Document:

EXHIBIT
10(O)

Constellation Energy
Group, Inc.

Executive Annual
Incentive Plan

(Plan)

Amended and
restated 2007

1.                                       Purpose.  The purpose of the Plan is to permit the
Company, through awards of annual incentive compensation qualifying for federal
income tax deductions, to attract and retain executives and to motivate these
executives to promote the profitability and growth of the Company.

2.                                       Definitions.  All singular terms defined in this Plan will
include the plural and vice versa.  As used herein, the following terms will have
the meaning specified below:

“Award”
means the amount granted to a Participant by the Committee for a Performance
Period under the Plan, whether paid in cash, stock, restricted stock, stock
options, other stock-based or stock-denominated units or any other form of
consideration.

“Board” means the Board of Directors of the Company.

“Change in Control” means the occurrence of any one of
the following events:

(i)                individuals who, on the
effective date of the adoption of the Plan, constitute the Board (the “Incumbent Directors”) cease for any
reason to constitute at least a majority of the Board, provided that any person
becoming a director subsequent to such adoption date, whose election or
nomination for election was approved by a vote of at least two-thirds of the
Incumbent Directors then on the Board (either by a specific vote or by approval
of the proxy statement of the Company in which such person is named as a
nominee for director, without written objection to such nomination) shall be an
Incumbent Director; provided, however, that no individual
initially elected or nominated as a director of the Company as a result of an
actual or threatened election contest with respect to directors or as a result
of any other actual or threatened solicitation of proxies by or on behalf of
any person other than the Board shall be deemed to be an Incumbent Director;

(ii)   any “person” (as such term is defined in
Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and as used in
Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Company representing 20% or more of the
combined voting power of the Company’s then outstanding securities eligible to
vote for the election of the Board (the “Company Voting Securities”);
provided, however, that the event described in this paragraph
(ii) shall not be deemed to be a change in control by virtue of any of the
following acquisitions:  (A) by the
Company or any corporation with respect to which the Company owns a majority of
the outstanding shares of common stock or has the power to vote or direct the
voting of sufficient securities to elect a majority of the directors (a “Subsidiary Company”), (B) by any
employee benefit plan (or related trust) sponsored or maintained by the Company
or any Subsidiary Company, (C) by any underwriter temporarily holding
securities pursuant to an offering of such securities, (D) pursuant to a
Non-Qualifying Transaction (as defined in paragraph (iii)), or (E) pursuant to
any acquisition by a Participant or any group of persons including a
Participant (or any entity controlled by a Participant or any group of persons
including a Participant);

(iii)  consummation of a merger, consolidation,
statutory share exchange or similar form of corporate transaction involving the
Company (a “Business Combination”),
unless immediately following such Business Combination:  (A) more than 60% of the total voting power
of (x) the corporation resulting from such Business Combination (the “Surviving Corporation”), or (y) if
applicable, the ultimate parent corporation that directly or indirectly has
beneficial ownership of at least 95% of the voting securities eligible to elect
directors of the Surviving Corporation (the “Parent
Corporation”), is represented by Company Voting Securities that
were outstanding immediately prior to such Business Combination (or, if
applicable, is represented by shares into which such Company Voting Securities
were converted pursuant to such Business Combination), and such voting power
among the holders thereof is in substantially the same proportion as the voting
power of such Company Voting Securities among the holders thereof immediately
prior to the Business Combination, (B) no person (other than any employee
benefit plan (or related trust) sponsored or maintained by the Surviving
Corporation or the Parent Corporation), is or becomes the beneficial owner,
directly or indirectly, of 20% or more of the total voting power of the
outstanding voting securities eligible to elect directors of the Parent
Corporation (or, if there is no Parent Corporation, the Surviving Corporation)
and (C) at least a majority of the members of the board of directors of the
Parent Corporation (or, if there is no Parent Corporation, the Surviving
Corporation) following the consummation of the Business Combination were
Incumbent Directors at the time of the Board’s approval of the execution of the
initial agreement providing for such Business Combination (any Business
Combination which satisfies all of the criteria specified in (A), (B), and (C)
above shall be deemed to be a “Non-Qualifying Transaction”);
or

(iv)  the stockholders of the Company approve a plan
of complete liquidation or dissolution of the Company, or the consummation of a
sale of all or substantially all of the Company’s assets.

Notwithstanding the foregoing, a change in control of
the Company shall not be deemed to occur solely because any person acquires
beneficial ownership of more than 20% of the Company Voting Securities as a
result of the acquisition of Company Voting Securities by the Company which
reduces the number of Company Voting Securities outstanding; provided, that
if after such acquisition by the Company such person becomes the beneficial
owner of additional Company Voting Securities that increases the percentage of
outstanding Company Voting Securities beneficially owned by such person, a
change in control of the Company shall then occur.

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“Code” means the Internal Revenue Code of 1986, as
amended. Reference in the Plan to any section of the Code will be deemed to
include any amendments or successor provisions to such section and any
regulations promulgated thereunder.

“Committee” means the Compensation Committee of the
Board or such other committee as the Board shall appoint from time to time to
administer the Plan and to otherwise exercise and perform the authority and
functions assigned to the Committee under the terms of the Plan, at least two
members of which qualify as non-employee directors (within the meaning of Rule
16b-3 promulgated under Section 16 of the 1934 Act), and as “outside directors”
within the meaning of Treasury Regulation Section 1.162-27(e)(3) and as “independent”
within the meaning of any rules or regulations promulgated by an applicable
stock exchange or similar regulatory authority rules and regulations.

“Company” means Constellation Energy Group, Inc., a
Maryland corporation, or its successor, including any “New Company” as provided
in Section 10G.

“Deferred Compensation Plan” means the Constellation
Energy Group, Inc. Nonqualified Deferred Compensation Plan or any successor or
future similar plans.

 “Executive”
means any executive officer of the Company as defined in Section 16 of the 1934
Act.

“Extraordinary Items” means extraordinary, unusual,
and nonrecurring items of gain or loss as defined under U.S. generally accepted
accounting principles and as reported in the Company’s annual report to shareholders
or as otherwise reported to shareholders.

“Income from Continuing Operations Before Income Taxes”
means the consolidated income before income taxes and excluding (i)
discontinued operations; (ii) Extraordinary Items; and, (iii) cumulative effect
of change in accounting principle; if applicable, for the Performance Period,
computed in accordance with U.S. generally accepted accounting principles and
as reported in the Company’s annual report to shareholders or as otherwise
reported to shareholders.

“Income from Operations”
means the consolidated income before income taxes and excluding: (i)
discontinued operations; (ii) Extraordinary Items; (iii) cumulative effect of
change in accounting principle; (iv) fixed charges; and (v) other non-operating
income and expenses; if applicable, for the Performance Period, computed in
accordance with U.S. generally accepted accounting principles and as reported
in the Company’s annual report to shareholders or as otherwise reported to
shareholders.

“1934 Act” means the Securities Exchange Act of 1934,
as amended, and the rules and regulations promulgated thereunder.

“Net Income” means the consolidated net income for the
Performance Period, computed in accordance with U.S. generally accepted
accounting principles and as reported in the Company’s annual report to
shareholders or as otherwise reported to shareholders.

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“Net Cash Provided by Operating Activities” means net
cash flow from operating activities computed in accordance with U.S. generally
accepted accounting principles and as reported in the Company’s annual report
to shareholders or as otherwise reported to shareholders.

“Participant” means an individual who has been granted
a conditional opportunity to earn an Award under the Plan.

“Performance Period” means the taxable year of the
Company or any other period designated by the Committee with respect to which
an Award may be granted.

“Stock Plans” means the Constellation Energy Group,
Inc. 2007 Long-Term Incentive Plan and/or any successor or predecessor stock
plans adopted or assumed by the Company.

“Subsidiary” means any entity that is directly or
indirectly controlled by the Company or any entity, including an acquired
entity, in which the Company has a significant equity interest, as determined
by the Committee, in its discretion.

“Year” means a fiscal year of the Company that
constitutes all or part of the applicable Performance Period.

3.                                       Administration.  The Committee is the Plan Administrator and
has sole authority (except as specified otherwise herein) to determine all
questions of interpretation and application of the Plan, or of the terms and
conditions pursuant to which Awards are granted under the Plan provisions, and,
in general, to make all determinations advisable for the administration of the
Plan to achieve its stated purpose.  The
Plan Administrator’s determinations under the Plan (including without
limitation, determinations of the persons to receive Awards, the form, amount
and timing of such Awards, the terms and provisions of such Awards and any
agreements evidencing such Awards) need not be uniform and may be made by the
Plan Administrator selectively among persons who receive, or are eligible to
receive, Awards under the Plan, whether or not such persons are similarly
situated.  Such determinations shall be
final and not subject to further appeal.

4.                                       Eligibility.  For a Performance Period, each Executive may
be designated by the Committee as a Participant.

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5.                                       Awards.

A.            Provision for Awards.  Each Participant may receive an Award in any
Performance Period based on upon a percentage of an incentive pool equal to the
greater of (i) 3% of the Company’s Income from Operations; (ii) 3% of the
Company’s Income from Continuing Operations Before Income Taxes; (iii) 5% of
the Company’s Net Income for the Performance Period, and (iv) 20% of the
Company’s Net Cash Provided by Operating Activities for the Performance Period
(as each term is defined in the Plan). 
At the beginning of the Performance Period, the Committee will allocate
an incentive pool percentage to each participating employee for each
Performance Period; provided that in any Performance Period the incentive pool
percentage for any one participant may not exceed 50% of the total pool and the
sum of the incentive pool percentages for all participants cannot exceed 100%
of the total pool.  As soon as
practicable following the determination of the incentive pool for a Performance
Period, the Committee will calculate each participant’s portion of the
incentive pool based upon the percentage established at the beginning of the
Performance Period.

B.            Committee Discretion
to Determine Award.  The Committee
has the sole discretion to determine the standard or formula pursuant to which
each Participant’s Award shall be calculated, whether all or any portion of the
amount so calculated will be paid, and the specific amount (if any) to be paid
to each Participant, subject in all cases to the terms, conditions and limits
of the Plan.  To this same extent, the
Committee may at any time establish (and, once established, rescind, waive or
amend) additional conditions and terms of payment of Awards (including but not
limited to the achievement of other financial, strategic or individual goals,
which may be objective or subjective) as it may deem desirable in carrying out
the purposes of the Plan.  The Committee
has discretion to adjust all such Awards downwards, but in no event may the
portion of the incentive pool allocated to a Participant be increased in any
way, including as a result of the reduction of any other Participant’s
allocated portion.

6.                                       Payment of Awards.
Each Participant shall be eligible to receive, within a reasonable period of
time, as determined in the sole discretion of the Committee, after the amount
of such Participant’s Award for a Performance Period has been determined, all
or a portion of that Award.  Awards may
be paid in cash, stock, restricted stock, stock options, other stock-based or
stock-denominated units or any other form of consideration or any combination
thereof determined by the Committee. 
Equity or equity-based awards may be granted under the terms and
conditions of the applicable Stock Plans. 
Payment of the Award may be deferred at the discretion of the
Committee.  A Participant may elect to
defer the receipt of all or a portion of the Award for the Performance
Year.  Any such deferral and investment
of any such amounts deferred pursuant to this Plan shall be made in accordance
with the provisions of the Deferred Compensation Plan.  No provision of this paragraph shall be given
effect to the extent such provision would cause any tax to become due under
Section 409A of the Code.

7.                                       Designation of Beneficiary.  A Participant shall have the right to
designate a beneficiary or beneficiaries who are to receive in a lump sum any
undistributed Award to the extent a Participant has chosen not to defer all or
a portion of the Award pursuant to Section 7 hereof, should the Participant die
during the Performance Period and be entitled to an incentive award for that
Performance Period.  Such designation
shall apply only to the portion of the undistributed Award not subject to a
deferral election.  Any designation,
change or rescission of the designation shall be made in writing by completing
and furnishing to the Senior Vice President — Human Resources of the Company or
successor to such position a notice on an appropriate form designated by such
Senior Vice President.  The last
designation of beneficiary received by the Senior Vice President — Human
Resources of the Company or successor to such position shall be controlling
over any testamentary or purported disposition by the Participant, provided
that no designation, rescission or change thereof shall be effective unless
received prior to the death of the Participant. 
Distribution of any Awards previously deferred pursuant to Section 7 of
the Plan shall be paid to the beneficiary or beneficiaries designated under the
Deferred Compensation Plan.

