Document:

Exhibit 10.1

 Exhibit 10.1 
 CONSTELLATION ENERGY NUCLEAR GROUP, LLC 
 a Maryland limited liability company 
 SECOND AMENDED AND RESTATED OPERATING AGREEMENT 
 [            ], 200[    ] 

 TABLE OF CONTENTS 
  

 

					
	 	  	 	  	Page
	ARTICLE I
	
	DEFINED TERMS
	
	ARTICLE II
	
	ORGANIZATION AND NAME; OFFICE; PURPOSE
			
	 Section 2.1
	  	Organization	  	10
	 Section 2.2
	  	Name of the Company	  	11
	 Section 2.3
	  	Purpose	  	11
	 Section 2.4
	  	Principal Office	  	11
	 Section 2.5
	  	Resident Agent	  	11
	 Section 2.6
	  	Term	  	11
	 Section 2.7
	  	No State Law Partnership; No Concerted Action	  	11
	 Section 2.8
	  	Lack of Authority of Members	  	12
	 Section 2.9
	  	Limitation of Liability of Members	  	12
	 Section 2.10
	  	No Personal Liability of Members	  	12
	
	ARTICLE III
	
	MEMBERSHIP INTERESTS; ADDITIONAL MEMBERS
			
	 Section 3.1
	  	Membership Interests	  	12
	 Section 3.2
	  	Additional Members	  	13
	 Section 3.3
	  	Representations and Warranties	  	13
	
	ARTICLE IV
	
	CAPITAL CONTRIBUTIONS
			
	 Section 4.1
	  	Initial Capital Contributions	  	15
	 Section 4.2
	  	Additional Capital Contributions	  	15
	 Section 4.3
	  	Nonpayment of Additional Capital Contributions	  	15
	 Section 4.4
	  	Advances by Members	  	15
	
	ARTICLE V
	
	BOOKS AND RECORDS
			
	 Section 5.1
	  	Books and Records	  	16
	 Section 5.2
	  	Fiscal Year	  	16
	 Section 5.3
	  	Bank Accounts	  	16

  

 i 

					
	 Section 5.4
	  	Company Information	  	16
	
	ARTICLE VI
	
	DISTRIBUTIONS
			
	 Section 6.1
	  	Distributions Other Than Liquidation Proceeds	  	17
	 Section 6.2
	  	Limitations on Distribution	  	17
	 Section 6.3
	  	Withheld Taxes	  	17
	 Section 6.4
	  	Information to Be Provided by Members	  	19
	
	ARTICLE VII
	
	MANAGEMENT: RIGHTS, POWERS, AND DUTIES
			
	 Section 7.1
	  	General	  	19
	 Section 7.2
	  	The Board of Directors	  	19
	 Section 7.3
	  	Officers	  	24
	 Section 7.4
	  	Budget and Strategic Plan	  	27
	 Section 7.5
	  	Nuclear Advisory Committee	  	28
	 Section 7.6
	  	Existing Nuclear Plant Subsidiaries	  	28
	 Section 7.7
	  	Liability and Indemnification	  	28
	 Section 7.8
	  	Member Approvals	  	30
	 Section 7.9
	  	Staffing	  	31
	 Section 7.10
	  	Governance of Subsidiaries	  	31
	 Section 7.11
	  	Events of Default	  	31
	 Section 7.12
	  	Delegation of Financial Authority	  	31
	
	ARTICLE VIII
	
	TAX MATTERS AND CAPITAL ACCOUNTS
			
	 Section 8.1
	  	Tax Treatment	  	32
	 Section 8.2
	  	Tax Returns and Information	  	32
	 Section 8.3
	  	Tax Matters Partner and Elections	  	33
	 Section 8.4
	  	Capital Accounts	  	33
	 Section 8.5
	  	Consistent Tax Treatment	  	36
	
	ARTICLE IX
	
	TRANSFER OF MEMBERSHIP INTERESTS
			
	 Section 9.1
	  	Restrictions Applicable to All Transfers by the Members	  	36
	 Section 9.2
	  	Permitted Transfers	  	38
	 Section 9.3
	  	Right of First Offer	  	39
	 Section 9.4
	  	Change of Control of a Member	  	40

  

 ii 

					
	
	ARTICLE X
	
	CERTAIN OBLIGATIONS OF THE COMPANY AND THE MEMBERS
			
	 Section 10.1
	  	Preemptive Rights	  	40
	 Section 10.2
	  	Related Party Transactions	  	41
	 Section 10.3
	  	Power Marketing	  	41
	
	ARTICLE XI
	
	CORPORATE OPPORTUNITIES AND NON-SOLICITATION
			
	 Section 11.1
	  	Corporate Opportunities	  	42
	 Section 11.2
	  	Non-Solicitation	  	42
	
	ARTICLE XII
	
	WITHDRAWAL, DISSOLUTION AND LIQUIDATION
			
	 Section 12.1
	  	No Right of Withdrawal; No Interest	  	42
	 Section 12.2
	  	Terminating Event	  	43
	 Section 12.3
	  	Dissolution	  	43
	 Section 12.4
	  	Winding Up	  	44
	
	ARTICLE XIII
	
	GENERAL PROVISIONS
			
	 Section 13.1
	  	Notices	  	45
	 Section 13.2
	  	Successors and Assigns	  	45
	 Section 13.3
	  	Parallel Vehicle	  	46
	 Section 13.4
	  	Dispute Resolution	  	46
	 Section 13.5
	  	Guarantee	  	47
	 Section 13.6
	  	Governing Law	  	47
	 Section 13.7
	  	Entire Agreement; Amendment	  	47
	 Section 13.8
	  	No Waiver	  	48
	 Section 13.9
	  	Separability of Provisions	  	48
	 Section 13.10
	  	Confidentiality	  	48
	 Section 13.11
	  	Expenses	  	48
	 Section 13.12
	  	Counterparts	  	49
	 Section 13.13
	  	Headings	  	49
	 Section 13.14
	  	Gender and Number	  	49
	 Section 13.15
	  	Further Assurances	  	49
	 Section 13.16
	  	Survival of Obligations	  	49
	 Section 13.17
	  	Insurance	  	49
	 Section 13.18
	  	Nuclear Insurance	  	49
	 Section 13.19
	  	FIRPTA	  	50
	 Section 13.20
	  	Exclusive Remedies	  	50

  

 iii 

					
	 Section 13.21
	  	Title to Company Property	  	50
	 Section 13.22
	  	Waiver of Partition Action	  	50
	 Section 13.23
	  	Statutory References	  	50
	 Section 13.24
	  	Legal Fees	  	50
	
	EXHIBITS
			
	 EXHIBIT A
	  	Capital Contributions	  	A-1
	 EXHIBIT B
	  	Initial Annual Budget	  	B-1
	 EXHIBIT C
	  	Power Marketing	  	C-1

  

 iv 

 CONSTELLATION ENERGY NUCLEAR GROUP, LLC 
 Second Amended and Restated Operating Agreement 
 This Second Amended and
Restated Operating Agreement (this “Agreement”) is entered into as of this [__] day of [            ], 200[ ], by and between Constellation Energy Group, Inc., a
Maryland corporation (“Constellation”), and EDF Development Inc., a Delaware corporation (“EDFD”), as Members (as defined below), and Constellation Energy Nuclear Group, LLC, a Maryland limited liability company
(the “Company”). 
 RECITALS 
 WHEREAS, on December 15, 1999, the Company was formed under the Maryland Limited Liability Company Act, as amended from time to time (the “Act”), pursuant to Articles of Organization filed
with the Maryland Department of Assessments and Taxation; 
 WHEREAS, Constellation entered into an amended and restated operating
agreement of the Company, dated as of July 1, 2002 (the “Original Agreement”); 
 WHEREAS, concurrently with the
execution of this Agreement, EDFD and Constellation are consummating the membership interest sale transaction pursuant to that certain Master Put Option and Membership Interest Purchase Agreement, dated as of
                            , 200_ (the “Master Agreement”), pursuant to which
Constellation is selling, transferring and delivering to EDFD, and EDFD is purchasing, acquiring and assuming, all of Constellation’s right, title and interest in 49.99% of Constellation’s Membership Interest (as defined below) in the
Company (the “Designated Interest”); 
 WHEREAS, in connection with EDFD’s purchase of the Designated Interest
and admission to the Company as a Member, the parties desire to enter into this Agreement to set forth their respective rights and obligations as Members of the Company and to provide for the management and affairs of the Company and for the conduct
of the business of the Company; 
 WHEREAS, the parties will assure that the Company and its subsidiaries are in compliance with U.S.
laws and regulations regarding foreign domination and control, and therefore will assign decision making authority for matters regulated by the NRC (as defined below) and other U.S. Governmental Authorities (as defined below), where required or
prudent to do so, to U.S. citizens pursuant to the process set forth herein; and 
 WHEREAS, the parties hereto desire to amend and
restate the Original Agreement on the terms set forth herein. 
 NOW, THEREFORE, in consideration of the agreements and obligations
set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
  

 1 

 ARTICLE I 
 DEFINED TERMS 
 As used in this Agreement, the following terms shall have the following
meanings: 
 “Act” has the meaning set forth in the recitals. 
 “Additional Capital Contribution” means, with respect to each Member, any Capital Contribution by such Member to the capital of the
Company other than any Initial Capital Contribution pursuant to Section 4.1. 
 “Affiliate” means, with respect to any
Person, any other Person directly or indirectly Controlled by, Controlling or under common Control with such Person. 
 “Agreement” means this Agreement, as amended from time to time. 
 “Annual Budget” has the meaning
set forth in Section 7.4(a). 
 “Applicable Law” means, for any Person, any domestic or foreign law, rule or
regulation, or judgment, decree, order, permit, license, certificate of authority, order or governmental approval, in each case of or by any Governmental Authority, to which the Person or any of its business is subject. 
 “Articles of Organization” means the articles of organization of the Company, as amended from time to time, filed with the Department of
Assessments and Taxation of the State of Maryland pursuant to the Act. 
 “Atomic Energy Act” has the meaning set forth in
Section 13.17. 
 “Bankruptcy Event” means, with respect to any Person, the occurrence of any of the following:
(a) such Person shall institute a voluntary case seeking liquidation or reorganization under Bankruptcy Law, or shall consent to the institution of an involuntary case thereunder against it; (b) such Person shall file a petition or consent
or shall otherwise institute any similar proceeding under any other applicable Federal or state law, or shall consent thereto; (c) such Person shall apply for, or by consent there shall be an appointment of, a receiver, liquidator,
sequestrator, trustee or other officer with similar powers for itself or any substantial part of its assets; (d) such Person shall make an assignment for the benefit of its creditors; (e) such Person shall admit in writing its inability to
pay its debts generally as they become due; (f) an involuntary case shall be commenced seeking liquidation or reorganization of such Person under Bankruptcy Law or any similar proceedings shall be commenced against such Person under any other
applicable Federal or state law and (i) the petition commencing the involuntary case is not dismissed within thirty (30) days of its filing, (ii) an interim trustee is appointed to take possession of all or a portion of the property,
and/or to operate all or any part of the business of such Person and such appointment is not vacated within thirty (30) days, or (iii) an order for relief shall have been issued or entered therein; (g) a decree or order of a court
having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee or other officer having similar powers of such Person or all or a part of its property shall have been entered; or (h) any other similar
relief shall be granted against such Person under any applicable Federal or state law. 
  

 2 

 “Bankruptcy Law” shall mean, with respect to any Person, any bankruptcy or insolvency
law or other similar law affecting creditors’ rights promulgated by any federal, state, foreign or international government or any political subdivision of any of the foregoing. 
 “Baseball Arbitration” means the following procedure for determination of Fair Market Value or Implied Acquisition Price. The Members
shall first attempt to agree on fair market value in good faith. If the Members cannot agree on fair market value within sixty (60) Days, then the selling or contributing Member (as applicable), on the one hand, and the purchasing or receiving
Member or the Company (as applicable), on the other hand, shall each select an independent investment banking firm of national reputation and with experience in valuing assets of the type in question, and such investment banking firms shall each
determine the fair market value of the subject property within sixty (60) Days of selection, with the average of the two valuations constituting Fair Market Value. If the two valuations in the previous sentence differ by five percent or more,
then the average of the two valuations shall not be binding, and the respective Parent CEOs shall use their reasonable efforts to agree on Fair Market Value within thirty (30) Days of receiving the valuations. If the respective Parent CEOs
cannot reach agreement within such thirty (30) Day period, then the two investment banking firms shall mutually agree on a third independent investment banking firm of national reputation within thirty (30) Days of the end of such period,
and such third independent investment banking firm shall then determine, within sixty (60) Days of selection, which of the two valuations of the original investment banking firms is closer to fair market value, and such valuation shall
constitute Fair Market Value. Any such determination shall be binding on the parties. In connection with any determination of Fair Market Value, each party shall bear the cost of the investment banking firm that it selects, and the cost of any
valuation prepared by a third investment banking firm shall be borne by the party whose investment banking firm’s valuation was not selected. If the Company is involved in the determination of Fair Market Value pursuant to Baseball Arbitration,
the decision of the Company shall be made without participation of the Directors appointed by the Member involved in the Baseball Arbitration and the requirements for a quorum and the necessary vote of the Board of Directors shall be deemed amended
as required to allow such action without the approval of such Directors. 
 “Board of Directors” has the meaning set forth
in Section 7.1(a). 
 “Business Day” means any working day in France and the United States other than a Saturday, a
Sunday or a day on which banks located in Paris, France or New York, New York generally are authorized or required by Applicable Law to close. 
 “Capital Account” has the meaning set forth in Section 8.4(a). 
 “Capital Contribution”
means, with respect to any Member, the amount of money and the Gross Asset Value of any property (other than money) contributed to the capital of the Company by such Member. 
 “CEO” has the meaning set forth in Section 7.3(b). 
  

 3 

 “Change of Control” of a Person means the consummation of any Transfer or series of
related Transfers to one entity or group of entities acting in concert that is not an affiliate of such Person that would result in (i) the aggregate disposition, directly or indirectly, of more than fifty percent (50%) of the economic or
voting power of the then-outstanding equity interests of such Person, or (ii) a change in a majority of the directors of such Person not effected by the continuing directors of such Person. For avoidance of doubt, “Change of Control”
will not include Transfers between wholly owned subsidiaries of a common parent company or equivalent internal corporate reorganizations, but will include a merger, business combination, acquisition or other transaction with a non-Affiliate
involving the Person or the direct or indirect parent of the Person. 
 “Code” means the Internal Revenue Code of 1986, as
amended, or any corresponding provision of any succeeding law. 
 “Company” has the meaning set forth in the preamble.

 “Company Change of Control” means the consummation of any Transfer or series of related Transfers to one entity or group
of entities acting in concert that is not a Member or an Affiliate of a Member that would result in (i) the aggregate disposition, directly or indirectly, of more than fifty percent (50%) of the economic or voting power of the ownership
interests of the Company, or (ii) a change in a majority of directors of the Company not effected by the continuing directors. 
 “Constellation” has the meaning set forth in the preamble. 
 “Constellation Directors” has the
meaning set forth in Section 7.2(a). 
 “Constellation Marketing” has the meaning set forth in Section 10.3.

 “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of an entity, whether through the ownership of securities, by contract or otherwise. The terms “Controlled” and “Controlling” shall have correlative meanings. 
 “Day” means a calendar day. 
 “Defaulting Member” has the meaning specified in the definition of “Event of Default”. 
 “Depreciation” means, for each Fiscal Year, an amount equal to the depreciation, amortization or other cost recovery deduction allowable for Federal income Tax purposes with respect to an asset for such Fiscal Year;
provided, however, that if the Gross Asset Value of an asset differs from its adjusted basis for Federal income Tax purposes at the beginning of such Fiscal Year, Depreciation shall be an amount that bears the same ratio to such
beginning Gross Asset Value as the Federal income Tax depreciation, amortization or other cost recovery deduction with respect to such asset for such Fiscal Year bears to such beginning adjusted tax basis; and, provided further, that if the Federal
income Tax depreciation, amortization or other cost recovery deduction with respect to such asset for such Fiscal Year is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected
by the Board of Directors. 
  

 4 

 “Designated Interest” has the meaning set forth in the recitals. 
 “Director” means any person hereafter elected to act and who is serving as a member of the Board of Directors as provided in this
Agreement. 
 “EDFD” has the meaning set forth in the preamble. 
 “EDFD Directors” has the meaning set forth in Section 7.2(a). 
 “Event of Default” means, as to any Member (the “Defaulting Member”), the occurrence of the Defaulting Member’s
material violation, breach or default of its obligations under a material provision of this Agreement, which has not been cured within thirty (30) Days, except that: 
 (a) in connection with a violation, breach or default of a Defaulting Member’s payment obligations under this Agreement, the cure period shall be five (5) Business Days; and 
 (b) in connection with any violation, breach or default of a Defaulting Member’s obligations other than payment obligations under this Agreement, if
the Defaulting Member makes reasonably diligent efforts to cure such Event of Default the cure period shall be extended, but only to the extent reasonably necessary, for up to an additional thirty (30) Days. 
 “Fair Market Value” means a valuation agreed by the parties or determined through Baseball Arbitration. 
 “Fiscal Year” has the meaning set forth in Section 5.2. 
 “GAAP” means accounting principles generally accepted in the United States, as consistently applied throughout the relevant period.

 “Governmental Authority” means any domestic or foreign governmental or regulatory authority, agency, court, commission or
other governmental or regulatory entity (including any self-regulatory organization). 
 “Gross Asset Value” means, with
respect to any asset, such asset’s adjusted basis for Federal income Tax purposes, except as follows: 
 (a) the initial Gross Asset
Value of any asset contributed by a Member to the Company shall be the Fair Market Value of such asset at the time of such contribution; 
 (b) the Gross Asset Values of all Company assets may, in the sole discretion of the Board of Directors, be adjusted to equal their respective gross fair market values (as determined by the Board of Directors), as of the following times:
(i) the acquisition of an additional interest in the Company by any new or existing Member in exchange for more than a 

  

 5 

 
de minimis Capital Contribution; (ii) the distribution by the Company to a Member of more than a de minimis amount of Company property as
consideration for an interest in the Company; and (iii) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); 
 (c) the Gross Asset Value of any Company asset distributed to any Member shall be adjusted immediately prior to such distribution to equal the gross fair market value of such asset as of the date of distribution (as
determined by the Board of Directors); and 
 (d) the Gross Asset Values of Company assets shall be increased (or decreased) to reflect any
adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to
Section 1.704-1(b)(2)(iv)(m) of the Treasury Regulations. 
 If the Gross Asset Value of an asset has been determined or adjusted
pursuant to paragraph (a), (c) or (d) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Net Income and Net Losses. 
 “Inconsistent Position” has the meaning set forth in Section 8.5. 
 “Investee Company” means a Person in which the Company or any of its Subsidiaries owns equity constituting less than 50% of the total
equity interests of such Person. 
 “IRS” means the U.S. Internal Revenue Service or any successor agency. 
 “Licensed Facility” means a facility that maintains an NRC license. 
 “Licensed Subsidiary” means a Subsidiary of the Company that maintains a license with the NRC. 
 “Master Agreement” has the meaning set forth in the recitals. 
 “Member” or “Members” means Constellation, EDFD and any Person who subsequently is admitted as a member of the Company
in accordance with Section 3.2 or Article IX, as applicable, and Section 7.8. 
 “Membership Interests” means the
total of all ownership rights of a Member in the Company, which Membership Interest shall be expressed by the number of Units held by a Member. 
 “NAC” has the meaning set forth in Section 7.5, and shall be composed initially of those individuals listed on Exhibit B. 
 “Net Available Cash” shall mean, at any time, all cash of the Company that the Board of Directors determines is available for distribution, taking into account projected cash requirements (including
reserves for future operations of the business and contingencies) and subject to any restrictions set forth in any credit or other agreement binding on the Company. 
  

