Document:

Form of change in control employment agreement

 Exhibit 10.24 
 EXELON CORPORATION 
 CHANGE IN
CONTROL EMPLOYMENT AGREEMENT 
 AMENDED AND
RESTATED AS OF JANUARY 1, 2009 

 Table of Contents 
  

					
	 ARTICLE I. DEFINITIONS
	  	1
			
	 1.1
	    	 “ACCRUED ANNUAL INCENTIVE”
	  	1
	 1.2
	    	 “ACCRUED BASE SALARY”
	  	1
	 1.3
	    	 “ACCRUED OBLIGATIONS”
	  	1
	 1.4
	    	 “AFFILIATE”
	  	1
	 1.5
	    	 “AGREEMENT DATE”
	  	2
	 1.6
	    	 “AGREEMENT TERM”
	  	2
	 1.7
	    	 “ANNUAL INCENTIVE”
	  	2
	 1.8
	    	 “APPLICABLE TRIGGER DATE”
	  	2
	 1.9
	    	 “ARTICLE”
	  	2
	 1.10
	    	 “BASE SALARY”
	  	2
	 1.11
	    	 “BENEFICIAL OWNER”
	  	2
	 1.12
	    	 “BENEFICIARY”
	  	2
	 1.13
	    	 “BOARD”
	  	2
	 1.14
	    	 “CAUSE”
	  	3
	 1.15
	    	 “CHANGE DATE”
	  	3
	 1.16
	    	 “CHANGE IN CONTROL”
	  	3
	 1.17
	    	 “CODE”
	  	4
	 1.18
	    	 “COMPANY”
	  	4
	 1.19
	    	 “COMPETITIVE BUSINESS”
	  	4
	 1.20
	    	 “CONFIDENTIAL INFORMATION”
	  	5
	 1.21
	    	 “DISABILITY”
	  	5
	 1.22
	    	 “DISAGGREGATED ENTITY”
	  	6
	 1.23
	    	 “DISAGGREGATION”
	  	6
	 1.24
	    	 “EMPLOYER”
	  	6
	 1.25
	    	 “EXCHANGE ACT”
	  	6
	 1.26
	    	 “GOOD REASON”
	  	6
	 1.27
	    	 “IMMINENT CONTROL CHANGE”
	  	6
	 1.28
	    	 “IMMINENT CONTROL CHANGE
PERIOD”
	  	7
	 1.29
	    	 “INCENTIVE PLAN”
	  	7
	 1.30
	    	 “INCLUDING”
	  	7
	 1.31
	    	 “INCUMBENT BOARD”
	  	7
	 1.32
	    	 “IRS”
	  	7
	 1.33
	    	 “LTIP”
	  	7
	 1.34
	    	 “LTIP PERFORMANCE PERIOD”
	  	7
	 1.35
	    	 “MERGER”
	  	8
	 1.36
	    	 “NOTICE OF TERMINATION”
	  	8
	 1.37
	    	 “PERFORMANCE SHARES”
	  	8
	 1.38
	    	 “PERSON”
	  	8
	 1.39
	    	 “PLANS”
	  	8
	 1.40
	    	 “POST-CHANGE PERIOD”
	  	8
	 1.41
	    	 “POST-DISAGGREGATION PERIOD”
	  	8
	 1.42
	    	 “POST-SIGNIFICANT ACQUISITION
PERIOD”
	  	8
	 1.43
	    	 “RESTRICTED STOCK”
	  	8
	 1.44
	    	 “SEC”
	  	8
	 1.45
	    	 “SEC PERSON”
	  	8
	 1.46
	    	 “SECTION”
	  	9
	 1.47
	    	 “SERP”
	  	9
	 1.48
	    	 “SEVERANCE INCENTIVE”
	  	9
	 1.49
	    	 “SEVERANCE PERIOD”
	  	9
	 1.50
	    	 “SIGNIFICANT ACQUISITION”
	  	9
	 1.51
	    	 “STOCK OPTIONS”
	  	9
	 1.52
	    	 “TARGET INCENTIVE”
	  	9

  

 i 

					
	 1.53
	    	“TAXES”	  	10
	 1.54
	    	“TERMINATION DATE”	  	10
	 1.55
	    	“TERMINATION OF EMPLOYMENT”	  	10
	 1.56
	    	“20% OWNER”	  	10
	 1.57
	    	“VOTING SECURITIES”	  	10
	 1.58
	    	“WAIVER AND RELEASE”	  	10
	 1.59
	    	“WELFARE PLANS”	  	10
		
	 ARTICLE II. TERMS OF EMPLOYMENT
	  	10
			
	 2.1
	    	POSITION AND DUTIES DURING A POST-CHANGE PERIOD	  	10
	 2.2
	    	POSITION AND DUTIES DURING AN IMMINENT CONTROL CHANGE
PERIOD	  	11
	 2.3
	    	POSITION AND DUTIES DURING A POST-SIGNIFICANT ACQUISITION
PERIOD	  	11
	 2.4
	    	POSITION AND DUTIES DURING A POST-DISAGGREGATION
PERIOD	  	11
	 2.5
	    	EXECUTIVE’S OBLIGATIONS	  	11
	 2.6
	    	BASE SALARY DURING THE POST-CHANGE PERIOD	  	11
	 2.7
	    	ANNUAL INCENTIVE	  	12
	 2.8
	    	OTHER COMPENSATION AND BENEFITS	  	12
		
	 ARTICLE III. TERMINATION OF EMPLOYMENT
	  	16
			
	 3.1
	    	DISABILITY	  	16
	 3.2
	    	DEATH	  	16
	 3.3
	    	TERMINATION BY THE COMPANY FOR CAUSE	  	16
	 3.4
	    	TERMINATION BY THE EXECUTIVE FOR GOOD REASON	  	18
		
	 ARTICLE IV. COMPANY’S OBLIGATIONS UPON CERTAIN TERMINATIONS OF EMPLOYMENT
	  	20
			
	 4.1
	    	TERMINATION DURING THE POST-CHANGE PERIOD OR
POST-SIGNIFICANT ACQUISITION PERIOD	  	20
	 4.2
	    	TERMINATION DURING AN IMMINENT CONTROL CHANGE PERIOD	  	24
	 4.3
	    	TERMINATION DURING A POST-DISAGGREGATION PERIOD	  	27
	 4.4
	    	TIMING OF SEVERANCE PAYMENTS	  	28
	 4.5
	    	WAIVER AND RELEASE	  	29
	 4.6
	    	BREACH OF COVENANTS	  	30
	 4.7
	    	TERMINATION BY THE COMPANY FOR CAUSE	  	30
	 4.8
	    	TERMINATION BY EXECUTIVE OTHER THAN FOR GOOD REASON	  	30
	 4.9
	    	TERMINATION BY THE COMPANY FOR DISABILITY	  	30
	 4.10
	    	UPON DEATH	  	31
	 4.11
	    	SOLE AND EXCLUSIVE OBLIGATIONS	  	31
		
	 ARTICLE V. CERTAIN ADDITIONAL PAYMENTS BY THE COMPANY
	  	31
			
	 5.1
	    	GROSS-UP PAYMENT	  	31
	 5.2
	    	LIMITATION ON GROSS-UP PAYMENTS	  	32
	 5.3
	    	ADDITIONAL GROSS-UP AMOUNTS	  	32
	 5.4
	    	AMOUNT INCREASED OR CONTESTED	  	33
	 5.5
	    	REFUNDS	  	35
		
	 ARTICLE VI. EXPENSES, INTEREST AND DISPUTE RESOLUTION
	  	35
			
	 6.1
	    	ENFORCEMENT AND LATE PAYMENTS	  	35
	 6.2
	    	INTEREST	  	36
	 6.3
	    	ARBITRATION	  	36
		
	 ARTICLE VII. NO SET-OFF OR MITIGATION
	  	37
			
	 7.1
	    	NO SET-OFF BY COMPANY	  	37
	 7.2
	    	NO MITIGATION	  	37
		
	 ARTICLE VIII. RESTRICTIVE COVENANTS
	  	37
			
	 8.1
	    	CONFIDENTIAL INFORMATION	  	37
	 8.2
	    	NON-COMPETITION	  	38

  

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	 8.3
	    	NON-SOLICITATION	  	38
	 8.4
	    	INTELLECTUAL PROPERTY	  	39
	 8.5
	    	REASONABLENESS OF RESTRICTIVE COVENANTS	  	40
	 8.6
	    	RIGHT TO INJUNCTION; SURVIVAL OF UNDERTAKINGS	  	40
		
	 ARTICLE IX. NON-EXCLUSIVITY OF RIGHTS
	  	41
			
	 9.1
	    	OTHER RIGHTS	  	41
	 9.2
	    	NO RIGHT TO CONTINUED EMPLOYMENT	  	41
		
	 ARTICLE X. MISCELLANEOUS
	  	41
			
	 10.1
	    	NO ASSIGNABILITY	  	41
	 10.2
	    	SUCCESSORS	  	41
	 10.3
	    	AFFILIATES	  	41
	 10.4
	    	PAYMENTS TO BENEFICIARY	  	42
	 10.5
	    	PAYMENT OF REIMBURSABLE EXPENSES	  	42
	 10.6
	    	NON-ALIENATION OF BENEFITS	  	42
	 10.7
	    	SEVERABILITY	  	42
	 10.8
	    	AMENDMENTS	  	42
	 10.9
	    	NOTICES	  	42
	 10.10
	    	JOINT AND SEVERAL LIABILITY	  	43
	 10.11
	    	COUNTERPARTS	  	43
	 10.12
	    	GOVERNING LAW	  	43
	 10.13
	    	CAPTIONS	  	43
	 10.14
	    	NUMBER AND GENDER	  	43
	 10.15
	    	TAX WITHHOLDING	  	43
	 10.16
	    	SECTION 409A	  	43
	 10.17
	    	NO WAIVER	  	44
	 10.18
	    	ENTIRE AGREEMENT	  	44

  

 iii 

 EXELON CORPORATION 
 CHANGE-IN-CONTROL EMPLOYMENT AGREEMENT 
 THIS AGREEMENT, entered into as of May 1, 2004 (the “Agreement Date”), is made by and among Exelon Corporation, incorporated under
the laws of the Commonwealth of Pennsylvania (together with successors thereto, the “Company”), on behalf of itself and
                                        ,
a                      corporation (together with successors thereto, the “Subsidiary”), and
                     (“Executive”). The Agreement has been amended and restated as of January 1, 2009. 
 RECITALS 
 The Board of Directors of
the Company (the “Board”) has determined that it is in the best interests of the Company and its shareholders to assure that the Company will have the continued services of the Executive, despite the possibility or occurrence of a
Change in Control of the Company. The Board believes it is imperative to reduce the distraction of the Executive that would result from the personal uncertainties caused by a pending or threatened Change in Control or a Significant Acquisition, to
encourage the Executive’s full attention and dedication to the Company, and to provide the Executive with compensation and benefits arrangements upon a Change in Control which are competitive with those of similarly-situated corporations. This
Agreement is intended to accomplish these objectives. 
 Article I. 
 Definitions 
 As used in this Agreement, the terms specified below shall have
the following meanings: 
 1.1 “Accrued Annual Incentive” means the amount of any Annual Incentive earned but not yet paid
with respect to the Company’s latest fiscal year ended prior to the Termination Date. 
 1.2 “Accrued Base Salary”
means the amount of Executive’s Base Salary that is accrued but not yet paid as of the Termination Date. 
 1.3 “Accrued
Obligations” means, as of any date, the sum of Executive’s Accrued Base Salary, Accrued Annual Incentive, any accrued but unpaid paid time off, and any other amounts and benefits which are then due to be paid or provided to Executive
by the Company, but have not yet been paid or provided (as applicable). 
 1.4 “Affiliate” means any Person (including the
Subsidiary) that directly or indirectly controls, is controlled by, or is under common control with, the Company. For purposes of this definition the term “control” with respect to any Person means the power to direct or cause the
direction of management or policies of such Person, directly or indirectly, whether through the ownership of Voting Securities, by contract or otherwise. 

 1.5 “Agreement Date” — see the introductory paragraph of this Agreement.

 1.6 “Agreement Term” means the period commencing on the Agreement Date and ending on the second anniversary of the
Agreement Date or, if later, such later date to which the Agreement Term is extended under the following sentence, unless earlier terminated as provided herein. Commencing on the first anniversary of the Agreement Date, the Agreement Term shall
automatically be extended each day by one day to create a new two-year term until, at any time after the first anniversary of the Agreement Date, the Company delivers written notice (an “Expiration Notice”) to Executive that the
Agreement shall expire on a date specified in the Expiration Notice (the “Expiration Date”) that is not less than 12 months after the date the Expiration Notice is delivered to Executive; provided, however, that if a Change Date,
Imminent Control Change, Disaggregation or Significant Acquisition occurs before the Expiration Date specified in the Expiration Notice, then such Expiration Notice shall be void and of no further effect. If such Imminent Control Change or
Disaggregation does not culminate in a Change Date, then such Expiration Notice shall be reinstated and the Agreement shall expire on the date originally specified as the Expiration Date, or if later, the date the Imminent Control Change lapses or
the end of the sixtieth day after the Disaggregation. Notwithstanding anything herein to the contrary, the Agreement Term shall end at the end of the Severance Period if applicable, or if there is no Severance Period, the earliest of the following:
(a) the second anniversary of the Change Date, (b) eighteen (18) months after the Significant Acquisition, provided there has been no Change Date, (c) the end of the sixtieth day after the Disaggregation if there has been no
Change Date after the Disaggregation, or (d) the Termination Date. 
 1.7 “Annual Incentive” — see
Section 2.7. 
 1.8 “Applicable Trigger Date” means 
 (a) the Change Date with respect to the Post-Change Period; 
 (b) the date of an Imminent Control Change with respect to the Imminent Control Change Period; 
 (c) the date of a Significant Acquisition with respect to a Post-Significant Acquisition Period; and 
 (d) the date of a Disaggregation with respect to a Post-Disaggregation Period. 
 1.9 “Article” means an article of this Agreement. 
 1.10 “Base Salary” — see Section 2.6. 
 1.11 “Beneficial Owner”
means such term as defined in Rule 13d-3 of the SEC under the Exchange Act. 
 1.12 “Beneficiary” — see
Section 10.4. 
 1.13 “Board” means the Board of Directors of Company or, from and after the effective date of a
Corporate Transaction (as defined in Section 1.16), the Board of Directors of 

  

 2 

 
the corporation resulting from a Corporate Transaction or, if securities representing at least 50% of the aggregate voting power of such resulting
corporation are directly or indirectly owned by another corporation, such other corporation. 
 1.14 “Cause” — see
Section 3.3. 
 1.15 “Change Date” means the date on which a Change in Control first occurs during the Agreement Term.

 1.16 “Change in Control” means, except as otherwise provided below, the first to occur of any of the following during the
Agreement Term: 
 (a) any SEC Person becomes the Beneficial Owner of 20% or more of the then outstanding common stock of the
Company or of Voting Securities representing 20% or more of the combined voting power of all the then outstanding Voting Securities of Company (such an SEC Person, a “20% Owner”); provided, however, that for purposes of this
subsection (a), the following acquisitions shall not constitute a Change in Control: (1) any acquisition directly from the Company (excluding any acquisition resulting from the exercise of an exercise, conversion or exchange privilege
unless the security being so exercised, converted or exchanged was acquired directly from the Company), (2) any acquisition by the Company, (3) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the
Company or any corporation controlled by the Company (a “Company Plan”), or (4) any acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of subsection (c)
of this definition; provided further, that for purposes of clause (2), if any 20% Owner of the Company other than the Company or any Company Plan becomes a 20% Owner by reason of an acquisition by the Company, and such 20% Owner of the Company
shall, after such acquisition by the Company, become the beneficial owner of any additional outstanding common shares of the Company or any additional outstanding Voting Securities of the Company (other than pursuant to any dividend reinvestment
plan or arrangement maintained by the Company) and such beneficial ownership is publicly announced, such additional beneficial ownership shall constitute a Change in Control; or 
 (b) Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to
constitute at least a majority of the Incumbent Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of
at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office
occurs as a result of an actual or threatened election contest (as such terms are used in Rule 14a-11 promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than
the Board; or 
 (c) Consummation of a reorganization, merger or consolidation (“Merger”), or the sale or
other disposition of more than 50% of the operating assets of the Company 

  

 3 

 
(determined on a consolidated basis), other than in connection with a sale-leaseback or other arrangement resulting in the continued utilization of such
assets (or the operating products of such assets) by the Company (such reorganization, merger, consolidation, sale or other disposition, a “Corporate Transaction”); excluding, however, a Corporate Transaction pursuant to which:

 (i) all or substantially all of the individuals and entities who are the Beneficial Owners, respectively, of the
outstanding common stock of Company and outstanding Voting Securities of the Company immediately prior to such Corporate Transaction beneficially own, directly or indirectly, more than 60% of, respectively, the then-outstanding shares of common
stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a
corporation which, as a result of such transaction, owns the Company or all or substantially all of the assets of the Company either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately
prior to such Corporate Transaction of the outstanding common stock of Company and outstanding Voting Securities of the Company, as the case may be; 
 (ii) no SEC Person (other than the corporation resulting from such Corporate Transaction, and any Person which beneficially owned, immediately prior to such corporate Transaction, directly or indirectly, 20% or more
of the outstanding common stock of the Company or the outstanding Voting Securities of the Company, as the case may be) becomes a 20% Owner, directly or indirectly, of the then-outstanding common stock of the corporation resulting from such
Corporate Transaction or the combined voting power of the outstanding voting securities of such corporation; and 
 (iii)
individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or 
 (d) Approval by the Company’s shareholders of a plan of complete liquidation or dissolution of the Company, other than a plan of
liquidation or dissolution which results in the acquisition of all or substantially all of the assets of the Company by an affiliated company. 
 Notwithstanding the occurrence of any of the foregoing events, a Change in Control shall not occur with respect to Executive if, in advance of such event, Executive agrees in writing that such event shall not constitute a Change in Control.

 1.17 “Code” means the Internal Revenue Code of 1986, as amended. 
 1.18 “Company” – see the introductory paragraph to this Agreement. 
 1.19 “Competitive Business” means, as of any date, any utility business and any individual or entity (and any branch, office, or
operation thereof) which engages in, or proposes 

  

 4 

 
to engage in (with Executive’s assistance) (i) the harnessing, production, transmission, distribution, marketing or sale of energy or the
transmission or distribution thereof through wire or cable or similar medium, (ii) any other business engaged in by the Company prior to Executive’s Termination Date which represents for any calendar year or is projected by the Company (as
reflected in a business plan adopted by the Company before Executive’s Termination Date) to yield during any year during the first three-fiscal year period commencing on or after Executive’s Termination Date, more than 5% of the gross
revenue of Company, and, in either case, which is located (x) anywhere in the United States, or (y) anywhere outside of the United States where Company is then engaged in, or proposes as of the Termination Date to engage in to the
knowledge of the Executive, any of such activities. 
 1.20 “Confidential Information” shall mean any information, ideas,
processes, methods, designs, devices, inventions, data, techniques, models and other information developed or used by the Company or any Affiliate and not generally known in the relevant trade or industry relating to the Company’s or its
Affiliates’ products, services, businesses, operations, employees, customers or suppliers, whether in tangible or intangible form, which gives the Company and its Affiliates a competitive advantage in the harnessing, production, transmission,
distribution, marketing or sale of energy or the transmission or distribution thereof through wire or cable or similar medium or in the energy services industry and other businesses in which the Company or an Affiliate is engaged, or of third
parties which the Company or Affiliate is obligated to keep confidential, or which was learned, discovered, developed, conceived, originated or prepared during or as a result of Executive’s performance of any services on behalf of the Company
and which falls within any of the following general categories: 
 (a) information relating to trade secrets of the Company or
Affiliate or any customer or supplier of the Company or Affiliate; 
 (b) information relating to existing or contemplated
products, services, technology, designs, processes, formulae, algorithms, research or product developments of the Company or Affiliate or any customer or supplier of the Company or Affiliate; 
 (c) information relating to business plans or strategies, sales or marketing methods, methods of doing business, customer lists, customer
usages and/or requirements, supplier information of the Company or Affiliate or any customer or supplier of the Company or Affiliate; 
 (d) information subject to protection under the Uniform Trade Secrets Act, as adopted by the State of Illinois, or to any comparable protection afforded by applicable law; or 
 (e) any other confidential information which either the Company or Affiliate or any customer or supplier of the Company or Affiliate may
reasonably have the right to protect by patent, copyright or by keeping it secret and confidential. 
 1.21 “Disability”
– see Section 3.1(b). 
  

 5 

 1.22 “Disaggregated Entity” means the Disaggregated Unit or any other Person (other than
the Company or an Affiliate) that controls or is under common control with the Disaggregated Unit. 
 1.23 “Disaggregation”
means the consummation, in contemplation of a Change in Control, of a sale, spin-off or other disaggregation by the Company or the Affiliate or business unit of the Company (“Disaggregated Unit”) which employed Executive immediately
prior to the sale, spin-off or other disaggregation. 
 1.24 “Employer” means, collectively or severally, the Company and
the Subsidiary (or other Affiliate employing Executive). 
 1.25 “Exchange Act” means the Securities Exchange Act of 1934,
as amended. 
 1.26 “Good Reason” — see Section 3.4. 
 1.27 “Imminent Control Change” means, as of any date on or after the Agreement Date and prior to the Change Date, the occurrence of any
one or more of the following: 
 (a) the Company enters into an agreement the consummation of which would constitute a Change
in Control; 
 (b) Any SEC Person commences a “tender offer” (as such term is used in Section 14(d) of the
Exchange Act) or exchange offer, which, if consummated, would result in a Change in Control; or 
 (c) Any SEC Person files
with the SEC a preliminary or definitive proxy solicitation or election contest to elect or remove one or more members of the Board, which, if consummated or effected, would result in a Change in Control; 
 provided, however, that an Imminent Control Change will lapse and cease to qualify as an Imminent Control Change: 
 (i) With respect to an Imminent Control Change described in clause (a) of this definition, the date such agreement is terminated,
cancelled or expires without a Change Date occurring; 
 (ii) With respect to an Imminent Control Change described in clause
(b) of this definition, the date such tender offer or exchange offer is withdrawn or terminates without a Change Date occurring; 
 (iii) With respect to an Imminent Control Change described in clause (c) of this definition, (1) the date the validity of such proxy solicitation or election contest expires under relevant state corporate
law, or (2) the date such proxy solicitation or election contest culminates in a shareholder vote, in either case without a Change Date occurring; or 
  

 6 

 (iv) The date a majority of the members of the Incumbent Board make a good faith
determination that any event or condition described in clause (a), (b), or (c) of this definition no longer constitutes an Imminent Control Change, provided that such determination may not be made prior to the twelve (12) month anniversary
of the occurrence of such event. 
 1.28 “Imminent Control Change Period” means the period commencing on the date of an
Imminent Control Change, and ending on the first to occur thereafter of 
 (a) a Change Date, provided 
 (i) such date occurs no later than the one-year anniversary of the Termination Date, and 
 (ii) either the Imminent Control Change has not lapsed, or the Imminent Control Change in effect upon such Change Date is the last
Imminent Control Change in a series of Imminent Control Changes unbroken by any period of time between the lapse of an Imminent Control Change and the occurrence of a new Imminent Control Change; 
 (b) if Executive’s business unit undergoes Disaggregation and Executive
retains substantially the same position with the Disaggregated Entity as immediately prior to such Disaggregation (determined without regard to reporting obligations) the earlier to occur after such Disaggregation of a Change Date or the end of the
60th day following such Disaggregation without the occurrence of a Change Date, 
 (c) the date an Imminent Control Changes lapses without the prior or concurrent occurrence of a new Imminent Control Change; or

 (d) the twelve-month anniversary of the Termination Date. 
 1.29 “Incentive Plan” means the Exelon Corporation Annual Incentive Plan for Senior Executives or such other annual incentive award
arrangement of the Company in which the Executive is a participant in lieu of such program. 
 1.30 “Including” means
including without limitation. 
 1.31 “Incumbent Board” - see definition of Change in Control. 
 1.32 “IRS” means the Internal Revenue Service of the United States of America. 
 1.33 “LTIP” means the Exelon Corporation Long-Term Incentive Plan, as amended from time to time, or any successor thereto, and including
any Stock Options or Restricted Stock granted thereunder to replace stock options or restricted stock initially granted under the Unicom Corporation Long-Term Incentive Plan. 
 1.34 “LTIP Performance Period” means the one-year performance period applicable to an LTIP award, as designated in accordance with the
LTIP. 
  

