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Exhibit No. 10(c)  

 
  Constellation Energy Group, Inc.
  Deferred Compensation Plan
  For Non-Employee Directors    
    

        1.    Objective.    The objective of this Plan is to offer a portion of the Compensation of
non-employee Directors of Constellation Energy Group in the form of Stock Units, thereby promoting a greater identity of interest between Constellation Energy Group's
non-employee Directors and its stockholders, and to enable such Directors to defer receipt of their Compensation that is payable in cash. 

        2.    Definitions.    As used herein, the following terms will have the meaning specified below: 

        "Annual
Retainer" means the amount payable by Constellation Energy Group to a Director as annual compensation for performance of services as a Director, and includes Committee Chair
retainers. All other amounts (including without limitation Board/committee meeting fees, and expense reimbursements) shall be excluded in calculating the amount of the Annual Retainer. 

        "Board"
means the Board of Directors of Constellation Energy Group. 

        "Cash
Account" means an account by that name established pursuant to Section 7. The maintenance of Cash Accounts is for bookkeeping purposes only. 

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

        (i)    individuals
who, on January 24, 2003, constitute the Board (the "Incumbent Directors") cease for any reason to
constitute at least a majority of the Board, provided that any person becoming a director subsequent to January 24, 2003, whose election or nomination for election was approved by a vote of at
least two-thirds of the Incumbent Directors then on the Board (either by a specific vote
or by approval of the proxy statement of Constellation Energy Group (the "Company") in which such person is named as a nominee for director, without
written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director
of the Company as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person
other than the Board shall be deemed to be an Incumbent Director; 

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

        (iii)    consummation
of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company or any of its Subsidiary Companies, (a
"Business Combination"), unless immediately following such Business Combination: (A) more than 60% of the total voting power of (x) the
corporation resulting from such Business Combination (the 

 

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

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

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

        "Committee"
means the Compensation Committee of the Board. 

        "Common
Stock" means the common stock, without par value, of Constellation Energy Group. 

        "Compensation"
means any Annual Retainer and meeting fees payable by Constellation Energy Group to a participant in his/her capacity as a Director. Compensation excludes expense
reimbursements paid by Constellation Energy Group to a participant in his/her capacity as a Director. 

        "Constellation
Energy Group" means Constellation Energy Group, Inc., a Maryland corporation, or its successor. 

        "Deferred
Cash Compensation" means any cash Compensation that is voluntarily deferred by a participant pursuant to Section 6. 

        "Director"
means a member of the Board who is not an employee of Constellation Energy Group or any of its subsidiaries/ affiliates. 

        "Disability"
or "Disabled" means that the Plan Administrator has determined that the participant is unable to fulfill his/her responsibilities of Board membership because of illness or
injury. For purposes of this Plan, a participant's eligibility to participate shall be deemed to have terminated on the date he/she is determined by the Plan Administrator to be Disabled. 

        "Earnings"
means, with respect to the Cash Account, hypothetical interest credited to the Cash Account. 

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        "Earnings"
means, with respect to the Stock Account, hypothetical dividends credited to the Stock Account. 

        "Fair
Market Value" means, as of any specified date, the average closing price of a share of Common Stock, reported in "New York Stock Exchange Composite Transactions" as published in
the Eastern Edition of The Wall Street Journal averaged for the most recent 20 days during which Common Stock was traded on the New York Stock
Exchange (including such valuation date if a trading date). 

        "Plan
Accounts" means a participant's Cash Account and/or Stock Account. The maintenance of Plan Accounts is for bookkeeping purposes only. 

        "Plan
Administrator" means, as set forth in Section 3, the Board. 

        "Stock
Account" means an account by that name established pursuant to Section 8. The maintenance of Stock Accounts is for bookkeeping purposes only. 

        "Stock
Unit(s)" means the share equivalents credited to a Participant's Stock Account pursuant to Section 8. The use of Stock Units is for bookkeeping purposes only; the Stock
Units are not actual shares of Common Stock. Constellation Energy Group will not reserve or otherwise set aside any Common Stock for or to any Stock Account. 

        3.    Plan Administration.

        (i)    Plan Administrator—The Plan is administered by the Board, who has sole authority to interpret the Plan, and,
in general, to make all other determinations advisable for the administration of the Plan to achieve its stated objective. Decisions by the Plan Administrator shall be final and binding upon all
persons for all purposes. The Plan Administrator shall have the power to delegate all or any part of its non-discretionary duties to one or more designees, and to withdraw such authority,
by written designation. 

        (ii)    Amendment—This Plan may be amended from time to time or suspended or terminated at any time, at the written
direction of the Plan Administrator. However, amendments required to keep the Plan in compliance with applicable laws and regulations may be made by the Vice President—Human Resources of
Constellation Energy Group (or other vice president succeeding to that function) on advice of counsel. Nothing herein creates a vested right. 

        (iii)    Indemnification—The Plan Administrator (and its designees), Chairman of the Board, Chief Executive Officer,
President, and Vice President—Human Resources of Constellation Energy Group and all other employees of Constellation Energy Group or its subsidiaries/affiliates whose assigned duties
include matters under the Plan, shall be indemnified by Constellation Energy Group or its subsidiaries /affiliates or from proceeds under insurance policies purchased by Constellation Energy Group or
its subsidiaries/affiliates, against any and all liabilities arising by reason of any act or failure to act made in good faith pursuant to the provisions of the Plan, including expenses reasonably
incurred in the defense of any related claim. 

        4.    Eligibility and Participation.

        (i)    Mandatory participation—A Director, at the discretion of the Board, may be required at such times designated
by the Board to participate in this Plan with respect to the receipt of all or part of his/her Compensation in the form of Stock Units under Section 5 of the Plan. 

        (ii)    Voluntary participation—A Director is eligible to participate in the Plan by electing to defer all or
certain portions of the participant's Compensation, that is payable in cash, under Section 6 of the Plan, while so classified. 

        (iii)    Termination of participation—Eligibility to participate shall terminate on the date the participant ceases
to be a Director. Notwithstanding termination of eligibility, such person with 

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Plan
Accounts will remain a participant of the Plan, solely for purposes of the administration of existing Plan Accounts, and no additional Stock Units will be granted and no further deferrals of cash
Compensation under the Plan will be permitted. 

        5.    Mandatory Stock Units.    To the extent designated from time to time by the Board as set forth in
Section 4(i), the Stock Account of a participant will be credited on January 1 of each applicable calendar year with Stock Units equal to the number of shares of Common Stock (including
fractions of a share) that could have been purchased, with the applicable percentage (as designated by the Board) of the participant's Annual Retainer for such calendar year, at Fair Market Value on
January 1. 

