Document:

Exhibit 4.3

 Exhibit 4.3 

 

	
	This Instrument Prepared By:
	
	 /s/ Charlene Anderson

	Charlene Anderson
	Delmarva Power & Light Company
	Mailstop 92DC42
	500 N. Wakefield Drive,
	Newark, DE 19702-5440

  
  

 
 DELMARVA POWER & LIGHT
COMPANY 
 TO 
 THE BANK OF NEW YORK MELLON, 
 Trustee. 

 
  

ONE HUNDRED AND NINTH SUPPLEMENTAL 
 INDENTURE 
  

 
 Dated as of
January 1, 2012 
 (but executed on the dates shown on the execution page) 

 
  

 

 This ONE HUNDRED AND NINTH SUPPLEMENTAL INDENTURE, dated as of the first day of
January, 2012 (but executed on the dates hereinafter shown), made and entered into by and between DELMARVA POWER & LIGHT COMPANY, a corporation of the State of Delaware and the Commonwealth of Virginia, hereinafter called the Company and
THE BANK OF NEW YORK MELLON, a national banking association, hereinafter called the Trustee; 
 WITNESSETH: 

WHEREAS, the Company heretofore executed and delivered its Indenture of Mortgage and Deed of Trust (hereinafter in this One Hundred and
Ninth Supplemental Indenture called the “Original Indenture”), dated as of October 1, 1943, to the New York Trust Company, a corporation of the State of New York, as Trustee, to which The Bank of New York Mellon is successor Trustee,
to secure the First Mortgage Bonds of the Company, unlimited in aggregate principal amount and issuable in series, from time to time, in the manner and subject to the conditions set forth in the Original Indenture granted and conveyed unto the
Trustee, upon the trusts, uses and purposes specifically therein set forth, certain real estate, franchises and other property therein described, including property acquired after the date thereof, except as therein otherwise provided; and

 WHEREAS, by one hundred and eight indentures supplemental to said Original Indenture dated as of October 1, 1943, of
which one hundred and eight supplemental indentures the One Hundred and Eighth Supplemental Indenture is dated as of May 2, 2011, the Original Indenture has been modified and supplemented (hereinafter, as so supplemented and amended, called the
“Indenture”); and 
 WHEREAS, the execution and delivery of this One Hundred and Ninth Supplemental Indenture has been
duly authorized by Unanimous Written Consent of the Board of Directors of the Company, and all conditions and requirements necessary to make this One Hundred and Ninth Supplemental Indenture a valid, binding and legal instrument in accordance with
its terms, for the purposes herein expressed, and the execution and delivery hereof, have been in all respects duly authorized; and 
 WHEREAS, it is provided in and by the Original Indenture, inter alia, as follows: 
 “IT IS HEREBY AGREED by the Company that all the property, rights and franchises acquired by the Company after the date hereof (except any hereinbefore or hereinafter expressly excepted) shall
(subject to the provisions of Section 9.01 hereof and to the extent permitted by law) be as fully embraced within the lien hereof as if such property, rights and franchises were now owned by the Company and/or specifically described herein and
conveyed hereby;” 
 and 
 WHEREAS, the Company has acquired certain other property, real, personal and mixed, which heretofore has not been specifically conveyed to the Trustee; 

  
 2 

 NOW, THEREFORE, this ONE HUNDRED AND NINTH SUPPLEMENTAL INDENTURE WITNESSETH that for and in
consideration of the premises and in pursuance of the provisions of the Indenture: 
 The Company has granted, bargained, sold,
released, conveyed, assigned, transferred, mortgaged, pledged, set over and confirmed, and by these presents does grant, bargain, sell, release, convey, assign, transfer, mortgage, pledge, set over and confirm unto the Trustee and to its successors
in the trust in the Indenture created, to its and their assigns forever, all the following described properties of the Company, and does confirm that the Company will not cause or consent to a partition, either voluntary or through legal
proceedings, of property, whether herein described or heretofore or hereafter acquired, in which its ownership shall be as tenant in common, except as permitted by, and in conformity with, the provisions of the Indenture and particularly of Article
IX thereof: 
 State and County 

DELAWARE 
 New Castle

  

									
	 Property Name
	  	 Received
	  	 Deed Records
	  	 Tax Map No.

	 	  	 For Record
	  	 Book
	  	 Page
	  	 
	 Pettinaro Parcels
	  	07/22/11	  	0038	  	252	  	26-29.10-143, -144, -164, -169, -179, -183
	 JU3 Parcels
	  	09/23/11	  	0058	  	529	  	26-29.10-136, -137, -138, -139, -140, -145, -146, -147
	 Casey Parcel
	  	08/11/11	  	0049	  	312	  	26-029.10-132
	 Murray Parcel
	  	09/01/11	  	0054	  	627	  	26-029.10-133
	 J. Sheiker Parcel
	  	08/05/11	  	0046	  	062	  	26-029.10-135
	 B. Sheiker Parcel
	  	08/05/11	  	0046	  	061	  	26-029.10-134
	 Mills Parcel
	  	12/21/11	  	0076	  	167	  	26-029.10-131
	 Dickerson Parcel
	  	12/15/11	  	0075	  	047	  	26-029.10-130
	 Bibbs Parcel
	  	12/15/11	  	0075	  	046	  	26-029.10-129
	 Dickerson Parcel
	  	12/15/11	  	0075	  	045	  	26-029.10-128

 State and County 
 MARYLAND 
 Dorchester 

 

									
	 Property Name
	  	 Received
	  	 Deed Records
	  	 Tax Map No.

