Document:

Exelon Corporation Deferred Non-Employee Directors' Deferred Stock Unit Plan

 Exhibit 10.2 
 EXELON CORPORATION 
 NON-EMPLOYEE DIRECTORS’ DEFERRED STOCK UNIT PLAN 
 (As Amended and Restated Effective January 1, 2009) 
  

	1.	Purpose 

 The purpose of the Plan is to provide a
means whereby the Company may, through the grant of Units relating to Common Stock, offer a reward and an incentive to the members of the board of directors of the Company, motivate such directors to exert their best efforts on behalf of the Company
and further to align the economic interest of such individuals with those of the Company’s shareholders. This Plan is intended to constitute a non-qualified deferred compensation plan. 
  

	2.	Definitions 

 Whenever used in this Plan, the
following terms will have the respective meanings set forth below: 
 2.01 “Account” means the Company’s record
established pursuant to Section 5, which reflects the number of Units standing to the credit of a Participant under the Plan. 
 2.02
“Beneficiary” means the person(s) designated by a Participant to receive any benefits payable under this Plan after the Participant’s death. The Company’s Secretary shall provide a form for this purpose. If the Participant
is not survived by a designated Beneficiary, the Participant’s Beneficiary shall be the Participant’s spouse, if living, or otherwise the Participant’s estate. If one or more Beneficiaries survive the Participant, but all designated
Beneficiaries die before the entire balance payable under the Plan has been distributed, any remaining balance shall be paid to the estate of the last surviving Beneficiary. In the absence of contrary proof, the Participant shall be deemed to have
survived any designated Beneficiary. A Participant may change his Beneficiary designation at any time until his death by filing a written Beneficiary designation with the Secretary, in the manner specified by the Secretary. 
 2.03 “Board” means the Board of Directors of the Company. 
 2.04 “Code” means the Internal Revenue Code of 1986, as amended. 
 2.05
“Committee” means a Committee appointed by the Board or, if no such Committee is currently appointed, the Secretary of the Company. 
 2.06 “Common Stock” means the common stock of the Company. 
 2.07
“Company” means, prior to October 20, 2000, PECO Energy Company, and thereafter Exelon Corporation and any successor thereto. 
 2.08 “Director” means a member of the Board who is not an employee of the Company or any of its subsidiaries or other entities controlling or controlled by it. 

 2.09 “Dividend Equivalent” means an amount determined by multiplying the number of Units
credited to a Participant’s Account on the record date for the payment of a dividend on the Common Stock, by the per share cash dividend, or the per share Fair Market Value of any stock dividend, or the per share fair market value (as
determined by the Committee) of any dividend in consideration other than cash or Common Stock, paid by the Company on its Common Stock with respect to such dividend record date. 
 2.10 “Effective Date” means January 1, 1997. 
 2.11 “Fair Market Value” of Common Stock means the closing sales price thereof on the New York Stock Exchange on the day on which Fair Market Value is being determined, as reported on the Composite
Tape for transactions on the New York Stock Exchange. In the event that there are no Common Stock transactions on the New York Stock Exchange on such day, the Fair Market Value will be determined as of the immediately preceding day on which there
were Common Stock transactions on that exchange. 
 2.12 “Participant” means any Director who is eligible to participate in
the Plan under Section 4. An individual shall remain a Participant until that individual has received full distribution of any amount credited to the Participant’s Account. 
 2.13 “Plan” means, prior to October 20, 2000, the PECO Energy Company Non-Employee Directors’ Deferred Stock Unit Plan, and
thereafter the Exelon Corporation Non-Employee Directors’ Deferred Stock Unit Plan, as the same is set forth herein, and as it may be amended from time to time. 
 2.14 “Plan Year” means the calendar year. 
 2.15 “Separates from Service”
or “Separation from Service” means the Director’s termination of service as a member of the Board for any reason other than death. A Separation from Service shall be determined in accordance with Section 409A of the Code,
and shall be deemed to have occurred when the Director’s service to the Company ceases, without reference to any compensation continuation arrangement that may be applicable. 
 2.16 “Unit” means a single unit granted to a Participant which represents a phantom interest equivalent to one share of Common Stock.