        If
a participant initially becomes a Director during such applicable calendar year, the Stock Account of the participant for such calendar year will be credited, on the date that is the
first day of the calendar month after the participant initially becomes a Director, with Stock Units equal to the number of shares of Common Stock (including fractions of a share) that could have been
purchased at Fair Market Value on such date, with an amount equal to (i) the applicable percentage (as designated by the Board) of the participant's Annual Retainer multiplied by (ii) a
fraction the numerator of which is the number of calendar months in the calendar year on and after the date the participant initially becomes a Director (counting a partial month as a full month), and
the denominator of which is 12. 

        The
Stock Account will be maintained pursuant to Section 8. 

        6.    Cash Compensation Deferral Election.    A participant may elect to defer none, all, fifty percent (50%), or
seventy-five percent (75%) of his/her other Compensation that is payable in cash (i.e., one hundred percent (100%) of all other Compensation that is not subject to any mandatory Stock
Units). A participant's cash Compensation deferral election with respect to the Annual Retainer shall specify whether the deferred Annual Retainer is to be credited to the Cash Account or to the Stock
Account. All other Cash Compensation that a participant elects to defer will be credited to the Cash Account. 

        Such
election shall be made by written notification to the Vice President—Human Resources of Constellation Energy Group (or other vice president succeeding to that function).
Such election shall be made prior to the calendar year during which the applicable cash Compensation is payable, and shall be effective as of the first day of such calendar year. If a participant
initially becomes a Director during a calendar year, the election for such calendar year must be made within thirty (30) calendar days after the date the participant initially becomes a
Director, and shall be effective with respect to Compensation earned after the date the election is received by the Vice
President—Human Resources of Constellation Energy Group (or other vice president succeeding to that function). Elections under this Section shall remain in effect for all succeeding
calendar years until revoked. Elections may be revoked by written notification to the Vice President—Human Resources of Constellation Energy Group (or other vice president succeeding to
that function), and shall be effective as of the first day of the calendar year following the calendar year during which the revocation is received by such Vice President. 

        Notwithstanding
anything herein contained to the contrary, the Plan Administrator shall have the right in its sole discretion to permit a participant to defer other percentages of
his/her Annual Retainer and/or other Compensation that is payable in cash. 

        7.    Cash Accounts.    The Board may specify that cash Compensation that consists of the Annual Retainer that a
participant has elected to defer into the Cash Account is credited to the participant's Cash Account on January 1 (or if later, the first day of the first month after the participant becomes a
Director). All other cash Compensation that a participant has elected to defer is credited to the participant's Cash Account on each date such cash Compensation would otherwise have been paid to the
Director. A participant's Cash Account shall be credited with earnings at the rate earned by the Interest Income Fund under the Constellation Energy Group, Inc. Employee Savings Plan, and 

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computed
in the same manner as under such plan. Earnings are credited to the Cash Account commencing on the date the applicable Deferred Cash Compensation is credited to the Cash Account. If a
participant ceases to be a Director prior to December 31 of any calendar year, the participant will forfeit a pro-rated amount of the Annual Retainer that was credited to the Cash
Account during the calendar year. The amount forfeited shall equal the Annual Retainer amount credited during the calendar year times a fraction, the numerator of which is the number of full calendar
months in the calendar year after the participant's Board membership ceased, and the denominator of which is 12 (or, for a participant who became a Director during the calendar year, the number of
months during the calendar year after the participant became a Director (including the month Board membership commenced). 

        8.    Stock Accounts.    The Board may specify that cash Compensation that consists of the Annual Retainer that a
participant has elected to defer into the Stock Account is credited to the participant's Stock Account on January 1 (or if later, the first day of the first month after the participant becomes
a Director). A participant's Stock Account shall be credited with Stock Units equal to the number of shares of Common Stock (including fractions of a share) that could have been purchased with such
Deferred Cash Compensation, at Fair Market Value on such date. Grants of mandatory Stock Units are credited to the Stock Account as set forth in Section 5. 

        If
a participant ceases to be a Director prior to December 31 of any calendar year, the participant will forfeit a pro-rated amount of the Annual Retainer that was
credited to the Stock Account during the calendar year. The amount forfeited shall equal the Annual Retainer amount credited during the calendar year times a fraction, the numerator of which is the
number of full
calendar months in the calendar year after the participant's Board membership ceased, and the denominator (of which is 12 (or, for a participant who became a Director during the calendar year, the
number of months during the calendar year after the participant became a Director (including the month Board membership commenced). 

        As
of any dividend distribution date for the Common Stock, the participant's Stock Account shall be credited with additional Stock Units equal to the number of shares of Common Stock
(including fractions of a share) that could have been purchased, at the closing price of a share of Common Stock on such date as reported in "New York Stock Exchange Composite Transactions" as
published in the Eastern Edition of The Wall Street Journal, with the amount which would have been paid as dividends on that number of shares (including
fractions of a share) of Common Stock which is equal to the number of Stock Units then credited to the participant's Stock Account. 

        In
the event of any change in the outstanding shares of Common Stock by reason of any stock dividend or split, recapitalization, combination or exchange of shares or other similar
changes in the Common Stock, then appropriate adjustments shall be made in the number of Stock Units in each participant's Stock Account. Such adjustments shall be made effective on the date of the
change related to the Common Stock. 

        9.    Distributions of Plan Accounts.    Distributions of Plan Accounts shall be made in cash only, from the general
assets of Constellation Energy Group. 

        A
participant may elect (by notification in the form and manner established by the Vice President—Human Resources of Constellation Energy Group (or other Vice President
succeeding to that function) from time to time) to begin distributions (i) in the calendar year following the calendar year that eligibility to participate terminates, (ii) in the
calendar year following the calendar year in which a participant attains age 70, if later, or (iii) any calendar year between (i) and (ii). Such election must be made prior to the end of
the calendar year in which eligibility to participate terminates. Alternatively, a participant who reaches age 70 while still a Director may elect to begin distributions, in the calendar year
following the calendar year that the participant reaches age 70, of amounts in his/her Plan Accounts as of the end of the calendar year the participant reaches age 70. Such election must be 

5

 

made
prior to the end of the calendar year in which the participant reaches age 70, and a distribution election to receive any subsequently deferred amounts beginning in the calendar year following
the calendar year that eligibility to participate terminates, must be made prior to the end of the calendar year in which eligibility to participate terminates. 