	 	  	 For Record
	  	 Book
	  	 Page
	  	 
	 Buas Parcel
	  	03/04/11	  	1023	  	324	  	Map 44 Parcel 7
	 Hubbard Parcel
	  	07/18/11	  	1043	  	056	  	Map 32 Parcel 6

 State and County 
 MARYLAND 
 Wicomico 

 

									
	 Property Name
	  	 Received
	  	 Deed Records
	  	 Tax Map No.

	 	  	 For Record
	  	 Book
	  	 Page
	  	 
	 Phillips Parcel
	  	05/1811	  	3316	  	154	  	Map 5 Parcel 18
	 Lapp Parcel
	  	09/06/11	  	3349	  	368	  	Map 8 Parcel 3
	 Lapp Parcel
	  	09/06/11	  	3349	  	362	  	Map 8 Parcel 444
	 McNeely Parcel
	  	05/10/11	  	3313	  	005	  	Map 8 Parcel 451
	 McNeely Parcel
	  	05/10/11	  	3313	  	005	  	Map 8 Parcel 173
	 Richardson Parcel
	  	11/22/11	  	3346	  	047	  	Map 8 Parcel 6

 State and County 
 MARYLAND 
 Worcester 

 

									
	 Property Name
	  	 Received
	  	 Deed Records
	  	 Tax Map No.

	 	  	 For Record
	  	 Book
	  	 Page
	  	 
	 Merkle Parcel
	  	10/28/11	  	5770	  	155	  	Lot 2A Map 118 Parcel 7624A
	 McCrea Parcel
	  	10/24/11	  	5767	  	074	  	Lot 1B Map 118 Parcel 7624A

  
 3 

									
	 Property Name
	  	 Received
	  	 Deed Records
	  	 Tax Map No.

	 	  	 For Record
	  	 Book
	  	 Page
	  	 
	 Amos Parcel
	  	09/01/11	  	5740	  	099	  	Lot 1A Map 118 Parcel 7623A
	 Mowell Parcel
	  	09/01/11	  	5740	  	104	  	Lot 2B Map 118 Parcel 7623A

 Together with all other property, real, personal and mixed, tangible and intangible (except such property
as in said Indenture expressly excepted from the lien and operation thereof), acquired by the Company on or prior to December 31, 2011, and not heretofore specifically subjected to the lien of the Indenture. 

Also without limitation of the generality of the foregoing, the easements and rights-of-way and other rights in or not used in connection
with the Company’s operations, which are conveyed to the Company and recorded in the following Real Property Deed Records to which reference is made for a more particular description, to wit: 

State and County 
 DELAWARE

 New Castle 
  

					
	 Received
	  	 Instrument No.
	  	 Tax ID No

	 For Record
	  	 	  	 
	 01/21/2011
	  	20110121-00004264	  	15-016.00-232
	 01/21/2011
	  	20110121-0004267	  	26-030.30-097
	 01/21/2011
	  	20110121-0004268	  	06-055.00-312
	 01/21/2011
	  	20110121-0004266	  	11031 00097
	 03/11/2011
	  	20110311-0013837	  	13-014.00-368
	 03/11/2011
	  	20110311-0013836	  	15-010.00-165
	 04/26/2011
	  	20110426-0021671	  	26-013.40-073
	 04/26/2011
	  	20110426-0021670	  	26-006.10-138
	 04/26/2011
	  	20110426-0021669	  	06-015.00-133
	 06/17/2011
	  	20110617-0029838	  	06-072.00-008
	 06/17/2011
	  	20110617-0029837	  	06-125.00-009
		  		  	1805400066, 1805400066, 1805400065, 1805400064, 1805400063, 1805400062, 1805400061, 1805400048, 1805400047, 1805400046, 1805400045, 1805400044,
1805400043, 1805400042, 1805400041, 1805400040, 1805400039, 1805400038, 1805400037, 1805400036, 1805400035, 1805400034, 1805400033, 1805400032, 1805400031, 1805400030, 1805400029, 1805400028, 1805400027, 1805400026, 1805400025, 1805400078,
1805400077, 1805400076, 18905400075, 1805400074, 1805400073, 1805400072, 1805400071, 1805400070, 1805400069, 1805400068, 
	 09/20/2011
	  	20110920-0057535	  	1805400067, 1805400087

  
 4 

					
	 Received
	  	 Instrument No.
	  	 Tax ID No

	 For Record
	  	 	  	 
	 09/20/2011
	  	20110920-0057536	  	1805400060, 1805400059, 1805400058, 1805400057, 1805400056, 1805400055, 1805400054, 1805400053, 1805400052, 1805400051, 1805400050, 1805400049, 1805400086,
1805400085, 1805400084, 1805400083, 1805400082, 1805400081, 1805400080, 1805400079
	 09/20/2011
	  	20110920-0057537	  	14-022.00-080

 State and County 
 DELAWARE 
 Kent 

 

					
	 Received
	  	 Instrument No.
	  	 Tax ID No

	 For Record
	  	 	  	 
	 01/20/2011
	  	2011-183332	  	LC-00-04703-03-0200-000
	 01/20/2011
	  	2011-183334	  	SM07-139.05-01-02.00/000
	 01/20/2011
	  	2011-183333	  	 WD10-063.15-01-13.00,
 WD10-063.15-01-14.00-000,
 WD00-063.00-02-55.00-000