 6 

 “Net Income” and “Net Losses” means, as appropriate, for any Fiscal
Year, the taxable income or taxable loss of the Company determined in accordance with Code Section 703(a) for such period or other applicable period for Federal income Tax purposes taking into account any separately stated items, increased by
the amount of any Tax-exempt income of the Company during such period and decreased by the amount of any Code Section 705(a)(2)(B) expenditures (within the meaning of Treasury Regulations Section 1.704-1(b)(2)(iv)(i)) of the Company. Gain
or loss from any disposition of property shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property may differ from its Gross Asset Value. In lieu of the
depreciation, amortization, or other cost recovery deductions taken into account in computing taxable income or loss, there shall be taken into account depreciation computed in accordance with the definition of Depreciation. In the event that the
Gross Asset Value of any Company asset is adjusted, the amount of such adjustment shall be treated as an item of gain or loss, as appropriate and shall be taken into account for purposes of computing Net Income or Net Loss. 
 “New Securities” has the meaning set forth in Section 10.1(b). 
 “Non-Controllable Items” has the meaning set forth in Section 7.4(c). 
 “Non-Defaulting Member” has the meaning set forth in Section 7.11. 
 “NRC” means the U.S. Nuclear Regulatory Commission or any successor agency. 
 “Objection Notice” has the meaning set forth in Section 8.2(b). 
 “Offering Member” has the meaning set forth in Section 9.3(a). 
 “Parallel Vehicle” has the meaning set forth in Section 13.3. 
 “Parent” means, as applicable, Constellation or Électricité de France International, S.A. 
 “Parent CEO” means, with respect to any Member, the chief executive officer of the ultimate parent entity of such Member. 

 “Percentage Interest” with respect to a Member is set forth on Exhibit A, as the same shall be amended from time
to time in accordance with this Agreement. The Percentage Interest of each Member is calculated by dividing the number of Units owned by a Member by the total number of Units owned by all Members, and shall be adjusted from time to time in
accordance with Section 3.1(d). 
 “Permitted Transfer” has the meaning set forth in Section 9.1(a). 

 

 7 

 “Permitted Transferee” means a Member’s Affiliate that is wholly-owned by the same
ultimate parent entity; provided, however, that no Person shall be a Permitted Transferee (a) if the Transfer to such Person is made with the intent that the Transferee will make a subsequent Transfer or the transferor will
subsequently Transfer interests in such Transferee in order to avoid the Transfer restrictions that would otherwise be applicable and (b) unless such Person agrees in writing with the Company at the time of such Transfer to Transfer back to the
transferring Member the Transferred Membership Interests if such Person ceases to be a Permitted Transferee. 
 “Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership or other entity. 
 “Preemptive Notice” has the meaning set forth in Section 10.1(a). 
 “Prime Rate” means the
prime rate published in the Wall Street Journal on the last Day of each month (or, if not a publication Day, the prime rate last published prior to such last Day). 
 “Provisional Budget” has the meaning set forth in Section 7.4(b). 
 “Redemption Price” has the meaning set forth in Section 12.2(a). 
 “Repurchase Election
Period” has the meaning set forth in Section 12.2(a). 
 “Rules” has the meaning set forth in
Section 13.4(b). 
 “Safety and Security Issues” has the meaning set forth in Section 7.2(k)(iv). 
 “Special Matter” has the meaning set forth in Section 7.2(j). 
 “Strategic Plan” has the meaning set forth in Section 7.4(a). 
 “Subsidiary” means, for any Person (the “parent”) at any date, any other Person the accounts of which would be
consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other Person (a) of which securities or other
ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interest are, as of such date, owned, Controlled or held, or
(b) that is, as of such date, otherwise Controlled by the parent or one or more Subsidiaries of the parent. 
 “Tax”
means any U.S. federal, state, local or non-U.S. tax or other governmental charge, fee, levy or assessment of whatever kind or nature, including all U.S. federal, state, local or non-U.S. income, gross receipts, windfall profits, severance,
property, production, sales, use, license, excise, franchise, employment, premium, recording, documentary, transfer, back-up withholding, turnover, net asset, capital gains, value added, estimated, ad valorem, payroll and employee withholding,
stamp, customs, occupation or similar taxes, and any social charges or contributions together with any interest, additions, or penalties with respect to these Taxes and any interest or penalties. 
  

 8 

 “Terminating Event” means, and shall occur upon the following: 
 (a) If a Member: 
 (i) Makes
an assignment for the benefit of creditors; 
 (ii) Files a voluntary petition in bankruptcy; 
 (iii) Is adjudged bankrupt or insolvent or has entered against the person an order for relief in any bankruptcy or insolvency proceeding;

 (iv) Files a petition or answer seeking for that person any reorganization, arrangement, composition, readjustment,
liquidation, dissolution, or similar relief under any statute, law, or regulation; 
 (v) Seeks, consents to, or acquiesces
in the appointment of a trustee for, receiver for, or liquidation of the Member or of all or any substantial part of the person’s properties; or 
 (vi) Files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the person in any proceeding described in this subsection. 
 (b) The continuation of any proceeding against the Member seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution, or
similar relief under any statute, law, or regulation, for 120 Days after the commencement thereof, or the appointment of a trustee, receiver, or liquidator for the Member or all or any substantial part of the Member’s properties without the
Member’s agreement or acquiescence, which appointment is not vacated or stayed for 120 days or, if the appointment is stayed, for 120 days after the expiration of the stay during which period the appointment is not vacated. 
 (c) In the case of a Member: 
 (i) who is an individual, the individual’s death or adjudication by a court of competent jurisdiction as incompetent to manage the individual’s person or property; 
 (ii) who is acting as a Member by virtue of being a trustee of a trust, the termination of the trust; 
 (iii) that is a partnership or a limited liability company, the dissolution and commencement of winding up of the partnership or limited
liability company; 
 (iv) that is a corporation, the dissolution of the corporation or the revocation of its charter; or

 (v) the distribution by the fiduciary of the estate’s entire interest in the Company; and, in any such case, the
successor or successors to the Member do not comply and/or cannot comply with the provisions of Article IX of this Agreement. 
  

 9 

 “Three-Year Budget” has the meaning set forth in Section 7.4(a). 
 “Transfer” means, when used as a noun, any direct or indirect voluntary or involuntary sale, hypothecation, pledge, assignment,
attachment or other transfer, including a transfer resulting from a merger, consolidation, assignment of assets or other similar transaction, and, when used as a verb, means voluntarily or involuntarily to sell, hypothecate, pledge, assign or
otherwise transfer. 
 “Transferee” has the meaning set forth in Section 9.1(a). 
 “Transfer Notice” means the written notice given by a Member proposing to Transfer a Membership Interest, which shall include all
details of such proposed Transfer, including the name of the Transferee and its material Affiliates, the date of the proposed Transfer, the portion of the Member’s Membership Interest to be Transferred, and the cash purchase price for the
Membership Interest. 
 “Treasury Regulations” means the income Tax regulations, including temporary regulations,
promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
 “Unburdened Cost” shall mean such party’s out-of-pocket cost (including overhead and benefits), but shall exclude any profit. 
 “Units” means units of Membership Interests in the Company having the rights set forth in this Agreement. 
 “Withdrawal Interest” has the meaning set forth in Section 12.2(a). 
 “Withdrawn Member” has the meaning set forth in Section 12.2(a). 
 “Withholding Agent” has
the meaning set forth in Section 6.3(a). 
 Capitalized terms not otherwise defined in this Article I shall have the meanings ascribed to such terms in
this Agreement. 
 ARTICLE II 
 ORGANIZATION AND NAME; OFFICE; PURPOSE 
 Section 2.1 Organization. The Company was formed on December 15,
1999 by the execution and filing with the Department of Assessments and Taxation of the State of Maryland of the Articles of Organization. 
  

 10 

 Section 2.2 Name of the Company. The name of the Company is “Constellation Energy Nuclear
Group, LLC.” The Company may do business under that name and under any other name or names that the Board of Directors may, in its sole discretion, determine. If the Company does business under a name other than that set forth above, then the
Company shall file a trade name application as required by law. 
 Section 2.3 Purpose. The Company is organized: 
 (a) To operate as a holding company; 
 (b)
To directly and indirectly, purchase, own, operate, manage and sell assets involved in nuclear power generation, storage and distribution businesses, including, without limitation, ownership interests in the Company’s Subsidiaries, and their
respective assets; 
 (c) To enter into any agreement providing for the management, operation and administration of the activities of the
Company and its Subsidiaries including any agreements for the sale of electric capacity, energy or ancillary services; 
 (d) To negotiate,
authorize, execute, deliver and perform any agreement or instrument or document relating to the activities set forth in clauses (a) through (c) above; and 
 (e) To have all of the powers permitted by the Act. 
 Section 2.4 Principal Office. The principal
office of the Company shall be located at 750 East Pratt Street, Baltimore, Maryland 21202, or at any other place or places within the State of Maryland as the Board of Directors shall, in its sole discretion, deem necessary or advisable.

 Section 2.5 Resident Agent. The name and address of the Company’s resident agent in the State of Maryland shall be CT
Corporation System, 300 East Lombard Street, Baltimore, Maryland 21202. The name and/or address of the resident agent of the Company may at any time be changed by filing the new name and/or address with the Maryland Department of Assessments and
Taxation pursuant to the Act. 
 Section 2.6 Term. This Agreement shall be effective as of the date hereof. The existence of the
Company shall be perpetual, unless terminated in accordance with the provisions of this Agreement. 
 Section 2.7 No State Law
Partnership; No Concerted Action. 
 (a) Notwithstanding the provisions of Article VIII, the Members intend that the Company shall not be
a partnership (including a general partnership or a limited partnership), and that no Member shall be a partner of any other Member with respect to the business of the Company for any purposes other than U.S. federal, state and local Tax purposes,
and this Agreement shall not be construed to suggest otherwise. 
 (b) Each Member hereby acknowledges and agrees that, except as expressly
provided herein, in performing its obligations or exercising its rights hereunder, it is acting independently and is not acting in concert with, on behalf of, as agent for, or as joint venturer or partner of, the other Member. Other than in respect
of the Company, nothing 

  

 11 

 
contained in this Agreement shall be construed as creating a corporation, association, joint stock company, business trust, organized group of persons,
whether incorporated or not, among or involving either Member or its Affiliates, and nothing in this Agreement shall be construed as creating or requiring any continuing relationship or commitment as between such parties other than as specifically
set forth herein. Nothing contained in this Agreement shall be construed as creating any fiduciary relationship of any nature between the Members. 
 Section 2.8 Lack of Authority of Members. Except as expressly set forth herein, the Members shall not have the authority or power to act for or on behalf of the Company, to do any act that would be binding on the Company, or to incur
any expenditures, debts, liabilities or obligations on behalf of the Company. Accordingly, no Member shall be considered an agent of the Company solely by virtue of being a Member, and no Member shall have authority to act for or bind the Company
solely by virtue of being a Member. 
 Section 2.9 Limitation of Liability of Members. To the fullest extent permitted by Maryland
law, each Member’s liability to provide capital or other assets to the Company shall be limited to such Member’s agreed investment in the Company, including any Additional Capital Contributions such Member is committed to make under this
Agreement to the extent such investment or contribution has not yet been made, and in the case of Additional Capital Contributions, such obligation shall be solely to provide such contributions for the purposes such Member has committed to make such
Additional Capital Contributions, and no Member shall have any further obligation to make any other contributions of capital or provide other property to the Company. 
 Section 2.10 No Personal Liability of Members. The debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of
the Company, and, to the fullest extent permitted by Maryland law, no Member shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member of the Company. No Member shall be liable for any
obligation of the Company unless such liability is expressly assumed by such Member in a separate written agreement signed by such Member. 
 ARTICLE III 
 MEMBERSHIP INTERESTS; ADDITIONAL MEMBERS 
 Section 3.1 Membership Interests. 
 (a) The Company has authorized the issuance of [ ] Units. The Board of Directors may authorize the issuance of additional Units or the creation of additional classes of Units having such powers, designations and preferences and rights as
may be determined by the Board of Directors (subject to the other terms of this Agreement (e.g., Section 3.2)), and the Board of Directors shall have the authority to make such amendments to this Agreement as are necessary or appropriate
to give effect to the foregoing, subject to the requisite Member consent under Section 7.8. 
  

 12 

 (b) On the effective date hereof, EDFD purchased 49.99% of the outstanding Units from Constellation
pursuant to the terms of the Master Agreement. 
 (c) The Membership Interests shall be uncertificated; provided, however, that
all or a portion of a Member’s Membership Interest shall be certificated upon written request of such Member, in which event the Board of Directors shall establish procedures related to certificated Membership Interests. 
 (d) The Units (as set forth on Exhibit A) shall be adjusted from time to time, as applicable, to reflect (i) the Transfer by a Member of its
Membership Interests in accordance with Section 7.8 and Article IX, (ii) the admission of a new Member in accordance with Section 3.2, Section 7.2(j)(vii) and Section 7.8, (iii) Additional Capital Contributions made by
the Members in accordance with Section 4.2, and (iv) such other events as otherwise may give rise to a change in a Member’s ownership of its Membership Interests under this Agreement. Upon any change in a Member’s ownership of
its Membership Interests, the Board of Directors shall (or shall cause the CEO to) amend Exhibit A to properly reflect such change, including any change to the Percentage Interests of the Members, and the Board of Directors shall (or shall
cause the CEO to) deliver a copy of Exhibit A, as so amended, to each Member. 
 Section 3.2 Additional Members. 
 (a) After the date hereof, a Person may be admitted to the Company as a Member only pursuant to an action by the Board of Directors in accordance with
Section 7.2(j)(vii) (but subject to the restrictions in Section 10.1, the requirement for Member approval in Section 7.8 (if applicable) and subject to Article IX in the case of Transfers of Membership Interests by existing Members).
Notwithstanding, and in addition to, the foregoing, no Person shall be admitted as a Member unless (x) such Person shall execute and deliver a counterpart of this Agreement, and (y) the Board of Directors is satisfied that such admission
would not result in a violation of any Applicable Law or any term or condition of this Agreement. 
 (b) In the event a new Member is to be
admitted by the Board of Directors as provided in Section 3.2(a), the Board of Directors shall determine, in accordance with Section 7.2(j)(vii), the terms of such new Member’s admission, including the amount of such new Member’s
Capital Contribution and the number of Units to be issued to such new Member. 
 Section 3.3 Representations and Warranties.

 (a) Member Representations. Each Member represents and warrants to the other Member and the Company, as to itself only,
that: 
 (i) It has the power and authority to execute and deliver this Agreement and to perform its obligations under this
Agreement. 
 (ii) The execution, delivery and performance by it of this Agreement has been duly authorized, and no other
action on the part of such Member or its officers, managers, board of directors, shareholders or members is necessary to authorize the execution and delivery by it of this Agreement and the performance by it of its obligations under this Agreement.

  

 13 

 (iii) This Agreement has been duly executed and delivered by it and is a legal, valid and
binding obligation of such Member, enforceable against such Member in accordance with its terms except (1) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other similar laws of general
application affecting enforcement of creditors’ rights generally, and (2) the availability of the remedy of specific performance or injunctive or other forms of equitable relief may be subject to equitable defenses and would be subject to
the discretion of the court before which any proceeding therefore may be brought. 
 (iv) It understands that the Company
intends to be classified and taxed as a partnership for U.S. federal Tax purposes and not as a publicly traded partnership, and accordingly agrees that it will not Transfer any Membership Interests in the Company, or cause any such Membership
Interests to be marketed, on or through an “established securities market” within the meaning of Section 7704(b)(1) of the Code or a “secondary market (or the substantial equivalent thereof)” within the meaning of
Section 7704(b)(2) of the Code, including, without limitation, an over-the-counter market or an interdealer quotation system that regularly disseminates firm buy or sell quotations. 
 (v) It is either: 
 (1) Not a partnership, grantor trust, S corporation, limited liability company or other pass-through entity for U.S. federal income Tax purposes; or 
 (2) If it is an entity referred to in clause (1), then either: (x) it was not formed for the purpose of acquiring all or part of
the Membership Interests and not more than 40% of the value of the interest of each of its beneficial owners will be attributable to the Membership Interests so acquired, or (y) it has and will have only the number of ultimate beneficial owners
(looking through a pass-through entity described in clause (1) above to its beneficial owners, unless such an entity is able to give the certification in (1) or (2)(x)) identified to the Company in a written letter accompanying this
Agreement. 
 (b) Company Representations. The Company has the power and authority to execute and deliver this Agreement and to
perform its obligations under this Agreement. The execution, delivery and performance by the Company of this Agreement has been duly authorized by the Company, and no other action on the part of the Company or the Company’s Board of Directors
or Members is necessary to authorize the execution and delivery by the Company of this Agreement and the performance by it of its obligations under this Agreement. This Agreement has been duly executed and delivered by the Company and is a legal,
valid and binding obligation of the Company, enforceable against the Company in accordance with its terms except (1) as limited by applicable bankruptcy, insolvency, 

  

 14 

 
reorganization, moratorium, fraudulent conveyance and other similar laws of general application affecting enforcement of creditors’ rights generally,
and (2) the availability of the remedy of specific performance or injunctive or other forms of equitable relief may be subject to equitable defenses and would be subject to the discretion of the court before which any proceeding therefore may
be brought. 
 ARTICLE IV 
 CAPITAL CONTRIBUTIONS 
 Section 4.1 Initial Capital Contributions. No Member shall be required to make any
initial capital contributions to the Company. 
 Section 4.2 Additional Capital Contributions. 
 (a) The Board of Directors shall have the right to call for an Additional Capital Contribution upon approval of the Board of Directors in accordance with
Section 7.2(j). Notwithstanding anything to the contrary herein, no Additional Capital Contribution shall be required for the purpose of payment of any liability of the Company to any third party except for payments of amounts due in the
ordinary course under agreements approved by the Board of Directors consistent with the Annual Budget. 
 (b) Prior to making any Additional
Capital Contributions, the parties shall discuss alternative sources of financing (including debt financing). 
 (c) A Member’s
obligation to make Capital Contributions, if any such obligation exists, shall not inure to the benefit of, or be enforceable by, any Person other than the Company, the Board of Directors and the other Members. 
 (d) The making of or failure to make any Additional Capital Contributions pursuant to this Section 4.2 shall not affect the right of either Member
to participate in the management of the Company or the governance provisions set forth in this Agreement. 
 Section 4.3 Nonpayment of
Additional Capital Contributions. If a Member fails to make any Additional Capital Contributions required in accordance with this Article IV within thirty (30) Business Days after it is requested, interest shall accrue on the unpaid portion
at the lesser of (a) the Prime Rate plus 4% per annum and (b) the maximum rate permitted by Applicable Law. The Company or the other Member, on behalf of the Company, may institute proceedings under Sections 13.4(b) and 13.4(c) (it
being understood that the escalation process of Section 13.4(a) would not apply) against a Member that fails to make any Additional Capital Contributions provided for in this Article IV. 
 Section 4.4 Advances by Members. If the Company does not have sufficient cash to pay its obligations, either Member, upon the approval of the
Board of Directors in accordance with Section 7.2(j), may advance all or part of the needed funds to or on behalf of the Company, provided, however, that if such advance is necessary due to a failure by a Member to make an
Additional Capital Contribution, an advance by the other Member shall not require 

  

 15 

 
approval of the Board of Directors in accordance with Section 7.2(j). An advance described in this Section 4.4 shall constitute a loan from such
Member to the Company, shall bear such interest rate as agreed to by the Board of Directors and such Member from the date of the advance until the date of payment, and shall not constitute a Capital Contribution. 
 ARTICLE V 
 BOOKS AND RECORDS

 Section 5.1 Books and Records. The officers of the Company, acting under the general supervision of the Board of Directors,
shall cause to be performed all general and administrative services on behalf of the Company in order to assure that complete and accurate books and records of the Company are maintained at such place designated by the Board of Directors showing the
names, addresses and respective Membership Interests of the relevant Members, all receipts and expenditures, assets and liabilities, profits and losses, and all other records necessary for recording the Company’s respective business and
affairs. 
 Section 5.2 Fiscal Year. The fiscal year of the Company for financial and Tax reporting purposes (the “Fiscal
Year”) shall end on December 31 of each year or, if applicable, on the date of dissolution of the Company, unless a different fiscal year for Tax reporting purposes is required by the Code. 
 Section 5.3 Bank Accounts. All funds of the Company will be deposited in its name in an account or accounts maintained with such bank or banks
selected by the Company. The funds of the Company shall not be commingled with the funds of any Member. Checks will be drawn upon the Company account or accounts only for the purposes of the Company and shall be signed by one or more authorized
officers of the Company. 
 Section 5.4 Company Information. 
 (a) The Company agrees to deliver to each Member: 
 (i) within fifteen (15) Days after the end of each month in each Fiscal Year, unaudited monthly income statements and balance sheets of the Company and its consolidated Subsidiaries; 
 (ii) within forty-five (45) Days after the end of each fiscal quarter in each Fiscal Year, unaudited quarterly financial statements
of the Company and its consolidated Subsidiaries; 
 (iii) within ninety (90) Days after the end of each Fiscal Year,
audited annual consolidated and consolidating financial statements of the Company and its consolidated Subsidiaries prepared in accordance with GAAP and audited by PricewaterhouseCoopers LLP (or any successor auditor (which shall be an independent
nationally recognized accounting firm selected by the Board of Directors in accordance with Section 7.2(g))); and 
  