 7 

 1.35 “Merger” - see definition of Change in Control. 
 1.36 “Notice of Termination” means a written notice given in accordance with Section 10.9 which sets forth (i) the specific
termination provision in this Agreement relied upon by the party giving such notice and (ii) in reasonable detail the specific facts and circumstances claimed to provide a basis for such Termination of Employment. 
 1.37 “Performance Shares” - see Section 4.1(c). After a Disaggregation, “Performance Shares” shall also refer to
performance shares, performance units or similar stock incentive awards granted by a Disaggregated Entity (or an affiliate thereof) in replacement of performance shares, performance units or similar stock incentive awards granted under the Exelon
Performance Share Program under the LTIP. 
 1.38 “Person” means any individual, sole proprietorship, partnership, joint
venture, limited liability company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, entity or government instrumentality, division, agency, body or department. 
 1.39 “Plans” means plans, practices, policies and programs of the Company (or, if applicable to Executive, the Disaggregated Entity or
Affiliate). 
 1.40 “Post-Change Period” means the period commencing on the Change Date and ending on the earlier of the
Termination Date or the second anniversary of the Change Date. 
 1.41 “Post-Disaggregation Period” means the period
commencing on the first date during the Agreement Term on which a Change in Control occurs following a Disaggregation, provided such Change Date occurs no more than 60 days following such Disaggregation, and ending on the earlier of the Termination
Date or the second anniversary of the Change Date. If no Change Date occurs within 60 days after the Disaggregation, there shall be no Post-Disaggregation Period. 
 1.42 “Post-Significant Acquisition Period” means the period commencing on the date of a Significant Acquisition that occurs during the Agreement Term prior to a Change Date, and ending on the first to
occur of (a) the end of the 18-month period commencing on the date of the Significant Acquisition, (b) the Change Date, or (c) the Termination Date. 
 1.43 “Restricted Stock” — see Section 4.1(d). After a Disaggregation, “Restricted Stock” shall also refer to deferred stock units, restricted stock or restricted share units
granted by a Disaggregated Entity (or an affiliate thereof) in replacement of deferred stock units, restricted stock or restricted share units granted by the Company other than under the Exelon Performance Share Program under the LTIP. 

1.44 “SEC” means the United States Securities and Exchange Commission. 
 1.45 “SEC Person” means any person (as such term is used in Rule 13d-5 of the SEC under the Exchange Act) or group (as such term is
defined in Sections 3(a)(9) and 13(d)(3) of the Exchange Act), other than (a) the Company or an Affiliate, or (b) any employee benefit plan (or any related trust) of the Company or any of its Affiliates. 
  

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 1.46 “Section” means, unless the context otherwise requires, a section of this
Agreement. 
 1.47 “SERP” means the PECO Energy Company Supplemental Retirement Plan or the Exelon Corporation Supplemental
Management Retirement Plan, whichever is applicable to Executive, or any successor to either or both. 
 1.48 “Severance
Incentive” means the greater of (a) the Target Incentive for the performance period in which the Termination Date occurs, or (b) the average (mean) of the actual Annual Incentives paid (or payable, to the extent not previously
paid) to the Executive under the Incentive Plan for each of the two calendar years preceding the calendar year in which the Termination Date occurs. 
 1.49 “Severance Period” means the period beginning on the Executive’s Termination Date, provided Executive’s Termination of Employment entitles Executive to benefits under Section 4.1,
4.2 or 4.3, and ending on the third anniversary thereof. There shall be no Severance Period if Executive’s Termination of Employment is on account of death or Disability or if Executive’s employment is terminated by the Company for Cause
or by Executive other than for Good Reason. 
 1.50 “Significant
Acquisition” means a Corporate Transaction affecting the Executive’s business unit (or, if Executive is employed at the headquarters for the Company’s corporate business operations (“Corporate Center”), a
Corporate Transaction that affects the Corporate Center) that is consummated after the Agreement Date and prior to the Change Date, which Corporate Transaction is not a Change in Control, provided that as a result of such Corporate Transaction, all
or substantially all of the individuals and entities who are the Beneficial Owners, respectively, of the outstanding common stock of Company and outstanding Voting Securities of the Company immediately prior to such Corporate Transaction
beneficially own, directly or indirectly, more than 60% but not more than 66- 2/3% of, respectively, the then-outstanding shares
of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without
limitation, a corporation which, as a result of such transaction, owns the Company or all or substantially all of the assets of the Company either directly or through one or more subsidiaries) in substantially the same proportions as their ownership
immediately prior to such Corporate Transaction of the outstanding common stock of Company and outstanding Voting Securities of the Company, as the case may be. 
 1.51 “Stock Options” — see Section 4.1(b). After a Disaggregation, “Stock Options” shall also refer to stock options, stock appreciation rights, or similar incentive awards granted
by the Disaggregated Entity (or an affiliate thereof) in replacement of stock options, stock appreciation rights, or similar incentive awards granted under the LTIP. 
 1.52 “Target Incentive” as of a certain date means an amount equal to the product of Base Salary determined as of such date multiplied by the percentage of such Base Salary to which Executive would
have been entitled immediately prior to such date under the Incentive Plan for the applicable performance period if the performance goals established pursuant to such 

  

 9 

 
Incentive Plan were achieved at the 100% (target) level as of the end of the applicable performance period (taking into account for this purpose any negative
discretion exercised by the Compensation Committee of the Board in establishing such target); provided, however, that any reduction in Executive’s Base Salary or Annual Incentive that would qualify as Good Reason shall be disregarded for
purposes of this definition. 
 1.53 “Taxes” means the incremental federal, state, local and foreign income, employment,
excise and other taxes payable by Executive with respect to any applicable item of income. 
 1.54 “Termination Date” means
the effective date of Executive’s Termination of Employment, which shall be the date on which Executive has a “separation from service,” within the meaning of Section 409A of the Code; provided, however, that if the Executive
terminates Executive’s employment for Good Reason, then the Termination Date shall not be earlier than the thirtieth day following the Company’s receipt of Executive’s Notice of Termination, unless the Company consents in writing to
an earlier Termination Date. 
 1.55 “Termination of Employment” means any termination of Executive’s employment with
the Company and its Affiliates, whether such termination is initiated by the Employer or by Executive; provided that if the Executive’s cessation of employment with the Company and its Affiliates is effected through a Disaggregation, and
Executive is employed by the Disaggregated Entity immediately following the Disaggregation, and a Change Date occurs no more than 60 days after such Disaggregation, then the Disaggregation shall not be deemed to effect a “Termination of
Employment” for purposes of this Agreement, and after the Disaggregation, “Termination of Employment” means any termination of Executive’s employment with the Disaggregated Entity, whether such termination is initiated by the
Disaggregated Entity or by Executive. 
 1.56 “20% Owner” — see paragraph (a) of the definition of “Change in
Control.” 
 1.57 “Voting Securities” means with respect to a corporation, securities of such corporation that are
entitled to vote generally in the election of directors of such corporation. 
 1.58 “Waiver and Release” – see
Section 4.5. 
 1.59 “Welfare Plans” —see Section 2.8(a)(ii). 
 Article II. 
 Terms of Employment

 2.1 Position and Duties During a Post-Change Period. During the Post-Change Period prior to the Termination Date,
(i) Executive’s position, duties and responsibilities (other than the position or level of officer to whom the Executive reports or any change that is part of a policy, program or arrangement applicable to peer executives of the Company
and any successor to the Company) shall be at least commensurate in all material respects with the most significant of those held, exercised and assigned at any time during the 90-day period immediately before the Change Date (or if the Change Date
ended an Imminent Control Change Period, during the 

  

 10 

 
90-day period immediately before the beginning of the Imminent Control Change Period) and (ii) Executive’s services shall be performed at the
location where Executive was employed immediately before the Change Date (or if the Change Date ended an Imminent Control Change Period, before the beginning of such Imminent Control Change Period) or any other location no more than 50 miles from
such location (unless such other location is closer to Executive’s residence than the prior location). 
 2.2 Position and Duties
During an Imminent Control Change Period. During the portion of any Imminent Control Change Period that occurs before the Termination Date, the Company may in its discretion change the Executive’s position, authority and duties and may
change the location where Executive’s services shall be performed. 
 2.3 Position and Duties During a Post-Significant Acquisition
Period. During the portion of any Post-Significant Acquisition Period that occurs before the Termination Date, the Company may in its discretion change the Executive’s position, authority and duties, and may change the location where
Executive’s services shall be performed. 
 2.4 Position and Duties During a Post-Disaggregation Period. During the
Post-Disaggregation Period, (i) Executive’s position with the Disaggregated Entity shall be at least commensurate in all material respects with the most significant position held by Executive with the Disaggregated Entity immediately
following the Disaggregation, and (ii) unless Executive otherwise consents, Executive’s services shall be performed at the location where Executive was employed immediately prior to the Change Date or any other location no more than 50
miles from such location (unless such other location is closer to Executive’s residence than the prior location); provided, however, that in determining whether the Executive’s Termination of Employment is for Cause, “Cause”
shall be determined as though the provisions of Section 3.3(a) applied commencing with the first day of the Post-Disaggregation Period. 
 2.5 Executive’s Obligations. During the Executive’s employment (other than any periods of paid time off, sick leave or disability to which Executive is entitled), Executive agrees to devote Executive’s full attention
and time to the business and affairs of the Company (or, in the case of a Disaggregation, the Disaggregated Entity) and to use Executive’s best efforts to perform such duties. Executive may (i) serve on corporate, civic or charitable
boards or committees, (ii) deliver lectures, fulfill speaking engagements or teach at educational institutions and (iii) manage personal investments, so long as such activities are consistent with the Plans of the Employer (or in the case
of a Disaggregation, the Disaggregated Entity) in effect from time to time, and do not significantly interfere with the performance of Executive’s duties under this Agreement. 
 2.6 Base Salary During the Post-Change Period. 
 (a) Base Salary During Post-Change Period. Prior to the Termination Date during the Post-Change Period, the Company shall pay or cause to be paid to Executive an annual base salary in cash, which shall be paid
in a manner consistent with the Employer’s payroll practices in effect immediately before the Applicable Trigger Date at an annual rate not less than 12 times the highest monthly base salary paid or payable to Executive by the Employer in
respect of the 12-month period immediately before the 

  

 11 

 
Applicable Trigger Date (such annual rate salary, the “Base Salary”). During the Post-Change Period, the Base Salary shall be reviewed no
more than 12 months after the last salary increase awarded to Executive prior to the Applicable Trigger Date and thereafter shall be reviewed and shall be increased at any time and from time to time as shall be substantially consistent with
increases in base salary awarded to peer executives of the Company generally. Base Salary shall not be reduced unless such reduction is part of a policy, program or arrangement applicable to peer executives of the Company (including peer executives
of any successor to the Company), and the term Base Salary as used in this Agreement shall refer to Base Salary as so increased. Any increase in Base Salary shall not limit or reduce any other obligation of the Company to the Executive under this
Agreement. 
 (b) Base Salary During the Imminent Control Change Period, Post-Significant Acquisition Period and
Post-Disaggregation Period. Section 2.6(a) shall not apply during the Imminent Control Change Period, Post-Significant Acquisition Period or Post-Disaggregation Period. 
 2.7 Annual Incentive. 
 (a) Annual Incentive During the Post-Change Period. In addition to Base Salary, the Company shall provide or cause to be provided to Executive the opportunity to receive payment of an annual incentive (the “Annual
Incentive”) with an award opportunity no less, including target performance goals not materially more difficult to achieve, than that in effect immediately prior to the Applicable Trigger Date for each applicable performance period which
commences prior to the Termination Date and ends during the Post-Change Period. The amount of the Executive’s award opportunity in effect for any relevant period shall be determined taking into account any negative discretion exercised by the
Compensation Committee of the Board in establishing such opportunity. 
 (b) Annual Incentive during the Imminent Control
Change Period, Post-Significant Acquisition Period or Post-Disaggregation Period. Section 2.7(a) shall not apply during the Imminent Control Change Period, Post-Significant Acquisition Period or Post-Disaggregation Period. 
 2.8 Other Compensation and Benefits. 
 (a) Other Compensation and Benefits during the Post-Change Period. In addition to Base Salary and Annual Incentive, prior to the Termination Date the Company shall provide or cause to be provided, throughout
the Post-Change Period, the following other compensation and benefits to Executive, provided that, in no event shall such additional compensation and benefits (including incentives, measured with respect to long term and special incentives, to the
extent, if any, that such distinctions are applicable) be materially less favorable, in the aggregate, than those provided at any time after the Applicable Trigger Date to peer executives of the Company (including peer executives of any successor to
the Company) generally: 
 (i) Incentive, Savings and Retirement Plans. Executive shall be entitled to participate in
all incentive, savings and retirement Plans applicable to peer executives of the Company generally. 
  

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 (ii) Welfare Benefit Plans. Executive and/or the Executive’s family, as the
case may be, shall be eligible for participation in and shall receive all benefits under welfare benefit Plans (“Welfare Plans”) (including medical, prescription, dental, disability, employee life, group life, accidental death and
travel accident insurance benefits, but excluding any severance pay) provided by the Employer from time to time to peer executives of the Company generally. 
 (iii) Other Employee Benefits. Executive shall be entitled to other employee benefits, perquisites and fringe benefits in
accordance with the most favorable Plans applicable to peer executives of the Company generally. 
 (iv) Expenses.
Executive shall be entitled to receive prompt reimbursement for all reasonable business expenses incurred by the Executive in accordance with the most favorable Plans applicable to peer executives of the Company generally. 
 (v) Office and Support Staff. Executive shall be entitled to an office or offices of a size and with furnishings and other
appointments, and to secretarial and other assistance substantially equivalent to the office or offices, furnishings, appointments and assistance as in effect with respect to Executive on the Applicable Trigger Date. 
 (vi) Paid Time Off. Executive shall be entitled to paid time off in accordance with the Plans applicable to peer executives of the
Company generally. 
 (vii) LTIP Awards. Awards under the LTIP shall be granted to Executive with aggregate target
opportunities not less than those granted to peer executives of the Company. 
 (b) Other Compensation and Benefits During
the Imminent Control Change Period, Post-Significant Acquisition Period or Post-Disaggregation Period. Section 2.8(a) shall not apply during Imminent Control Change Period, Post-Significant Acquisition Period or Post-Disaggregation Period.

 (c) Stock Options, Restricted Stock, and Performance Shares During the Post-Disaggregation Period. 
 (i) Stock Options. 
 (A) Extinguished or Converted at Disaggregation. If so provided in the documents and instruments (“Disaggregation Documents”) pursuant to which the Disaggregation is effected, then all of
Executive’s Stock Options shall (I) be extinguished immediately prior to the 

  

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Disaggregation for such consideration as is provided for in the Disaggregation Documents (but not less than the product of the number of Executive’s
vested Stock Options multiplied by the difference between the fair market value of Exelon stock immediately prior to the Disaggregation and the option exercise price), or (II) be converted into options to acquire stock of the Disaggregated
Entity or an affiliate thereof on a basis determined by the Company in good faith to preserve economic value. 
 (B)
Extinguished or Converted at Merger. If the Change in Control following the Disaggregation is a Merger, and if so provided in the agreement pursuant to which the Merger is effected, then all of Executive’s Company Stock Options that were
not extinguished or converted to options to acquire stock in the Disaggregated Entity or an affiliate shall (I) be extinguished immediately prior to the Change in Control for such consideration as is provided for Stock Options of peer
executives employed by the Company or an Affiliate, or (II) be converted into options to acquire stock of the corporation resulting from the Merger (“Merger Survivor”) or an affiliate thereof, on the same basis as Stock Options
of employees of the Company are converted. 
 (C) Stock Options after the Disaggregation. Executive’s
unextinguished Stock Options, whether or not they are converted to options for stock of the Disaggregated Entity or Merger Survivor, shall continue to vest and, once vested, shall remain exercisable in accordance with their terms, subject to
Section 4.3(b). 
 (ii) Performance Shares. 
 (A) Extinguished or Converted at Disaggregation. If so provided in the Disaggregation Documents, all of Executive’s
Performance Shares shall (I) be extinguished immediately prior to the Disaggregation for such consideration as is provided under the Disaggregation Documents (but no less than the fair market value, immediately prior to the Disaggregation, of a
number of Exelon shares equal to the sum of Executive’s earned and awarded Performance Shares and the target number of Executive’s Performance Shares that have not yet been earned and awarded), or (II) shall be converted into
performance shares with respect to the Disaggregated Entity or an affiliate (on a basis determined by the Company in good faith to preserve economic value for the Executive); provided, however, that to the extent the Performance Shares are
considered deferred compensation that is subject to Section 409A of the Code, any consideration payable to Executive pursuant to clause (I) above shall be payable at the same time at which the Performance Shares would have been payable to
Executive, or at such other time as shall be permitted under Section 409A of the Code. 
 (B) Extinguished or
Converted at Merger. If the Change in Control following the Disaggregation is a Merger, and if so provided in the agreement pursuant to which the Merger is effected, then all of 

  

 14 

 
Executive’s Performance Shares that were not extinguished or converted to performance shares of the Disaggregated Entity or an affiliate shall
(I) be extinguished immediately prior to the Change in Control for such consideration as is provided for Performance Shares of peer executives employed by the Company or an Affiliate, or (II) be converted into performance shares of the
Merger Survivor or an affiliate thereof, on the same basis as Performance Shares of employees of the Company are converted; provided, however, that to the extent the Performance Shares are considered deferred compensation that is subject to
Section 409A of the Code, any consideration payable to Executive pursuant to clause (I) above shall be payable at the same time at which the Performance Shares would have been payable to Executive, or at such other time as shall be
permitted under Section 409A of the Code. 
 (C) Performance Shares after the Disaggregation. Executive’s
unextinguished Performance Shares, whether or not they are converted into performance shares of the Disaggregated Entity or Merger Survivor, will continue to vest during the Post-Disaggregation Period, subject to Section 4.3(c). 
 (iii) Restricted Stock. 
 (A) Extinguished or Converted at Disaggregation. If so provided in the Disaggregation Documents, all of Executive’s Restricted Stock shall (I) be extinguished immediately prior to the Disaggregation
for an amount equal to the fair market value of an equal number of shares of Exelon common stock, or (II) shall be converted into restricted stock of the Disaggregated Entity or an affiliate (on a basis determined by the Company in good faith
to preserve economic value for the Executive). 
 (B) Extinguished or Converted at Merger. If the Change in Control
following the Disaggregation is a Merger, and if so provided in the agreement pursuant to which the Merger is effected, then all of Executive’s Restricted Stock that was not extinguished or converted to restricted stock of the Disaggregated
Entity or an affiliate shall (I) be extinguished immediately prior to the Change in Control for such consideration as is provided for Restricted Stock of peer executives employed by the Company or an Affiliate, or (II) be converted into
restricted stock of the Merger Survivor or an affiliate thereof, and such converted restricted stock will continue to vest during the Post-Disaggregation Period prior to the Termination Date. 
 (C) Restricted Stock after the Disaggregation. Executive’s unextinguished Restricted Stock, whether or not converted to
restricted stock of the Disaggregated Entity or Merger Survivor, will continue to vest during the Post-Disaggregation Period, subject to Section 4.3(d). 
  

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 Article III. 
 Termination of Employment 
 3.1 Disability. 
 (a) During the Agreement Term, the Employer (or, if applicable, the Disaggregated Entity) may terminate Executive’s employment at any
time because of Executive’s Disability by giving Executive or his or her legal representative, as applicable, (i) written notice in accordance with Section 10.9 of the Company’s intention to terminate Executive’s employment
pursuant to this Section and (ii) a certification of Executive’s Disability by a physician selected by the Employer or its insurers, subject to the reasonable consent of Executive or Executive’s legal representative, which consent
shall not be unreasonably withheld or delayed. Executive’s employment shall terminate effective on the 30th day after Executive’s receipt of such notice (which such 30th day shall be deemed to be the “Disability Effective
Date”) unless, before such 30th day, Executive shall have resumed the full-time performance of Executive’s duties. 
 (b) “Disability” means any medically determinable physical or mental impairment that has lasted for a continuous period of not less than six months and can be expected to be permanent or of indefinite duration, and that
renders Executive unable to perform the duties required under this Agreement. 
 3.2 Death. Executive’s employment shall
terminate automatically upon Executive’s death during the Agreement Term. 
 3.3 Termination by the Company for Cause. During the
Post-Change Period, Post-Disaggregation Period, Imminent Control Change Period or Post-Significant Acquisition Period, the Company may terminate Executive’s employment (or cause Executive’s employment to be terminated) for Cause solely in
accordance with all of the substantive and procedural provisions of this Section 3.3. 
 (a) Definition of Cause.
“Cause” means any one or more of the following: 
 (i) the refusal to perform or habitual neglect in the performance
of the Executive’s duties or responsibilities, or of specific directives of the officer or other executive of the Company or any of its affiliates to whom the Executive reports which are not materially inconsistent with the scope and nature of
the Executive’s employment duties and responsibilities; 
 (ii) an Executive’s willful or reckless commission of
act(s) or omission(s) which have resulted in or are likely to result in, a material loss to, or material damage to the reputation of, the Company or any of its affiliates, or that compromise the safety of any employee or other person; 
 (iii) the Executive’s commission of a felony or any crime involving dishonesty or moral turpitude; 
  

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 (iv) an Executive’s material violation of the Company’s or any of its
affiliates’ Code of Business Conduct (including the corporate policies referenced therein) which would constitute grounds for immediate termination of employment, or of any statutory or common-law duty of loyalty to the Company or any of its
affiliates; or 
 (v) any breach by the Executive of any one or more of the Restrictive Covenants. 
 For purposes of this Section, no act, or failure to act, on the part of the Executive shall be considered “willful” unless it is done, or
omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution
duly adopted by the Board or upon the instructions of the chief executive officer or a senior officer of the Company other than Executive or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be
done, by the Executive in good faith and in the best interests of the Company. 
 (b) Procedural Requirements for
Termination for Cause During a Post-Change Period. The Executive’s Termination of Employment for which the Notice of Termination is given during a Post-Change Period shall not be deemed to be for Cause under this Section 3.3 unless and
until there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than 60% of the entire membership of the Board at a meeting of such Board called and held for such purpose (after
reasonable written notice of such meeting is provided to the Executive and the Executive is given an opportunity, together with counsel, to be heard before the Board), finding that, in the good faith opinion of the Board, the Executive’s acts,
or failure to act, constitutes Cause and specifying the particulars thereof in detail. 
 (c) Procedural Requirements for
Termination for Cause During a Post-Disaggregation Period. In the event Executive’s Termination of Employment is from a Disaggregated Entity in a Post-Disaggregation Period, the procedural requirements for termination for Cause in this
Section 3.3 shall be applied by substituting “Disaggregated Entity” for “Company,” “affiliate of the Disaggregated Entity” for “Affiliate,” and “Disaggregated Entity’s Board” for
“Board.” Further, the Company shall have no obligation to provide payments or benefits under Section 4.3 if the Board determines that the Company could have terminated Executive’s employment for Cause if the Executive had been
employed by the Company, such determination by the Board to be made as provided in Section 3.3(b) but applying the flush language at the end of Section 3.3(a) by substituting “Disaggregated Entity” for “Company” and
“Disaggregated Entity’s Board” for “Board.” 
 (d) Procedural Requirements for Termination for
Cause During the Imminent Control Change Period or Post-Significant Acquisition Period. The Executive’s Termination of Employment for which the Notice of Termination is given during the Imminent Control Change Period or Post-Significant
Acquisition Period shall not be deemed to be for Cause under this Section 3.3 unless and until there shall have been 

  

 17 

 
delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board,
finding that the Executive’s acts or failure to act, constitute Cause and specifying the particulars thereof in detail. Executive shall receive advance notice of such vote of the Board, but shall not have the right to appear in person or by
counsel before the Board. 
 3.4 Termination by the Executive for Good Reason. During the Post-Change Period, an Imminent Control
Change Period, a Post-Significant Acquisition Period or Post-Disaggregation Period, Executive may terminate his or her employment for Good Reason in accordance with the substantive and procedural provisions of this Section 3.4. 
 (a) Definition of Good Reason. For purposes of this Section 3.4, and subject to the provisions of subsections (b) through
(e), “Good Reason” means the occurrence of any one or more of the following actions or omissions prior to the Termination Date during the Post-Change Period, the Imminent Control Change Period, the Post-Significant Acquisition Period or
the Post-Disaggregation Period: 
 (i) a material reduction of the Executive’s salary, incentive compensation opportunity
or aggregate benefits unless such reduction is part of a policy, program or arrangement applicable to peer executives (including peer executives of any successor to the Company; 
 (ii) a material adverse reduction in the Executive’s position, duties, or responsibilities, other than in a Post-Significant
Acquisition period, and other than a change in the position or level of officer to whom the Executive reports or a change that is part of a policy, program or arrangement applicable to peer executives (including peer executives of any successor to
the Company); 
 (iii) the failure of any successor to the Company to assume this Agreement; 
 (iv) a relocation (other than in a Post-Significant Acquisition Period), by more than 50 miles of (I) the Executive’s primary
workplace, or (II) the principal offices of the Company or its successor (if such offices are the Executive’s workplace), in each case without Executive’s consent; provided, however, in both cases of (I) and (II) of this
Section 3.4(a)(iv), such new location is farther from Executive’s residence then the prior location; or 
 (v) a
material breach of this Agreement by the Company or its successor; 
 provided that the occurrence of a Disaggregation shall not be Good
Reason if the Executive retains substantially the same position (determined without regard to reporting requirements) with the Disaggregated Entity, with substantially the same compensation and benefits in the aggregate, as immediately prior to such
Disaggregation, notwithstanding Sections 3.4(a)(i), 3.4(a)(ii) and 3.4(a)(v). 
  