        A
participant may elect (by notification in the form and manner established by the Vice President—Human Resources of Constellation Energy Group (or other vice President
succeeding to that function) from time to time) to receive distributions in a single payment or in annual installments during a period not to exceed fifteen years. The single payment or the first
installment payment, whichever is applicable, shall be made within the first sixty (60) calendar days of the calendar year elected for distribution. Subsequent installments, if any, shall be
made within the first sixty (60) calendar days of each succeeding calendar year until the participant's Plan Accounts have been paid out. 

        In
the event applicable elections are not timely made, a participant shall receive a distribution in a single payment within the first sixty (60) calendar days of the calendar
year following the calendar year that eligibility to participate terminates. 

        Earnings
are credited to the Cash Account through the date of distribution, and amounts held for installment payments shall continue to be credited with Earnings. The value of the Cash
Account that is payable in cash on the date of the single payment distribution is equal to the balance in the Cash Account on the date that is no earlier than five (5) calendar days prior to
the day of such distribution ("Distribution Valuation Date"). The amount of any cash distribution to be made in installments from the Cash Account will be determined by multiplying (i) the
balance in such Cash Account on the Distribution Valuation Date by (ii) a fraction, the numerator of which is one and the denominator of which is the number of installments in which
distributions remain to be made (including the current distribution). 

        If
a participant dies or becomes Disabled, the entire unpaid balance of his/her Plan Accounts shall be paid to the beneficiary(ies) designated by the participant by notification in the
form and manner established by the Vice President—Human Resources of Constellation Energy Group (or other vice president succeeding to that function) from time to time or, if no
designation was made, in the event of death, to the estate of the participant, and in the event of Disability, to the participant. Payment shall be made within sixty (60) calendar days after
notice of death or Disability is received by such Vice President, unless prior to the participant's death or Disability, the participant elected (in the form and manner established by the Vice
President—Human Resources of Constellation Energy Group (or other vice president succeeding to that function) from time to time) a delayed and/or installment distribution option for such
beneficiary(ies); provided, however that (i) such a distribution option election shall be effective only if the value of the participant's Plan Accounts is more than $50,000 on the date of the
participant's death or Disability; and (ii) the final distribution must be made to such beneficiary(ies) no later than 15 years after the participant's death or Disability. After the end
of the calendar year that a participant's eligibility to participate terminates, a distribution option election for a particular beneficiary is irrevocable; provided, however, that the participant may
make a distribution option election for a new beneficiary who is initially designated after the participant's eligibility to participate terminates, and such election is irrevocable with respect to
the new beneficiary. 

        The
value of the Stock Account, which is equal to the number of Stock Units in the Stock Account multiplied by the Fair Market Value on the date of the participant's death or Disability,
is transferred to the Cash Account on such date. Earnings are credited to the Cash Account through the date of distribution, and amounts held for installment payments shall continue to be credited
with Earnings. The value of the Cash Account that is payable in cash on the date of the single payment distribution is equal to the balance in the Cash Account on the date that is no earlier than five
(5) calendar days prior to the day of such distribution ("Beneficiary Distribution Valuation Date"). The amount of any 

6

 

cash
distribution to be made in installments from the Cash Account will be determined by multiplying (i) the balance in such Cash Account on the Beneficiary Distribution Valuation Date by
(ii) a fraction, the numerator of which is one and the denominator of which is the number of installments in which distributions remain to be made (including the current distribution). 

        Upon
the death of a participant's beneficiary for whom a delayed and/or installment distribution option was elected, the entire unpaid balance of the participant's Cash Account shall be
paid to the beneficiary(ies) designated by the participant's beneficiary by notification in the form and manner established by the Vice President—Human Resources of Constellation Energy
Group (or other vice president succeeding to that function) from time to time or, if no designation was made, to the estate of the participant's beneficiary. Payment shall be made within sixty
(60) calendar days after notice of death is received by such Vice President. The value of the Cash Account that is payable in cash is equal to the balance in the Cash Account on the date that
is no earlier than five (5) calendar days prior to the day of such distribution. 

        Notwithstanding
anything herein contained to the contrary, the Plan Administrator shall have the right in its sole discretion to (i) vary the manner and timing of distributions of
a participant or beneficiary entitled to a distribution under this Section 9, and may make such distributions in a single payment or over a shorter or longer period of time than that elected by
a participant; and (ii) vary the period during which the closing price of Common Stock is referenced to determine the value of the Stock Account that is transferred to the Cash Account on the
date on which the participant's eligibility to participate terminates. Any affected participants will not participate in exercising such discretion. 

        10.    Beneficiaries.    A participant shall have the right to designate, change or rescind a beneficiary(ies) who is
to receive a distribution(s) pursuant to Section 9 in the event of the death or Disability of the participant. A participant's beneficiary(ies) for whom a delayed and/or installment
distribution option was elected shall have the right to designate a beneficiary(ies) who is to receive a distribution pursuant to Section 9 in the event of the death of the participant's
beneficiary(ies). 

        Any
designation, change or recision of the designation of beneficiary shall be made by notification in the form and manner established by the Vice President—Human Resources
of Constellation Energy Group (or other vice president succeeding to that function) from time to time. The last designation of beneficiary received by such Vice President shall be controlling over any
testamentary or purported disposition by the participant (or, if applicable, the participant's
beneficiary(ies)), provided that no designation, recision or change thereof shall be effective unless received by such Vice President prior to the death or Disability (whichever is applicable) of the
participant (or, if applicable, the death of the participant's beneficiary(ies)). 

        If
the designated beneficiary is the estate, or the executor or administrator of the estate, of the participant (or, if applicable, the participant's beneficiary(ies)), a distribution
pursuant to Section 9 may be made to the person(s) or entity (including a trust) entitled thereto under the will of the participant (or, if applicable, the participant's beneficiary(ies)), or,
in the case of intestacy, under the laws relating to intestacy. 

        11.    Valuation of Plan Accounts.    The Plan Administrator shall cause the value of a participant's Plan Accounts to
be determined and reported to Constellation Energy Group and the participant at least once per year as of the last business day of the calendar year. The value of the Stock Account will equal the
number of Stock Units in the Stock Account multiplied by the closing price of a share of Common Stock on the last business day of the calendar year as reported in "New York Stock Exchange Composite
Transactions" as published in the Eastern Edition of The Wall Street Journal. The value of the Cash Account will equal the balance in the Cash Account
on the last business day of the calendar year. 