 16 

 (iv) with reasonable promptness, such other data and information regularly prepared for
senior management of the Company as from time to time may be reasonably requested by either Member. 
 (b) The Company shall afford, and
shall cause its Subsidiaries and its and their respective officers, Directors, employees, auditors, counsel and agents to afford, each Member (and the Member’s employees and agents) reasonable access during regular business hours to the
Company’s and its Subsidiaries’ respective officers, Directors, employees, auditors, counsel and agents and to all of the Company’s respective properties, books and records, and shall furnish (including the right to copy) the Member
(and the Member’s respective employees and agents) with all financial, operating and other data and information as the Members may reasonably request. 
 ARTICLE VI 
 DISTRIBUTIONS 
 Section 6.1 Distributions Other Than Liquidation Proceeds. The Company shall not make any distributions to the Members except as authorized by the
Board of Directors in accordance with Section 7.2(j)(v). Notwithstanding the preceding sentence, the Company shall make cash distributions in respect of the Members’ Tax liabilities at least five days prior to the installment due dates
specified in Section 6655(c) of the Code, pro rata to each Member in proportion to the Member’s Percentage Interest, equal to the lesser of (i) the minimum amount necessary such that the Member with the highest total allocable income
and gain pursuant to Section 8.4(c) for the taxable period for which such installment is due and all prior taxable periods has received cash distributions under this Agreement equal to at least 40% of such total allocable income and gain, and
(ii) Net Available Cash. Any amounts designated for distribution shall be distributed, subject to the Act, pro rata in accordance with the Members’ respective Percentage Interests. 
 Section 6.2 Limitations on Distribution. Notwithstanding any provisions herein to the contrary, the Company shall not make a distribution to
either Member if such distribution would violate the Act. 
 Section 6.3 Withheld Taxes. 
 (a) Each Member shall, to the fullest extent permitted by Applicable Law, indemnify and hold harmless each Person who is, or who is deemed to be, the
responsible withholding agent (the “Withholding Agent”) for federal, state, local and non-U.S. Tax purposes against all claims, liabilities and expenses of whatever nature relating to the Agent’s obligation to withhold and to
pay over, or otherwise pay, any withholding or other Taxes on income or gain allocable to such Member, payable by the Company or as a result of such Member’s participation in the Company. 
 (b) Notwithstanding any other provision herein, each Member hereby authorizes the Company to withhold and to pay over, or otherwise pay, any withholding
or other Taxes payable by the Company with respect to such Member or as a result of such Member’s 

  

 17 

 
participation in the Company if, and to the extent that, the Company shall be required to withhold or pay any such Taxes (including any amounts withheld from
amounts payable to the Company to the extent attributable, in the judgment of the Company, to the interest of such Member in the Company). The Member shall be deemed for all purposes stated herein to have received a payment from the Company pursuant
to Section 6.1 as of the time such withholding or Tax is required to be paid, which payment shall be deemed to be a distribution with respect to such Member’s Interests. To the extent that the aggregate of such deemed payments to a Member
for any period does not exceed the distributions to which such Member is otherwise entitled for such period, the Company shall reduce the amount of the distributions which would otherwise have been made to such Member, and if such distributions are
not sufficient to reimburse the Company for such Tax payments (as the Company reasonably determines), the Company shall notify such Member who shall pay over to the Company, within fifteen (15) Business Days of such notice, an amount equal to
such shortfall. Interest shall accrue on any amounts that a Member fails to pay to the Agent within fifteen (15) Business Days after it is requested under this Section 6.3 at the lesser of (A) the Prime Rate plus 4% per annum and
(B) the maximum rate permitted by Applicable Law. To the extent commercially reasonable, the Company shall give prompt notice to each Member of any potential withholding or other Taxes payable by the Company with respect to such Member or as a
result of such Member’s participation in the Company and shall cooperate with each Member desiring to take reasonable steps to mitigate any such Tax liability provided that (i) any expenses associated with such cooperation shall be borne
solely by the applicable Member and (ii) the Company shall not be precluded from fulfilling all its withholding and other Tax obligations under Applicable Law (and shall not be liable to either Member for fulfilling such obligations).

 (c) To the extent able, each Member shall deliver to the Company: (i) an affidavit in form satisfactory to the Company that such
Member (or its partners, members, shareholders or other owners as the case may be) is or is not subject to Tax withholding under the provisions of any federal, state, local, foreign or other law as of the date of this Agreement; and/or (ii) a
certificate of non-foreign status under Treasury Regulations Section 1.1445-5(b)(3)(ii) (or any successor provision), and any other certificates, forms, or instruments reasonably requested by the Company relating to such Member’s status
under such laws. Each Member shall cooperate with the Company to the extent reasonably requested by it in connection with any Tax audit of or involving the Company or any of its existing or former investments. 
 (d) The economic burden of any Tax (whether collected through withholding or directly imposed on the Company or any subsidiary (whether by law,
regulation or contract)) that, in the Company’s reasonable discretion (as determined by the Board of Directors), is attributable to the identity or jurisdiction of a Member or to such Member’s failure to provide the information described
in Section 6.3(c) will be specially allocated by the Company to any such Member and the Company may similarly specially allocate amounts held in reserve by the Company or any subsidiary related to such Tax, or an indemnity related thereto, or a
purchase price discount, holdback, offset or similar reduction in gross proceeds reasonably related to such Tax. Any such Member shall be treated as having received an amount equal to all such Taxes paid or withheld as a distribution pursuant to
Section 6.1. 
  

 18 

 Section 6.4 Information to Be Provided by Members. 
 (a) Prior to this Agreement becoming effective, each Member shall provide a duly completed and executed valid IRS Form W-9 or W-8BEN, and shall provide a
new IRS Form W-9 or W-8BEN (or successor forms) promptly upon learning that any form provided to the Company has become obsolete or incorrect. 
 (b) In case of any assignment of a Membership Interest or admission of a new Member pursuant to this Agreement, a Member shall (unless waived in writing by the Company) provide a duly completed and executed valid IRS Form W-9 or W-8BEN (or
successor forms) prior to such assignment or admission becoming effective and shall provide a new IRS Form W-9 (or successor form) promptly upon learning that any form provided to the Company has become obsolete or incorrect. 
 ARTICLE VII 
 MANAGEMENT: RIGHTS,
POWERS, AND DUTIES 
 Section 7.1 General. 
 (a) Except as provided in this Agreement and except for situations in which the approval of either Member is expressly required by this Agreement or non-waivable provisions of Applicable Law, (i) all of the
powers of the Company shall be exercised by or under the authority of, and the business and affairs of the Company shall be managed under the direction of, a board of directors (the “Board of Directors”) and (ii) the Board of
Directors may make all decisions and take all actions for the Company not otherwise provided for in this Agreement. The Board of Directors must act as a board in accordance with the provisions of this Agreement, and no individual Director, as such,
shall have any authority to bind or act for, or assume any obligation or responsibility on behalf of, the Company unless expressly authorized to do so by action taken by the Board of Directors in accordance with this Agreement. 
 (b) The Members shall have no power to participate in the management or affairs of the Company other than the right to appoint Directors and the right to
nominate or designate officers as expressly set forth herein and the right to vote on the matters set forth in Section 7.8 or matters requiring approval of the Members under Applicable Law. The Members shall not have meetings or voting rights
with respect to the management of the Company and shall not be entitled to vote on or consent to or approve or disapprove actions or decisions regarding the Company except as expressly provided herein or as required by Applicable Law. Accordingly,
no Member shall be considered an agent of the Company solely by virtue of being a Member, and no Member shall have authority to act for or bind the Company solely by virtue of being a Member. Members shall act by written consent with respect to any
action required or permitted to be taken by the Members. 
 Section 7.2 The Board of Directors. 
 (a) Composition. The Board of Directors shall be composed of ten Directors. Each of Constellation and EDFD and their respective successors, if
any, shall have the right as a Member to appoint five Directors to the Board (such Directors, the “Constellation Directors” and the “EDFD Directors,” respectively), which directors shall include the Chairman (who
shall be a U.S. citizen). All of the Directors appointed by Constellation or any successor to Constellation shall be U.S. citizens. The Board shall elect the CEO of the Company. 
  

 19 

 The initial Directors appointed by Constellation shall be: Michael Wallace, Henry Barron, Charles
Berardesco, Jonathan Thayer and George Vanderheyden. 
 The initial Directors appointed by EDFD shall be:
[            ], [            ], [            ],
[            ] and [            ]. 
 (b) Election and Tenure of Directors. Each Director shall hold office until his successor has been appointed and qualified, or until the earlier of his death, disability, resignation or removal as provided in
this Agreement. 
 (c) Removals and Vacancies. Any Director may be removed at any time, with or without cause, only by the Member that
appointed such Director. Any Director may resign at any time upon written notice to the Board of Directors and the Members. Such resignation shall take effect at the time specified in the written notice, or, if no time is specified therein, at the
time of its receipt by the Members; provided, however, that the acceptance of a resignation will not be necessary to make it effective, unless so specified in the resignation. Any vacancy on the Board of Directors may only be filled by
the Member that originally appointed the Director who is no longer serving in such capacity. The applicable Member shall promptly appoint a replacement for any such Director who has resigned or was removed. 
 (d) Regular Meetings. Regular meetings of the Board of Directors shall be held no less frequently than quarterly at such time as may be designated
from time to time by the Board of Directors. All meetings of the Board of Directors shall be held at the general offices of the Company or elsewhere, as determined from time to time by the Board. 
 (e) Special Meetings. Special meetings of the Board of Directors may be held at any time or place upon call by the Chairman of the Board of
Directors or the CEO or upon the written request of at least two Directors (addressed to the Secretary of the Company). 
 (f) Notice of
Meeting. The Secretary shall give notice to each Director of each regular and special meeting of the Board of Directors. The notice shall state the time, place and agenda of the meeting and include appropriate documentation to be considered at
the meeting. Notice for regular meetings is given to a Director when it is delivered personally to the Director, left at the Director’s principal residence or usual place of business, or transmitted by facsimile or telephone, at least seven
Business Days before the date of the meeting or, in the alternative, sent by first priority, overnight (if available) courier addressed to the Director’s address as it shall appear on the records of the Company, at least eight (8) Business
Days for domestic deliveries to overnight delivery areas or nine (9) Business Days for international and other deliveries before the day of the meeting. Notice for special meetings shall be given to each Director with as much advance notice as
is practicable under the circumstances. Notice of any meeting of the Board of Directors is waived by any Director who attends the meeting or who, before or after the meeting, signs a waiver of notice which is filed with the records of the meeting.
Any meeting of the Board of Directors, regular or special, may adjourn from time to time to reconvene at the same or some other place, and no notice need be given of any such adjourned meeting other than by announcement. 
  

 20 

 (g) Quorum; Action by Directors. Except as set forth in Section 7.2(j), the action of a
majority of the Directors present in person or by proxy (which proxy shall only be given to a Director) at a meeting at which a quorum is present is an action of the Board of Directors, provided that, at least one director appointed by
each of Constellation and EDFD votes in favor of the action, with the exception of matters decided by a casting vote pursuant to Section 7.3(c). A majority of the entire Board of Directors, including at least one Director appointed by each of
Constellation and EDFD, shall constitute a quorum for the transaction of business. In the absence of a quorum, the Directors present, by majority vote and without notice other than by announcement, may adjourn the meeting from time to time until a
quorum shall attend. At any such reconvened meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally notified. Any action required or permitted to be taken at a meeting
of the Board of Directors may be taken without a meeting, if a unanimous written consent which sets forth the action is signed by each Director and filed with the minutes of proceedings of the Board of Directors. 
 (h) Meeting by Telephone Conference. Members of the Board of Directors may participate in a meeting by means of a conference telephone or similar
communications equipment if all persons participating in the meeting can hear each other at the same time. Participation in a meeting by these means constitutes presence in person at a meeting. 
 (i) Committees of the Board of Directors. From time to time, the Board of Directors may establish one or more committees with such composition,
responsibilities and powers as the Board of Directors may determine, provided, however, that such committees shall, at a minimum, include an audit committee and a compensation committee; and provided, further, that
Directors appointed by each of Constellation and EDFD shall be appointed in equal numbers on all such committees. Committees shall meet at such times as they or the Board of Directors directs. The decisions of any committee shall be subject to the
ultimate approval of the Board of Directors. The Board of Directors shall establish rules governing the organization and actions of each committee based on the provisions of this Agreement with respect to the Board of Directors. 
 (j) Special Matters. Notwithstanding anything herein to the contrary, but subject to Section 7.3(c), approval of all the Directors then in
office shall be required with respect to the following matters (each of which shall constitute a “Special Matter”). At any time that the Directors are considering a Special Matter, all of the Directors appointed by a Member must
vote in the same manner, either for or against. 
 (i) The timing of the presentation and adoption of each Annual Budget,
Three-Year Budget and Strategic Plan; 
 (ii) Any increase in the cost of a material element identified in the Annual Budget
or Provisional Budget that individually or in the aggregate amounts to a material increase in the cost of such element in the Annual Budget or Provisional Budget, or any increase in any other costs incurred in accordance with the Annual Budget or
Provisional Budget that amounts to a material increase in the aggregate costs under the Annual Budget or Provisional Budget (other than any variance relating to a Non-Controllable Item); 
  

 21 

 (iii) The entry into of any contract that exceeds $50 million in total potential
liability or risk to the Company over the term of the contract, unless the expenditures for such contract are provided for in the Annual Budget, Three-Year Budget or Provisional Budget; 
 (iv) The entry into of any contract between the Company and either Member or any of such Member’s Affiliates not specifically
provided for in the Annual Budget, Three-Year Budget or Provisional Budget and exceeding $10 million in total potential liability or risk to the Company over the term of the contract; 
 (v) The making of any distribution by the Company to its Members (other than cash distributions in respect of Members’ Tax
liabilities pursuant to Section 6.1) or by any Subsidiary to the Company; 
 (vi) Any change to the organization,
governance or management of any Subsidiary of the Company from the principles set forth in Section 7.10, and any commitments to provide capital or credit support to a Subsidiary or Investee Company; 
 (vii) The issuance of any New Securities or the admission of any new Member to the Company (other than in connection with a Transfer of a
Membership Interest in compliance with Section 9.2(a)(iii) or Section 9.2(b) and subject to any approval required under Section 7.8); 
 (viii) Any incurrence of indebtedness, individually or in a series of related transactions that have not been expressly approved as a Special Matter, in excess of $50 million, or the granting of any guaranty or lien,
mortgage or pledge over all or substantially all of the assets of the Company and its Subsidiaries; 
 (ix) Initiating or
making any settlement or compromise of a claim in excess of $10 million in connection with a dispute (whether or not involving litigation) involving a third-party, or any dispute with a Governmental Authority; 
 (x) Staffing of key executive officer positions of the Company, consistent with Section 7.9; 
 (xi) A grant of authority to the Chairman, CEO or other officers of the Company that would materially alter the authority granted to such
officer under this Agreement other than delegations of authority in the ordinary course of business; 
  

 22 

 (xii) Any reorganization, dissolution, liquidation, winding up or bankruptcy of the
Company or any Subsidiary of the Company, or any vote by the Company relating to its ownership interest in any Subsidiary or Investee Company; 
 (xiii) Any decision requiring the Members to make any Additional Capital Contributions; 
 (xiv) Amending in any material respect the charter, bylaws or other organizational documents of any Company Subsidiary or Investee Company; 
 (xv) Any decision by the Company to enter into a new line of business; 
 (xvi) Changes in
material accounting policies, other than as required by GAAP; 
 (xvii) The engagement or discharge of independent auditors;

 (xviii) Any decision by the Company to enter into any material acquisition, divestiture, joint venture or partnership;

 (xix) Any decision by the Company to enter into a Company Change of Control transaction or to effect an initial public
offering of the Company; 
 (xx) Any recapitalization, reclassification or similar event by the Company; 
 (xxi) Any loans or advances provided to the Company by a Member, except for any loan made by a Member to the Company in satisfaction of a
failure by the other Member to make a capital contribution in accordance with Section 4.2; 
 (xxii) The decision as to
whether or not to stop operations and/or close a nuclear facility to begin its decommissioning; 
 (xxiii) The decision to
seek re-licensing of a nuclear facility; 
 (xxiv) The decision to buy, sell, lease, or otherwise dispose of its interest in
a nuclear facility; and 
 (xxv) Entering into any agreement or arrangement to do any of the above. 
  

 23 

 Section 7.3 Officers. 
 (a) Election, Tenure and Removal of Officers. The officers shall be elected by the Board of Directors. Where this Agreement provides that
the holder of a particular office is to be nominated by one Member, any person elected to such office must have been nominated by such Member. An officer shall serve until his death, resignation or removal. All officers or agents of the Company may
be removed at any time by the Board of Directors. The removal of an officer or agent does not prejudice any of his contract rights. The Board of Directors (or any committee or officer authorized by the Board of Directors) shall fill a vacancy which
occurs in any office subject to the nomination rights of a Member specified in this Agreement. 
 (b) Executive Officers. The Company
shall have a President who shall be the Chief Executive Officer (the “CEO”) and who shall be a U.S. citizen, a Secretary, a Treasurer, a Chief Nuclear Officer and such other officers as the Board of Directors may deem necessary for
the conduct of the business and affairs of the Company. A person may hold more than one office in the Company. 
 (c) Chairman of the
Board. The Chairman of the Board and anyone who acts for him must be a U.S. citizen. The Chairman shall be designated by Constellation from among the Directors appointed by Constellation and shall preside at all meetings of the Board of
Directors at which he shall be present. He shall have such powers as are from time to time assigned to him by the Board of Directors. Notwithstanding the prior sentence, the Chairman’s primary duties will include overseeing relationships with
U.S. Governmental Authorities and other key relationships, reviewing corporate communications and providing an interface with the public. In connection with the latter functions, the Chairman shall make reasonable efforts, taking into account the
urgency of the matter, to inform and consult with the Board of Directors with regard to corporate communications and public interface activities involving sensitive matters. In the event of a deadlock of the Board of the Directors, the Chairman
shall have a casting (deciding) vote on the following matters: 
 (i) Any matter that, in view of U.S. laws or regulations,
requires or makes it reasonably necessary to assure U.S. control; 
 (ii) Any matter relating to nuclear safety, security or
reliability, including, but not be limited to, the following matters: 
 (1) implementation or compliance with any NRC
generic letter, bulletin, order, confirmatory order, or similar requirement issued by the NRC; 
 (2) prevention or
mitigation of a nuclear event or incident or the unauthorized release of radioactive material; 
 (3) placement of the plant
in a safe condition following any nuclear event or incident; 
 (4) compliance with the Atomic Energy Act, the Energy
Reorganization Act, or any NRC rule; 
  

 24 

 (5) the obtaining of or compliance with a specific license issued by the NRC and its
technical specifications; and 
 (6) compliance with a specific Final Safety Analysis Report, or other licensing basis
document; provided, that the Chairman shall not exercise the casting vote in connection with any matter specified in this Section 7.3(c)(ii) to implement an option that is less likely to promote safety than that being proposed by the
EDFD Directors; 
 (iii) Any decision relating to U.S. regulatory strategy or the relationship with the NRC consistent with
Section 7.8; 
 (iv) The adoption of any charter, any change in the authority or composition, or any matter relating to
compensation, of the NAC, provided that such change does not alter the non-voting advisory nature of the NAC; 
 (v)
Any settlement or compromise of a claim in excess of $10 million but not in excess of $30 million in connection with a dispute (whether or not involving litigation) involving a U.S. or Canadian Governmental Authority, provided that such
settlement or compromise does not involve (1) an agreement to a consent decree or agreement materially restricting and decreasing the value of the lawful business of the Company, or (2) an admission of criminal liability on the part of the
Company or any of its Subsidiaries; 
 (vi) Any other issue reasonably determined by the Chairman in his prudent exercise of
discretion to be an exigent nuclear safety, security or reliability issue; and 
 (vii) Staffing of key executive officer
positions of the Company, and upon any vacancy in the office of CEO, consideration of the second candidate nominated for such position under Section 7.2(j); 
 and, notwithstanding 7.2(g), any such action approved pursuant to this Section 7.3(c) shall constitute an action of the Board of Directors. The Chairman’s casting vote shall not apply to any Tax matters. 
 (d) CEO. The CEO shall be a U.S. citizen. In the absence of the Chairman of the Board, the CEO shall perform all duties of the Chairman of the
Board but shall not have a vote other than any vote he may have if he is otherwise a Director. The CEO shall have the power and authority to operate the Company on a day-to-day basis within the broad parameters set forth in the Annual Budget and
Strategic Plan, including the ability to sign contracts and take other actions within the scope typically granted to a CEO of a business enterprise. The CEO may sign and execute, in the name of the Company, all authorized deeds, mortgages, bonds,
contracts or other instruments, except in cases in which the signing and execution thereof shall have been expressly delegated to some other officer or agent of the Company; and, in general, he shall perform all duties incident to the office of a
president of a corporation, and such other duties as are from time to time assigned to him by the Board of 

  

 25 

 
Directors. The CEO shall be responsible, in consultation with the Chief Nuclear Officer, for appointing key executive officers at each Licensed Subsidiary,
in accordance with Section 7.9. The CEO (including any successor CEO) shall be appointed by the Board of Directors and may be removed only by the Board of Directors. 
 (e) Vice Chairman of the Board. The Vice Chairman shall be designated by the EDFD Directors and shall have such powers and duties as may be assigned to him by the Board of Directors. In no event shall the Vice
Chairman have a casting (deciding) vote. 
 (f) Vice Presidents. Each Vice President, if one is appointed, shall have such powers and
duties as may be assigned to him by the Board of Directors or the Chairman of the Board. A Vice President may be designated by the Board of Directors or the Chairman of the Board to perform, in the absence of the CEO, all the duties of the CEO.