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 (b) Application of “Good Reason” Definition During the Imminent Control
Change Period. During the Imminent Control Change Period, “Good Reason” shall not include the events or conditions described in Section 3.4(a)(i), 3.4(a)(ii) or 3.4(a)(iv) unless the Imminent Control Change Period culminates in a
Change Date. Further, if Executive’s Termination of Employment occurs during an Imminent Control Change Period that culminates in a Change Date, then, except as provided in Section 3.4(c), the definition of “Good Reason” shall be
applied as though Sections 2.1, 2.6, 2.7, and 2.8 were applicable during the Imminent Control Change Period prior to the Executive’s Termination of Employment. 
 (c) Special Conditions Relating to Good Reason During the Post-Disaggregation Period. If Executive is employed with the
Disaggregated Entity immediately following a Disaggregation, then (1) Section 3.4(a)(ii) shall apply with respect to the Executive’s position, duties or responsibilities as in effect on the day before the Disaggregation,
(2) subsection 3.4(a)(iv) shall apply with respect to relocations that are required after the Disaggregation and prior to the expiration of the Post-Disaggregation Period and shall be applied by substituting “Disaggregated Entity” for
“any successor to the Company,” and (3) all references in Section 3.4 to the Company or its successor shall be to the Disaggregated Entity or its successor. 
 (d) Limitations on Good Reason. Notwithstanding the foregoing provisions of this Section 3.4, no act or omission shall
constitute a material breach of this Agreement by the Company, nor grounds for “Good Reason”: 
 (i) unless the
Executive gives the Company a Notice of Termination at least 30 days’ prior to the Termination Date and the Company fails to cure such act or omission within the 30-day period; 
 (ii) if the Executive first acquired knowledge of such act or omission more than 90 days before the Executive gives the Company and the
Employer such Notice of Termination; or 
 (iii) if the Executive has consented in writing to such act or omission.

 (e) Notice by Executive. In the event of any Termination of Employment by Executive for Good Reason, Executive shall
as soon as practicable thereafter notify the Company and the Employer (and Disaggregated Entity, if applicable) of the events constituting such Good Reason by a Notice of Termination. Subject to the limitations in Section 3.4(d), a delay in the
delivery of such Notice of Termination shall not waive any right of Executive under this Agreement. 
  

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 Article IV. 
 Company’s Obligations Upon Certain Terminations of Employment 
 4.1 Termination During the
Post-Change Period or Post-Significant Acquisition Period. If, during the Post-Change Period or Post-Significant Acquisition Period (other than any portion of any of such periods that are also a Post-Disaggregation Period), the Employer
terminates Executive’s employment other than for Cause or Disability, or Executive terminates employment for Good Reason, the Company’s sole obligations to Executive under Articles II and IV shall be as set forth in this Section 4.1.

 (a) Termination during the Post-Change Period or Post-Significant Acquisition Period: Severance Payments. The
Company shall pay or provide (or cause to be provided) to Executive, according to the payment terms set forth in Section 4.4 below, the following: 
 (i) Accrued Obligations. All Accrued Obligations; 
 (ii) Annual Incentive for Year
of Termination. An amount equal to the Target Incentive applicable to the Executive under the Incentive Plan for the performance period in which the Termination Date occurs, but in no event greater than the Annual Incentive based on the extent
to which the performance goals established under the Incentive Plan are attained for such performance period (determined without regard to any negative discretion exercised by the Compensation Committee of the Board in establishing such
opportunity). 
 (iii) Deferred Compensation and Non-Qualified Defined Contribution Plans. All amounts previously
deferred by, or accrued to the benefit of, Executive under the Exelon Corporation Deferred Compensation Plan, the Exelon Corporation Deferred Stock Plan, or any successor of either of them, or under any non-qualified defined contribution or deferred
compensation plan of the Company or an Affiliate whether vested or unvested, together with any accrued earnings thereon, to the extent that such amounts and earnings have not been previously paid by the Employer and are not provided under the terms
of either such non-qualified plan, plus an additional amount equal to $35,000; 
 (iv) Pension Enhancements. An amount
payable under the SERP equal to the positive difference, if any, between: 
 (1) the lump sum value of Executive’s
benefit, if any, under the SERP, calculated as if Executive had: 
 (A) become fully vested in all benefits under the SERP
and the tax-qualified defined benefit plan maintained by the Company in which the Executive is a participant (the “Pension Plan”, 
 (B) to the extent age is relevant under the Pension Plan covering Executive, attained as of the Termination Date an age that is 2.0 years greater than Executive’s actual age and that includes the number of years
of age credited to Executive pursuant to any other agreement between the Company and Executive, 
  

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 (C) to the extent that service is relevant under the Pension Plan covering Executive,
accrued a number of years of service (for purposes of determining the amount of such benefits, entitlement to - but not commencement of - early retirement benefits, and all other purposes of the Pension Plan and the SERP) that is 2.0 years greater
than the sum of the number of years of service actually accrued by Executive as of the Termination Date and that includes the number of years of service credited to Executive pursuant to any other written agreement between the Company and the
Executive, and 
 (D) received the benefits specified in Section 4.1(a)(ii) and 2.0 years of the benefits specified in
Section 4.1(a)(vi) as covered compensation in equal monthly installments during the Severance Period, 
 minus

 (2) the aggregate amounts paid or payable to Executive under the SERP. 
 (v) Unvested Benefits Under Defined Benefit Plan. To the extent not paid pursuant to clause (iii) or (iv) of this
Section 4.1(a), an amount payable under the SERP equal to the actuarial equivalent present value of any unvested portion of Executive’s cash balance account (as applicable) under the Pension Plan as of the Termination Date and forfeited by
Executive by reason of the Termination of Employment; and 
 (vi) Multiple of Salary and Severance Incentive. An amount
equal to 2.99 times the sum of (x) Base Salary plus (y) the Severance Incentive. 
 (b) Termination during the
Post-Change Period or Post-Significant Acquisition Period: Stock Options. Each of the Executive’s stock options, stock appreciation rights or similar incentive awards granted under the LTIP (“Stock Options”) shall
(i) become fully vested, and (ii) remain exercisable until (1) the option expiration date for any such Stock Options granted prior to January 1, 2002 or (2) the fifth anniversary of the Termination Date or, if earlier, the
option expiration date for any such Stock Options granted on or after January 1, 2002; provided that this Section shall not limit the right of the Company to cancel the Stock Options in connection with a corporate transaction pursuant to the
terms of the LTIP. 
 (c) Termination during the Post-Change Period or Post-Significant Acquisition Period: LTIP
Vesting. On the Termination Date all of the performance shares, performance units or similar stock incentive awards granted to the Executive under the Exelon Performance Share Program under the LTIP (“Performance Shares”) to the
extent earned by and awarded to the Executive (i.e. as to which the applicable performance cycle has elapsed) as of the Termination Date, shall become fully vested at the actual level earned and awarded, and, to the extent not yet earned by and
awarded to 

  

 21 

 
the Executive (i.e. as to which the current performance cycle has not elapsed) as of the Termination Date, shall become fully vested at the based on the
extent to which the performance goals established under the LTIP for such performance period are attained as of the last day of the year in which the Termination Date occurs. 
 (d) Termination During the Post-Change Period or Post-Significant Acquisition Period: Other Restricted Stock. All forfeiture
conditions that as of the Termination Date are applicable to any deferred stock unit, restricted stock or restricted share units awarded to the Executive by the Company other than under the Exelon Performance Share Program under the LTIP
(“Restricted Stock”) shall (except as specifically provided to the contrary in the applicable awards) lapse immediately and all such awards will become fully vested. 
 (e) Termination During the Post-Change Period or Post-Significant Acquisition Period: Continuation of Welfare Benefits. During the
Severance Period (and continuing through such later date as any Welfare Plan may specify), the Company shall continue to provide (or shall cause the continued provision) to Executive and Executive’s family welfare benefits under the Welfare
Plans to the same extent as if Executive had remained employed during the Severance Period. Such provision of welfare benefits shall be subject to the following: 
 (i) In determining benefits applicable under such Welfare Plans, the Executive’s annual compensation attributable to base salary and
incentives for any plan year or calendar year, as applicable, shall be deemed to be not less than the Executive’s Base Salary and Annual Incentive. 
 (ii) The cost of such welfare benefits to Executive and family under this Section 4.1(e) shall not exceed the cost of such benefits to peer executives who are actively employed after the Termination Date.

 (iii) The Executive’s rights under this Section 4.1(e) shall be in addition to and not in lieu of any
post-termination continuation coverage or conversion rights the Executive may have pursuant to applicable law, including, without limitation, continuation coverage required by Section 4980B of the Code. 
 (iv) If the Executive has, as of the last day of the Severance Period, attained age 50 and completed at least 10 years of service (or any
lesser age and service requirement then in effect under the Exelon Corporation Severance Benefit Plan or any successor plan), the Executive shall be entitled to the retiree benefits provided under any Welfare Plan of the Company; provided, however,
that for purposes hereof, any years of credited service granted to the Executive in any other written plan or agreement between Executive and the Company shall be taken into account. For purposes of determining eligibility for (but not the time of
commencement of) such retiree benefits, the Executive shall also be considered (1) to have remained employed until the last day of the Severance Period and to have retired on the last day of such period, and (2) to have attained at least
the age the Executive would have attained on the last day of the Severance Period. 
  

 22 

 Notwithstanding the foregoing, if the Executive obtains a specific type of coverage under welfare plan(s)
sponsored by another employer of Executive (e.g. medical, prescription, vision, dental, disability, individual life insurance benefits, group life insurance benefits, but excluding for the purposes of this sentence retiree benefits if Executive is
so eligible), then the Company shall not be obligated to provide any such specific type of coverage. The Executive shall promptly notify the Company of any such coverage. 
 (f) Termination during the Post-Change Period or Post-Significant Acquisition Period: Outplacement. To the extent actually incurred
by Executive, the Company shall pay or cause to be paid on behalf of Executive, as incurred, all reasonable fees and costs charged by a nationally recognized outplacement firm selected by the Executive for outplacement services provided up to 12
months after the Termination Date. No cash shall be paid in lieu of such fees and costs. 
 (g) Termination during the
Post-Change Period or Post-Significant Acquisition Period: Indemnification. The Executive shall be indemnified and held harmless by the Company to the greatest extent permitted under applicable law as the same now exists or may hereafter be
amended (but, in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification than was permitted prior to such amendment) and the Company’s by-laws as such exist on the Applicable
Trigger Date if the Executive was, is, or is threatened to be, made a party to any pending, completed or threatened action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding
brought by a third party (and not by or on behalf of the Company or its shareholders) whether civil, criminal, administrative or investigative, and whether formal or informal, by reason of the fact that the Executive is or was, or had agreed to
become, a director, officer, employee, agent, or fiduciary of the Company or any other entity which the Executive is or was serving at the request of the Company (“Proceeding”), against all expenses (including all reasonable
attorneys’ fees) and all claims, damages, liabilities and losses incurred or suffered by the Executive or to which the Executive may become subject for any reason; provided, that the Company shall not be required to indemnify the Executive in
connection with any proceeding initiated by the Executive, including a counterclaim or cross claim, unless such proceeding was authorized by the Company and Executive fully cooperates in the investigation and defense of such Proceeding. A Proceeding
shall not include any proceeding to the extent it concerns or relates to a matter described in Section 6.1(a) (concerning reimbursement of certain costs and expenses). Upon receipt from Executive of (i) a written request for an advancement
of expenses, which Executive reasonably believes will be subject to indemnification hereunder and (ii) a written undertaking by Executive to repay any such amounts if it shall ultimately be determined that Executive is not entitled to
indemnification under this Agreement or otherwise, the Company shall, to the extent permitted by applicable law, advance such expenses to Executive or pay such expenses for Executive, all in advance of the final disposition of any such matter.

 (h) Termination during the Post-Change Period or Post-Significant Acquisition Period: Directors’ and Officers’
Liability Insurance. For a period of six years after the Termination Date (or for any known longer applicable statute of 

  

 23 

 
limitations period), the Company shall provide Executive with coverage under a directors’ and officers’ liability insurance policy in an amount no
less than, and on terms no less favorable than, those provided to senior executive officers and directors of the Company on the Applicable Trigger Date. 
 4.2 Termination During an Imminent Control Change Period. If, during an Imminent Control Change Period, Executive has a Termination of Employment that would entitle Executive to benefits under Section 4 of
the Exelon Corporation Senior Management Severance Plan or its successor, then the Company shall, prior to the occurrence of a Change Date, provide Executive any benefits to which Executive may be entitled under Section 4 (i.e., non-change in
control) of the Exelon Corporation Senior Management Severance Plan or its successor. If, during an Imminent Control Change Period, the Employer terminates Executive’s employment other than for Disability and other than for Cause, or if
Executive terminates employment for Good Reason then subject to the preceding sentence, unless such Termination of Employment occurred during the Post-Significant Acquisition Period, the Company’s sole obligations to Executive under Articles II
and IV shall be as set forth in this Section 4.2. The Company’s obligations to Executive under this Section 4.2 shall be reduced by any amounts or benefits paid or provided pursuant to the Exelon Corporation Senior Management
Severance Plan (whether under Section 4 thereof or any other provision) or any successor thereto. If Executive’s Termination of Employment occurred during any portion of an Imminent Control Change Period that is also a Post-Significant
Acquisition Period, the Company’s obligations to Executive, if any, shall be determined under Section 4.1. 
 (a)
Termination During an Imminent Control Change Period: Cash Severance Payments. If the Imminent Control Change Period culminates in a Change Date, the Company shall pay (or cause to be paid) to Executive the amounts described in
Section 4.1(a)(i) through (vi). Such amounts shall be paid to Executive as described in Section 4.4, provided that amounts that would have been paid prior to the Change Date shall be paid in a lump sum (without interest) within 30 business
days after the Change Date. 
 (b) Termination During an Imminent Control Change Period: Vested Stock Options.
Executive’s Stock Options, to the extent vested on the Termination Date, 
 (i) will not expire (unless such Stock
Options would have expired had Executive remained an employee of the Company) during the Imminent Control Change Period; and 
 (ii) will continue to be exercisable after the Termination Date to the extent provided in the applicable grant agreement or Plan, and thereafter, such Stock Options shall not be exercisable during the Imminent Control Change Period.

 If the Imminent Control Change Period lapses without a Change Date, then Executive’s Stock Options, to the extent vested on the
Termination Date, may be exercised, in whole or in part, during the 30-day period following the lapse of the Imminent Control Change Period, or, if longer, the period during which Executive’s vested Stock Options could otherwise be exercised
under the terms of the applicable grant agreement or Plan (but in no case shall any Stock Options remain exercisable after the date on which such Stock Options would have expired if Executive had remained an employee of the Company). 
  

 24 

 If the Imminent Control Change Period culminates in a Change Date, then effective upon the Change Date,
Executive’s Stock Options, to the extent vested on the Termination Date, may be exercised in whole or in part by the Executive at any time until (1) the option expiration date for such Stock Options granted prior to January 1, 2002 or
(2) the earlier of the fifth anniversary of the Change Date or the option expiration date for such Stock Options granted on or after January 1, 2002; provided that this Section shall not limit the right of the Company to cancel the Stock
Options in connection with a corporate transaction pursuant to the terms of the LTIP. 
 (c) Termination During an Imminent
Control Change Period: Unvested Stock Options. Executive’s Stock Options that are not vested on the Termination Date 
 (i) will not expire (unless such Stock Options would have expired had Executive remained an employee of the Company) during the Imminent Control Change Period; and 
 (ii) will not continue to vest and will not be exercisable during the Imminent Control Change Period after the expiration of the period
for post-termination exercise under the terms of the applicable Stock Option Agreement. 
 If the Imminent Control Change lapses without a
Change Date, such unvested Stock Options will thereupon expire. 
 If the Imminent Control Change culminates in a Change Date, then
immediately prior to the Change Date, such unvested Stock Options shall become fully vested, and may thereupon be exercised in whole or in part by the Executive at any time until (1) the option expiration date for such Stock Options granted
prior to January 1, 2002 or (2) the earlier of the fifth anniversary of the Change Date, or the option expiration date for such Stock Options granted on or after January 1, 2002; provided that this Section shall not limit the right of
the Company to cancel the Stock Options in connection with a corporate transaction pursuant to the terms of the LTIP. 
 (d)
Termination During an Imminent Control Change Period: Performance Shares. Executive’s Performance Shares granted under the Exelon Performance Share Program under the LTIP will not be forfeited during the Imminent Control Change Period,
and will not continue to vest during the Imminent Control Change Period. If the Imminent Control Change lapses without a Change Date, such Performance Shares shall be governed according to the terms of Section 4 of the Exelon Corporation Senior
Management Severance Plan. If the Imminent Control Change Period culminates in a Change Date: 
 (1) All Performance Shares
granted to the Executive under the Exelon Performance Share Program under the LTIP, which, as of the Termination Date, have been earned by and awarded to the Executive, shall become fully vested at the actual earned level on the Change Date, and

  

 25 

 (2) All of the Performance Shares granted to the Executive under the Exelon Performance
Share Program under the LTIP which, as of the Termination Date, have not been earned by and awarded to the Executive shall become fully vested on the Change Date at the LTIP Target Level. 
 (e) Termination During an Imminent Control Change Period: Restricted Stock. Executive’s unvested Restricted Stock will:

 (i) not be forfeited during the Imminent Control Change Period; and 
 (ii) not continue to vest during the Imminent Control Change Period. 
 If the Imminent Control Change Period lapses without a Change Date, such unvested Restricted Stock shall thereupon be forfeited. 
 If the Imminent Control Change Period culminates in a Change Date, then immediately prior to the Change Date, Executive’s Restricted Stock shall
(except as specifically provided to the contrary in the award) become fully vested. 
 (f) Termination During an Imminent
Control Change Period: Continuation of Welfare Benefits. The Company shall continue to provide to Executive and Executive’s family welfare benefits (other than any severance pay that may be considered a welfare benefit) during the Imminent
Change Period which are at least as favorable as welfare benefits under the most favorable Welfare Plans of the Company applicable with respect to peer executives who are actively employed after the Termination Date and their families; subject to
the following: 
 (i) In determining benefits applicable under such Welfare Plans, the Executive’s annual compensation
attributable to base salary and incentives for any plan year or calendar year, as applicable, shall be deemed to be not less than the Executive’s Base Salary and Annual Incentive; 
 (ii) The cost of such welfare benefits to Executive and family under this Section 4.2(f) shall not exceed the cost of such benefits
to peer executives who are actively employed after the Termination Date. 
 (iii) Executive’s rights under this
Section 4.2(f) shall be in addition to and not in lieu of any post-termination continuation coverage or conversion rights the Executive may have pursuant to applicable law, including, without limitation, continuation coverage required by
Section 4980B of the Code. 
 If the Imminent Control Change Period lapses without a Change Date, welfare benefit plan coverage under
this Section 4.2(f) shall thereupon cease, subject to Executive’s rights, if any, to continued coverage under a Welfare Plan, Section 4 of the Exelon 

  

 26 

 
Corporation Senior Management Severance Plan, or applicable law. If the Imminent Control Change Period culminates in a Change Date, then for the remainder of
the Severance Period (and continuing through such later date as any Welfare Plan may specify), the Company shall continue to provide Executive and Executive’s family welfare benefits as described in, and subject to the limitations of
Section 4.1(e). 
 Notwithstanding the foregoing, if the Executive obtains a specific type of coverage under welfare plan(s) sponsored by
another employer of Executive (e.g. medical, prescription, vision, dental, disability, individual life insurance benefits, group life insurance benefits, but excluding for the purposes of this sentence retiree benefits if Executive is so eligible),
then the Company shall not be obligated to provide such any specific type of coverage. The Executive shall immediately notify the Company of any such coverage. 
 (g) Termination During an Imminent Control Change Period: Outplacement. To the extent actually incurred by Executive, the Company
shall pay or cause to be paid on behalf of Executive, as incurred, all reasonable fees and costs charged by a nationally recognized outplacement firm selected by the Executive for outplacement services provided up to 12 months after the Termination
Date. No cash shall be paid in lieu of such fees and costs. 
 (h) Termination During an Imminent Control Change Period:
Indemnification. The Executive shall be indemnified and held harmless by the Company to the same extent as provided in Section 4.1(g), but only during the Imminent Control Change Period (or greater period provided under the Company’s
by-laws) if the Imminent Control Change Period lapses without a Change Date. 
 (i) Termination During an Imminent Control
Change Period: Directors’ and Officers’ Liability Insurance. The Company shall provide the same level of directors’ and officers’ liability insurance for Executive as provided in Section 4.1(h), but only during the
Imminent Control Change Period (or greater period provided under the Company’s by-laws) if the Imminent Control Change Period lapses without a Change Date. 
 4.3 Termination During a Post-Disaggregation Period. If, during a Post-Disaggregation Period the Disaggregated Entity terminates Executive’s employment other than for Cause or Disability, or if Executive
terminates employment for Good Reason, the Company’s sole obligations to Executive under Articles II and IV shall be as set forth in this Section 4.3, subject to Section 3.3(c), but only to the extent not provided by the Disaggregated
Entity. 
 (a) Termination During a Post-Disaggregation Period: Cash Severance Payments. The Company shall pay
Executive the amounts described in Section 4.1(a), as provided in Section 4.4. 
 (b) Termination During a
Post-Disaggregation Period: Stock Options. All of Executive’s Stock Options granted prior to the Disaggregation that have not expired, whether or not converted to options or stock of the Disaggregated Entity or Merger Survivor, shall be
fully vested, and may be exercised in whole or in part by the Executive 

