Document:

EX-10.2

 Exhibit 10.2 

ONCOR 
 SALARY DEFERRAL
PROGRAM 
 Amended and Restated as of December 1, 2020 

 Contents 
  

 
  

							
	 Oncor Salary Deferral Program
	  			
	 Section 1.
	 	Purpose	  	 	1	 
	 Section 2.
	 	Definitions	  	 	1	 
	 Section 3.
	 	Deferral Eligibility and Participation	  	 	4	 
	 Section 4.
	 	Election to Defer	  	 	5	 
	 Section 5.
	 	Matching Awards, Company Discretionary Contributions, Vesting, and Forfeitures	  	 	5	 
	 Section 6.
	 	Investments and Earnings	  	 	7	 
	 Section 7.
	 	Participant Accounts	  	 	7	 
	 Section 8.
	 	Distribution of Accounts	  	 	8	 
	 Section 9.
	 	Certain Elections for Participants in Prior Plan	  	 	11	 
	 Section 10.
	 	Nontransferability	  	 	11	 
	 Section 11.
	 	Designation of Beneficiaries	  	 	11	 
	 Section 12.
	 	Rights of Participants	  	 	12	 
	 Section 13.
	 	Administration	  	 	12	 
	 Section 14.
	 	Amendment or Termination of the Plan	  	 	12	 
	 Section 15.
	 	Corporate Changes	  	 	13	 
	 Section 16.
	 	Requirements of Law	  	 	14	 
	 Section 17.
	 	Withholding Taxes	  	 	14	 
	 Section 18.
	 	Investment and Funding	  	 	14	 

  
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 ONCOR SALARY DEFERRAL PROGRAM 

(Amended and Restated Effective as of December 1, 2020) 

Section 1. Purpose 
 1.1
Purpose. The Oncor Salary Deferral Program (the “Plan”) was originally established effective as of January 1, 2010, as a spin-off of the EFH Salary Deferral Program (“Prior
Plan”), which was originally effective April 1, 1991. The Plan, therefore, assumed, and provides for the satisfaction of benefit liabilities accrued under, the Prior Plan as of December 31, 2009, with respect to certain employees of
the Company, as well as the benefits earned by Eligible Employees under the Plan thereafter. The Plan is hereby amended and restated effective as of December 1, 2020. 

The primary purpose of the Plan is to provide a mechanism for certain key employees of the Company and other Participating Employers to defer
a portion of their Salary and Bonus, to motivate key employees, and to recognize the contributions of such employees to the Company as the Plan sponsor. The Plan is designed as an unfunded arrangement maintained primarily for the purpose of
providing deferred compensation for a select group of management or highly compensated employees as determined under the provisions of Section 201(2) of the Employee Retirement Income Security Act of 1974. 

Section 2. Definitions 
 2.1
Definitions. Whenever used herein, the following terms shall have the meanings set forth below: 
 (a) “Account” means the
individual account maintained by the Company for each Participant for recording amounts previously transferred to this Plan from the Prior Plan, the deferrals of Salary and Bonus made by each Participant under this Plan, Matching Awards made on
behalf of each Participant in the Plan and/or Prior Plan, and earnings on such Amounts. 
 (b) “Adjustment Date” means the last day
of each calendar quarter and such other dates as the Committee in its discretion may prescribe. 
 (c) “Beneficiary” means the
person or persons named by the Participant as the recipient(s) of any distribution remaining to be paid to the Participant under the Plan upon the Participant’s death. 

(d) “Board of Directors” means the Board of Directors of the Company. 

(e) “Bonus” means the cash portion of any future bonus or incentive award paid by a Participating Employer to a Participant with
respect to services to be performed by a Participant during a Plan Year under an incentive plan adopted by such Participating Employer. 

  
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 (f) “Business Unit” means a subsidiary, division or operating unit of the Company
designated by the Chief Executive of the Company which will focus on its own unique products, services and markets. 
 (g) “Cause”
means any one or more of the following: (i) as such term may be defined in any employment agreement or change-in-control agreement in effect at the time of
termination of employment between the Participant and the Company, or, (ii) if there is no such employment or change-in-control agreement, (A) if, in carrying
out his or her duties to the Company, Participant engages in conduct that constitutes (1) a breach of his or her fiduciary duty to the Company or its equity interest holders, (2) gross neglect, or (3) gross misconduct resulting in
material and objectively determinable damage to the business of the Company, or (ii) upon the indictment of the Participant for, or the Participant’s plea of nolo contendere to, a felony or a misdemeanor involving moral turpitude. 

Notwithstanding the foregoing, a termination of a Participant’s employment for any of the reasons described in clause (ii)(A) above (or
any comparable reasons described in any applicable employment agreement under clause (i) above) shall not constitute a termination for Cause unless: (A) the Participant has received written notice specifying the alleged misconduct
constituting Cause, (B) the Participant has been given an opportunity to be heard by (1) the Board of Directors, with respect to a Participant who was a member of the Senior Leadership Team of the Company, or (2) the Senior Leadership
Team of the Company, with respect to a Participant who was not a member of the Senior Leadership Team, and (C) following such hearing, or the Participant’s failure to request such a hearing within a reasonable period, the Board of
Directors or the Senior Leadership Team, as applicable, determines, in good faith by at least a 2/3 vote, that the termination for Cause is appropriate under the circumstances. 

(h) “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

(i) “Committee” means the Plans Administrative Committee whose members are appointed from time to time by the Board of Directors or
the Chief Executive of the Company. 
 (j) “Company” means Oncor Electric Delivery Company LLC, its successors and assigns. 

(k) “Deferral” means the deferral of Salary or Bonus under this Plan as provided for in Section 4 hereof. 

(l) “Deferral Period” means the period of deferral, beginning with the first day of the applicable Plan Year, which shall be seven
years for the Seven Year Option and which shall be the period ending with Retirement for the Retirement Option (or six months thereafter with respect to specified employees as provided under Section 8.3). Notwithstanding the foregoing, the
Deferral Period shall end on the date of death, Disability, or Separation from Service (or six months thereafter with respect to specified employees as provided under Section 8.3). Transition Provision: Notwithstanding any other provisions
contained herein, the Deferral Period for amounts subject to an Election made for periods prior to April 1, 1998, shall be the Deferral Period applicable at the time of the Election. 

  
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 (m) “Disability” means a medically determinable physical or mental impairment that
can be expected to last for a continuous period of not less than 12 months, as a result of which the Participant is entitled to receive, and has been receiving for a period of not less than three months, income replacement benefits under one or more
plans of the Company. 
 (n) “Early Retirement” means Retirement at age 55 or later but prior to Normal Retirement. 

(o) “EFH” means Energy Future Holdings Corp. 

(p) “Eligible Employee” means an employee of a Participating Employer whose Salary, as of October 1 of the previous year, meets
or exceeds a threshold Salary level (which shall not be less than $100,000) and/or other criteria established by the Plan Administrator for each Plan Year based on such factors as the Plan Administrator deems appropriate. 

(q) “Matching Award” means contributions made by the Participating Employers pursuant to Section 5.1 herein. 

(r) “Normal Retirement” means Retirement at age 62 or later. 

(s) “Participant” means an Eligible Employee who elects to participate in the Plan and whose Account(s) has not been completely
distributed. 
 (t) “Participating Employer” means the Company and each of its subsidiaries, affiliates or Business Units which are
approved by the Committee for participation in this Plan. The Participating Employers, as of the effective date of the amendment and restatement of this Plan, are listed on Exhibit “A” attached hereto. Participation in the Plan by
additional Participating Employers will commence as of the date determined by the Plan Administrator. 
 (u) “Plan Administrator”
means the person(s) or entities appointed by the Committee to assist in carrying out the operation of the Plan. 
 (v) “Plan Year”
means the twelve-month period beginning January 1 and ending December 31. 
 (w) “Rate” means the earnings rate to be applied
to certain Deferrals and Matching Awards under Section 6.2 and pursuant to Section 9.1 hereof for the Deferral Period which shall be the greater of: (i) the actual earnings rate, as determined by the Trustee, for assets held in Trust
under the Seven-Year Option and invested in accordance with the provisions of Section 6.2; and (ii) the Alternative Rate. The term “Alternative Rate” shall mean the average earnings rate, as determined by the Trustee, of interest
rates payable on Treasury Notes of the United States Government with a maturity period of ten years. Income credited under the Alternative Rate shall be determined by multiplying the Alternative Rate for the Plan Year within the Deferral Period
times the average balance in the Account for such Plan Year, including income earned for prior periods. Income on all Accounts under the Plan shall be deemed to have been earned on a consistent basis. 