 (g) Secretary. The Secretary shall attend all meetings of the Board of Directors and shall notify the Directors of such meetings in
the manner provided in this Agreement. He shall record the proceedings of all such meetings in books kept for that purpose. He shall have such other powers and duties as may be assigned to him by the Board of Directors or the Chairman of the Board,
as well as the specific powers assigned by this Agreement. 
 (h) Treasurer. The Treasurer shall have the care and custody of the
funds and valuable papers of the Company, and shall receive and disburse all monies in such manner as may be prescribed by the Board of Directors or the Chairman of the Board. He shall have such other powers and duties as may be assigned to him by
the Board of Directors or the Chairman of the Board, as well as the specific powers assigned by this Agreement. 
 (i) Assistant Officers.
Each assistant officer can act in the place of the person holding the office to which his position relates and perform all of the duties of such officer, consistent with Applicable Law. In addition, he shall have such powers as are from time to
time assigned to him by the person holding the office to which his position relates, the CEO, the Chairman of the Board or the Board of Directors. 
 (j) Chief Nuclear Officer. The Chief Nuclear Officer of the Company shall be a U.S. Citizen (not a dual national). The Chief Nuclear Officer shall be responsible for operation of the Licensed Facilities of the Company and its
Subsidiaries. The Chief Nuclear Officer shall report directly to the CEO. 
 (k) Compensation. Subject to the limitations of the
Annual Budget, officers of the Company (other than the CEO) shall receive such compensation as shall be determined by the CEO after consultation with the compensation committee. Subject to the limitations of the Annual Budget, the CEO and any
independent Directors shall receive such compensation as shall be determined by the Board of Directors (after receiving a recommendation from the compensation committee). 
 (l) Paramount Responsibility of Certain Officers. The Chairman of the Board of Directors, the Company’s CEO and the Company’s Chief Nuclear Officer shall have the responsibility and authority to
ensure, and shall ensure, that the business and activities of the 

  

 26 

 
Company and its Subsidiaries with respect to its Licensed Facilities are at all times conducted in a manner consistent with the protection of the public
health and safety and common defense and security of the United States. 
 Section 7.4 Budget and Strategic Plan. 
 (a) Annual Budget and Strategic Plan. The initial annual operating budget for the Company for the year in which the execution of this Agreement
occurs shall be the budget as in effect at such time, which is attached hereto as Exhibit B. In the absence of contrary direction from the Board of Directors, the CEO shall present to the Board, no later than the fourth quarter of each Fiscal
Year (beginning in the year of the execution of this Agreement), (i) an annual operating budget for the Company for the following fiscal year (the “Annual Budget”), (ii) an operating and capital expenditures budget for the
Company for the following three Fiscal Years (a “Three-Year Budget”), and (iii) a strategic business and operating plan for the following three years (a “Strategic Plan”), for the Company, its Subsidiaries and
its Investee Companies for review and approval by the Board. The Board will seek to approve the Annual Budget, the Three-Year Budget and the Strategic Plan, in accordance with the requirements of Section 7.2(j)(i), no later than the end of the
calendar year with respect to the following year’s budgets and Strategic Plan. 
 (b) Provisional Budget. If a proposed Annual
Budget is not adopted by the Board of Directors prior to the end of a fiscal year, then the Annual Budget previously approved by the Board for the preceding Fiscal Year shall remain in effect, after giving effect to any dispositions or other
material changes to the assets of the Company or any of its Subsidiaries during such Fiscal Year (the “Provisional Budget”). Any items of the proposed Annual Budget that have been approved will become operative. If the Board of
Directors adopts an Annual Budget prior to the end of such Fiscal Year, such Annual Budget shall then become effective. 
 (c) A Provisional
Budget shall be adjusted automatically for the following (to the extent it does not already incorporate such item): (i) the budgeted amount for any expenditures over which the Company, its Subsidiaries and its Investee Companies have little or
no control, such as real property Taxes, insurance premiums, utility charges, interest and principal due on then-existing indebtedness entered into in accordance with terms of this Agreement and amounts payable pursuant to the terms of then-existing
contracts by which the Company, its Subsidiaries and relevant Investee Companies are bound (collectively, “Non-Controllable Items”) shall be the amount required to pay such items, and (ii) the budgeted amount for recurring
capital expenditures and any other items of expense that are not Non-Controllable Items shall be the applicable amount set forth in the then most recently approved Annual Budget or, if not represented in the Annual Budget, in the Three-Year Budget,
such amounts in (ii) above being adjusted for changes in inflation as reflected in the appropriate price index for such item and/or locale. 
 (d) The Company and its Subsidiaries may make any expenditures that are consistent with the Annual Budget or the Provisional Budget. 
  

 27 

 (e) Notwithstanding the vote required to approve the Annual Budget, Three-Year Budget and Strategic Plan
as set forth in Section 7.2(j)(ii), to the extent a Special Matter has been unanimously approved by the Board of Directors pursuant to Section 7.2(j), the Annual Budget, Three-Year Budget and Strategic Plan shall be considered to have been
revised accordingly. 
 Section 7.5 Nuclear Advisory Committee. The Nuclear Advisory Committee (the “NAC”) shall serve the
Company in a non-voting advisory capacity, shall report to and provide transparency to the NRC and other U.S. Governmental Authorities regarding foreign ownership and control of nuclear operations. The NAC shall be composed of U.S. citizens who are
not officers, directors or employees of the Company, EDFD or Constellation and shall be appointed by the Board of Directors. Members of the NAC shall be appointed for a term of two years, at the end of which they shall be reappointed or replaced by
the Board of Directors. The initial members of the NAC shall be composed of the individuals who, as of the date hereof, serve on the Advisory Committee of Unistar Nuclear Energy, LLC pursuant to the Unistar Nuclear Energy, LLC Operating Agreement,
dated as of July 20, 2007, by and among Constellation, EDFD and Unistar Nuclear Energy, LLC. At least annually, the NAC shall prepare a report and supporting documentation to be delivered to the Board of Directors, which report shall advise the
Company as to whether additional measures should be taken to ensure that the Company is in compliance with U.S. laws and regulations regarding foreign domination or control of nuclear operations and that a decision of a foreign government could not
adversely affect or interfere with the reliable and safe operation of any nuclear assets of the Company, its Subsidiaries or Affiliates. In connection with its duties, the NAC shall have the power and authority, at the Company’s reasonable
expense, to retain outside consultants, lawyers and accountants, delegate matters to Company personnel and otherwise do such other acts as are reasonably necessary or advisable to carry out its duties hereunder. The Board of Directors may at
reasonable times and upon reasonable cause request the NAC to provide a justification or explanation regarding the expenses of the NAC. The Board of Directors will have direct access to the NAC regarding issues pertaining to foreign ownership and
control of the Company. The NAC will advise on and recommend appropriate additional policies to prudently assure the Company’s continued compliance with provisions of U.S. law and regulations regarding (i) nuclear security plans, including
physical security and cyber security; (ii) screening of nuclear personnel; (iii) protection of critical nuclear infrastructures; and (iv) U.S. export regulations. 
 Section 7.6 Existing Nuclear Plant Subsidiaries. Each Licensed Subsidiary will have a board of directors appointed by the Board of Directors of
the Company in accordance with Section 7.9. The Board of Directors of each Licensed Subsidiary shall be appointed in accordance with Section 7.2(j). 
 Section 7.7 Liability and Indemnification. 
 (a) Liability for Certain Acts. Each Director and
officer shall perform his duties (i) in good faith; (ii) in a manner the person reasonably believes to be in the best interests of the Company and (iii) with such care as an ordinarily prudent person in a like position would use under
similar circumstances. Notwithstanding the foregoing, (1) Directors may vote or consent in accordance with the direction of the Member appointing them, and shall not be held liable to the Company or any Member for a breach of any obligation to
the Company or a Member when acting in accordance with any such directions and (2) the Directors and officers shall not be liable to the Company or any Member for any action taken or omission in 

  

 28 

 
managing the business or affairs of the Company if the Directors and officers have the reasonable belief that such act or omission is in or is not contrary
to the best interests of the Company and is within the scope of authority granted to them by the Agreement. In performing his duties, a Director or officer shall be entitled to rely on any information, opinion, report, or statement, including any
financial statement or other financial data, prepared or presented by (x) any officer (in the case of a Director) or any other officer (in the case of an officer) or any employee of the Company whom the person reasonably believes to be reliable
and competent in the matters presented; (y) a lawyer, certified public accountant, or other person, as to a matter which the person reasonably believes to be within such person’s professional or expert competence; or (z) with respect
to a Director only, a committee of the Board of Directors on which the Director does not serve, as to a matter within the committee’s designated authority, if the Director reasonably believes the committee to merit confidence. However, a
Director or officer will not be acting in good faith if he has any actual knowledge concerning the matter in question which would cause such reliance to be unwarranted. 
 (b) Members. The Members shall not be engaged in the management of the Company, and shall not be liable to the Company for any loss or damage sustained by the Company except for (i) any loss or damage
resulting from intentional misconduct or knowing violation of Applicable Law, or (ii) liability for any breach of this Agreement. To the fullest extent provided by law, no Member shall have any fiduciary duty, duty of care or any other duty to
any other Member or to the Company; provided, however, that the foregoing shall not limit any Member’s obligation under or liability for breach of the express terms of this Agreement or the Master Agreement. The Members shall be
entitled to rely on information, opinions, reports or statements, including but not limited to financial statements or other financial data, prepared or presented by any Director, officer or any employee of the Company whom the person reasonably
believes to be reliable and competent in the matters presented, or any lawyer, certified public accountant, or other person, as to a matter which the person reasonably believes to be within such person’s professional or expert competence.

 (c) Indemnification. 
 (i) The Company shall indemnify, advance expenses and hold each Director, each officer and each member of the NAC harmless against any and all claims, actions, demands, costs, expenses (including attorneys fees),
damages and losses as a result of any allegation, claim or proceeding relating to any act, decision or omission concerning the activities of the Company and/or the authority granted such person pursuant to this Agreement, except for fraud. The Board
of Directors may cause the Company to indemnify and advance expenses to other employees and agents of the Company to the same or to a lesser extent as indemnification is provided to the Directors, officers and members of the NAC. Any indemnification
and advancement of expenses provided by the Company shall inure to the benefit of the heirs, executors, administrators, successors and assigns of the person entitled to indemnification. 
 (ii) The foregoing rights of indemnification shall not be exclusive of any other rights to which those seeking indemnification may be
entitled. 
  

 29 

 (iii) The Board of Directors may take such action as is necessary to carry out these
indemnification provisions and is expressly empowered to adopt, approve and amend from time to time this Agreement, resolutions or contracts implementing such provisions and to provide for any further indemnification arrangements as may be permitted
by law. No amendment of this Agreement or repeal of any of its provisions shall limit or eliminate the right to indemnification or advancement of expenses provided hereunder with respect to any act or omission occurring prior to such amendment or
repeal. The Company may, if the Board of Directors deems it appropriate in its sole discretion, obtain insurance for the benefit of the Board of Directors and the officers, employees and agents of the Company. 
 (iv) Notwithstanding anything to the contrary contained herein, no person serving as a Director, officer or member of the NAC shall be
liable to the Company or any Member for money damages except to the extent that (1) it is proved that the person actually received an improper benefit or profit in money, property, or services for the amount of the benefit or profit in money,
property, or services actually received, or (2) a judgment or other final adjudication adverse to the person is entered in a proceeding based on a finding in the proceeding that the person’s action, or failure to act, was the result of
active and deliberate dishonesty and was material to the cause of action adjudicated in the proceeding. No amendment of this Agreement or repeal of any of its provisions shall limit or eliminate the limitation on liability for money damages provided
to Directors, officers and members of the NAC hereunder with respect to any act or omission occurring prior to such amendment or repeal. 
 (v) Notwithstanding anything to the contrary contained herein, the advancement of expenses to any Person shall be conditioned upon the Person seeking such advancement providing the Company (1) a written
affirmation that the Person has a good faith belief that the standard of conduct necessary for indemnification as provided in this Section 7.7 has been met and (2) a written undertaking to repay the amount advanced if it is ultimately
determined that the standard of conduct was not met. 
 Section 7.8 Member Approvals. The following actions will require approval by
written consent of each Member in addition to any approval required of the Board of Directors: 
 (a) Approval of any amendment to this
Agreement other than amendments expressly permitted to be made by the Board of Directors pursuant to this Agreement; 
 (b) Transfer of a
Membership Interest (except as expressly permitted by this Agreement) or the admission of any Person as a Member (except for a transferee pursuant to a transfer expressly permitted by this Agreement); 
  

 30 

 (c) Approval of any amendment to the Company’s Articles of Organization; and 
 (d) Except as provided in this Section 7.8, no act of the Company requires the unanimous consent of the Member. Accordingly, except as provided in
this Section 7.8, wherever the Act would otherwise require unanimous consent of the Members to approve or take any action, such consent shall not be required. 
 Section 7.9 Staffing. 
 (a) Non-Discrimination Policy. The Members acknowledge that U.S. law
and policy require that certain activities of the Company remain under the control and management of U.S. citizens and direct that the Company at all times comply with such foreign ownership, control or influence limitations as have been established
by U.S. law, regulation or agreement with any Governmental Authority. Without in any way diminishing the foregoing, it shall be the policy of the Company to endeavor, to the maximum extent possible consistent with the foregoing, to permit the
involvement of Directors, executive officers, officers and other personnel appointed, seconded, assigned or nominated by EDFD or any of its Affiliates in accordance with this Agreement, the assignment and secondment agreement or the technical
services agreement to a position with the Company or a Subsidiary of the Company, without regard to nationality. This policy shall be subject to such exceptions as may be necessary or appropriate to avoid even an appearance of foreign control or
influence over such additional areas of the Company’s business deemed sensitive by U.S. Governmental Authorities, but such exceptions shall be subject to approval by the Board of Directors. 
 (b) Appointment of Employees. Each Member will agree to contribute adequate staff for the management of the Company, its Subsidiaries and Investee
Companies in accordance with the Member’s special competencies, capabilities, the requirements of Applicable Law, the regulatory strategy of the Company and other agreements. 
 Section 7.10 Governance of Subsidiaries. Except as determined in accordance with Section 7.2(j)(vi) and Section 7.6, the agreements
regarding organization, management and governance with respect to Subsidiaries and the responsibilities of the Members with respect thereto shall be substantially equivalent to those of the Company, with appropriate changes to reflect their
positions as Subsidiaries of the Company. 
 Section 7.11 Events of Default. Upon an Event of Default, the non-Defaulting Member (the
“Non-Defaulting Member”) may elect to transfer all or any portion of its membership interests in the Company without regard to the requirements of Section 9.3. 
 Section 7.12 Delegation of Financial Authority. The Company and its Subsidiaries shall implement and operate pursuant to a written delegation of
financial authority (“DOFA”) policy, which shall be reviewed and approved periodically by the Audit Committee of the Board of Directors. 
  

 31 

 ARTICLE VIII 
 TAX MATTERS AND CAPITAL ACCOUNTS 
 Section 8.1 Tax Treatment. For U.S. federal income
Tax purposes, pursuant to Revenue Ruling 99-5, the sale by Constellation to EDFD of the Designated Interest is treated as the purchase by EDFD of 49.99% of the assets of the Company, immediately followed by a contribution by EDFD and Constellation
of their respective interests in those assets to the Company in exchange for membership interests in the Company. Each of the Members intends for its initial capital contribution to the Company to qualify as a tax-free contribution pursuant to
Section 721 of the Code. Upon such initial capital contribution, the Company will be treated as a partnership for U.S. federal income Tax purposes, and neither the Company nor either Member shall take any action or position that is inconsistent
with such classification. 
 Section 8.2 Tax Returns and Information. 
 (a) The Board of Directors shall cause to be prepared at the expense of the Company and shall timely file or cause to be filed all required and necessary
Tax or information returns and all other filings for the Company which shall be prepared by a nationally recognized accounting firm prepared in accordance with Applicable Law. The Board of Directors shall cause, at the expense of the Company, to be
provided to each Member a copy of any Tax return or other information statement reasonably required by such Member, including IRS Schedule K-1 within ninety (90) Days after the end of the Fiscal Year (or as soon as reasonably practicable
thereafter) in order to properly comply with its Tax filing requirements and shall cause to be provided to each Member all other information as may be reasonably requested by such Member in order to enable such Member (or the holder of a direct or
indirect interest therein) to comply with its Tax obligations, including without limitation copies of notices from Tax authorities and other Tax-related information received by the Company. In addition, the Company shall cause to be prepared any
filings, applications or elections necessary to obtain any available exemption from, or refund of, any material withholding or other Taxes imposed by any non-U.S. (whether sovereign or local) Taxing authority with respect to amounts distributable to
the Members pursuant to this Agreement, to the extent the Company can do so without unreasonable effort or expense. Each Member agrees that it will cooperate with the Company in making any such filings, applications or elections to the extent the
Company determines that such cooperation is necessary or desirable. If either Member must make any such filings, applications or elections directly, the Company, at the request of such Member shall provide such information and take such other action
as may reasonably be necessary to complete or make such filings, applications or elections, to the extent the Company can do so without unreasonable effort or expense. The Company shall distribute any amounts received as refunds of such non-U.S.
Taxes to the Members in respect of which such non-U.S. Taxes were imposed. Any refunds of such non-U.S. Taxes received by the Company or a Member shall be treated as an additional distribution pursuant to Section 6.1 unless such amounts were
already treated as having been distributed to such Member. In the event that a Member makes a request for a refund of non-U.S. Taxes previously paid by such Member or the Company, a copy of the request shall be sent by the Member to the Company.

  

 32 

 (b) The Company shall deliver to EDFD and Constellation a draft IRS Form 1065 and drafts of any other
state income Tax returns, 30 days prior to the date on which the relevant return is to be filed (including extensions). Each of EDFD and Constellation shall have the right within 15 days of receipt of the draft return to deliver a notice (an
“Objection Notice”) to the Company stating that EDFD, or Constellation (as may be the case) objects to any information contained on or omitted from any draft Company tax return and setting forth an alternative treatment of the item
or items disputed. If EDFD or Constellation files an Objection Notice, the Board of Directors shall negotiate in good faith to resolve the item or items disputed. If EDFD or Constellation (as the case may be) and the Board of Directors fail to
resolve any disputed item, the Company shall file the Company Tax Return in a manner consistent with the draft Company Tax Return provided to EDFD and Constellation. 
 Section 8.3 Tax Matters Partner and Elections. 
 (a) The Members agree and consent that Constellation
may, on behalf of the Company, at any time, and without further notice to or consent from either Member act as the tax matters partner within the meaning of Section 6231(a)(7) of the Code for U.S. Federal income, state or local tax purposes.

 (b) All material Tax decisions and other matters not specifically and expressly provided for by the terms of this Agreement concerning
accounting procedures and the allocation of profits, gains, deductions, losses and credits among the Members (including, but not limited to, elections under Section 754 of the Code, or special allocations under Section 704(c) of the Code),
shall be determined by the Board of Directors in good faith. Such determinations made in good faith by the Board of Directors shall, in the absence of manifest error, be final as applied to all Members. The Tax Matters Partner shall, after any such
determinations are made, file any elections or forms or documents with the IRS in accordance with these determinations, and shall otherwise take reasonable action with respect to any remaining Tax matters as may from time-to-time be required or
advisable under the Treasury Regulations or other Applicable Law. 
 Section 8.4 Capital Accounts. 
 (a) “Capital Account” means, with respect to any Member, the Capital Account the Company shall maintain for such Member in accordance
with the following provisions: 
 (i) Each Member’s Capital Account shall be increased by the amount of any money and
the Gross Asset Value of any other property contributed to the Company by such Member (net of liabilities secured by contributed property that the Company is considered to assume or take subject to under Section 752 of the Code), as may be
adjusted pursuant to a revaluation, as well as any Net Income allocated to such Member pursuant to this Section 8.4 and the amount of any Company liabilities assumed by such Member or secured by any Company assets distributed to such Member.