  

 27 

 
at any time until (1) the remaining option expiration date for such Stock Options granted prior to January 1, 2002 and (2) the earlier of the
fifth anniversary of the Termination Date or the option expiration date for such Stock Options granted on or after January 1, 2002; provided that this Section shall not limit the right of the Company to cancel the Stock Options in connection
with a corporate transaction pursuant to the terms of the LTIP. 
 (c) Termination During a Post-Disaggregation Period:
Performance Shares. Executive’s Performance Shares granted prior to the Disaggregation, whether or not earned by and awarded to the Executive as of the Disaggregation, and whether or not converted to performance shares of the Disaggregated
Entity or the Merger Survivor, shall become fully vested (at the earned level for Performance Shares earned and awarded, and at the target level for any converted performance shares not yet earned and awarded) on the Termination Date. 
 (d) Termination During a Post-Disaggregation Period: Restricted Stock. Executive’s unvested Restricted Stock, whether or not
converted to restricted stock of the Disaggregated Entity or Merger Survivor, shall become fully vested on the Termination Date. 
 (e) Termination During a Post-Disaggregation Period: Continuation of Welfare Benefits. Until the end of the Severance Period, the Company shall continue to provide to Executive and Executive’s family welfare benefits with the
same rights in relation to continuation coverage, status in relation to other employer benefits, scope and cost as described in Section 4.1(e); provided that, to the extent Executive is eligible for post-termination continuation coverage under
the plans of the Disaggregated Entity, whether pursuant to Section 4980B of the Code or otherwise, the continued coverage required hereunder shall be provided under the plans of the Disaggregated Entity (and the Company shall reimburse the cost
to Executive of such coverage). 
 (f) Termination During a Post-Disaggregation Period: Outplacement. To the extent
actually incurred by Executive, the Company shall pay or cause to be paid on behalf of Executive, as incurred, all reasonable fees and costs charged by a nationally recognized outplacement firm selected by the Executive for outplacement services
provided up to 12 months after the Termination Date. No cash shall be paid in lieu of such fees and costs. 
 (g)
Termination During a Post-Disaggregation Period: Indemnification. The Executive shall be indemnified and held harmless by the Company to the same extent as provided in Section 4.1(g). 
 (h) Termination During a Post-Disaggregation Period: Directors’ and Officers’ Liability Insurance. The Company shall
provide Executive with directors’ and officers’ liability insurance to the same extent as provided in Section 4.1(h). 
 4.4
Timing of Severance Payments. Unless otherwise specified herein, the amounts described in Section 4.1(a)(i) shall be paid within 30 business days of the Termination Date (or 

  

 28 

 
eight days after the date on which Executive executes and returns the Waiver and Release (as defined in Section 4.5), if later), and such amounts shall
be considered “short-term deferrals” with the meaning of Section 409A of the Code. The amounts described in Sections 4.1(a)(ii), (iii), (iv) and (v) shall be paid in accordance with the applicable Incentive Plan, deferred
compensation plan or SERP and, if applicable, Executive’s distribution election thereunder as of the Termination Date (or, if no affirmative election is in effect as of such date, the default election as of such date). The severance payments
described in Section 4.1(a)(vi) shall be paid as follows: 
 (a)
Beginning no later than the second paydate which occurs after the Termination Date (or eight days after the date on which Executive executes and returns the Waiver and Release, if later), the Company shall make periodic payments to the Executive
according to the Company’s normal payroll practices at a monthly rate equal to  1/12 of the sum of (i) the
Executive’s Base Salary in effect as of the Termination Date plus (ii) the Severance Incentive; and 
 (b)
Within 30 business days of the second anniversary of the Termination Date, the Company shall pay Executive a cash lump sum equal to the difference between the total Severance Payment less the total amount paid pursuant to normal payroll practices
under Section 4.4(a); 
 provided that in the event the Company determines that Executive is a “specified employee,” within the meaning of
Section 409A of the Code, and that certain of the payments made to Executive under Section 4.1(a)(vi) constitute the payment of deferred compensation that is subject to Section 409A of the Code, then any of such payments that pursuant
to this Section 4.4 would be paid prior to the six-month anniversary of Executive’s Termination Date shall, to the extent required by Section 409A of the Code, be delayed and be paid to Executive on the six-month anniversary of
Executive’s Termination Date. The Stock Options, Performance Shares and Restricted Stock awards shall be paid in accordance with the LTIP and the applicable award agreements; provided that, in the event the Company determines that Executive is
a “specified employee,” within the meaning of Section 409A of the Code, and that an award constitutes the payment of deferred compensation that is subject to Section 409A of the Code, then any payment of such award pursuant to
this Section 4.4 that would be paid prior to the six-month anniversary of Executive’s Termination Date shall, to the extent required by Section 409A of the Code, be delayed and paid to Executive on the six-month anniversary of
Executive’s Termination Date. The in-kind benefits and reimbursements provided under each of Sections 4.1(e), 4.1(g), 4.2(f), 4.2(h), 4.3(e) and 4.4(g) during any calendar year shall not affect the benefits or reimbursements to be provided
under such section in any subsequent calendar year. The right to such benefits and reimbursements shall not be subject to liquidation or exchange for any other benefit. 
 4.5 Waiver and Release. Notwithstanding anything herein to the contrary, the Company shall have no obligation to Executive under Article IV or Article V unless and until Executive executes a release and
waiver of Company and its Affiliates, in substantially the same form as attached hereto as Exhibit A, or as otherwise mutually acceptable (the “Waiver and Release”), returns such Waiver and Release to the Company within 45 days after the
Termination Date and does not revoke the Waiver and Release within any permitted revocation period. 
  

 29 

 4.6 Breach of Covenants. If a court determines that Executive has breached any non-competition,
non-solicitation, confidential information or intellectual property covenant entered into between Executive and Company, the Company shall not be obligated to pay or provide any severance or benefits under Articles IV or V, all unexercised Stock
Options shall terminate as of the date of the breach, and all Restricted Stock shall be forfeited as of the date of the breach. 
 4.7
Termination by the Company for Cause. If the Company (or Affiliate or, if applicable, the Disaggregated Entity) terminates Executive’s employment for Cause during the Post-Change Period, the Imminent Control Change Period, the
Post-Significant Acquisition Period, or the Post-Disaggregation Period, the Company’s sole obligation to Executive under Articles II, IV, and V shall be to pay Executive, pursuant to the Company’s then-effective Plans, a lump-sum cash
amount equal to all Accrued Obligations determined as of the Termination Date. The remaining applicable provisions of this Agreement (including the restrictive covenants in Article VIII) shall continue to apply. 
 4.8 Termination by Executive Other Than for Good Reason. If Executive elects to retire or otherwise terminate employment during the Post-Change
Period, the Imminent Control Change Period, the Post-Significant Acquisition Period, or the Post-Disaggregation Period, other than for Good Reason, Disability or death, the Company’s sole obligation to Executive under Articles II, IV, and V
shall be to pay Executive, pursuant to the Company’s then-effective Plans, a lump-sum cash amount equal to all Accrued Obligations determined as of the Termination Date. The remaining provisions of this Agreement (including the restrictive
covenants in Article VIII) shall continue to apply. 
 4.9 Termination by the Company for Disability. If the Company (or Disaggregated
Entity, if applicable) terminates Executive’s employment by reason of Executive’s Disability during a Post-Change Period, Imminent Control Change Period that culminates in a Change Date, Post-Significant Acquisition Period or
Post-Disaggregation Period, the Company’s sole obligation to Executive under Articles II, IV, and V shall be as follows, and such obligations shall be reduced by amounts paid or provided by the Disaggregated Entity: 
 (a) to pay Executive, a lump-sum cash amount equal to the sum of amounts specified in Section 4.1(a)(i) and (ii) determined as
of the Termination Date, 
 (b) to pay Executive the amounts described in Section 4.1(a)(iii) in accordance with the
applicable deferred compensation plan and Executive’s distribution election thereunder as of the Termination Date (or, if no affirmative election is in effect as of such date, the default election as of such date) and 
 (c) to provide Executive disability and other benefits after the Termination Date that are not less than the most favorable of such
benefits then available under Plans of the Company to disabled peer executives of the Company in effect immediately before the Termination Date. 
 The
remaining provisions of this Agreement (including the restrictive covenants in Article VIII) shall continue to apply. 
  

 30 

 4.10 Upon Death. If Executive’s employment is terminated by reason of Executive’s death
during a Post-Change Period, Imminent Control Change Period that culminates in a Change Date, Post-Significant Acquisition Period or Post-Disaggregation Period, the Company’s sole obligations to Executive and Executive’s Beneficiary under
Articles II, IV, and V shall be as follows, and such obligations shall be reduced by amounts paid or provided by the Disaggregated Entity: 
 (a) to pay Executive’s Beneficiary, pursuant to the Company’s then-effective Plans or, if the timing of payment is not governed by the terms of a Plan, within 30 days after the date of Executive’s
death, a lump-sum cash amount equal to all Accrued Obligations; and 
 (b) to provide Executive’s Beneficiary survivor
and other benefits that are not less than the most favorable of such benefits then available under Plans of the Company to surviving families of peer executives of the Company in effect immediately before the Executive’s death, including
retiree health care coverage under any Welfare Plan of the Company that provides such coverage without regard to whether the Executive had satisfied the eligibility requirements for such coverage as of the date of his or her death. 
 4.11 Sole and Exclusive Obligations. The obligations of the Company under this Agreement, as amended and restated effective January 1, 2009,
with respect to any Termination of Employment of the Executive during the Post-Change Period, Imminent Control Change Period, Post-Significant Acquisition Period, or Post-Disaggregation Period shall, except as provided in Section 4.2, supersede
any severance obligations of the Company in any other plan of the Company or agreement between Executive and the Company, including, without limitations, the Exelon Corporation Senior Management Severance Plan under Section 4 or any other
provision thereof, or any other plan or agreement (including an offer of employment or employment contract) of the Company or any Affiliates which provides for severance benefits. In the event of any inconsistency, ambiguity or conflict between the
terms of such other plan of the Company or agreement between Executive and the Company and this Agreement with respect to any severance obligations of the Company (other than obligations with respect to credited service under the SERP in any
agreement other than a prior Change in Control Agreement entered into by and among Executive, Unicom Corporation, Commonwealth Edison Company or PECO Energy Company), this Agreement shall govern. 
 Article V. 
 Certain Additional
Payments by the Company 
 5.1 Gross-Up Payment. If at any time or from time to time, it shall be determined by the Company’s
independent auditors that any payment or other benefit to Executive pursuant to Article II or Article IV of this Agreement or otherwise (“Potential Parachute Payment”) is or will become subject to the excise tax imposed by
Section 4999 of the Code or any similar tax payable under any United States federal, state, local, foreign or other law (“Excise Taxes”), then the Company shall, subject to Section 5.2, pay or cause to be paid a tax
gross-up payment (“Gross-Up Payment”) with respect to all such Excise Taxes and other Taxes on the Gross-Up Payment. The Gross-Up Payment shall be an amount equal to the product of 
  

 31 

 (a) The amount of the Excise Taxes (calculated at the effective marginal rates of all
federal, state, local, foreign or other law), 
 multiplied by 
 (b) A fraction (the “Gross-Up Multiple”), the numerator or which is one (1.0), and the denominator of which is one
(1.0) minus the lesser of (i) the sum, expressed as a decimal fraction, of the effective marginal rates of any Taxes and any Excise Taxes applicable to the Gross-Up Payment or (ii) .80, it being intended that the Gross-Up Multiple
shall in no event exceed five (5.0). If different rates of tax are applicable to various portions of a Gross-Up Payment, the weighted average of such rates shall be used. For purposes of this Section, Executive shall be deemed to be subject to the
highest effective marginal rate of Taxes. 
 The Gross-Up Payment is intended to compensate Executive for all such Excise Taxes and any other Taxes payable
by Executive with respect to the Gross-Up Payment. The Company shall pay or cause to be paid the Gross-Up Payment to Executive within thirty (30) days of the calculation of such amount, but in no event after the Executive makes payment to the
IRS of such Excise Taxes. 
 5.2 Limitation on Gross-Up Payments. 
 (a) To the extent possible, any payments or other benefits to Executive pursuant to Article II and Article IV of this Agreement shall be
allocated as consideration for Executive’s entry into the covenants of Article VIII. 
 (b) Notwithstanding any other
provision of this Article V, if the aggregate amount of the Potential Parachute Payments that, but for this Section 5.2, would be payable to Executive, does not exceed 110% of Floor Amount (as defined below), then no Gross-Up Payment shall
be made to Executive and the aggregate amount of Potential Parachute Payments payable to Executive (commencing with payments under Section 4.1(a)(vi)) shall be reduced (but not below the Floor Amount) to the largest amount which would both
(i) not cause any Excise Tax to be payable by Executive and (ii) not cause any Potential Parachute Payments to become nondeductible by the Company by reason of Section 280G of the Code (or any successor provision). For purposes of the
preceding sentence, “Floor Amount” means the greatest pre-tax amount of Potential Parachute Payments that could be paid to Executive without causing Executive to become liable for any Excise Taxes in connection therewith.

 5.3 Additional Gross-up Amounts. If, for any reason (whether pursuant to subsequently enacted provisions of the Code, final
regulations or published rulings of the IRS, or a final judgment of a court of competent jurisdiction) the Company’s independent auditors later determine that the amount of Excise Taxes payable by Executive is greater than the amount initially
determined pursuant to Section 5.1, then the Company shall, subject to Sections 5.2 and 5.4, pay Executive, within thirty (30) days of such determination, or pay to the IRS as required by applicable law, an amount (which shall also be
deemed a Gross-Up Payment) equal to the product of: 
 (a) the sum of (i) such additional Excise Taxes and (ii) any
interest, penalties, expenses or other costs incurred by Executive as a result of having taken a position in accordance with a determination made pursuant to Section 5.1 or 5.4, 
  

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 multiplied by 
 (b) the Gross-Up Multiple. 
 5.4 Amount Increased or Contested. 
 (a) Executive shall notify the Company in writing (an
“Executive’s Notice”) of any claim by the IRS or other taxing authority (an “IRS Claim”) that, if successful, would require the payment by Executive of Excise Taxes in respect of Potential Parachute Payments in
an amount in excess of the amount of such Excise Taxes determined in accordance with Section 5.1. Executive’s Notice shall include the nature and amount of such IRS Claim, the date on which such IRS Claim is due to be paid (the
“IRS Claim Deadline”), and a copy of all notices and other documents or correspondence received by Executive in respect of such IRS Claim. Executive shall give the Executive’s Notice as soon as practicable, but no later than
the earlier of (i) 10 days after Executive first obtains actual knowledge of such IRS Claim or (ii) five days before the IRS Claim Deadline; provided, however, that any failure to give such Executive’s Notice shall affect the
Company’s obligations under this Article only to the extent that the Company is actually prejudiced by such failure. If at least one business day before the IRS Claim Deadline the Company shall: 
 (i) deliver to Executive a written certificate from the Company’s independent auditors (“Company Certificate”) to
the effect that, notwithstanding the IRS Claim, the amount of Excise Taxes, interest or penalties payable by Executive is either zero or an amount less than the amount specified in the IRS Claim, 
 (ii) pay to Executive, or to the IRS as required by applicable law, an amount (which shall also be deemed a Gross-Up Payment) equal to
difference between the product of (A) amount of Excise Taxes, interest and penalties specified in the Company Certificate, if any, multiplied by (B) the Gross-Up Multiple, less the portion of such product, if any, previously paid to
Executive by the Company, and 
 (iii) direct Executive pursuant to Section 5.4(d) to contest the balance of the IRS
Claim, 
 then Executive shall pay only the amount, if any, of Excise Taxes, interest and penalties specified in the Company Certificate. In
no event shall Executive pay an IRS Claim earlier than 30 business days after having given an Executive’s Notice to the Company (or, if sooner, the IRS Claim Deadline). 
  

 33 

 (b) At any time after the payment by Executive of any amount of Excise Taxes, other Taxes
or related interest or penalties in respect of Potential Parachute Payments (including any such amount equal to or less than the amount of such Excise Taxes specified in any Company Certificate, or IRS Claim), the Company may in its discretion
require Executive to pursue a claim for a refund (a “Refund Claim”) of all or any portion of such Excise Taxes, other Taxes, interest or penalties as may be specified by the Company in a written notice to Executive. 
 (c) If the Company notifies Executive in writing that the Company desires Executive to contest an IRS Claim or to pursue a Refund Claim,
Executive shall: 
 (i) give the Company all information that it reasonably requests in writing from time to time relating to
such IRS Claim or Refund Claim, as applicable, 
 (ii) take such action in connection with such IRS Claim or Refund Claim (as
applicable) as the Company reasonably requests in writing from time to time, including accepting legal representation with respect thereto by an attorney selected by the Company, subject to the approval of Executive (which approval shall not be
unreasonably withheld or delayed), 
 (iii) cooperate with the Company in good faith to contest such IRS Claim or pursue such
Refund Claim, as applicable, 
 (iv) permit the Company to participate in any proceedings relating to such IRS Claim or Refund
Claim, as applicable, and 
 (v) contest such IRS Claim or prosecute Refund Claim (as applicable) to a determination before
any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company may from time to time determine in its discretion. 
 The Company shall control all proceedings in connection with such IRS Claim or Refund Claim (as applicable) and in its discretion may cause Executive to pursue or forego any and all administrative appeals,
proceedings, hearings and conferences with the Internal Revenue Service or other taxing authority in respect of such IRS Claim or Refund Claim (as applicable); provided that (i) any extension of the statute of limitations relating to payment of
taxes for the taxable year of Executive relating to the IRS Claim is limited solely to such IRS Claim, (ii) the Company’s control of the IRS Claim or Refund Claim (as applicable) shall be limited to issues with respect to which a Gross-Up
Payment would be payable, and (iii) Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or other taxing authority. 
 (d) The Company may at any time in its discretion direct Executive to (i) contest the IRS Claim in any lawful manner or (ii) pay
the amount specified in an IRS Claim and pursue a Refund Claim; provided, however, that if the Company directs Executive to pay an IRS Claim and pursue a Refund Claim, the Company shall advance the amount of such payment to Executive on an
interest-free basis and shall indemnify Executive, on an after-tax basis, for any Excise Tax or income tax, including related interest or penalties, imposed with respect to such advance. 
  

 34 

 (e) The Company shall pay directly all legal, accounting and other costs and expenses
(including additional interest and penalties) incurred by the Company or Executive in connection with any IRS Claim or Refund Claim, as applicable, and shall indemnify Executive, on an after-tax basis, for any Excise Tax or income tax, including
related interest and penalties, imposed as a result of such payment of costs and expenses. 
 5.5 Refunds. If, after the receipt by
Executive or the IRS of any payment or advance of Excise Taxes or other Taxes by the Company pursuant to this Article, Executive receives any refund with respect to such Excise Taxes, Executive shall (subject to the Company’s complying with any
applicable requirements of Section 5.4) promptly pay the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by Executive of an amount advanced by the
Company pursuant to Section 5.4 or receipt by the IRS of an amount paid by the Company on behalf of the Executive pursuant to Section 5.4, a determination is made that Executive shall not be entitled to any refund with respect to such
claim and the Company does not notify Executive in writing of its intent to contest such determination within 30 days after the Company receives written notice of such determination, then such advance shall be forgiven and shall not be required to
be repaid and the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. Any contest of a denial of refund shall be controlled by Section 5.4(d). 
 Article VI. 
 Expenses, Interest and
Dispute Resolution 
 6.1 Enforcement and Late Payments. 
 (a) If, after the Agreement Date, Executive incurs reasonable legal fees or other expenses (including arbitration costs and expenses under
Section 6.3) in an effort to secure, preserve, or obtain benefits under this Agreement, the Company shall, regardless of the outcome of such effort, reimburse Executive (in accordance with Section 6.1(b)) for such fees and expenses.

 (b) Reimbursement of legal fees and expenses and gross-up payments shall be made on a current basis, promptly after
Executive’s written submission of a request for reimbursement together with evidence that such fees and expenses were incurred. 
 (c) If Executive does not prevail (after exhaustion of all available judicial remedies) in respect of a claim by Executive or by the Company hereunder, and the Company establishes before a court of competent jurisdiction by clear and
convincing evidence that Executive had no reasonable basis for Executive’s claim hereunder, or for Executive’s response to the Company’s claim hereunder, or that Executive acted in bad faith, no further reimbursement for legal fees
and expenses shall be due to Executive in respect of such claim and Executive shall refund any amounts previously reimbursed hereunder with respect to such claim. 
  

 35 

 6.2 Interest. If the Company does not pay any cash amount due to Executive under this Agreement
within three business days after such amount first became due and owing, interest shall accrue on such amount from the date it became due and owing until the date of payment at an annual rate equal to 200 basis points above the base commercial
lending rate published in The Wall Street Journal in effect from time to time during the period of such nonpayment; provided that the Executive shall not be entitled to interest on any Gross Up Payment. 
 6.3 Arbitration. Any dispute, controversy or claim between the parties hereto arising out of or in connection with or relating to this Agreement
(other than disputes related to Article V or to an alleged breach of the covenant contained in Article VIII) or any breach or alleged breach thereof, or any benefit or alleged benefit hereunder, shall be settled by arbitration in Chicago,
Illinois, before an impartial arbitrator pursuant to the rules and regulations of the American Arbitration Association (“AAA”) pertaining to the arbitration of labor disputes. Either party may invoke the right to arbitration. The
arbitrator shall be selected by means of the parties striking alternatively from a panel of seven arbitrators supplied by the Chicago office of AAA. The arbitrator shall have the authority to interpret and apply the provisions of this Agreement,
consistent with Section 10.12 below. The decision of the arbitrator shall be final and binding upon the parties and a judgment thereon may be entered in the highest court of a forum, state or federal, having jurisdiction. The expenses of the
arbitration shall be borne according to Section 6.1. No arbitration shall be commenced after the date when institution of legal or equitable proceedings based upon such subject matter would be barred by the applicable statutes of limitations.
Notwithstanding anything to the contrary contained in this Section 6.3 or elsewhere in this Agreement, either party may bring an action in the District Court of Cook County, or the United States District Court for the Northern District of
Illinois, if jurisdiction there lies, in order to maintain the status quo ante of the parties. The “status quo ante” is defined as the last peaceable, uncontested status between the parties. However, neither the party bringing the action
nor the party defending the action thereby waives its right to arbitration of any dispute, controversy or claim arising out of or in connection or relating to this Agreement. Notwithstanding anything to the contrary contained in this
Section 6.3 or elsewhere in this Agreement, either party may seek relief in the form of specific performance, injunctive or other equitable relief in order to enforce the decision of the arbitrator. The parties agree that in any arbitration
commenced pursuant to this Agreement, the parties shall be entitled to such discovery (including depositions, requests for the production of documents and interrogatories) as would be available in a federal district court pursuant to Rules 26
through 37 of the Federal Rules of Civil Procedure. In the event that either party fails to comply with its discovery obligations hereunder, the arbitrator shall have full power and authority to compel disclosure or impose sanctions to the full
extent of Rule 37 of the Federal Rules of Civil Procedure. 
  

