Document:

Amendment to Second Revised &amp; Restated Executive &amp; Director

 Exhibit 10.2 

AMENDMENT TO THE 
 PEPCO
HOLDINGS, INC. 
 SECOND REVISED AND RESTATED 

EXECUTIVE AND DIRECTOR DEFERRED COMPENSATION PLAN 

This Amendment (this “Amendment”) to the Pepco Holdings, Inc. Second Revised and Restated Executive and Director Deferred
Compensation Plan (the “Plan”) is made by PEPCO HOLDINGS, INC., a Delaware corporation (the “Company”), effective as of the closing of the merger with Exelon Corporation (the “Amendment Effective
Date”). Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Plan. 

WHEREAS, the Plan was amended and restated in its entirety by the Company on December 15, 2011; and 

WHEREAS, Section 7.01 of the Plan provides that the Company may amend the Plan at any time, subject to certain exceptions; and

 WHEREAS, the Company has entered into an Amended and Restated Agreement and Plan of Merger, dated July 18, 2014 (the
“Merger Agreement”), by and among the Company, Exelon Corporation, a Pennsylvania corporation (“Exelon”), and Purple Acquisition Corp., a Delaware corporation and an indirect, wholly owned subsidiary of Exelon
(“Merger Sub”), providing for the merger of Merger Sub with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of Exelon, which was approved by the stockholders
of the Company at a special meeting held on September 23, 2014; and 
 WHEREAS, Article IV of the Merger Agreement sets forth
provisions for the exchange and cancellation of the Company’s common stock, $.01 par value per share, and the settlement of Company Awards (including amounts of Deferred Compensation credited to Directors in the form of phantom shares under the
Plan (“Phantom Shares”)) that are outstanding as of the effective time of the Merger; and 
 WHEREAS, the
Compensation/Human Resources Committee of the Board has recommended, and the Board has determined, that it is in the best interests of the Company to amend the Plan as set forth herein to give effect to the provisions of Article IV of the Merger
Agreement with respect to the Phantom Shares and the Plan. 
 NOW, THEREFORE, BE IT RESOLVED, that, pursuant to Section 7.01 of
the Plan, the provisions of the Plan are hereby deemed amended to the extent required to (i) permit all Phantom Shares credited to Directors under the Plan as of the Amendment Effective Date to be settled in accordance with Section 4.3 of
the Merger Agreement, and (ii) eliminate the right of any Executive or Director to elect to have his or her Deferred Compensation expressed in the form of Phantom Shares or credited to a Phantom Share account; and be it 

 FURTHER RESOLVED, that, effective as of the Amendment Effective Date, each reference in
the Plan to “this Plan,” “hereunder,” “hereof” or words of like import referring to the Plan, shall mean and be a reference to the Plan, as amended by this Amendment; and be it 

FURTHER RESOLVED, that, effective as of the Amendment Effective Date, the amendment to the Plan as provided in this Second Amendment
shall apply to and be binding upon each Executive and Director. 
 [Signature page appears on following page] 

  
 -2- 

 IN WITNESS THEREOF, the Company has caused this Amendment to be signed this 23rd day of
March, 2016. 
  

									
	ATTEST:	 		 	Pepco Holdings, Inc.
					
	By:	 	 /s/ Jane K. Storero
	 		 	By:	 	 /s/ Joseph M. Rigby

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

  
 -3-First Amendment To The Pepco Holdings 2014 Management Employee Severance Plan

 Exhibit 10.3 

FIRST AMENDMENT TO THE 

PEPCO HOLDINGS, INC. 

2014 MANAGEMENT EMPLOYEE SEVERANCE PLAN 

This First Amendment (this “Amendment”) to the Pepco Holdings, Inc. 2014 Management Employee Severance Plan (the
“Severance Plan”) is made, effective as of March 23, 2016 (the “Effective Date”). Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Severance Plan. 