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8.                                       Change
in Control.  Notwithstanding any
other provisions of this Plan to the contrary, if a Participant separates from
service with the Company or a Subsidiary (except due to a Participant’s
transfer of employment to or from a Subsidiary), within 2 years following a
Change in Control (or, if earlier, upon termination of the Participant’s employment
with the Company or a Subsidiary if it is reasonably demonstrated that such
termination (a) was at the request of a third party who has taken steps
reasonably calculated to effect a Change in Control or (b) otherwise arose in
connection with or anticipation of a Change in Control), such Participant is
eligible for an Award for the Performance Period during which the separation
from service occurs.  The Award is
calculated assuming maximum performance achievement, prorated for service
during the Performance Period and based on the Participant’s position at the
time of termination.  Payment of the
Award will be made within 60 days after the Participant’s separation from
service.  Payment may not be deferred.

Notwithstanding any
provision in the Plan to the contrary, on or within 2 years after a Change in
Control, no action, including, but not by way of limitation, the amendment,
suspension or termination of the Plan, shall be taken which would materially
adversely affect the rights of any Participant without such Participant’s prior
written consent.

9.                                       Amendment of Plan.  The Committee may at any time and from time
to time alter, amend, suspend or terminate the Plan in whole or in part, except
(i) no such action may be taken without the consent of the Participant to whom
any Award was previously earned, which materially adversely affects the rights
of such Participant concerning such Award, except as such termination or
amendment of the Plan is required by statute, or rules and regulations
promulgated thereunder and (ii) no such action that would require the consent
of the Board and/or stockholders of the Company pursuant to Section 162(m) of
the Code or the 1934 Act, or any other applicable law, rule or regulation,
shall be effective without such consent. 
Notwithstanding the foregoing, except as otherwise required by
applicable law, rule or regulation, the Committee may amend the Plan as
desirable at the discretion of Committee to address any issues concerning (i) Section
162(m) of the Code or (ii) maintaining an exemption under rule 16b-3 of the
1934 Act. No provision of this Section 10 shall be given effect to the extent
that such provision would cause any tax to become due under Section 409A of the
Code.

10.                                 Miscellaneous Provisions.

A.            Nontransferability. 
No benefit provided under the Plan shall be subject to alienation or
assignment by a Participant (or by any person entitled to such benefit pursuant
to the terms of this Plan), nor shall it be subject to attachment or other
legal process except (i) to the extent specifically mandated and directed by
applicable state or federal statute; (ii) as requested by the Participant (or
by any person entitled to such benefit pursuant to the terms of the Plan), and
approved by the Committee, to satisfy income tax withholding; and (iii) as
requested by the Participant and approved by the Committee, to members of the
Participant’s family, or a trust established by the Participant for the benefit
of family members.

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B.            No Employment Right. 
Participation in this Plan shall not constitute a contract of employment
between the Company or any Subsidiary and any person and shall not be deemed to
be consideration for, or a condition of, continued employment of any person.

C.            Tax Withholding.  The
Company or a Subsidiary may withhold any applicable federal, state or local
taxes at such time and upon such terms and conditions as required by law or
determined by the Company or a Subsidiary.

D.            Compliance with Section 409A of the Code.  This Plan is intended to comply and shall be
administered in a manner that is intended to comply with section 409A of the
Code and shall be construed and interpreted in accordance with such
intent.  To the extent that an Award
and/or payment is subject to section 409A of the Code, it shall be awarded
and/or paid in a manner that will comply with section 409A of the Code,
including proposed, temporary or final regulations or any other guidance issued
by the Secretary of the Treasury and the Internal Revenue Service with respect
thereto.  Any provision of this Plan that
would cause an Award and/or payment to fail to satisfy section 409A of the Code
shall have no force and effect until amended to comply with Code section 409A
(which amendment may be retroactive to the extent permitted by applicable law).

E.             Indemnification.  Each person who is or at any time serves as a
member of the Committee (and each person or committee to whom the Committee or
any member thereof has delegated any of its authority or power under this Plan)
shall be indemnified and held harmless by the Company against and from (i) any
loss, cost, liability, or expense that may be imposed upon or reasonably
incurred by such person in connection with or resulting from any claim, action,
suit, or proceeding to which such person may be a party or in which such person
may be involved by reason of any action or failure to act under the Plan; and
(ii) any and all amounts paid by such person in satisfaction of judgment in any
such action, suit, or proceeding relating to the Plan.  Each person covered by this indemnification
shall give the Company an opportunity, at its own expense, to handle and defend
the same before such person undertakes to handle and defend it on such person’s
own behalf.  The foregoing right of
indemnification shall not be exclusive of any other rights of indemnification
to which such persons may be entitled under the Charter or By-Laws of the
Company or any of its Subsidiaries, as a matter of law, or otherwise, or any
power that the Company may have to indemnify such person or hold such person
harmless.

F.             Reliance on Reports. 
Each member of the Committee (and each person or committee to whom the
Committee or any member thereof has delegated any of its authority or power
under this Plan) shall be fully justified in relying or acting in good faith
upon any report made by the independent registered accounting firm of the
Company and its Subsidiaries and upon any other information furnished in
connection with the Plan.  In no event
shall any person who is or shall have been a member of the Committee be liable
for any determination made or other action taken or any omission to act in
reliance upon any such report or information or for any action taken, including
the furnishing of information, or failure to act, if in good faith.

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G.            Severability.  If any
provision of this Plan would cause Awards not to constitute “other
performance-based compensation” under Section 162(m) of the Code, that
provision shall be severed from, and shall be deemed not to be a part of, the
Plan, but the other provisions hereof shall remain in full force and
effect.  Any specific action by the
Committee that would be violative of Section 162(m) of the Code and the
regulations thereunder shall be void.

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

I.              Governing Law.  All
matters relating to the Plan or to Awards granted hereunder shall be governed
by the laws of the State of Maryland, without regard to the principles of
conflict of laws.

J.             Relationship to Other Benefits.  Any Awards under this Plan are not considered
compensation for purposes of determining benefits under any pension, profit
sharing, or other retirement or welfare plan, or for any other general employee
benefit program, unless expressly considered as compensation under the terms of
such plan or program.

K.            Expenses.  The
expenses of administering the Plan shall be borne by the Company and its
Subsidiaries.

L.             Titles and Headings.  The titles and headings of the sections in
the Plan are for convenience of reference only, and in the event of any
conflict, the text of the Plan, rather than such titles or headings, shall
control.

11.                                 Effective Date.  The Plan shall be effective beginning on
January 1, 2007, subject to approval by the stockholders of the Company in
accordance with Maryland law and Section 162(m) of the Code.

 

 8Exhibit
10(T)

Constellation Energy
Group, Inc.

2007 Long-Term Incentive
Plan

(Plan)

1.                                       Purpose.  The purpose of this Plan is to increase
shareholder value by providing a long-term incentive to reward officers and key
employees of the Company and its Subsidiaries, who are mainly responsible for
the continued growth, development, and financial success of the Company and its
Subsidiaries, and for the continued profitable performance of the Company and
its Subsidiaries.  The Plan is also
designed to permit the Company and its Subsidiaries to attract and retain
talented and motivated directors, officers, consultants and employees and to
increase their ownership of Company common stock.  The Plan also provides the ability to award
long-term incentives that qualify for federal income tax deduction.  Upon the adoption of this Plan, no new Awards
shall be granted under any prior long-term incentive plan.

2.                                       Definitions.  All singular terms defined in this Plan will
include the plural and  vice versa.  As used herein, the following terms will have
the meaning specified below:

“Award” means individually or collectively, Cash-Based
Award, Restricted Stock, Restricted Stock Units, Options, Performance Units,
Stock Appreciation Rights, Dividend Equivalents, or Other Equity granted under
this Plan.

“Board” means the Board of Directors of the Company.

“Cash-Based Award” means an Award granted to a
Participant as described in Section 12A.

“Change in Control” means the occurrence of any one of
the following events:

(i)            individuals
who, on the effective date of the adoption of the Plan, constitute the Board
(the “Incumbent Directors”)
cease for any reason to constitute at least a majority of the Board, provided
that any person becoming a director subsequent to such adoption date, whose
election or nomination for election was approved by a vote of at least
two-thirds of the Incumbent Directors then on the Board (either by a specific
vote or by approval of the proxy statement of the Company in which such person
is named as a nominee for director, without written objection to such
nomination) shall be an Incumbent Director; provided, however,
that no individual initially elected or nominated as a director of the Company
as a result of an actual or threatened election contest with respect to
directors or as a result of any other actual or threatened solicitation of
proxies by or on behalf of any person other than the Board shall be deemed to
be an Incumbent Director;

(ii)           any
“person” (as such term is defined in Section 3(a)(9) of the 1934 Act and as
used in Sections 13(d)(3) and 14(d)(2) of the 1934 Act) is or becomes a “beneficial
owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly,
of securities of the Company representing 20% or more of the combined voting power
of the Company’s then outstanding securities eligible to vote for the election
of the Board (the “Company Voting
Securities”); provided, however, that the event described
in this paragraph (ii) shall not be deemed to be a Change in Control by virtue
of any of the following acquisitions: 
(A) by the Company or any corporation with respect to which the Company
owns a majority of the outstanding shares of common stock or has the power to
vote or direct the voting of sufficient securities to elect a majority of the
directors (a “Subsidiary Company”),
(B) by any employee benefit plan (or related trust) sponsored or maintained by
the Company or any Subsidiary Company, (C) by any underwriter temporarily
holding securities pursuant to an offering of such securities, (D) pursuant to
a Non-Qualifying Transaction (as defined in paragraph (iii)), or (E) pursuant
to any acquisition by a Participant or any group of persons including a
Participant (or any entity controlled by a Participant or any group of persons
including a Participant);

(iii)          consummation
of a merger, consolidation, statutory share exchange or similar form of
corporate transaction involving the Company (a “Business Combination”), unless immediately following such
Business Combination:  (A) more than 60%
of the total voting power of (x) the corporation resulting from such Business
Combination (the “Surviving Corporation”),
or (y) if applicable, the ultimate parent corporation that directly or
indirectly has beneficial ownership of at least 95% of the voting securities
eligible to elect directors of the Surviving Corporation (the “Parent Corporation”), is represented
by Company Voting Securities that were outstanding immediately prior to such
Business Combination (or, if applicable, is represented by shares into which
such Company Voting Securities were converted pursuant to such Business
Combination), and such voting power among the holders thereof is in
substantially the same proportion as the voting power of such Company Voting
Securities among the holders thereof immediately prior to the Business
Combination, (B) no person (other than any employee benefit plan (or related
trust) sponsored or maintained by the Surviving Corporation or the Parent
Corporation), is or becomes the beneficial owner, directly or indirectly, of
20% or more of the total voting power of the outstanding voting securities
eligible to elect directors of the Parent Corporation (or, if there is no
Parent Corporation, the Surviving Corporation) and (C) at least a majority of
the members of the board of directors of the Parent Corporation (or, if there
is no Parent Corporation, the Surviving Corporation) following the consummation
of the Business Combination were Incumbent Directors at the time of the Board’s
approval of the execution of the initial agreement providing for such Business
Combination (any Business Combination which satisfies all of the criteria
specified in (A), (B), and (C) above shall be deemed to be a “Non-Qualifying Transaction”); or

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(iv)          the
stockholders of the Company approve a plan of complete liquidation or
dissolution of the Company, or the consummation of a sale of all or
substantially all of the Company’s assets.

Notwithstanding the foregoing, a Change in Control of
the Company shall not be deemed to occur solely because any person acquires
beneficial ownership of more than 20% of the Company Voting Securities as a
result of the acquisition of Company Voting Securities by the Company which
reduces the number of Company Voting Securities outstanding; provided, that
if after such acquisition by the Company such person becomes the beneficial
owner of additional Company Voting Securities that increases the percentage of
outstanding Company Voting Securities beneficially owned by such person, a
Change in Control of the Company shall then occur.

“Code” means the Internal Revenue Code of 1986,
as amended.  Reference in the Plan to any
section of the Code will be deemed to include any amendments or successor
provisions to such section and any regulations promulgated thereunder.