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        12.    Withdrawals.    No withdrawals of Plan Accounts may be made, except a participant may at any time request a
hardship withdrawal from his/her Plan Accounts if he/she has incurred an unforeseeable financial emergency. An unforeseeable financial emergency is defined as severe financial hardship to the
participant resulting from a sudden and unexpected illness or accident of the participant (or of his/her dependents), loss of the participant's property due to casualty, or other similar extraordinary
and unforeseeable circumstances arising as a result of events beyond the control of the participant. The need to send a child to college or the desire to purchase a home are not considered to be
unforeseeable emergencies. The circumstance that will constitute an unforeseeable emergency will depend upon the facts of each case. 

        A
hardship withdrawal will be permitted by the Plan Administrator only as necessary to satisfy an immediate and heavy financial need. A hardship withdrawal may be permitted only to the
extent reasonably necessary to satisfy the financial need. Payment may not be made to the extent that such hardship is or may be relieved (i) through reimbursement or compensation by insurance
or otherwise, (ii) by liquidation of the participant's assets, to the extent the liquidation of such assets would not itself cause severe financial hardship, or (iii) by cessation of
deferrals under the Plan. 

        The
request for hardship withdrawal shall be made by notification in the form and manner established by the Plan Administrator from time to time. Such hardship withdrawal will be
permitted only with
approval of the Plan Administrator. The participant will receive a lump sum payment after the Plan Administrator has had reasonable time to consider and then approve the request. 

        The
value of the Stock Account for purposes of processing a hardship cash withdrawal is equal to the number of Stock Units in the Stock Account multiplied by the Fair Market Value on the
date on which the hardship withdrawal is processed. The value of the Cash Account for purposes of processing a hardship cash withdrawal is equal to the balance in the Cash Account on the date on which
the hardship withdrawal is processed. 

        13.    Change in Control.    The terms of this Section 13 shall immediately become operative, without further
action or consent by any person or entity, upon a Change in Control, and once operative shall supersede and control over any other provisions of this Plan. Upon the occurrence of a Change in Control
followed within one year of the date of such Change in Control by the participant's cessation of Board membership for any reason, such participant shall be paid the value of his/her Plan Accounts in a
single, lump sum cash payment. The value of the Stock Account, which is equal to the number of Stock Units in the Stock Account multiplied by the Fair Market Value on the date of the participant's
cessation of Board membership, is transferred to the Cash Account on such date. Earnings are credited to the Cash Account through the date of distribution. The value of the Cash Account that is
payable in cash on the date of the single lump sum cash payment is equal to the balance in the Cash Account on the date that is no earlier than five (5) calendar days prior to the day of such
distribution. Such payment shall be made as soon as practicable, but in no event later than thirty (30) calendar days after the date of the participant's cessation of Board membership. On or
after a Change in Control, no action, including, but not by way of limitation, the amendment, suspension or termination of the Plan, shall be taken which would affect the rights of any participant or
the operation of this Plan with respect to the balance in the participant's Plan Accounts. 

        14.    Withholding.    Constellation Energy Group may withhold to the extent required by law all applicable income and
other taxes from amounts deferred or distributed under the Plan. 

        15.    Copies of Plan Available.    Copies of the Plan and any and all amendments thereto shall be made available to
all participants during normal business hours at the office of the Plan Administrator. 

        16.    Miscellaneous.

        (i)    Inalienability of benefits—Except as may otherwise be required by law or court order, the interest of each
participant or beneficiary under the Plan cannot be sold, pledged, assigned, 

8

 

alienated
or transferred in any manner or be subject to attachment or other legal process of whatever nature; provided, however, that any applicable taxes may be withheld from any cash benefit payment
made under this Plan. 

        (ii)    Controlling law—The Plan and its administration shall be governed by the laws of the State of Maryland,
except to the extent preempted by federal law. 

        (iii)    Gender and number—A masculine pronoun when used herein refers to both men and women and words used in the
singular are intended to include the plural, and vice versa, whenever appropriate. 

        (iv)    Titles and headings—Titles and headings to articles and sections in the Plan are placed herein solely for
convenience of reference and in any case of conflict, the text of the Plan rather than such titles and headings shall control. 

        (v)    References to law—All references to specific provisions of any federal or state law, rule or regulation shall
be deemed to also include references to any successor provisions or amendments. 

        (vi)    Funding and expenses—Benefits under the Plan are not vested or funded, and shall be paid out of the general
assets of Constellation Energy Group. To the extent that any person acquires a right to receive payments from Constellation Energy Group under this Plan, such rights shall be no greater than the right
of any unsecured general creditor of Constellation Energy Group. The expenses of administering the Plan will be borne by Constellation Energy Group. 

        (vii)    Not a contract—Participation in this Plan shall not constitute a contract of employment or Board membership
between Constellation Energy Group and any person and shall not be deemed to be consideration for, or a condition of, continued employment or Board membership of any person. 

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

9

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Exhibit No. 10(d)  

 
 

CONSTELLATION ENERGY GROUP, INC.    
    
    SUPPLEMENTAL PENSION PLAN    
    

        1.    Objective.    The objective of this Plan is to enhance the benefits provided to certain
officers and key employees of Constellation Energy Group and its subsidiaries in order to attract and retain talented executive personnel. 

        2.    Definitions.    All words beginning with an initial capital letter and not otherwise defined herein shall have
the meaning set forth in the Pension Plan. All singular terms defined in this Plan will include the plural and vice versa. As used herein, the following
terms will have the meaning specified below: 

        "Annual
Base Salary" means an amount determined by adding the monthly base rate of pay amounts (i.e., the types of such pay that are includable in the computation of Pension Plan
benefits)earned over the twelve calendar months immediately preceding the month that includes the date of the computation. 

        "Average
Incentive Award" (or "Average Award") means generally the product of the percentage equal to an average of the two highest of the participant's five immediately prior year award
percentages earned under Constellation Energy Group's Executive Annual Incentive Plan, Constellation Energy Group's Senior Management Annual Incentive Plan and/or other Incentive Awards Program
multiplied by the participant's annualized base rate of pay amount (i.e., the types of such pay that are includable in the computation of Pension Plan benefits) in effect at the end of the prior year. 

        "Benefit
Start Date" means the date as of which the participant's benefits, if any, under this Plan commence. 