 2.17 “Unit Value” means, at any time, unless otherwise specified in the Plan, the value of each Unit issued under the
Plan, which value shall be equal to the Fair Market Value of the Common Stock on such date. 
  

	3.	Administration 

 The Plan shall be administered by
the Committee or its designee, which shall have full power and authority to interpret the Plan, to prescribe, amend and rescind any rules, forms and procedures as it deems necessary or appropriate for the proper administration of the Plan and to
make any other determinations, including factual determinations, and take such other actions as it deems necessary or advisable in carrying out its duties under the Plan. All decisions and determinations by the Committee or its designee shall be
final and binding on the Company, 

  

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Participants, Directors, Beneficiaries and any other persons having or claiming an interest hereunder. Any other provisions of the Plan notwithstanding, the
Board may perform any function of the Committee under the Plan, including, without limitation, actions for the purpose of ensuring that transactions under the Plan by Participants who are subject to Section 16 of the Securities Exchange Act of
1934, as amended, in respect of the Company are exempt under Rule 16b-3. In any case in which the Board is performing a function of the Committee under the Plan, each reference to the Committee herein shall be deemed to refer to the Board (unless
the context shall otherwise require). 
  

	4.	Participation 

 Each Director of the Company shall
become a Participant in the Plan on the later of (i) the Effective Date or (ii) the date such individual first becomes a Director. 
  

	5.	Award of Units 

 5.01 Initial Award of Units.
Each Director who is a Participant on the Effective Date is granted a number of Units equal to (i) the present value of benefits accrued by that Director through December 31, 1996 under the PECO Energy Company Directors’ Retirement
Plan (the “Retirement Plan”) (or, if the Participant is credited with fewer than five Years of Service under the Retirement Plan as of December 31, 1996, the present value of the product of 10% of the Participant’s 1996 retainer
and the number of Years of Service with which the Participant is credited under the Retirement Plan as of December 31, 1996), as determined by an actuary appointed by the Board, divided by (ii) the Fair Market Value of the Common Stock on
December 31, 1996. 
 5.02 Annual Award of Units. On the last day of each calendar quarter beginning before April 1, 1999,
each Participant who is a Director on that date shall receive an award of 178.75 Units. On the last day of each calendar quarter beginning after March 31, 1999 and before October 1, 2000, each Participant who is a Director on that date
shall receive an award of 250 Units. On the last day of each calendar quarter beginning after September 30, 2000, each Participant who is a Director on that date shall receive an award of a number of Units equal to the quotient of $12,500
divided by the Fair Market Value of the Common Stock on the date for the payment of a dividend occurring in such calendar quarter. Such awarded Units shall be credited to each Participant’s Account as specified in Section 5.04 below. The
Board may review the annual award under this Section 5.02 periodically and amend the Plan to adjust such award if and to the extent appropriate. 
 5.03 Dividend Equivalents. From the date of grant of each Unit to a Participant until the Participant’s Account has been fully distributed, the Company shall credit to each Participant’s Account on
each date for the payment of a dividend by the Company on its Common Stock, a number of Units equal to (i) the Dividend Equivalent for such dividend payment date, divided by (ii) the Fair Market Value of a share of Common Stock on such
dividend payment date. If Units are awarded under Section 5.02 and this Section 5.03 as of the same date, the award under this Section 5.03 shall be determined before any Units are credited to a Participant’s Account under
Section 5.02. 
  