  
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 (x) “Retirement” means termination of employment from a Participating Employer
upon attaining age 65, or as early as attaining age 55 with at least 16 years of Service. 
 (y) “Retirement Option” means the
option to defer receipt of certain Deferrals until Retirement. 
 (z) “Salary” means the annualized rate of normal base pay
earnings, prior to any deferrals, of an Employee exclusive of overtime, bonuses or any fringe benefits. 
 (aa) “Senior Leadership
Team” shall mean the officers of the Company who are elected by the Board of Directors from time to time at the level of Senior Vice President or above. 

(bb) “Separation from Service” means termination of employment under circumstances that would qualify as a “separation from
service” for purposes of Code Section 409A and the regulations issued thereunder. 
 (cc) “Service” shall mean the
aggregate period of employment of a Participant with all Participating Employers, determined on an elapsed time basis. 
 (dd) “Seven
Year Option” means the option to defer receipt of certain Deferrals for seven years. 
 (ee) “Trust” means the trust(s)
established by the Company to assist it in meeting its obligations under the Plan. 
 (ff) “Trustee” means the trustee appointed by
the Committee to hold assets of the Plan. 
 (gg) “Unforeseeable Emergency” means a severe financial hardship to a Participant
resulting from an illness or accident of the Participant, the Participant’s spouse or a dependent (as defined in Code section 152 without regard to section 152(b)(1), (b)(2) and (d)(1)(B)) of a Participant, 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. 

(hh) “Vesting Period” means the period beginning with the date of the beginning of the Plan Year of Deferral and ending with the end
of the seventh Plan Year. 
 Section 3. Deferral Eligibility and Participation 

3.1 Eligibility. An Eligible Employee shall be eligible to participate in the Plan as of the date that he/she satisfies the eligibility
requirements set forth herein. All Eligible Employees will be given the opportunity, annually during an election period prior to the beginning of a Plan Year, to participate in the Plan during such Plan Year. Individuals who first become Eligible
Employees during the Plan Year shall be notified of their eligibility and shall be given the opportunity, during the thirty (30) day period following the date of initial eligibility, to participate in the Plan for the remainder of such Plan
Year. Elections with regard to participation during a Plan Year shall be irrevocable. 

  
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 3.2 Participation. All Eligible Employees may elect to participate in this Plan, and
defer Salary and Bonus in the manner prescribed in Section 4.1 below. 
 Section 4. Election to Defer 

4.1 Deferral Election. An Eligible Employee may elect, irrevocably, by written notice to the Plan Administrator on an election form at
the time(s), and in the manner prescribed by the Plan Administrator, to make Deferrals during the Plan Year of a percentage of Salary and/or Bonus, under the Retirement Option, the Seven Year Option, or a combination thereof, in one percent (1%)
increments, up to a maximum of fifty percent (50%) of Salary and eighty-five percent (85%) of Bonus. Such election shall be made by an individual who first becomes eligible, during the period specified in Section 3.1, and by all other
Participants during the election period prescribed by the Plan Administrator, which shall be, prior to the first day of the Plan Year to which such election relates. 

4.2 Salary Deferrals. Salary deferred under the Plan will be ratably deducted in each pay period during the Plan Year. 

4.3 Bonus Deferrals. Bonus deferred under the Plan will be deferred at the time that the Bonus would otherwise have been paid. 

Section 5. Matching Awards, Company Discretionary Contributions, Vesting, and Forfeitures 

5.1 Matching Awards. Each Participating Employer shall contribute to the Account of each Participant employed by such Participating
Employer, as a Matching Award, an amount equal to one hundred percent (100%) of the Participant’s Salary Deferral up to a maximum Salary Deferral of eight percent (8%). Such contribution shall be credited at the time of the crediting of the
Salary Deferral amount to be matched. 
 5.2 Discretionary Company Contributions. In addition to the Matching Awards provided for in
Section 5.1 above, the Company may, from time to time, make additional discretionary contributions to the Accounts of individual Participants selected by the Company as directed by the Organization & Compensation Committee of the
Company’s Board of Directors (the “O&C Committee”). The amount of any such discretionary contributions shall be determined by the O&C Committee in its sole and absolute discretion based on such factors as may be determined by
the O&C Committee to be appropriate. Such discretionary contributions may be fully vested when made, or may be subject to a vesting schedule or vesting parameters as determined by the O&C Committee in its sole and absolute discretion. The
amount and terms of discretionary contributions need not be uniform among Participants to whom the O&C Committee decides to make a discretionary contribution. The decision of the O&C Committee to authorize a discretionary contribution from
the Company to any one Participant will not entitle any other Participant to receive a discretionary contribution, nor entitle the Participant on whose behalf the discretionary contribution was made, to receive any other discretionary contribution.

  
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 5.3 Vesting. Subject to the forfeiture provisions of Section 5.4 and the
accelerated vesting provisions of Section 5.5, a Participant shall at all times be one hundred percent (100%) vested in the portion of the Participant’s Account that is attributable to such Participant’s Deferrals and earnings
thereon. A Participant shall be one hundred percent (100%) vested in the Participant’s Matching Awards, and on income earned on such Matching Awards at the end of the Vesting Period. A Participant shall become vested in any Company
discretionary contributions made on behalf of the Participant pursuant to Section 5.2 at the time and subject to such conditions as may be determined by the O&C Committee at the time that the discretionary contribution is made. 

5.4 Forfeitures. The following amounts shall be forfeited from a Participant’s Account as of the date upon which the forfeiture is
created: 
 (a) Seven Year Option Forfeitures. 

(i) Early Retirement. An amount equal to four percent (4%) of the portion of the Participant’s Account balance relating to
Matching Awards and earnings thereon, and Salary Deferrals subject to Matching Awards and earnings thereon, for each full year Retirement occurs prior to Normal Retirement shall be forfeited. 

(ii) Termination for other than Death, Disability, Retirement, or Termination Without Cause. If termination of service with the Company
occurs for reasons other than death, Disability, Retirement, or termination without Cause, Matching Awards and all earnings thereon shall be forfeited. 

(b) Retirement Option Forfeitures. 

(i) Early Retirement. An amount equal to four percent (4%) of the Participant’s Account balance relating to non-vested Matching Awards and earnings thereon, and Salary Deferrals subject to Matching Awards and earnings thereon, for each full year Retirement occurs prior to Normal Retirement shall be forfeited. 

(ii) Termination for other than Death, Disability, Retirement or Termination Without Cause. If termination of service with the Company
occurs for reasons other than death, Disability, Retirement, or termination without Cause, Matching Awards and all earnings thereon for Plan Years which are non-vested shall be forfeited. 

5.5 Accelerated Vesting Upon Death, Disability, Normal Retirement or Termination Without Cause. Notwithstanding the provisions of
Sections 5.3 or 5.4, in the event a Participant’s employment is terminated without Cause or as a result of the Participant’s death, Disability or Normal Retirement, then (i) such Participant’s Accounts under the Plan shall become
fully vested, and (ii) the forfeiture provisions of Sections 5.4(a)(i) and 5.4(b)(i) shall not apply. 

  
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 Section 6. Investments and Earnings 

6.1 Investments and Earnings on Participants’ Accounts. Except as otherwise provided in Section 6.2, the amount
credited to a Participant’s Account shall be adjusted as of each Adjustment Date to reflect such gain, loss and/or expenses incurred based on the experience of the investments selected by the Participant prior to the date prescribed by the
Committee for the investment of his or her Account and taking into account additional Deferrals credited to and distributions made from such Account since the last Adjustment Date. The Committee shall have sole and absolute discretion with respect
to the number and type of investment choices made available for selection by Participants, the timing and manner of Participant investment elections and the method by which adjustments are made. The designation of investment choices by the Committee
shall be for the sole purpose of adjusting Accounts pursuant to this Section and this provision shall not obligate the Participating Employers to invest or set aside any assets for the payment of benefits hereunder; provided, however, that a
Participating Employer may invest a portion of its general assets in investments, including investments which are the same as or similar to the investment choices designated by the Committee and selected by Participants, but any such investments
shall remain part of the general assets of such Participating Employer and shall not be deemed or construed to grant a property interest of any kind to any Participant, designated beneficiary or estate. The Committee shall notify the Participants of
the investment choices available and the procedures for making and changing investment elections. 
 6.2 Investments and Earnings For
Deferrals and Matching Awards Made Prior to April 1, 1998. Notwithstanding Section 6.1, the Trustee shall continue to invest Salary Deferrals and Matching Awards made under the Prior Plan prior to April 1, 1998 under
the Seven Year Option, together with all earnings on such Salary Deferrals and Matching Awards, in a fixed income fund of investment grade securities under investment guidelines established by the Committee. At the time of distribution of the
portion of Accounts attributable to Salary Deferrals and Matching Awards made under the Prior Plan prior to April 1, 1998, Participants will receive their Account balances relating to such pre-April 1,
1998 Salary Deferrals and Matching Awards, including income determined by applying the Rate. 
 Section 7. Participant Accounts 

7.1 Separate Accounts. The Plan Administrator shall establish and maintain separate individual Accounts for each Participant for
deferrals of Salary, Bonus and Matching Awards and earnings thereon for each Plan Year. 
 7.2 Unsecured Interest. No Participant or
Beneficiary shall have any security interest whatsoever in any assets of the Company or any Participating Employer. To the extent that any person acquires a right to receive payments under the Plan, such right shall not be secured or represented by
any assets of the Company or any Participating Employer. 