        "Cause"
means the participant's (a) failure to comply with Constellation Energy Group policy, (b) deliberate and continual refusal to satisfactorily perform employment
duties on substantially a full-time basis, (c) deliberate and continual refusal to act in accordance with any specific instructions of a majority of Constellation Energy Group's
Board of Directors, (d) disclosure, without the consent of a majority of Constellation Energy Group's Board of Directors, of confidential information or trade secrets concerning Constellation
Energy Group which could be materially damaging to Constellation Energy Group, or (e) deliberate misconduct which could be materially damaging to Constellation Energy Group without reasonable
good faith belief by the participant that such conduct was in the best interest of Constellation Energy Group. 

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

        (i)    individuals
who, on January 24, 2003, constitute the Board of Directors of Constellation Energy Group (the "Incumbent
Directors") cease for any reason to constitute at least a majority of the Board of Directors of Constellation Energy Group (the
"Board"), provided that any person becoming a director subsequent to January 24, 2003, whose election or nomination for election was approved by
a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of Constellation Energy Group (the
"Company") in which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director;  provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election
contest with respect to directors or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board shall be deemed to be an Incumbent
Director; 

        (ii)    any
"person" (as such term is defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act") and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a "beneficial owner" (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing 20% or more of the 

 

combined
voting power of the Company's then outstanding securities eligible to vote for the election of the Board (the "Company Voting Securities");  provided, however, that the event described in this paragraph (ii) shall not be deemed to be a Change in Control by virtue of any of the
following acquisitions: (A) by the Company or any corporation with respect to which the Company owns a majority of the outstanding shares of common stock or has the power to vote or direct the
voting of sufficient securities to elect a majority of the directors (a "Subsidiary Company"), (B) by any employee benefit plan (or related
trust) sponsored or maintained by the Company or any Subsidiary Company, (C) by any underwriter temporarily holding securities pursuant to an offering of such securities, (D) pursuant to
a Non-Qualifying Transaction (as defined in paragraph (iii)), or (E) pursuant to any acquisition by Plan participant or any group of persons including Plan participant (or
any entity controlled by Plan participant or any group of persons including Plan participant); 

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

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

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

        "Committee"
means the Committee on Management of the Board of Directors of Constellation Energy Group. 

        "Constellation
Energy Group" means Constellation Energy Group, Inc., a Maryland corporation, or its successor. 

2

 

        "Constellation
Energy Group's Executive Annual Incentive Plan" means such plan or other incentive plan or arrangement designated in writing by the Plan Administrator. 

        "Constellation
Energy Group's Senior Management Annual Incentive Plan" means such plan or other incentive plan or arrangement designated in writing by the Plan Administrator. 

        "Demotion"
means a transfer to a position with Constellation Energy Group or a subsidiary of Constellation Energy Group that either (a) is substantially below the position in
which the participant was employed on the date of transfer, or (b) results in a substantial reduction in pay when compared to the participant's pay on the date of the transfer. Whether a
position is a substantially below another position shall be determined in the reasonable discretion of the Committee, with reference to factors including whether the participant retains principal
responsibility for a department or division, and whether the participant remains eligible for the perquisites enjoyed by the participant before the position change. 

        "Early
Receipt Reduction Factor" means 100% less .25% for each month that the participant is less than age 62 on the participant's Benefit Start Date. 

        "Interest
Rate" means the rate equal to the average monthly 30-year Treasury bond rate for the second calendar quarter preceding the computation date, less 50 basis points. 

        "Internal
Revenue Code Limitations" means the limitations under Sections 415 and/or 401(a)(17) of the Internal Revenue Code. 

        "LTD
Plan" means the Constellation Energy Group, Inc. Disability Insurance Plan as may be amended from time to time, or any successor plan. 

        "Mortality
Table" means the mortality table used to convert annuities to lump sums in the Pension Plan. 

        "Nonqualified
Deferred Compensation Plan" means the Constellation Energy Group, Inc. Nonqualified Deferred Compensation Plan. 

        "Other
Incentive Awards Program" means the program(s) designated in writing by the Plan Administrator applicable to certain employees that provides awards; but includes only the types of
awards that are includable in the computation of Pension Plan benefits. 

        "Pension
Plan" means the Pension Plan of Constellation Energy Group, Inc. as may be amended from time to time, or any successor plan. 

        "Plan"
means this Constellation Energy Group, Inc. Supplemental Pension Plan. 

        "Plan
Administrator" means, as set forth in Section 3, the Committee. 

        "Rabbi
Trust" means the trust adopted by Constellation Energy Group pursuant to the Grantor Trust Agreement Dated as of January 1, 2001, between Constellation Energy Group and
Citibank, N.A. 

        "Survivor
Annuity Percentage" means 50%, unless the participant elects in the timing and manner established by the Plan Administrator, a higher percentage (in multiples of 5% to a total
percentage not to exceed 100%). 

        "Termination
From Employment With Constellation Energy Group" means a participant's separation from service with Constellation Energy Group or a subsidiary of Constellation Energy Group;
however, a participant's retirement, disability, or transfer of employment to or from a subsidiary of Constellation Energy Group shall not constitute a Termination From Employment With Constellation
Energy Group. 

        3.    Plan Administration.    The Committee is the Plan Administrator and has sole authority (except as specified
otherwise herein) to interpret the Plan and, in general, to make all other 

3

 

determinations
advisable for the administration of the Plan to achieve its stated objective. Appeals of written decisions by the Plan Administrator may be made to the Board of Directors of
Constellation Energy Group. Decisions by the Board shall be final and not subject to further appeal. The Plan Administrator shall have the power to delegate all or any part of its duties to one or
more designees, and to withdraw such authority, by written designation. 

        4.    Eligibility.    The officers or key employees of Constellation Energy Group or its subsidiaries designated in
Appendix A are participants under the Plan. Participation shall continue until such designation is withdrawn at the discretion and by written order of the Plan Administrator, provided, however,
that such withdrawal may not be made for benefits provided pursuant to Sections 5 and 6 with respect to a participant who has satisfied the eligibility requirements to retire (as set forth in
Section 5(b)(i)). Notwithstanding the foregoing, any participant while classified as disabled under the LTD Plan shall continue to participate in this Plan while classified as disabled
and, for purposes of the supplemental pension benefit provided by this Plan, while classified as disabled, shall be deemed to continue to accrue Credited Service until no later than his/her Normal
Retirement Date. 