 36 

 Article VII. 
 No Set-off or Mitigation 
 7.1 No Set-off by Company. Executive’s right to receive when
due the payments and other benefits provided for under this Agreement is absolute, unconditional and subject to no setoff, counterclaim or legal or equitable defense; provided, however that the Company shall have no further obligation to pay or
provide severance benefits under Article II, Article IV or Article V if at any time it determines, in accordance with the procedural requirements in Section 3.3, that in the course of his or her employment the Executive engaged in conduct
described in Section 3.3(a)(iii) or the last clause of Section 3.3(a)(iv), and all incentive compensation paid or payable hereunder shall be subject to any officer compensation recoupment policy as in effect on the Change Date. Time is of
the essence in the performance by the Company of its obligations under this Agreement. Any claim which the Company may have against Executive, whether for a breach of this Agreement or otherwise, shall be brought in a separate action or proceeding
and not as part of any action or proceeding brought by Executive to enforce any rights against the Company under this Agreement. 
 7.2 No
Mitigation. Executive shall not have any duty to mitigate the amounts payable by the Company under this Agreement by seeking new employment or self-employment following termination. Except as specifically otherwise provided in this Agreement,
all amounts payable pursuant to this Agreement shall be paid without reduction regardless of any amounts of salary, compensation or other amounts which may be paid or payable to Executive as the result of Executive’s employment by another
unaffiliated employer or self-employment. 
 Article VIII. 
 Restrictive Covenants 
 8.1 Confidential Information. The Executive
acknowledges that in the course of performing services for the Companies and Affiliates, he or she may create (alone or with others), learn of, have access to and receive Confidential Information. Confidential Information shall not include:
(i) information that is or becomes generally known through no fault of Executive; (ii) information received from a third party outside of the Company that was disclosed without a breach of any confidentiality obligation; or
(iii) information approved for release by written authorization of the Company. The Executive recognizes that all such Confidential Information is the sole and exclusive property of the Company and its Affiliates or of third parties which the
Company or Affiliate is obligated to keep confidential, that it is the Company’s policy to keep all such Confidential Information confidential, and that disclosure of Confidential Information would cause damage to the Company and its
Affiliates. The Executive agrees that, except as required by the duties of Executive’s employment with the Company or any of its Affiliates and except in connection with enforcing the Executive’s rights under this Agreement or if compelled
by a court or governmental agency, in each case provided that prior written notice is given to Company, Executive will not, without the written consent of Company, willfully disseminate or otherwise disclose, directly or indirectly, any Confidential
Information obtained during his or her employment with the Company or its Affiliates, and will take all necessary precautions to prevent disclosure, to any unauthorized individual or entity inside or outside the Company, and will not use the
Confidential Information or permit its use for the benefit of Executive or any other person or entity other than the Company or its Affiliates. These obligations shall continue during and after the termination of Executive’s employment (whether
or not after a Change in Control, Imminent Control Change, Significant Acquisition or Disaggregation). 
  

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 8.2 Non-Competition. During the period beginning on the Agreement Date and ending on the second
anniversary of the Termination Date, whether or not after a Change in Control, Imminent Control Change, Significant Acquisition or Disaggregation, Executive hereby agrees that without the written consent of the Company Executive shall not at any
time, directly or indirectly, in any capacity: 
 (a) engage or participate in, become employed by, serve as a director of, or
render advisory or consulting or other services in connection with, any Competitive Business; provided, however, that after the Termination Date this Section 8.2 shall not preclude Executive from being an employee of, or consultant to, any
business unit of a Competitive Business if (i) such business unit does not qualify as a Competitive Business in its own right and (ii) Executive does not have any direct or indirect involvement in, or responsibility for, any operations of
such Competitive Business that cause it to qualify as a Competitive Business. 
 (b) make or retain any financial investment,
whether in the form of equity or debt, or own any interest, in any Competitive Business. Nothing in this subsection shall, however, restrict Executive from making an investment in any Competitive Business if such investment does not
(i) represent more than 1% of the aggregate market value of the outstanding capital stock or debt (as applicable) of such Competitive Business, (ii) give Executive any right or ability, directly or indirectly, to control or influence the
policy decisions or management of such Competitive Business, and (iii) create a conflict of interest between Executive’s duties under this Agreement and his or her interest in such investment. 
 8.3 Non-Solicitation. During the period beginning on the Agreement Date and ending on the second anniversary of any Termination Date, whether or
not after a Change in Control, Imminent Control Change, Significant Acquisition or Disaggregation, Executive shall not, directly or indirectly: 
 (a) other than in connection with the good-faith performance of his or her duties as an officer of the Company, cause or attempt to cause any employee or agent of the Company to terminate his or her relationship with
the Company; 
 (b) employ, engage as a consultant or adviser, or solicit the employment or engagement as a consultant or
adviser, of any employee or agent of the Company (other than by the Company or its Affiliates), or cause or attempt to cause any Person to do any of the foregoing; 
 (c) establish (or take preliminary steps to establish) a business with, or cause or attempt to cause others to establish (or take
preliminary steps to establish) a business with, any employee or agent of the Company, if such business is or will be a Competitive Business; or 
  

 38 

 (d) interfere with the relationship of the Company with, or endeavor to entice away from
the Company, any Person who or which at any time during the period commencing one year prior to the Termination Date was or is, to the Executive’s knowledge, a material customer or material supplier of, or maintained a material business
relationship with, the Company. 
 8.4 Intellectual Property. During the period of Executive’s employment with the Company and
any Affiliate, and thereafter upon the Company’s request, whether or not after a Change in Control, Imminent Control Change, Significant Acquisition or Disaggregation, Executive shall disclose immediately to the Company all ideas, inventions
and business plans that he or she makes, conceives, discovers or develops alone or with others during the course of his or her employment with the Company or during the one year period following Executive’s Termination Date, including any
inventions, modifications, discoveries, developments, improvements, computer programs, processes, products or procedures (whether or not protectable upon application by copyright, patent, trademark, trade secret or other proprietary rights)
(“Work Product”) that: (i) relate to the business of the Company or any customer or supplier to the Company or any of the products or services being developed, manufactured, sold or otherwise provided by the Company or that may
be used in relation therewith; or (ii) result from tasks assigned to Executive by the Company; or (iii) result from the use of the premises or personal property (whether tangible or intangible) owned, leased or contracted for by the
Company. Executive agrees that any Work Product shall be the property of the Company and, if subject to copyright, shall be considered a “work made for hire” within the meaning of the Copyright Act of 1976, as amended (the
“Act”). If and to the extent that any such Work Product is not a “work made for hire” within the meaning of the Act, Executive hereby assigns to the Company all right, title and interest in and to the Work Product, and all
copies thereof, and the copyright, patent, trademark, trade secret and all proprietary rights in the Work Product, without further consideration, free from any claim, lien for balance due or rights of retention thereto on the part of Executive.

 (a) The Company hereby notifies Executive that the preceding paragraph does not apply to any inventions for which no
equipment, supplies, facility, or trade secret information of the Company was used and which was developed entirely on the Executive’s own time, unless: (i) the invention relates (a) to the Company’s business, or (b) to the
Company’s actual or demonstrably anticipated research or development, or (ii) the invention results from any work performed by the Executive for the Company. 
 (b) Executive agrees that upon disclosure of Work Product to the Company, Executive will, during his or her employment and at any time
thereafter, at the request and cost of the Company, execute all such documents and perform all such acts as the Company or its duly authorized agents may reasonably require: (i) to apply for, obtain and vest in the name of the Company alone
(unless the Company otherwise directs) letters patent, copyrights or other analogous protection in any country throughout the world, and when so obtained or vested to renew and restore the same; and (ii) to prosecute or defend any opposition
proceedings in respect of such applications and any opposition proceedings or petitions or applications for revocation of such letters patent, copyright or other analogous protection, or otherwise in respect of the Work Product. 
  

 39 

 (c) In the event that the Company is unable, after reasonable effort, to secure
Executive’s execution as provided in subsection (b) above, whether because of Executive’s physical or mental incapacity or for any other reason whatsoever, Executive hereby irrevocably designates and appoints the Company and its duly
authorized officers and agents as his or her agent and attorney-in-fact, to act for and on his or her behalf to execute and file any such application or applications and to do all other lawfully permitted acts to further the prosecution, issuance
and protection of letters patent, copyright and other intellectual property protection with the same legal force and effect as if personally executed by Executive. 
 8.5 Reasonableness of Restrictive Covenants. 
 (a) Executive acknowledges that the
covenants contained in Sections 8.1, 8.2, 8.3 and 8.4 are reasonable in the scope of the activities restricted, the geographic area covered by the restrictions, and the duration of the restrictions, and that such covenants are reasonably necessary
to protect the Company’s legitimate interests in its Confidential Information and in its relationships with its employees, customers and suppliers. Executive further acknowledges such covenants are essential elements of this Agreement and that,
but for such covenants, the Company would not have entered into this Agreement. 
 (b) The Company and Executive have each
consulted with their respective legal counsel and have been advised concerning the reasonableness and propriety of such covenants. Executive acknowledges that Executive’s observance of the covenants contained in Sections 8.1, 8.2, 8.3 and 8.4
will not deprive Executive of the ability to earn a livelihood or to support his or her dependents. 
 8.6 Right to Injunction; Survival
of Undertakings. 
 (a) In recognition of the confidential nature of the Confidential Information, and in recognition of
the necessity of the limited restrictions imposed by Sections 8.1, 8.2, 8.3 and 8.4 the parties agree that it would be impossible to measure solely in money the damages which the Company would suffer if Executive were to breach any of his or her
obligations under such Sections. Executive acknowledges that any breach of any provision of such Sections would irreparably injure the Company. Accordingly, Executive agrees that if he or she breaches any of the provisions of such Sections, the
Company shall be entitled, in addition to any other remedies to which the Company may be entitled under this Agreement or otherwise, to an injunction to be issued by a court of competent jurisdiction, to restrain any breach, or threatened breach, of
such provisions, and Executive hereby waives any right to assert any claim or defense that the Company has an adequate remedy at law for any such breach. 
 (b) If a court determines that any of the covenants included in this Article VIII is unenforceable in whole or in part because of such covenant’s duration or geographical or other scope, such court shall have the
power to modify the duration or scope of such provision, as the case may be, so as to cause such covenant as so modified to be enforceable. 
  

 40 

 (c) All of the provisions of this Article VIII shall survive any Termination of
Employment without regard to (i) the reasons for such termination or (ii) the expiration of the Agreement Term. 
 (d) The Company shall have no further obligation to pay or provide severance or benefits under Article II, Article IV, or Article V if a court determines that the Executive has breached any covenant in this Article VIII. 
 Article IX. 
 Non-Exclusivity of
Rights 
 9.1 Other Rights. Except as expressly provided in Section 4.11 or elsewhere in this Agreement, this Agreement shall
not prevent or limit Executive’s continuing or future participation in any benefit, bonus, incentive or other Plans provided by the Company and for which Executive may qualify, nor shall this Agreement limit or otherwise affect such rights as
Executive may have under any other agreements with the Company. Amounts which are vested benefits or which Executive is otherwise entitled to receive under any Plan and any other payment or benefit required by law at or after the Termination Date
shall be payable in accordance with such Plan or applicable law except as expressly modified by this Agreement. 
 9.2 No Right to
Continued Employment. Nothing in this Agreement shall guarantee the right of Executive to continue in employment, and the Company retains the right to terminate the Executive’s employment at any time for any reason or for no reason.

 Article X. 
 Miscellaneous 
 10.1 No Assignability. This Agreement is personal to Executive and without the prior written consent
of the Company shall not be assignable by Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by Executive’s legal representatives. 
 10.2 Successors. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. The Company will
require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and
to the same extent that the Company would be required to perform it if no such succession had taken place. Any successor to the business or assets of the Company which assumes or agrees to perform this Agreement by operation of law, contract, or
otherwise shall be jointly and severally liable with the Company under this Agreement as if such successor were the Company. 
 10.3
Affiliates. To the extent that immediately prior to the Applicable Trigger Date, the Executive has been on the payroll of, and participated in the incentive or employee benefit plans of, an Affiliate of the Company, the references to the
Company contained in Sections 2.8(a)(i) through (vii) and the other Sections of this Agreement referring to benefits to which the Executive may be entitled shall be read to refer to such Affiliate. 
  

 41 

 10.4 Payments to Beneficiary. If Executive dies before receiving amounts to which Executive is
entitled under this Agreement, such amounts shall be paid in a lump sum to one or more beneficiaries designated in writing by Executive (each, a “Beneficiary”) within 90 days after the date of Executive’s death. If none is so
designated, the Executive’s estate shall be his or her Beneficiary. 
 10.5 Payment of Reimbursable Expenses. Any reimbursement
(including any advancement) payable to Executive pursuant to this Agreement shall be conditioned on the submission by Executive of all expense reports reasonably required by the Company under any applicable expense reimbursement policy, and shall be
paid to the Executive within 30 days following receipt of such expense reports (or invoices), but in no event later than the last day of the calendar year following the calendar year in which Executive incurred the reimbursable expense. Any amount
of expenses eligible for reimbursement during a calendar year shall not affect the expenses eligibility for reimbursement during any other calendar year. The right to reimbursement pursuant to this Agreement shall not be subject to liquidation or
exchange for any other benefit. 
 10.6 Non-Alienation of Benefits. Benefits payable under this Agreement shall not be subject in any
manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution or levy of any kind, either voluntary or involuntary, before actually being received by Executive, and any such attempt to dispose of
any right to benefits payable under this Agreement shall be void. 
 10.7 Severability. If any one or more Articles, Sections or other
portions of this Agreement are declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not serve to invalidate any Article, Section or other portion not so declared to be unlawful or invalid.
Any Article, Section or other portion so declared to be unlawful or invalid shall be construed so as to effectuate the terms of such Article, Section or other portion to the fullest extent possible while remaining lawful and valid. 
 10.8 Amendments This Agreement shall not be amended or modified except by written instrument executed by the Company and Executive. 
 10.9 Notices. All notices and other communications under this Agreement shall be in writing and delivered by hand, by nationally-recognized
delivery service that promises overnight delivery, or by first-class registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
 If to Executive, to Executive at his or her most recent home address on file with the Company. 
  

 42 

 If to the Company: 
 Exelon Corporation 
 54th Floor 
 10 S. Dearborn Street 
 Chicago, Illinois 60603 
 Attention: Executive Vice President and Chief Human Resources Officer 
 Facsimile No.:
(312) 394-5440 
 With copy to: 
 Pamela Baker, Esq. 
 Sonnenschein Nath & Rosenthal 
 8000 Sears Tower 
 Chicago, Illinois 60606 
 Facsimile No.: (312) 876-7934 
 or to such other address as either party shall have furnished to the other in writing.
Notice and communications shall be effective when actually received by the addressee. 
 10.10 Joint and Several Liability. The
Company and the Subsidiary shall be jointly and severally liable for the obligations of the Company, the Subsidiary, or the Employer hereunder. 
 10.11 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together constitute one and the same instrument. 
 10.12 Governing Law. This Agreement shall be interpreted and construed in accordance with the laws of the State of Illinois, without regard to its
choice of law principles. 
 10.13 Captions. The captions of this Agreement are not a part of the provisions hereof and shall have no
force or effect. 
 10.14 Number and Gender. Wherever appropriate, the singular shall include the plural, the plural shall include the
singular, and the masculine shall include the feminine. 
 10.15 Tax Withholding. The Company may withhold from any amounts payable
under this Agreement or otherwise payable to Executive any Taxes the Company determines to be appropriate under applicable law and may report all such amounts payable to such authority as is required by any applicable law or regulation. 

10.16 Section 409A. This Agreement shall be interpreted and construed in a manner that avoids the imposition of additional taxes and
penalties under Section 409A of the Code (“409A Penalties”). In the event the terms of this Agreement would subject Executive to 409A Penalties, the Company and Executive shall cooperate diligently to amend the terms of the Agreement
to avoid such 409A Penalties, to the extent possible. The payments to Executive pursuant to Section 4 of this Agreement are intended to be exempt from Section 409A of the Code to the 

  

 43 

 
maximum extent possible, under either the separation pay exemption pursuant to Treasury regulation §1.409A-1(b)(9)(iii) or as a short-term deferral
pursuant to Treasury regulation §1.409A-1(b)(4), and for purposes of the separation pay exemption, each installment paid to Executive under Section 4 shall be considered a separate payment. Notwithstanding any other provision in this
Agreement, if on the date of Executive’s Termination Date, (i) the Company is a publicly traded corporation and (ii) Executive is a “specified employee,” as defined in Section 409A of the Code, then to the extent any
amount payable under this Agreement constitutes the payment of nonqualified deferred compensation, within the meaning of Section 409A of the Code, that under the terms of this Agreement would be payable prior to the six-month anniversary of the
Termination Date, such payment shall be delayed until the earlier to occur of (A) the six-month anniversary of the Termination Date or (B) the date of Executive’s death. 
 10.17 No Waiver. Executive’s failure to insist upon strict compliance with any provision of this Agreement shall not be deemed a waiver of
such provision or any other provision of this Agreement. A waiver of any provision of this Agreement shall not be deemed a waiver of any other provision, and any waiver of any default in any such provision shall not be deemed a waiver of any later
default thereof or of any other provision. 
 10.18 Entire Agreement. This Agreement, as amended and restated effective
January 1, 2009, contains the entire understanding of Company and Executive with respect to its subject matter. 
  

 44 

 IN WITNESS WHEREOF, Executive and Exelon Corporation have executed this Change in Control Employment
Agreement effective as of January 1, 2009. 
  

			
	EXECUTIVE
	
	  

	
	EXELON CORPORATION
		
	By:	 	  

	Title:Exelon Corporation Senior Management Severance Plan

 Exhibit 10.29 
 EXELON CORPORATION 
 SENIOR MANAGEMENT 
 SEVERANCE PLAN 
 (As Amended and Restated 
 Effective January 1, 2009) 

 EXELON CORPORATION 
 SENIOR MANAGEMENT SEVERANCE PLAN 
 (As Amended and Restated) 
  

	1.	PURPOSE OF THE PLAN 

 The Exelon Corporation
Senior Management Severance Plan, as amended and restated herein (the “Plan”), is effective as of January 1, 2008 (the “Effective Date”) except as otherwise specifically provided herein, and supersedes in its
entirety all prior versions of the Plan and the Exelon Corporation Key Management Severance Plan with respect to terminations of employment occurring any time on or after the Effective Date (or such other date as set forth herein). The Plan provides
severance benefits to eligible executives of Exelon Corporation (“Exelon”) and its designated subsidiaries of which Exelon owns at least 80% of the outstanding voting power that are participating employers in the Plan (Exelon and
such subsidiaries jointly and severally referred to as the “Company”) who submit a Notice of Termination or who are notified of their termination of employment on or after the Effective Date (or such other date as set forth herein),
and to provide additional protection in the event of a Change in Control of Exelon or an Imminent Control Change of Exelon. 
  

	2.	ELIGIBILITY 

  

	 	2.1.	Eligibility in General. Subject to the remaining provisions of this Section 2.1, eligibility to participate in the Plan is limited to each employee of the Company whose
position is in Salary Band E09 (or equivalent executive grade) or above (an “Executive”) who executes and returns to the Company by the later of 90 days after becoming an Executive, or 90 days after delivery thereof to the
Executive, non-competition, non-solicitation, confidential information and intellectual property covenants (“Restrictive Covenants”) which are acceptable to Exelon and are either substantially in the form attached hereto and made a
part hereof as Exhibit I (as may be modified from time to time by Exelon in its sole discretion) or set forth in another agreement between the Company and the Executive. Notwithstanding any provision of the Plan to the contrary, eligibility for
benefits under the Plan shall be subject to the provisions of any agreement (including but not limited to an offer of employment or grant instrument) between an Executive and the Company providing that that such Executive would be ineligible for (or
waives) all or a portion of the benefits under the Plan or “change in control” benefits in the event of a termination of employment, or under which the Executive had agreed, prior to the Applicable Trigger Date, to terminate his or her
employment. In addition, no Participant shall be entitled to any material enhancement to the separation benefits provided under the Plan without the written approval of the Chief Executive Officer of Exelon and the consent of the Chairman of the
Compensation Committee of Exelon’s Board of Directors. 

  

	 	2.2.	 Eligibility Under Section 4. Subject to Section 2.1, each Executive shall be eligible for the benefits provided under Section 4 hereof in the
event such Executive has a Termination of Employment; provided, however, that any Executive whose Termination of Employment is covered under Section 5 hereof 

	 	 
or a change in control agreement entered into between such Executive and the Company (an “Individual Change in Control Agreement”) shall not
be eligible for benefits under Section 4, except as expressly provided in Section 5 or such Individual Change in Control Agreement (which expressly refers to the benefits under Section 4 of this Plan). 

  

	 	2.3.	Eligibility Under Section 5. Eligibility for the benefits provided under Section 5 hereof due to a Termination of Employment during a Post-Change Period or an
Imminent Control Change Period shall be subject to Section 2.1, and shall be limited to persons who are Executives immediately prior to the Applicable Trigger Date and who are not subject to Individual Change in Control Agreements.

  

	3.	PARTICIPATION 

 Each eligible Executive shall
become a participant in the Plan (“Participant”) upon his or her execution of a separation agreement with the Company in such form as the Company, in its sole discretion, shall require or permit (the “Severance
Agreement”), provided such Severance Agreement is executed not later than 45 days after the Executive’s Termination Date. Each Executive shall also be required to execute, not later than 45 days after the Executive’s Termination
Date, a waiver and release of claims against the Company (“Waiver and Release”) which is substantially in the form attached hereto and made a part hereof as Exhibit II, as may from time to time be modified by the Company in its sole
discretion. The Company shall have no obligation to an Executive under this Plan unless and until the Executive timely executes the Restrictive Covenants, a Severance Agreement and a Waiver and Release. 
  

	4.	BENEFITS 

 A Participant described in
Section 2.2 shall be entitled to all Accrued Obligations and, subject to Section 6, benefits pursuant to this Section 4 upon the Participant’s Termination of Employment. 
  

	 	4.1.	Severance Pay. 

  

	 	 (a)
	 In General. Each Participant other than a Participant described in Section 4.1(b) shall receive severance
pay at a monthly rate equal to  1/12 of the sum of (a) the Participant’s annual base salary in effect as of the date of
Termination of Employment, plus (b) the Severance Incentive. Subject to Section 13.13 below, payment shall be made in regular payroll installments for the duration of the applicable Salary Continuation Period, as indicated below,
commencing no later than the second paydate which occurs after the Participant’s Termination Date, but in no event earlier than eight days after the date the Participant returns an executed Waiver and Release to the Plan Administrator. Payment
will be made in accordance with the Company’s normal payroll practices, net of applicable taxes and other deductions. 

  

 2 

			
	 Participant Level
	  	 Salary Continuation Period

	 Senior Executive Management
	  	24 months
	 Senior Vice Presidents of Exelon
	  	18 months
	 Other Executives
	  	15 months

  

	 	 (b)
	 Participants Employed for Less Than Two Years. Each Participant who has been continuously employed by the Company
for less than twenty-four months as of the Participant’s Termination Date shall receive severance pay at a monthly rate equal to  1/12 of the Participant’s annual base salary in effect as of the Termination Date. Subject to paragraph (c) below, payment shall be made in regular payroll installments for the duration of the applicable Salary Continuation Period, as
indicated below, commencing no later than the second paydate which occurs after the Participant’s Termination Date, but in no event earlier than eight days after the date the Participant returns an executed Waiver and Release to the Plan
Administrator. Payment will be made in accordance with the Company’s normal payroll practices, net of applicable taxes and other deductions. 

  

			
	 Participant Level
	  	 Salary Continuation Period

	 Senior Executive Management
	  	18 months (12 months if employed < 12 months)
	 Other Executives
	  	12 months (6 months if employed < 12 months)

  

	 	4.2.	Annual Incentive Awards. Effective with respect to Termination Dates occurring on or after January 1, 2008, each Participant shall receive an Annual Incentive which
shall be prorated by multiplying the amount of such Annual Incentive by a fraction the numerator of which is the number of days elapsed during such calendar year as of the Participant’s Termination Date and the number of days in the calendar
year in which Termination Date occurs. Payment of Annual Incentives under this Section 4.2 shall be made in a lump sum net of applicable taxes and other deductions at the time awards under the Exelon Corporation Annual Incentive Award Plan are
paid to active employees for such performance period (but not later than March 15 of the year following the last day of such performance period), and shall be considered a “short-term deferral” within the meaning of Section 409A
of the Code. 