“Committee” means the Compensation Committee of the
Board or such other committee as the Board shall appoint from time to time to
administer the Plan and to otherwise exercise and perform the authority and
functions assigned to the Committee under the terms of the Plan, at least two
members of which qualify as non-employee directors (within the meaning of Rule
16b-3 promulgated under Section 16 of the 1934 Act), and as “outside directors”
within the meaning of Treasury Regulation Section 1.162-27(e)(3) and as “independent”
within the meaning of any rules or regulations promulgated by an applicable
stock exchange or similar regulatory authority.

“Company” means Constellation Energy Group, Inc., a
Maryland corporation, or its successor, including any “New Company” as provided
in Section 16J.

“Covered Employee” means a Participant, who at the
time of reference, is a “covered employee”, as described in Code Section
162(m).

“Date of Grant” means the date on which the granting
of an Award is authorized by the Plan Administrator or such later date as may
be specified by the Plan Administrator in such authorization.

“Disability” means the determination that a
Participant is “disabled” under the Company disability plan in effect at that
time or, if applicable to such Participant, a Subsidiary disability plan in
effect at that time.

“Dividend Equivalent” means an Award granted under
Section 11.

“Eligible Person” means any person who satisfies all
of the requirements of Section 5.

“Exercise Period” means the period or periods during
which a Stock Appreciation Right is exercisable.

“Fair Market Value” means the value of the Stock
determined by such methods or procedures as shall be established from time to
time by the Plan Administrator; provided, that to the extent required to avoid
the imposition of a tax under Section 409A of the Code in respect of an Award,
such method shall conform to the requirements of Section 409A.

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“Incentive Stock Option” means an incentive stock
option within the meaning of Section 422 of the Code.

“1934 Act” means the Securities Exchange Act of 1934,
as amended, and the rules and regulations promulgated thereunder.

“Option” or “Stock Option” means either a nonqualified
stock option or an Incentive Stock Option.

“Option Period” or “Option Periods” means the period
or periods during which an Option is exercisable.

“Other Equity” means an Award granted under Section
12B.

“Participant” means an individual who has been granted
an Award under this Plan.

“Pension Plan” means the Pension Plan of Constellation
Energy Group, Inc. as may be amended from time to time, or other retirement
plan of Constellation Energy Group, Inc. or a Subsidiary designated by the
Committee from time to time.

“Performance-Based Compensation” means
compensation under an award that satisfies the requirements of Section 162(m)
of the code for deductibility of remuneration paid to Covered Employees.

“Performance Measures” means measures as
described in Section 13 on which the performance goals are based and which are
approved by the Company’s shareholders pursuant to the Plan in order to qualify
Awards as Performance-Based Compensation.

“Performance Period” means the taxable year of the
Company or any other period designated by the Plan Administrator with respect
to which an Award may be granted.

“Performance Target(s)” means the specific objective
goal or goals that are timely set in writing by the Committee pursuant to
Section 13B for each Participant for the applicable Performance Period in
respect of any one or more of the Performance Measures.

“Performance Unit” means a unit of measurement
equivalent to such amount or measure as defined by the Plan Administrator which
may include, but is not limited to, dollars or market value shares.

“Plan Administrator” means, as set forth in Section 4,
the Committee or its designee.

“Restricted Stock” means Stock issued in the name of a
Participant that bears a restrictive legend prohibiting sale, transfer, pledge
or hypothecation of the Stock until the expiration of the restriction period as
described in Section 7.

 4
 

“Restricted Stock Unit” means a right granted
that is denominated in shares of stock, each of which represents a right to
receive the value of a share of stock (or a percentage of such value, which
percentage may be higher than 100%) upon the terms and conditions set forth by
the Plan Administrator.

“Retirement” means retirement on or after the “Early
Retirement Date” (as such term is defined in the Pension Plan or other
retirement plan of Constellation Energy Group, Inc. or a Subsidiary designated
by the Committee from time to time).

“Stock” means the common stock, without par value, of
the Company.

“Stock Appreciation Right” means an Award granted
under Section 10.

“Subsidiary” means any entity that is directly or
indirectly controlled by the Company or any entity, including an acquired
entity, in which the Company has a significant equity interest, as determined
by the Plan Administrator, in its discretion.

“Termination” means resignation or discharge from
employment (or cessation of board membership in the case of a director or
cessation of the performance of services in the case of a consultant) with the
Company or any of its Subsidiaries except in the event of death, Disability, or
Retirement.

“Year” means a fiscal year
of the Company commencing on or after May 18, 2007 that constitutes all or part
of the applicable Performance Period.

3.                                       Effective Date, Duration and Stockholder Approval.

A.            Effective Date and Stockholder Approval.  Subject to the approval of the Plan by the
Company’s shareholders in accordance with Maryland law at the Company’s 2007
Annual Meeting of Stockholders, the Plan will be effective as of May 18, 2007.

B.            Period for Grants of Awards. 
Awards may be made as provided herein for a period of 10 years after May
18, 2007.

C.            Termination.  The Plan
will continue in effect until all matters relating to the payment of
outstanding Awards and administration of the Plan have been settled.

 5
 

4.                                       Plan Administration.  The Committee is the Plan Administrator and
has sole authority (except as specified otherwise herein) to determine all
questions of interpretation and application of the Plan, or of the terms and
conditions pursuant to which Awards are granted, exercised or forfeited under
the Plan provisions, and, in general, to make all determinations advisable for
the administration of the Plan to achieve its stated purpose.  Without limiting the generality of the
foregoing, on or after the date of grant of an Award the Plan Administrator may
modify, amend, extend, renew or accelerate the vesting or settlement of
outstanding Awards, or accept the surrender of outstanding Awards and
substitute new Awards or otherwise amend an outstanding Award in whole or in
part from time-to-time in such manner as the Committee determines, in its sole
and absolute discretion, to be necessary or appropriate, which amendments may
be made retroactively or prospectively, provided, however, that, (i) no
modification, amendment or substitution that results in repricing a Stock
Option or Stock Appreciation Right that is settled in shares to a lower
exercise price, other than to reflect an adjustment made pursuant to Section
14, shall be made without prior stockholder approval; (ii) except as provided
in Section 14 of the Plan, any modification that would materially adversely
affect any outstanding Award shall not be made without the consent of the
Participant and, (iii) the Committee shall not have any such authority to the
extent that the grant or exercise of such authority would cause any tax to become
due under Section 409A of the Code).  In
addition, the Committee will have the authority to determine whether an
authorized leave of absence, absence in the military or government service, or
other break in the continuous service of an employee or consultant constitutes
a termination of employment (or provision of services, in the case of a
consultant).  The employment of an
employee (or provision of services in respect of a consultant) with the Company
shall be deemed to have terminated for all purposes of the Plan if such person
is employed by or provides services to an entity that is a Subsidiary of the
Company and such entity ceases to be a Subsidiary of the Company, unless the
Committee determines otherwise.

The Plan Administrator’s determinations under
the Plan (including without limitation, determinations of the persons to
receive Awards, the form, amount and timing of such Awards, the terms and
provisions of such Awards and any agreements evidencing such Awards) need not
be uniform and may be made by the Plan Administrator selectively among persons
who receive, or are eligible to receive, Awards under the Plan, whether or not
such persons are similarly situated. 
Such determinations shall be final and not subject to further appeal.

The Committee may delegate its authority under
the Plan to one or more subcommittees, which may be comprised of one or more
directors, officers or employees of the Company to the extent permitted by
applicable law, with respect to Participants who are not directors or executive
officers of the Company.

5.                                       Eligibility.  Each officer, employee, consultant or
director of the Company and its Subsidiaries may be designated by the Plan
Administrator as a Participant, from time to time, with respect to one or more
Awards.  No officer, employee, consultant
or director of the Company or its Subsidiaries shall have any right to be
granted an Award under this Plan.  The
Plan Administrator may also grant Awards to individuals in connection with hiring
(as an officer, employee, consultant or director), retention or otherwise[,
prior to the date the individual first performs services for the Company or a
Subsidiary; provided, however, that such Awards shall not become vested or
exercisable prior to the date the individual first commences performance of
such services

 6
 

6.                                       Grant of Awards and Limitation of Number of Shares
Awarded.  The Plan
Administrator may, from time to time, grant Awards to one or more Eligible
Persons, provided that subject to any adjustment pursuant to Section 14, the
aggregate number of shares of Stock subject to Awards that may be delivered
under this Plan may not exceed 9,000,000 shares.  Shares delivered by the Company
under the Plan may be authorized and unissued Stock or Stock purchased on the
open market (including private purchases) in accordance with applicable
securities laws.

Any shares of Stock covered by an Award (or portion of
an Award) granted under the Plan that are forfeited or canceled, expire or are
not issued due to the cash-settlement of such Award, shall be deemed not to
have been delivered for purposes of determining the maximum number of shares
available for delivery under the Plan.  Any shares of Stock covered by an
Award (or portion of an Award) granted under a prior long-term incentive plan
that are forfeited or canceled, expire or are not issued due to the
cash-settlement of such prior long-term incentive plan Award shall be available
for delivery under this Plan.

The maximum number of shares of Stock that may be
issued in conjunction with  Restricted
Stock or Restricted Stock Unit Awards under Section 7 of the Plan,  Performance Unit Awards under Section 9 of
the Plan and other Equity Awards under Section 12 of the Plan shall in the
aggregate be 4,500,000.  The maximum
number of shares of Stock subject to Awards of any combination that may be
granted during any calendar year under the Plan to any one person is 2,000,000  and the maximum amount of cash that may be granted pursuant
to an Award during any calendar year under the Plan to any one person is
$20,000,000; provided, however, that to the extent the maximum permissible
award is not made in a year, such amount may be carried over to subsequent
years.  Such per-individual limit shall
not be adjusted to effect a restoration of shares of Stock with respect to
which the related Award is terminated, surrendered or canceled.   Shares of Stock covered by Awards granted
pursuant to the Plan in connection with the assumption, replacement, conversion
or adjustment of outstanding equity-based awards in the context of a corporate
acquisition or merger (within the meaning of Section 303A.08 of the New York
Stock Exchange Listed Company Manual or any successor provision) shall not
count as used under the Plan for purposes of this Section 6..

The Plan Administrator may permit or require a
recipient of an Award to defer all or part of such individual’s receipt of the
payment of cash or the delivery of Stock that would otherwise be due to such
individual by virtue of the exercise of, payment of, or lapse or waiver of
restrictions respecting, any Award.  If
any such payment deferral is required or permitted, the Plan Administrator
shall, in its sole discretion, establish rules and procedures for such payment
deferrals.

7.                                             Restricted Stock and Restricted Stock Unit Awards.

A.            Grants of Restricted Shares or Units. One or more shares of
Restricted Stock or Restricted Stock Units may be granted to any Eligible
Person.  The Restricted Stock may be
issued or Restricted Stock Unit granted to the Participant on the Date of Grant
without the payment of consideration by the Participant.  The Restricted Stock will be issued or
Restricted Stock Unit granted in the name of the Participant and will bear a
restrictive legend prohibiting sale, transfer, pledge or hypothecation of the
Restricted Stock or Restricted Stock Unit until the expiration of the
restriction period.  Each Restricted
Stock or Restricted Stock Unit Award may have a different restriction period,
at the discretion of the Plan Administrator.

 7
 

The Plan Administrator may also impose such other
restrictions and conditions on the Restricted Stock or Restricted Stock Unit as
it deems appropriate including, without limitation, a requirement that a
Participant pay a stipulated purchase price for each share of Restricted Stock
or Restricted Stock Unit, restrictions based upon the achievement of specific
performance goals, service-based restrictions on vesting following attainment
of performance goals or service-based restrictions.

Upon issuance to the Participant of the Restricted
Stock the Participant will have the right to vote the Restricted Stock.  Upon issuance to the Participant of the
Restricted Stock or grant of the Restricted Stock Unit and subject to the Plan
Administrator’s discretion, the Participant will have the right to receive the
cash dividends (or Dividend Equivalents as provided in Section 11)
distributable with respect to such shares or units, with such dividends or
Dividend Equivalents treated as compensation to the Participant. The Plan
Administrator, in its sole discretion, may direct the accumulation and payment
of distributable dividends to the Participant at such times, and in such form
and manner, as determined by the Plan Administrator.