  
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 Section 8. Distribution of Accounts 

8.1 Value of Participant’s Accounts. 

(a) In General. Except as otherwise provided in subsection (b), the value of a Participant’s Account shall be determined based upon
the amount credited to such Account as of the most recent Adjustment Date plus any Deferrals and Matching Awards credited to such Account since such Adjustment Date. 

(b) Deferrals and Matching Awards Made Prior to April 1, 1998. The value of the portion of a Participant’s
Account relating to Salary Deferrals and Matching Awards made under the Prior Plan prior to April 1, 1998 shall be determined as of the last day of the applicable Deferral Period. 

(c) Reduction of Accounts Upon Distributions and Forfeitures. The amount of each distribution made with respect to an Account and any
forfeiture amounts applied pursuant to Section 5.4 shall be deducted from the balance credited to such Account at the time of distribution or forfeiture. 

8.2 Form and Timing of Distribution. The value of the Participant’s Accounts at distribution shall be paid in cash, as follows:

 (a) Seven-Year Option. In a lump-sum distribution as soon as practicable after the end of
the Deferral Period, but in no event later than sixty (60) days following such date. The portion of the Participant’s Account subject to distribution hereunder shall be valued as of the end of the Deferral Period and shall not earn
interest or be otherwise adjusted for earnings for the period from the end of the Deferral Period to the date of distribution. 
 (b)
Retirement Option. 
 (i) Form of Payment upon Retirement. The aggregate amounts deferred under the Retirement Option,
together with any matching contribution or earnings attributable thereto, shall be distributed in a single annual installment, or in annual installments over the period certain elected by the Participant as provided in Section 8.2(b)(iii) from
one (1) to ten (10) years, or fifteen (15) years, or twenty (20) years, commencing in the year after, but in no event later than twelve months following the date of Retirement, subject, however, to the delay provided for in
Section 8.3. During the distribution period, undistributed amounts in the Retirement Option shall continue to be adjusted for earnings pursuant to Section 8.2(b)(iv). In the event of the death of a Participant or Beneficiary during the
distribution period, the remainder of the Account shall be distributed to the Participant’s Beneficiary, or if no Beneficiary has been designated, to the estate of the Participant or Beneficiary in a
lump-sum distribution as soon as practicable after the Participant’s date of death. 
 (ii)
If Participant Terminates. If the Participant terminates employment prior to Retirement, then the portion of his Account subject to the Retirement Option shall be paid in a lump-sum distribution as soon
as practicable after the end of the Deferral Period, but in no event later than sixty (60) days following such date. The portion of the Participant’s Account subject to distribution hereunder shall be valued as of the end of the Deferral
Period and shall not earn interest or be otherwise adjusted for earnings for the period from the end of the Deferral Period to the date of distribution. 

  
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 (iii) Election of Payment Term. Each Participant shall elect the period over which
amounts in such Participant’s Account subject to the Retirement Option shall be paid. Except as provided for in Section 8.2(b)(iv) below, (i) such election shall be made on or before the date the Participant first commences
participation in the Plan; and (ii) with respect to any amounts transferred to this Plan from the Prior Plan, the Participant’s election in effect under the Prior Plan shall continue to apply. Such election shall apply to the entire
portion (if any) of the Participant’s Account that is subject to the Retirement Option, regardless of when such amounts were deferred or otherwise credited to the Participant’s Account, and shall be irrevocable. 

(iv) Special Distribution Elections. Notwithstanding the provisions of paragraph (iii) above, Participants shall be entitled to
make a distribution election (or elections) at such time or times as determined by the Plan Administrator consistent with Code Section 409A and the rules and regulations issued thereunder with respect to all accounts deferred under the Plan
before and after such election(s), and such election(s) shall, to the extent determined by the Plan Administrator consistent with Code Section 409A and the rules and regulations issued thereunder, supersede any other elections previously made
by the Participant. 
 (v) Earnings During Distribution Period. The Participant may, within sixty (60) days of Retirement, in
accordance with administrative procedures established by the Plan Administrator, elect to have all or a portion of his or her Account allocated, in increments of 1%, to a Fixed Annuity Fund (“Fixed Annuity”), which shall be credited a
fixed rate of interest throughout the Retirement distribution period. This rate will equal the Fixed Account rate in effect at the time of Retirement. Any amounts not allocated to a Fixed Annuity by the end of such
sixty-day period shall earn a variable annuity rate of return taking into account the earnings and losses credited to the Participant’s Account as a result of the investment return tracking elections made
by the Participant during the annuity period (“Variable Annuity”). Notwithstanding the foregoing and except as otherwise provided in Section 9.2, with respect to the portion of the Participant’s Account relating to Salary
Deferrals and Matching Awards made under the Prior Plan prior to April 1, 1998, such installments shall be made in a fixed amount which shall amortize the value of such portion of the Participant’s Account over the period elected by the
Participant in Section 8.2(b)(iii), using the Rate as a projected earnings rate of return. 
 (c) Amounts Transferred from Prior
Plan. The portion of a Participant’s Account that is transferred to this Plan from the Prior Plan shall be payable at such time and in such terms as were applicable to such amounts under the Prior Plan, subject to a Participant’s right
to modify the terms and timing consistent with the terms of the Plan and Section 409A of the Code. 

  
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 8.3 Delay of Certain Benefit Payments. 

(a) With respect to any Participant who is a “specified employee” (within the meaning of Code section 409A and the regulations issued
thereunder), the distribution of any benefits shall not commence earlier than the date that is six (6) months following the date of such Participant’s Separation from Service. In the event that any benefit payable in installments is
delayed by application of this Section 8.3(a), the period of payment shall not be extended, the first payment shall include all amounts that would have otherwise been paid in the absence of such delay, and subsequent payments shall be made at
such times and in such amounts as would have otherwise been paid in the absence of such delay. 
 (b) The provisions of Section 8.3(a)
shall not apply (i) with respect to any distribution made on account of the death or Disability of the Participant, or (ii) if, at the time of such Participant’s Separation from Service, no stock of either the Company or the
Participant’s employer is publicly traded on an established securities market or otherwise. 
 8.4 Election to Delay Commencement of
Retirement Option Payments. 
 Any Participant may make a one-time election to delay the
commencement of payment of that portion of his Account that is subject to the Retirement Option payment provisions of Section 8.2(b), subject to the following: 

(a) Such election shall be made no later than twelve (12) months prior to the date on which such payments would have otherwise commenced
(without regard to the application of Section 8.3), and 
 (b) Such election must specify a payment date that will cause the
commencement of the payment of such amounts to be delayed for at least five (5) years beyond the date such payments would have otherwise commenced in the absence of the election under this Section 8.4. 

(c) A Participant may make only one election under this Section 8.4 during the period of his participation in the Prior Plan and/or this
Plan and such election will be ineffective until the expiration of twelve (12) months after the date it is made. 
 (d) An election
under this Section 8.4 shall not be effective with respect to any amount subject to the Retirement Option that is payable as a lump sum under Section 8.2(b)(ii). 

8.5 Distribution in the Event of an Unforeseeable Emergency. If a Participant encounters an Unforeseeable Emergency, the Plan
Administrator in its absolute discretion may direct the Company to pay to such Participant such portion of the Account, including the entire amount if appropriate, as the Committee shall determine to be necessary to satisfy the need presented by
such Unforeseeable Emergency, plus amounts necessary to pay all taxes and penalties reasonably anticipated as a result of the distribution. A distribution on account of an Unforeseeable Emergency may not be made to the extent such emergency may be
relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation would not itself cause severe financial hardship). 

