Document:

EXHIBIT 4.13

 Exhibit 4.13 

The Depository Trust Company 
 A subsidiary of The Depository Trust & Clearing Corporation 
 CORPORATE
COMMERCIAL PAPER – MASTER NOTE 
 June     ,
2007               
 (Date of
Issuance)         
  

			
	 PEPCO HOLDINGS, INC.
	 	(“Issuer”), for value received,

 hereby promises to pay to Cede & Co., as nominee of The Depository Trust Company, or to registered assigns:
(i) the principal amount, together with unpaid accrued interest thereon, if any, on the maturity date of each obligation identified on the records of Issuer (the “Underlying Records”) as being evidenced by this Master Note, which
Underlying Records are maintained by JP Morgan Chase Bank, National Association                    (“Paying Agent”); (ii) interest on
the principal amount of each such obligation that is payable in installments, if any, on the due date of each installment, as specified on the Underlying Records; and (iii) the principal amount of each such obligation that is payable in
installments, if any, on the due date of each installment, as specified on the Underlying Records. Interest shall be calculated at the rate and according to the calculation convention specified on the Underlying Records. Payments shall me made by
wire transfer to the registered owner from Paying Agent without the necessity of presentation and surrender of this Master Note. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS MASTER NOTE SET FORTH ON THE REVERSE HEREOF. 
 This Master Note is a valid and binding obligation of Issuer. 
 Not Valid Unless Countersigned for
Authentication by Paying Agent. 
  

									
	 JP MORGAN CHASE BANK, N.A.
             (Paying Agent)
	 		 	 PEPCO HOLDINGS, INC.

                        
(Issuer)

					
	By:	 	  	 		 	By:	 	  
		 	(Authorized Countersignature)	 		 		 	(Authorized Signature)
				
		 		 		 	  
		 		 		 		 	(Guarantor)                    
					
		 		 		 	By:	 	  
		 		 		 		 	(Authorized Signature)

 At the request of the registered owner, Issuer shall promptly issue and deliver one or more separate note
certificates evidencing each obligation evidenced by this Master Note. As of the date any such note certificate or certificates are issued, the obligations which are evidenced thereby shall not longer be evidenced by this Master Note. 

 
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto 
  

 

                         
 (Name, Address, and Taxpayer Identification Number of Assignee) 
 the Master Note and all rights thereunder, hereby irrevocably
constituting and appointing 

                         
                                         
       attorney to transfer said Master Note on the books of Issuer with full power of substitution in the premises. 
  

					
	Dated:	 		 	 
	Signature(s) Guaranteed:	 		 	(Signature)
			
		 		 	Notice: The signature on this assignment must correspond with the name as written upon the face of this Master Note, in every particular, without alteration or enlargement or any
change whatsoever.

  
  

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Issuer
or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof,
Cede & Co., has an interest herein.EXHIBIT 10.2.1

 EXHIBIT 10.2.1 
 AMENDMENT TO THE 
 PEPCO HOLDINGS, INC. 

LONG-TERM INCENTIVE PLAN 
 This Amendment (this “Amendment”) to the Pepco Holdings, Inc. Long-Term Incentive Plan (as amended, amended and restated or otherwise modified from time to time, the
“Plan”) is made by PEPCO HOLDINGS, INC. (the “Company”), effective as of January 26, 2012 (the “Effective Date”). Capitalized terms used and not otherwise defined herein shall
have the meanings assigned to them in the Plan. 
 WHEREAS, the Plan was originally established by the Company and
approved by the shareholders of the Company effective as of August 1, 2002; and 
 WHEREAS, Section 15 of the
Plan provides that the Board may amend the Plan at any time, subject to certain exceptions; and 
 WHEREAS, the
Compensation/Human Resources Committee of the Board (the “Comp/HR Committee”) has recommended, and the Board has determined, that it is in the best interests of the Company to amend the Plan as set forth herein; and 

WHEREAS, based upon the recommendation of the Comp/HR Committee, the Board now desires to amend the Plan as provided below.

 NOW, THEREFORE, pursuant to Section 15 of the Plan, the Board hereby amends the Plan as follows: 

 

	 	1.	Definitions.  

  

	 	(a)	Each of the definitions of “Early Retirement,” “Normal Retirement Date,” “Pension Plan” and “Retirement” contained in
Section 2 of the Plan is hereby deleted in its entirety. 

  

	 	(b)	The definition of “Termination” contained in Section 2 of the Plan is hereby deleted in its entirety and replaced with the following:

 “Termination” means resignation or discharge as a Director or resignation or
discharge from employment with the Company or any of its Subsidiaries, except in the event of death or Disability. For the avoidance of doubt, any resignation or discharge from employment with the Company or any of its subsidiaries which is
affirmatively determined by the Committee (to the extent permitted by the Plan) to be a “retirement” shall not be deemed to be a Termination. 

	 	2.	Restricted Stock and Restricted Stock Unit Awards. 

  

	 	(a)	Service-Based Award. The first paragraph of Section 8.B.ii. of the Plan is hereby deleted in its entirety and replaced with the following:

 ii. Forfeiture or Payout of Award. In the event a participant ceases employment during a
restriction period, a Restricted Stock Award or Restricted Stock Unit Award is subject to forfeiture or payout as follows: (a) Termination—the Restricted Stock Award or Restricted Stock Unit Award is completely forfeited;
(b) Disability or death—payout of the Restricted Stock Award or Restricted Stock Unit Award is prorated for service during the period; or (c) retirement—upon the retirement of a Participant (as determined by the Committee in its
sole discretion), the Restricted Stock Award or Restricted Stock Unit Award is completely forfeited except that the Committee may, in its sole discretion, in the Award agreement or otherwise, provide for the lapse of the restriction period of the
Service-Based Award in whole or in part; provided, however, that the Committee may modify the result of clause (b) above if it determines, in its sole discretion, that special circumstances warrant such modification. 