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 5.04 Accounts. The Company shall keep records to reflect the number of Units credited to each
Participant hereunder; provided, however, that (i) this Plan shall be unfunded, (ii) the Company shall not be required to establish any special or separate fund or to make any other segregation of assets to assure redemption of Units
granted under this Plan, and (iii) no Participant or any other person shall under any circumstances acquire any property interest in any specific assets of the Company. Fractional Units shall accumulate in the Participant’s Account and
shall be added together to create whole Units. Nothing contained in this Plan and no action taken pursuant hereto shall create or be construed to create a fiduciary relationship between the Company and any Participant or any other person. To the
extent that any person acquires a right to receive payment from the Company hereunder, such right shall be no greater than the right of any unsecured general creditor of the Company. 
 5.05 Adjustments. If there is any change in the number of shares of Common Stock outstanding (i) by reason of a spin-off, recapitalization,
stock split, or combination or exchange of shares, (ii) by reason of a merger, reorganization or consolidation in which the Company is the surviving corporation, (iii) by reason of a reclassification or change in par value, or (iv) by
reason of any other extraordinary or unusual event affecting the outstanding Common Stock as a class without the Company’s receipt of consideration, the number of Units credited to Participants’ Accounts shall be appropriately adjusted by
the Committee to reflect any increase or decrease in the number of issued shares of Common Stock to preclude, to the extent practicable, the enlargement or dilution of rights and benefits under this Plan. Any adjustments determined by the Committee
shall be final, binding and conclusive. If and to the extent that any such change in the number of shares of Common Stock outstanding is effected solely by application of a mathematical formula (e.g., a 2-for-1 stock split), the adjustment described
in this Section 5.05 shall be made and shall occur automatically by application of such formula, without further action by the Committee. 
  

	6.	Events Requiring Redemption of Units 

 6.01
Separation from Service. 
 (a) The Units credited to a Participant’s
Account shall be distributed to the Participant in, or beginning in, the month of April next beginning after the occurrence of one of the following distribution events, as the Participant shall direct in a benefit distribution election form
submitted in accordance with procedures established by the Company (a “Benefit Distribution Election Form”): (i) the Participant’s Separation from Service or (ii) the Participant’s 72nd birthday. Distributions shall be paid in a lump sum payment or in annual installments over a period of up to 10 years, as the Participant shall direct in his or her Benefit
Distribution Election Form. Except as provided in Section 6.01(c), any distribution shall be paid in the form of whole shares of Common Stock and cash in an amount equal to the Unit Value of any remaining fractional Unit. If a Participant
elects to receive installments, Dividend Equivalents will be credited to such Participant’s Account in accordance with Section 5 until the full amount of the Participant’s Account has been distributed. Each installment payment shall
include shares of Common Stock equal to the largest number of whole Units determined by dividing the Participant’s total Account balance as of such payment date by the number of payments remaining in the installment period, and the last such
installment shall also include cash in an amount equal to the Unit Value of any remaining fractional Unit. 
  

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 (b) Except as permitted under Section 6.01(c), each Director must submit a Benefit Distribution
Election Form not later than 30 days after the date on which such Director’s participation in the Plan commences. 
 (c) Notwithstanding
Sections 6.01(a) and 6.01(b), each Participant who had not commenced and was not scheduled to commence the receipt of distributions under the Plan on or before December 31, 2007 was permitted to submit a Benefit Distribution Election Form on or
before June 30, 2007 which provided for the payment of such Participant’s Account (i) at any of the times and in any of the forms permitted under Section 6.01(a) of the Plan or (ii) in a lump sum payment in the first quarter
of 2008; provided that such election did not cause any payment to be made in 2007 and did not apply to any payment that otherwise would be paid in 2007. If a Participant elected to receive a lump sum payment of his or her Account in the first
quarter of 2008, such payment was paid in cash, shares of Common Stock, or any combination thereof, at the election of the Participant, provided that such Participant was permitted to elect to receive such payment in cash only to the extent the
Participant had otherwise satisfied his or her share ownership requirements under the Company’s share ownership policy. The special election right set forth in this Section was intended to comply with the transition rule set forth in IRS Notice
2005-1, Q&A-19(c), and extended in the preamble to regulations proposed under Section 409A of the Code and IRS Notice 2006-79, which permits participants in deferred compensation plans to change the date on which deferred compensation is
payable. 
 (d) A Participant may elect to change the time and/or method of his or her distributions payable under the Plan in accordance
with procedures prescribed by the Committee; provided that, in accordance with Section 409A of the Code, any such change in a distribution election (i) shall not be effective until 12 months after it is submitted to the Committee,
(ii) must be submitted to the Committee at least 12 months prior to the date on which such distributions were previously scheduled to commence, (iii) must provide for distributions to commence at least five years after the date on which
such distributions were previously scheduled to commence and (iv) shall not provide for distributions to commence later than the date on which the Director attains age 72. 
 6.02 Death. If a Participant dies before any Units credited to his or her Account have been redeemed in accordance with Section 6.01, whether
death occurs before or after a Separation from Service, the Company shall redeem all of the Units credited to the Participant’s Account as of the date of his or her death and distribute to the Participant’s Beneficiary as soon as
practicable, in a single distribution, shares of Common Stock equal to the number of whole Units credited to the Participant’s Account as of the date of his or her death and cash in an amount equal to the Unit Value of any remaining fractional
Unit. 
 6.03 Common Stock for Redemption of Units. Shares distributed to redeem Units may be authorized but unissued shares of Common
Stock or reacquired shares of Common Stock, including treasury shares and shares purchased by the Company on the open market for purposes of the Plan. 
  

