Document:

EX-10.44

 Exhibit 10.44 

Pepco Holdings, Inc. 
 Executive and Director Deferred
Compensation Plan 
 2015 Plan Year Salary Election Form – Executive 

 
 Please complete and sign this form and send it to
the attention of Ned Dove – Rm. 4025 at Edison Place. 
  
  

Personal Information 
  

					
	 Last

 
	  	First	  	Middle
	 Social Security Number
	  	 	  	E-mail Address

 I elect to participate in the Pepco Holdings, Inc. Executive and Director Deferred Compensation Plan (the “Plan”)
with respect to the time period January 1, 2015 to December 31, 2015. I have received a copy of the Plan and understand the terms and conditions of the Plan. I further understand that with respect to the deferral election I have made
herein, notwithstanding the terms of the Plan, the following shall apply: 
  

	1.	I can only receive the deferrals elected herein in accordance with my election below or, in the case of death or an unforeseen financial emergency; and 

 

	2.	I further understand that if I meet the definition of “Specified Employee” under the applicable provisions of the Internal Revenue Code, notwithstanding my election herein, the earliest I can receive my
compensation deferred herein that is payable upon a separation from service is six (6) months and one day after my separation from service; and 

  

	3.	I cannot change the time or form of my deferral made herein unless 

  

	 	a.	such revised election is not effective for 12 months after it is made; 

  

	 	b.	such revised election if made for a distribution at a specified time or on a fixed schedule is made at least 12 months prior to the first scheduled payment; and 

 

	 	c.	an election to delay a distribution must be for a period of at least five years. 

  

 
 Deferral Election – Base Salary 

Please select all that apply. 
  

					
	
 ̈       
	 	Defer Evenly Throughout the Year (no matching credits)	  	 I hereby elect to defer             % of my Base Salary paid each pay
period in 2015.
  
 I understand that none of my deferrals under this deferral option will
be credited with matching contributions.

			
	
 ̈       
	 	Defer to Obtain Missed Matching Contributions in 401 (k) Plan	  	 I hereby elect to defer 6% of my Base Salary to the extent (if any) that my Base Salary exceeds $265,000. My deferrals under this option
will be matched with credits in my Plan account based on the matching contribution formula in the 401 (k) plan in which I participate.
  

I understand that this deferral option is intended to provide an amount of deferrals necessary to obtain matching contributions that the Internal Revenue Code
prevents from being made under the 401 (k) plan. However, my deferrals under this deferral option will be made without regard to any election I actually make (or do not make) under the 401 (k) Plan.

 

			
	
 ̈       
	 	Non-Participation	  	I elect not to defer any portion of my Base Salary in the 2015 Plan Year.

  

			
	Page 1 of 3	  	Form continued on next page
		  	PHI-12/14-B

 Pepco Holdings, Inc. Executive and Director Deferred Compensation Plan 

2015 Plan Year Salary Election Form – Executive 
  

 
  

 
 Benefit Payout Election 

I elect to have the above-referenced deferred amounts paid to me beginning (check one): 

 

	 	 ̈	(i) on the first day of the month following my separation from service. 

  

	 	 ̈	(ii) on January 31 of the calendar year following my separation from service. 

  

	 	 ̈	(iii) on January 31 of the calendar year following the later of my attainment of age              or     separation from
service. 

  

	 	 ̈	(iv) on January 31 of              (Note:             The designated year may not be
earlier than 2017). 

  
  

Manner of Payment 
 Benefits deferred under the Plan shall
be paid to me (or, if applicable, my beneficiary) in the following manner (check one). Note that recent changes to the tax law may require that payments to an executive who is a “Specified Employee” be delayed for a period of six
(6) months and one day following the executive’s termination of employment: 
  

	 	 ̈	a lump sum. 

  

	 	 ̈	annual installments over              (2-15)            years. 

 

	 	 ̈	monthly installments over              (24-180)            months. 

I further recognize that nothing contained herein or in the Plan shall be construed as a contract of employment between me and Pepco Holdings, Inc., as a
right to continue employment or as a limitation of Pepco Holdings, Inc.’s right of discharge. In addition, Pepco Holdings, Inc. and its subsidiaries reserve the right to amend or terminate its employee benefit plans, including this Plan, at any
time, subject to the terms of those plans. 
 I understand that if I die during active service, my beneficiary shall receive an amount equal to two times my
account balance resulting from deferrals under this agreement. 