  

 33 

 (ii) Each Member’s Capital Account shall be decreased by the amount of money and the
Gross Asset Value of any other Company property distributed to such Member pursuant to any provision of this Agreement, any Net Losses allocated to such Member pursuant to this Section 8.4 (including the Member’s share of expenditures
described in Section 705(a)(2)(B) of the Code) and the amount of any liabilities of such Member assumed by the Company. 
 (iii) In the event any Member’s Membership Interest (or portion thereof) is transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of such Member to the extent such Capital
Account relates to the transferred Membership Interest (or portion thereof) and the Company’s Net Income and Net Loss shall be allocated between the transferor and the transferee on a basis consistent with applicable requirements under
Section 706 of the Code; provided that no allocation agreed to between the transferor and the transferee shall be effective unless (A) the transferor and the transferee shall have given the Company written notice, prior to the
effective date of such Transfer, stating their agreement that such allocation shall be made on a certain basis consistent with the applicable requirements under Section 706 of the Code, (B) the Tax Matters Partner shall have consented, in
its sole discretion, to the manner the transferor and transferee have agreed to with respect to such allocation and (C) the transferor and the transferee shall have agreed to reimburse the Company for any incremental accounting fees and other
expenses incurred by the Company in making such allocation. 
 (b) For Capital Account purposes, after giving effect to the special
allocations required by this Agreement (including pursuant to Sections 6.3, 8.4(e), (f), (g), and (h), if any, Net Income and Net Loss of the Company for each Fiscal Year (or shorter tax accounting period selected by the Tax Matters Partner or as
required by law) shall be allocated among the Members, based on their Percentage Interest. 
 (c) For U.S. federal, state and local income
Tax purposes, items of income, gain, loss, and deduction shall be allocated to the Members in accordance with the allocations of the corresponding items for Capital Account purposes under this Section 8.4, except that each Member’s
allocable share of each item of income, gain, loss and deduction shall be adjusted to reflect the difference between such Member’s share of the adjusted tax basis and the Gross Asset Value of each of the Company assets, and the Board of
Directors shall specially allocate any adjustments pursuant to Section 482 of the Code, if any, to the Members that may be subject to such potential adjustments. The adjusted Tax basis and the Gross Asset Value (for the Company) of the Initial
Capital Contributions of the Company assets are indicated in Exhibit A (as it may be amended or supplemented from time-to-time). The Company shall elect to use the “Traditional Method” of making tax allocations described in Treasury
Regulations Section 1.704-3 with respect to Company assets, unless the Board of Directors elects otherwise. This provision is intended to comply with the requirements of Section 704(c) of the Code, the Treasury Regulations thereunder, and
Treasury Regulations Section 1.704-1(b)(4)(i) and shall be interpreted as in conformity therewith. Credits (including without limitation credits under Section 45J of the Code) shall be allocated among the Members in accordance with their
respective Percentage Interests. 
  

 34 

 (d) The provisions of this Section 8.4 and the other provisions of this Agreement relating to the
maintenance of Capital Accounts are intended to comply with the rules of Treasury Regulations Section 1.704 and shall be interpreted and applied in a manner consistent with such Regulations. The Board of Directors shall be authorized to make
appropriate amendments to the allocations of items pursuant to this Section 8.4 if necessary in order to comply with Section 704 of the Code or applicable Treasury Regulations thereunder. 
 (e) In the event the Company incurs any nonrecourse liabilities within the meaning of Treasury Regulations Section 1.704-2(b)(3), income and gain
shall be allocated in accordance with the “minimum gain chargeback” provisions of Sections 1.704-1(b)(4)(iv) and 1.704-2 of the Treasury Regulations. 
 (f) In the event either Member unexpectedly receives any adjustments, allocations, or distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6), items of Company income and
gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate as quickly as possible any deficit balance in its Capital Account in excess of that permitted under Section 8.4(g) created by such adjustments,
allocations or distributions. Any special allocations of items of income or gain pursuant to this Section 8.4(f) shall be taken into account in computing subsequent allocations pursuant to this Section 8.4 so that the net amount of any
items so allocated and all other items allocated to each Member pursuant to this Section 8.4 shall, to the extent possible, be equal to the net amount that would have been allocated to each such Member pursuant to the provisions of this
Section 8.4 if such unexpected adjustments, allocations or distributions had not occurred. 
 (g) Notwithstanding any provision set
forth in this Section 8.4, no item of deduction or loss shall be allocated to a Member to the extent the allocation would cause a negative balance in such Member’s Capital Account (after crediting to such Capital Account any amounts that
such Member is deemed to be obligated to restore pursuant to Treasury Regulations Sections 1.704-2(g) and 1.704-2(i)(5), and after taking into account the adjustments, allocations and distributions described in Treasury Regulations Sections
1.704-1(b)(2)(ii)(d)(4), (5) and (6)) that exceeds the amount that such Member would be required to reimburse the Company pursuant to this Agreement or under Applicable Law. In the event either but not both of the Members would have such
excess Capital Account deficits as a consequence of such an allocation of loss or deduction, the limitation set forth in this Section 8.4(g) shall be applied on a Member by Member basis so as to allocate the maximum permissible deduction or
loss to each Member under Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations. In the event any loss or deduction shall be specially allocated to a Member pursuant to either of the two preceding sentences, an equal amount of income of the
Company shall be specially allocated to such Member prior to any allocation pursuant to Section 8.4(b). 
 (h) Any partner
“nonrecourse deductions” within the meaning of Treasury Regulations Sections 1.704-2(b)(1) and 1.704-2(b)(4) shall be allocated as provided in the applicable Treasury Regulations. 
 (i) The Capital Accounts of the Members may be adjusted at the Board of Director’s discretion in accordance with Treasury Regulations
Section 1.704-1(b)(2)(iv)(f) to reflect the fair market value of Company property (i) whenever a Membership Interest in the 

  

 35 

 
Company is relinquished to the Company, (ii) whenever a new or existing Member acquires an interest in the Company in exchange for more than a de
minimis Capital Contribution, (iii) upon any termination of the Company within the meaning of Section 708 of the Code, and (iv) when the Company is liquidated pursuant to Article XI, and shall be adjusted in accordance with Treasury
Regulations Section 1.704-1(b)(2)(iv)(e) in the case of a distribution of any property (other than cash) to a Member. 
 Section 8.5
Consistent Tax Treatment. Each Member agrees that without the prior written consent of the Company, approved by the Board of Directors, it shall not (i) treat on its own income Tax returns or any other Tax-related filings, any item of
income, gain, loss, deduction or credit relating to its Membership Interests in a manner inconsistent with the terms of this Agreement or the treatment of such items by the Company as reflected on the Tax return or other information statements
furnished to such Member pursuant to Section 5.4 hereof, or (ii) file any claim for a refund relating to any such item based on, or which would result in, such inconsistent treatment, or take any other inconsistent action (an
“Inconsistent Position”). Notwithstanding the foregoing sentence, a Member shall be allowed to take an Inconsistent Position, if (i) it obtains a written opinion from nationally recognized counsel approved by the Company that
the treatment adopted by the Company is not consistent with law, (ii) notifies the Company in writing in advance and attaches a copy of such opinion to such notice, and (iii) discusses its position in good faith with the Company. Nothing
in this Article VIII shall limit the ability of either Member to take any position in its individual capacity relating to any audit or other administrative proceedings of Company matters that is left to the determination of any individual Member
under the Code or under any similar state or local provision. 
 ARTICLE IX 
 TRANSFER OF MEMBERSHIP INTERESTS 
 Section 9.1 Restrictions Applicable
to All Transfers by the Members. 
 (a) Each Member agrees with the other Member and the Company that such Member shall not Transfer to
any Person (a “Transferee”) all or any portion of its Membership Interests except as hereinafter expressly permitted in this Article IX (each such permitted Transfer, a “Permitted Transfer”), provided,
however, that this Section 9.1, Section 9.2 and Section 9.3 shall not apply to a Transfer resulting from a Change of Control of Constellation or of Électricité de France, S.A.or Transfers of capital stock or other
equity interests of Constellation or of Électricité de France, S.A. Any purported Transfer of Membership Interests other than a Permitted Transfer shall be null and void. 
 (b) No Member shall Transfer any of its Membership Interests at any time unless such action would not: 
 (i) constitute a violation of any Applicable Laws of any jurisdiction or a breach of the conditions to any exemption from registration of
securities under any Applicable Law or a breach of any undertaking or agreement of such Member entered into pursuant to any Applicable Law or in connection with obtaining an exemption thereunder; 
  

 36 

 (ii) affect the Company’s existence or qualification as a limited liability company
under the Act or any other Applicable Law that is or might be applicable to the Company; 
 (iii) in the opinion of
nationally recognized counsel, render the Company a publicly traded partnership under Sections 7704 or 469 of the Code, or otherwise cause it to be an association taxable as a corporation for U.S. federal income Tax purposes; or 
 (iv) cause the Company to be terminated under Section 708(b)(1)(B) of the Code (unless this restriction is waived by the other
Member). 
 (c) Each Transferee of Membership Interests that is not already a Member shall execute, and deliver to each Member and the
Company, a counterpart of this Agreement. Each such Transferee of Membership Interests shall thereafter be deemed to be a Member hereunder and shall have the benefit of, and be subject to, all of the rights, obligations and limitations with respect
to such Transferred Membership Interests (including the restrictions on Transfers set forth in this Article IX) to the same extent as the transferring Member under this Agreement; provided, that in the event of a Transfer by a Member to an
Affiliate (whether or not a Permitted Transferee), such Member shall not be relieved of its obligations hereunder unless the Transfer has been approved by the Company and the other Member. With respect to Transfers to Affiliates, no such Transfer
shall be effective unless, as a condition to the Transfer, such Affiliate agrees that it will not cease to be an Affiliate of such Member, unless prior to ceasing to be an Affiliate, such Affiliate Transfers to such Member or another Affiliate
thereof all of the Membership Interests then owned by such Affiliate. 
 (d) No Transfer of Membership Interests hereunder shall release the
transferring Member from any liability or obligation it may have hereunder with respect to liabilities and obligations incurred prior to the date of such Transfer or with respect to Membership Interests that it continues to own after the date of
such Transfer. 
 (e) Each certificate, if any, evidencing any Membership Interests owned by either Member on the date hereof, or hereafter
acquired by either Member, shall contain the following restrictive legend: 
 THE SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION OF THE
SECURITIES EVIDENCED BY THIS CERTIFICATE IS RESTRICTED BY THE TERMS OF THE SECOND AMENDED AND RESTATED OPERATING AGREEMENT OF CONSTELLATION ENERGY NUCLEAR GROUP, LLC, A MARYLAND LIMITED LIABILITY COMPANY, DATED AS OF
[            ], COPIES OF WHICH ARE ON FILE WITH THE ISSUER OF THIS CERTIFICATE. NO SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION SHALL BE EFFECTIVE UNLESS AND UNTIL THE TERMS AND
CONDITIONS OF THE AFORESAID OPERATING AGREEMENT SHALL HAVE BEEN COMPLIED WITH IN FULL. 
  

 37 

 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED, UNDER THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION; AND SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED UNLESS (I) A REGISTRATION STATEMENT
COVERING SUCH SECURITIES IS EFFECTIVE UNDER THE SECURITIES ACT OF 1933 OR (II) THE TRANSACTION IS EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933 AND, IF THE COMPANY REQUESTS, AN OPINION SATISFACTORY TO THE COMPANY TO SUCH EFFECT HAS
BEEN RENDERED BY COUNSEL. 
 In the event the requirement that all or any part of the restrictive legend above be placed upon a certificate has terminated,
or in the event that the Board of Directors determines it is advisable to remove, replace or modify such restrictive legend (based on the advice of competent outside legal counsel), the Company shall provide each Member and any other Person that
owns any such securities, at its request, without any expense (other than applicable transfer Taxes and similar governmental charges, if any), with new certificates, if any, for such securities of like tenor either (i) not bearing the legend
with respect to which the restriction has ceased and terminated, and/or (ii) bearing such additional and/or modified restrictive legends as the Board of Directors determines advisable based on the above-mentioned legal advice. 
 Section 9.2 Permitted Transfers. 
 (a) At any time, a Member may Transfer its Membership Interests if the Transfer otherwise complies with the following terms and conditions: 
 (i) such Member shall have delivered a Transfer Notice in accordance with Section 9.3(a) (except in the case of a Transfer to a Permitted Transferee pursuant to this Section 9.2); 
 (ii) the Member delivering the Transfer Notice has complied with the right of first offer provisions in Section 9.3 and otherwise
shall comply with Section 9.1; 
 (iii) such Transfer would not, in the reasonable view of the non-transferring Member,
create a regulatory challenge or restriction that has the potential to materially disrupt operation of the Company or its Subsidiaries; 
 (iv) such Member and its Transferee execute, acknowledge, and deliver to the Company such instruments of Transfer and assignment with respect to such Transfer as are in form and substance reasonably satisfactory to
the Company, including without limitation, the execution of this Agreement; 
 (v) the Company has determined, at such
Member’s expense, that the Transfer would not violate Section 9.1(b); 
  

 38 

 (vi) such Member provides the Company with the notification required by
Code §6050K(c)(1); and 
 (vii) all costs and expenses incurred by the Company in connection with the Transfer of
Membership Interests shall be paid by the transferring Member or by the Transferee. 
 (b) Notwithstanding anything in Section 9.2(a) to
the contrary, a Member may Transfer all or any portion of its Membership Interests to Permitted Transferees of the Member at any time and without being subject to the right of first offer provisions in Section 9.3, but subject to compliance
with clauses (a)(iii), (a)(iv), (a)(v) and (a)(vi) of this Section 9.2. 
 (c) In the event the conditions set forth in
Section 9.2(a) above are not satisfied in connection with any Transfer subject thereto, the Transfer shall be null and void ab initio, the Company shall not recognize the attempted purchaser, assignee, or Transferee for any purpose whatsoever,
and the Member attempting such Transfer shall have breached this Agreement, for which the Company and the other Members shall have all remedies available under Applicable Law. Each Member specifically acknowledges that a breach of this Article IX
would cause the Company and the Member to suffer immediate and irreparable harm, which could not be remedied by the payment of money. In the event of a breach or threatened breach by a Member of the provisions of this Article IX, the Company or
other Member shall be entitled to injunctive relief to prevent or end such breach. Nothing herein shall be construed to prevent the Company or other Member from pursuing any other remedies available to it for such breach or such threatened breach,
including the recovery of damages, reasonable attorneys’ fees and expenses. A Transferee shall automatically be admitted as a Member of the Company with respect to the transferred Membership Interest upon consummation of the Transfer in
compliance with this Article IX. 
 Section 9.3 Right of First Offer. 
 (a) Except in the case of a Transfer to a Permitted Transferee pursuant to Section 9.2, prior to the Transfer of Membership Interests, the Member
proposing to Transfer all or any portion of its Membership Interest (the “Offering Member”) must deliver a Transfer Notice to the other Member at least sixty (60) Days but no more than ninety (90) Days prior to the
proposed Transfer. The other Member shall have the option to purchase (or to designate a third party to purchase) all of the Membership Interests proposed to be Transferred for the cash purchase price set forth in the Transfer Notice and pursuant to
the other terms and conditions set forth in this Agreement. The other Member shall have sixty (60) Days from receipt of the Transfer Notice in which to exercise its option to purchase (or to designate a third party to purchase) all of the
Membership Interests pursuant to this Section 9.3(a) by providing written notice of exercise of the option to the Offering Member and to the Company. 
 (b) In the event that at the end of the sixty (60) Day period contemplated by Section 9.3(a), the other Member has not elected to purchase or (or to designate a third party to purchase) all of the Membership
Interests proposed to be Transferred, then the Offering Member shall be free to consummate the transaction described in the Transfer Notice, provided that within sixty (60) Days after the end of the sixty (60) Day period
contemplated by 

  

 39 

 
Section 9.3(a), a definitive agreement is executed for the sale of such Membership Interests, and the terms and conditions (including price) in such
agreement are no more favorable to the purchaser than those set forth in the Transfer Notice. In the event a Member exercises the option to purchase (or to designate a third party to purchase) under Section 9.3(a), but such Member (or its
designee, if applicable) fails to tender the required consideration at the closing, in addition to being entitled to complete the proposed transaction, the transferring Member shall have all rights and remedies against the other Member (and its
designee, if applicable) available for breach of contract. 
 (c) The parties shall use their reasonable efforts to close any purchase under
Section 9.3 as promptly as possible after (i) the other Member provides written notice of the exercise of its option under Section 9.3(a), or (ii) the Offering Member executes a definitive agreement as contemplated by
Section 9.3(b), as applicable. At the closing, the Offering Member shall deliver to the purchaser an executed assignment of the subject Membership Interest satisfactory in form to counsel for the Company, and the purchaser shall deliver the
purchase price in cash or immediately available funds. The Offering Member and the purchaser each shall execute and deliver such other documents as may reasonably be requested by the other. If the closing of any purchase by the other Member (or its
designee, if applicable) under Section 9.3(a) does not occur within one year of the expiration of the sixty (60) Day period contemplated by Section 9.3(a), then the right to close on the purchase shall lapse and the Offering Member
may sell the Membership Interests proposed to be Transferred in accordance with Section 9.3(b) (on terms and conditions (including price) no more favorable to the purchaser than those set forth in the Transfer Notice). 
 Section 9.4 Change of Control of a Member. If either Member should undergo a Change of Control, then the other Member may elect to transfer all or
any portion of its Membership Interests in the Company without regard to the requirements of Section 9.3. In the event of a Change of Control of Constellation Energy Group, Inc., certain provisions of Article II and Article III of, and as
specified in, the Amended and Restated Investor Agreement, dated as of             , 200  , by and between Électricité de France International, SA and
Constellation Energy Group, Inc. shall terminate and shall be of no further force and effect, as provided for therein. 
 ARTICLE X 

 CERTAIN OBLIGATIONS OF THE COMPANY AND THE MEMBERS 
 Section 10.1 Preemptive Rights. 
 (a)
If the Company offers to issue or sell any New Securities in accordance with Section 7.2(j)(vii), each Member shall have the right (exercisable for a period of not less than thirty (30) Days after notice to the other Member of the intent
to issue such New Securities and the terms (including the minimum price) of such proposed issue (the “Preemptive Notice”)) to subscribe to all or any portion of such New Securities on the same terms and conditions and for the same
price per New Securities as the Company proposes to issue or sell such New Securities. If both Members exercise this right, the purchase of New Securities shall be in such proportion as they agree, or failing an agreement, each shall have the prior
right to purchase a pro-rata portion based on their Percentage Interests and a secondary right to purchase any New Securities not purchased by the other Member exercising its full prior right. 
  

 40 

 (b) “New Securities” shall mean any direct equity or ownership interest of any kind in
the Company, whether now or hereafter authorized, and rights, options or warrants to purchase such an interest, and securities of any type whatsoever that are, or may become, convertible into such an interest in the Company; provided,
however, that “New Securities” shall not include: 
 (i) Equity or ownership interests issued in
connection with the acquisition of another business entity or line of business of another business entity by the Company through merger, consolidation, purchase of all or substantially all of the assets, or other reorganization as a result of which
the Company owns not less than 51% of the voting power of such entity; provided, that any dilution to the Membership Interests of the Members resulting from the issuance of such securities shall be borne by the Members, pro rata, in
proportion to their Percentage Interests; or 
 (ii) Equity or ownership interests issued in connection with any
recapitalization, reclassification or similar event by the Company; provided, that any dilution to the Membership Interests of the Members resulting from such recapitalization, reclassification or similar event shall be allocated among the
Members, pro rata, in proportion to their Percentage Interests. 
 (c) Following the completion of the decision period for the Members to
exercise their preemptive rights pursuant to this Section 10.1, the Company shall have the right, for a period of one hundred and eighty (180) Days, to sell any New Securities not purchased by the Members, on terms and conditions no more
favorable to the purchaser than those specified in the Preemptive Notice, including with respect to the price per New Security. Thereafter, any issuance or reissuance of New Securities shall be subject to the provisions of this Section 10.1.