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	7.	Miscellaneous 

 7.01 Transferability. No Unit
awarded under this Plan may be transferred, assigned, pledged or encumbered by the Participant, and a Unit may be redeemed during the lifetime of a Participant only from such Participant. 
 7.02 No Rights as Shareholder. No Participant shall have any rights as a shareholder of the Company, including the right to any cash dividends, or
the right to vote, as a result of the grant to the Participant, or the Participant’s holding of, any Units. 
 7.03 Adjustment Upon
Acquisitions, Dispositions or other Events not in the Ordinary Course of Business. Notwithstanding anything herein to the contrary, if the Company’s financial performance is affected by any event that is of a non-recurring nature, including
an acquisition or disposition of the assets or stock of a business, the Board, in its sole discretion, may make such adjustments in the number of Units or the Unit Value of each Unit for the then current Plan Year as it shall determine to be
equitable and appropriate in order to make the value of each Unit, as nearly as may be practicable, equivalent to the value of the Unit immediately prior to such event. 
 7.04 No Rights to Service. Nothing in this Plan, and no action taken pursuant hereto, shall affect the Participant’s term of service as a Director. 
 7.05 Notices. Any notice hereunder to be given to the Company shall be in writing and shall be delivered in person to the Secretary of the
Company, or shall be sent by registered mail, return receipt requested, to the Secretary of the Company at the Company’s executive offices, and any notice hereunder to be given to the Participant shall be in writing and shall be delivered in
person to the Participant, or shall be sent by registered mail, return receipt requested, to the Participant at his last address as shown in the employment records of the Company. Any notice duly mailed in accordance with the preceding sentence
shall be deemed given on the date postmarked. 
 7.06 Termination and Amendment of the Plan/Modification of Units. The Plan may be
altered, amended, suspended, or terminated at any time by the Board, provided that, except as otherwise provided herein, no such action shall result in the distribution of amounts credited to the Accounts of any Participant at any time other than as
provided in the Plan, nor shall such action reduce the Units credited to any Participant’s Account. To the extent permitted under Section 409A of the Code, the Board may, in its discretion, terminate the Plan and accelerate the payment of
all Accounts: 
 (a) within 12 months of a corporate dissolution taxed under Section 331 of the Code, or with the approval of a
bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the payments with respect to each such Account are included in the Director’s gross income in the later of (i) the calendar year in which the Plan termination occurs
or (ii) the first calendar year in which the payments are administratively practicable; 
 (b) in connection with a “change in
control event,” as defined in, and to the extent permitted under, Treasury regulations promulgated under Section 409A of the Code or 
  