  

			
	Page 2 of 3		Form continued on next page
			PHI-12/14-B

 Pepco Holdings, Inc. Executive and Director Deferred Compensation Plan 

2015 Plan Year Salary Election Form – Executive 
  

 
  

  

Asset Allocation Election 
 I elect to allocate my new
deferrals to the following Measurement Funds (percentage total must equal 100%): 
  

					
	 Prudential Conservative Balanced
		 	    %	  
	 Prudential Flexible Managed
		 	    %	  
	 Prudential Money Market
		 	    %	  
	 Prudential Government Income
		 	    %	  
	 Prudential Diversified Bond
		 	    %	  
	 Prudential High Yield Bond
		 	    %	  
	 Prudential Value
		 	    %	  
	 American Century VP Value
		 	    %	  
	 Prudential Stock Index
		 	    %	  
	 Prudential Equity
		 	    %	  
	 Prudential Jennison
		 	    %	  
	 MFS VIT Growth
		 	    %	  
	 Janus Aspen Janus Portfolio
		 	    %	  
	 Prudential Small Capitalization Stock
		 	    %	  
	 Prudential Global
		 	    %	  
	 T. Rowe Price International Stock
		 	    %	  
	 Prudential Natural Resources
		 	    %	  
	 Prime Rate Fund
		 	    %	  
		  	  
	  
	 
	 Total
		 	100%	  
		  	  
	  
	 

 Please note that these elections affect future deferrals only. To change your current allocations, please log onto your
account at plandestination.com. 
  
  

Acknowledged & Accepted as of the Date Indicated (Please Sign Below) 

 

					
	  
 Signature of
Participant
		 		  
 Date

			
	  
 Signature of Committee Member
				  
 Date

  

			
	Page 3 of 3		
			PHI-12/14-B

 Pepco Holdings, Inc. 

Executive and Director Deferred Compensation Plan 

Salary Beneficiary Designation – Executive 
  

 
 Please complete and sign this form and send it to
the attention of Ned Dove – Rm. 4025 at Edison Place. 
  

Personal Information 
  

							
	Last		First		Middle		Social Security Number

 I hereby designate the following Beneficiary(ies) to
receive any benefit payable under the Plan by reason of my death, as provided in the Plan document. 
  

Primary Beneficiary(ies) (Whole percentages only and must total 100%) 
  

			
	Beneficiary Name		Percentage
	Relationship to Participant		Social Security Number

  

			
	Beneficiary Name		Percentage
	Relationship to Participant		Social Security Number

  

			
	Beneficiary Name		Percentage
	Relationship to Participant		Social Security Number

  
  

Contingent Beneficiary(ies) (Whole percentages only and must total 100%) 

 

			
	Beneficiary Name		Percentage
	Relationship to Participant		Social Security Number

  

			
	Beneficiary Name		Percentage
	Relationship to Participant		Social Security Number

  

			
	Page 1 of 2		Form continued on next page
			PHI-12/14-C

 Pepco Holdings, Inc. Executive and Director Deferred Compensation Plan 

Salary Beneficiary Designation – Executive 
  

 
  

  

Spousal Consent 
 I,
                        , am the spouse of
                        . I acknowledge that my spouse has named someone other than me as a Primary Beneficiary of the
survivor benefit under the Pepco Holdings, Inc. Executive and Director Deferred Compensation Plan, and I hereby approve of that designation. I agree that the designation shall be binding upon me with the same effect as if I had personally executed
said designation. 
  

					
	Signature of Spouse				Date

  

	 	 ̈	Check the box if you are not married and thus the “Spousal Consent” does not apply. 

  

 
 Please Sign Below 

This Beneficiary Designation Form is effective until the participant files another such designation. 

 

					
	Signature of Participant				Date

  

			
	Page 2 of 2		
			PHI-12/14-C

 Pepco Holdings, Inc. 

Executive and Director Deferred Compensation Plan 
 2015
Plan Year Incentive Compensation Election Form – Executive 
  
  

Please complete and sign this form and send it to the attention of Ned Dove – Rm. 4025 at Edison Place. 