  
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 Section 9. Certain Elections for Participants in Prior Plan 

9.1 Election to Continue Under Original Plan Provisions. Notwithstanding anything herein to the contrary, Eligible Employees who, as of
March 31, 1998, were Participants in the Prior Plan were given the opportunity, pursuant to a one-time, irrevocable written election, to have certain provisions relating to permitted Deferrals, Matching
Awards and investments as described in Exhibit “B” attached hereto and incorporated herein by reference (the “Original Plan Provisions”), apply with respect to their future Plan participation. 

9.2 Election for Investment of Pre-April 1, 1998 Deferrals and Matching Awards. Notwithstanding
anything herein to the contrary, Eligible Employees who, as of March 31, 1998, were Participants in the Prior Plan and who did not make the election provided for in Section 9.1 to have the Original Plan Provisions apply to their future
Plan participation, were given the opportunity, pursuant to a one-time, irrevocable written election, to have the investment provisions set forth in Section 6.1 and the valuation provisions set forth in
Section 8.1(a) apply to the entirety of their Account, including Salary Deferrals and Matching Awards made under the Prior Plan prior to April 1, 1998. The Account of each Participant who made such an election was valued as of
March 31, 1998 using the actual rate of return of such Account assets in accordance with the investment provisions of Section 6.2. From and after April 1, 1998, the provisions of Sections 6.2 and 8.1(b) no longer applied to any
portion of their Account. Furthermore, such Participant’s election under Section 8.2(b)(v) shall be applied as if all amounts in Participant’s Account, subject to the Retirement Option, were deferred on or after April 1, 1998.

 Section 10. Nontransferability 

10.1 Nontransferability. In no event shall the Company or any Participating Employer make any distribution or payment under this Plan to
any assignee or creditor of a Participant or a Beneficiary. Prior to the time of a distribution or payment hereunder, a Participant or a Beneficiary shall have no right by way of anticipation or otherwise to assign or otherwise dispose of any
interest under this Plan. 
 Section 11. Designation of Beneficiaries 

11.1 Specified Beneficiary. A Participant shall designate a Beneficiary or Beneficiaries who, upon the Participant’s death are to
receive the amounts that otherwise would have been paid to the Participant. All Beneficiary designations shall be in writing and signed by the Participant, and shall be effective only if and when delivered to the Plan Administrator during the
lifetime of the Participant. A Participant may, from time to time during his lifetime, change his Beneficiary or Beneficiaries by a signed, written instrument delivered to the Plan Administrator. The payment of amounts shall be in accordance with
the last unrevoked written designation of the Beneficiary that has been signed and so delivered. 
 11.2 Estate as Beneficiary. If a
Participant designates a Beneficiary without providing in the designation that the Beneficiary must be living at the time of each distribution, the designation shall vest in the Beneficiary all of the distributions whether payable before or after
the Beneficiary’s death, and any distributions remaining upon the Beneficiary’s death shall be made to the Beneficiary’s estate. In the event a Participant shall not designate a Beneficiary or Beneficiaries, or if, for any reason,
such designation shall be ineffective, in whole or in part, as determined solely in the discretion of the Plan Administrator, the distribution that otherwise would have been paid to such Participant shall be paid to the Participant’s estate.

  
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 Section 12. Rights of Participants 

12.1 Employment. Nothing in the Plan shall alter or interfere in any way with the employment relationship between Participants and
Participating Employers, nor limit in any way the right of the Company or any Participating Employer to terminate any Participant’s employment at any time. This Plan shall not confer upon any Participant any right to continue in the employ of
the Company or any Participating Employer. 
 Section 13. Administration 

13.1 Administration. The Committee shall be responsible for the administration of the Plan. The Committee is authorized, in its sole
discretion, to interpret the Plan, to prescribe, amend, and rescind rules and regulations relating to the Plan, provide for conditions and assurances deemed necessary or advisable to protect the interests of the Company, and to make all other
determinations necessary or advisable for the administration of the Plan. The determination of the Committee, interpretation or other action made or taken pursuant to the provisions of the Plan, shall be final and shall be binding and conclusive for
all purposes and upon all persons whomsoever. The Committee shall appoint a Plan Administrator to assist in carrying out the operations of the Plan and a Trustee of the Trust to accompany the Plan. 

13.2 Annual Reports. The Plan Administrator shall render annually a written report to each Participant which shall set forth, at a
minimum, the Participant’s Account balances as of the end of the most recent Plan Year. 
 Section 14. Amendment or Termination of the
Plan 
 14.1 Amendment or Termination of the Plan. The Board of Directors may amend, terminate, or suspend the Plan at any
time. Any such amendment, termination, or suspension of the Plan shall be effective on such date as the Board of Directors may determine. An amendment or modification of the Plan may affect Participants at the time thereof as well as future
Participants, but no amendment or modification of the Plan for any reason may diminish any Participant’s Accounts as of the effective date thereof, except that an amendment may diminish a Participant’s benefit under this Plan to the extent
a reasonably equivalent or more favorable benefit is made available to such Participant under another plan, policy or program of the Company. As soon as practical, but in no event more than fifteen (15) days following Plan termination, the
Participating Employers shall make irrevocable contributions to the Trust in an aggregate amount, as determined by the Committee, which when added to the total value of the assets of the Trust at such time equals the total amount credited to all
Accounts as of the date of Plan termination. In the event the Plan is terminated, no additional deferrals shall be permitted, and Participants’ Accounts shall be distributed at the time and in the manner that they would otherwise have been
distributed under the Plan in the absence of such termination. In no event shall such termination result in the acceleration of benefit payments hereunder. 

  
 12 

 Section 15. Corporate Changes 

15.1 Dissolution or Liquidation. Notwithstanding any provision herein to the contrary, upon the dissolution of the Company in a
transaction subject to taxation under Code section 331, the Participants’ Accounts shall vest as of the day preceding the date of dissolution or liquidation and shall not be subject to the forfeiture provisions of this Plan. The Company shall
cause the full amount of each Participant’s Account to be paid in cash in a lump sum to the Participant, or his Beneficiary, as soon as is practicable, but in no event later than sixty (60) days following the date of dissolution or
liquidation. 
 15.2 Funding Limitations. Notwithstanding any other provision of the Plan or the Trust to the contrary, the Plan
Administrator may authorize the Trustee to make the following payments even if they would otherwise not be permitted by the Trust, and a Participating Employer may refrain from making any contributions or payments otherwise required or permitted to
be made by the Plan or the Trust, to the extent necessary to satisfy the following requirements. 
 (a) No amount shall be set aside or
reserved directly or indirectly (under the Trust or otherwise), during any restricted period (as defined in Section 409A(b)(3)(B) of the Code) for the purpose of paying a Benefit under the Plan to any Eligible Employee who is an applicable
covered employee (as defined in Section 409A(b)(3)(D) of the Code). It is understood that a restricted period will generally occur in a Plan Year if any single-employer defined benefit plan (an “Applicable Plan”) maintained by the
Company or any company that is in a controlled group that includes the Company (within the meaning of Sections 414(b) and (c) of the Code and guidance issued by the Internal Revenue Service) is “at risk” within the meaning of
Section 430(i) of the Code for the preceding Plan Year. “Applicable covered employee” generally includes any Eligible Employee who is, with respect to the Company or any entity under common control with the Company, described in
section 162(m)(3) of the Code or subject to the requirements of Section 16(a) of the Securities Exchange Act of 1934. All such persons are referred to herein as “Covered Employees.” 

(b) The Plan Administrator shall monitor the funded status of each Applicable Plan and will determine whether a restricted period exists with
respect to any such plan. If the Plan Administrator determines that a restricted period exists for a Plan Year, it shall determine whether any amount, including earnings, has been set aside or reserved during that period for the purpose of paying a
benefit to any Covered Employee or would be set aside but for the action of the Plan Administrator. The Plan Administrator may request the Trustee to pay such amount to the Company or to any other person designated by the Plan Administrator or to
otherwise segregate such amount from the assets of the Trust. The foregoing shall not apply, however, to the extent that the Company elects to treat the amount set aside or reserved as a transfer of property for tax purposes and taxable to the
Covered Employee accordingly. 