  

	 	4.3.	 Stock Options. No Participant shall be entitled to participate in any new grants of Stock Options (as defined in Section 5.1(b)) made after such
Participant’s notification of his or her Termination of Employment. Except as provided below, 

  

 3 

	 	 
any Stock Options previously granted to the Participant shall be exercisable only to the extent such Stock Options are exercisable as of the date of such
Participant’s Termination Date and shall thereafter be exercised in accordance with the provisions of the LTIP. Stock Options which remain unexercisable as of the Participant’s Termination Date shall be forfeited. Notwithstanding the
preceding, if, as of the Participant’s Termination Date, such Participant has attained at least age 50 and completed at least 10 years of service as defined under the tax-qualified defined benefit plan maintained by Exelon in which the
Executive is a participant (the “Pension Plan”) (or who, pursuant to the terms of an offer of employment or employment agreement or under any provision of the Pension Plan or SERP, is credited with a number of additional years of
age and/or service that would enable such Participant to satisfy the above eligibility requirements), then any Stock Options granted to such Participant which have not become exercisable prior to the Participant’s Termination Date shall
(i) become fully vested, and (ii) remain exercisable until the fifth anniversary of the Termination Date or, if earlier, the option expiration date, provided that this Section 4.3 shall not limit the right of the Company to cancel the
Stock Options in connection with a corporate transaction pursuant to the terms of the LTIP. 

  

	 	4.4.	Other LTIP Awards. Awards of Performance Shares and/or Restricted Stock (as defined in Sections 5.1(c) and 5.1(d), respectively) shall be payable to a Participant solely to
the extent provided under the terms of such Awards; provided, however, that to the extent the Company determines that a Participant is a Specified Employee and that any such payment is deferred compensation, each within the meaning of
Section 409A of the Code, such payment shall not be made prior to the earlier to occur of (i) the six-month anniversary of the Termination Date or (ii) the date of the Participant’s death. 

  

	 	4.5.	 Health Care Coverage. During the Salary Continuation Period, a Participant (and his or her dependents) shall be eligible to participate in the health care
plans under which he or she was covered immediately prior to his or her Termination of Employment, in accordance with and subject to the terms and conditions of such plans as in effect from time to time. The Participant’s out of pocket costs
(including premiums, deductibles and co-payments) for such coverage shall be the same as that in effect from time to time for active peer employees during such period. Coverage under this Paragraph 4.5 shall be provided for the duration of the
Salary Continuation Period in lieu of continuation coverage under Section 4980B of the Code and Section 601 to 609 of ERISA (“COBRA”) for the same period. At the end of the Salary Continuation Period, COBRA continuation
coverage may be elected for the remaining balance of the statutory coverage period, if any; provided, however that a Participant who, as of the last day of the Salary Continuation Period, has attained at least age 50 and completed at least 10 years
of service (or who has completed such other age and service requirement then in effect under the Exelon Corporation Severance Benefit Plan or any successor plan as of the relevant time set forth in such plan) under the terms of the Pension Plan (or
who, pursuant to the terms of an offer of employment or employment agreement or under any provision of the Pension Plan or SERP, is credited with a number of additional years of age and/or service that would enable 

  

 4 

	 	 
such Participant to satisfy the above eligibility requirements) shall be entitled to elect retiree health coverage under the Company’s health care plans
on the same terms and subject to the same conditions as in effect from time to time for active peer employees who have completed 10 years of service after attaining age 45. 

  

	 	4.6.	SERP / Other Deferred Compensation. For purposes of the Participant’s SERP benefit, the Salary Continuation Period shall be taken into account as service solely for
purposes of determining whether the Participant is vested (i.e., 5 years of service) and, to the extent relevant under the Pension Plan covering the Participant, the amount of the Participant’s regular accrued benefit, but not for purposes of
determining eligibility for early retirement benefits (including any social security supplement) or any other purpose. In determining the amount of the Participant’s vested benefit, if any, the severance payments made under Section 4.1
shall be taken into account as if such payments were normal base salary and incentive payments. Payment shall be made in accordance with the SERP and the Participant’s distribution election in effect thereunder as of the Termination Date (or,
if no affirmative election is in effect as of such date, the default election applicable to the Participant). All amounts previously deferred by, or accrued to the benefit of, such Participant under the Exelon Corporation Deferred Compensation Plan,
the Exelon Corporation Stock Deferral Plan shall, to the extent vested, be paid in accordance with the Participant’s distribution election in effect thereunder as of the Termination Date (or, if no affirmative election is in effect as of such
date, the default election applicable to the Participant). 

  

	 	4.7.	Life Insurance and Disability Coverage. A Participant shall be eligible for continued coverage under the applicable life insurance and long term disability plans sponsored by
the Company (or other equivalent coverage or benefits) shall be extended to each Participant through the last day of the Salary Continuation Period applicable to such Participant on the same terms and subject to the same terms and conditions as are
applicable to active peer employees (including, without limitation, submission of proof by an Executive who seeks long term disability benefits that such Executive would have satisfied the conditions for such benefits had the Executive been an
employee during the Salary Continuation Period and terminated employment on or before the last day of such period). 

  

	 	4.8.	Executive Perquisites. Executive perquisites shall terminate effective as of the Participant’s Termination Date, and any Company-owned property shall be required to be
returned to the Company no later than such date. 

  

	 	4.9.	Outplacement Services. Each Participant shall be entitled to outplacement services at the expense of the Company for twelve months and subject to such terms and conditions as
the Plan Administrator, in its sole discretion, determines are appropriate. No cash shall be paid in lieu of such fees and costs. 

  

	 	4.10.	Restrictions on In-Kind Benefits. The in-kind benefits provided under each of Sections 4.5, 4.7 and 4.8 during any calendar year shall not affect the benefits to be provided
under such section in any subsequent calendar year. The right to such benefits shall not be subject to liquidation or exchange for any other benefit 

  

 5 

	 	4.11.	Other Coverage. Notwithstanding the foregoing, if such Participant is eligible to obtain a specific type of coverage under welfare plan(s) sponsored by another employer of
such Participant (e.g. medical, prescription, vision, dental, disability, individual life insurance benefits, group life insurance benefits, but excluding for the purposes of this sentence retiree benefits if such Participant is so eligible), then
the Company shall not be obligated to provide any such specific type of coverage. The Participant shall promptly notify the Plan Administrator of any such coverage. 

  

	5.	CHANGE IN CONTROL BENEFITS 

 A Participant
described in Section 2.3 shall be entitled to all Accrued Obligations and, subject to Section 6, benefits pursuant to this Section 5 if such a Participant has a Termination of Employment during a Post-Change Period or Imminent Control
Change Period, and such Participant shall not be eligible for benefits under Section 4 unless so expressly provided in this Section 5. 
  

	 	5.1.	Termination During a Post-Change Period. If, during a Post-Change Period, an eligible Executive has a Termination of Employment and becomes a Participant, the Company’s
sole obligations under Section 4 and Sections 5.1 and 5.2 shall be as set forth in this Section 5.1 (subject to Sections 5.3, 5.5, 5.6 and 5.7). 

  

	 	(a)	Severance Payments. The Company shall pay or provide (or cause to be provided) to such Participant, according to the payment terms set forth in Section 5.3 below, the
following: 

  

	 	(i)	Annual Incentive for Year of Termination. An amount equal to the Annual Incentive applicable to such Participant under the Incentive Plan for the performance period in which
the Termination Date occurs; 

  

	 	(ii)	Deferred Compensation and Non-Qualified Defined Contribution Plans. All amounts previously deferred by, or accrued to the benefit of, such Participant under the Exelon
Corporation Deferred Compensation Plan, the Exelon Corporation Stock Deferral Plan, any successor of either of them, or under any other non-qualified defined contribution or deferred compensation plan of the Company, whether vested or non-vested,
together with any accrued earnings thereon, to the extent that such amounts and earnings have not been previously paid by the Company and are not provided under the terms of any such non-qualified plan; 

  

 6 

	 	(iii)	SERP Enhancement. An amount payable under the SERP equal to the positive difference, if any, between: 

  

	 	(1)	the lump sum value of such Participant’s benefit, if any, under the SERP, calculated as if such Participant had: 

  

	 	(a)	become fully vested in all Pension Plan and SERP benefits, 

  

	 	(b)	to the extent age is relevant under the Pension Plan covering the Participant, attained as of the Termination Date an age that is two years greater than such Participant’s
actual age and that includes the number of years of age credited to such Participant pursuant to any other agreement between the Company and such Participant, 

  

	 	(c)	to the extent service is relevant under the Pension Plan covering the Participant, accrued a number of years of service (for purposes of determining the amount of such benefits,
entitlement to - but not commencement of - early retirement benefits, and all other purposes of the Pension Plan and SERP) that is two years greater than the number of years of service actually accrued by such Participant as of the Termination Date
and that includes the number of years of service credited to such Participant pursuant to any other agreement between the Company and such Participant, and 

  

	 	(d)	received the severance benefits specified in Sections 5.1(a)(i) and 5.1(a)(v) as covered compensation in regular installments during the Severance Period, minus

  

	 	(2)	the aggregate amounts paid or payable to such Participant under the SERP; 

  

	 	(iv)	Non-vested Benefits Under Pension Plan. An amount equal to the actuarial equivalent present value of any non-vested portion of such Participant’s accrued benefit or cash
balance account (as applicable) under the Pension Plan as of the Termination Date and forfeited by such Participant by reason of the Termination of Employment; and 

  

	 	(v)	Multiple of Salary and Severance Incentive. An amount equal to two (2) times the sum of (x) the Participant’s Base Salary plus (y) the Severance
Incentive, net of applicable taxes and other deductions. 

  

	 	(b)	 Stock Options. Each of such Participant’s stock options granted under the LTIP (“Stock Options”) shall (i) become fully vested,
and (ii) remain 

  

 7 

	 	 
exercisable until the fifth anniversary of the Termination Date or, if earlier, the expiration date of any such Stock Option, provided that this
Section 5.1(b) shall not limit the right of the Company to cancel the Stock Options in connection with a corporate transaction pursuant to the terms of the LTIP. 

  

	 	(c)	Performance Share Vesting. On the Termination Date, all of the performance share units granted to such Participant under the Exelon Performance Share Program under the LTIP
or awards granted in lieu thereof to an executive of Commonwealth Edison Company (“Performance Shares”) to the extent earned by and awarded to such Participant (i.e. as to which the applicable performance cycle has elapsed) as of
the Termination Date, shall become fully vested at the actual level earned and awarded, and, to the extent not yet earned by and awarded to such Participant (i.e. as to which the current performance cycle has not elapsed) as of the Termination Date,
shall become fully vested at the earned level determined as of the last day of the applicable performance cycle. 

  

	 	(d)	Other Restricted Stock. All forfeiture conditions that as of the Termination Date are applicable to any restricted stock or restricted stock units awarded to such Participant
by Exelon other than under the Exelon Performance Share Program under the LTIP (“Restricted Stock”) shall (except as expressly provided to the contrary in the applicable awards) lapse immediately and all such awards will become
fully vested. 

  

	 	(e)	Continuation of Welfare Benefits. During the Severance Period, the Executive and the Executive’s dependents shall be eligible for participation in the Company’s
welfare plans, including medical, prescription, dental, disability, employee life, group life and accidental death benefits but excluding any severance pay (“Welfare Plans”) that covered the Participant or such Participant’s
dependents prior to such Participant’s Termination of Employment, in accordance with the terms and conditions of such plans. Such provision of welfare benefits shall be subject to the following: 

  

	 	(i)	In determining benefits applicable under such Welfare Plans, such Participant’s annual compensation attributable to base salary and incentives for any plan year or calendar
year, as applicable, shall be deemed to be not less than such Participant’s Base Salary and annual incentive for the year in which the Termination Date occurs. 

  

	 	(ii)	The cost of such welfare benefits to such Participant and dependents under this Section 5.1(e) shall not exceed the cost of such benefits to peer executives who are actively
employed during the Severance Period. 

  

 8 

	 	(iii)	Such Participant’s rights under this Section 5.1(e) shall be in addition to and not in lieu of any post-termination continuation coverage or conversion rights such
Participant may have pursuant to applicable law, including, without limitation, continuation coverage required by COBRA. 

  

	 	(iv)	If such Participant has, as of the last day of the Severance Period, attained age 50 and completed at least 10 years of service with the Company, such Participant shall be entitled
to the retiree benefits provided under any Welfare Plan of the Company; provided, however, that for purposes hereof, any years of age and/or credited service granted to such Participant in any other plan or agreement between such Participant and the
Company shall be taken into account. For purposes of determining eligibility for (but not the time of commencement of) such retiree benefits, such Participant shall also be considered (1) to have remained employed until the last day of the
Severance Period and to have retired on the last day of such period, and (2) to have attained at least the age such Participant would have attained on the last day of the Severance Period. 

 Notwithstanding the foregoing, if such Participant is eligible to obtain a specific type of coverage under welfare plan(s) sponsored by another employer
of such Participant (e.g. medical, prescription, vision, dental, disability, individual life insurance benefits, group life insurance benefits, but excluding for the purposes of this sentence retiree benefits if such Participant is so eligible),
then the Company shall not be obligated to provide any such specific type of coverage. The Participant shall promptly notify the Plan Administrator of any such coverage. 
  

	 	(f)	Outplacement. To the extent actually incurred by such Participant, the Company shall pay or cause to be paid on behalf of such Participant, as incurred, all reasonable fees
and costs charged by a nationally recognized outplacement firm selected by such Participant for outplacement services provided for up to 12 months after the Termination Date. No cash shall be paid in lieu of such fees and costs.

  

	 	(g)	 Indemnification. Such Participant shall be indemnified and held harmless by the Company to the greatest extent permitted under applicable law and the
Company’s by-laws if such Participant was, is, or is threatened to be, made a party to any pending, completed or threatened action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other
proceeding brought by a third party (and not by or on behalf of the Company or its shareholders) whether civil, criminal, administrative or investigative, and whether formal or informal, by reason of the fact that such Participant is or was, or had
agreed to become, a director, officer, employee, agent, or fiduciary of the Company any other entity which such Participant is or was serving at the request of 

  

 9 

	 	 
the Company (“Proceeding”), against all expenses (including all reasonable attorneys’ fees) and all claims, damages, liabilities and
losses incurred or suffered by such Participant or to which such Participant may become subject for any reason; provided, that the Participant provides the Company written notice of any such Proceeding promptly after receipt and such that the
Company’s ability to defend shall not be prejudiced in any fashion and the Company shall have the right to direct the defense, approve any settlement and shall not be required to indemnify the Participant in connection with any proceeding
initiated by the Participant, including a counterclaim or crossclaim, unless such proceeding was authorized by the Company, and that the Participant fully cooperates in the investigation and defense of such Proceeding. 

 

	 	(h)	Directors’ and Officers’ Liability Insurance. For a period of six years after the Termination Date, the Company shall provide such Participant with coverage under a
directors’ and officers’ liability insurance policy in an amount no less than, and on terms no less favorable than, those provided to peer executives of the Company from time to time. 

  

	 	5.2.	Termination During an Imminent Control Change Period. If, during an Imminent Control Change Period, a Participant has a Termination of Employment, then such Participant shall
receive benefits at the time and in the manner provided in Section 4 and the Company’s sole obligations to such Participant under Sections 5.1 and 5.2 shall be as set forth in this Section 5.2 (and subject to Sections 5.3, 5.5, 5.6
and 5.7). The Company’s obligations to such Participant under this Section 5.2 shall in all events be reduced by any amounts or benefits paid or provided pursuant to Section 4. 

  

	 	(a)	Cash Severance Payments. If the Imminent Control Change Period culminates in a Change Date, the Company shall pay (or cause to be paid) to such Participant the amounts
described in Section 5.1(a)(i) through (v). Such amounts shall be paid to such Participant as described in Section 5.3, provided that amounts that would have been paid prior to the Change Date shall be paid in a lump sum (without interest)
within 30 business days after the Change Date. 

  

	 	(b)	Vested Stock Options. Such Participant’s Stock Options, to the extent vested on the Termination Date, 

  

	 	(i)	will not expire (unless such Stock Options would have expired had such Participant remained an employee of the Company) during the Imminent Control Change Period; and

  

	 	(ii)	will continue to be exercisable after the Termination Date to the extent provided in the applicable grant agreement or the LTIP, and thereafter such Stock Options shall not be
exercisable during the Imminent Control Change Period. 

  

 10 

 If the Imminent Control Change Period lapses without a Change Date, then such Participant’s Stock
Options, to the extent vested on the Termination Date, may be exercised, in whole or in part, during the 30-day period following the lapse of the Imminent Control Change Period, or, if longer, the period during which such Participant’s vested
Stock Options could otherwise be exercised under the terms of the applicable grant agreement or the LTIP (but in no case shall any Stock Options remain exercisable after the date on which such Stock Options would have expired if such Participant had
remained an employee of the Company). 
 If the Imminent Control Change Period culminates in a Change Date, then effective upon the Change
Date, such Participant’s Stock Options, to the extent vested on the Termination Date, may be exercised in whole or in part by such Participant at any time until the earlier of the fifth anniversary of the Change Date or the option expiration
date for such Stock Options, provided that this Section 5.2(b) shall not limit the right of the Company to cancel the Stock Options in connection with a corporate transaction pursuant to the terms of the LTIP. 
  

	 	(c)	Non-vested Stock Options. Such Participant’s Stock Options that are not vested on the Termination Date: 

  

	 	(i)	will not expire (unless such Stock Options would have expired had such Participant remained an employee of the Company) during the Imminent Control Change Period; and

  

	 	(ii)	will not continue to vest and will not be exercisable during the Imminent Control Change Period. 

 If the Imminent Control Change lapses without a Change Date, such non-vested Stock Options will thereupon expire. 
 If the Imminent Control Change culminates in a Change Date, then immediately prior to the Change Date, such non-vested Stock Options shall become fully
vested, and may thereupon be exercised in whole or in part by such Participant at any time until the earlier of the fifth anniversary of the Change Date, or the option expiration date for such Stock Options, provided that this Section 5.2(c)
shall not limit the right of the Company to cancel the Stock Options in connection with a corporate transaction pursuant to the terms of the LTIP. 
  

	 	(d)	Performance Shares. Such Participant’s Performance Shares granted under the Exelon Performance Share Program under the LTIP will not be forfeited during the Imminent
Control Change Period, and will not continue to vest during the Imminent Control Change Period. If the Imminent Control Change lapses without a Change Date, such Performance Shares shall be governed according to the terms of Section 4. If the
Imminent Control Change Period culminates in a Change Date: 

  

	 	(i)	All Performance Shares granted to such Participant under the Exelon Performance Share Program under the LTIP, which, as of the Termination Date, have been earned by and awarded to
such Participant, shall become fully vested at the actual earned level on the Change Date, and 

  

 11 

	 	(ii)	All of the Performance Shares granted to such Participant under the Exelon Performance Share Program under the LTIP which, as of the Termination Date, have not been earned by
and awarded to such Participant shall become fully vested on the Change Date at the actual earned level as of the last day of the applicable performance cycle. 

  

	 	(e)	Restricted Stock. Such Participant’s non-vested Restricted Stock will: 

  

	 	(i)	not be forfeited during the Imminent Control Change Period; and 

  

	 	(ii)	not continue to vest during the Imminent Control Change Period. 

 If the Imminent Control Change Period lapses without a Change Date, such non-vested Restricted Stock shall thereupon be forfeited. 
 If the Imminent Control Change Period culminates in a Change Date, then immediately prior to the Change Date, such Participant’s Restricted Stock shall (except as expressly provided to the contrary in the award) become fully vested,
and within ten business days after the Change Date, the Company shall deliver to such Participant all of such shares theretofore held by or on behalf of the Company, which will be subject to the same terms which other stockholders of the Company
receive in the transaction. 
  

	 	(f)	Continuation of Welfare Benefits. The Participant and the Participant’s dependents shall be eligible for welfare benefits (other than any severance pay that may be
considered a welfare benefit) in accordance with the terms and conditions of the applicable plans during the Imminent Control Change Period, to the same extent as if such Participant had remained employed during such period, subject to the
following: 

  

	 	(i)	in determining benefits applicable under such Welfare Plans, such Participant’s annual compensation attributable to base salary and incentives for any plan year or calendar
year, as applicable, shall be deemed to be not less than such Participant’s Base Salary and annual incentive for the year in which the Termination Date occurs; 

  

	 	(ii)	the cost of such welfare benefits to such Participant and dependents under this Section 5.2(f) shall not exceed the cost of such benefits to peer executives who are actively
employed by the Company during the Imminent Control Change Period; and 

  

 12 

	 	(iii)	such Participant’s rights under this Section 5.2(f) shall be in addition to and not in lieu of any post-termination continuation coverage or conversion rights such
Participant may have pursuant to applicable law, including, without limitation, continuation coverage required by COBRA. 

 If
the Imminent Control Change Period lapses without a Change Date, welfare benefit plan coverage under this Section 5.2(f) shall thereupon cease, subject to such Participant’s rights, if any, to continued coverage under a Welfare Plan,
Section 4, or applicable law. If the Imminent Control Change Period culminates in a Change Date, then for the remainder of the Severance Period, the Participant and his or her dependents shall continue to be eligible for welfare benefits as
described in, and subject to the limitations of Section 5.1(e). 
 Notwithstanding the foregoing, if such Participant obtains a specific
type of coverage under welfare plan(s) sponsored by another employer of such Participant (e.g. medical, prescription, vision, dental, disability, individual life insurance benefits, group life insurance benefits, but excluding for the purposes of
this sentence retiree benefits if such Participant is so eligible), then the Company shall not be obligated to provide any such specific type of coverage. The Participant shall immediately notify the Plan Administrator of any such coverage.

  

	 	(g)	Indemnification. Such Participant shall be indemnified and held harmless by the Company to the same extent as provided in Section 5.1(g), but only during the Imminent
Control Change Period (or greater period provided under the Company’s by-laws) if the Imminent Control Change Period lapses without a Change Date. 

  

	 	(h)	Termination During an Imminent Control Change Period: Directors’ and Officers’ Liability Insurance. The Company shall provide the same level of directors’ and
officers’ liability insurance for such Participant as provided in Section 5.1(h), but only during the Imminent Control Change Period (or greater period provided under the Company’s by-laws) if the Imminent Control Change Period lapses
without a Change Date. 

  

	 	5.3.	 Timing of Severance Payments. Unless otherwise specified herein, the Accrued Obligations and the amount described in Section 5.1(a)(i) shall be paid
within 30 business days of the Termination Date (or eight days after the date on which the Participant executes and returns a Waiver and Release, if later), and such amounts shall be considered “short-term deferrals” within the meaning of
Section 409A of the Code. The amounts described in Sections 5.1(a)(ii), (iii) and (iv) shall be paid in accordance with the applicable deferred compensation plan or the SERP and the Participant’s distribution election thereunder
as of the Termination Date (or, if no affirmative election is in effect as of such date, the default election in effect with respect to the Participant as of such date). Subject to Section 13.13, the severance payments described in
Section 5.1(a)(v) shall be paid during the 

  

 13 

	 	 
Severance Period, beginning no later than the second paydate which occurs after the Termination Date (or eight days after the date on which the Participant
executes and returns a Waiver and Release, if later), in periodic payments to a Participant according to the Company’s normal payroll practices at a monthly rate equal to 1/12 of the sum of (i) such Participant’s Base Salary plus
(ii) the Severance Incentive. The in-kind benefits and reimbursements provided under each of Sections 5.1(e), 5.1(h), 5.2(f) and 5.2(h) during any calendar year shall not affect the benefits or reimbursements to be provided under such section
in any subsequent calendar year. The right to such benefits and reimbursements shall not be subject to liquidation or exchange for any other benefit. 