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 (c) upon any other termination event permitted under Section 409A of the Code. 
 7.07 Incompetents. If the Committee shall find that any person to whom any payment is payable under this Plan is unable to care for his affairs
because of illness or accident, or is a minor, any payment due (unless a prior claim therefor shall have been made by a duly appointed guardian, committee or other legal representative) may be paid to the spouse, a child, a parent, or a brother or
sister, or to any person deemed by the Committee to have incurred expense for such person otherwise entitled to payment, in such manner and proportions as the Committee may determine. Any such payment shall be a complete discharge of the liabilities
of the Company under this Plan. 
 7.08 Compliance With Section 409A of the Code. The Plan is intended to comply with the
provisions of Section 409A of the Code, and shall be interpreted and construed accordingly. The Company shall have the discretion and authority to amend the Plan at any time to satisfy any requirements of Section 409A of the Code or
guidance provided by the U.S. Treasury Department to the extent applicable to the Plan. 
 7.09 Binding Effect. This Plan shall be
binding upon and inure to the benefit of the Company, its successors and assigns and the Participant and his heirs, executors, administrators and legal representatives. 
 7.10 Governing Law. This Plan shall be construed in accordance with, and governed by, the law of the Commonwealth of Pennsylvania to the extent not preempted by applicable federal law. 
  

	
	EXELON CORPORATION
	
	  

	Executive Vice President &
	Chief Human Resources Officer

  

 -7-Exelon Corporation Deferred Compensation Plan for Directors

 Exhibit 10.4 
 Exelon Corporation 
 Unfunded Deferred Compensation Plan for Directors 
 (Amended and Restated Effective January 1, 2009) 
 The purpose of this Unfunded Deferred Compensation Plan for Directors (the “Plan”) is to permit Directors of Exelon Corporation (“Exelon”) to elect to defer receipt of directors’ fees. The
Plan as set forth herein is an amendment and restatement of the Plan as adopted effective October 20, 2000, and is a successor to the PECO Energy Company Unfunded Deferred Compensation Plan for Directors (the “Prior Plan”).

 1. Administration. The Plan shall be administered by the Secretary of Exelon or his or her designee (the “Secretary”), or
such other individual or individuals as designated by the Board of Directors of Exelon (the “Board”). The Secretary shall interpret the Plan and establish such rules and regulations of plan administration that he or she deems appropriate.
The cost of plan administration shall be paid by Exelon, and shall not be charged against the deferred accounts of Plan participants. 
 2.
Eligibility. All Directors of Exelon (other than full-time employees of Exelon or its subsidiaries) shall be eligible to participate in the Plan. 
 3. Deferrals. (a) Prior to the first day of each calendar year, each eligible Director may elect in writing to defer the receipt of all or a portion of his or her directors’ fees earned with respect
to such calendar year, by filing a written Director’s Deferral Agreement form with the Secretary. A person who becomes an eligible Director after the first day of any calendar year shall be permitted to make the election described in this
Section 3 not later than 30 days after becoming an eligible Director, and such election shall apply to directors’ fees earned during the remainder of such calendar year. In all events, each deferral election made under this Plan 

 
shall apply only to fees earned after the date of such election. Deferred amounts under the Plan, together with deferred amounts and attributable earnings
under the Prior Plan, shall be credited to a deferral account in the participant’s name (“Deferral Account”) for later distribution. Each participant’s Deferral Account shall be a bookkeeping entry only, and Exelon shall not be
required to fund the Deferral Account. Any assets that may be held by Exelon to fund a Deferral Account shall at all times remain unrestricted assets of Exelon in its corporate capacity and not as a fiduciary, and shall be subject to the claims of
Exelon’s general creditors. Pending distribution, each participant’s Deferral Account shall be credited with earnings or interest as provided in Section 3(b). 
 (b) (1) For purposes of measuring the earnings or losses credited to a participant’s Deferral Account, the participant may select, from among the
investment funds available from time to time under the Exelon Corporation Employee Savings Plan (the “Savings Plan”), the investment funds in which all or part of his or her Deferral Account shall be deemed to be invested. 
 (2) The participant shall make an investment designation in the form and manner prescribed by the Secretary, which shall remain effective until another
valid designation has been made by the participant as herein provided. The participant may amend his or her investment designation at such times and in such manner as prescribed by the Secretary. A timely change to the participant’s investment
designation shall become effective as soon as administratively practicable after such designation is submitted. 
 (3) The investment funds
deemed to be made available to the participant, and any limitation on the maximum or minimum percentages of the participant’s Deferral Account that may be deemed to be invested in any particular fund, shall be the same as available or in effect
from time to time under the Savings Plan. 
  