  
 13 

 (c) Subject to any guidance issued by the Internal Revenue Service, the Plan Administrator
may use any method it deems appropriate to calculate the amount set aside or reserved for any Covered Employee during a restricted period. The determination made by the Plan Administrator shall be binding on the Trustee and each Covered Employee and
any person claiming any interest in or payment from the Trust related to such Covered Employee. The Plan Administrator may also utilize any program approved by the Internal Revenue Service to correct any amount that was improperly set aside under
the Trust, and may adopt such rules and procedures as it deems necessary to comply with Section 409A(b)(3) of the Code. 
 (d) The Plan
Administrator shall maintain a record of any amount transferred from the Trust pursuant to paragraph (b), or that a Participating Employer does not contribute to the Trust. Such amount shall be credited with interest or earnings based on what would
have been allocable to such amounts if they had been held in the Trust. Such amount shall be paid to the Trust as soon as possible after the Plan Administrator determines that no Applicable Plan remains in a restricted period. If any payment from
the Trust to a Covered Employee or the Covered Employee’s beneficiary has been reduced or withheld as a result of the restrictions of this Section, such amount shall be paid to such employee in a lump sum as soon as possible after the amount
contemplated in the foregoing sentence is paid to the Trustee. The Company may also make such payments directly. 
 (e) The purpose of this
Section is to comply with the restrictions of Section 409A(b)(3) of the Code and shall be interpreted accordingly. This provision is intended to impose only those restrictions that are required by that Section and only on the persons covered by
the Section. The Plan Administrator shall interpret and apply this Section accordingly. 
 Section 16. Requirements of Law 

16.1 Governing Law. The Plan is intended to satisfy the requirements of Code section 409A and the regulations issued thereunder, and
shall be construed to that end. Except as otherwise preempted by Federal law, the Plan, and all agreements hereunder, shall be construed in accordance with and governed by the laws of the State of Texas. 

Section 17. Withholding Taxes 

17.1 Withholding Taxes. The Company shall have the right to deduct from all cash payments under the Plan or from a Participant’s
compensation an amount necessary to satisfy any federal, state, or local withholding tax requirements. 
 Section 18. Investment and Funding

 18.1 Trust. The benefits to be derived by Participants in the Plan will be funded through the Trust, provided, however, that
any assets held by the Trust shall at all times be subject to the claims of judgment creditors of the Company. 
 18.2 Funding of
Trust. With respect to Deferrals made under the Seven Year Option, the Participating Employers shall, promptly after Deferrals are credited to Participants’ Accounts, provide the Trust with resources in amounts equal to the amounts of such
Deferrals. With respect to Deferrals made under the Retirement Option, the Participating Employers shall fund the Trust through the purchase of corporate owned life insurance or such other Trust assets as may be determined by the Committee from time
to time. 

  
 14 

 18.3 Distributions from Trust. If Trust assets allocated to any Participant’s
Account for a Plan Year are less than the amount required to effect a distribution to such Participant provided for in this Plan, the applicable Participating Employer will pay such difference either through the Trust or directly to the Participant.
If, after all obligations to Participants hereunder have been fully satisfied, there remain assets in the Trust, such excess amounts shall be returned to the Company. 

18.4 Funding and Distribution Requirements Under Certain Circumstances. The provisions of this Section 18 shall be subject to (and,
if deemed to be contradicting, overridden by) the provisions of Section 15 of this Plan. 
 EXECUTED effective as of the effective date
first set forth above. 
  

			
	ONCOR ELECTRIC DELIVERY COMPANY LLC
		
	By:	 	 /s/ Deborah L. Dennis

		 	Deborah L. Dennis
		 	Senior Vice President, Chief Customer Officer and Chief HR Officer

  
 15 

 EXHIBIT “A” 

PARTICIPATING EMPLOYERS 
 As
of December 1, 2020 
 Oncor Electric Delivery Company LLC 

  
 A-1 

 EXHIBIT “B” 

Original Plan Provisions 

The following provisions shall apply to the Plan participation of Participants who made the one-time
irrevocable election to continue to be governed by the Original Plan Provisions as described in Section 9.1 of the Plan: 
 1.
Deferral Election. The Participant may elect, irrevocably, by written notice to the Plan Administrator on an election form and in the manner prescribed by the Plan Administrator, to defer a percentage of Salary, in one percent (1%) increments
not to exceed a maximum of ten percent (10%), during each Plan Year, in the Retirement Option, the Seven Year Option, or a combination thereof. Deferrals of Bonus shall not be permitted. 

2. Matching Awards. The Company shall contribute to each Participant’s Account, as a Matching Award, an amount equal to one hundred
percent (100%) of the amount of Salary deferred by the Participant. Such contribution shall be credited at the time of the crediting of the Salary Deferral amount to be matched. 

3. Investments, Earnings and Valuation. 

(a) The Trustee shall invest, as soon as administratively feasible, all contributions received for Accounts held in Trust under the Seven Year
Option of the Plan in a fixed income fund of investment grade securities under investment guidelines established by the Committee. Interest received on the investments shall be reinvested in such fund. All other contributions shall be invested in
accordance with investment guidelines established by the Committee. 
 (b) At the time of distribution, the Participant will receive his
Account balance including income determined by applying the Rate. 
 (c) The total of all assets held by the Trustee for Accounts held in
Trust will be deemed held in an unsegregated fund for valuation purposes. Each month the Trustee shall determine the value of each unit by dividing the current value of the fund by the total number of units held in all such Accounts. The value of
Accounts held in Trust under the Retirement Option of the Plan shall be determined in the same manner as amounts deferred under the Seven Year Option of the Plan. 

4. Forfeitures. The following provisions shall apply with respect to forfeitures in lieu of the provisions of Section 5.4 of the
Plan. The amounts described below shall be forfeited from an Account as of the date upon which the forfeiture is created: 
 (a) Seven
Year Option Forfeitures. 
 (i) Early Retirement. An amount equal to four percent (4%) of the total Account balance for each full
year Retirement occurs prior to Normal Retirement shall be forfeited. 

  
 B-1 

 (ii) Termination for other than Death, Disability, Retirement, or Termination Without
Cause. If termination of service with the Company occurs for reasons other than death, Disability, Retirement, or termination without Cause, income on and contributions to the Matching Account shall be forfeited and income in excess of six
percent (6%) per annum credited to Salary Deferrals shall be forfeited. 
 (b) Retirement Option Forfeitures. 

(i) Early Retirement. An amount equal to four percent (4%) of the total Account balance for all
non-vested Plan Years for each full year Retirement occurs prior to Normal Retirement shall be forfeited. 

(ii) Termination for other than Death, Disability, Retirement, or Termination Without Cause. If termination of service with the Company
occurs for reasons other than death, Disability, Retirement, or termination without Cause, income earned on and contributions to the Matching Account, for Plan Years which are nonvested, shall be forfeited and income in excess of six percent (6%)
per annum credited to Salary Deferrals shall be forfeited for all nonvested Plan Years. 
 5. Value of a Participant’s Account.
The cash value of a Participant’s Account shall be determined as of the last day of the applicable Deferral Period, or, if earlier, at termination of employment. 

6. Form and Timing of Distributions. The form and timing of distributions shall be subject to Section 8 of the Plan; provided,
however, that the installments shall be in a fixed amount which shall amortize the value of the Participant’s Account in annual installments over the distribution period elected by the Participant under Section 8.2(b)(iii), using the Rate
as a projected earnings rate of return. 
 7. Certain Inapplicable Provisions. The provisions of Sections 3, 4.1, 4.3, 5.1, 5.4, 6.1,
8.1(a) and 8.2(b)(iv) of the Plan shall not apply and shall be of no force or effect with respect to any portion of the Participant’s Account or his prior or future Plan participation. All of the remaining provisions of the Plan shall remain in
full force and effect. 

  
 B-2EX-10.3

 Exhibit 10.3 

ONCOR ELECTRIC DELIVERY COMPANY LLC 

LONG-TERM INCENTIVE PLAN 

(As Amended and Restated Effective as of December 1, 2020) 

SECTION 1. PURPOSE: The purpose of this Oncor Electric Delivery Company LLC Long-Term Incentive Plan is to provide the Company’s executive
officers and other select key employees with the opportunity to earn cash-based long-term incentive compensation contingent upon the Company’s or Participant’s attainment of pre-established
performance objectives and the Participant’s completion of designated service periods. Consistent with the authority and discretion reserved under Section 4, the Plan Administrator may designate eligible Participants pursuant to
Section 5 and establish the applicable Performance Goals and terms and conditions of Long-Term Incentive Awards pursuant to Section 6. The Board may amend or terminate the Plan, or any outstanding Long-Term Incentive Award, in accordance
with the procedures and limitations described in Section 9. 
 SECTION 2. EFFECTIVE DATE: The Plan was effective as of January 1,
2013, and is amended and restated effective as of December 1, 2020. For purposes of this Plan, the term “Effective Date” shall mean December 1, 2020, the effective date of this amendment and restatement. 