B.            Forfeiture or Payout of
Award.  For Awards that are
subject to restrictions based upon achievement of specific performance goals,
as soon as practicable after the end of each Performance Period, the Plan
Administrator will determine whether the performance objectives and other
material terms of the Award were satisfied.  The Plan Administrator’s determination of all
such matters will be final and conclusive.

As soon as practicable
after the date the Plan Administrator makes the above determination, the Plan
Administrator will determine the Award payment for each Participant. In the
event a Participant ceases employment (or ceases board membership in the case
of a director or ceases the
performance of services in the case of a consultant) during a restriction period, a Restricted
Stock or Restricted Stock Unit Award is subject to forfeiture or payout (i.e.,
removal of restrictions) as follows: (a) involuntary Termination by the Company
without cause (as determined in the sole discretion of the Company) - payout of
the Restricted Stock or Restricted Stock Unit Award is prorated for service
during the period; (b) Retirement, Disability or death - payout of the
Restricted Stock or Restricted Stock Unit Award is prorated for service during
the period; or (c) other Termination - the Restricted Stock or Restricted Stock
Unit Award is completely forfeited. 
Notwithstanding the foregoing, the Plan Administrator may modify the
above in its sole discretion in the actual Award.

Any shares of Restricted Stock which are forfeited
will be transferred to the Company.

 8
 

C.            Form and Timing of Payment. 
With respect to shares of Restricted Stock, upon completion of the
restriction period and satisfaction of any other conditions related to the
Award, all Award restrictions will expire and new certificates representing the
Award will be issued (the payout) without the restrictive legend described in
Section 7A.  With respect to Restricted
Stock Units, upon completion of the restriction period and satisfaction of any
other conditions related to the Award, such Units may be paid out in cash or
shares of Stock or in a combination of cash and Stock, as determined by the
Plan Administrator in its sole discretion. 
Such payouts will be made as soon as practicable after the Award payment
is determined.

D.            Waiver of Section 83(b) Election.  Unless otherwise directed by the Plan
Administrator, as a condition of receiving an Award of Restricted Stock, a
Participant must waive in writing the right to make an election under Section
83(b) of the Code to report the value of the Restricted Stock as income on the
Date of Grant.

8.                                             Stock Options.

A.            Grants of Options. 
One or more Options may be granted to any Eligible Person on the Date of
Grant with or without the payment of consideration by the Participant.

B.            Stock Option Agreement. 
Each Option granted under the Plan will be evidenced by a “Stock Option
Agreement” between the Company and the Participant containing provisions
determined by the Plan Administrator, including, without limitation, provisions
to qualify Incentive Stock Options as such under Section 422 of the Code if
directed by the Plan Administrator at the Date of Grant; provided, however,
that each Incentive Stock Option Agreement must include the following terms and
conditions:  (i) that the Options are
exercisable, either in total or in part, with a partial exercise not affecting
the exercisability of the balance of the Option;  (ii) every share of Stock purchased through
the exercise of an Option will be paid for in full at the time of the exercise;
(iii) each Option will cease to be exercisable, as to any share of Stock, at
the earliest of (a) the Participant’s purchase of the Stock to which the Option
relates, (b) the Participant’s exercise of a related Stock Appreciation Right,
or (c) the lapse of the Option; (iv) Options will not be transferable by the
Participant except by will or the laws of descent and distribution and will be
exercisable during the Participant’s lifetime only by the Participant or by the
Participant’s guardian or legal representative; and (v) notwithstanding any
other provision, in the event of a public tender for all or any portion of the
Stock or in the event that any proposal to merge or consolidate the Company
with another company is submitted to the stockholders of the Company for a
vote, the Plan Administrator, in its sole discretion, may declare any
previously granted Options to be immediately exercisable.

C.            Option Price.  The
Option price per share of Stock will be set by the grant, but will be not less
than 100% of the Fair Market Value at the Date of Grant.

 9
 

D.            Form of Payment.  At
the time of the exercise of the Option, the Option price will be payable in
cash or in shares of Stock or in a combination of cash and shares of Stock, in
a form and manner as required by the Plan Administrator in its sole
discretion.  When Stock is used in full
or partial payment of the Option price, it will be valued at the Fair Market
Value on the applicable date.

E.             Other Terms and Conditions. 
The Option will become exercisable in such manner and within such Option
Period or Periods, not to exceed 10 years from its Date of Grant, as set forth
in the Stock Option Agreement upon payment in full.  Except as otherwise provided in this Plan or
in the Stock Option Agreement, any vested Option may be exercised in whole or
in part at any time.  In the event of a
Change in Control, any vested option will remain exercisable for the duration
of the Option Period.

F.             Lapse of Option.  An
Option will lapse upon the earlier of: 
(i) 10 years from the Date of Grant, or (ii) at the expiration of the
Option Period set by the grant.  If the
Participant ceases employment (or ceases board membership in the case of a
director or ceases the performance of services in the case of a consultant)
within the Option Period and prior to the lapse of the Option, the Option will
lapse as follows: (a) Retirement, Disability or death — any unvested Option
will lapse on the effective date of the Retirement, Disability or death and any
vested Option will lapse at the expiration of the Option Period set by the
Grant; or (b) other Termination — any unvested Option will lapse on the
effective date of the Termination and any vested Option will lapse 90 days
after the effective date of the Termination. 
Notwithstanding the foregoing, the Plan Administrator may modify the
above in its sole discretion in the actual Award.

G.            Individual Limitation. 
In the case of an Incentive Stock Option, the aggregate Fair Market
Value of the Stock for which Incentive Stock Options (whether under this Plan
or another arrangement) in any calendar year are first exercisable will not
exceed $100,000 with respect to such calendar year (or such other individual
limit as may be in effect under the Code on the Date of Grant) plus any unused
portion of such limit as the Code may permit to be carried over.

9.                                       Performance Units.

A.            Grants of Performance
Units.  One or more
Performance Units may be granted to any Eligible Person.  The Performance Units may be issued to the
Participant on the Date of Grant without the payment of consideration by the
Participant.  One or more Performance
Units may be earned by an Eligible Person based on the achievement of
performance objectives during a Performance Period, in the sole discretion of
the Plan Administrator.  The Plan
Administrator may also impose such other restrictions and conditions on the
Performance Units as it deems appropriate. 
Each Performance Unit Award may be subject to different restrictions and
conditions, at the discretion of the Plan Administrator.

 10
 

B.            Forfeiture or Payout of
Award. As soon as practicable after the end of each Performance
Period, the Plan Administrator will determine whether the performance
objectives and other material terms of the Award were satisfied.  The Plan Administrator’s determination of all
such matters will be final and conclusive.

As soon as practicable
after the date the Plan Administrator makes the above determination, the Plan
Administrator will determine the Award payment for each Participant.

In the event a
Participant ceases employment (or ceases board membership in the case of a
director or ceases the performance of services in the case of a consultant)
during a Performance Period (or at the Plan Administrator’s discretion, prior
to Award payout), the Performance Unit Award generally is subject to forfeiture
or payout as follows: (a) involuntary Termination by the Company without cause
(as determined in the sole discretion of the Company), Retirement, Disability
or death — (i) if performance is at or above an applicable target at the time
employment ceases, payout of the Performance Unit Award is based on 100% of
target performance and prorated for service during the performance period
and  (ii) if performance is below lowest
target at the time employment ceases no payout will be made; or (b) other
Termination - the Performance Unit Award is completely forfeited.  Notwithstanding the foregoing, the Plan
Administrator may modify the above in its sole discretion in the actual Award.

C.            Form and Timing of Payment.
Each Performance Unit payout may be paid in cash or shares of Stock or in a
combination of cash and Stock, as determined by the Plan Administrator in its
sole discretion.  Such payouts will be
made within a reasonable period of time, as determined in the sole discretion
of the Plan Administrator, after the Award payment is determined.

10.                                 Stock Appreciation Rights.

A.            Grants of Stock
Appreciation Rights.  Stock
Appreciation Rights may be granted under the Plan in conjunction with an Option
either at the Date of Grant or by amendment or may be separately granted.  Each Stock Appreciation Right will have a
grant price of not less than 100% of the Fair Market Value at the Date of
Grant.  Stock Appreciation Rights will be
subject to such terms and conditions not inconsistent with the Plan as the Plan
Administrator may impose.

B.            Right to Exercise;
Exercise Period. A Stock Appreciation Right issued pursuant to an
Option will be exercisable to the extent the Option is exercisable.  A Stock Appreciation Right issued independent
of an Option will be exercisable pursuant to such terms and conditions
established in the Award. 
Notwithstanding such terms and conditions, in the event of a public
tender for all or any portion of the Stock or in the event that any proposal to
merge or consolidate the Company with another company is submitted to the
stockholders of the Company for a vote, the Plan Administrator, in its sole
discretion, may declare any previously granted Stock Appreciation Right
immediately exercisable.

 11

C.            Failure to Exercise. 
If on the last day of the Option Period, in the case of a Stock
Appreciation Right granted pursuant to an Option, or the specified Exercise
Period, in the case of a Stock Appreciation Right issued independent of an
Option, the Participant has not exercised a Stock Appreciation Right, then such
Stock Appreciation Right will be deemed to have been exercised by the
Participant on the last day of the Option Period or Exercise Period.

D.            Payment.  An
exercisable Stock Appreciation Right granted pursuant to an Option will entitle
the Participant to surrender unexercised the Option or any portion thereof to
which the Stock Appreciation Right is attached, and to receive in exchange for
the Stock Appreciation Right payment (in cash or Stock or a combination thereof
as described below) equal to the excess of the Fair Market Value of one share
of Stock at the date of exercise over the Option price, times the number of
shares called for by the Stock Appreciation Right (or portion thereof) which is
so surrendered.  Upon exercise of a Stock
Appreciation Right not granted pursuant to an Option, the Participant will
receive for each Stock Appreciation Right payment (in cash or Stock or a
combination thereof as described below) equal to the excess of the Fair Market
Value of one share of Stock at the date of exercise over the Fair Market Value
of one share of Stock at the Date of Grant of the Stock Appreciation Right,
times the number of shares called for by the Stock Appreciation Right.

The Plan Administrator may direct the payment in
settlement of the Stock Appreciation Right to be in cash or Stock or a
combination thereof.  Alternatively, the
Plan Administrator may permit the Participant to elect to receive cash in full
or partial settlement of the Stock Appreciation Right, provided that the Plan
Administrator must consent to or disapprove such election.  The value of the Stock to be received upon
exercise of a Stock Appreciation Right shall be the Fair Market Value of the
Stock on the trading day preceding the date on which the Stock Appreciation
Right is exercised.  To the extent that a
Stock Appreciation Right issued pursuant to an Option is exercised, such Option
shall be deemed to have been exercised, and shall not be deemed to have lapsed.

E.             Nontransferable.  A
Stock Appreciation Right will not be transferable by the Participant except by
will or the laws of descent and distribution and will be exercisable during the
Participant’s lifetime only by the Participant or by the Participant’s guardian
or legal representative.

F.             Lapse of a Stock Appreciation Right.  A Stock Appreciation Right will lapse upon
the earlier of:  (i) 10 years from the
Date of Grant; or (ii) at the expiration of the Exercise Period as set by the
grant.  If the Participant ceases
employment (or ceases Board membership in the case of a director or ceases the
performance of services in the case of a consultant) within the Exercise Period
and prior to the lapse of the Stock Appreciation Right, the Stock Appreciation
Right will lapse as follows: (a) Retirement, Disability or death — any unvested
Stock Appreciation Right will lapse on the effective date of the Retirement,
Disability or death and any vested Stock Appreciation Right will lapse at the
expiration of the Exercise Period set by the grant; or (b) other Termination —
any unvested Stock Appreciation Right will lapse on the effective date of the
Termination and any vested Stock Appreciation Right will lapse 90 days after
the effective date of the Termination; provided, however, that the Plan
Administrator may modify the above in its sole discretion.

 12
 

11.                                 Dividend Equivalents.

A.            Grants of Dividend Equivalents.  Dividend Equivalents may also be granted
under the Plan in conjunction with Restricted Stock, Restricted Stock Units or Performance
Units, at any time during the Performance Period, without consideration by the
Participant.  Dividend
Equivalents will be structured in a manner that complies with Section 409A of
the Code.