	 03/14/2011
	  	2011-186148	  	7-02-09400-01-1201-00001

 State and County 
 DELAWARE 
 Sussex 

 

							
	 Received
	  	 Deed Records
	  	 Tax ID No

	 For Record
	  	 Book
	  	 Page
	  	 
	 01/19/2011
	  	3858	  	229	  	5-32-20.00-104.01
	 03/24/2011
	  	3876	  	128	  	3-34 20.13 113.00
	 03/24/2011
	  	3876	  	125	  	3-35 8.00 27.04
	 03/24/2011
	  	3876	  	130	  	5-33 17.00 460.00
	 03/24/2011
	  	3876	  	132	  	4-33 6.15 69.01
	 03/24/2011
	  	3876	  	134	  	4-33 6.15 69.04
	 04/26/2011
	  	3885	  	46	  	2-33 15.00 22.03
	 04/26/2011
	  	3885	  	48	  	3-34 5.00 167.00
	 04/26/2011
	  	3885	  	50	  	1-35 11.00 6.03
	 05/09/2011
	  	3888	  	186	  	3-34 20.06 103.00
	 05/09/2011
	  	3888	  	188	  	3-34 20.06 103.02
	 05/09/2011
	  	3888	  	190	  	5-33 10.00 32.00
	 05/09/2011
	  	3888	  	192	  	532-18.00-11.03
	 05/09/2011
	  	3888	  	194	  	5-33 10.00 68.17
	 05/10/2011
	  	3888	  	202	  	5-33 4.00 4.03

  
 5 

							
	 Received
	  	 Deed Records
	  	 Tax ID No

	 For Record
	  	 Book
	  	 Page
	  	 
	 05/10/2011
	  	3888	  	200	  	3-34 20.13 107.00
	 05/10/2011
	  	3888	  	198	  	134 5.00 220.01
	 05/10/2011
	  	3888	  	196	  	5-33 10.00 49.02
	 05/10/2011
	  	3888	  	204	  	334 12.00 93.00 & 94.00
	 09/20/2011
	  	3927	  	154	  	1-35 14.00 35.08
	 10/27/2011
	  	3938	  	071	  	3-31 20.13 114.00

 State and County 
 MARYLAND 
 Caroline 

 

							
	 Received
	  	 Deed Records
	  	 Tax Id #

	 For Record
	  	 Book
	  	 Page
	  	 
	 09/20/2011
	  	0971	  	322	  	Map 701 Parcel 808

 State and County 
 MARYLAND 
 Cecil 

 

							
	 Received
	  	 Deed Records
	  	 Tax Id #

	 For Record
	  	 Book
	  	 Page
	  	 
	 01/13/2011
	  	2964	  	016	  	Map 12 Parcel 98A
	 01/13/2011
	  	2964	  	011	  	Map 12 Parcel 32A
	 01/21/2011
	  	2968	  	245	  	Parcel 9 Map 16 Lots 1 thru 43
	 01/21/2011
	  	2968	  	247	  	Parcel 2004 Map 314
	 01/21/2011
	  	2968	  	236	  	Parcel 167 Map 02
	 01/21/2011
	  	2968	  	238	  	Parcel 71 Map 42
	 01/21/2011
	  	2968	  	241	  	Parcel 111 Map 46
	 01/21/2011
	  	2968	  	243	  	Parcel 31 Map 100
	 03/16/2011
	  	2995	  	269	  	Parcel 131, 617 & 655 (All lots inclusive) Map 20 & 26
	 04/29/2011
	  	3015	  	156	  	Parcel 33 Map 43
	 09/21/2011
	  	3079	  	195	  	Parcel 453 Map 43
	 09/21/2011
	  	3079	  	198	  	Parcel 0518 Map 0035
	 09/21/2011
	  	3079	  	200	  	Parcel 0052 Map 0036
	 09/21/2011
	  	3079	  	202	  	Parcel 0053 Map 0036
	 09/21/2011
	  	3079	  	204	  	Parcel 0220 Map 0036 Lot 4
	 09/21/2011
	  	3079	  	206	  	Parcel 387 Parcel 200

  
 6 

 State and County 
 MARYLAND 
 Dorchester 

 

							
	 Received
	  	 Deed Records
	  	 Tax Id #

	 For Record
	  	 Book
	  	 Page
	  	 
	 01/28/2011
	  	1018	  	342	  	Map 32 Parcel 7
	 03/11/2011
	  	1024	  	184	  	Map 44 Parcel 50
	 03/14/2011
	  	1024	  	393	  	Map 44 Parcel 19
	 04/26/2011
	  	1031	  	176	  	Map 21 Parcel 13
	 05/03/2011
	  	1032	  	052	  	Map 55 Parcel 1
	 05/17/2011
	  	1034	  	473	  	Map 44 Parcel 57
	 05/17/2011
	  	1034	  	467	  	Map 43 Parcel 139
	 06/16/2011
	  	1039	  	117	  	Map 0006 Parcel 0065 Lot 3
	 06/16/2011
	  	1039	  	119	  	Map 22 Parcel 51 Lot 2
	 06/22/2011
	  	1039	  	453	  	Map 44 Parcel 57
	 07/11/2011
	  	1042	  	233	  	Map 32 Parcel 12
	 07/11/2011
	  	1042	  	243	  	Map 32 Parcel 120
	 08/05/2011
	  	1045	  	079	  	Map 32 Parcel 110
	 09/14/2011
	  	1049	  	471	  	Map 21 Parcel 19
	 09/19/2011
	  	1050	  	182	  	Map 305 Parcel 5621
	 11/09/2011
	  	1057	  	466	  	Map 33 Parcel 117
	 11/09/2011
	  	1057	  	474	  	Map 33 Parcel 96
	 11/29/2011
	  	1059	  	385	  	Map 44 Parcel 20
	 12/07/2011
	  	1061	  	101	  	Map 56 Parcel 134