 
 Personal Information – the
“Participant” 
  

					
	 		 		 
	Last		First		Middle
			
					
	Social Security Number		 		E-mail Address

 I elect to participate in the Pepco Holdings, inc. Executive and Director Deferred Compensation Plan (the “Plan”)
with respect to the time period January 1, 2015 to December 31, 2015. I have received a copy of the Plan and understand the terms and conditions of the Plan. I further understand that with respect to the deferral election I have made
herein, notwithstanding the terms of the Plan, the following shall apply: 
  

	1.	I can only receive the deferrals elected herein in accordance with my election below or, in the case of death or an unforeseen financial emergency; and 

 

	2.	I further understand that if I meet the definition of “Specified Employee” under the applicable provisions of the Internal Revenue Code, notwithstanding my election herein, the earliest I can receive my
compensation deferred herein that is payable upon a separation from service is six (6) months and one day after my separation from service; and 

  

	3.	I cannot change the time or form of my deferral made herein unless 

	 	a.	such revised election is not effective for 12 months after it is made; 

	 	b.	such revised election if made for a distribution at a specified time or on a fixed schedule is made at least 12 months prior to the first scheduled payment; and 

	 	c.	an election to delay a distribution must be for a period of at least five years. 

  

 
 Deferral Election – Incentive Compensation

 In the event that an incentive award becomes payable to me for the 2015 Plan Year, I hereby irrevocably elect: 

 

	 	 ̈	that             % of the award is to be paid in a lump sum upon determination of the award. 

 

	 	 ̈	that             % of the award is to be deferred. 

  

  

			
	Page 1 of 3		Form continued on next page
			PHI-12/14-D

 Pepco Holdings, Inc. Executive and Director Deferred Compensation Plan 

2015 Plan Year Incentive Compensation Election Form – Executive 
  

 
  

  

Benefit Payout Election 
 I elect to have the
above-referenced deferred amounts paid to me beginning (check one): 
  

	 	 ̈	(i) on the first day of the month following my separation from service. 

  

	 	 ̈	(ii) on January 31 of the calendar year following my separation from service. 

  

	 	 ̈	(iii) on January 31 of the calendar year following the later of my attainment of age              or     separation from
service. 

  

	 	 ̈	(iv) on January 31 of              (Note:             The designated year may
not be earlier than 2017). 

  
  

Manner of Payment 
 Benefits deferred under the Plan shall
be paid to me (or, if applicable, my beneficiary) in the following manner (check one). Note that recent changes to the tax law may require that payments to an executive who is a “Specified Employee” be delayed for a period of six
(6) months and one day following the executive’s termination of employment: 
  

	 	 ̈	a lump sum. 

  

	 	 ̈	annual installments over              (2-15)             years, 

 

	 	 ̈	monthly installments over              (24-180)             months.

 I further recognize that nothing contained herein or in the Plan shall be construed as a contract of employment between me and Pepco
Holdings, Inc., as a right to continue employment or as a limitation of Pepco Holdings, Inc.’s right of discharge. 
 I understand that if I die during
active service, my beneficiary shall receive an amount equal to two times my account balance resulting from deferrals under this agreement. 

  

			
	Page 2 of 3		Form continued on next page
			PHI-12/14-D

 Pepco Holdings, Inc. Executive and Director Deferred Compensation Plan 

2015 Plan Year Incentive Compensation Election Form – Executive 
  

 
  

  

Asset Allocation Election 
 I elect to allocate my new
deferrals to the following Measurement Funds (percentage total must equal 100%): 
  

					
	 Prudential Conservative Balanced
		 	%	  
	 Prudential Flexible Managed
		 	%	  
	 Prudential Money Market
		 	%	  
	 Prudential Government Income
		 	%	  
	 Prudential Diversified Bond
		 	%	  
	 Prudential High Yield Bond
		 	%	  
	 Prudential Value
		 	%	  
	 American Century VP Value
		 	%	  
	 Prudential Stock index
		 	%	  
	 Prudential Equity
		 	%	  
	 Prudential Jennison
		 	%	  
	 MFSVIT Growth
		 	%	  
	 Janus Aspen Janus Portfolio
		 	%	  
	 Prudential Small Capitalization Stock
		 	%	  
	 Prudential Global
		 	%	  
	 T. Rowe Price International Stock
		 	%	  
	 Prudential Natural Resources
		 	%	  
	 Prime Rate Fund
		 	%	  
		  	  