B.            Payment.  Each
Dividend Equivalent will entitle the Participant to receive an amount equal to
the dividend actually paid with respect to a share of Stock on each dividend
payment date from the Date of Grant to the date the Dividend Equivalent lapses
as set forth in Section 11D.  The Plan
Administrator, in its sole discretion, may direct the payment of such amount at
such times and in such form and manner as determined by the Plan Administrator.

C.            Nontransferable.  A
Dividend Equivalent will not be transferable by the Participant.

D.            Lapse of a Dividend Equivalent.  Each Dividend Equivalent will lapse on the
earlier of (i) the end of the Performance Period (or if earlier, the date the
Participant ceases employment or ceases board membership in the case of a
director or ceases the performance of services in the case of a consultant) of
the related Performance Units, Restricted Stock or Restricted Stock Unit Award;
or (ii) the lapse date established by the Plan Administrator on the Date of
Grant of the Dividend Equivalent.

12.                                 Cash-Based Awards and Other Equity Awards.

A.            Grant of Cash-Based Awards.  Cash-Based Awards may be granted to any
Eligible Person, in such amounts, on such terms and conditions, and for such
consideration, including no consideration as the Plan Administrator shall
determine.  A Cash-Based Award may be
paid in cash or shares of Stock or in a combination of cash and Stock, as
determined in the sole discretion of the Plan Administrator.

B.            Other Equity Awards. One or more shares of
Stock may be granted to any Eligible Person, in such amounts, on such terms and
conditions, and for such consideration, including no consideration as the Plan
Administrator shall determine.  An Other
Equity Award may be denominated in Stock or other securities, stock-equivalent
units, securities or debentures convertible into Stock, or any combination of
the foregoing and may be paid in Stock or other securities, in cash, or in a
combination of Stock or other securities and cash, as determined in the sole
discretion of the Plan Administrator.

 13
 

C.            Forfeiture of Payout of Award.  The Plan Administrator shall determine the
extent to which the Participant shall have the right to receive outstanding
Cash-Based Awards or Other Equity Awards or to have such Awards vest or payout,
as applicable, in the event a
Participant ceases employment (or ceases board membership in the case of a
director or ceases the
performance of services in the case of a consultant).  Such
provisions shall be determined in the sole discretion of the Plan
Administrator, may be included in an agreement with the Participant reflecting
the terms of such Award, but need not be uniform among all such Awards, and may
reflect distinctions based on the reasons for the cessation.

13.           Performance Measures.

A.            General. 
Unless and until the Committee proposes for shareholder vote and the
shareholders approve a change in the general Performance Measures set forth in
this Section, the performance goals upon which the payment or vesting of an
Award to a Covered Employee that is intended to qualify as Performance-Based
Compensation shall be limited to goals set by reference to the following
Performance Measures: net earnings or net income (before or after taxes);
earnings per share; share price (including growth measures and total
shareholder return); net sales growth; net operating profit; capital targets
(including return on
capital); return on assets; return on equity; earnings before or after taxes,
interest, depreciation and/or amortization; ongoing earnings; net earnings; net
sales growth; return on sales; cash flow (including operating cash flow, free
cash flow, discounted cash flow return on investment, cash flow return on
capital and cash flow in excess of costs of capital); economic value added;
value created; economic profit (net operating profit after tax, less a cost of
capital charge); shareholder value added; revenues; operating income; pre-tax
profit margin; gross margin; performance against business plan; customer
service; corporate governance quotient or rating; market share; productivity
ratios; operating efficiency; employee satisfaction; customer satisfaction;
safety; employee engagement; succession planning; supplier diversity; workforce
diversity; margins (including gross, future gross or operating margins); credit
rating; dividend payments; expenses (including targets or ratios); fuel cost
per million BTU; costs per kilowatt hour; retained earnings; completion of
acquisitions, divestitures, corporate restructurings, projects or other
specific events or transactions; and individual goals based on objective
business criteria underlying the goals listed above and which pertain to
individual effort as to achievement of those goals or to one or more business
criteria in the areas of litigation, human resources, information services,
production, inventory, support services, site development, plant development,
building development, facility development, government relations, product
market share or management.

 14
 

In the event the Committee intends that any Award
under this Plan should qualify as Performance-Based Compensation, such Awards
shall be granted in accordance with the additional requirements of this
Section, which, in case of any conflict, shall supersede any other provision of
the Plan.  For Awards subject to Performance
Measures set forth in this Section, the Committee will establish (a)
Performance Target(s) relative to the applicable Performance Measures, (b) the
applicable Performance Period and (c) the applicable amount of cash or number
of shares that are the subject of the Award. 
The applicable Performance Period and Performance Target(s) shall be
determined by the Committee consistent with the terms of the Plan and Section
162(m) of the Code.  Notwithstanding the
fact that the Performance Target(s) have been attained, the Committee may pay
an Award under this Section of less than the amount determined by the formula
or standard established pursuant to this Section or may pay no Award at
all.  Before any payments are made under
this Section, the Committee shall be responsible for certifying in writing to
the Company that the applicable Performance Targets have been met.

B.            Selection of Performance Target(s).  The specific Performance Target(s) with
respect to the Performance Measures must be established by the Committee in
advance of the deadlines applicable under Section 162(m) of the Code and while
the performance relating to the Performance Target(s) remains substantially
uncertain within the meaning of Section 162(m) of the Code.  The Performance Target(s) with respect to any
Performance Period may be established based on the performance of the Company
or a Subsidiary as a whole or any business unit of the Company or a Subsidiary
or any combination thereof, as the Committee may deem appropriate, or on a
cumulative basis or in the alternative, or as compared to the performance of a
group of comparator companies, or a published or special index that the
Committee, in its sole discretion, deems appropriate.  The Committee also has the authority to
provide for accelerated vesting of any Award based on the achievement of
performance goals pursuant to the Performance Measures specified in this
Section 13.  The Committee also has the
authority to use any other performance measures in connection with Awards under
the Plan that are not intended to qualify as Performance-Based
Compensation.  At the time the
Performance Target(s) are selected, the Committee shall provide, in terms of an
objective formula or standard for each Participant, the method of computing the
specific amount that will represent the maximum amount of Award payable to the
Participant if the Performance Target(s) are attained.  The objective formula or standard shall
preclude the use of discretion to increase the amount of any Award earned
pursuant to the terms of the Award.

C.            Evaluation of Performance For Performance—Based
Compensation.  The Committee
may provide in any such Award that any evaluation of performance may include or
exclude, in whole or in part, any one or more of the following with respect to
the Performance Period: (i) the gain, loss, income or expense resulting from
changes in tax laws or accounting principles or other laws or provisions
affecting reported results,  that become
effective during the Performance Period; (ii) the gain, loss, income or expense
with respect to the Performance Period that are extraordinary or unusual in
nature or infrequent in occurrence, including but not limited to gain or loss
on certain transactions that do not meet the definition of cash flow hedges
under generally accepted accounting principles and must be recognized for
financial statement purposes prior to financial statement recognition of the
gain or loss of the underlying transaction and also including but not limited
to any major corporate transaction-related costs; (iii) the gains or losses
resulting from, and the direct expenses incurred in 

 15
 

connection with mergers, acquisitions or  the disposition of a business, in whole or in
part, or the sale of investments or non-core assets; (iv) gain or loss from all
or certain claims and/or litigation and all or certain insurance recoveries
relating to claims or litigation; (v) the impact of impairment of tangible or
intangible assets including but not limited to changes in valuation allowances
for deferred income tax assets; (vi) any impact of the phase-out of the tax
credit for synthetic fuel or any synthetic fuel earnings; (vii) the impact of
reorganization, restructuring or business recharacterization activities,
including but not limited to reductions in force; (viii) foreign exchange gains
and losses and (ix) the impact of investments or acquisitions made during the
year or, to the extent provided by the Committee, any prior year.  Each of the adjustments described in this
Section 13C may relate to the Company as a whole or any part of the Company’s
business or operations, as determined by the Committee at the time the
Performance Targets are established.  To
the extent such adjustments affect Awards to Covered Employees, they shall be
prescribed in a form that meets the requirements of Code Section 162(m) for
deductibility. The adjustments are to be determined in accordance with
generally accepted accounting principles and standards, unless another
objective method of measurement is designated by the Committee.  In addition to the foregoing, the Committee
shall adjust any Performance Measures, Performance Targets or other features of
an Award that relate to or are wholly or partially based on the number of, or
the value of, any stock of the Company, to reflect any stock dividend or split,
recapitalization, combination or exchange of shares or other similar changes in
such stock.

D.  Committee Discretion to Determine Award.  The Committee has the sole
discretion to determine the standard or formula pursuant to which each
Participant’s Award shall be calculated, whether all or any portion of the
amount so calculated will be paid, and the specific amount (if any) to be paid
to each Participant, subject in all cases to the terms, conditions and limits
of the Plan.  To this same extent, the
Committee may at any time establish (and, once established, rescind, waive or
amend) additional conditions and terms of payment of Awards (including but not
limited to the achievement of other financial, strategic or individual goals,
which may be objective or subjective) as it may deem desirable in carrying out
the purposes of the Plan.  The Committee
may not, however, with respect to Performance-Based Compensation, increase the
maximum amount permitted to be paid to any individual under the Plan or pay
Awards under this Section 13 if the applicable Performance Target(s) have not
been satisfied.

In the event that the requirements of Section 162(m)
and the regulations thereunder change to permit Committee discretion to alter
the governing Performance Measures without obtaining shareholder approval of
such changes, the Committee shall have sole discretion to make such changes
without obtaining shareholder approval. 
In addition, in the event that the Committee determines that it is
advisable to grant Awards that shall not qualify as Performance-Based
Compensation and/or to amend previously granted Awards in a way that would
disqualify them as Performance-Based Compensation, the Committee may make such
grants without satisfying the requirements of Code Section 162(m) and may base
vesting on Performance Measures other than those set forth in Section 13A
and/or make such amendments.

 16
 

14.                                 Accelerated Award Payout/Exercise.

A.            Adjustment Upon Changes in Stock.  In the event of any change in the number of
shares of Stock outstanding by reason of any stock dividend or split,
recapitalization, merger, consolidation, combination or exchange of shares or
similar corporate change, the maximum aggregate number of shares of Stock with
respect to which the Committee may grant Awards and the maximum aggregate
number of shares of Stock with respect to which the Committee may grant Awards
to any individual Participant in any year shall be appropriately adjusted by
the Committee.  In the event of any change
in the number of shares of Stock outstanding by reason of any other similar
event or transaction, the Committee may, but need not, make such adjustments in
the number and class of shares of Stock with respect to which Awards may be
granted as the Committee may deem appropriate.

B.            Increase or Decrease in Issued
Shares Without Consideration. Subject  to any required action by the shareholders of
the Company, in the event of any increase or decrease in the number of issued
shares of Stock resulting from a subdivision or consolidation of shares of
Stock or the payment of a stock dividend (but only on the shares of Stock), or
any other increase or decrease in the number of such shares effected without
receipt or payment of consideration by the Company, the Committee shall
proportionally adjust the number of shares of Stock subject to each outstanding
Award and the exercise price per share of Stock of each such Award.

C.            Certain Mergers.  Subject to any required action by the
shareholders of the Company, in the event that the Company shall be the
surviving corporation in any merger, consolidation or similar transaction as a
result of which the holders of shares of Stock receive consideration consisting
exclusively of securities of such surviving corporation, the Committee shall
adjust each Award outstanding on the date of such merger or consolidation so
that it pertains to and applies to the securities which a holder of the number
of shares of Stock subject to such Award would have received in such merger or
consolidation.

D.            Certain
Other Transactions.

In the event of
(i) a dissolution or liquidation of the Company, (ii) a sale of all or
substantially all of the Company’s assets (on a consolidated basis), (iii) a
merger, consolidation or similar transaction involving the Company in which the
Company is not the surviving corporation or (iv) a merger, consolidation or
similar transaction involving the Company in which the Company is the surviving
corporation but the holders of shares of Stock receive securities of another
corporation and/or other property, including cash, the Committee shall, in its
discretion, have the power to:

(i)  cancel, effective
immediately prior to the occurrence of such event, each Award (whether or not
then exercisable), and, in full consideration of such cancellation, pay to the
Participant to whom such Award was granted an amount in cash, for each share of
Stock subject to such Award equal to the value, as determined by the  Committee in its discretion, of such Award,
provided that with respect to any outstanding Option such value shall be equal
to the excess of (A) the value, as determined by the Committee in its
discretion, of the property (including cash) received by the holder of a share
of Stock as a result of such event over (B) the exercise price of such Option;
or

 17
 

(ii)  provide for the exchange of
each Award (whether or not then exercisable or vested) for an incentive award
with respect to, as appropriate, some or all of the property which a holder of
the number of shares of Stock subject to such Award would have received in such
transaction and, incident thereto, make an equitable adjustment as determined
by the Committee in its discretion in the exercise price of the incentive
award, or the number of shares or amount of property subject to the incentive
award or, if appropriate, provide for a cash payment to the Participant to whom
such Award was granted in partial consideration for the exchange of the Award.