 State and County 
 MARYLAND 
 Kent 

 

							
	 Received
	  	 Deed Records
	  	 Tax Id #

	 For Record
	  	 Book
	  	 Page
	  	 
	 01/19/2011
	  	0670	  	083	  	Parcel 1231 Map 203
	 01/19/2011
	  	0670	  	081	  	Parcel 1232 Map 203
	 03/11/2011
	  	0675	  	284	  	Parcel 106 Map 44
	 03/11/2011
	  	0675	  	282	  	Parcel 105 Map 44
	 04/26/2011
	  	0679	  	410	  	Parcel 76 Map 47 Lot 1
	 04/26/2011
	  	0679	  	408	  	Parcel 379 Map 51
	 06/16/2011
	  	0684	  	472	  	Map 47 Parcel 76 Lot 3
	 06/16/2011
	  	0684	  	474	  	Map 47 Parcel 74
	 09/19/2011
	  	0693	  	131	  	Map 55 Parcel 88

  
 7 

 State and County 
 MARYLAND 
 Queen Anne’s 

 

							
	 Received
	  	 Deed Records
	  	 Tax Id #

	 For Record
	  	 Book
	  	 Page
	  	 
	 01/20/2011
	  	2001	  	669	  	Map 49 Parcel 1
	 01/20/2011
	  	2001	  	667	  	Map 57 Parcel 67 Lots 2-4
	 01/20/2011
	  	2001	  	671	  	Parcel 294 Map 56
	 01/20/201
	  	2001	  	675	  	Map 56 Parcel 202 Lots 1, 5-9
	 01/20/2011
	  	2001	  	665	  	Parcel 12 Map 22
	 03/15/2011
	  	2013	  	174	  	Map 52 Parcel 19
	 03/15/2011
	  	2013	  	172	  	Map 58A Parcel 187
	 04/26/2011
	  	2021	  	409	  	Parcel 193 Map 56
	 04/26/2011
	  	2021	  	407	  	Parcel 12 Map 21
	 04/26/2011
	  	2021	  	405	  	Parcel 12 Map 21
	 04/26/2011
	  	2021	  	397	  	Parcel 9 Map 52
	 04/26/2011
	  	2021	  	399	  	Parcel 9 Map 43
	 04/26/2011
	  	2021	  	401	  	Parcel 67 Map 73
	 04/26/2011
	  	2021	  	403	  	Parcel 12 Map 21
	 06/15/2011
	  	2031	  	005	  	Map 58A Parcel 253
	 06/15/2011
	  	2031	  	007	  	Map 21 Parcel 199
	 09/19/2011
	  	2047	  	517	  	Map 28 Parcel 44
	 09/19/2011
	  	2047	  	519	  	Map 28 Parcel 38
	 09/19/2011
	  	2047	  	521	  	Map 28 Parcel 38

 State and County 
 MARYLAND 
 Somerset 

 

							
	 Received
	  	 Deed Records
	  	 Tax Id #

	 For Record
	  	 Book
	  	 Page
	  	 
	 01/21/2011
	  	0796	  	194	  	Parcel 450 Map 28
	 01/21/2011
	  	0796	  	198	  	Parcel 12 Map 21
	 01/21/2011
	  	0796	  	196	  	Parcel 447 Map 57
	 01/21/2011
	  	0796	  	200	  	Parcel 72 Map 24
	 01/21/2011
	  	0796	  	192	  	Parcel 17 Map 9
	 03/11/2011
	  	0799	  	490	  	Parcel 8 Map 28
	 03/11/2011
	  	0799	  	496	  	Map 49 Parcel 211Lot 1
	 03/11/2011
	  	0799	  	494	  	Map 49 Parcel 24
	 03/11/2011
	  	0799	  	792	  	Parcel 456 Map 28

  
 8 

 State and County 
 MARYLAND 
 Talbot 

 

							
	 Received
	  	 Deed Records
	  	 Tax Id#

	 For Record
	  	 Book
	  	 Page
	  	 
	 03/11/2011
	  	1891	  	211	  	Map 42 Parcel 7
	 06/15/2011
	  	1899	  	389	  	Map 53 Parcel 36
	 09/19/2011
	  	1919	  	402	  	Map 31 Parcel 78

 State and County 
 MARYLAND 
 Wicomico 

 