 Section 10.2 Related Party Transactions. 
 (a) Subject to Section 7.2(j), to the extent either Member or an Affiliate of either Member provides assigned or seconded personnel or administrative services to the Company, such services shall be priced at
Unburdened Cost. 
 (b) To support the operations of the Company in areas in which it needs additional resources, the parties shall negotiate
in good faith the necessary agreements to govern the assignment and secondment of personnel employed by the Members to the Company and the provision of administrative services to the Company. 
 Section 10.3 Power Marketing. The Company shall market the capacity, energy and ancillary services generated by the nuclear generation facilities
owned in whole or in part by the Company, its Subsidiaries and Investee Companies through Constellation’s established energy marketing Affiliate (“Constellation Marketing”) and shall evaluate alternative approaches to marketing
of as set forth on Exhibit C. 
  

 41 

 ARTICLE XI 
 CORPORATE OPPORTUNITIES AND NON-SOLICITATION 
 Section 11.1 Corporate Opportunities.
Except as specifically provided in Unistar Nuclear Energy, LLC Operating Agreement, dated as of July 20, 2007, by and among Constellation, EDFD and Unistar Nuclear Energy, LLC, neither the Company nor any Member shall have any expectation or
interest in any business opportunity that is presented to any of the Members or any of their respective officers, directors or employees or designees to the Board, unless, in the case of any such person who is a director or officer of the Company,
such business opportunity is expressly offered to such director or officer in his or her capacity as a Company director or officer. Each of the Members and their Affiliates shall be expressly permitted to acquire and hold any debt securities or
evidence of indebtedness issued by the Company or its Affiliates. 
 Section 11.2 Non-Solicitation. From and after the date hereof
through the date such Member no longer owns any Membership Interests, and other than expressly set forth herein or in any ancillary agreement hereto, neither Member or its Affiliates shall, directly or indirectly, solicit, induce, encourage or
attempt to persuade any employee of the Company, its Subsidiaries, the Members or their Affiliates (a) to leave his employment with the Company, its Subsidiaries, the Members or their Affiliates in order to become an employee, consultant or
independent contractor to or for any other Person or (b) to terminate or adversely modify such employee’s relationship with the Company, its Subsidiaries, the Members or their Affiliates; provided, however, that this
Section 11.2 shall not restrict an employer from publishing or posting open positions in the course of normal hiring practices that are not specifically sent to, or do not specifically target, employees of the Company, its Subsidiaries, the
Members or their Affiliates. 
 ARTICLE XII 
 WITHDRAWAL, DISSOLUTION AND LIQUIDATION 
 Section 12.1 No Right of Withdrawal; No
Interest. 
 (a) Except as otherwise provided herein, no Member shall have the right to withdraw from the Company or to demand or to
receive the return of all or any part of its Capital Account. In the event a Member withdraws in violation of this Section 12.1(a), such Member hereby agrees that such withdrawal will constitute a breach of this Agreement and such Member also
agrees that the Company, in addition to any remedies otherwise available to the Company, may offset any damages due to such breach against any amounts otherwise distributable to such Member. Subject to the foregoing, upon withdrawal by any Member,
such Person shall not be entitled to receive any monies or property for its Membership Interest and the withdrawn Member or the successor to the withdrawn Member shall be deemed to be an assignee of the withdrawn Member under Sections 4A-603 and
4A-604 of the Act. 
  

 42 

 (b) Except as otherwise provided herein, no interest shall be paid to either Member in respect of its
Capital Contribution or Capital Account balance. Except as otherwise provided in this Agreement, no Member shall be entitled or permitted to withdraw any Capital Contributions or any money or other property from the Company without the written
consent of the Board of Directors which consent may be withheld for any reason or for no reason. If circumstances require a return of any capital, no Member shall have the right to receive property other than cash, unless otherwise specifically
agreed in writing by the Board of Directors at the time of such distribution. 
 Section 12.2 Terminating Event. 
 (a) Notwithstanding anything to the contrary contained in this Agreement, upon the occurrence of a Terminating Event with respect to a Member, the Member
shall immediately notify the Company, and the Company, for one hundred and twenty (120) days after it first learns of such Terminating Event, may elect to purchase (the “Repurchase Election Period”) such Member’s entire
Membership Interest in the Company (the “Withdrawal Interest”) from such Member or such Member’s legal or personal representative(s) or successor(s) (as applicable) (individually and collectively, the “Withdrawn
Member”) for a price equal to the Fair Market Value of the Withdrawal Interest (the “Redemption Price”). If the Company timely makes that election, the Company shall purchase from the Withdrawn Member, and the Withdrawn
Member shall sell to the Company, the Withdrawal Interest at the Redemption Price and on the terms set forth in the next paragraph. If the Company does not elect to purchase the Withdrawal Interest at the Redemption Price and on the terms set forth
in the next paragraph, then, unless the Board of Directors determines otherwise, the Withdrawn Member, effective as of the occurrence of the Terminating Event, shall be and shall only have the rights of an unadmitted assignee under
Section 4A-603 and Section 4A-604 of the Act. 
 (b) The closing for any sale of a Withdrawal Interest of a Withdrawn Member, and
purchase by the Company, shall take place at the Company’s principal office on the tenth Business Day following the end of the Repurchase Election Period. At the closing, (i) the Withdrawn Member shall assign and transfer to the Company
all right, title, and interest in and to the Withdrawal Interest (free and clear of all liens and encumbrances) and shall execute and deliver to the Company such other and further assurances as the Board of Directors may reasonably require to
transfer to and vest the Withdrawal Interest in the Company, and (ii) the Company shall pay the Redemption Price in cash. 
 Section
12.3 Dissolution. The Company shall be dissolved and its affairs wound upon the occurrence of any of the following events: 
 (a) upon
a sale or condemnation of all or substantially all of the equity securities or the assets of the Subsidiaries of the Company and the receipt of cash consideration therefor; 
 (b) upon an affirmative vote of the Board of Directors in accordance with Section 7.2(j)(xii); 
 (c) upon the appointment of a trustee, custodian or other similar receiver for the Company or the occurrence of a Bankruptcy Event with respect to the
Company; 
  

 43 

 (d) the filing by the last remaining Member of a petition in bankruptcy, the occurrence of any other
Bankruptcy Event with respect to such last remaining Member or the termination of the legal existence of the last remaining Member; 
 (e) at
any time that there are no Members of the Company, unless the business of the Company is continued without dissolution in a manner permitted by the Act; or 
 (f) upon the entry of a decree of judicial dissolution of the Company pursuant to the Act. 
 Section 12.4
Winding Up. 
 (a) Upon dissolution pursuant to Section 12.3, the Board of Directors shall proceed as promptly as practicable to
wind up the affairs of the Company and distribute the assets thereof or appoint one or more liquidating trustees to do so; provided, that the assets of the Company shall be liquidated in an orderly and businesslike manner so as not to obtain
less than fair market value therefor. The appointment of any one or more liquidating trustees may be revoked, or a successor or additional liquidating trustee(s) may be appointed, by the Board of Directors. 
 (b) Upon dissolution pursuant to Section 12.3, all of the Company’s assets, or the proceeds therefrom, shall be distributed in the following
order of priority: 
 (i) first, to creditors of the Company, including either Member in its capacity as creditor, to the
extent otherwise permitted by law, in satisfaction of debts, liabilities and obligations of the Company; 
 (ii) second, to
the payment of the expenses of liquidation; 
 (iii) third, to the setting up of any reserves that the Board of Directors or
the liquidating trustee(s), as the case may be, may deem reasonably necessary for any contingent, conditional or unmatured claims and obligations of the Company; and 
 (iv) fourth, to the Members, in accordance with their Percentage Interests. 
 (c) At no time during the term of the Company or upon dissolution or liquidation of the Company shall a Member with a deficit balance in its Capital
Account have any obligation to the Company or to the other Members to restore such deficit balance, except as may be required by Applicable Law or in respect of any deficit balance resulting from a distribution made in contravention of this
Agreement. 
 (d) Upon compliance with the distribution plan set forth herein, the proper officers of the Company shall execute, acknowledge
and cause to be filed with the Department of Assessments and Taxation of the State of Maryland Articles of Cancellation of the Company. Subject to the provisions of the Act, upon the filing of Articles of Cancellation, the Company’s existence
shall terminate. 
  

 44 

 ARTICLE XIII 
 GENERAL PROVISIONS 
 Section 13.1 Notices. All notices, requests, consents, agreements
or other communications under this Agreement must be in writing to be effective and, except as set forth in Section 7.2(f), will take effect (or be deemed to have been given or delivered, as the case may be): (a) on the Business Day sent,
when delivered by hand or facsimile transmission (with confirmation) during normal business hours of the recipient, or (b) on the Business Day following the Business Day of sending, if delivered by internationally recognized overnight courier,
in each case, to such party at its address (or number) set forth below or such other address (or number) as the party may specify by notice. Any new Member of the Company admitted pursuant to Article IX hereof, promptly upon its admission, shall
provide its address for notices to the Secretary of the Company and to the other Members. 
 If to Constellation: 
 Constellation Energy Group, Inc. 
 750 East Pratt Street, 17th Floor 
 Baltimore, Maryland 21202 
 Attention: General Counsel 
 Phone:
(410) 470-3011 
 Fax: (410) 470-5766 
 If to EDFD: 
 EDF Development Inc. 
 c/o Électricité de France International, S.A. 
 20 Place de la Défense 
 Paris la Défense Cedex, France 92050 
 Attention: Marianne Laigneau 
 Phone: +33 1 56
65 39 71 
 Fax: +33 1 40 42 61 67 
 If to the Company: 
 Constellation Energy Nuclear Group, LLC 
 750 East Pratt Street, 17th Floor 
 Baltimore, Maryland 21202 
 Attention: General Counsel 
 Phone:
(410) 470-3312 
 Fax: (443) 213-3680 
 Section 13.2 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Members and the Company, and their respective successors and Permitted Transferees. This Agreement
is personal to the Members and the Company, and no Member or the Company may assign or Transfer (except in connection with Permitted 

  

 45 

 
Transfers) the rights accruing hereunder nor (except as aforesaid or as permitted by this Agreement) may performance of any duties by either Member or the
Company be delegated or assumed by any other Person without the prior written consent of the other Members and the Company. Assignments or delegations made in violation of this Section 13.2 shall be null and void. 
 Section 13.3 Parallel Vehicle. If the Company encounters legal, Tax, business, accounting, regulatory or other impediments to the making of a
potential investment, or the Company determines that having the Members make a potential investment or hold an existing investment through an entity other than the Company would be more favorable from a Tax, legal, business, accounting, regulatory
or other perspective, the Company may require such Members to participate in the potential or existing investment, as the case may be, through one or more other entities organized by or on behalf of the Company or the Members and having economic
terms and conditions substantially identical (on a single investment basis, if applicable), to the extent practicable, to those of the Company (the “Parallel Vehicle”). The agreements regarding organization, management and
governance with respect to the Parallel Vehicle and the responsibilities of the Members with respect thereto shall be substantially equivalent to those of the Company, with appropriate changes to reflect its position as a parallel vehicle of the
Company. 
 Section 13.4 Dispute Resolution. 
 (a) In the event of a deadlock vote of the Board of Directors on a matter presented for determination, a failure of the Members to agree on a matter requiring Member approval under Section 7.8 or requiring
unanimous approval by the Board of Directors under Section 7.2(j) (other than a matter subject to resolution pursuant to Section 7.3(c)), or in connection with any dispute between the Members concerning the Company, the Members will use
their reasonable efforts to resolve the dispute within thirty (30) Days. If the issue has not been resolved within such 30-Day period, the Members will escalate the dispute to the respective Parent CEOs, who will meet to discuss and use their
reasonable efforts to resolve the dispute. Such resolution may include, if the respective Parent CEOs so agree (subject to any required approval by the respective Members’ boards of directors): (i) to dissolve the Company; (ii) to
allow one Member to depart the Company by having such Member sell all of its Membership Interests to a third-party; (iii) to have either Member withdraw from the Company; or (iv) any other resolution upon which the Parent CEOs may so
agree. If the Members remain unable to resolve the dispute within thirty (30) Days of the initial meeting of the Parent CEOs, either party may submit the dispute to binding arbitration pursuant to this Section 13.4. 
 (b) Except as otherwise specifically provided herein, all disputes arising out of or in connection with this Agreement, including any dispute regarding
its existence, termination or validity, each Member shall have the right to have recourse to and shall be bound by the pre-arbitral referee procedure of the International Chamber of Commerce in accordance with its rules for a Pre-Arbitral Referee
Procedure. All disputes arising out of or in connection with this Agreement (including as to existence, termination and validity) shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce (the
“Rules”) by three arbitrators appointed in accordance with said Rules. The place of the pre-arbitral referee procedure and of the arbitration procedure shall be New York, New York, United States of 

  

 46 

 
America. The proceedings before the arbitral tribunal (including with respect to the Pre-Arbitral Referee Procedure) shall be governed by the Rules. The
rules of law to be applied by the arbitral tribunal to the merits of the dispute shall be the rules of laws of the State of New York. The language of the arbitration shall be English. Evidence shall be provided in English and pleadings shall be done
in English. The arbitral tribunal shall render its decision within six months from the date of signature on the terms of reference. Any decision or award of the arbitral tribunal shall be final and binding upon the parties to the arbitration
proceeding. The Members waive to the extent permitted by applicable law any rights to appeal or to review of such award by any court or tribunal. The Members agree that the arbitral award may be enforced against the parties to the arbitration
proceeding or their assets wherever they may be found and that a judgment upon the arbitral award may be entered in any court having jurisdiction thereof. 
 Section 13.5 Guarantee. Each of Constellation and Électricité de France International, S.A., unless the Parent is the Member, unconditionally, absolutely and, subject to the following sentence,
irrevocably guarantees to each Member (other than the Member of which such Parent is an Affiliate) the full and prompt payment, as and when due and payable, of all financial obligations hereunder (the “Guarantee”). The Parent’s
Guarantee shall remain in effect for so long as this Agreement remains in effect and an Affiliate of Parent remains a Member. Parent hereby guarantees that its Guarantee will be paid and performed strictly in accordance with the terms of this
Agreement, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of any Member with respect thereto. Each Parent agrees that its Guarantee constitutes a guarantee of
payment when due and not of collection, and hereby waives demand, presentment and notice of default or breach for non-performance of any of the covenants, terms, conditions or agreements in any other matter or thing mentioned and described in this
Agreement. Furthermore, the occurrence of any one or more of the following shall not affect the enforceability or effectiveness of the Parent’s Guarantee: (i) any modification, amendment, settlement, release (in whole or in part) or
enforcement of the obligations guaranteed, (ii) any merger, consolidation, restructuring or termination of the corporate existence of the Member that is an Affiliate of Parent, (iii) the illegality, invalidity or unenforceability of all or
any part of the obligations guaranteed or any agreement or instrument related thereto, (iv) the failure of any Member or the Company to exhaust any right, remedy, power or privilege it may have against the Member that is an Affiliate of Parent
(including failure to file or enforce a claim in any bankruptcy or other proceeding), (v) any bankruptcy, insolvency, reorganization, winding-up, adjustment of debts or appointment of a custodian or liquidator, or similar proceedings commenced
by or against such Member, including any discharge of, or bar or stay against collecting, all or any part of the obligations guaranteed and (vi) any other defense with respect to the performance of all or any part of the Parent’s
Guarantee, including but not limited to the effect of any statute of limitations. 
 Section 13.6 Governing Law. THIS AGREEMENT SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MARYLAND WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. 
 Section 13.7 Entire Agreement; Amendment. This Agreement (including the exhibits hereto) contains the entire agreement among the parties hereto with respect to the transactions contemplated herein, supersedes all prior written
agreements and negotiations and 

  

 47 

 
oral understandings, if any, including the Original Agreement, and this Agreement (including exhibits hereto) may not be amended or supplemented except with
the written consent of each Member or as otherwise permitted by the terms of this Agreement to be amended by the Board of Directors. 
 Section 13.8 No Waiver. No failure to exercise and no delay in exercising any right, power or privilege of a Member shall operate as a waiver or a consent to the modification of the terms hereof unless given by that Member in
writing. 
 Section 13.9 Separability of Provisions. Each provision of this Agreement shall be considered separable; and if,
for any reason, any provision or provisions herein are determined to be invalid and contrary to any existing or future law, such invalidity shall not impair the operation of or affect those portions of this Agreement which are valid. 
 Section 13.10 Confidentiality. Each Member shall use reasonable efforts to keep, and shall ensure that its Affiliates, shareholders, members,
directors, officers, employees, agents and other representatives use reasonable efforts to keep, from and after the date hereof through a period of two years from the date such Member no longer owns any Membership Interests, confidential all
information acquired from the Company or its Subsidiaries or Affiliates or from the other Members or their Affiliates pursuant to this Agreement or otherwise, including the contents of this Agreement, except that the foregoing restriction shall not
apply to any information that (a) is or hereafter becomes generally available to the public other than by reason of any default with respect to a confidentiality obligation under this Agreement; (b) was already known to the recipient;
(c) is disclosed to the recipient by a third party who, to the recipient’s knowledge, is not in default of any confidentiality obligation to the disclosing party hereunder; (d) was developed by or on behalf of the receiving Member
without reliance on confidential information received hereunder; (e) is disclosed by either Member to its auditors, attorneys, financial advisors, consultants and other advisors, provided, that any such auditors and attorneys have been
informed of the confidential nature of such information and any such financial advisors, consultants and other advisors have signed a confidentiality agreement agreeing to treat such information as confidential; (f) is disclosed to a regulatory
authority to the extent that disclosure is, in the party’s good faith judgment, required or appropriate; provided, that such party requests confidential treatment for any information so disclosed; or (g) is otherwise required to be
disclosed in compliance with Applicable Law or stock exchange rules or regulations or order by a court or other regulatory body having competent jurisdiction; provided, that such party provides the other parties with prior notice of such
disclosure to the extent permitted by Applicable Law, stock exchange rules or other regulation. Notwithstanding the foregoing, each Member (and each employee, representative, or other agent of such Member) may disclose to any and all persons,
without limitation of any kind, the Tax treatment and Tax structure of: (i) the Company; and (ii) any transactions of the Company, and all materials of any kind (including opinions or other Tax analyses) that are provided to the Member
relating to such Tax treatment and Tax structure. For this purpose, “Tax structure” means any facts relevant to the U.S. federal income Tax treatment of a transaction but does not include information relating to the identity of the Company
or its Members. 
 Section 13.11 Expenses. Each party agrees that it shall be solely responsible for any fees or expenses incurred by
it in connection with the drafting, negotiation or execution of this Agreement and any ancillary documents hereto (including the cost of any attorneys, accountants, consultants and any other representatives or agents retained by such party).

  

 48 

 Section 13.12 Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 Section 13.13 Headings.
The section and other headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. 
 Section 13.14 Gender and Number. Whenever required by the context hereof, all pronouns and any variations thereof will be deemed to refer to the masculine, feminine and neuter, singular and plural. 

Section 13.15 Further Assurances. From time to time, at the reasonable request of any party hereto and without further consideration, each
other party hereto shall execute and deliver such additional documents and take all such further action as may be necessary or appropriate to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by
this Agreement or to carry out the terms of this Agreement. 
 Section 13.16 Survival of Obligations. The obligations of the parties
under Section 7.7, Section 13.3, Section 13.4, Section 13.7 and Section 13.8 of this Agreement shall survive any expiration, termination or cancellation of this Agreement or the dissolution of the Company. 
 Section 13.17 Insurance. The Company shall, and shall cause each of its Subsidiaries and Investee Companies to maintain with financially sound and
reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. 
 Section 13.18 Nuclear Insurance. The Company shall cause each of its Licensed Subsidiaries and each Investee Companies that is an NRC licensee to
obtain and maintain insurance coverage, for itself and its contractors, for public liability arising in connection with a nuclear incident (as those terms are defined in the Atomic Energy Act of 1954, as amended (the “Atomic Energy
Act”)) at, or arising out of, the operation of such nuclear power units. This insurance shall be in such form and in such amount as required by the NRC pursuant to Section 170 of the Atomic Energy Act. The Company shall cause each of
its Licensed Subsidiaries and each Investee Companies that is an NRC licensee to execute the governmental indemnity agreement required by Section 170 of the Atomic Energy Act. In the event the nuclear liability protection requirements in effect
on the date of this Agreement expire or are amended or repealed, the Company shall cause each of its Licensed Subsidiaries and each Investee Company that is an NRC licensee and each such company operating any nuclear project to maintain (i) the
insurance coverage provided by law, and (ii) at least the same level insurance coverage and public liability protection as is currently provided through governmental indemnity and liability insurance to the extent available. 
  