E.             Other
Changes.  In the event of any
change in the capitalization of the Company or corporate change other than
those specifically referred to in paragraphs B, C or D, the Committee may, in
its discretion, make such adjustments in the number and class of shares subject
to Awards outstanding on the date on which such change occurs and in such other
terms of such Awards as the Committee may consider appropriate.

F.             No
Other Rights.  Except as
expressly provided in the Plan, no Participant shall have any rights by reason
of any subdivision or consolidation of shares of stock of any class, the
payment of any dividend, any increase or decrease in the number of shares of
stock of any class or any dissolution, liquidation, merger or consolidation of
the Company or any other corporation. 
Except as expressly provided in the Plan, no issuance by the Company of
shares of stock of any class, or securities convertible into shares of stock of
any class, shall affect, and no adjustment by reason thereof shall be made with
respect to, the number of shares or amount of other property subject to any
Award.

G.            Change
in Control.  Unless otherwise determined by the Committee in connection with the grant of an Award, or
unless the Participant and the Company agree in writing that the provisions of
this Section 14G shall not apply, the following provisions shall apply upon the
occurrence of a Change in Control of the Company:

i.                  Restricted
Stock, Restricted Stock Unit, Cash-Based, or Other Equity Awards Subject to
Service-Based Restrictions on Vesting. A prorata portion of all outstanding
Restricted Stock, Restricted Stock Unit, Cash-Based or Other Equity Awards
subject to service-based restrictions on vesting will be immediately and fully
vested and earned, with the prorata portion determined based on the number of
months in the restriction period that have elapsed as of the date of the Change
in Control as compared to the total number of months in the restriction
period.  The amount of the Award not so
vested shall remain outstanding (on a converted basis, if applicable) in
accordance with the original terms of the Award.

 18
 

ii.               Stock
Option Awards and Stock Appreciation Rights.  Any previously granted Stock Option Awards or
Stock Appreciation Rights will be immediately and fully vested and will become
fully exercisable.

Restricted Stock,
Restricted Stock Unit, Cash-Based, or Other Equity Awards with Restrictions
Based on Achievement of Performance Goals/Performance Units.  The Participant will be entitled to an
immediate accelerated vesting and payout of Performance Unit, Restricted Stock,
Restricted Stock Unit, Cash-Based or Other Equity Awards with restrictions
based on achievement of performance goals, and the amount of the accelerated
vesting and payout will be based on the number of such Restricted Stock or
Restricted Stock Units/Performance Units subject to the Award as established on
the Date of Grant, prorated based on the number of months of the Performance
Period that have elapsed as of the date of the Change in Control as compared to
the total number of months in the Performance Period, and assuming maximum
performance was achieved.   Applicable
payouts shall be made in the form set forth in the original terms of the
grant.  The amount of the Award not so
vested shall remain outstanding (on a converted basis, if applicable) in
accordance with the original terms of the grant.

H.            Savings
Clause.  No provision of this
Section 14 shall be given effect to the extent that such provision would cause
any tax to become due under Section 409A of the Code.

15.                                 Amendment of Plan.

The Committee may
at any time and from time to time alter, amend, suspend or terminate the Plan
in whole or in part, except (i) no such action may be taken without stockholder
approval which materially increases the number of securities which may be
issued pursuant to the Plan (except as provided in Section 14A - E), extends
the period for granting Options under the Plan or materially modifies the
requirements as to eligibility for participation in the Plan; (ii) no such
action may be taken without the consent of the Participant to whom any Award
was previously granted, which materially adversely affects the rights of such
Participant concerning such Award, except as such alteration, termination,
suspension or amendment of the Plan is required by statute, or rules and
regulations promulgated thereunder; and (iii) no such action that would require
the consent of the Board and/or the stockholders of the Company pursuant to
Section 162(m) of the Code or the 1934 Act, or any other applicable law, rule,
or regulation, or the requirements of any securities exchange on which shares
of stock are traded, shall be effective without such consent.  Notwithstanding the foregoing, except as
otherwise required by applicable law, rule or regulation, the Committee may
amend the Plan at its discretion to (i) address any issues concerning Section
162(m) of the Code; (ii) comply with applicable laws, rules or regulations and
changes thereto; or (iii) maintain an exemption under rule 16b-3 of the 1934
Act. No provision of this Section 14 shall be given effect to the extent that
such provision would cause any tax to become due under Section 409A of the
Code.

 19
 

16.                                 Miscellaneous Provisions.

A.            Nontransferability.  No benefit provided under this Plan shall be
subject to alienation or assignment by a Participant (or by any person entitled
to such benefit pursuant to the terms of this Plan), nor shall it be subject to
attachment or other legal process except (i) to the extent specifically
mandated and directed by applicable state or federal statute; (ii) as requested
by the Participant (or by any person entitled to such benefit pursuant to the
terms of this Plan), and approved by the Committee, to satisfy income tax
withholding; and (iii) as requested by the Participant and approved by the
Committee, to members of the Participant’s family, or a trust established by
the Participant for the benefit of family members.

B.            No Employment Right.  Participation in this Plan shall not
constitute a contract of employment between the Company or any Subsidiary and
any person and shall not be deemed to be consideration for, or a condition of,
continued employment of any person.

C.            Tax Withholding.  The Company or a Subsidiary may
withhold any applicable federal, state or local taxes at such time and upon
such terms and conditions as required by law or determined by the Company or a
Subsidiary.  Subject to compliance with
any requirements of applicable law, the Plan Administrator may permit or
require a Participant to have any portion of any withholding or other taxes
payable in respect to a distribution of Stock satisfied through the payment of
cash by the Participant to the Company or a Subsidiary, the retention by the
Company or a Subsidiary of shares of Stock, or delivery of previously owned
shares of the Participant’s Stock, having a Fair Market Value equal to the withholding
amount.

D.            Fractional Shares.  Any fractional shares concerning Awards shall
be eliminated at the time of payment or payout by rounding down for fractions
of less than one-half and rounding up for fractions of equal to or more than
one-half.  No cash settlements shall be
made with respect to fractional shares eliminated by rounding.

E.             Government
and Other Regulations.  The
obligation of the Company to make payment of Awards in Stock or otherwise shall
be subject to all applicable laws, rules, and regulations, and to such
approvals by any government agencies as may be required. The Company shall be
under no obligation to register under the Securities Act of 1933, as amended (“Act”),
any of the shares of Stock issued, delivered or paid in settlement under the
Plan.  If Stock awarded under the Plan
may in certain circumstances be exempt from registration under the Act, the
Company may restrict its transfer in such manner as it deems advisable to
ensure such exempt status. 
Notwithstanding anything herein to the contrary, the Company shall not
be obligated to cause to be issued or delivered any certificates evidencing
shares of Stock pursuant to the Plan unless and until the Company is advised by
its counsel that the issuance and delivery of such certificates is in
compliance with all applicable laws, regulations of governmental authority and
the requirements of any securities exchange on which shares of Stock are
traded.

 20
 

The exercise of any Option or Stock Appreciation
Right granted under the Plan shall only be effective at such time as counsel to
the Company shall have determined that the issuance and delivery of shares of
Stock pursuant to such exercise is in compliance with all applicable laws,
regulations of governmental authority and the requirements of any securities
exchange on which shares of Stock are traded. 
The Company may, in its discretion, defer the effectiveness of an
exercise of an Option or Stock Appreciation Right hereunder or the issuance or
transfer of shares of Stock pursuant to any Award pending or to ensure
compliance under federal or state securities laws or the rules or regulations
of any exchange on which the shares are then listed for trading.  The Company shall inform the Participant in writing
of its decision to defer the effectiveness of the exercise of an Option or
Stock Appreciation Right or the issuance or transfer of shares of Stock
pursuant to any Award.  During the period
that the effectiveness of the exercise of an Option or Stock Appreciation Right
has been deferred, the Participant may, by written notice, withdraw such
exercise and obtain the refund of any amount paid with respect thereto.

F.             Compliance with Section 409A of the Code.  This Plan is intended to comply and shall be
administered in a manner that is intended to comply with section 409A of the
Code and shall be construed and interpreted in accordance with such
intent.  To the extent that an Award,
issuance and/or payment is subject to section 409A of the Code, it shall be
awarded and/or issued or paid in a manner that will comply with section 409A of
the Code, including proposed, temporary or final regulations or any other
guidance issued by the Secretary of the Treasury and the Internal Revenue
Service with respect thereto.  Any
provision of this Plan that would cause an Award, issuance and/or payment to
fail to satisfy section 409A of the Code shall have no force and effect until
amended to comply with Code section 409A (which amendment may be retroactive to
the extent permitted by applicable law).

G.            Indemnification.  Each
person who is or at any time serves as a member of the Committee (and each
person or committee to whom the Committee or any member thereof has delegated
any of its authority or power under this Plan) shall be indemnified and held
harmless by the Company against and from (i) any loss, cost, liability, or
expense that may be imposed upon or reasonably incurred by such person in
connection with or resulting from any claim, action, suit, or proceeding to
which such person may be a party or in which such person may be involved by
reason of any action or failure to act under the Plan; and (ii) any and all
amounts paid by such person in satisfaction of judgment in any such action,
suit, or proceeding relating to the Plan. 
Each person covered by this indemnification shall give the Company an
opportunity, at its own expense, to handle and defend the same before such
person undertakes to handle and defend it on such person’s own behalf.  The foregoing right of indemnification shall
not be exclusive of any other rights of indemnification to which such persons
may be entitled under the Charter or By-Laws of the Company or any of its
Subsidiaries, as a matter of law, or otherwise, or any power that the Company
may have to indemnify such person or hold such person harmless.

 21
 

H.            Reliance on Reports. 
Each member of the Committee (and each person or committee to whom the
Committee or any member thereof has delegated any of its authority or power
under this Plan) shall be fully justified in relying or acting in good faith
upon any report made by the independent registered public accounting firm of
the Company and its Subsidiaries and upon any other information furnished in
connection with the Plan.  In no event
shall any person who is or shall have been a member of the Committee be liable
for any determination made or other action taken or any omission to act in
reliance upon any such report or information or for any action taken, including
the furnishing of information, or failure to act, if in good faith.

I.              Severability.  If
any provision of this Plan would cause Awards intended  to qualify as Performance-Based Compensation
to not so qualify, that provision shall be severed from, and shall be deemed
not to be a part of, the Plan, but the other provisions hereof shall remain in
full force and effect.  Any specific
action by the Committee that would be violative of Section 162(m) with respect
to Awards intended to qualify as Performance-Based Compensation shall be void.

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

K.            Governing Law.  All
matters relating to the Plan or to Awards granted hereunder shall be governed
by the laws of the State of Maryland, without regard to the principles of
conflict of laws.

L.             Relationship to Other Benefits.  Any Awards under this Plan are not considered
compensation for purposes of determining benefits under any pension, profit
sharing, or other retirement or welfare plan, or for any other general employee
benefit program.

M.           Expenses.  The
expenses of administering the Plan shall be borne by the Company and its
Subsidiaries.

N.            Titles and Headings.  The titles and headings of the sections in the
Plan are for convenience of reference only, and in the event of any conflict,
the text of the Plan, rather than such titles or headings, shall control.

 22
 

This document constitutes part of a prospectus
covering securities that have been registered under the Securities Act of 1933.

You may obtain without charge, upon written or oral
request, a copy of documents incorporated by reference in the Registration
Statement on file with the Securities and Exchange Commission pertaining to the
securities offered under the Executive Long-Term Incentive Plan.  In addition you may obtain, without charge,
upon written or oral request, a copy of documents that are required to be
delivered under Rule 428(b) of the Securities Act including our annual report
to shareholders or annual report on Form 10-K and a copy of the documents that
comprise the prospectus.