        5.    Supplemental Pension Benefit.

        (a)    Generally.    A participant shall be eligible for supplemental pension benefits and supplemental survivor
annuity benefits under this Plan only if the participant's supplemental pension benefits under this Plan are greater than the supplemental pension benefits computed under the Senior Executive
Supplemental Plan based on the participant's age, service, and eligible compensation on the date as of which benefits become payable. 

        (b)    Retirement benefits.

        (i)    Eligibility for retirement benefits.    A participant shall be eligible to retire under this Plan on or after
the participant's Normal Retirement Date, or on the first day of any month preceding his/her Normal Retirement Date, if on his/her Severance From Service Date and while a participant he/she has
attained (1) age 55 and has accumulated at least 10 years of Credited Service; or (2) age 60 and has accumulated at least one year of Credited Service. 

        (ii)    Computation of retirement benefits.    A participant who is eligible to retire under this Plan will be
entitled to supplemental pension retirement benefits under this Plan, which will be calculated as set forth below on the participant's Benefit Start Date: 

        (1)    add
the Annual Base Salary and the Average Incentive Award, 

        (2)    divide
the sum by 12, 

        (3)    multiply
this dollar amount by the appropriate percentage, determined as follows: Chairman of the Board of Constellation Energy Group - 60%; all other
participants (by completed years of Credited Service) 1 through 9 - 3% per year; 10 through 19 - 40%; 20 through 24 - 45%;
25 through 29 - 50%; and 30 or more - 55%, 

        (4)    multiply
this dollar amount by the Early Receipt Reduction Factor; provided, however, if the participant is age 62 or older, such factor shall be one (1), 

        (5)    subtract
from this dollar amount the charges relating to coverage for a preretirement survivor annuity in excess of 50%, and for a post-retirement survivor
annuity in excess of 50%, and 

        (6)    subtract
from the remainder the net amount payable to the participant under the Pension Plan on the participant's Benefit Start Date, assuming a 50% spousal joint and
survivor annuity for a married participant(if the participant is not eligible to commence monthly Pension Plan payments on the participant's Benefit Start Date, the participant's benefit will be
unreduced for Pension Plan payments until the date the participant is first 

4

 

eligible
to commence monthly Pension Plan payments), or, if the participant elects a lump sum under the PEP provisions of the Pension Plan, the monthly amount that would have been payable under the
Pension Plan as a life annuity for a single participant or as a 50% spousal joint and survivor annuity for a married participant, as of the Benefit Start Date under this Plan. 

        (iii)    Form of payout of retirement benefits.    Each participant entitled to supplemental pension retirement
benefits will receive his/her supplemental pension retirement benefits payout in the form of a monthly payment, unless the participant makes a valid election to receive his/her supplemental pension
retirement benefits payout in the form of a lump sum. 

        A
participant may elect to receive his/her supplemental pension retirement benefits payout in the form of a lump sum by submitting to the Plan Administrator a signed Lump Sum Election
Form. On such Form, the participant may elect to rollover such payout directly to the Nonqualified Deferred Compensation Plan. The Form must be received by the Plan Administrator before the beginning
of the calendar year during which the participant's Severance From Service Date occurs. The election to receive a payout in the form of a lump sum, or to rollover such payment to the Nonqualified
Deferred Compensation Plan, may be revoked at any time before the beginning of the calendar year during which the participant's Severance From Service Date occurs, by submitting to the Plan
Administrator a signed Lump Sum Revocation Form. 

        (iv)    Amount, timing, and source of monthly retirement benefit payout.    A participant entitled to monthly
supplemental pension retirement benefits will receive monthly payments equal to the amount determined under paragraph (b)(ii). Such payments shall commence effective with the first of the month
following the participant's Severance From Service Date. If such participant receives (or would have received but for the Internal Revenue Code Limitations) cost of living adjustment(s) under the
Pension Plan, the monthly payments hereunder will be automatically increased based on the percentage of, and at the same time as, such adjustment(s). Monthly payments hereunder shall permanently cease
upon the death of the participant, effective with the monthly payment for the month following the month of the participant's death. Monthly payments hereunder shall be made in accordance with the
provisions of the Rabbi Trust and, to the extent not paid under the terms of the Rabbi Trust, from general corporate assets. 

        (v)    Amount, timing, and source of lump sum retirement benefit payout.    A participant entitled to a lump sum
supplemental pension retirement benefit will receive a lump sum payment. This lump sum payment will be calculated by a certified actuary and will be equal to the present value of an immediate annuity
including the estimated present value of post-retirement supplemental survivor annuity benefits described in Section 6, and reflecting the present value of any deferred Pension Plan
payments using (1) the supplemental pension retirement benefit amount calculated under paragraph (b)(ii), which is expressed as a monthly amount, (2) the Interest Rate computed on
the participant's Benefit Start Date, and (3) the Mortality Table. Such lump sum payment shall be made within 60 days after the participant's Severance From Service Date, and shall
either be paid to the participant, or rolled over to the Nonqualified Deferred Compensation Plan pursuant to the participant's election under (b)(iii). The lump sum payment shall be made in accordance
with the provisions of the Rabbi Trust and, to the extent not paid under the terms of the Rabbi Trust, from general corporate assets. A participant who receives or rolls over a lump sum payment shall
not be entitled to any cost of living or other pension payment adjustments or to post-retirement survivor annuity coverage under the Plan. 

        (vi)    Death of participant entitled to lump sum payout.    In the event of the death of a participant after his/her
Severance From Service Date and before the participant receives or rolls over the lump sum payment under paragraph (b)(v), such lump sum payment shall be made to the participant's surviving
spouse (as defined in Section 6(i)). The lump sum payment shall be the 

5

 

same
amount and made at the same time and from the same sources as set forth in paragraph (b)(v). If there is no surviving spouse at the date of the participant's death, no payments shall be
made pursuant to Sections 5 or 6. A surviving spouse who receives a lump sum benefit under this paragraph (b)(vi) shall not be entitled to any cost of living or other pension payment
adjustments or to post-retirement survivor annuity coverage under the Plan. 

        (c)    Entitlement to benefit upon happening of certain events. 

        (i)    Computation of gross accrued benefit.    The computation of the gross accrued supplemental pension benefit for
a participant as of the date of the computation will be made as follows: 

        (1)    add
the Annual Base Salary and the Average Incentive Award, 

        (2)    divide
the sum by 12, and 

        (3)    multiply
this dollar amount by the appropriate percentage, determined as follows: Chairman of the Board of Constellation Energy Group - 60%; all other
participants (by completed years of Credited Service as of the date of the computation) 1 through 9 - 3% per year; 10 through 19 - 40%; 20 through
24 - 45%; 25 through 29 - 50%; and 30 or more - 55%. 