	  
	 
	 Total
		 	100%	  
		  	  
	  
	 

 Please note that these elections affect future deferrals only. To change your current allocations, please log onto your
account at plandestination.com. 
 I have been designated as a participant in the Pepco Holdings, Inc. Amended and Restated Executive Incentive
Compensation Plan (the “EICP”) for the 2015 Plan Year. I have received a copy of the Plan and the EICP, and understand the terms and conditions of the Plan and the EICP, all of which are hereby incorporated into this agreement. 

 
  

Acknowledged & Accepted (Please Sign Below) 
  

					
	  
				  

	Signature of Participant				Date
			
	  
				  

	Signature of Committee Member				Date

  

			
	Page 3 of 3		
			PHI-12/14-D

 Pepco Holdings, Inc. 

Executive and Director Deferred Compensation Plan 

Incentive Compensation Beneficiary Designation – Executive 
  

 
 Please complete and sign this form and send it to
the attention of Ned Dove – Rm. 4025 at Edison Place. 
  

Personal Information 
  

 

							
	Last		First		Middle		Social Security Number

 I hereby designate the following Beneficiary(ies) to receive any benefit payable under the
Plan by reason of my death, as provided in the Plan document. 
  

Primary Beneficiary(ies) (Whole percentages only and must total 100%) 
  

			
	Beneficiary Name		Percentage
	Relationship to Participant		Social Security Number
		
	Beneficiary Name		Percentage
	Relationship to Participant		Social Security Number
		
	Beneficiary Name		Percentage
	Relationship to Participant		Social Security Number

  
  

Contingent Beneficiary(ies) (Whole percentages only and must total 100%) 

 

			
	Beneficiary Name		Percentage
	Relationship to Participant		Social Security Number
		
	Beneficiary Name		Percentage
	Relationship to Participant		Social Security Number

  

			
	Page 1 of 2		Form continued on next page
			PHI-12/14-E

 Pepco Holdings, Inc. Executive and Director Deferred Compensation Plan 

Incentive Compensation Beneficiary Designation – Executive 
  

  
  

 
 Spousal Consent 

I,                     , am the spouse of
                    . I acknowledge that my spouse has named someone other than me as a Primary Beneficiary of the survivor benefit under the
Pepco Holdings, Inc. Executive and Director Deferred Compensation Plan, and I hereby approve of that designation. I agree that the designation shall be binding upon me with the same effect as if I had personally executed said designation. 

 

					
	  
 Signature of
Spouse
		 		  
 Date

 

	 	 ̈	Check the box if you are not married and thus the “Spousal Consent” does not apply. 

  

 
 Please Sign Below 

This Beneficiary Designation Form is effective until the participant files another such designation. 

 

					
	  
 Signature of
Participant
		 		  
 Date

  

			
	Page 2 of 2		
			PHI-12/14-E

 Pepco Holdings, Inc. 

Executive and Director Deferred Compensation Plan 
 2015
Plan Year Incentive Compensation Election Form – Executive 
  

  

Please complete and sign this form and send it to the attention of Ned Dove – Rm. 4025 at Edison Place. 

 
 Personal Information – the
“Participant” 
  

					
	Last		First		Middle

  

			
	Social Security Number		 E-mail Address

I elect to participate in the Pepco Holdings, Inc. Executive and Director Deferred Compensation Plan (the “Plan”) with respect to the time period
January 1, 2015 to December 31, 2015. I have received a copy of the Plan and understand the terms and conditions of the Plan. I further understand that with respect to the deferral election I have made herein, notwithstanding the terms of
the Plan, the following shall apply: 
  

	1.	I can only receive the deferrals elected herein in accordance with my election below or, in the case of death or an unforeseen financial emergency; and 

 

	2.	I further understand that if I meet the definition of “Specified Employee” under the applicable provisions of the Internal Revenue Code, notwithstanding my election herein, the earliest I can receive my
compensation deferred herein that is payable upon a separation from service is six (6) months and one day after my separation from service; and 

  

	3.	I cannot change the time or form of my deferral made herein unless 

  

	 	a.	such revised election is not effective for 12 months after it is made; 

  

	 	b.	such revised election if made for a distribution at a specified time or on a fixed schedule is made at least 12 months prior to the first scheduled payment; and 

 

	 	c.	an election to delay a distribution must be for a period of at least five years. 