SECTION 3. DEFINITIONS: As used in this Plan, unless the context otherwise requires, each of the following terms shall have the meaning set
forth below. 
  

	 	(a)	 “Affiliate” means with respect to any person (within the meaning of Section 13(d) or
14(d) of the Securities Exchange Act of 1934), any entity directly or indirectly controlling, controlled by or under common control with such person. 

  

	 	(b)	 “Board” shall mean the Board of Directors of the Company. 

 

	 	(c)	 “Cause” shall mean any one or more of the following: (i) as such term may be defined in
any employment agreement or change-in-control agreement in effect at the time of termination of employment between the Participant and the Company or the Surviving
Entity, as applicable; or (ii) if there is no such employment or change-in-control agreement, (A) if, in carrying out his or her employment duties to the
Company or the Surviving Entity, as applicable, the Participant engages in conduct that constitutes: (1) a breach of his or her fiduciary duty to the Company or the Surviving Entity, as applicable, or its equity interest holders, (2) gross
neglect, or (3) gross misconduct resulting in material and objectively determinable damage to the business of the Company or the Surviving Entity, as applicable, or (B) upon the indictment of the Participant for, or the Participant’s
plea of nolo contendere to, a felony or a misdemeanor involving moral turpitude. 

  
 1 

 Notwithstanding the foregoing, a termination of a Participant’s employment for any of
the reasons described in clause (ii)(A) above (or any comparable reasons described in any applicable employment agreement under clause (i) above) shall not constitute a termination for Cause unless: (A) the Participant has received written
notice specifying the alleged misconduct constituting Cause, (B) the Participant has been given an opportunity to be heard by (1) the Board of Directors of the Company or the Surviving Entity, as applicable, with respect to a Participant
who is (or was immediately prior to a Change in Control) a member of the Senior Leadership Team of the Company, or (2) the Senior Leadership Team of the Company or senior management of the Surviving Entity, as appropriate, with respect to a
Participant who is not (and was not immediately prior to a Change in Control) a member of the Senior Leadership Team of the Company, and (C) following such hearing, or the Participant’s failure to request such a hearing within a reasonable
period, the Board of Directors, the Senior Leadership Team, or senior management, as applicable, determines, in good faith by at least a 2/3 vote, that the termination for Cause is appropriate under the circumstances. 

 

	 	(d)	 “Change in Control” shall mean any one or more of the following: 

 

	 	(i)	 The acquisition by one person or more than one person acting as a group (within the meaning of Treas. Reg. §1.409A-3(i)(5)(v)(B)), in one transaction or a series of transactions, of direct or indirect ownership of the equity of the Company or of Sempra Energy (including through any subsidiary of Sempra Energy that
has a direct or indirect beneficial ownership interest in the Company) that, together with the equity held by such person or group, constitutes more than 50% of the total fair market value, total direct or indirect voting power, or the direct or
indirect beneficial ownership of the Company or Sempra Energy; provided that such an acquisition of the Company’s equity directly or indirectly by a wholly-owned subsidiary of Sempra Energy shall not constitute a Change in Control; or

  

	 	(ii)	 The acquisition, during any 12-month period, by one person or more than
one person acting as a group (within the meaning of Treas. Reg. §1.409A-3(i)(5)(v)(B)), in one transaction or a series of transactions, of direct or indirect ownership of the equity of the Company or of
Sempra Energy (including through any subsidiary of Sempra Energy that has a direct or indirect beneficial ownership interest in the Company), that constitutes 30% or more of the total fair market value, the total direct or indirect voting power, or
the direct or indirect beneficial ownership of the Company or Sempra Energy; provided that such an acquisition of the Company’s equity directly or indirectly by a wholly-owned subsidiary of Sempra Energy shall not constitute a Change in
Control; or 

  

	 	(iii)	 The sale, lease, exchange or other transfer (in one transaction or a series of transactions) of all or
substantially all of the assets of the Company, other than a sale to a wholly-owned subsidiary of Sempra Energy; or 

  

	 	(iv)	 The consummation of a transaction for which the Public Utility Commission of Texas approved a transfer or
change of control (operational or otherwise) of the Company; or 

  
 2 

	 	(v)	 A material change to the terms of the Approved Ring Fence (as defined in the Third Amended and Restated Limited
Liability Company Agreement of Oncor Electric Delivery Company LLC, dated as of March 9, 2018). 

  

	 	(e)	 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and any
references to a particular section of the Code shall be deemed to include any successor provision thereto. 

  

	 	(f)	 “Company” shall mean Oncor Electric Delivery Company LLC, its successors and assigns.

  

	 	(g)	 “Disability” shall mean that the Participant is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. 

 

	 	(h)	 “Eligible Employee” shall mean an executive officer or other key employee of the Company or
any subsidiary who the Plan Administrator designates as eligible to participate in the Plan. 

  

	 	(i)	 “Good Reason” shall mean any one or more of the following events or actions which are taken
without the express, voluntary consent of the Participant: (i) a material reduction in the Participant’s base salary or incentive compensation opportunity, other than a broad-based reduction of base salaries or incentive compensation
opportunities of all similarly situated employees of the Surviving Entity, unless such broad-based reduction only applies to former employees of the Company; (ii) a material reduction in the aggregate type, level or value of benefits for which
the Participant is eligible, immediately prior to the Change in Control, other than a broad-based reduction applicable on a comparable basis to all similarly situated employees of the Surviving Entity, unless such broad-based reduction only applies
to former employees of the Company; (iii) a material reduction in the Participant’s authority, duties or responsibilities, including an adverse change in (A) the Participant’s title, reporting level, reporting line or structure,
scope of responsibilities, or management authority, or (B) the scope or size of the business, entity, or budget for which the Participant had responsibility, in each case as in effect immediately prior to the effective time of the Change in
Control; (iv) the Participant’s primary work location is relocated, resulting in an increase in the Participant’s work commute in excess of thirty-five (35) miles more than the Participant’s work commute immediately prior to
the Change in Control; or (v) a material breach by the Surviving Entity of the terms of any employment agreement with the Participant; or (vi) the failure of the Company to obtain an agreement by the Surviving Entity, if such entity is not
the Company, to fully assume and perform the provisions of this Policy; or (vii) the Participant is asked or required to resign in connection with a Change in Control and does so resign. 

  
 3 

 Notwithstanding the foregoing, in order to constitute a resignation with Good Reason:
(A) the Participant must provide written notice to the Surviving Entity describing the event or condition constituting Good Reason within a period of not more than 90 days from the initial occurrence of such event or circumstance; and
(B) if the applicable event or circumstance is capable of being cured, the Surviving Entity fails or refuses to fully remedy such event or circumstance to the Participant’s satisfaction within a
30-day cure period following the receipt of such notice. 
  

	 	(j)	 “Long-Term Incentive Award” shall mean the cash award to which the Participant may become
entitled with respect to a particular Performance Period on the basis of the Company’s or Participant’s attainment of the Performance Goals that the Plan Administrator establishes for that Performance Period. 

 

	 	(k)	 “Participant” shall mean an Eligible Employee selected by the Plan Administrator as eligible
to receive one or more Long-Term Incentive Awards under the Plan. 

  

	 	(l)	 “Performance Goals” shall mean one or more specific performance objectives designated by the
Plan Administrator that must be satisfied during a particular Performance Period for an affected Participant to become entitled to a Long-Term Incentive Award for the Performance Period. Performance Goals may be designated with respect to the
Company as a whole, or one or more operating units or groups, and may be determined on an absolute basis or relative to internal goals, or relative to levels attained in prior years, or relative to other companies or indices, or as ratios expressing
relationships between two or more Performance Goals, in each case as the Plan Administrator may determine. Unless otherwise specified by the Plan Administrator in connection with the establishment of a Performance Goal, a Performance Goal shall be
adjusted by the Plan Administrator to the extent necessary to prevent unintended dilution or enlargement of any Long-Term Incentive Award as a result of (i) extraordinary events or circumstances or to exclude the effects of extraordinary,
unusual, or non-recurring items, (ii) changes in applicable laws, regulations, or accounting principles, (iii) currency fluctuations, (iv) discontinued operations, (v) asset impairment, or
(vi) any recapitalization, restructuring, reorganization, merger, acquisition, divestiture, consolidation, spin-off, split-up, combination, liquidation,
dissolution, sale of assets, or other similar corporate transaction, in each case as determined by the Plan Administrator. 