        (ii)    Computation of net accrued benefit.    The computation of the net accrued supplemental pension benefit for a
participant as of the date of the computation will be made by subtracting from the gross accrued benefit determined under paragraph (c)(i) the amount of the participant's Gross Pension
under the Pension Plan determined as of the date of the computation and assuming that monthly payments of such Gross Pension begin on the first of the month after the later of reaching age 62 or the
date of the computation. If the participant is not eligible for payment of a Gross Pension under the Pension Plan, the participant's Accrued Gross Pension determined as of the date of the computation
shall be substituted for the Gross Pension described above, with the appropriate reduction for early receipt applied as if the participant were eligible to begin payment of his Accrued Gross Pension
on the first of the month after the later of reaching age 62 or the date of the computation. 

        (iii)    Satisfaction of requirements.    A participant who has satisfied the age and Credited Service requirements
set forth in Section 5(b)(i) while eligible as set forth in Section 4, but who the Committee determines does not retire under the Plan due to Demotion, Termination From Employment
With Constellation Energy Group, or the withdrawal of a participant's eligibility to participate under Section 5, shall be entitled to his/her net accrued supplemental pension benefit. The
effective date of the Demotion, Termination From Employment With Constellation Energy Group, or eligibility withdrawal event shall be the date of such Demotion, Termination From Employment With
Constellation Energy Group, or eligibility withdrawal. 

        (iv)    Other events.    A participant, regardless of his/her age and years of Credited Service, shall be entitled to
his/her net accrued supplemental pension benefit upon the happening of any of the following entitlement events, but only if such entitlement event occurs while a participant and before a participant
retires under this Plan: 

        (1)    Change in Control.    A Change in Control, followed within two years by the participant's Demotion, a
participant's Termination From Employment With Constellation Energy Group, or the withdrawal of the participant's eligibility to participate under the Plan, is an entitlement event. A participant's
Termination From Employment is also an entitlement event if it is reasonably demonstrated that such Termination From Employment (a) was at the request of a third party who has taken steps
reasonably calculated to effect a Change in Control or (b) otherwise arose in connection with or anticipation of a Change in Control. The 

6

 

effective
date of the entitlement event shall be the date of the Demotion, Termination From Employment With Constellation Energy Group, or eligibility withdrawal. 

        (2)    Plan amendment.    A Plan amendment that has the effect of reducing a participant's gross accrued supplemental
pension benefit is an entitlement event. In determining whether such a reduction has occurred, the participant's gross accrued supplemental pension benefit calculated on the day immediately preceding
the effective date of the amendment shall be compared to the participant's gross accrued supplemental pension benefit calculated on the effective date of the amendment. An amendment that has the
effect of reducing future benefit accruals is not an entitlement event. It is intended that an entitlement event under this paragraph (c)(iv)(2) will occur only with respect to those amendments
that are substantially similar to amendments that are prohibited by Internal Revenue Code section 411(d)(6) with respect to qualified pension plans. The effective date of the entitlement event
shall be the effective date of the Plan amendment. 

        (3)    Involuntary Demotion, Termination From Employment With Constellation Energy Group, or eligibility withdrawal without
Cause.    A participant's involuntary Demotion or involuntary Termination From Employment With Constellation Energy Group without Cause, or the withdrawal of a
participant's eligibility to participate under Sections 5 or 6 of the Plan without Cause, is an entitlement event. The effective date of the entitlement event shall be the effective date of the
participant's
involuntary Demotion or involuntary Termination From Employment With Constellation Energy Group without Cause, or the eligibility withdrawal without Cause. 

        (v)    Form of benefit payout.    Each participant entitled to a payout under this paragraph (c) will receive
such payout in the form of a lump sum payment. 

        (vi)    Amount, timing, and source of benefit payout.    A participant entitled to a payout of his/her net accrued
benefit, as a result of the occurrence of an event described in paragraphs (c)(iii), (c)(iv)(1), (2), or (3) will be entitled to a lump sum benefit. This lump sum benefit will be calculated by
a certified actuary as the present value, determined as of the date of payment, of an annuity beginning at age 62 (or the participant's actual age, if the participant is older than age 62 on the date
the lump sum benefit is payable), including the estimated present value of post-retirement survivor annuity benefits described in Section 7, using (1) the net accrued benefit
amount calculated under paragraph (d)(ii) on the effective date of the entitlement event, which is expressed as a monthly amount, (2) the Interest Rate computed on the date the
lump sum benefit is payable, and (3) the Mortality Table. The lump sum benefit shall be payable as of the participant's Severance From service Date, and shall be made within 60 days
after such date in accordance with the provisions of the Rabbi Trust and, to the extent not paid under the terms of the Rabbi Trust, from general corporate assets. A participant who receives a lump
sum benefit under this paragraph (c)(vi) shall not be entitled to any cost of living or other pension payment adjustments or to preretirement or post-retirement survivor
annuity coverage. 

        (vii)    Death of participant entitled to lump sum payout.    In the event of the death of a participant after the
occurrence of an event described in paragraphs (c)(iii), (c)(iv)(1), (2), or (3) and before the participant receives the lump sum payment under paragraph (c)(v), such lump sum payment
shall be made to the participant's surviving spouse (as defined in Section 6(i)). The lump sum payment will be calculated by a certified actuary and will be equal to 100% of the lump sum that
would have been paid to the participant under paragraph (vi), as of the date on which the lump sum is payable under this paragraph (vii), provided that the participant's date of death is
on or after his/her Severance From Service Date. If the participant's date of death is before his/her Severance From Service Date, 50% shall be substituted for 100% in the preceding sentence. The lump
sum benefit shall be payable as of the earlier of the participant's Severance From Service 

7

 

Date
or date of death, and shall be made within 60 days after such date in accordance with the provisions of the Rabbi Trust and, to the extent not paid under the terms of the Rabbi Trust, from
general corporate assets. If there is no surviving spouse at the date of the participant's death, no payments shall be made pursuant to Sections 5 or 6. A surviving spouse who receives a lump sum
benefit under this paragraph (c) (vii) shall not be entitled to any cost of living or other pension payment adjustments or to preretirement or post-retirement survivor
annuity coverage under the Plan. 

        6.    Supplemental Survivor Annuity Benefit.

        (a)    Survivor annuity benefit.