							
	 Received
	  	 Deed Records
	  	 Tax Id #

	 For Record
	  	 Book
	  	 Page
	  	 
	 04/26/2011
	  	3308	  	042	  	Map 106 Parcel 1603
	 04/26/2011
	  	3308	  	044	  	Map 39 Grid21 Parcel 56 Lot 9A
	 06/17/2011
	  	3325	  	423	  	Map 41 Parcel 93
	 09/19/2011
	  	3352	  	410	  	Map 39 Parcel 406
	 09/19/2011
	  	3352	  	408	  	Map 39 Parcel 406
	 09/19/2011
	  	3352	  	406	  	Map 39 Parcel 406
	 09/19/2011
	  	3352	  	412	  	Map 48 Parcel 4, Lot 2
	 11/22/2011
	  	3374	  	506	  	Map 9 Parcel 45
	 11/22/2011
	  	3374	  	493	  	Map 8 Parcel 7
	 12/09/2011
	  	3383	  	442	  	Map 8 Parcel 394

 State and County 
 MARYLAND 
 Worcester 

 

							
	 Received
	  	 Deed Records
	  	 Tax Id #

	 For Record
	  	 Book
	  	 Page
	  	 
	 04/26/2011
	  	5668	  	423	  	Map 19 Parcel 52
	 07/08/2011
	  	5714	  	193	  	Map 9 Parcel 274
	 07/08/2011
	  	5714	  	195	  	Map 20 Parcel 95
	 07/08/2011
	  	5714	  	198	  	Map 93 Parcel 135, Lot 2

 State and County 
 VIRGINIA 
 Accomack 

 

							
	 Received
	  	 Deed Records
	  	 Tax Id#

	 For Record
	  	 Book
	  	 Page
	  	 
	 01/18/2011
	  	201100623	  	02700A000013300
	 01/18/2011
	  	201100624	  	02600A000007100

  
 9 

							
	 Received
	  	 Deed Records
	  	 Tax Id#

	 For Record
	  	 Book
	  	 Page
	  	 
	 01/18/2011
	  	201100625	  	02600A000010700
	 01/18/2011
	  	201100626	  	02700A000003400
	 01/18/2011
	  	201100627	  	02700A000013310

 The following is a schedule of bonds issued under the Eighty-Eighth Supplemental Indenture and Credit
Line Deed of Trust, effective as of October 1, 1994, that can be designated as First Mortgage Bonds, Series I, which may also be designated as Secured Medium Term Notes, Series I; and First Mortgage Bonds, Pledged Series I. 

First Mortgage Bonds, Series I/Secured Medium Term Notes, Series I 

 

									
	 Issuance Date
	  	 Tranche
	  	Maturity	  	Principal	 
				
	 06/19/95
	  	7.71% Bonds	  	06/01/25	  	$	100,000,000	  
				
	 06/19/95
	  	6.95% Amortizing Bonds	  	06/01/08	  	$	25,800,000	  
				
	 11/25/08
	  	6.40% Bonds	  	12/01/13	  	$	250,000,000	  
		  		  		  	  
	  
	 

 First Mortgage Bonds, Pledged Series I 

 

									
	 Issuance Date
	  	 Tranche
	  	Maturity	  	Principal	 
				
	 10/12/94
	  	1994	  	10/01/29	  	$	33,750,000	  
		  		  		  	  
	  
	 
				
	 Total Bonds Issued:
	  		  		  	$	409,550,000	  
		  		  		  	  
	  
	 

 As supplemented and amended by this One Hundred and Ninth Supplemental Indenture, the Original Indenture
and all indentures supplemental thereto are in all respects ratified and confirmed and the Original Indenture and the aforesaid supplemental indentures and this One Hundred and Ninth Supplemental Indenture shall be read, taken and construed as one
and the same instrument. 
 This One Hundred and Ninth Supplemental Indenture shall be simultaneously executed in several
counterparts, and all such counterparts executed and delivered, each as an original, shall constitute but one and the same instrument. 
 The recitals of fact contained herein shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. 

The debtor and its mailing address are Delmarva Power & Light Company, Mailstop 92DC42, 500 N. Wakefield
Drive, Newark, Delaware 19702-5440. The secured party and its address, from which information concerning the security interest hereunder may be obtained, is The Bank of New York Mellon, 525 William Penn Place — 38th Floor, Pittsburgh, Pennsylvania 15259, Attn.: Attn: Ms. Leslie
Lockhart, Corporate Trust Officer. 
 The Company acknowledges that it received a true and correct copy of this One Hundred and
Ninth Supplemental Indenture. 

  
 10 

 This One Hundred and Ninth Supplemental Indenture is executed and delivered pursuant to the
provisions of Section 5.11 and paragraph (a) of Section 17.01 of the Indenture for the purpose of conveying, transferring and assigning to the Trustee and of subjecting to the lien of the Indenture with the same force and effect as
though included in the granting clause thereof the above described property so acquired by the Company on or prior to the date of execution, and not heretofore specifically subject to the lien of the Indenture; but nothing contained in this One
Hundred and Ninth Supplemental Indenture shall be deemed in any manner to affect (except for such purposes) or to impair the provisions, terms and conditions of the Original Indenture, or of any indenture supplemental thereto and the provisions,
terms and conditions thereof are hereby expressly confirmed. 
 The recitals hereinabove set forth are made solely by the
Company and the Trustee shall have no responsibility therefor. 
 (SIGNATURE PAGE FOLLOWS) 

  
 11 

 IN WITNESS WHEREOF, the Company has caused this instrument to be signed in its name and
behalf by its President, and its corporate seal to be hereunto affixed and attested by its Assistant Secretary and the Trustee has caused this instrument to be signed in its name and behalf by a Vice President and its corporate seal to be hereunto
affixed and attested by an authorized officer, effective as of the 1st day of January, 2012. 
  