  

 
 Deferral Election – Incentive Compensation

 In the event that an incentive award becomes payable to me for the 2015 Plan Year, I hereby irrevocably elect: 

 

	 	 ̈	that             % of the award is to be paid in a lump sum upon determination of the award. 

 

	 	 ̈	that             % of the award is to be deferred. 

  

			
	Page 1 of 3		Form continued on next page
			PHI-12/14-D

 Pepco Holdings, Inc. Executive and Director Deferred Compensation Plan 

2015 Plan Year Incentive Compensation Election Form – Executive 
  

  
  

 
 Benefit Payout Election 

I elect to have the above-referenced deferred amounts paid to me beginning (check one): 

 

	 	 ̈	(i) on the first day of the month following my separation from service. 

  

	 	 ̈	(ii) on January 31 of the calendar year following my separation from service. 

  

	 	 ̈	(iii) on January 31 of the calendar year following the later of my attainment of age             or     separation from
service. 

  

	 	 ̈	(iv) on January 31 of              (Note:             The designated year may not be
earlier than 2017). 

  
  

Manner of Payment 
 Benefits deferred under the Plan shall
be paid to me (or, if applicable, my beneficiary) in the following manner (check one). Note that recent changes to the tax law may require that payments to an executive who is a “Specified Employee” be delayed for a period of six
(6) months and one day following the executive’s termination of employment: 
  

	 	 ̈	a lump sum. 

  

	 	 ̈	annual installments over              (2-15)             years.

  

	 	 ̈	monthly installments over              (24-180)             months.

 I further recognize that nothing contained herein or in the Plan shall be construed as a contract of employment between me and Pepco
Holdings, Inc, as a right to continue employment or as a limitation of Pepco Holdings, Inc.’s right of discharge. 
 I understand that if I die during
active service, my beneficiary shall receive an amount equal to two times my account balance resulting from deferrals under this agreement. 

  

			
	Page 2 of 3		Form continued on next page
			PHI-12/14-D

 Pepco Holdings, Inc. Executive and Director Deferred Compensation Plan 

2015 Plan Year Incentive Compensation Election Form – Executive 
  

  
  

 
 Asset Allocation Election 

I elect to allocate my new deferrals to the following Measurement Funds (percentage total must equal 100%): 

 

					
	 Prudential Conservative Balanced
		 	%	  
	 Prudential Flexible Managed
		 	%	  
	 Prudential Money Market
		 	%	  
	 Prudential Government Income
		 	%	  
	 Prudential Diversified Bond
		 	%	  
	 Prudential High Yield Bond
		 	%	  
	 Prudential Value
		 	%	  
	 American Century VP Value
		 	%	  
	 Prudential Stock Index
		 	%	  
	 Prudential Equity
		 	%	  
	 Prudential Jennison
		 	%	  
	 MFS VIT Growth
		 	%	  
	 Janus Aspen Janus Portfolio
		 	%	  
	 Prudential Small Capitalization Stock
		 	%	  
	 Prudential Global
		 	%	  
	 T. Rowe Price International Stock
		 	%	  
	 Prudential Natural Resources
		 	%	  
	 Prime Rate Fund
		 	%	  
		  	  
	  
	 
	 Total
		 	100%	  
		  	  
	  
	 

 Please note that these elections affect future deferrals only. To change your current allocations, please log onto your
account at plandestination.com. 
 I have been designated as a participant in the Pepco Holdings, Inc. Amended and Restated Executive Incentive
Compensation Plan (the“EICP”) for the 2015 Plan Year. I have received a copy of the Plan and the EICP, and understand the terms and conditions of the Plan and the EICP, all of which are hereby incorporated into this agreement. 

 
  

Acknowledged & Accepted (Please Sign Below) 
  

					
	  
 Signature of
Participant
		 		  
 Date

 

					
	  
 Signature of Committee
Member
		 		  
 Date

  

			
	Page 3 of 3		
			PHI-12/14-D

 Pepco Holdings, Inc. 