 49 

 Section 13.19 FIRPTA. Upon the reasonable request of any Member in connection with any proposed
Transfer by such Member of its Membership Interest in accordance with the terms of this Agreement, and at the Member’s sole expense, the Company will issue a written statement certifying as to whether or not fifty percent or more of the value
of the gross assets of the Company consists of U.S. real property interests under Section 897(c)(1)(A) of the Code or ninety percent or more of the value of the gross assets of the Company consists of U.S. real property interests plus cash or
cash equivalents. 
 Section 13.20 Exclusive Remedies. Each Party’s exclusive remedies and liabilities for any alleged or actual
breach of this Agreement shall be as set forth in this Agreement. 
 Section 13.21 Title to Company Property. All property owned by
the Company, whether real or personal, tangible or intangible, shall be deemed to be owned by the Company as an entity, and no Member, individually, shall have any ownership of such property. The Company may hold any of its assets in its own name or
in the name of its nominee, which nominee may be one or more Persons. 
 Section 13.22 Waiver of Partition Action. Each of the parties
hereto irrevocably waives any right which it may have to maintain an action for partition with respect to Company property. 
 Section 13.23
Statutory References. Each reference in this Agreement to a particular statute or regulation, or a provision thereof shall, at any particular time, be deemed to be a reference to such statute or regulation, or provision thereof or to any
similar or superseding statute or regulation, or provision thereof, as at such time is in effect. 
 Section 13.24 Legal Fees. In the
event of any litigation arising out of or in connection with this Agreement or with any parties’ performance hereunder, the party that prevails in any such litigation shall be paid its reasonable attorney’s fees and expenses, through all
appeals, by the party that does not prevail in such litigation. The provisions of this Section 13.23 shall survive any dissolution of the Company. 
 [Remainder of Page Intentionally Left Blank.] 
  

 50 

 IN WITNESS WHEREOF, the Members and the Company have executed this Second Amended and Restated Agreement
as of the date set forth above. 
  

							
	MEMBERS:	 		 	CONSTELLATION ENERGY GROUP, INC.
				
		 		 	By:	 	 
		 		 		 	Name:
		 		 		 	Its:

  

							
		 		 	EDF DEVELOPMENT INC.
				
		 		 	By:	 	 
		 		 		 	Name:
		 		 		 	Its:

  

							
	THE COMPANY:	 		 	CONSTELLATION ENERGY NUCLEAR GROUP, LLC
				
		 		 	By:	 	 
		 		 		 	Name:
		 		 		 	Its:Exhibit 10.2

 Exhibit 10.2 
 STOCK PURCHASE AGREEMENT 
 by and among 
 CONSTELLATION ENERGY GROUP, INC., 
 EDF DEVELOPMENT INC. 
 and 
 ÉLECTRICITÉ DE FRANCE INTERNATIONAL, SA 
 December 17, 2008 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	 	  	Page
	 1.
	  	 Definitions
	  	1
	 2.
	  	 Authorization, Purchase and Sale of Stock
	  	3
		  	 2.1
	  	 Authorization
	  	3
		  	 2.2
	  	 Purchase and Sale of the Preferred Stock
	  	4
		  	 2.3
	  	 Closing
	  	4
	 3.
	  	 Representations and Warranties of the Company
	  	4
		  	 3.1
	  	 Corporate Existence and Power
	  	4
		  	 3.2
	  	 Capitalization
	  	4
		  	 3.3
	  	 Authorization
	  	5
		  	 3.4
	  	 Valid Issuance
	  	5
		  	 3.5
	  	 No Conflict
	  	5
		  	 3.6
	  	 Preference
	  	6
		  	 3.7
	  	 General Solicitation; No Integration
	  	6
		  	 3.8
	  	 No Regulatory Approvals
	  	6
	 4.
	  	 Representations and Warranties of the Purchaser
	  	6
		  	 4.1
	  	 Organization
	  	6
		  	 4.2
	  	 Authorization
	  	6
		  	 4.3
	  	 No Conflict
	  	7
		  	 4.4
	  	 Purchase Entirely for Own Account
	  	7
		  	 4.5
	  	 Investor Status
	  	7
		  	 4.6
	  	 Preferred Stock Not Registered
	  	7
	 5.
	  	 Covenants
	  	7
		  	 5.1
	  	 Reasonable Best Efforts
	  	7
		  	 5.2
	  	 Interim Actions
	  	8
		  	 5.3
	  	 Payments
	  	8
		  	 5.4
	  	 Tax Treatment of Preferred Stock
	  	8
		  	 5.5
	  	 Purchaser’s Parent Guarantee
	  	8
	 6.
	  	 Conditions Precedent
	  	9
		  	 6.1
	  	 Conditions to the Obligations of Each Party
	  	9
		  	 6.2
	  	 Conditions to the Obligations of the Company
	  	9
		  	 6.3
	  	 Conditions to the Obligations of the Purchaser
	  	10
	 7.
	  	 Termination
	  	10
		  	 7.1
	  	 Conditions of Termination
	  	10
		  	 7.2
	  	 Effect of Termination
	  	11
	 8.
	  	 Miscellaneous Provisions
	  	11
		  	 8.1
	  	 Public Statements or Releases
	  	11
		  	 8.2
	  	 Interpretation
	  	11
		  	 8.3
	  	 Notices
	  	12
		  	 8.4
	  	 Severability
	  	12
		  	 8.5
	  	 Governing Law
	  	13
		  	 8.6
	  	 Waiver
	  	13
		  	 8.7
	  	 Remedies
	  	13

  

 i 

							
		  	 8.8
	  	 Expenses
	  	14
		  	 8.9
	  	 Successors and Assigns
	  	14
		  	 8.10
	  	 Third Parties
	  	14
		  	 8.11
	  	 Counterparts
	  	14
		  	 8.12
	  	 Entire Agreement; Amendments
	  	14
		  	 8.13
	  	 Survival
	  	14
		  	 8.14
	  	 Representation by Counsel; Mutual Drafting
	  	15

  

			
	Exhibits	 	
	Exhibit A	 	Form of 10% Senior Note
	Exhibit B	 	Amended and Restated Investor Agreement
	Exhibit C	 	Investor Rights Agreement
	Exhibit D	 	Master Agreement
	Exhibit E	 	Articles Supplementary

  

 ii 

 STOCK PURCHASE AGREEMENT 
 STOCK PURCHASE AGREEMENT, dated as of December 17, 2008 (this “Agreement”), by and between CONSTELLATION ENERGY GROUP, INC., a Maryland
corporation (the “Company”), EDF DEVELOPMENT INC., a Delaware corporation (the “Purchaser”) and ÉLECTRICITÉ DE FRANCE INTERNATIONAL, SA, a société anonyme organized under the laws of
France and the parent company of Purchaser (“Purchaser’s Parent”). 
 WHEREAS, the Company has authorized the issuance
of up to 11,600 shares of its Series B Preferred Stock, par value $0.01 per share (the “Preferred Stock”) which shares may be redeemable under certain circumstances with one or more 10% Senior Unsecured Notes of the Company,
containing the same terms and conditions as set forth in the form of note attached hereto as Exhibit A (the “10% Senior Notes”). 
 WHEREAS, the Company desires to sell to the Purchaser, and the Purchaser desires to purchase from the Company, as an investment in the Company, shares of Preferred Stock, subject to the terms and conditions set forth
herein. 
 NOW THEREFORE, in consideration of the mutual agreements, representations, warranties and covenants in this Agreement contained,
the parties agree as follows: 
 1. Definitions. As used in this Agreement, the following terms shall have the following respective
meanings: 
 “10% Senior Notes” shall have the meaning set forth in the recitals. 
 “Affiliate” shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under direct
or indirect common control with such Person. For the purposes of this definition, “control” when used with respect to any specified Person shall mean the power to direct the management and policies of such Person, directly or indirectly,
whether through ownership of voting securities, by contract or otherwise; and the terms “controlled by” and “controlled” have meanings correlative to the foregoing. 
 “Amended and Restated Investor Agreement” means the Amended and Restated Investor Agreement dated as of the Closing Date, by and between
the Company and the Purchaser, in substantially the form attached hereto as Exhibit B. 
 “Board of Directors” means
the Board of Directors of the Company. 
 “Business Day” means any day other than the days on which banks in New York, New
York or Baltimore, Maryland are required or authorized to close. 
 “Company Joint Venture” means any Person that is not a
Company Subsidiary, in which the Company or one or more of the Company Subsidiaries owns directly or indirectly any Equity Interests, other than Equity Interests that represent less than 5% of each class of the outstanding voting securities or other
Equity Interests of such Person, and in which the invested capital associated with the Company’s or the Company Subsidiary’s interest exceeds $100,000,000. 

 “Company Subsidiary” means a Subsidiary of the Company. 
 “Dividend Shares” means shares of Preferred Stock initially issuable upon any payment-in-kind dividend with respect to the Preferred
Stock pursuant to Section 3(a) of the Articles Supplementary. 
 “Equity Interests” means any share, capital stock,
partnership, membership or similar interests of a Person or any option therefor. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended. 
 “Governmental Authority” means any nation or government or any agency, public or
regulatory authority, instrumentality, department, commission, court, arbitrator, ministry, tribunal or board of any nation or any government or political subdivision thereof, in each case, whether national, federal, tribal, provincial, state,
regional, local or municipal, or any self-regulatory organization. 
 “Investor Rights Agreement” means the Investor Rights
Agreement dated as of the Closing Date, by and among the Company and the Purchaser, in substantially the form attached hereto as Exhibit C. 
 “Law” means applicable statutes, common law, rules, ordinances, regulations, codes, licensing requirements, orders, judgments, injunctions, writs, decrees, licenses, governmental guidelines or interpretations having the
force of law, permits, rules and bylaws, in each case, of a Governmental Authority. 
 “Master Agreement” means the Master
Put Option and Membership Interest Purchase Agreement dated as of the date hereof, by and among the Company, the Purchaser, the Purchaser’s Parent and Constellation Energy Nuclear Group, LLC, attached hereto as Exhibit D, as amended from
time to time. 
 “Material Adverse Effect” means any event, change or occurrence or development of a set of circumstances or
facts, which, individually or together with any other event, change, occurrence or development, has a material adverse effect on the business, assets, liabilities, properties, financial condition or results of operations of the Company and its
Subsidiaries, taken as a whole; provided, however, that the term shall not include (i) any such effect relating to or resulting from general changes in the nuclear or electric industry, other than such effects having a
disproportionate impact on the Company and its Subsidiaries, taken as a whole, as compared to similarly situated Persons, (ii) any such effect resulting from changes in Law or GAAP (as defined in the Master Agreement), other than (in the case
of changes in Law only) such effects having a disproportionate impact on the Company and its Subsidiaries, taken as a whole, as compared to similarly situated Persons, and (iii) any such effect resulting from changes in financial markets or
general economic conditions, other than such effects having a disproportionate impact on the Company and its Subsidiaries, taken as a whole, as compared to similarly situated Persons; provided further, however, that, notwithstanding
any provision of this 

  

 2 

 
sentence to the contrary, (x) the occurrence of an Insolvency Event (as defined in the Master Agreement) in respect of the Company or any Company
Subsidiary or (y) any event, change, occurrence or development that would prevent, materially delay or materially impair the consummation of the transactions contemplated by this Agreement, shall be deemed to cause a Material Adverse Effect. As
used in this Agreement, the term “knowledge” when referring to the knowledge of the Company or any Subsidiary of the Company shall mean the actual knowledge of the Company officers listed on Section 4.14(b)(ii) of the Seller
Disclosure Schedule (as defined in the Master Agreement) after due inquiry. 
 “Merger Agreement” means the Agreement and
Plan of Merger, dated as of September 19, 2008, by and among the Company, MidAmerican Energy Holdings Company, an Iowa corporation, and MEHC Merger Sub Inc., a Maryland corporation. 
 “Person” means any individual, corporation, company, limited liability company, partnership, association, trust, joint venture, group or
any other entity or organization, including any government or political subdivision or any agency or instrumentality thereof. 
 “Securities Act” shall mean the Securities Act of 1933, as amended, and all of the rules and regulations promulgated thereunder. 
 “Subsidiary” means with respect to any Person (a) any corporation with respect to which such Person, directly or indirectly, through one or more Subsidiaries, (i) owns more than 50% of the
outstanding shares of capital stock having generally the right to vote in the election of directors or (ii) has the power, under ordinary circumstances, to elect, or to direct the election of, a majority of the board of directors of such
corporation; (b) any partnership with respect to which (i) such Person or a Subsidiary of such Person is a general partner, (ii) such Person and its Subsidiaries together own more than 50% of the interests therein or (iii) such
Person or its Subsidiaries have the right to appoint or elect or direct the appointment or election of a majority of the directors or other Person or body responsible for the governance or management thereof; (c) any limited liability company
with respect to which (i) such Person or a Subsidiary of such Person is the manager or managing member, (ii) such Person or its Subsidiaries together own more than 50% of the interests therein or (iii) such Person and its Subsidiaries
have the right to appoint or elect or direct the appointment or election of a majority of the directors or other Person or body responsible for the governance or management thereof; or (d) any other entity in which such Person has, and/or one
or more of its Subsidiaries have, directly or indirectly, (i) at least a 50% ownership interest or (ii) the power to appoint or elect or direct the appointment or election of a majority of the directors or other Person or body responsible
for the governance or management thereof. 
 “Transaction Agreements” shall mean this Agreement and the Investor Rights
Agreement. 
 2. Authorization, Purchase and Sale of Stock. 
 2.1 Authorization. The Company has or, on or before the Closing Date, will have (i) authorized and created a series of its preferred stock
consisting of 11,600 shares of Preferred Stock, par value $0.01 per share, designated as its “Series B Preferred Stock” and (ii)

  

 3 

 
authorized the issuance of the 10% Senior Notes. The terms, limitations and relative rights and preferences, conversion and other rights, voting powers,
restrictions, limitations as to dividends or other distributions, qualifications and terms and conditions of redemption of the Preferred Stock are set forth in the Articles Supplementary of the Company, a copy of which is attached hereto as
Exhibit E (the “Articles Supplementary”), which will be filed by the Company on or before the Closing Date with the Maryland State Department of Assessments and Taxation. 
 2.2 Purchase and Sale of the Preferred Stock. Subject to and upon the terms and conditions set forth in this Agreement, at the Closing, the
Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, 10,000 shares of Preferred Stock (the “Investment”) at a purchase price of $100,000 per share. 
 2.3 Closing. The closing of the purchase and sale of the Preferred Stock (the “Closing”) shall take place (i) at the offices
of Skadden, Arps, Slate, Meagher & Flom LLP, 4 Times Square, New York, New York, 10036 or (ii) at such other place and at such date and time as the Company and the Purchaser may agree (the actual date of the Closing, the
“Closing Date”), as soon as reasonably practicable but, in any event, no later than the first (1st ) Business Day after the day on which the last condition set forth in Section 6 is satisfied or waived (other than those
conditions that by their nature cannot be satisfied until the Closing Date, but subject to the satisfaction or waiver of such conditions). At the Closing, the Company shall deliver to the Purchaser certificates representing the shares of Preferred
Stock against payment by the Purchaser of $1,000,000,000 by wire transfer of immediately available United States funds to the Company (the “Purchase Price”). 
 3. Representations and Warranties of the Company. The Company hereby represents and warrants to the Purchaser as follows: 
 3.1 Corporate Existence and Power. Each of the Company and its Subsidiaries is duly organized, validly existing and in good standing under the laws
of its jurisdiction, except where the failure to be in good standing has not had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. The Company has all requisite corporate power and authority
to carry on its business as now conducted. 
 3.2 Capitalization. 
 (a) The authorized capital stock of the Company consists of 600,000,000 shares of Company Common Stock, without par value (the “Company Common
Stock”), and 25,000,000 shares of preferred stock, par value $0.01 per share (the “Company Preferred Stock”). Of the Company Preferred Stock, at the close of business on December 16, 2008, there were 10,000 shares of Series
A Convertible Preferred Stock, par value $0.01 per share, outstanding and no shares of Preferred Stock outstanding. 
 (b) Other than
pursuant to this Agreement, no shares of Preferred Stock have been issued or are outstanding and no shares of Preferred Stock have been or will be held by the Company in its treasury. 
  

 4 

 (c) As of the date of this Agreement, there are (A) no options, warrants, calls, rights, convertible
or exchangeable securities, commitments, contracts, arrangements or undertakings of any kind to which the Company or any of the Company Subsidiaries or the Company Joint Ventures is a party or by which any of them is bound obligating the
Company or any of the Company Subsidiaries or the Company Joint Ventures to issue, deliver or sell, or cause to be issued, delivered or sold, shares of Preferred Stock and (B) no other rights the value of which is in any way based on or derived
from, or that give any person the right to receive any economic benefit or right similar to or derived from the economic benefits and rights accruing to holders of Preferred Stock. 
 3.3 Authorization. The Company has all requisite corporate power to enter into the Transaction Agreements and to carry out and perform its
obligations under the terms of the Transaction Agreements. All corporate action on the part of the Company, its officers, directors and stockholders necessary for the authorization of the Preferred Stock, and the filing of the Articles
Supplementary, the authorization, execution, delivery and performance of the Transaction Agreements and the consummation of the transactions contemplated thereby, including the issuance of the 10% Senior Notes (the “Transactions”)
has been taken. The execution, delivery and performance of the Transaction Agreements by the Company and the consummation of the Transactions do not require any approval of the Company’s stockholders. Assuming this Agreement constitutes the
legal and binding agreement of the Purchaser, this Agreement constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium, fraudulent transfer or fraudulent conveyance and similar laws relating to or affecting creditors generally or by general equity principles (regardless of whether such enforceability is considered in a
proceeding in equity or at law) and an implied covenant of good faith and fair dealing. The transactions contemplated by the Transaction Agreements will not result in the Purchaser, Purchaser’s Parent or any Affiliate of Purchaser’s Parent
becoming an “interested stockholder” (as that term is defined in the Maryland Business Combination Act) of the Company, and the Company has provided the Purchaser certified resolutions of the Board of Directors effecting such action.

 3.4 Valid Issuance. The Preferred Stock being purchased by the Purchaser pursuant to this Agreement will, upon issuance pursuant to
the terms of this Agreement and upon payment therefor, be duly authorized, validly issued, fully paid and non-assessable, free and clear of preemptive or similar rights, except as set forth in Section 7.1(i) of the Articles Supplementary. Upon
their issuance in accordance with the terms of the Articles Supplementary, Dividend Shares will be duly authorized, validly issued, fully paid and non-assessable, free and clear of preemptive or similar rights and the 10% Senior Notes will
constitute legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms. Subject to the accuracy of the representations made by the Purchaser in Section 4, the Preferred Stock will be
issued to the Purchaser in compliance with applicable exemptions from the registration and prospectus delivery requirements of the Securities Act. As of the date hereof, the Company is eligible to file a registration statement on Form S-3 under the
Securities Act and is current in its filings with the SEC under Section 13(a) of the Exchange Act. 
 3.5 No Conflict. No
material consent, approval, order or authorization from any Person (other than the Purchaser and its Affiliates) or Governmental Authority that has not 

  

 5 

 
been obtained is required for the (i) execution, delivery and performance of this Agreement by the Company, (ii) the issuance of the Preferred
Stock or (iii) the issuance of the 10% Senior Notes. The execution, delivery and performance of the Transaction Agreements by the Company and the consummation of the other transactions contemplated hereby will not (i) conflict with or
result in any violation of any provision of the charter or bylaws of the Company, (ii) any bond, debenture, note, indenture, mortgage, deed of trust or other material agreement or instrument to which the Company, the Company Subsidiaries, the
Company Joint Ventures or their respective subsidiaries is a party or by which any of them is bound or to which any of their properties is subject or (iii) conflict with or violate any applicable Law, other than, in the case of (ii) and
(iii) above, as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 3.6
Preference. The Company has no authorized or outstanding class of securities ranking as to dividends, redemption or distribution of assets upon a liquidation senior to or pari passu with the Preferred Stock. 
 3.7 General Solicitation; No Integration. Neither the Company nor any other Person or entity authorized by the Company to act on its behalf has
engaged in a general solicitation or general advertising (within the meaning of Regulation D under the Securities Act) of investors with respect to offers or sales of the Preferred Stock. The Company has not, directly or indirectly, sold, offered
for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act) which, to its knowledge, is or will be integrated with the Preferred Stock sold pursuant to this Agreement. 
 3.8 No Regulatory Approvals. There are no regulatory approvals or consents required for the authorization of the Preferred Stock, and the filing
of the Articles Supplementary, the issuance of the 10% Senior Notes, the authorization, execution, delivery and performance of the Transaction Agreements and the consummation of the transactions contemplated thereby. 
 4. Representations and Warranties of the Purchaser. The Purchaser represents and warrants to the Company as follows: 
 4.1 Organization. The Purchaser is a corporation duly organized, validly existing and in good standing under the laws of Delaware and has the
requisite power and authority to consummate the transactions contemplated by this Agreement and the other Transaction Agreements to which it will be a party and to perform each of its obligations hereunder and thereunder. 
 4.2 Authorization. All corporate, member or partnership action on the part of the Purchaser or its stockholders necessary for the authorization,
execution, delivery and performance of this Agreement and the other Transaction Agreements to which it will be a party and the consummation of the Transactions has been taken. Assuming this Agreement constitutes the legal and binding agreement of
the Company, this Agreement constitutes a legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium, fraudulent transfer or fraudulent conveyance and similar laws relating to or affecting creditors generally or by general equity principles (regardless of whether such enforceability is considered in a proceeding in equity or at law) and
an implied covenant of good faith and fair dealing. 
  