									
		 		 	DELMARVA POWER & LIGHT COMPANY
			
	Date of Execution	 	By	 	 /s/ David M. Velazquez

		 		 	DAVID M. VELAZQUEZ, PRESIDENT
	April 16, 2012	 		 	
			
		 	Attest:	 	
			
		 		 	 /s/ Charlene Anderson

		 		 	CHARLENE ANDERSON, ASSISTANT SECRETARY
			
		 		 	THE BANK OF NEW YORK MELLON,
		 		 	as Trustee
			
	Date of Execution	 	By	 	 /s/ Thomas J. Provenzano

		 		 	THOMAS J. PROVENZANO, VICE PRESIDENT
	April 20, 2012	 		 	
			
		 	Attest:	 	
			
		 		 	 /s/ Leslie Lockhart

		 		 	
                    
                                         

	 	,	 	  

  
 12 

 DISTRICT OF COLUMBIA: SS. 
 BE IT REMEMBERED that on this 16th_day of April, 2012, personally came before me, a notary public for the District of Columbia, David M. Velazquez, President of DELMARVA POWER & LIGHT COMPANY, a
corporation of the State of Delaware and the Commonwealth of Virginia (the “Company”), party to the foregoing instrument, known to me personally to be such, and acknowledged the instrument to be his own act and deed and the act and deed of
the Company; that his signature is in his own proper handwriting; that the seal affixed is the common or corporate seal of the Company; and that his act of signing, sealing, executing and delivering such instrument was duly authorized by resolution
of the Board of Directors of the Company. 
 GIVEN under my hand and official seal the day and year aforesaid. 

 

			
	 /s/ Linda J. Epperly

	Notary Public, District of Columbia
	My commission expires	 	 1-1-2015

 Certification 
 This document was prepared under the supervision of an attorney admitted to practice before the Court of Appeals of Maryland, or by or on behalf of one of the parties named in the within instrument.

  

	
	 /s/ Charlene Anderson

	Charlene Anderson

  
 13 

			
	COMMONWEALTH OF PENNSYLVANIA	  	)
		  	) SS.
	COUNTY OF ALLEGHENY	  	)

 BE IT REMEMBERED that on this 20th day of April, 2012, personally came before me, a Notary Public for
the Commonwealth of Pennsylvania, Thomas J. Provenzano, Vice President of THE BANK OF NEW YORK MELLON, a national banking association (the “Trustee”), party to the foregoing instrument, known to me personally to be such, and acknowledged
the instrument to be his own act and deed and the act and deed of the Trustee; that his signature is his own proper handwriting; that the seal affixed is the common or corporate seal of the Trustee; and that his act of signing, sealing, executing
and delivering said instrument was duly authorized by resolution of the Board of Directors of the Trustee. 
 GIVEN under my
hand and official seal the day and year aforesaid. 
  

			
	 /s/ Evelina Olshanskaya

	Notary Public, Commonwealth of Pennsylvania
	My commission expires	 	 2-17-2015

 [Seal] 

  
 14 

 CERTIFICATE OF RESIDENCE 
 THE BANK OF NEW YORK MELLON, successor Trustee to the Trustee within named, hereby certifies that it has a residence at 101 Barclay Street, in the Borough of Manhattan, in The City of New York, in the
State of New York. 
  

			
		 	THE BANK OF NEW YORK MELLON
		
	By	 	 /s/ Thomas J. Provenzano

  
 15Exhibit 10.4

 Exhibit 10.4 
 PEPCO HOLDINGS, INC. 
 RESTRICTED STOCK UNIT AGREEMENT 

(Director Award) 
 THIS RESTRICTED STOCK UNIT AGREEMENT (this “Agreement”) is effective this      day of             ,
20     (the “Date of Grant”), by and between Pepco Holdings, Inc. (the “Company”), and
                            , a non-employee director of the Company (the “Director”). 

WHEREAS, the Company has adopted the Pepco Holdings, Inc. 2012 Long-Term Incentive Plan, as it may be amended, amended and
restated and/or restated from time to time (the “Plan”). 
 WHEREAS, on
            , 20    , the Board granted to the Director a Director Award consisting of
                     Restricted Stock Units under the Plan (the “Award”). 

WHEREAS, the Company desires to enter into an agreement with the Director evidencing the grant to the Director of the Award
approved by the Board on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual
covenants hereinafter set forth and for other good and valuable consideration, the Company and the Director agree as follows: 

1. Director Award. The Award is a Director Award under the Plan, consisting of
                     Restricted Stock Units. The Restricted Stock Units are notional units of measurement denominated in shares of Stock (i.e., one
Restricted Stock Unit is equivalent in value to one share of Stock, subject to the terms hereof). The Restricted Stock Units represent an unfunded, unsecured contractual right and shall be considered a Service-Based Award for purposes of the Plan.