Executive and Director Deferred Compensation Plan 

Incentive Compensation Beneficiary Designation – Executive 
  

  

Please complete and sign this form and send it to the attention of Ned Dove – Rm. 4025 at Edison Place. 

 
 Personal Information 

 
  

							
	Last		First		Middle		Social Security Number

 I hereby designate the following Beneficiary(les) to receive any benefit payable under the
Plan by reason of my death, as provided in the Plan document. 
  

Primary Beneficiary(ies) (Whole percentages only and must total 100%) 
  

			
	Beneficiary Name		Percentage
	Relationship to Participant		Social Security Number

  

			
	Beneficiary Name		Percentage
	Relationship to Participant		Social Security Number

  

			
	Beneficiary Name		Percentage
	Relationship to Participant		Social Security Number

  
  

Contingent Beneficiary(ies) (Whole percentages only and must total 100%) 

 

			
	Beneficiary Name		Percentage
	Relationship to Participant		Social Security Number

  

			
	Beneficiary Name		Percentage
	Relationship to Participant		Social Security Number

  

			
	Page 1 of 2		Form continued on next page
			PHI-12/14-E

 Pepco Holdings, Inc. Executive and Director Deferred Compensation Plan 

Incentive Compensation Beneficiary Designation – Executive 
  

  

Spousal Consent 
  

I,                     , am the spouse of
                    . I acknowledge that my spouse has named someone other than me as a Primary Beneficiary of the survivor benefit under the
Pepco Holdings, Inc. Executive and Director Deferred Compensation Plan, and I hereby approve of that designation. I agree that the designation shall be binding upon me with the same effect as if I had personally executed said designation. 

 

					
	  
 Signature of
Spouse
		 		  
 Date

 

	 	 ̈	Check the box if you are not married and thus the “Spousal Consent” does not apply. 

  

 
 Please Sign Below 

This Beneficiary Designation Form is effective until the participant files another such designation. 

 

					
	  
 Signature of
Participant
		 		  
 Date

  

			
	Page 2 of 2		
			PHI-12/14-EEX-10.51

 Exhibit 10.51 

2015 Named Executive Officer Compensation Determinations and Other Compensation Information 

The following is a description of certain compensation decisions made in 2015 by the Pepco Holdings, Inc. (PHI) Board of Directors (the Board)
and/or the Compensation/Human Resources Committee of the Board (the Committee) with respect to compensation to be earned or payable in 2015 to persons set forth in the table below who are identified as named executive officers (each, a Named
Executive Officer) in the Summary Compensation Table in PHI’s proxy statement for its 2014 Annual Meeting of Stockholders (the 2014 Proxy Statement). 

2015 Annual Compensation Determinations 

As to each Named Executive Officer, the compensation decisions consisted of (i) the establishment of annual base salary for 2015;
(ii) the establishment of the Named Executive Officer’s 2015 annual cash incentive award opportunities under the Amended and Restated Annual Executive Incentive Compensation Plan (the EICP); and (iii) the grant of long-term restricted
stock unit (RSU) awards under the Pepco Holdings, Inc. 2012 Long-Term Incentive Plan (the LTIP). In addition, with respect to Kevin C. Fitzgerald, PHI’s Executive Vice President and General Counsel, the performance goals for a performance-based
RSU award pursuant to the terms of his employment agreement were established in February 2015, as discussed below. 
  

															
	 Named Executive Officer
	  	 Title
	  	2015 Annual
Base Salary	 	  	Target 2015
Annual Cash
EICP Award
Opportunity as a
Percentage of
Annual Base
Salary (1)	 	 	Time-Based
RSU Award
(# of RSUs) (2)	 
	 Joseph M. Rigby
	  	Chairman of the Board, President and Chief Executive Officer	  	$	1,015,000	  	  	 	100	% 	 	 	92,541	  
	 David M. Velazquez
	  	Executive Vice President	  	$	549,000	  	  	 	60	% 	 	 	25,027	  
	 Frederick J. Boyle
	  	Senior Vice President and Chief Financial Officer	  	$	515,000	  	  	 	60	% 	 	 	23,477	  
	 Kevin C. Fitzgerald (3)
	  	Executive Vice President and General Counsel	  	$	563,000	  	  	 	60	% 	 	 	25,665	  
	 John U. Huffman
	  	President, Pepco Energy Services, Inc.	  	$	398,000	  	  	 	60	% 	 	 	14,514	  

  
  

	(1)	Each executive may earn a cash incentive award of up to 180% of his target award opportunity under the EICP as determined by the Committee, depending on the extent to which the pre-established performance goals are
achieved. See “Amended and Restated Annual Executive Incentive Compensation Plan” below for a discussion of 2015 performance goals. 

