as defined in and determined under the TXU Corp. Employee Long-Term Disability Income Plan (or any successor plan), so long as such Employee remains
eligible for disability benefits. Accredited Service shall not include any Period of Service for which the Accrued Frozen Benefit has been settled by a cash payment, unless, within the latter of: (a) 5 years of reemployment, or (b) 5
consecutive one-year breaks in service, the full cash payment is repaid together with interest at the annual compound rate of interest as may be specified by law from the date of the cash payment to the date of repayment.

  
 C-1

	 	C.	Earlier Than Normal Retirement Date. The date on which a Participant attains age 55 and completes at least 15 years of Accredited Service.

  

	 	D.	Schedule C Actuarial Factors. With respect to the computation of lump sum benefit payments, the mortality table prescribed in Revenue Ruling 2001-62 and an
interest rate equal to the annual rate on 30-year U.S. Treasury securities for the month of November prior to the Plan Year for which the lump sum payment is being determined. With respect to the computation of monthly benefit payments, a unisex
rate taken from the 1983 Group Annuity Mortality Table weighted to reflect a fixed blend of 85% males and 15% females and interest rate equal to 8%. 

  

	 	E.	Schedule C Normal Retirement Age. Age 65. 

  

	3.	SPECIAL RULES REGARDING COMPUTATION OF BENEFIT 

  

	 	A.	Factors to Calculate Pension Paid Before Schedule C Normal Retirement Age 

 

	 	1.	Pension Starting Date on or After the Earlier Than Normal Retirement Date and Attainment of Age 62, but Prior to Schedule C Normal Retirement Age. The Pension
attributable to the Accrued Frozen Benefit of a Participant whose Termination of Employment occurs on or after his or her Earlier Than Normal Retirement Date and whose Pension commences after his or her attainment of age 62, but prior to his or her
Schedule C Normal Retirement Age shall be such Participant’s Accrued Frozen Benefit without any actuarial reduction. 

  

	 	2.	 Pension Starting Date on or After the Earlier Than Normal Retirement Date and Prior to Attainment of Age 62. The Pension attributable to the
Accrued Frozen Benefit of a Participant whose Termination of Employment occurs on or after his or her Earlier Than Normal Retirement Date and whose Pension commences before his or her attainment of age 62 shall be such Participant’s Accrued
Frozen Benefit reduced at the annual rate of 4% for each of the years and full calendar months (taken as twelfths of a year) by which his Earlier Than Normal Retirement Date precedes the first day of the month coincident with or next following his
62nd birthday. 

 

	 	3.	Pension Starting Date Prior to the Earlier Than Normal Retirement Date. The Pension attributable to the Accrued Frozen Benefit of a Participant whose Termination
of Employment occurs prior to his or her Earlier than Normal Retirement Date shall be the Participant’s Accrued Frozen Benefit reduced at the annual rate of 4% for each of the years and full calendar months (taken as twelfths of a year) to the
greater of his age as of his Pension Starting Date or age 55 and further reduced (if applicable) on an actuarial basis from age 55 to the Participant’s Pension Starting Date. 

 

	 	B.	 Lump Sum Value. If a Participant elects to receive his or her Accrued Frozen Benefit in the form of a lump sum distribution as described in
Option 2 of Section 

  
 C-2

	 	 
7.2(c) of the Plan, the amount of the lump sum attributable to the Participant’s Accrued Frozen Benefit shall be the greater of: 

 

	 	1.	the lump sum actuarial equivalent of the Participant’s Accrued Frozen Benefit determined using the Schedule C Actuarial Factors, and 

 

	 	2.	an amount equal to the present value of the Participant’s Accrued Frozen Benefit determined as the date the Participant became a Participant in the Plan using a
6.75% discount rate and the 1983 Group Annuity (unisex) Mortality Table (50% male, 50% female). assuming the Accrued Frozen Benefit otherwise payable at the Schedule C Normal Retirement Age would commence at the later of the Participant’s
attained age as of the date the Participant became a Participant in the Plan or age 62. 

  

	4.	OPTIONAL FORMS OF BENEFIT PAYABLE UPON RETIREMENT 

In lieu of the forms of benefit available under Section 7.2 of the Plan, a Participant may elect to have the portion of his or her Accrued Benefit
attributable to his or her Accrued Frozen Benefit paid in the following forms, subject to Section 7.4 (relating to election and waiver procedures): 
  

	 	A.	Ten- Year Certain Option: A Participant may elect to receive his or her Accrued Frozen Benefit in the form of a reduced amount which is the Actuarial Equivalent,
determined using the Schedule C Actuarial Assumptions, of his or her Accrued Frozen Benefit during his or her lifetime and, in the event of the Participant’s death prior to the expiration of ten years following his or her Pension Starting Date,
such Accrued Frozen Benefit shall continue for any unexpired portion of such ten-year period to his designated Beneficiary or Beneficiaries. Subject to Section 7.4, the Participant shall have the right to change or redesignate his or her
Beneficiary or successive Beneficiaries at any time prior to the expiration of the ten-year period described above. If the Beneficiary or successive Beneficiaries shall survive the retired Participant but die prior to the expiration of the ten-year
period described above, the commuted value of the remaining payments due the Beneficiaries shall be paid to the estate of such Beneficiaries. If the Participant shall die within the ten-year period described above without any surviving designated
Beneficiary, the commuted value of the payments which would otherwise have been paid during the remaining portion of said ten-year period shall be paid by the Trustee at the direction of the Administrator (i) to the surviving Spouse of such
deceased Participant, if any, or (ii) if there shall be no surviving Spouse, to the surviving children of such deceased Participant, if any, in equal shares, or (iii) if there shall be no surviving Spouse or surviving children, to the
executor or administrator of the estate of such deceased Participant, or (iv) if no executor or administrator shall have been appointed for the estate of such deceased Participant within six months following the date of the Participant’s
death, in equal shares to the person or persons who would be entitled under the intestate succession laws of the state of the Participant’s domicile to receive the Participant’s personal estate. 

 

	 	B.	 Social Security Adjustment Option: A Participant whose Pension Starting Date occurs after his or her Earlier Than Normal Retirement Date and
prior to his or her 

  
 C-3

	 	 
attainment of age 62 may elect, at any time prior to his or Earlier Than Normal Retirement Date, to have the amount of his or her Accrued Frozen Benefit increased during the period prior to
becoming eligible to receive monthly benefits under the Social Security Act, and decreased during the period after becoming eligible to receive monthly benefits under the Social Security Act, so as to provide for the Participant an essentially
uniform total retirement benefit composed of his Accrued Frozen Benefit and monthly benefits under the Social Security Act. For purposes of this optional form of benefit, the monthly benefits under the Social Security Act shall mean the old age
insurance benefit that a Participant might be entitled to receive at the earliest age the Participant will be eligible to begin receiving monthly benefit under the Social Security Act as of the date he or she elects this optional form of benefit and
the Accrued Frozen Benefit shall not be adjusted because of any subsequent change in the actual monthly benefits received under the Social Security Act. If the Participant elects the Social Security Adjustment Option, his or her Accrued Frozen
Benefit shall be the greater of (i) the Accrued Frozen Benefit reduced as described in Paragraph 3.A.2 of this Schedule C and applying the Schedule C Actuarial Assumptions for computing monthly benefit payments; and (ii) the Accrued Frozen
Benefit actuarially reduced to the Participant’s age at retirement and converted to the Social Security Adjustment Option applying the Schedule C Actuarial Assumptions for calculating lump sum benefit payments. 

  
 C-4

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