 2. Vesting. This Award shall vest, as follows: 

(a) On the earlier of (i) the first anniversary of the Date of Grant, or (ii) the date of the Company’s
annual meeting of stockholders immediately following the Date of Grant (the “Vesting Date”), this Award shall vest in full, provided that the Director remains continuously as a member of the Board beginning on the Date of Grant and ending
on the Vesting Date. Except as otherwise provided by Section 2(b) or 3 hereof, if the Director ceases to serve as a member of the Board prior to the Vesting Date, this Award shall be immediately forfeited in its entirety. The vesting period
described in this Section 2(a) shall be referred to herein as the “Restriction Period.” 
 (b)
Upon the Termination without Cause, Disability or death of the Director, during the Restriction Period and, with respect to Disability or death, prior to any termination of the Director’s service as a director of the Company, a portion of the
Award shall vest, which portion shall equal the number of Restricted Stock Units covered by this Agreement multiplied by a fraction, the numerator of which shall be the number of days in the Restriction Period during which the Director continuously
served as a director of the Company, and the denominator of which shall be the total number of days in the Restriction Period. The portion of this Award not vested as described above shall immediately be forfeited. 

 Subject to the provisions of Section 17 hereof, any Restricted Stock Units associated with this Award
as to which the vesting requirement of this Section 2 has been satisfied shall be payable in accordance with Section 5 hereof. 
 3. Accelerated Vesting. Notwithstanding the foregoing, if the Director resigns or is removed as a director of the Company prior to the expiration of such Director’s term as such, in each case
within 12 months following a Change in Control and within the Restriction Period, all of Restricted Stock Units represented hereby shall vest upon the resignation or removal and be payable in accordance with Section 5 hereof. 

4. Dividend Equivalents. Dividend Equivalents under the Plan have been granted in conjunction with this Award, such that any
dividend paid in cash on shares of Stock will be credited to the Director as Dividend Equivalents as if the Restricted Stock Units represented hereby were outstanding shares of Stock. Such credit shall be made in the form of additional whole and/or
fractional Restricted Stock Units, based on the Fair Market Value of the Stock on the trading day immediately prior to the date of payment of any such dividend. All such additional Restricted Stock Units shall be subject to the same vesting and
forfeiture provisions applicable to the Restricted Stock Units in respect of which they were credited and shall be paid in accordance with Section 5 hereof. 
 5. Payment of Award. Payment of vested Restricted Stock Units (which shall include Restricted Stock Units credited pursuant to Dividend Equivalents described in Section 4) shall be made
within thirty (30) days following the earlier of (i) the Vesting Date; or (ii) the vesting of this Award in whole or in part pursuant to Sections 2(b) or 3 hereof, but subject in each case, as applicable, to (i) the provisions of
Section 17 hereof, and (ii) any delay that may be required under Section 16 hereof. The vested Restricted Stock Units shall be paid in the form of one share of Stock for each Restricted Stock Unit, minus deductions for applicable
minimum statutory withholding taxes as set forth in Section 11 of this Agreement. 
 6. Nontransferability of
Award. None of the Restricted Stock Units covered hereby (including any Dividend Equivalents described in Section 4) may be assigned or alienated, and shall not be subject to attachment or other legal process except (i) to the extent
specifically mandated and directed by applicable state or Federal statute; (ii) as provided in Section 11 this Agreement with respect to withholding of applicable taxes; or (iii) pursuant to a Permitted Transfer. Any attempted
disposition of this Award or the Restricted Stock Units (or any interest herein) in violation of this Section 6 shall be null and void. 
 7. Terms and Conditions. The terms and conditions included in the Plan are incorporated herein by reference, and to the extent that any conflict or ambiguity may exist between the terms and
conditions included in this Agreement and the terms and conditions included in the Plan, the terms and conditions included in the Plan shall control. By execution of this Agreement, the Director acknowledges receipt of a copy of the Plan and further
agrees to be bound thereby and by the actions of the Board pursuant to the Plan. 

  
 -2-

 8. No Rights as a Stockholder. The Restricted Stock Units granted pursuant to this
Award, whether or not vested, will not confer any voting rights or any other rights of a stockholder of the Company upon the Director, and the Director will not acquire any voting rights or any other rights of a stockholder of the Company unless and
until such Restricted Stock Units have vested and shares of Stock underlying such Restricted Stock Units have been issued and delivered to the Director. The Company shall not be required to issue or transfer any certificates representing shares of
Stock upon vesting of the Award until all applicable requirements of any law, rule or regulation have been compiled with, and any required government agency approvals have been obtained. Further, no issue or transfer of such certificates shall occur
until such shares of Stock have been duly listed on any securities exchange on which the Stock may then be listed. 
 9.
Stock Issuable Upon Vesting. Upon vesting of the Award and payment of Stock pursuant to Section 5 hereof, the Director shall be provided with the certificate(s) or certificate number(s) evidencing ownership of the shares of such Stock,
subject to the implementation of an arrangement with the Director to effectuate all necessary tax withholding. If the shares of Stock evidenced by such certificate(s) were not offered and sold to the Director in a transaction registered under the
Securities Act of 1933, as amended (the “Securities Act”), the certificate(s) may include a legend noting that the Stock may not be sold or transferred by the Director unless such Stock is registered for resale or unless the Director meets
an exemption from registration under the Securities Act. The Company shall follow all requisite procedures to deliver such certificates to the Director; provided, however, that such delivery may be postponed to enable the Company to comply with any
applicable procedures, regulations or listing requirements of any government agency, stock exchange, transfer agent or regulatory agency. 
 10. Tenure. This Agreement shall not constitute an agreement to nominate or otherwise extend or modify the term of the Director as a director of the Company. The Director’s right, if any, to
serve the Company as a director of the Company or otherwise shall not be enlarged or otherwise affected by this Agreement or his or her designation as a participant under the Plan. 