  

	 	5.4.	Other Terminations of Employment by the Company or a Participant. 

  

	 	(a)	Obligations. If, during a Post-Change Period or an Imminent Control Change Period, (i) the Company terminates an eligible Executive’s employment for Cause (or
causes a Participant to be terminated for Cause) (“Cause Termination”) or disability (as determined by the Plan Administrator in good faith), (ii) an Executive elects to retire or otherwise terminate employment other than for
Good Reason, disability or death, or (iii) an eligible Executive’s employment terminates on account of death, the Company shall have no obligations to such Executive under Section 5. The remaining applicable provisions of this Plan
(including the Restrictive Covenants) shall continue to apply. 

  

	 	(b)	Procedural Requirements. The Company shall strictly observe or cause to be strictly observed each of the following procedures in connection with any Cause Termination during
a Post-Change Period or an Imminent Control Change Period: an eligible Executive’s termination of employment shall not be deemed to be for Cause under this Section 5.4 unless and until there shall have been delivered to such Executive a
written notice of the determination of the Chief Executive Officer of the Executive’s employer (“CEO”) (after reasonable written notice of such consideration by the CEO of acts or omissions alleged to constitute Cause is
provided to such Executive and such Executive is given an opportunity to present a written response to the CEO regarding such allegations), finding that, in his or her good faith opinion, such Executive’s acts, or failure to act, constitutes
Cause and specifying the particulars thereof in detail. 

  

	 	5.5.	Sole and Exclusive Obligations. The obligations of the Company under this Plan with respect to any Termination of Employment occurring during a Post-Change Period or Imminent
Control Change Period shall supersede any severance obligations of the Company in any other plan of the Company or agreement between such Participant and the Company, including, without limitation, Section 4, any offer of employment or
employment contract of the Company which provides for severance benefits, except as explicitly provided in Section 5.2 or to the extent such Participant is ineligible for such benefits or such benefits are waived pursuant to Section 2.1.

  

 14 

	 	5.6.	Payment Capped. If at any time or from time to time, it shall be determined by the Company’s independent auditors that any payment or other benefit to a Participant
pursuant to Section 4 or 5 of this Plan or otherwise (“Potential Parachute Payment”) is or will become subject to the excise tax imposed by Section 4999 of the Code or any similar tax payable under any United States
federal, state, local, foreign or other law (“Excise Taxes”), then the Potential Parachute Payments payable to such Participant shall be reduced to the largest amount which would both (a) not cause any Excise Tax to be payable
by such Participant and (b) not cause any Potential Parachute Payments to become nondeductible by the Company by reason of Section 280G of the Code (or any successor provision). 

  

	6.	TERMINATION OF PARTICIPATION; CESSATION OF BENEFITS 

 A Participant’s benefits under Section 4 of the Plan shall terminate on the last day of the Participant’s Salary Continuation Period; provided that a Participant’s right to benefits shall terminate immediately on such
date as the Company discovers that the Participant has breached any of the Restrictive Covenants or the Waiver and Release, or if at any time the Company determines that in the course of his or her employment the Executive engaged in conduct
described in Section 7.9(b), (c), (d) or (e) or the Executive fails to comply with Section 13.2, in which case the Company may require the repayment of amounts paid pursuant to Section 4.1 prior to such breach or other
conduct, and shall discontinue the payment of any additional amounts under Section 4 of the Plan. 
 A Participant’s benefits under
Section 5 of the Plan shall terminate on the later of the last day of the Participant’s Severance Period or the date all benefits to which the Participant is entitled to have been paid from the Plan; provided that a Participant’s
right to benefits shall terminate immediately on the date the Company discovers that the Participant has breached any of the Restrictive Covenants or the Waiver and Release, or if at any time the Company determines, in accordance with the procedural
requirements set forth in Section 5.4(b) that in the course of his or her employment the Executive engaged in conduct described in Section 7.9(b), (c), (d) or (e) or the Executive fails to comply with Section 13.2, in which
case the Company may require the repayment of amounts paid pursuant to Section 5 prior to such breach or other conduct, and shall discontinue the payment of any additional amounts under Section 5 of the Plan. 
 Benefits paid or payable to a Participant under Section 4 and Section 5 of the Plan shall be subject to any executive or officer incentive
compensation recoupment policy of the Board of Directors as in effect as of the Termination Date. 
  

	7.	DEFINITIONS 

 In addition to terms previously
defined, when used in the Plan, the following capitalized terms shall have the following meanings unless the context clearly indicates otherwise: 
  

	 	7.1.	“Accrued Annual Incentive” means the amount of any annual incentive earned but not yet paid with respect to the Company’s latest fiscal year ended prior to the
Termination Date. 

  

 15 

	 	7.2.	“Accrued Base Salary” means the amount of a Participant’s Base Salary that is accrued but not yet paid as of the Termination Date. 

  

	 	7.3.	“Accrued Obligations” means, as of any date, the sum of a Participant’s Accrued Base Salary, Accrued Annual Incentive and any accrued but unpaid paid time off

  

	 	7.4.	“Annual Incentive” as of a certain date means an amount equal to the product of Base Salary determined as of such date multiplied by the percentage of such Base
Salary to which a Participant would have been entitled immediately prior to such date under the Exelon Corporation Annual Incentive Award Plan for the applicable performance period based on the actual achievement performance goals established
pursuant to such plan as of the end of the applicable performance period; provided, however, that any reduction in a Participant’s Base Salary or annual incentive that would qualify as Good Reason shall be disregarded for purposes of this
definition. 

  

	 	7.5.	“Applicable Trigger Date” means 

  

	 	(a)	the Change Date, with respect to a Post-Change Period; or 

  

	 	(b)	the date of an Imminent Control Change, with respect to the Imminent Control Change Period. 

  

	 	7.6.	“Base Salary” for purposes of Section 5, means not less than 12 times the highest monthly base salary paid or payable to a Participant by the Company in
respect of the 12-month period immediately before the Applicable Trigger Date. 

  

	 	7.7.	“Beneficial Owner” means such term as defined in Rule 13d-3 of the SEC under the Exchange Act. 

  

	 	7.8.	“Board” means the Board of Directors of Exelon or, from and after the effective date of a Corporate Transaction (as defined in the definition of Change in Control),
the Board of Directors of the corporation resulting from a Corporate Transaction or, if securities representing at least 50% of the aggregate voting power of such resulting corporation are directly or indirectly owned by another corporation, such
other corporation. 

  

	 	7.9.	“Cause” means, with respect to any Executive: 

  

	 	(a)	the refusal to perform or habitual neglect in the performance of the Executive’s duties or responsibilities, or of specific directives of the officer or other executive of
Exelon or any of its affiliates to whom the Executive reports which are not materially inconsistent with the scope and nature of the Executive’s employment duties and responsibilities; 

  

	 	(b)	an Executive’s willful or reckless commission of act(s) or omission(s) which have resulted in or are likely to result in, a material loss to, or material damage to the
reputation of, Exelon or any of its affiliates, or that compromise the safety of any employee or other person; 

  

 16 

	 	(c)	the Executive’s commission of a felony or any crime involving dishonesty or moral turpitude; 

  

	 	(d)	an Executive’s material violation of Exelon’s or any of its affiliate’s Code of Business Conduct (including the corporate policies referenced therein) which would
constitute grounds for immediate termination of employment, or of any statutory or common law duty of loyalty to Exelon or any of its affiliates; or 

  

	 	(e)	any breach by the Executive of any one or more of the Restrictive Covenants. 

  

	 	7.10.	“Change Date” means each date on which a Change in Control occurs after the Effective Date. 

  

	 	7.11.	“Change in Control” means: 

  

	 	(a)	any SEC Person becomes the Beneficial Owner of 20% or more of the then outstanding common stock of Exelon or of Voting Securities representing 20% or more of the combined voting
power of all the then outstanding Voting Securities of Exelon (such an SEC Person, a “20% Owner”); provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a Change in
Control: (1) any acquisition directly from Exelon (excluding any acquisition resulting from the exercise of an exercise, conversion or exchange privilege unless the security being so exercised, converted or exchanged was acquired directly from
Exelon), (2) any acquisition by Exelon, (3) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by Exelon or any corporation controlled by Exelon (a “Company Plan”), or (4) any
acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of subsection (c) of this definition; provided further, that for purposes of clause (2), if any 20% Owner of Exelon
other than Exelon or any Company Plan becomes a 20% Owner by reason of an acquisition by Exelon, and such 20% Owner of Exelon shall, after such acquisition by Exelon, become the beneficial owner of any additional outstanding common shares of Exelon
or any additional outstanding Voting Securities of Exelon (other than pursuant to any dividend reinvestment plan or arrangement maintained by Exelon) and such beneficial ownership is publicly announced, such additional beneficial ownership shall
constitute a Change in Control; or 

  

	 	(b)	 Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the
Incumbent Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by Exelon’s shareholders, was approved by a vote of at least a majority of the directors then
comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial 

  

 17 

	 	 
assumption of office occurs as a result of an actual or threatened election contest (as such terms are used in Rule 14a-11 promulgated under the
Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 

  

	 	(c)	Consummation of a reorganization, merger or consolidation (“Merger”), or the sale or other disposition of more than 50% of the operating assets of Exelon
(determined on a consolidated basis), other than in connection with a sale-leaseback or other arrangement resulting in the continued utilization of such assets (or the operating products of such assets) by Exelon (such reorganization, merger,
consolidation, sale or other disposition, a “Corporate Transaction”); excluding, however, a Corporate Transaction pursuant to which: 

  

	 	(i)	all or substantially all of the individuals and entities who are the Beneficial Owners, respectively, of the outstanding common stock of Exelon and outstanding Voting Securities of
Exelon immediately prior to such Corporate Transaction beneficially own, directly or indirectly, more than 60% of, respectively, the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities
entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which, as a result of such transaction, owns Exelon or all or
substantially all of the assets of Exelon either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Corporate Transaction of the outstanding common stock of Company and
outstanding Voting Securities of Exelon, as the case may be; 

  

	 	(ii)	no SEC Person (other than the corporation resulting from such Corporate Transaction, and any Person which beneficially owned, immediately prior to such corporate Transaction,
directly or indirectly, 20% or more of the outstanding common stock of Exelon or the outstanding Voting Securities of Exelon, as the case may be) becomes a 20% Owner, directly or indirectly, of the then-outstanding common stock of the corporation
resulting from such Corporate Transaction or the combined voting power of the outstanding voting securities of such corporation; and 

  

	 	(iii)	individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate
Transaction; or 

  

	 	(d)	Approval by Exelon’s shareholders of a plan of complete liquidation or dissolution of Exelon, other than a plan of liquidation or dissolution which results in the acquisition
of all or substantially all of the assets of Exelon by an affiliated company. 

  

 18 

 Notwithstanding the occurrence of any of the foregoing events, a Change in Control shall not occur with
respect to a Participant if, in advance of such event, such Participant agrees in writing that such event shall not constitute a Change in Control. 
  

	 	7.12.	“Code” means the Internal Revenue Code of 1986, as amended. 

  

	 	7.13.	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

  

	 	7.14.	“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

  

	 	7.15.	“Good Reason” means: 

  

	 	(a)	for purposes of Section 4 hereof, 

  

	 	(i)	a material reduction of an Executive’s salary unless such reduction is part of a policy, program or arrangement applicable to peer executives of the Company or of the
Executive’s business unit; and 

  

	 	(ii)	with respect to an Executive whose title with respect to a Company is Senior Vice President or above, a material adverse reduction in the Executive’s position or duties that is
not applicable to peer executives of the Company or of the Executive’s business unit, but excluding any change (A) resulting from a reorganization or realignment of all or a significant portion of the business, operations or senior
management of the Company or of the business unit that employs the Executive or (B) that generally places the Executive in substantially the same level of responsibility. Notwithstanding the foregoing, no change in the position or level of
officer to whom an Executive reports shall constitute grounds for Good Reason. 

  

	 	(b)	for purposes of Section 5 hereof, the occurrence of any one or more of the following actions or omissions that occurs during a Post-Change Period or an Imminent Control Change
Period: 

  

	 	(i)	a material reduction of an Executive’s salary, incentive compensation opportunity or aggregate benefits unless such reduction is part of a policy, program or arrangement
applicable to peer executives (including peer executives of any successor to Exelon); 

  

	 	(ii)	a material adverse reduction in the Executive’s position, duties or responsibilities (excluding a change in the position or level of officer to whom the Executive reports),
unless such reduction is part of a policy, program or arrangement applicable to peer executives (including peer executives of any successor to Exelon); 

  

 19 

	 	(iii)	a relocation by more than 50 miles of (A) the Executive’s primary workplace, or (B) the principal offices of Exelon or its successor (if such offices are such
Executive’s workplace), in each case without the Executive’s consent; provided, however, in both cases of (A) and (B) of this subsection (b)(iv), such new location is farther from the Executive’s residence than the prior
location; or 

  

	 	(iv)	a material breach of this Plan by Exelon or its successor. 

  

	 	(c)	Application of “Good Reason” Definition During the Imminent Control Change Period. During the Imminent Control Change Period, “Good Reason” shall not
include the events or conditions described in subsection (b)(i), (b)(ii) or (b)(iv) above unless the Imminent Control Change Period culminates in a Change Date. 

  

	 	(d)	Limitations on Good Reason. Notwithstanding the foregoing provisions of this Section, no act or omission shall constitute a material breach of this Plan by Exelon, nor
grounds for “Good Reason”: 

  

	 	(i)	unless the Executive gives the Plan Administrator a Notice of Termination at least 30 days prior to the Executive’s Termination Date, and the Company fails to cure such act or
omission within the 30-day period; 

  

	 	(ii)	if the Executive first acquired knowledge of such act or omission more than 90 days before such Participant gives the Plan Administrator such Notice or Termination; or

  

	 	(iii)	if the Executive has consented in writing to such act or omission. 

  

	 	7.16.	“Imminent Control Change” means, as of any date on or after the Effective Date and prior to the Change Date, the occurrence of any one or more of the following:

  

	 	(a)	Exelon enters into an agreement the consummation of which would constitute a Change in Control; 

  

	 	(b)	Any SEC Person commences a “tender offer” (as such term is used in Section 14(d) of the Exchange Act) or exchange offer, which, if consummated, would result in a
Change in Control; or 

  

	 	(c)	Any SEC Person files with the SEC a preliminary or definitive proxy solicitation or election contest to elect or remove one or more members of the Board, which, if consummated or
effected, would result in a Change in Control; 

  

 20 

 provided, however, that an Imminent Control Change will lapse and cease to qualify as an Imminent
Control Change: 
  

	 	(i)	With respect to an Imminent Control Change described in clause (a) of this definition, the date such agreement is terminated, cancelled or expires without a Change Date
occurring; 

  

	 	(ii)	With respect to an Imminent Control Change described in clause (b) of this definition, the date such tender offer or exchange offer is withdrawn or terminates without a Change
Date occurring; 

  

	 	(iii)	With respect to an Imminent Control Change described in clause (c) of this definition, (1) the date the validity of such proxy solicitation or election contest expires
under relevant state corporate law, or (2) the date such proxy solicitation or election contest culminates in a shareholder vote, in either case without a Change Date occurring; or 

  

	 	(iv)	The date a majority of the members of the Incumbent Board make a good faith determination that any event or condition described in clause (a), (b), or (c) of this definition no
longer constitutes an Imminent Control Change, provided that such determination may not be made prior to the first anniversary of the occurrence of such event. 

  

	 	7.17.	“Imminent Control Change Period” means the period commencing on the date of an Imminent Control Change, and ending on the first to occur thereafter of

  

	 	(a)	a Change Date, provided 

  

	 	(i)	such date occurs no later than the first anniversary of the Termination Date, and 

  

	 	(ii)	either the Imminent Control Change has not lapsed, or the Imminent Control Change in effect upon such Change Date is the last Imminent Control Change in a series of Imminent Control
Changes unbroken by any period of time between the lapse of an Imminent Control Change and the occurrence of a new Imminent Control Change; 

  

	 	(b)	the date an Imminent Control Changes lapses without the prior or concurrent occurrence of a new Imminent Control Change; or 

  

	 	(c)	the first anniversary of the Termination Date. 

  

	 	7.18.	“Incentive Plan” means the Exelon Corporation Annual Incentive Award Plan, or such other annual cash bonus arrangement of the Company in which the Executive is a
participant in lieu of such program exclude supplemental plans. 

  

 21 

	 	7.19.	“including” means including without limitation. 

  

	 	7.20.	“Incumbent Board” - see definition of Change in Control. 

  

	 	7.21.	“LTIP” means the Exelon Corporation Long-Term Incentive Plan, as amended from time to time, or any successor thereto or, with respect to an executive of
Commonwealth Edison Company, the Commonwealth Edison Company Long Term Incentive Plan. 

  

	 	7.22.	“LTIP Performance Period” means the performance period applicable to an LTIP award, as designated in accordance with the LTIP. 

  

	 	7.23.	“LTIP Target Level” means, in respect of any grant of Performance Shares under the Exelon Performance Share Program under the LTIP comed cash, the number of
Performance Shares which a Participant would have been awarded (prior to the Termination Date) for the LTIP Performance Period corresponding to such grant if the business and personal performance goals related to such grant were achieved at the 100%
(target) level as of the end of the LTIP Performance Period. 

  

	 	7.24.	“Merger” - see definition of Change in Control. 

  

	 	7.25.	“Notice of Termination” means a written notice given by an Executive in accordance with Sections 7.15(d)(i) and 13.10 which sets forth in reasonable detail the
specific facts and circumstances claimed to provide a basis for a Termination of Employment for Good Reason. 

  

	 	7.26.	“Performance Shares” - see Section 5.1(c). 

  

	 	7.27.	“Person” means any individual, sole proprietorship, partnership, joint venture, limited liability company, trust, unincorporated organization, association,
corporation, institution, public benefit corporation, entity or government instrumentality, division, agency, body or department. 

  

	 	7.28.	“Plan Administrator” - See Section 9. 

  

	 	7.29.	“Post-Change Period” means the period commencing on a Change Date and ending on the earlier of (a) the Termination Date or (b) the second anniversary of
such Change Date; provided that no duplicate benefits shall be paid with respect to simultaneous or overlapping Post-Change Periods. 

  

	 	7.30.	“Restricted Stock” - see Section 5.1(d). 

  

	 	7.31.	“Retiree” means a Participant who, as of his or her Termination Date, is eligible for “retirement” as defined in the LTIP. 

  

	 	7.32.	“Salary Continuation Period” means the applicable period designated in Section 4.1 during which severance is payable. 

  

	 	7.33.	“SEC” means the United States Securities and Exchange Commission. 

  

 22 

	 	7.34.	“SEC Person” means any person (as such term is used in Rule 13d-5 of the SEC under the Exchange Act) or group (as such term is defined in Sections 3(a)(9) and
13(d)(3) of the Exchange Act), other than (a) Exelon or any Person that directly or indirectly controls, is controlled by, or is under common control with, Exelon (an “Affiliate”). For purposes of this definition the term
“control” with respect to any Person means the power to direct or cause the direction of management or policies of such Person, directly or indirectly, whether through the ownership of Voting Securities, by contract or otherwise, or
(b) any employee benefit plan (or any related trust) of Exelon or any of its Affiliates. 

  

	 	7.35.	“Section” means, unless the context otherwise requires, a section of this Plan. 

  

	 	7.36.	“Senior Executive Management “ means (a) an Executive whose title with respect to Exelon is Executive Vice President or above, (b) an Executive whose
title with respect to a Company other than Exelon is Chief Executive Officer or President, and (c) an Executive whose title with respect to a Company is Senior Vice President or above and who held such a title since on or before July 1,
2003. 

  

	 	7.37.	“SERP” means the PECO Energy Company Supplemental Retirement Plan or the Exelon Corporation Supplemental Executive Retirement Plan, whichever is applicable to a
Participant, or any successor to either or both. 

  

	 	7.38.	“Severance Incentive” means the Target Incentive for the performance period in which the Termination Date occurs; provided, however, that for purposes of
Section 5, “Severance Incentive” shall mean the greater of (a) the Target Incentive for the performance period in which the Termination Date occurs, or (b) the average of the actual annual incentives paid (or payable,
to the extent not previously paid) to a Participant under the Incentive Plan for each of the two calendar years preceding the calendar year in which the Termination Date occurs. 

  

	 	7.39.	“Severance Period” means the period beginning on a Participant’s Termination Date, provided such Participant’s Termination of Employment entitles such
Participant to benefits under Section 5.1 or 5.2, and ending on the second anniversary thereof. 

  

	 	7.40.	“Specified Employee” means a “specified employee” within the meaning of Section 409A of the Code. 

  

	 	7.41.	“Stock Options” - see Section 5.1(b). 

  

	 	7.42.	“Target Incentive” as of a certain date means an amount equal to the product of Base Salary determined as of such date multiplied by the percentage of such Base
Salary to which a Participant would have been entitled immediately prior to such date under the Exelon Corporation Annual Incentive Award Plan for the applicable performance period if the performance goals established pursuant to such plan were
achieved at the 100% (target) level as of the end of the applicable performance period; provided, however, that any reduction in a Participant’s Base Salary or annual incentive that would qualify as Good Reason shall be disregarded for purposes
of this definition. 

  

 23 

	 	7.43.	“Taxes” means the incremental federal, state, local and foreign income, employment, excise and other taxes payable by a Participant with respect to any applicable
item of income. 

  

	 	7.44.	“Termination Date” means the effective date of an eligible Executive’s Termination of Employment with the Company for any or no reason, which shall be the date
on which such Executive has a “separation from service,” within the meaning of Section 409A of the Code; provided, however, that if the Executive terminates his or her employment for Good Reason, the Termination Date shall not be
earlier than the thirtieth day following the Company’s receipt of such Executive’s Notice of Termination, unless the Exelon consents in writing to an earlier Termination Date. 

  

	 	7.45.	“Termination of Employment” means: 

  

	 	(a)	a termination of an eligible Executive’s employment by the Company for reasons other than for Cause; or 

  

	 	(b)	a resignation by an eligible Executive for Good Reason. 

 The following shall not constitute a Termination of Employment for purposes of the Plan: (i) a termination of employment for Cause, (ii) an Executive’s resignation for any reason other than for Good Reason, (iii) the
cessation of an Executive’s employment with the Company or any Affiliate due to death or disability (as determined by the Plan Administrator in good faith), or (iv) the cessation of an Executive’s employment with the Company or any
subsidiary thereof as the result of the sale, spin-off or other divestiture of a plant, division, business unit or subsidiary or a merger or other business combination followed by employment or reemployment with the purchaser or successor in
interest to the Executive’s employer with regard to such plant, division, business unit or subsidiary, or an offer of employment by such purchaser or successor in interest on terms and conditions comparable in the aggregate (as determined by
the Plan Administrator in its sole discretion) to the terms and conditions of the Executive’s employment with the Company or its subsidiary immediately prior to such transaction. 
  

	 	7.46.	“20% Owner” - see paragraph (a) of the definition of “Change in Control.” 

  

	 	7.47.	“Voting Securities” means with respect to a corporation, securities of such corporation that are entitled to vote generally in the election of directors of such
corporation. 

  

	8.	FUNDING 

 The Plan is an unfunded employee
welfare benefit plan maintained for the purpose of providing severance benefits to a select group of management or highly compensated employees. Nothing in the Plan shall be interpreted as requiring the Company to set aside any of its assets for the
purpose of funding its obligations under the Plan. No person entitled to benefits under the Plan shall have any right, title or claim in or to any specific assets of the Company, but shall have the right only as a general creditor to receive
benefits from the Company on the terms and conditions provided in the Plan. 
  