	(2)	The shares of PHI common stock, $.01 par value per share (Common Stock), underlying time-based RSU awards in the aggregate had a fair market value on the date of grant equal to the following percentage of the Named
Executive Officer’s 2015 annual base salary: 250% for Mr. Rigby, 125% for each of Messrs. Velazquez, Boyle and Fitzgerald, and 100% for Mr. Huffman. See “2015 LTIP Awards” below for a description of the annual
time-based RSU awards granted under the LTIP. 

	(3)	In addition to the awards listed in the table above, Mr. Fitzgerald received in 2015 a performance-based RSU award pursuant to the terms of his employment agreement. This award has a performance period beginning on
January 1, 2015 and ending on December 31, 2015 and which will vest, subject to certain exceptions: (i) if the executive remains continuously employed by PHI during the performance period and (ii) to the extent that performance
goals (described below) with respect to such performance period are met. 

 Amended and Restated Annual Executive Incentive Compensation Plan 

Each of the executives listed in the table above is a participant in the EICP. The EICP is a cash-based incentive program designed to align
executive compensation with the performance of PHI and its subsidiaries. Participants in the EICP for any calendar year may include any executive or employee of the Company or any subsidiary selected by the administrator, upon the recommendation of
the Company’s chief executive officer, to participate in the EICP. On February 26, 2015, the Committee established the following performance goals to be used for the determination of 2015 EICP awards for each of the executives named below:

  

	 	•	 	Messrs. Rigby, Boyle and Fitzgerald: (1) adjusted net earnings per share, (2) electric system reliability, (3) customer satisfaction, (4) diversity, and (5) safety. 

 

	 	•	 	Mr. Velazquez: (1) Power Delivery adjusted earnings per share, (2) core capital expenditures, compared to budget (excluding certain items), (3) operation and maintenance spending, compared to budget,
(4) compliance results, (5) electric system reliability, (6) customer satisfaction, (7) diversity, and (8) safety. 

  

	 	•	 	Mr. Huffman: (1) Pepco Energy Services’ adjusted net income (excluding power plants and retail energy), (2) performance of Pepco Energy Services’ energy savings performance contracting business,
(3) performance of Pepco Energy Services’ undergrounding transmission and distribution business, (4) diversity, and (5) safety. 

The payment of awards under the EICP to each of these PHI executives is also conditioned upon the achievement of specified threshold earnings requirements in
order for an EICP award to be paid to the executive, regardless of the extent to which the other performance goals may be achieved. 
 2015 LTIP Awards

 The Committee granted awards of time-based RSUs under the LTIP with respect to the 2015 to 2017 retention cycle. Participants in the
LTIP are key employees and officers of PHI and its subsidiaries selected by the Chairman of the Board of PHI and approved by the Committee, as well as non-management directors of PHI, including each of the persons listed in the table above. Subject
to the terms and conditions of each RSU award, each RSU represents a contractual right to receive one share of Common Stock, at the end of the restriction or performance period. When a dividend is paid on the Common Stock, the award is credited with
additional RSUs equal to the number of RSUs subject to such award multiplied by the per share cash dividend, divided by the then current market price of a share of Common Stock. Additional RSUs credited as dividend equivalents will vest only to the
extent the underlying RSUs vest. 
 Each executive listed above has received a grant of time-based RSUs. In light of the proposed merger
with Exelon Corporation, no performance-based RSUs were granted with respect to the 2015 to 2017 LTIP cycle. Subject to certain exceptions provided for in the LTIP or in the award agreement (or, with respect to Mr. Rigby, his Employment
Extension Agreement), time-based RSUs are subject to forfeiture if the employment of the executive terminates prior to the third anniversary of the date of grant. 