11. Tax Withholding. The Director acknowledges this Award may give rise to a tax liability and a withholding obligation associated
therewith, and that no shares of Stock shall be issuable to the Director hereunder until such withholding obligation is satisfied in full. In accordance with Section 19.C. of the Plan, the Company may withhold up to, but no more than, the
minimum applicable statutory federal, state and/or local taxes (collectively, “Tax Withholding Requirements”) at such time and upon such terms and conditions as required by law or determined by the Company. Subject to compliance with any
requirements of applicable law, the Director shall have all or any portion of any Tax Withholding Requirements that may be payable in respect of the Award satisfied when due through the payment by the Director of cash to the Company, funded by the
disposition on the Director’s behalf or for the Director’s account of shares of Stock which would otherwise be delivered to the Director having an aggregate fair market value equal to the aggregate amount of such Tax Withholding
Requirements. 
 12. Securities Law Compliance. The Company has an effective registration statement on file with the
Securities and Exchange Commission with respect to the shares of Stock subject to the Award. The Company intends to maintain the effectiveness of this registration statement but has no obligation to the Director to do so. If the registration
statement ceases to be effective, 

  
 -3-

 
the Director will not be able to transfer or sell shares of Stock, which were issued to the Director pursuant to the Award at a time that such registration statement was not effective, unless
exemptions from registration under applicable securities laws are available. Such exemptions from registration are very limited and might not be available. The Director agrees that any resale of shares of Stock issued pursuant to the Award shall
comply in all respects with the requirements of all applicable securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act and the Securities Exchange Act of 1934, and the respective rules and
regulations promulgated thereunder) and any other law, rule or regulation applicable thereto, as such laws, rules, and regulations may be amended from time to time. The Company shall not be obligated to either issue shares of Stock or permit the
resale of any such shares if such issuance or resale would violate any such requirements. 
 13. [Reserved.] 

14. Board Authority. The Board shall have complete discretion in the exercise of its rights, powers, and duties under this
Agreement and the Plan. Any interpretation or construction of any provision of, and the determination of any question arising under, this Agreement shall be made by the Board in its sole discretion and shall be final, conclusive, and binding. The
Board may designate any individual or individuals to perform any of its functions hereunder. 
 15. Changes in
Capitalization. The Restricted Stock Units under this Award shall be subject to the provisions of Section 19.H. of the Plan relating to adjustments for changes to the Company’s capitalization. The Award shall not affect the right of
the Company or any Subsidiary to reclassify, recapitalize or otherwise change its capital or debt structure or to merge, consolidate, convey any or all of its assets, dissolve, liquidate, windup or otherwise reorganize. 

16. Section 409A. This Agreement shall be interpreted to ensure, to the fullest extent possible, that the payments
contemplated hereby comply with Section 409A of the Internal Revenue Code of 1986, as amended, including the Treasury Regulations promulgated thereunder (“Section 409A”). Any payment triggered by a cessation of service as a director
of the Company shall be made only upon a separation from service under Section 409A. If, at the time of such separation from service, the Director is a specified employee (as determined under Section 409A), payment shall be delayed to the
extent required by Section 409A until the date that is one day after the six month anniversary of such separation from service. 
 17. Deferral of Payment. The provisions of Section 5 hereof regarding payment of this Award shall be subject to and interpreted in accordance with, in all respects, the deferral elections, if
any, of the Director made from time to time in accordance with the Plan. 
 18. Governing Law. This Agreement shall be
construed and enforced in accordance with the laws of the State of Delaware, without giving effect to the choice of law principles thereof. 
 19. Binding Effect. This Agreement shall inure to the benefit of, and be binding on, the Company and its successors and assigns, and the Director and his or her heirs, administrators, executors,
other legal representatives and permitted assigns, whether so expressed or not. 
 20. No Waiver. No waiver of any
provision of this Agreement will be valid unless in writing and signed by the person against whom such waiver is sought to be enforced, nor will failure to enforce any right under this Agreement constitute a continuing waiver of the same or a waiver
of any other right hereunder. 

  
 -4-

 21. Further Assurances. The Director hereby agrees to take whatever additional action
and execute and deliver all agreements, instruments and other documents the Company may deem necessary or advisable to carry out or effect any of the obligations or restrictions imposed on the Director or the Award pursuant to the express provisions
of the Agreement and/or the Plan. 
 22. Definition of Terms. Capitalized terms used herein but not otherwise defined in
this Agreement shall have the meanings ascribed to them under the Plan. 
 23. Entire Agreement. This Agreement and the
Plan constitute the entire understanding and agreement between the parties hereto with regard to the subject matter hereof, and they supersede all other negotiations, understandings and representations (if any) made by and between such parties.

 [signatures appear on the following page] 

  
 -5-

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized officer, and the Director has hereunder set his hand, all as of this      day of             , 20    . 

 

							
	ATTEST:	 	PEPCO HOLDINGS, INC.
				
	By:	 	  
	 	By:	 	  

							
	Name:	 	Name:
	Title:	 	Title:
			
		 		 	DIRECTOR:
			
		 		 	  

				
		 		 	Printed Name:	 	  

  
 -6-

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