 6 

 4.3 No Conflict. No material consent, approval, order or authorization of any third party is
required for the execution, delivery and performance of this Agreement by the Purchaser. The execution, delivery and performance of the Transaction Agreements by the Purchaser and the consummation of the other transactions contemplated hereby will
not (i) conflict with or result in any violation of any provision of the certificate of incorporation or by-laws or other equivalent organizational documents of the Purchaser or (ii) conflict with or violate any applicable Law, other than,
in the case of (ii) above, as would not, individually or in the aggregate, be reasonably expected to materially delay or hinder the ability of the Purchaser to perform its obligations under the Transaction Agreements. 
 4.4 Purchase Entirely for Own Account. The Purchaser is acquiring the Preferred Stock for its own account and not with a view to, or for sale in
connection with, any distribution of the Preferred Stock in violation of the Securities Act. The Purchaser has no present agreement, undertaking, arrangement, obligation or commitment providing for the disposition of the Preferred Stock. 

4.5 Investor Status. The Purchaser certifies and represents to the Company that it is an “accredited investor” as defined in Rule 501
of Regulation D promulgated under the Securities Act. The Purchaser’s financial condition is such that it is able to bear the risk of holding the Preferred Stock for an indefinite period of time and the risk of loss of its entire investment.
The Purchaser has been afforded the opportunity to ask questions of and receive answers from the management of the Company concerning this investment and has sufficient knowledge and experience in investing in companies similar to the Company so as
to be able to evaluate the risks and merits of its investment in the Company. 
 4.6 Preferred Stock Not Registered. The Purchaser
understands that the Preferred Stock has not been registered under the Securities Act, by reason of their issuance by the Company in a transaction exempt from the registration requirements of the Securities Act, and that the Preferred Stock must
continue to be held by the Purchaser unless a subsequent disposition thereof is registered under the Securities Act or is exempt from such registration. The Purchaser understands that the exemptions from registration afforded by Rule 144 (the
provisions of which are known to it) promulgated under the Securities Act depend on the satisfaction of various conditions, and that, if applicable, Rule 144 may afford the basis for sales only in limited amounts. 
 5. Covenants. 
 5.1 Reasonable Best
Efforts. Subject to the terms and conditions of this Agreement, each party will use its reasonable best efforts to take, or cause to be taken, all appropriate actions, to file, or cause to be filed, all documents and to do, or cause to be done,
all things necessary, proper or advisable to consummate the Transactions, including preparing and filing as promptly as reasonably practicable all documentation to effect all necessary filings, consents, waivers, approvals, authorizations, licenses,
consents, certificates, registrations, approvals or other permits of any Governmental Authority or orders from all Governmental 

  

 7 

 
Authorities or other Persons; provided, however, that in no event shall the Company or any of its Subsidiaries be required to pay any fee,
penalty or other consideration to obtain any consent, approval or waiver required for the consummation of the Transactions under any contract. 
 5.2 Interim Actions. If during the period between the date hereof and the earlier of the Closing Date and the date this Agreement is terminated, the Company takes any action that, had the Preferred Stock been outstanding at such
time, (i) would have resulted in a distribution or payment to the holders of the Preferred Stock, (ii) would, or together with other like events could, have resulted in any adjustments to the terms of the Preferred Stock, or
(iii) would have required the prior approval of or consent by the holders of the Preferred Stock, then the taking of any such action by the Company shall require the approval of the Purchaser. 
 5.3 Payments. All payments made to the Purchaser in connection with the 10% Senior Notes and the Preferred Stock shall be made by wire transfer of
immediately available United States funds. 
 5.4 Tax Treatment of Preferred Stock. The Company shall not treat any accruing dividends
as giving rise to any redemption premium. 
 5.5 Purchaser’s Parent Guarantee. Purchaser’s Parent unconditionally,
absolutely and, subject to the following sentence, irrevocably guarantees to the Company (i) the full and prompt payment, as and when due and payable, of the Purchase Price on the Closing Date by the Purchaser in accordance with
Section 2.3 and the performance by the Purchaser of all of its other obligations under this Agreement and (ii) the due, prompt and timely performance and observance by the Purchaser of any and all of its other obligations now or hereafter
existing in respect of this Agreement (the “Purchaser’s Parent Guarantee”). The Purchaser’s Parent Guarantee shall remain in effect until the earliest to occur of (i) all such obligations having been fully and
irrevocably performed and satisfied, (ii) the occurrence of the Closing and (iii) if applicable, the termination of this Agreement pursuant to Section 7 (other than a termination under Section 7.1(b)(iii) by the Company or its
Affiliates where the Purchaser’s Parent Guarantee under the Master Agreement survives such termination of the Master Agreement). Purchaser’s Parent hereby guarantees that the Purchaser’s Parent Guarantee will be paid and performed
strictly in accordance with the terms of this Agreement, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Company with respect hereto. Purchaser’s Parent
agrees that its guarantee constitutes a guarantee of payment when due and not of collection. Purchaser’s Parent hereby waives demand, presentment and notice of default or breach for non-performance of any of the covenants, terms, conditions or
agreements in any other matter or thing mentioned and described in this Agreement. Furthermore, the occurrence of any one or more of the following shall not affect the enforceability or effectiveness of the Purchaser’s Parent Guarantee:
(i) any modification, amendment, settlement, release (in whole or in part) or enforcement of the obligations guaranteed, (ii) any merger, consolidation, restructuring or termination of the corporate existence of the Purchaser,
(iii) the illegality, invalidity or unenforceability of all or any part of the obligations guaranteed or any agreement or instrument related thereto, (iv) the failure of the Company to exhaust any right, remedy, power or privilege it may
have against the Purchaser (including failure to file or enforce a claim in any bankruptcy or other proceeding), (v) any bankruptcy, insolvency, reorganization, winding-up, adjustment of debts or appointment of a 

  

 8 

 
custodian or liquidator, or similar proceedings commenced by or against the Purchaser, including any discharge of, or bar or stay against collecting, all or
any part of the obligations guaranteed and (vi) any other defense with respect to the performance of all or any part of the Purchaser’s Parent Guarantee, including but not limited to the effect of any statute of limitations. 
 6. Conditions Precedent. 
 6.1
Conditions to the Obligations of Each Party. The obligations of the Company and the Purchaser to consummate the purchase and sale of the Preferred Stock at the Closing are subject to the satisfaction or waiver of the following conditions:

 (a) All regulatory approvals, if any, required in connection with the purchase and sale of the Preferred Stock or the issuance of the 10%
Senior Notes shall have been obtained. 
 (b) No temporary restraining order, preliminary or permanent injunction or other judgment or order
issued by any court or agency of competent jurisdiction (each, a “Restraint”) shall be in effect which prohibits, restrains or renders illegal the consummation of the Investment (provided, that prior to asserting this
condition, the party asserting this condition shall have used its best efforts (in the manner contemplated by Section 5.1) to prevent the entry of any such Restraint and to appeal as promptly as practicable any judgment that may be entered).

 (c) The Investor Rights Agreement shall be in full force and effect. 
 (d) The Master Agreement shall be in full force and effect. 
 (e) The Amended and Restated Investor Agreement shall be in full force and effect. 
 6.2 Conditions to
the Obligations of the Company. The obligation of the Company to consummate the sale of the Preferred Stock to the Purchaser at the Closing is subject to the satisfaction or waiver of the following further conditions: 
 (a) The representations and warranties contained herein of the Purchaser shall be true and correct on the date of this Agreement and as of the Closing
Date with the same force and effect as though made on and as of the Closing Date, except where the failure to be so true and correct would not, individually or in the aggregate, as of the date hereof and as of the Closing Date has not had, and would
not be reasonably likely to have an effect on the Purchaser that will, or would reasonably be expected to, materially delay or hinder the ability of the Purchaser to perform its obligations under the Transaction Agreements; provided,
however, that such representations and warranties made as of a specific date need only be true and correct (subject to the qualifications set forth above) as of such date only. 
 (b) The Purchaser shall have performed in all material respects all obligations, and complied in all material respects with the agreements and covenants,
required to be performed by or complied with by it hereunder at or prior to the Closing. 
  

 9 

 6.3 Conditions to the Obligations of the Purchaser. The obligation of the Purchaser to consummate
the sale of the Preferred Stock to the Purchaser at the Closing is subject to the satisfaction or waiver of the following further conditions: 
 (a) The representations and warranties of the Company (i) set forth in Sections 3.2(a), 3.4 and 3.6 shall be true and correct on the date of this Agreement and as of the Closing Date with the same force and effect as though made on and
as of the Closing Date and (ii) set forth in Article III, other than in Sections 3.2(a), 3.4 and 3.6, shall be true and correct on the date of this Agreement and as of the Closing Date with the same force and effect as though made on and as of
the Closing Date (without giving effect to qualifications as to materiality or Material Adverse Effect contained therein), except where the failure to be so true and correct would not, individually or in the aggregate, have a Material Adverse
Effect; provided, however, that such representations and warranties made as of a specific date need only be true and correct (subject to the qualifications set forth above) as of such date only. 
 (b) As of the date hereof, the Company is able to deliver the certificate contemplated by Section 7.2(d) of the Master Agreement assuming for the
purposes of this Section 6.3(b) that the closing of the sale of the Designated Interest (as defined in the Master Agreement) occurred on the Closing Date. 
 (c) The Articles Supplementary shall have been filed by the Company with, and accepted for record by, the State Department of Assessments and Taxation of Maryland, and satisfactory evidence of such filing and
acceptance for record shall have been delivered to the Purchaser. 
 (d) The Company shall have performed in all material respects all
obligations, and complied in all material respects with the agreements and covenants, required to be performed by or complied with by it hereunder at or prior to the Closing. 
 (e) There shall not have been any Material Adverse Effect since the date hereof. 
 7. Termination. 
 7.1 Conditions of
Termination. Notwithstanding anything to the contrary contained in this Agreement, this Agreement may be terminated at any time before the Closing: 
 (a) by mutual consent of the Company and the Purchaser; 
 (b) by either the Company, on the one hand, or the
Purchaser, on the other hand, if: 
 (i) the Closing shall not have occurred on or prior to 5:00 p.m., New York time, on the earliest of the
following days: (x) the fifth Business Day after the date on which termination of the Merger Agreement shall have occurred; (y) the fifth Business Day after the date on which the Company Meeting (as defined in the Merger Agreement) shall
have taken place; and (z) January 15, 2009; and the party or parties seeking to terminate this Agreement pursuant to this Section 7.1(b)(i) shall not have breached in any material respect its or their obligations under this Agreement;

  

 10 

 (ii) any Restraint having the effect set forth in Section 6.1(b) shall be in effect and shall have
become final and nonappealable; or 
 (iii) the Master Agreement is terminated. 
 7.2 Effect of Termination. In the event of any termination pursuant to Section 7.1, this Agreement shall become null and void and have no
effect, with no liability on the part of the Company or the Purchaser, or their directors, officers, agents or stockholders, with respect to this Agreement, other than in respect of willful breach. 
 8. Miscellaneous Provisions. 
 8.1
Public Statements or Releases. Purchaser and the Company will consult with each other before issuing, and provide each other the reasonable opportunity to review, comment upon and concur with, any press release or other public statements with
respect to this Agreement or the transactions contemplated hereby, and shall not issue any such press release or make any such public statement prior to such consultation, unless required by applicable law or the rules of a national securities
exchange. In the event that any party concludes that it is required by law or relevant stock exchange rules to make a public statement with respect to this Agreement or the transactions contemplated hereby or make any public filing with respect
thereto, including any filing with the Securities and Exchange Commission, such party will immediately provide to the other parties hereto for review a copy of any such press release, statement or filing, and will not issue any such press release,
or make any such public statement or filing, prior to such consultation and review, unless required by applicable law or the rules of a national securities exchange. 
 8.2 Interpretation. Section and subsection references are to this Agreement unless otherwise specified. The headings in this Agreement are included for convenience of reference only and will not limit or
otherwise affect the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they will be deemed to be followed by the words “without
limitation.” The phrase “the date of this Agreement,” and terms of similar import, unless the context otherwise requires, will be deemed to refer to the date set forth in the first paragraph of this Agreement. The meanings given to
terms defined in this Agreement will be equally applicable to both the singular and plural forms of such terms. All matters to be agreed to by any party must be agreed to in writing by such party unless otherwise indicated in this Agreement.
References to agreements, policies, standards, guidelines or instruments, or to statutes or regulations, are to such agreements, policies, standards, guidelines or instruments, or statutes or regulations, as amended or supplemented from time to time
(or to successors thereto). 
  

 11 

 8.3 Notices. All notices, requests and other communications to any party hereunder shall be in
writing, by reliable overnight delivery service (with proof of service), hand delivery or certified or registered mail (return receipt requested and first-class postage prepaid), or by facsimile, and shall be given: 
  

	 	(a)	if to the Company, to: 

 Constellation
Energy Group, Inc. 
 750 E. Pratt Street 
 Baltimore, Maryland 21202 
 Attention: Charles Berardesco 
 Fax: (410) 470-5766 
 with a copy to (which shall not constitute notice): 
 Kirkland & Ellis LLP 
 Citigroup Center 
 153 East 53rd Street 
 New York, New York 10022-4611 

			
	Attention:	  	George Stamas
		  	Mark Director

 Fax: (202) 879-5200 
  

	 	(b)	if to the Purchaser, to: 

 EDF Development
Inc. 
 c/o Électricité de France International, S.A. 
 20, Place de la Défense 
 92050 Paris 
 France 
 Attention: Marianne Laigneau 
 Phone: +33 1 56 65 39 71 
 Fax: +33 1 40 42 61 67 
 with a copy to (which shall not constitute notice): 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 1440 New York Ave., N.W. 
 Washington, D.C. 20005 

			
	Attention:	  	Michael P. Rogan
		  	Jeremy D. London

 Fax: (202) 661-8200 
 or such other address or facsimile number as such party may hereafter specify by notice to the other parties hereto. Each such notice, request or other communication
shall be effective (i) if given by facsimile, when such facsimile is transmitted to the facsimile number specified above and electronic confirmation of transmission is received or (ii) if given by any other means, when delivered at the
address specified in this Section 8.3. 
 8.4 Severability. If any part or provision of this Agreement is held unenforceable or
in conflict with the applicable laws or regulations of any jurisdiction, the invalid or unenforceable part or provisions shall be replaced with a provision which accomplishes, to the extent possible, the original business purpose of such part or
provision in a valid and enforceable manner, and the remainder of this Agreement shall remain binding upon the parties. 
  

 12 

 8.5 Governing Law. 
 (a) This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws principles thereof. 
 (b) Subject to Section 8.5(d), in the event of any dispute arising out of or in connection with this Agreement, including any dispute regarding its
existence, termination or validity, each party shall have the right to have recourse to and shall be bound by the pre-arbitral referee procedure of the International Chamber of Commerce in accordance with its rules for a Pre-Arbitral Referee
Procedure. All disputes arising out of or in connection with this Agreement (including as to existence, termination and validity) shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce (the
“Rules”) by three arbitrators appointed in accordance with said Rules. The place of the pre-arbitral referee procedure and of the arbitration shall be New York, New York, United States of America. The proceedings before the arbitral
tribunal (including with respect to the Pre-Arbitral Referee Procedure) shall be governed by the Rules. The rules of law to be applied by the arbitral tribunal to the merits of the dispute shall be the rules of laws of the State of New York. The
language of the arbitration shall be English. Evidence shall be provided in English and pleadings shall be done in English. The arbitral tribunal shall render its decision within six months from the date of signature of the terms of reference.

 (c) Any decision or award of the arbitral tribunal shall be final and binding upon the parties to the arbitration proceeding. The parties
waive to the extent permitted by applicable law any rights to appeal or to review of such award by any court or tribunal. The parties agree that the arbitral award may be enforced against the parties to the arbitration proceeding or their assets
wherever they may be found and that a judgment upon the arbitral award may be entered in any court having jurisdiction thereof. 
 (d) The
parties acknowledge and agree that all disputes arising out of or in connection with a breach by a party of a representation, warranty, covenant or other term in the Agreement which would prevent the Closing from occurring due to the failure of a
party’s condition precedent to close as set forth in Section 6 shall not be subject to the dispute resolution provisions of Section 8.5(b), and each party is entitled to seek the relief provided to it in Section 8.7 (as to
equitable relief). 
 8.6 Waiver. No waiver of any term, provision or condition of this Agreement, whether by conduct or otherwise, in
any one or more instances, shall be deemed to be, or be construed as, a further or continuing waiver of any such term, provision or condition or as a waiver of any other term, provision or condition of this Agreement. 
 8.7 Remedies. The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed
in accordance with the terms hereof or were otherwise breached. It is accordingly agreed that prior to the termination of this Agreement in accordance with Section 7, each party will each be entitled to an injunction or 

  

 13 

 
injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in any state or federal court
located in New York, New York, which court shall apply the internal laws of the State of New York as the law governing this Agreement, and the parties hereby submit to the jurisdiction of such court and agree not to raise any objection to venue in
such court, this being in addition to any other remedy to which they are entitled at Law or in equity without prejudice to any other rights or remedies that may otherwise be available to such other party. 
 8.8 Expenses. Each of the Company and the Purchaser shall be responsible for their own expenses incurred in connection with the Investment and the
other transactions contemplated by the Transaction Agreements. 
 8.9 Successors and Assigns. The provisions of this Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, provided that no party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent
of the other parties hereto (and any purported assignment without such consent shall be void and without effect), provided, however, that the Purchaser may assign any of its rights, interests and obligations hereunder to an Affiliate,
provided that the Purchaser may not assign any of its rights, interests and obligations hereunder to an Affiliate if such assignment would, or would reasonably be expected to, materially delay or hinder the ability of the Purchaser to perform
its obligations under Section 2.2 hereto, and provided further that no such assignment shall relieve the Purchaser from any of its agreements and obligations hereunder. 
 8.10 Third Parties. This Agreement does not create any rights, claims or benefits inuring to any Person that is not a party nor create or
establish any third party beneficiary to this Agreement or any other Transaction Agreement. 
 8.11 Counterparts. This Agreement may
be signed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 
 8.12 Entire Agreement; Amendments. This Agreement, the Investor Rights Agreement and the Master Agreement, constitute the entire agreement between the parties respecting the subject matter of this Agreement and supersede all prior
agreements, negotiations, understandings, representations and statements respecting the subject matter of this Agreement, whether written or oral. No modification, alteration, waiver or change in any of the terms of this Agreement shall be valid or
binding upon the parties unless made in writing and duly executed by the parties. 
 8.13 Survival. The representations and warranties
contained in this Agreement shall terminate upon the first to occur of the Closing or the termination of this Agreement; provided, however, that in the event the Closing occurs, the representations and warranties in Section 3.1,
3.3 and 3.4 shall survive and remain in effect until the earlier of (i) the redemption by the Company of all outstanding shares of Preferred Stock and (ii) the issuance of the 10% Senior Notes. 
  

 14 

 8.14 Representation by Counsel; Mutual Drafting. The parties hereto agree that they have been
represented by counsel during the negotiation and execution of this Agreement and have participated jointly in the negotiation and drafting of this Agreement and hereby waive the application of any law, regulation, holding or rule of construction
providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if
drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 
 * * * * 
  

 15 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

  

			
	CONSTELLATION ENERGY GROUP, INC.
		
	By:	 	 /s/ Charles A. Berardesco

	Name:	 	Charles A. Berardesco
	Title:	 	Senior Vice President and General Counsel
	
	EDF DEVELOPMENT INC.
		
	By:	 	 /s/ Jean-Pierre Benque

	Name:	 	Jean-Pierre Benque
	Title:	 	President
	
	ÉLECTRICITÉ DE FRANCE INTERNATIONAL, SA
		
	By:	 	 /s/ Daniel Camus

	Name:	 	Daniel Camus
	Title:	 	Chairman

  

 16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00150-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00150-of-00352.parquet"}]]