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 (4) Except as provided below, the participant’s Deferral Account shall be deemed to be invested in
accordance with his or her investment designations, and the Deferral Account shall be credited with earnings (or losses) as if invested as directed by the participant. 
 To the extent that the participant does not furnish complete investment instructions, then the Deferral Account shall be deemed invested in the default investment fund then in effect under the Savings Plan. The
Deferral Accounts maintained pursuant to the Plan are for bookkeeping purposes only and Exelon is under no obligation to invest such amounts. 
 Exelon shall provide a statement to each participant not less frequently than annually showing such information as is appropriate, including the aggregate amount in his or her Deferral Account, as of a reasonably current date. 

4. Distributions. (a) The amount credited to a participant’s Deferral Account
shall be distributed to the participant in, or beginning in, the first April beginning after the occurrence of one of the following distribution events, as the participant shall direct in his or her Benefit Distribution Election Form: (i) the
participant’s separation from service, within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), as a Director of Exelon, (ii) the participant’s 65th birthday or (iii) the
participant’s 72nd birthday. Distributions shall be paid in a lump sum payment or in annual installments over a period of up to 10 years, as
the participant shall direct in his or her Benefit Distribution Election Form. Each installment payment shall be determined by multiplying the balance remaining to the credit of the Deferral Account at the beginning of such each year (including
earnings or interest credited under Section 3) 

  

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by a fraction, the numerator of which is “1” and the denominator of which is the number of years (including the current year) for which payments
are yet to be made. Any unpaid balance in the Deferral Account shall be credited with earnings or interest as provided in Section 3. 
 (b) Except as permitted under Section 4(c), each Director must submit a Benefit Distribution Election Form at the time such Director makes his or her initial deferral election under the Plan. 
 (c) Notwithstanding Sections 4(a) and 4(b), each participant who had not commenced and was not scheduled to commence the receipt of distributions under
the Plan on or before December 31, 2007 was permitted to submit a Benefit Distribution Election Form on or before June 30, 2007 which provided for the payment of such participant’s Deferral Account (i) at any of the times and in
any of the forms permitted under Section 4(a) of the Plan or (ii) in a lump sum payment in the first quarter of 2008; provided that such election did not cause any payment to be made in 2007 and did not apply to any payment that otherwise
would be paid in 2007. This special election right was intended to comply with the transition rule set forth in IRS Notice 2005-1, Q&A-19(c), and extended in the preamble to regulations proposed under Section 409A of the Code and IRS Notice
2006-79, which permits participants in deferred compensation plans to change the date on which deferred compensation is payable. 
 (d) A
Director may elect to change the time and/or method of his or her distributions payable under the Plan in accordance with procedures prescribed by the Secretary; provided that, in accordance with Section 409A of the Code, any such change in a
distribution election (i) shall not be effective until 12 months after it is submitted to the Secretary, (ii) must be submitted to the Secretary at least 12 months prior to the date on which such distributions were previously scheduled to
commence, (iii) must provide for distributions to commence at least five years after the date on which such distributions were previously scheduled to commence and (iv) shall not provide for distributions to commence later than the date on
which the Director attains age 72. 
  