2015 RSU Award Pursuant to Mr. Fitzgerald’s Employment Agreement 

Pursuant to the terms of his employment agreement with PHI, Mr. Fitzgerald is entitled to receive a series of three annual
performance-based awards, each granted under the LTIP, over the three-year term of his employment agreement. Each award will have a performance period that begins on January 1 and ends on December 31. The awards will consist of a number of
RSUs to be determined by dividing $166,666.67 by the closing price of a share of Common Stock on the last trading day immediately preceding the first day of the performance period. Subject to certain exceptions, these awards will vest if
Mr. Fitzgerald remains continuously employed with PHI during each annual performance period and to the extent that the Committee determines that the performance goals established for the performance period covered by the award have been met.
The performance goals for each award are established on or as soon as practicable after the beginning of each performance period, but no later than 90 days after such date. 

 The performance goals established by the Committee in February 2015 with respect to this award
for 2015 are as follows: 
  

	 	•	 	Achievement of distribution jurisdiction reliability goals, based on SAIDI of 1.15 occurrences and SAIFI of 108 minutes (40% weight); 

 

	 	•	 	Residential customer satisfaction of 76% or better (40% weight); and 

  

	 	•	 	Achievement of all key regulatory dates related to the 2015 District of Columbia Power Line Undergrounding Plan (20% weight) 

2015 Determinations of Satisfaction of Performance Goals For 2014 RSU Awards Pursuant to Employment Agreements 

In February 2015, the Compensation Committee determined the satisfaction of performance goals associated with Mr. Rigby’s and
Mr. Fitzgerald’s 2014 performance-based RSU awards under each of their respective employment agreements. A summary of these determinations is as follows: 
  

							
	 Mr. Rigby’s Performance Criteria
	  	 Determination
	  	Outcome
(%)	 
	 Reliability of electric service to customers
	  	 Goal substantially met, as measured by our achievement of state-mandated SAIDI and SAIFI reliability standards and 4 out of 5
jurisdictional reliability standards.
 Reliability enhancement plan projects and key reliability construction projects were 85.9% complete, meeting the
target goal of 85%.
	  	 	18	  
	 Residential utility customer satisfaction
	  	Met 75% target, based on the results of third-party customer surveys	  	 	15	  
	 Relative TSR
	  	Met target	  	 	50	  
	 PHI adjusted EPS
	  	Adjusted EPS of $1.27 exceeded the mid-point of our initial adjusted EPS guidance range	  	 	15	  
		  		  	  
	  
	 
			Total		 	98	  
		  		  	  
	  
	 
			
	 Mr. Fitzgerald’s Performance
Criteria
	  	 Determination
	  	Outcome
(%)	 
	 Achievement of state-mandated reliability standards
	  	Goal met, as measured by our achievement of state-mandated SAIDI and SAIFI reliability standards and 4 out of 5 jurisdictional reliability standards.	  	 	4	  
	 Reliability enhancement plan projects
	  	Results were 85.9% complete, meeting the target goal of 85%.	  	 	5	  
	 Residential utility customer satisfaction
	  	Met the target goal of 75%.	  	 	10	  
	 Utility 2.0 stakeholder engagement efforts
	  	Deemed satisfied as a result of entering into the merger agreement with Exelon Corporation (Exelon).	  	 	15	  
	 Assessment of Utility 2.0 product or service
	  	Deemed satisfied as a result of entering into the merger agreement with Exelon.	  	 	5	  
	 Utility 2.0 business development plan
	  	Deemed satisfied as a result of entering into the merger agreement with Exelon.	  	 	5	  
	 Preparation of required regulatory filings for Utility 2.0 product or service
	  	Deemed satisfied as a result of entering into the merger agreement with Exelon.	  	 	10	  
	 Rollout of PHI cultural initiative
	  	All cultural initiative goals with respect to legal group employee training and certification and employee engagement improvement survey results were met.	  	 	15	  
	 PHI adjusted EPS
	  	Adjusted EPS of $1.27 exceeded the mid-point of PHI’s initial adjusted EPS guidance range	  	 	30	  
		  		  	  
	  
	 
			Total		 	99

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