 

	 	(b)	Performance-Based Award. The third full paragraph of Section 8.C.iii. of the Plan is hereby deleted in its entirety and replaced with the following:

 In the event a Participant ceases employment during a restriction period, the Restricted Stock
Award or Restricted Stock Unit Award is subject to forfeiture or payout as follows: (a) Termination—the Restricted Stock Award or Restricted Stock Unit Award is completely forfeited; (b) Disability or death—payout of the
Restricted Stock Award or Restricted Stock Unit Award is prorated taking into account factors including, but not limited to, service during the period and the performance of the Participant during the portion of the Performance Period before
employment ceased; or (c) retirement—upon the retirement of a Participant (as determined by the Committee in its sole discretion), the Restricted Stock Award or Restricted Stock Unit Award is completely forfeited except that the Committee
may, in its sole discretion, in the Award agreement or otherwise, provide for the lapse of the restriction period of the Award in whole or in part; provided, however, that, the Committee may modify the result of clause (b) above if it
determines in its sole discretion that special circumstances warrant such modification. 
  

	 	3.	Options. Section 9.F. of the Plan is hereby deleted and replaced in its entirety with the following: 

F. Lapse of Option. An Option will lapse upon the earlier of: (i) ten years from the Date of Grant, or (ii) at
the expiration of the Option Period. If the Participant ceases employment or ceases to be a Director within the Option Period and prior to the lapse of the Option, the Option will lapse as 

  
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follows: (a) Termination—the Option will lapse on the effective date of the Termination; or (b) Disability or retirement (with the Committee having sole discretion to determine
whether a retirement may be deemed to have occurred)—the Option will lapse at the expiration of the Option Period; provided, however, that the Committee may modify the consequences of this clause (b) if it determines in its sole discretion
that special circumstances warrant such modification. If the Participant dies within the Option Period and prior to the lapse of the Option, the Option will lapse at the expiration of the Option Period, unless it is exercised before such time by the
Participants legal representative(s) or by the person(s) entitled to do so under the Participant’s Will or, if the Participant fails to make testamentary disposition of the Option or dies intestate, by the person(s) entitled to receive the
Option under the applicable laws of descent and distribution, provided, however, that the Committee may modify the above if it determines in its full discretion that special circumstances warrant such modification. 

 

	 	4.	Performance Units. The third full paragraph of Section 10.C. of the Plan is hereby deleted and replaced in its entirety with the following:

 In the event a Participant ceases employment during a Performance Period, the Performance Unit
Award is subject to forfeiture or payout as follows: (a) Termination—the Performance Unit Award is completely forfeited; (b) Disability or death—payout of the Performance Unit Award is prorated taking into account factors
including, but not limited to, service and the performance of the Participant during the portion of the Performance Period before employment ceased; or (c) retirement—upon the retirement of a Participant (as determined by the Committee in
its sole discretion), the Performance Unit Award is completely forfeited except that the Committee may, in its sole discretion, in the Award agreement or otherwise, provide for the forfeiture of the Performance Unit Award only in part; provided,
however, that, the Committee may modify the result of clause (b) above, if it determines in its sole discretion that special circumstances warrant such modification. 

 

	 	5.	Stock Appreciation Rights. Section 11.F. of the Plan is hereby deleted and replaced in its entirety with the following: 

F. Lapse of a Stock Appreciation Right. A Stock Appreciation Right will lapse upon the earlier of: (i) ten years
from the Date of Grant; or (ii) at the expiration of the Exercise Period. If the Participant ceases employment within the Exercise Period and prior to the lapse of the Stock Appreciation Right, the Stock Appreciation Right will lapse as
follows: (a) Termination—the Stock Appreciation Right will lapse on the effective date of the Termination; or (b) Disability or retirement (with the Committee having sole discretion to determine whether a retirement may be deemed to
have occurred)—the Stock Appreciation Right will lapse at the expiration of the Exercise Period; provided, however, that the Committee may modify the consequences of this 

  
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clause (b) if it determines in its sole discretion that special circumstances warrant such modification. If the Participant dies within the Exercise Period and prior to the lapse of the
Stock Appreciation Right, the Stock Appreciation Right will lapse at the expiration of the Exercise Period, unless it is exercised before such time by the Participant’s legal representative(s) or by the person(s) entitled to do so under the
Participant’s Will or, if the Participant fails to make testamentary disposition of the Stock Appreciation Right or dies intestate, by the person(s) entitled to receive the Stock Appreciation Right under the applicable laws of descent and
distribution, provided, however, that the Committee may modify the above if it determines in its sole discretion that special circumstances warrant such modification. 
 6. Effect of Amendments. On and after the Effective Date, each reference in the Plan to “this Plan”, “hereunder”, “hereof” or words of like import referring to
the Plan, shall mean and be a reference to the Plan, as amended by this Amendment. Except as amended hereby, the Plan continues and shall remain in full force and effect in all respects. None of the amendments contained herein shall be deemed to
modify or affect the terms of the Plan with respect to any Award granted prior to the Effective Date. 
  

							
	ATTEST:	 		 	PEPCO HOLDINGS, INC.
				
	 /s/ Jane K. Storero
	 		 	By:	 	 /s/ Joseph M. Rigby

	Jane K. Storero	 		 		 	Joseph M. Rigby
	Secretary	 		 		 	Chairman, President and Chief Executive Officer

  
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