  

	 	(m)	 “Performance Period” shall mean the period established by the Plan Administrator over which
performance is measured in relation to the Performance Goals. Unless determined otherwise by the Plan Administrator in its discretion, the Performance Period shall be the 36-month period beginning each January
1. 

  

	 	(n)	 “Plan” shall mean this Oncor Electric Delivery Company LLC Long-Term Incentive Plan, as
amended and restated from time to time. 

  

	 	(o)	 “Plan Administrator” shall mean the Organization & Compensation Committee or such
other committee designated by the Board to administer the Plan. If no committee is appointed, Plan Administrator shall mean the Board. 

  

	 	(p)	 “Retirement” shall mean a Participant’s separation from service on or after age 55 with
at least fifteen (15) years of accredited service with the Company. 

  
 4 

	 	(q)	 “Senior Leadership Team” shall mean the officers of the Company who are elected by the Board
from time to time at the level of Senior Vice President or above. 

  

	 	(r)	 “Separation from Service” shall mean a complete termination of employment or permanent
reduction in service level of at least 80% for the Participant with respect to the Company, an Affiliate, or a Surviving Entity, as determined pursuant to the requirements of section 409A of the Code. 

 

	 	(s)	 “Surviving Entity” shall mean the Company, or a corporation, limited liability company or
other entity which is the surviving entity in the Change in Control transaction, or any affiliate thereof, which employs a Participant as of and/or following the Change in Control. 

 

	 	(t)	 “Termination following a Change in Control” shall mean a Separation from Service within two
years after a Change in Control that is: 

  

	 	(i)	 initiated by the Surviving Entity for any reason other than for Cause; or 

 

	 	(ii)	 initiated by the Participant for Good Reason. 

SECTION 4. ADMINISTRATION: The Plan shall be administered by the Plan Administrator, which shall have the full power and authority to administer
the Plan, including, but not limited to, the power and authority to (a) select the Eligible Employees who are to participate in the Plan, (b) interpret the Plan, (c) prescribe, amend, and rescind rules and regulations relating to the
Plan, (d) determine the terms and conditions of Long-Term Incentive Awards, (e) determine the entitlement to benefits hereunder and the amount of any such benefit entitlement, and (f) make all other determinations deemed necessary or
advisable for the administration of the Plan. In exercising its discretion, the Plan Administrator may use such objective or subjective factors as it determines to be appropriate in its sole discretion. The determinations of the Plan Administrator
pursuant to its authority under the Plan shall be conclusive and binding. The Plan Administrator may delegate to one or more officers of the Company the authority, subject to the terms and conditions as the Plan Administrator shall determine, to
grant Long-Term Incentive Awards to employees who are not executive officers of the Company. 
 SECTION 5. PARTICIPATION: 

 

	 	(a)	 Eligibility. The Plan Administrator shall have absolute discretion in selecting the Eligible Employees
who are to participate for each Performance Period implemented under the Plan. The initial Participants for each Performance Period shall be selected not later than the 90th day after the commencement date of that Performance Period. The Plan
Administrator may select additional Participants for the Performance Period after such 90 day period, provided, however, that the Plan Administrator may, in its sole discretion, pro-rate the Long-Term
Incentive Award that the Participant may earn for that Performance Period, to reflect the Participant’s actual period of service during that Performance Period. Unless otherwise specifically determined by the Plan Administrator, individuals
hired or promoted during a Performance Period into positions that qualify for Plan participation (“Newly Eligible Employees”) will begin participating in the Plan for the Performance Period which starts following hire or promotion.
However, the Plan Administrator may designate a Newly Eligible Employee to participate in one or more open Performance Periods on a full basis or on a pro-rated basis based on the Newly Eligible
Employee’s date of hire or promotion. 

  
 5 

	 	(b)	 Cessation of Participation. The Plan Administrator shall have complete discretion to exclude one or more
individuals from Participant status for one or more subsequent Performance Periods implemented under the Plan. If any individual is excluded from Participant status for one or more Performance Periods, then such individual shall not be entitled to
any Long-Term Incentive Award for those Performance Periods. 

 SECTION 6. LONG-TERM INCENTIVE AWARDS: 

 

	 	(a)	 Timing and Nature of Awards. The Plan Administrator shall have complete discretion to implement one or
more Performance Periods under the Plan. The Plan Administrator shall, within the first 90 days of each Performance Period, establish the specific Performance Goals that must be attained for that Performance Period. For each Performance Goal, the
Plan Administrator may set threshold, target, and above-target levels of attainment. The Plan Administrator shall then establish for each Participant compensation levels for the Long-Term Incentive Award to which he or she may become entitled for
that Performance Period based on the level at which each Performance Goal is actually attained. Such compensation levels may be a specified dollar amount or tied to a percentage or multiple of the annual rate of base salary in effect for the
Participant for the applicable Performance Period. The maximum Long-Term Incentive Award payable for a Performance Period shall not exceed 150% of the target Long-Term Incentive Award compensation level. 

 

	 	(b)	 Determination of Award Amount. As soon as practicable, but not later than 90 days
following the completion of the Performance Period, the Plan Administrator shall determine the actual level of attainment of each Performance Goal established for that Performance Period and shall then measure and certify that level of attainment
against the levels of attainment established for that Performance Goal. Except to the extent determined otherwise by the Plan Administrator at the time each Performance Goal is established, to the extent the actual level of attainment for any
Performance Goal is at a point between two of the levels established by the Plan Administrator, the compensation amount attributable to that Performance Goal shall be determined by linear interpolation between the two specified compensation levels
on a straight-line basis. On the basis of the foregoing measurements and certification, the Plan Administrator shall determine the actual Long-Term Incentive Award for each Participant entitled to a Long-Term Incentive Award for the Performance
Period. 

  
 6 

 SECTION 7. PAYMENT OF LONG-TERM INCENTIVE AWARDS: 

 

	 	(a)	 Payment. The Participant’s Long-Term Incentive Award, if any, shall be paid on or about
April 1 following the end of the Performance Period, but in no event later than the end of the calendar year following the end of the applicable Performance Period, provided that except as otherwise specified in this Section 7, a
Participant must not have a Separation of Service at any time through the last day of the Performance Period to receive a Long-Term Incentive Award for the Performance Period. Amounts paid pursuant to the Plan are extraordinary compensation and are
not benefits eligible (i.e., payments under the Plan are excluded from eligible compensation for purposes of determining retirement, thrift savings, life insurance benefits, etc.). 

 

	 	(b)	 Separation After the End of the Performance Period. If a Participant does not have a Separation of
Service through the last day of the Performance Period, and the Participant has a Separation of Service for any reason other than a termination for Cause prior to payment of the Long-Term Incentive Award for such closed Performance Period, the
Participant will receive the Long-Term Incentive Award (if any) for such closed Performance Period at the same time as paid to current employees. Notwithstanding anything to the contrary, a Participant will forfeit any unpaid Long-Term Incentive
Award upon a termination for Cause. 

  

	 	(c)	 Termination for Reasons Other Than Death, Disability, Retirement, or Termination following a Change in
Control. Upon a Participant’s Separation from Service for reasons other than the Participant’s death, Disability, Retirement, or a Termination following a
Change-in-Control, except as provided in subsection (b) above, all of the Participant’s outstanding and unpaid Long-Term Incentive Awards shall be canceled,
and the Participant shall have no further rights of any kind with respect to such Long-Term Incentive Awards as of the Participant’s termination date unless otherwise specified by the Plan Administrator in its sole and absolute discretion.

  

	 	(d)	 Termination Due to Death, Disability, or Retirement. If a Participant has a Separation from Service due
to death, Disability, or Retirement (other than a Retirement that also is a Termination following a Change in Control), the Participant, or the Participant’s beneficiary in the case of death, shall be entitled to an amount, for each outstanding
and unpaid Long-Term Incentive Award, equal to the product of: (i) a fraction, the numerator of which is the number of days in the Performance Period up to and including the date of the Participant’s Separation from Service and the
denominator of which is the number of days in the entire Performance Period; and (ii) the Long-Term Incentive Award based on actual performance, which amount shall be paid at the same time as paid to current Participants. 