 24 

	9.	ADMINISTRATION OF THE PLAN 

 The Plan shall
be administered on a day-to-day basis by the Vice President, Corporate Compensation of Exelon (the “Plan Administrator”). The Plan Administrator has the sole and absolute power and authority to interpret and apply the provisions of
this Plan to a particular circumstance, make all factual and legal determinations, construe uncertain or disputed terms and make eligibility and benefit determinations in such manner and to such extent as the Plan Administrator, in his or her sole
discretion may determine. Benefits under the Plan will be paid only if the Plan Administrator, in his or her discretion, determines that an individual is entitled to them; provided, however, that any dispute after the claims procedure under
Section 10 has been exhausted regarding whether an Executive’s termination of employment for purposes of Section 5 is based on either Good Reason or Cause may, at the election of the Executive, be submitted to binding arbitration
pursuant to Section 11. 
 The Plan Administrator may promulgate any rules and regulations it deems necessary to carry out the purposes
of the Plan or to interpret the terms and conditions of the Plan; provided, however, that no rule, regulation or interpretation shall be contrary to the provisions of the Plan. The rules, regulations and interpretations made by the Plan
Administrator shall, where appropriate, be applied on a consistent basis with respect to similarly situated Executives, and shall be final and binding on any Executive or former Executive and any successor in interest. 
 The Plan Administrator may delegate any administrative duties, including, without limitation, duties with respect to the processing, review,
investigation, approval and payment of severance pay and provision of severance benefits, to designated individuals or committees. The Plan Administrator may amend any Participant’s Severance Agreement to the extent the Plan Administrator
determines it is reasonably necessary or appropriate to do so to comply with section 409A of the Code. 
  

	10.	CLAIMS PROCEDURE 

 The Plan Administrator
shall determine the status of an individual as an Executive and the eligibility and rights of any Executive or former Executive as a Participant to any severance pay or benefits hereunder. Any Executive or former Executive who believes that he or
she is entitled to receive severance pay or benefits under the Plan, including severance pay or benefits other than those initially determined by the Plan Administrator, may file a claim in writing with the Plan Administrator. Within 90 days after
the receipt of the claim the Plan Administrator shall either allow or deny the claim in writing, unless special circumstances require an extension of time for processing, in which case a decision shall be rendered as soon as practicable, but not
later than 180 days after receipt of a request for review. 
 A claimant whose claim is denied (or his or her duly authorized representative)
may, within 60 days after receipt of the denial of his or her claim, request a review upon written application to Exelon’s Chief Human Resources Officer or other officer designated by Exelon and specified in the claim denial; review (without
charge) relevant documents; and submit written comments, documents, records and other information relating to the claim. 
 The Chief Human
Resources Officer or other designated officer shall notify the claimant of his or her decision on review within 60 days after receipt of a request for review unless special circumstances require an extension of time for processing, in which
case a decision shall be 

  

 25 

 
rendered as soon as possible, but not later than 120 days after receipt of a request for review. Notice of the decision on review shall be in writing. The
officer’s decision on review shall be final and binding on any claimant or any successor in interest. 
 In reviewing a claim or an
appeal of a claim denial, the Plan Administrator and the Chief Human Resources Officer or other designated by Exelon shall have all of the powers and authority granted to the Plan Administrator pursuant to Section 9. 
  

	11.	ARBITRATION 

 Any dispute, controversy or
claim between the parties hereto concerning whether an Executive’s termination of employment for purposes of Section 5 is based on either Good Reason or Cause may, after the claims procedure under Section 10 has been exhausted and at
the election of the Executive, be settled by binding arbitration in Chicago, Illinois, before an impartial arbitrator pursuant to the rules and regulations of the American Arbitration Association (“AAA”) pertaining to the
arbitration of employee benefit plan disputes. The costs and fees of the arbitrator shall be borne equally by the parties, regardless of the result of the arbitration. No arbitration shall be commenced after the date when institution of legal or
equitable proceedings based upon such subject matter would be barred by the applicable statutes of limitations. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Plan, any party may seek relief in the form of
specific performance, injunctive or other equitable relief in order to enforce the decision of the arbitrator, and the Company may seek injunctive relief to enforce the above-referenced statutes of limitations. 
  

	12.	AMENDMENT OR TERMINATION OF PLAN 

 Exelon’s Chief Human Resources Officer or another designated officer of the Company may amend, modify or terminate the Plan at any time by written instrument; provided, however, that no amendment, modification or termination shall
deprive any Participant of any payment or benefit that the Plan Administrator previously has determined is payable under the Plan. Notwithstanding the foregoing, no amendment or termination that materially adversely affects any Participant’s
benefits under Section 5 shall become effective as to such Participant during: (a) the 24-month period following a Change Date or (b) during an Imminent Control Change Period (unless such Participant consents to such termination or
amendment). Any purported Plan termination or amendment in violation of this Section 12 shall be void and of no effect. 
  

	13.	MISCELLANEOUS 

  

	 	13.1.	Limitation on Rights. Participation in the Plan is limited to the individuals described in Sections 2 and 3, and the benefits under the Plan shall not be payable with
respect to any voluntary or involuntary termination of employment that is not a Termination of Employment. 

  

	 	13.2.	Cooperation By Participants. During the Salary Continuation Period or Severance Period, as applicable, the Executive shall (a) be reasonably available to the Company to
respond to requests by them for information pertaining to or relating to matters which may be within the knowledge of the Executive and (b) cooperate with the Company in connection with any existing or future litigation or other proceedings
brought by or against the Company, its subsidiaries or affiliates, to the extent the Company deems the Executive’s cooperation reasonably necessary. 

  

 26 

	 	13.3.	No Set-off by Company. This Section shall apply solely with respect to a Termination of Employment during a Post-Change Period or an Imminent Control Change Period that
culminates in a Change Date. Except as provided in Section 6, a Participant’s right to receive when due the payments and other benefits provided for under Section 5 of this Plan is absolute, unconditional and subject to no setoff,
counterclaim or legal or equitable defense. 

  

	 	13.4.	No Mitigation. A Participant shall not have any duty to mitigate the amounts payable by the Company under this Plan by seeking new employment following termination. Except as
specifically otherwise provided in this Plan, all amounts payable pursuant to this Plan shall be paid without reduction regardless of any amounts of salary, compensation or other amounts which may be paid or payable to the Executive as the result of
the Executive’s employment by another, unaffiliated employer. 

  

	 	13.5.	Headings. Headings of sections in this document are for convenience only, and do not constitute any part of the Plan. 

  

	 	13.6.	Severability. If any one or more Sections, subsections or other portions of this Plan are declared by any court or governmental authority to be unlawful or invalid, such
unlawfulness or invalidity shall not serve to invalidate any Section, subsection or other portion not so declared to be unlawful or invalid. Any Section, subsection or other portion so declared to be unlawful or invalid shall be construed so as to
effectuate the terms of such Section, subsection or other portion to the fullest extent possible while remaining lawful and valid. Notwithstanding the foregoing, in the event a determination is made that the Restrictive Covenants are invalid or
unenforceable in whole or in part, then the Severance Agreement with respect to the Participant subject to such determination shall be void and the Company shall have no obligation to provide benefits under this Plan to such Participant.

  

	 	13.7.	Governing Law. The Plan shall be construed and enforced in accordance with the applicable provisions of ERISA and Section 409A of the Code. 

  

	 	13.8.	No Right to Continued Employment. Nothing in this Plan shall guarantee the right of a Participant to continue in employment, and the Company retains the right to terminate a
Participant’s employment at any time for any reason or for no reason. 

  

	 	13.9.	 Successors and Assigns. This Plan shall be binding upon and inure to the benefit of Exelon and its successors and assigns and shall be binding upon and inure
to the benefit of a Participant and his or her legal representatives, heirs and legatees. Exelon shall cause any successor to assume the Plan. No rights, obligations or liabilities of a Participant hereunder shall be assignable without the prior
written consent of Exelon Corporation. In the event of the death of a Participant prior to receipt of severance pay or benefits to which he or she is entitled hereunder (and, 

  

 27 

	 	 
with respect to benefits under Section 4 or Section 5, after he or she has signed the Waiver and Release), the severance pay described in
Sections 4.1, 5.1, or 5.2, as applicable, shall be paid to his or her estate, and the Participant’s dependents who are covered under any health care plans maintained by the Company shall be entitled to continued rights under
Section 4.5 or Section 5.1(e) or Section 5.2(f), as applicable; provided that the estate or other successor of the Participant has not revoked such Waiver and Release. 

  

	 	13.10.	Notices. All notices and other communications under this Plan shall be in writing and delivered by hand, by nationally-recognized delivery service that promises overnight
delivery, or by first-class registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

 If to a Participant, to such Participant at his most recent home address on file with the Company. 
 If to the Company: to the Plan
Administrator. 
 or to such other address as either party shall have furnished to the other in writing. Notice and communications shall be
effective when actually received by the addressee. 
  

	 	13.11.	Number and Gender. Wherever appropriate, the singular shall include the plural, the plural shall include the singular, and the masculine shall include the feminine.

  

	 	13.12.	Tax Withholding. The Company may withhold from any amounts payable under this Plan or otherwise payable to a Participant or beneficiary any Taxes the Company determines to be
appropriate under applicable law and may report all such amounts payable to such authority in accordance with any applicable law or regulation. 

  

	 	13.13.	 Section 409A. This Plan shall be interpreted and construed in a manner that avoids the imposition of additional taxes and penalties under
Section 409A of the Code (“409A Penalties”). In the event the terms of this Plan would subject a Participant to 409A Penalties, the Company may amend the terms of the Plan to avoid such 409A Penalties, to the extent possible. The
payments to a Participant pursuant to this Plan are intended to be exempt from Section 409A of the Code to the maximum extent possible, under either the separation pay exemption pursuant to Treasury regulation §1.409A-1(b)(9)(iii) or as a
short-term deferral pursuant to Treasury regulation §1.409A-1(b)(4), and for purposes of the separation pay exemption, each installment paid to a Participant shall be considered a separate payment. Notwithstanding any other provision in this
Plan, if on the date of a Participant’s Termination Date the Participant is a Specified Employee, then to the extent any amount payable under this Plan constitutes the payment of nonqualified deferred compensation, within the meaning of
Section 409A of the Code, that under the terms of this Plan would be payable prior to the six-month anniversary of the Termination Date, such payment shall be delayed until the earlier to occur of (A) the six-month anniversary of the
Termination Date or (B)

  

 28 

	 	 
the date of the Participant’s death. Any reimbursement (including any advancement) payable to a Participant pursuant to this Plan shall be conditioned
on the submission by the Participant of all expense reports reasonably required by the Company under any applicable expense reimbursement policy, and shall be paid to the Participant within 30 days following receipt of such expense reports (or
invoices), but in no event later than the last day of the calendar year following the calendar year in which the Participant incurred the reimbursable expense. Any amount of expenses eligible for reimbursement during a calendar year shall not affect
the expenses eligibility for reimbursement during any other calendar year. The right to reimbursement pursuant to this Plan shall not be subject to liquidation or exchange for any other benefit. 

 Executed this          day of             , 2008.

  

			
	EXELON CORPORATION
		
	By:	 	  

		 	Andrea Zopp
		 	Executive Vice President and Chief Human Resources Officer

  

 29 

 EXHIBIT I 
 EXELON CORPORATION 
 RESTRICTIVE COVENANTS 
 This agreement and covenant (the “Agreement”), made as of the      day of
            ,                 , is made by and among Exelon Corporation, incorporated under the
laws of the Commonwealth of Pennsylvania (together with successors thereto, “Exelon”),
                                        ,
a                                         
corporation (together with successors thereto, the “Employer”), and
                                        
(“you”). 
 WHEREAS, Exelon maintains the Exelon Corporation Senior Management Severance Plan, as such plan may be amended,
modified or supplemented from time to time by Exelon (the “Severance Plan”); 
 WHEREAS, you may be eligible to become a
Participant (as defined in the Severance Plan) in the Severance Plan as an employee of the Employer; 
 WHEREAS, in order to be a Participant
in and be eligible for benefits under the Severance Plan, you must execute this covenant and return it to the Company within 90 days after the date you became an Executive, within the meaning of the Severance Plan, or were provided this document;

 NOW THEREFORE, in consideration for becoming eligible to participate in the Severance Plan and your commencement of employment with the
Employer, you covenant the following: 
 1. Confidential Information. 
  

	 	(a)	 Obligation to Keep Confidential Information Confidential. You acknowledge that in the course of performing services for Exelon and its affiliates (together, the
“Company”), you may create (alone or with others), learn of, have access to and receive Confidential Information. Confidential Information (as defined below) shall not include: (i) information that is or becomes generally known
through no fault of yours; (ii) information received from a third party outside of the Company that was disclosed without a breach of any confidentiality obligation; or (iii) information approved for release by written authorization of the
Company. You recognize that all such Confidential Information is the sole and exclusive property of the Company or of third parties which the Company is obligated to keep confidential, that it is the Company’s policy to keep all such
Confidential Information confidential, and that disclosure of Confidential Information would cause damage to the Company. You agree that, except as required by your duties of employment with the Company or any of its affiliates, and except in
connection with enforcing your rights under the Severance Plan or if compelled by a court or 

  

 30 

	 	 
governmental agency, in each case provided that prior written notice is given to Exelon, you will not, without the written consent of Exelon, willfully
disseminate or otherwise disclose, directly or indirectly, any Confidential Information obtained during your employment with the Company, and will take all necessary precautions to prevent disclosure, to any unauthorized individual or entity inside
or outside the Company, and will not use the Confidential Information or permit its use for your personal benefit or any other person or entity other than the Company. These obligations shall continue during and after the termination of your
employment (whether or not after a Change in Control or Imminent Control Change, as such terms are defined in the Severance Plan). 

  

	 	(b)	Definition of Confidential Information. “Confidential Information” shall mean any information, ideas, processes, methods, designs, devices, inventions, data,
techniques, models and other information developed or used by the Company and not generally known in the relevant trade or industry relating to the Company’s products, services, businesses, operations, employees, customers or suppliers, whether
in tangible or intangible form, which gives the Company a competitive advantage in the harnessing, production, transmission, distribution, marketing or sale of energy or the transmission or distribution thereof through wire or cable or similar
medium or in the energy services industry and other businesses in which the Company is engaged, or of third parties which the Company is obligated to keep confidential, or which was learned, discovered, developed, conceived, originated or prepared
during or as a result of your performance of any services on behalf of the Company and which falls within any of the following general categories: 

  

	 	(i)	information relating to trade secrets of the Company or any customer or supplier of the Company; 

  

	 	(ii)	information relating to existing or contemplated products, services, technology, designs, processes, formulae, algorithms, research or product developments of the Company or any
customer or supplier of the Company; 

  

	 	(iii)	information relating to business plans or strategies, sales or marketing methods, methods of doing business, customer lists, customer usages and/or requirements, supplier
information of the Company or any customer or supplier of the Company; 

  

	 	(iv)	information subject to protection under the Uniform Trade Secrets Act, as adopted by the Commonwealth of Pennsylvania, or to any comparable protection afforded by applicable law; or

  

	 	(v)	any other confidential information which either the Company or any customer or supplier of the Company may reasonably have the right to protect by patent, copyright or by keeping it
secret and confidential. 

  

 31 

 2. Non-Competition. 
 During the period beginning on the date of execution of this Agreement and ending on the second anniversary of the Termination Date (as such term is defined in the Severance Plan), whether or not after a Change in
Control or Imminent Control Change, you hereby agree that without the written consent of Exelon you shall not at any time, directly or indirectly, in any capacity: 
  

	 	(a)	engage or participate in, become employed by, serve as a director of, or render advisory or consulting or other services in connection with, any Competitive Business (as defined
below); provided, however, that after the Termination Date this Section 2 shall not preclude you from being an employee of, or consultant to, any business unit of a Competitive Business if (i) such business unit does not qualify as a
Competitive Business in its own right and (ii) you do not have any direct or indirect involvement in, or responsibility for, any operations of such Competitive Business that cause it to qualify as a Competitive Business.

  

	 	(b)	make or retain any financial investment, whether in the form of equity or debt, or own any interest, in any Competitive Business. Nothing in this subsection shall, however, restrict
you from making an investment in any Competitive Business if such investment does not (i) represent more than 1% of the aggregate market value of the outstanding capital stock or debt (as applicable) of such Competitive Business, (ii) give
you any right or ability, directly or indirectly, to control or influence the policy decisions or management of such Competitive Business, and (iii) create a conflict of interest between your employment duties and your interest in such
investment. 

  

	 	(c)	Definition of Competitive Business. “Competitive Business” means, as of any date, any utility business and any individual or entity (and any branch, office,
or operation thereof) which engages in, or proposes to engage in (with your assistance) (i) the harnessing, production, transmission, distribution, marketing or sale of energy or the transmission or distribution thereof through wire or cable or
similar medium, (ii) any other business engaged in by the Company prior to your Termination Date which represents for any calendar year or is projected by the Company (as reflected in a business plan adopted by any Company before your
Termination Date) to yield during any year during the first three-fiscal year period commencing on or after your Termination Date, more than 5% of the gross revenue of any individual Company, and, in either case, which is located (x) anywhere
in the United States, or (y) anywhere outside of the United States where Company is then engaged in, or proposes as of the Termination Date to engage in, to your knowledge, any of such activities. 

  

 32 

 3. Non-Solicitation. 
 During the period beginning on the date of execution of this Agreement and ending on the second anniversary of any Termination Date, whether or not after a Change in Control or Imminent Control Change, you shall not,
directly or indirectly: 
  

	 	(d)	other than in connection with the good-faith performance of your duties as an officer of the Company cause or attempt to cause any employee or agent of the Company to terminate his
or her relationship with the Company; 

  

	 	(e)	employ, engage as a consultant or adviser, or solicit the employment or engagement as a consultant or adviser, of any employee or agent of the Company (other than by the Company),
or cause or attempt to cause any Person to do any of the foregoing; 

  

	 	(f)	establish (or take preliminary steps to establish) a business with, or cause or attempt to cause others to establish (or take preliminary steps to establish) a business with, any
employee or agent of the Company, if such business is or will be a Competitive Business; or 

  

	 	(g)	interfere with the relationship of the Company with, or endeavor to entice away from the Company, any Person who or which at any time during the period commencing one year prior to
the Termination Date was or is, to your knowledge, a material customer or material supplier of, or maintained a material business relationship with, the Company. 

 4. Intellectual Property. 
 During the period of your employment with the Company, and
thereafter upon the Company’s request, whether or not after a Change in Control or Imminent Control Change, you shall disclose immediately to the Company all ideas, inventions and business plans that he makes, conceives, discovers or develops
alone or with others during the course of your employment with the Company or during the one year period following your Termination Date, including any inventions, modifications, discoveries, developments, improvements, computer programs, processes,
products or procedures (whether or not protectable upon application by copyright, patent, trademark, trade secret or other proprietary rights) (“Work Product”) that: (i) relate to the business of the Company or any customer or
supplier to the Company or any of the products or services being developed, manufactured, sold or otherwise provided by the Company or that may be used in relation therewith; or (ii) result from tasks assigned to you by the Company; or
(iii) result from the use of the premises or personal property (whether tangible or intangible) owned, leased or contracted for by the Company. You agree that any Work Product shall be the property of the Company and, if subject to copyright,
shall be considered a “work made for hire” within the meaning of the Copyright Act of 1976, as amended (the “Act”). If and to the extent that any such Work Product is not a “work made for hire” within the meaning of the
Act, you hereby assign to the Company all right, title and interest in and to the Work Product, and all copies thereof, and the copyright, patent, trademark, trade secret and all proprietary rights in the Work Product, without further consideration,
free from any claim, lien for balance due or rights of retention thereto on your part. 
  

 33 

	 	(h)	The Company hereby notifies you that the preceding paragraph does not apply to any inventions for which no equipment, supplies, facility, or trade secret information of the Company
was used and which was developed entirely on your own time, unless: (i) the invention relates (a) to the Company’s business, or (b) to the Company’s actual or demonstrably anticipated research or development, or
(ii) the invention results from any work performed by you for the Company. 

  

	 	(i)	You agree that upon disclosure of Work Product to the Company, you will, during your employment and at any time thereafter, at the request and cost of the Company, execute all such
documents and perform all such acts as the Company or its duly authorized agents may reasonably require: (i) to apply for, obtain and vest in the name of the Company alone (unless the Company otherwise directs) letters patent, copyrights or
other analogous protection in any country throughout the world, and when so obtained or vested to renew and restore the same; and (ii) to prosecute or defend any opposition proceedings in respect of such applications and any opposition
proceedings or petitions or applications for revocation of such letters patent, copyright or other analogous protection, or otherwise in respect of the Work Product. 

  

	 	(j)	In the event that the Company is unable, after reasonable effort, to secure your execution as provided in subsection (b) above, whether because of your physical or mental
incapacity or for any other reason whatsoever, you hereby irrevocably designate and appoint the Company and its duly authorized officers and agents as your agent and attorney-in-fact, to act for and on your behalf to execute and file any such
application or applications and to do all other lawfully permitted acts to further the prosecution, issuance and protection of letters patent, copyright and other intellectual property protection with the same legal force and effect as if personally
executed by you. 

 5. Reasonableness of Restrictive Covenants. 
  

	 	(k)	You acknowledge that the covenants contained in Sections 2, 3, and 4 are reasonable in the scope of the activities restricted, the geographic area covered by the restrictions, and
the duration of the restrictions, and that such covenants are reasonably necessary to protect the Company’s legitimate interests in its Confidential Information and in its relationships with its employees, customers and suppliers.

  

	 	(l)	The Company and you have all consulted with their respective legal counsel and have been advised concerning the reasonableness and propriety of such covenants. You acknowledge that
your observance of the covenants contained in Sections 2, 3, and 4 will not deprive you of the ability to earn a livelihood or to support your dependents. 

  

 34 

	 	(m)	All of the provisions of this Restrictive Covenant shall survive any termination of employment without regard to (i) the reasons for such termination or (ii) the
expiration of any participation in the Severance Plan. 

  

	 	(n)	The Company shall have no further obligation to pay or provide severance or benefits under the Plan if you breach any covenant in this Restrictive Covenant, and the Company may
require you to repay any benefits previously provided under the Plan. 

 6. Right to Injunction; Survival of Undertakings.

  

	 	(a)	In recognition of the confidential nature of the Confidential Information, and in recognition of the necessity of the limited restrictions imposed by Sections 1, 2, 3 and 4 above
the parties agree that it would be impossible to measure solely in money the damages which the Company would suffer if Executive were to breach any of her obligations under such Sections. Executive acknowledges that any breach of any provision of
such Sections would irreparably injure the Company. Accordingly, Executive agrees that if she breaches any of the provisions of such Sections, the Company shall be entitled, in addition to any other remedies to which the Company may be entitled
under this Agreement or otherwise, to an injunction to be issued by a court of competent jurisdiction, to restrain any breach, or threatened breach, of such provisions, and Executive hereby waives any right to assert any claim or defense that the
Company has an adequate remedy at law for any such breach. 

  

	 	(b)	If a court determines that any of the covenants included in these Restrictive Covenants is unenforceable in whole or in part because of such covenant’s duration or geographical
or other scope, such court shall have the power to modify the duration or scope of such provision, as the case may be, so as to cause such covenant as so modified to be enforceable. 

 7. Counterparts. 
 This Agreement may be
executed in several counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same instrument. 
 8. Headings. 
 The Headings of this Agreement are not part of the provisions hereof and shall not have any force or
effect. 
  

 35 

 9. Applicable Law. 
 The provisions of this Agreement shall be interpreted and construed in accordance with the Employee Retirement Income Security Act of 1974, as amended, and to the extent federal law is not applicable, the laws of the
State of Illinois, without regard to its choice of law principles. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the
dates specified below. 
  

			
	EXECUTIVE
	
	  

	
	EXELON CORPORATION
	
	  

	By:	 	  

	Title:	 	  

	
	  

	(Employer, if different from Exelon)
	
	  

	By:	 	  

	Title:	 	  

  

 36

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