To make a request for any of these documents, you
may telephone or write:

Corporate
Secretary

750 East
Pratt Street

17th
Floor

Baltimore,
Maryland 21202

(410) 783-3011

 

 23

 

2007 Long-Term Incentive Plan

Appendix

Additional Information

The Plan is not subject to any provisions of the
Employee Retirement Income Security Act of 1974, and the Plan is not qualified
under Section 401(a) of the Internal Revenue Code.

Participants
may obtain additional information about the Plan by contacting:

Manager — Executive
Compensation

Constellation Energy
Group, Inc.

750 East Pratt Street

5th Floor

Baltimore, MD 21202

(410)
783-3244

After
each grant is made, participants will be furnished with information about the
amount of the grant.  At least annually,
participants will be furnished with information about their outstanding grants.

In
general, grants subject to restrictions are taxable to participants when the
restrictions lapse, and deductible by Constellation Energy at such time, based
on the fair market value of the awards when the restrictions lapse.  Grants not subject to restrictions are
taxable/deductible at fair market value on the grant date.  Additionally, options are subject to other
special tax provisions.

EXHIBIT
No. 10 (t)

FORM OF SERVICE-BASED RESTRICTED STOCK AWARD AGREEMENT

[DATE]

Recipient Name

Recipient Title

Company

Company Address

City,
State Zip Code

RE:  Service-Based Restricted
Stock Award

Dear
Recipient:

Effective date, The Board of Directors
Compensation Committee, (The Committee), granted you [#]
service-based restricted shares of CEG Common Stock (the “Award”) pursuant to
Section 7 of the Constellation Energy Group, Inc. 2007 Long—Term Incentive Plan
(the “Plan”).  In addition to other
provisions of the Plan (a copy of which is provided to you with this letter),
your Award is subject to the following conditions:

1.                    The Plan restriction period for these shares
expires as show on the restriction lapse dates in the table below:

 

	
  # Shares Granted

  	
   

  	
  Share

  Grant

  Date

  	
   

  	
  Restriction

  Period

  	
   

  	
  Restriction

  LapseDate

  	
   

  	
  Aggregate

  Shares

  Lapsed

  	
   

  
	
  [#]

  	
   

  	
  mm/dd/yy

  	
   

  	
  [one to five

  years]

  	
   

  	
  [one to five

  years after

  Share Grant

  Date]

  	
   

  	
  [#]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

2.                    The Plan requires that as a condition to
receiving your Award, you waive in writing the right to make an election under
Section 83(b) of the Internal Revenue Code of 1986 with respect to your Award
(see Section 7D of the Plan).  Your
execution of this letter will constitute your waiver to make such election
under Section 83(b).  This waiver means
that you will not have the option of electing to be taxed on the restricted
shares at the time of the grant.  Instead,
you will be taxed on the restricted shares at the time the Plan restrictions
are removed (see Attachment A).  This
waiver allows the Company to treat dividends paid to you during the period of
the Plan restrictions as compensation, thereby giving the Company a tax
deduction for such amounts.

3.                    As provided in the Plan, until the Plan
restriction period expires, you may not sell, transfer, pledge or hypothecate
the Award shares.  CEG will hold the
shares for safekeeping until the restriction lapse, unless you let us know that
you want a stock certificate for the Award. 
If you prefer a certificate, it will be issued in your name with a
legend to the effect that you may not sell, transfer, pledge, or hypothecate
the Award shares and that the shares are subject to certain conditions under
the Plan.

4.                    If you contemplate the sale or transfer (for
example to a family member) of any shares after the restriction period expires,
you should contact the SEC-related persons specified below for advice on the
timing of any sale or transfer and any reporting obligations you may have.

Please read the Plan carefully as it contains many other provisions
relating to your Award.  If you have any
questions, please do not hesitate to call:

 

	
  General

  	
   

  	
   

  	
   

  	
  SEC-related

  	
   

  	
   

  	
   

  	
  Tax-related

  	
   

  	
   

  
	
  [NAME]

  	
   

  	
  [NAME]

  	
   

  	
  [NAME]

  
	
  [PHONE NUMBER]

  	
   

  	
  [PHONE NUMBER]

  	
   

  	
  [PHONE NUMBER]

  

 

Please sign the enclosed copy of this letter and return it in the
envelope provided.

Sincerely,

 

[NAME]

[TITLE,
DEPARTMENT]

I
have read the Plan and this letter and agree to the terms and conditions
contained in each regarding my Award.

 

	
  

  	
   

  	
   

  
	
  Signature of Recipient

  	
   

  	
  Date

  

 

 2

EXHIBIT
No. 10 (t)

ATTACHMENT A

CONSTELLATION
ENERGY GROUP, INC.

INCOME
TAX CONSEQUENCES TO PARTICIPANTS

FOR SERVICE-BASED
RESTRICTED STOCK AWARDS

Set forth is a brief overview of certain income tax consequences
associated with your Service-Based Restricted Stock Award (“the Award”).

Stock

Because the Plan places certain restrictions on the Award which could
lead to forfeiture of the shares prior to lifting the Plan restrictions and
because you have agreed to waive the Section 83(b) election(1), the value of
the restricted stock is not taxed to you when the initial grant is made.  Rather, the stock is taxable to you at the
time the restrictions are removed.  The
amount subject to income tax is the fair market value of the stock on the day
that the Plan restrictions are removed. 
This amount is treated as compensation subject to withholding of income
taxes, Medicare taxes and, if applicable, Social Security taxes.  You are not taxed on the value of any stock
forfeited.

For purposes of determining the gain or loss on any sale of the stock
received pursuant to this Award, your basis in the stock is the amount that you
included in taxable income when the Plan restrictions were removed.  Your tax holding period, for purposes of
determining whether a gain or loss on a sale is long-term or short-term, begins
on the day after the day that the Plan restrictions were removed.

Dividends

The dividends during the restriction period will be automatically
reinvested in additional shares of company common stock.  These shares will be subject to the same
restrictions as the originally awarded shares and will vest accordingly.  For tax purposes, the dividends on the
restricted stock will not be taxable as dividend income.  Rather, the accumulated shares of stock will
be taxable to you in the same manner as stated above.

After the Plan restrictions on the stock are removed, the dividends are
treated as regular dividend income (generally not subject to tax withholding).

Tax
Planning

You may wish to consult your tax advisor in the year the restrictions
are lifted from the Award if you have questions regarding the impact of the
Award on your tax withholding or if you have questions about the applicable
capital gains holding period and rates for this Award.

(1)             The Plan requires that as a condition
to receiving a Restricted Stock Award, you must waive in writing the right to
make an election under Section 83(b) of the Internal Revenue Code of 1986 with
respect to your Award (see Section 7 D of the Plan).  This waiver means that you will not have the
option of electing to be taxed on the restricted shares at the time of
grant.  Instead, you will be taxed on the
restricted shares at the time the Plan restrictions are removed.  This allows the Company to treat dividends
paid during the period of Plan restrictions as compensation, thereby giving the
Company a tax deduction for such amounts.

 

FORM OF
PERFORMANCE UNIT AGREEMENT

[date]

TO: «First» «MI» «Last»

Effective [Date], as part of the [3 CALENDAR YEAR PERFORMANCE PERIOD]
Long-Term Incentive Program, you were granted [#]
performance units (the “Units”) under the Constellation Energy Group, Inc.
2007 Long—Term Incentive Plan (the “Plan”). 
In addition to other provisions of the Plan, your award is subject to
the conditions set forth in this document.

 

	
  Target Grant

  (# Units)

  	
   

  	
  Grant

  Date

  	
   

  	
  Performance

  Period

  	
   

  	
  Vesting Date

  	
   

  
	
  [#]

  	
   

  	
  [MM/DD/YY]

  	
   

  	
  [3-Year Period]

  	
   

  	
  [End of

  3-Year Period]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Under current tax law,
you are not subject to tax on your Units until the Vesting Date.

1.               Each Unit is worth
$1. The final award payout on the Vesting Date will be based on Constellation
Energy Group’s relative Total Shareholder Return (“TSR”) performance over the
Performance Period as set forth below. TSR is defined as the stock price change
from [BEGINNING TO END OF 3 CALENDAR YEAR PERFORMANCE PERIOD]
and dividends during that period that are reinvested on the ex-dividend date
(date stock trades without its dividend) at the closing price on that date.

The Plan Administrator will determine the award payout soon after the
conclusion of the Performance Period. The performance measures used to
determine the award payout are as follows:

·                  Primary
Measure: Constellation Energy TSR for the Performance Period is compared to
the TSR performance results of large and mid-size investment grade companies
within the Dow Jones Electric Utilities Index (DJEUI) on [END OF
PERFORMANCE PERIOD].  In the
DJEUI, companies that are rated ‘non-investment grade’ by both Moody’s and
S&P rating agencies on [END OF PERFORMANCE
PERIOD] are excluded.

·                  Secondary
Measure: If Constellation Energy’s percentile rank for the Primary Measure
is below the [   ]
percentile, then a comparison will be made to the TSR performance results of
investment grade companies in the S&P 500 Index on [END OF
PERFORMANCE PERIOD].

	
  

  	
   

  	
   

  	
   

  	
  Primary

  Measure

  	
   

  	
  Secondary

  Measure

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  TSR v.
  DJEUI

  Large & Mid-Cap

  Investment Grade

  Companies

  	
   

  	
  TSR v.
  S&P

  500 Index

  Comparison

  Group

  	
   

  
	
  Performance

  Level

  	
   

  	
  Total Shareholder

  Return

  	
   

  	
  Payout vs.

  Target

  	
   

  	
  Payout vs.

  Target

  	
   

  
	
  <Threshold

  	
   

  	
  <[  ]
  Percentile

  	
   

  	
  [  ]%

  	
   

  	
  [  ]%

  	
   

  
	
  Threshold

  	
   

  	
  [  ]
  Percentile

  	
   

  	
  [  ]%

  	
   

  	
  [  ]%

  	
   

  
	
  Target

  	
   

  	
  [  ]
  Percentile

  	
   

  	
  [  ]%

  	
   

  	
  [  ]%

  	
   

  
	
  Stretch

  	
   

  	
  [  ]
  Percentile

  	
   

  	
  [  ]%

  	
   

  	
  [  ]%

  	
   

  

 

Payout
levels interpolated between points.

Secondary measure applies only if performance
vs. primary measure is below threshold.

2.                                       The
award payout amount is determined by multiplying the “Payout vs. Target”
percentage by the number of Units (worth $1  each) that you
were granted.  This award payout amount
may be settled, in the sole discretion of the Plan Administrator, in either
restricted or unrestricted stock or stock units, or cash (or any combination
thereof).

3.                                       Under
current tax law, you will be subject to tax on the Vesting Date on the award
payout amount.  The Company will be
required to withhold applicable taxes at such time.  If the award payout is settled in stock or
stock units, the Company will withhold the required number of shares or units
to pay these taxes.

4.                                       As
provided in the Plan, until the Vesting Date, you may not sell, transfer, or
pledge the Units.

Please read the Plan
carefully as it contains many other provisions relating to your award.  If you have any questions, please do not
hesitate to call:

 

	
  General

  	
   

  	
   

  	
   

  	
  SEC-related

  	
   

  	
   

  	
   

  	
  Tax-related

  	
   

  	
   

  
	
  [NAME]

  	
   

  	
  [NAME]

  	
   

  	
  [NAME]

  
	
  [PHONE NUMBER]

  	
   

  	
  [PHONE NUMBER]

  	
   

  	
  [PHONE NUMBER]

  

 

Please sign this letter and
return it in the envelope provided, and keep a copy for your records.

Sincerely,

[NAME]

[TITLE, DEPARTMENT]

I have read the Plan and
this letter and agree to the terms and conditions contained in each regarding
my Award.