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 5. Death Benefits. Each participant shall designate a beneficiary or beneficiaries to receive any
payments hereunder after the participant’s death. The beneficiaries, and any priority or allocation between them, shall be designated in the manner specified by the Secretary. If a participant dies before the entire balance in his or her
Deferral Account has been paid out, the remaining balance shall be paid to the beneficiary in a lump sum. If the participant is not survived by a designated beneficiary, the participant’s beneficiary shall be the participant’s spouse, if
living, or otherwise, the participant’s estate. If a beneficiary survives the participant but dies before the entire balance payable to him or her has been distributed, any remaining balance shall be paid to the beneficiary’s estate. In
the absence of contrary proof, the participant shall be deemed to have survived any designated beneficiary. A participant may change his or her beneficiary designation under this Section at any time until his or her death by filing a written
beneficiary designation with the Secretary, in the manner specified by the Secretary. 
 6. Unforeseeable Financial Emergency. The
Secretary may, in his or her discretion, direct that a participant be paid an amount in cash (not in excess of the balance of his or her Deferral Account) sufficient to meet an unforeseeable emergency. An “unforeseeable emergency” means
(i) a severe financial hardship to a Director resulting from an illness or accident of the Director, or the spouse or a dependent (as defined in Section 152(a) of the Code) of the Director, (ii) the loss of a Director’s property
due to casualty or (iii) such other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Director, within the meaning of Section 409A of the Code. A Director’s written request
for such a payment shall describe the circumstances which the Director believes justify the payment and an estimate of the 

  

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amount necessary to eliminate the unforeseeable emergency. An immediate payment to satisfy an unforeseeable emergency will be made only to the extent
necessary to satisfy the emergency need, plus an amount necessary to pay any taxes reasonably anticipated as a result of such payment, and will not be made to the extent the need is or may be relieved through reimbursement or compensation, by
insurance or otherwise or by liquidation of the Director’s assets (to the extent such liquidation itself would not cause severe financial hardship). Any payment from a Director’s Deferral Account on account of an unforeseeable emergency
shall be deemed to cancel any Deferral Election of the Director then in effect and the Director shall not be permitted to participate in the Plan until the next following calendar year. 
 7. No Assignment or Alienation of Benefits. Except as hereinafter provided with respect to a domestic relations order, a participant’s
Deferral Account may not be voluntarily or involuntarily assigned or alienated. In cases of marital dispute, Exelon will observe the terms of the Plan unless and until ordered to do otherwise pursuant to a domestic relations order, as defined in
Section 414(p)(1)(B) of the Code. As a condition of participation, a participant agrees to hold Exelon harmless from any claim that arises out of Exelon’s obeying the terms of a domestic relations order, whether such order effects a
judgment of such court or is issued to enforce a judgment or order of another court. 
 8. Amendment or Termination. The Plan may be
altered, amended, suspended, or terminated at any time by the Board, provided that, except as otherwise provided herein, no such action shall result in the distribution of amounts credited to the Deferral Accounts of any participant in any manner
other than is provided in the Plan, nor shall such action reduce the availability of amounts previously deferred. To the extent permitted by Section 409A, the Board may, in its discretion, terminate the Plan and accelerate the payment of all
Deferral Accounts: 
 (a) within 12 months of a corporate dissolution taxed under Section 331 of the Code, or with the approval of a
bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the payments with respect to each such Deferral Account are included in the Director’s gross income in the later of (i) the calendar year in which the Plan
termination occurs or (ii) the first calendar year in which the payments are administratively practicable; 
  

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 (b) in connection with a “change in control event,” as defined in, and to the extent permitted
under, Treasury regulations promulgated under Section 409A of the Code or 
 (c) upon any other termination event permitted under
Section 409A of the Code. 
 9. Compliance With Section 409A of the Code. The Plan is intended to comply with the provisions
of Section 409A of the Code, and shall be interpreted and construed accordingly. Exelon shall have the discretion and authority to amend the Plan at any time to satisfy any requirements of Section 409A of the Code or guidance provided by
the U.S. Treasury Department to the extent applicable to the Plan. 
 10. Governing Law. The Plan shall be governed by the law of the
Commonwealth of Pennsylvania to the extent not preempted by applicable federal law. 
  

	
	EXELON CORPORATION
	
	  

	Executive Vice President &
	Chief Human Resources Officer

  

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