        (i)    Eligibility for survivor annuity benefit.    Following the death of a participant who is fully vested under the
Pension Plan, a supplemental survivor annuity may be paid to the participant's surviving spouse until the death of that spouse, using the Survivor Annuity Percentage. The participant will not bear the
cost of up to a 50% survivor annuity benefit, but will bear the cost of a survivor annuity benefit in excess of 50%. For purposes of this Section 6(a), a participant's surviving spouse is the
individual married to the participant on the date of the participant's death. If there is no surviving spouse, or if the participant or the participant's spouse previously received or is entitled to
receive either a lump sum payment under Section 5, or a benefit under the Senior Executive Supplemental Plan, no supplemental survivor annuity will be payable. 

        (ii)    Computation of survivor annuity benefit.    The amount of the supplemental survivor annuity will be determined
as follows: 

        (1)    if
the participant's Benefit Start Date occurred prior to the date of death: 

        (a)    begin
with the monthly pension benefit (under Section 5(b) of this Plan) that the participant was receiving prior to the date of death, and 

        (b)    multiply
this dollar amount by the Survivor Annuity Percentage. 

        (2)    otherwise:

        (a)    Unless
the participant elected the alternative in-service death benefit in section (b) below: 

        (1)    begin
with the monthly Early Retirement pension benefit (under both the Pension Plan and Section 5(b) of this Plan) to which the participant would have been
entitled to receive if: 

the
participant had been retired at the later of age 60 or his/her actual age on the date of death for purposes of computing the Early Receipt Reduction Factor, 

        (2)    multiply
this dollar amount by the Survivor Annuity Percentage, 

        (3)    subtract
from the product the net amount, if any, of the survivor annuity provided on behalf of the participant under the Pension Plan if the participant is
participating in the Traditional Pension Plan, or the monthly annuity that would have been provided to the participant's spouse assuming that he or she had been designated as the participant's
beneficiary and had chosen to receive a survivor benefit in the form of a monthly annuity, if the participant is participating in the PEP, and 

        (4)    subtract
from this dollar amount the charges relating to coverage (under both the Pension Plan and this Plan) for a preretirement survivor annuity in excess of 50%. 

8

 

        (b)    If
the participant was a participant in the Pension Equity Plan option of the Pension Plan and elected this alternative in-service death benefit by
December 31 of the year prior to his/her death or during the 2001 initial election period established by the Plan Administrator 

        (1)    calculate
the benefit under the Constellation Energy Group Benefits Restoration Plan that would have been payable to the surviving spouse if the participant were a
participant in that plan and 

        (2)    that
dollar amount will be paid to the surviving spouse only in the form of a lump sum from this Plan. 

        (iii)    Form of payout of survivor annuity benefits.    Unless the participant made a valid election by
December 31 of the year prior to his/her death or during the 2001 initial election period established by the Plan Administrator, to have the survivor benefits paid in a lump sum, each surviving
spouse entitled to a supplemental survivor annuity benefit will receive his/her survivor annuity benefit payout in the form of a monthly payment. 

        (iv)    Amount, timing, and source of monthly survivor annuity benefit payout.    A surviving spouse entitled to
monthly supplemental survivor annuity benefits will receive a monthly payment equal to the amount determined under (ii) above. Such payments shall commence effective with the first day of the
month following the month of the participant's death. If such surviving spouse receives (or would have received but for the Internal Revenue Code Limitations) cost of living adjustment(s) under the
Pension Plan, the monthly payments hereunder will be automatically increased based on the percentage of, and
at the same time as, such adjustment(s). Monthly payments hereunder shall permanently cease upon the death of the surviving spouse, effective with the monthly payment for the month following the month
of the surviving spouse's death. Monthly payments hereunder shall be made in accordance with the provisions of the Rabbi Trust and, to the extent not paid under the terms of the Rabbi Trust, from
general corporate assets. 

        (v)    Amount, timing, and source of lump sum survivor benefit payout.    A surviving spouse entitled to a lump sum
supplemental survivor benefit will receive a lump sum payment. This lump sum payment will be calculated by a certified actuary and will be equal to the present value of an immediate annuity. Such lump
sum payment shall be made within 60 days after the participant's death. The lump sum payment shall be made in accordance with the provisions of the Rabbi Trust and, to the extent not paid under
the terms of the Rabbi Trust, from general corporate assets. A surviving spouse who receives a lump sum payment shall not be entitled to any cost of living or other pension payment adjustments. 

        (vi)    Death of surviving spouse entitled to lump sum payout.    In the event of the death of a surviving spouse
before the spouse receives the lump sum payment under section 6(a)(v) no payment shall be made. 

        7.    Miscellaneous.    None of the benefits provided under this Plan shall be subject to alienation or assignment by
any participant or beneficiary nor shall any of them be subject to attachment or garnishment or other legal process except (i) to the extent specially mandated and directed by applicable State
or Federal statute; or (ii) as requested by the participant or beneficiary to satisfy income tax withholding or liability. 

        This
Plan may be amended from time to time, or suspended or terminated at any time, provided, however, that no amendment or termination shall reduce any previously accrued supplemental
pension benefit under this Plan or impair the rights of any participant or beneficiary entitled to receive current or future payment hereunder at the time of such action. All amendments to this Plan
may be made at the written direction of the Committee. Notwithstanding anything else in this Plan to the contrary, the 

9

 

Constellation
Energy Group Board of Directors may authorize a Participant to be eligible for benefits or may increase benefit payments. 

        Participation
in this Plan shall not constitute a contract of employment between Constellation Energy Group or any of its subsidiaries and any person and shall not be deemed to be
consideration for, or a condition of, continued employment of any person. 

        The
Plan, notwithstanding the creation of the Rabbi Trust, is intended to be unfunded for purposes of Title I of the Employee Retirement Income Security Act of 1974. Constellation Energy
Group shall make contributions to the Rabbi Trust in accordance with the terms of the Rabbi Trust. Any funds which may be invested and any assets which may be held to provide benefits under this Plan
shall continue for all purposes to be a part of the general funds and assets of Constellation Energy Group and no person other than Constellation Energy Group shall by virtue of the provisions of this
Plan have any interest in such funds and assets. To the extent that any person acquires a right to receive payments from Constellation Energy Group under this Plan, such rights shall be no greater
than the right of any unsecured general creditor of Constellation Energy Group. 

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

        This
Plan shall be governed in all respects by Maryland law. 

10

QuickLinks

CONSTELLATION ENERGY GROUP, INC. SUPPLEMENTAL PENSION PLAN

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