	
  

  	
   

  	
   

  
	
  Signature of
  «First» «MI» «Last»

  	
   

  	
  DATE

  

 

 2

EXHIBIT
No. 10 (t)

FORM OF STOCK UNIT AWARD WITH SALE RESTRICTION AGREEMENT

[DATE]

Recipient Name

Recipient Title

Company

Company Address

City,
State Zip Code

RE:  Stock Unit Award with Sale
Restriction

Dear
Recipient:

Effective date, as part of your [PERFORMANCE YEAR] annual incentive and in recognition of
your performance during [PERFORMANCE YEAR],
you were granted [#] restricted Constellation
Energy Group, Inc. (the “Company”) common stock units with sale restrictions (“Deferred
Shares”) under the Constellation Energy Group, Inc. 2007 Long-Term Incentive
Plan (the “Plan”).  In addition to other
provisions of the Plan, your award is subject to the following conditions:

1.                    Each Deferred Share entitles you to receive
on the Restriction Lapse Date (set forth below) one share of Constellation
Energy Group common stock (“Common Stock”). 
Under current tax law, you are not subject to tax on your Deferred
Shares until the Restriction Lapse Date (see paragraph 4 below).

2.                    During the Restriction Period (set forth below),
on any date that Constellation Energy Group pays dividends with respect to the
Common Stock, the Company shall credit you with a number of Deferred Shares
equal to (i) the number of your Deferred Shares on the dividend record date
times (ii) the dividend rate per share, divided by (iii) the per share
reinvestment price.  These dividend-based
additional Deferred Shares shall be subject to the same rules and restrictions
as Deferred Shares originally granted to you.

3.                    The Restriction Period for your Deferred
Shares expires on the Restriction Lapse Date as shown in the table below:

 

	
  # Deferred

  Shares Granted

  	
   

  	
  Deferred Share

  Grant

  Date

  	
   

  	
  Restriction

  Period

  	
   

  	
  Restriction

  LapseDate

  	
   

  
	
  [#]

  	
   

  	
  [MM/DD/YY]

  	
   

  	
  [5 years]

  	
   

  	
  [5 years

  after Grant Date]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Your Deferred Shares are
fully and immediately vested, however, during the Restriction Period, you may
not sell, transfer, or pledge the Deferred Shares.  During the Restriction Period, you will have
no voting rights with respect to the Deferred Shares.  The Restriction Period remains in effect
irrespective of your employment status.

4.                    Following the Restriction Lapse Date, the
Company shall cause to be issued to you a certificate for shares of Common
Stock equal to the number of your Deferred Shares (including dividend-based
additional Deferred Shares).  Under
current tax law, you will be subject to tax on the Restriction Lapse Date based
on an amount equal to the number of shares of Common Stock issued to you times
the Fair Market Value per share (i.e., the average of the high and low price of
the Common Stock on the Restriction Lapse Date).  The Company will be required to withhold
applicable taxes at such time, and will withhold the required number of shares
to pay these taxes.  The total shares you
receive will be rounded to the nearest whole share.  You should consult your tax advisor regarding
any tax issues.

Please read the Plan carefully as it contains many other provisions
relating to your award.  If you have any
questions, please do not hesitate to call:

 

	
  General

  	
   

  	
   

  	
   

  	
  SEC-related

  	
   

  	
   

  	
   

  	
  Tax-related

  	
   

  	
   

  
	
  [NAME]

  	
   

  	
  [NAME]

  	
   

  	
  [NAME]

  
	
  [PHONE NUMBER]

  	
   

  	
  [PHONE NUMBER]

  	
   

  	
  [PHONE NUMBER]

  

 

Please sign the enclosed copy of this letter and return it in the
envelope provided.

Sincerely,

[NAME]

[TITLE,
DEPARTMENT]

I
have read the Plan and this letter and agree to the terms and conditions
contained in each regarding my Award.

	
  

  	
   

  	
   

  
	
  Signature
  of Recipient

  	
   

  	
  Date

  

 

 2

EXHIBIT
No. 10 (t)

FORM OF

STOCK
OPTION AGREEMENT

 

This Stock Option
Agreement (“Agreement”) is subject to the terms and conditions of the
Constellation Energy Group, Inc. 2007 Long-Term Incentive Plan (the “Plan”).  The «Administrator» Constellation Energy
Group, Inc. (the “Plan Administrator”) has authorized the option grant under
this Agreement by and between Participant (designated below) and Constellation
Energy Group, Inc. (“Constellation Energy”).

1. Grant of Option.

(a) The “Participant”
is «First» «Middle» «Last».

(b) The date of
the grant is «GrantDate» (“Grant Date”).

(c) The number of
shares subject to the option (“Option Shares”) are «Grant»
shares of Constellation Energy common stock (“Stock”).

(d) The exercise
price is [OptionPrice = fair market value of stock on grant
date] per share of Stock (“Exercise Price”).

This Agreement
specifies the terms of the option (“Option”) granted to Participant to purchase
the Option Shares at the Exercise Price set forth above. The Option is not intended to constitute an “incentive stock option” as
that term is used in Internal Revenue Code section 422.  The “Option Period” is the period during
which the Option is exercisable as provided in this Agreement.

2. Installment Exercise.

Subject to the terms of
this Agreement, the Option will be exercisable in installments according to the
following schedule (each a “Vesting Date”):

	
  

  	
   

  	
  VESTING
  DATE

  
	
   

  	
   

  	
  APPLICABLE
  TO

  
	
  INSTALLMENT

  	
   

  	
  INSTALLMENT

  
	
  [1/3 of
  Option Shares] Options

  	
   

  	
  [One
  year after Grant Date]

  
	
  [1/3 of
  Option Shares] Options

  	
   

  	
  [Two
  years after Grant Date]

  
	
  [1/3 of
  Option Shares] Options

  	
   

  	
  [Three
  years after Grant Date]

  

 

3. Termination of Option.

(a)           Except as provided in paragraph 3(b)
below, the Option will terminate upon the earlier to occur of: (1) when all
Option Shares have been exercised; or (2) ten (10) years from the Grant Date (“Expiration
Date”).

(b)           If Participant ceases employment, the
Option will terminate as to any unvested Option Shares on the effective date of
Participant’s employment Termination (as defined in the Plan) and as to vested
Option Shares 90 days after such effective date; provided that if Participant
ceases employment because of Participant’s Retirement, Disability (each as
defined in the Plan), or death, the Option will terminate as to any unvested
Option Shares on the effective date of the Retirement, Disability or death, and
as to vested Option Shares, the Option will remain exercisable until the
earlier of 60 months after such effective date or the Expiration Date.

(c)           In the event of Participant’s death
during the Option Period, vested Option Shares may be exercised by Participant’s
legal representative(s), or by other person(s) authorized under Participant’s
will.  Alternatively, if Participant
fails to make testamentary disposition of the Option or dies intestate, such
vested Option Shares may be exercised by persons(s) entitled to receive the
Option Shares under the applicable laws of descent and distribution.

(d)           A transfer of Participant’s
employment between Constellation Energy and any Subsidiary of Constellation
Energy, or between Subsidiaries of Constellation Energy, will not be considered
an employment Termination.

4. Exercise of Option.

(a)           Subject to this Agreement and the
Plan, the Option may be exercised in whole or in part by the method specified
by the Plan Administrator from time to time or by contacting [NAME] at [PHONE NUMBER(S)].

(b)           On or before the exercise date
specified pursuant to paragraph 4(a), Participant must fully pay the Exercise Price
and the tax withholding obligation for the Option Shares exercised in U.S.
dollars by cash or by check payable to Constellation Energy Group, Inc.  All or a portion of the Exercise Price and
tax withholding obligation may also be paid by Participant: (i) subject to the
terms of paragraph 4(c) below, by delivery of shares of Stock owned by
Participant and acceptable to the Plan Administrator having an aggregate Fair
Market Value (as defined in paragraph 6 below) on the date of exercise that is
equal to the amount of cash that would otherwise be required; or (ii) by
authorizing a third party to sell the Option Shares (or a sufficient portion of
the Option Shares), and immediately remit to Constellation Energy the Exercise
Price and any tax withholding resulting from such exercise.  Further, tax withholding up to the minimum
required withholding rate (but not in excess of that rate) may also be
satisfied through a holdback by Constellation Energy of some of the Option
Shares that would otherwise be deliverable to Participant by reason of the
Option exercise.  The Option will cease
to be exercisable, as to the portion exercised, when Participant purchases the
Stock to which the exercised portion of the Option relates.

(c)           Other shares of Stock owned by Participant
may be delivered to satisfy the Exercise Price, or to satisfy Participant’s tax
withholding obligation above the minimum withholding rate, only if the shares
have been held by Participant for at least six months before delivery, except
that there shall be no holding period imposed for shares purchased by
Participant for cash on the open market. 
Use of previously-owned shares shall be effected by actual delivery of
the Stock certificates to Constellation Energy, and by completing an affidavit
available from Constellation Energy affirming that Participant owns the
necessary shares and that any applicable holding period has been satisfied.

(d)           Participant is required to comply
with Constellation Energy’s Insider Trading Policy at all times, including in
connection with exercise of the Option. The Option may not be exercised by
Participant during any blackout or prohibited trading period established by
Constellation Energy or applicable to Participant, nor shall the Option be
exercisable if and to the extent Constellation Energy determines that such
exercise would violate applicable state or Federal securities laws or the rules
and regulations of any securities exchange on which the Stock is traded.  If Constellation Energy makes such a
determination, it will use all reasonable efforts to comply with such laws,
rules or regulations.  In making any such
determinations, Constellation Energy may rely on the opinion of counsel for
Constellation Energy.

 2
 

(e)           As soon as practicable after the
exercise date, Constellation Energy will deliver to Participant a Stock
certificate or certificates (or other evidence of ownership) for the purchased
Option Shares.

5.  Tax Withholding.

Constellation
Energy will have the right to withhold any applicable federal, state or local
taxes, deductions or withholdings due with respect to the Option or its
exercise in such form and manner as provided in the Plan.

6. Fair Market Value.

The “Fair Market
Value” of a share of Stock is the closing price per share of Stock on the New
York Stock Exchange-Composite Transactions on the applicable date of reference,
or if there are no sales on such date, then the average of such highest and
lowest sale price on the last previous day on which sales are reported.

7. No Rights of Stockholders.

Participant does not have
any of the rights and privileges of a stockholder of Constellation Energy with
respect to any shares of Stock purchasable or issuable upon the exercise of the
Option, in whole or in part, before the date of exercise and purchase of the
Option Shares.

8. Non-Transferability of Option.

The Option is not
transferable, except for a transfer to Participant’s family member or to a
trust established for the benefit of Participant’s family members which has
been approved by the Plan Administrator as provided in the Plan, or in case of
Participant’s death, by will or the laws of descent and distribution, nor shall
the Option be subject to attachment, execution or other similar process.  During Participant’s lifetime, the Option is
exercisable only by Participant, any guardian or legal representative of
Participant, or a family member or trustee of a trust established for the
benefit of Participant’s family members to whom the Option has been transferred
in accordance with the Plan.  In the
event of (a) any attempt by Participant to alienate, assign, pledge,
hypothecate or otherwise dispose of the Option, except as provided in this
Agreement, or (b) the levy of any attachment, execution or similar process upon
the rights or interest conferred under this Agreement, Constellation Energy may
terminate the Option by notice to Participant and it will become null and void.

 3
 

9. Employment Not Affected.

Neither this
Agreement nor the grant of the Option constitutes a contract of employment
between Constellation Energy or any Subsidiary and Participant, and neither
will be deemed to be consideration for, or a condition of, continued employment
of Participant.

10. Incorporation of Plan by Reference.

The Option is granted
pursuant to the terms of the Plan, the terms of which are incorporated in this
Agreement by reference.  The Option will
in all respects be interpreted in accordance with the Plan.  All capitalized terms, which are not otherwise
defined in this Agreement, will have the meaning specified in the Plan.  The Plan Administrator will interpret and
construe the Plan and this Agreement, and its interpretations and
determinations will be conclusive and binding on the parties and any other
person claiming an interest with respect to any issue arising under this
Agreement.

11. 
Severability.

The provisions of this
Agreement are severable.  If any one or
more provisions are determined to be illegal or otherwise unenforceable, in
whole or in part, the remaining provisions will nevertheless be binding and enforceable.

IN WITNESS WHEREOF,
Constellation Energy Group, Inc. and Participant have executed this Stock
Option Agreement effective as of the Grant Date.

 

	
  Constellation Energy Group,
  Inc

  	
   

  	
  ACCEPTED AND AGREED TO:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [NAME]

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  «First» «Middle» «Last»

  
	
  [TITLE,
  DEPARTMENT]

  	
   

  	
   

  	
   

  	
   

  

 

 4

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