 

	 	(e)	 Termination following a Change in Control. In the event of a Participant’s Termination following a
Change in Control, the Participant shall be entitled to an amount, for each outstanding and unpaid Long-Term Incentive Award, equal to the product of: (i) a fraction, the numerator of which is the number of days in the Performance Period up to
and including the date of the Participant’s Separation from Service and the denominator of which is the number of days in the entire Performance Period; and (ii) the Long-Term Incentive Award based on target performance, which amount shall
be paid within 60 days following the Participant’s Separation from Service. 

  
 7 

 SECTION 8. BENEFICIARY DESIGNATION: A Participant may designate one or more beneficiaries to
receive the Participant’s Long-Term Incentive Awards in the event of the Participant’s death, by filing a form prescribed by the Plan Administrator with the Plan Administrator. If the Participant does not name a beneficiary and the
Participant has a surviving spouse, the Participant’s death benefit will be paid to the Participant’s surviving spouse. If the Participant does not name a beneficiary and the Participant does not have a surviving spouse, the
Participant’s death benefit will be paid to the Participant’s estate. 
 SECTION 9. TERMINATION AND AMENDMENT: The Board may at any
time and from time to time alter, amend, suspend, or terminate the Plan or any Long-Term Incentive Award granted pursuant to the Plan in whole or in part, provided, however, that no such termination or amendment may, without the consent of the
applicable Participant, terminate or adversely affect any material right or material obligation under a Long-Term Incentive Award previously granted under the Plan, except to bring the Plan and/or a Long-Term Incentive Award into compliance with the
requirements of section 409A of the Code or to qualify for an exemption under such section. Notwithstanding the foregoing, upon a Change in Control, the Board may, in its discretion, terminate the Plan and cancel all outstanding and unpaid
Long-Term Incentive Awards, provided that such termination complies with the requirements of Code section 409A. Upon a termination of the Plan in connection with a Change in Control, Participants shall be entitled to an amount, for each outstanding
and unpaid Long-Term Incentive Award, equal to the product of: (i) a fraction, the numerator of which is the number of days in the Performance Period up to and including the date of the Plan termination and the denominator of which is the
number of days in the entire Performance Period; and (ii) the Long-Term Incentive Award based on target performance, which amount shall be paid within 90 days following the Plan termination. 

SECTION 10. MISCELLANEOUS: 
  

	 	(a)	 No Right to Long-Term Incentive Awards. No person shall have any claim to be granted any Long-Term
Incentive Award under the Plan, and there is no obligation for uniform treatment of Eligible Employees under the Plan. The terms and conditions of Long-Term Incentive Awards need not be the same with respect to different Participants.

  

	 	(b)	 No Right to Employment. The grant of a Long-Term Incentive Award shall not be construed as giving a
Participant the right to be retained in the employ of the Company or an Affiliate. The Company may at any time terminate an employee’s employment free from any liability or any claim under the Plan, unless otherwise provided in the Plan or in
the written terms of a Long-Term Incentive Award. 

  

	 	(c)	 Benefits Not Funded. The obligation to pay each Participant’s Long-Term Incentive Award shall at
all times be an unfunded and unsecured obligation of the Company. The Company shall not have any obligation to establish any trust, escrow arrangement, or other fiduciary relationship for the purpose of segregating funds for the payment of the
Long-Term Incentives Awards which become 

  
 8 

	 	
payable under the Plan, nor shall the Company be under any obligation to invest any portion of its general assets in mutual funds, stocks, bonds, securities, or other similar investments in order
to accumulate funds for the satisfaction of its respective obligations under the Plan. The Participant (or his or her beneficiary) shall look solely and exclusively to the general assets of the Company for the payment of his or her Long-Term
Incentive Award. The interest of each Participant (and his or her beneficiary) in any benefits that become payable under the Plan shall be no greater than that of an unsecured creditor of the Company. 

 

	 	(d)	 Withholding. The Plan Administrator may make such provisions and take such steps as it may deem
necessary and appropriate for the withholding of any taxes that the Company is required by law or regulation of any governmental authority, whether federal, state, local, domestic, or foreign, to withhold in connection with the grant, payment, or
removal of restrictions of a Long-Term Incentive Award, including, but not limited to, requiring the Participant to remit to the Company an amount sufficient to satisfy such withholding requirements in cash or withholding cash due or to become due
with respect to the Long-Term Incentive Award at issue. 

  

	 	(e)	 Severability. If any provision of the Plan or any Long-Term Incentive Award is, becomes, or is deemed to
be invalid, illegal, or unenforceable in any jurisdiction or would disqualify the Plan or any Long-Term Incentive Award under any law deemed applicable by the Plan Administrator, such provision shall be construed or deemed amended to conform to
applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Plan Administrator, materially altering the purpose or intent of the Plan or the Long-Term Incentive Award, such provision shall be stricken as
to such jurisdiction or Long-Term Incentive Award, and the remainder of the Plan or such Long-Term Incentive Award shall remain in full force and effect. 

  

	 	(f)	 Satisfaction of Claims. Any payment made to a Participant or his or her legal representative,
beneficiary, or estate in accordance with the terms of this Plan shall to the extent thereof be in full satisfaction of all claims with respect to that payment which such person may have against the Plan, the Plan Administrator (or its designate),
or the Company (or any parent or subsidiary), any of whom may require the Participant or his or her legal representative, beneficiary, or estate, as a condition precedent to such payment, to execute a receipt and release in such form as shall be
determined by the Plan Administrator. 

  

	 	(g)	 Successors and Assigns. The obligation of the Company to make the payments required hereunder shall be
binding upon the successors and assigns of the Company, whether by merger, consolidation, acquisition, or other reorganization. 

  

	 	(h)	 Nonassignability. Unless otherwise determined by the Plan Administrator, no Participant or beneficiary
may sell, assign, transfer, discount, pledge as collateral for a loan, or otherwise anticipate any right to payment under the Plan other than by will or by the applicable laws of descent and distribution. 

  
 9 

	 	(i)	 Indemnification. In addition to such other rights of indemnification as members of the Board or the Plan
Administrator or officers or employees of the Company or an Affiliate to whom authority to act for the Board or Plan Administrator is delegated may have, such individuals shall be indemnified by the Company against all reasonable expenses, including
attorneys’ fees, incurred in connection with the defense of any action, suit, or proceeding, or in connection with any appeal thereof, to which any such individual may be a party by reason of any action taken or failure to act under or in
connection with the Plan or any right granted hereunder and against all amounts paid by such individual in a settlement thereof that is approved by the Company’s legal counsel or paid in satisfaction of a judgment in any such action, suit, or
proceeding, except in relation to matters as to which it shall be adjudged that such person is liable for gross negligence, bad faith, or intentional misconduct, provided, however, that any such individual shall give the Company an opportunity, at
its own expense, to defend the same before such individual undertakes to defend such action, suit, or proceeding. 

  

	 	(j)	 Headings. Headings are given to the Sections of the Plan solely as a convenience to facilitate
reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provisions thereof. 

  

	 	(k)	 Applicable Law. This Plan shall be governed by and construed in accordance with the laws of the State of
Texas, without regard to its principles of conflict of laws. 

  

	 	(l)	 Section 409A. This Plan is intended to comply with the applicable requirements of
section 409A of the Code and its corresponding regulations and related guidance (“Section 409A”), and shall be administered in accordance with Section 409A to the extent Section 409A applies to the Plan. Notwithstanding
anything in the Plan to the contrary, distributions from the Plan can only be made in a manner and upon an event permitted by Section 409A, to the extent applicable. All payments to be made upon a termination of employment under this Plan may
only be made upon a “separation from service” under Section 409A. For purposes of the limitations on nonqualified deferred compensation under Section 409A, each payment of compensation under this Plan shall be treated as a
separate payment of compensation. Notwithstanding anything in this Plan to the contrary, if the Participant is a “specified employee” of a publicly traded corporation under Section 409A and if payment of any amount under this Plan is
required to be delayed for a period of six months after Separation from Service pursuant to Section 409A, payment of such amount shall be delayed as required by Section 409A, and the accumulated postponed amount shall be paid in a lump sum
payment within ten days after the end of the six-month period (or within 60 days after death, if earlier). In no event may the Participant, directly or indirectly, designate the calendar year of a payment. No
action or failure to act pursuant to this Section shall subject the Company or any Affiliate thereof to any claim, liability, or expense, and neither the Company nor any Affiliate thereof shall have any obligation to indemnify or otherwise protect
the Participant from the obligation to pay any taxes pursuant to Section 409A. 

  
 10

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