WHEREAS, the Severance Plan provides that PEPCO HOLDINGS, INC. (the “Company”) may amend the Severance Plan at any
time, subject to certain exceptions; and 
 WHEREAS, the Compensation/Human Resources Committee of the Board of Directors of the
Company (the “Committee” and the “Board”, respectively) has recommended, and the Board has determined, that it is in the best interests of the Company to amend the Pepco Holdings, Inc. Retirement Plan to provide
certain additional benefits in lieu of severance benefits and that the Severance Plan shall be amended to avoid a duplication of benefits; and 

WHEREAS, the Board has delegated to the Chief Executive Officer of the Company authority to amend the Severance Plan as provided below.

 NOW, THEREFORE, the Severance Plan is hereby amended to add the following new section immediately preceding the section titled: “Change in
Control”: 
  

			
	Nonduplication of Benefits	  	Notwithstanding any other provision of the Plan, any benefit payable to an individual covered under this Plan (including, but not limited to, any Severance Cash Benefit or Special Good Reason Severance Benefit) shall be reduced (but
not below zero) by the amount, if any, payable to or on behalf of such individual under Section 3.7 of Sub-Plan Four of the PHI Retirement Plan (including as incorporated by reference into other sub-plans of the PHI Retirement Plan), expressed in
the form of a lump sum payable on the first annuity starting date after the date such individual terminates employment.

 IN WITNESS THEREOF, the Company has caused this Amendment to be signed this 23rd day of March, 2016. 
  

									
	ATTEST:	 		 	Pepco Holdings, Inc.
					
	By:	 	 /s/ Jane K. Storero
	 		 	By:	 	 /s/ Joseph M. Rigby

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

  
 2Amended &amp; Restated Change-In-Control/Severance Plan

 Exhibit 10.4 

FIRST AMENDMENT TO THE 

PEPCO HOLDINGS, INC. 

AMENDED AND RESTATED CHANGE-IN-CONTROL / 

SEVERANCE PLAN FOR CERTAIN EXECUTIVE EMPLOYEES 

This First Amendment (this “Amendment”) to the Pepco Holdings, Inc. Amended and Restated Change-in-Control Severance Plan for
Certain Executive Employees (the “Severance Plan”) is made, effective as of March 23, 2016 (the “Effective Date”). Capitalized terms used and not otherwise defined herein shall have the meanings assigned to
them in the Severance Plan. 
 WHEREAS, Section 7.1 of the Severance Plan provides that PEPCO HOLDINGS, INC. (the
“Company”) may amend the Severance Plan at any time, subject to certain exceptions; and 
 WHEREAS, the
Compensation/Human Resources Committee of the Board of Directors of the Company (the “Committee” and the “Board”, respectively) has recommended, and the Board has determined, that it is in the best interests of the
Company to amend the Pepco Holdings, Inc. Retirement Plan to provide certain additional benefits in lieu of severance benefits and that the Severance Plan shall be amended to avoid a duplication of benefits; and 

WHEREAS, the Board has delegated to the Chief Executive Officer of the Company authority to amend the Severance Plan as provided below.

 NOW, THEREFORE, the Severance Plan is hereby amended pursuant to Section 7.1 thereof to add the following new paragraph
(d) to Section 4.3: 
 (d) Notwithstanding any other provision of the Plan, the amount of the payments provided for in
Section 4.1 and Section 4.2 shall be reduced (but not below zero) by the amount, if any, payable to or on behalf of such Participant under Section 3.7 of Sub-Plan Four of the Pepco Holdings, Inc. Retirement Plan (including as
incorporated by reference into other sub-plans of the Pepco Holdings, Inc. Retirement Plan), expressed in the form of a lump sum payable on the first annuity starting date after the Date of Termination. 

 IN WITNESS THEREOF, the Company has caused this Amendment to be signed this 23rd day of March, 2016. 
  

									
	ATTEST:	 		 	Pepco Holdings, Inc.
					
	By:	 	 /s/ Jane K. Storero
	 		 	By:	 	 /s/ Joseph M. Rigby

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

  
 2Omnibus Amendment Pepco Holdings, Inc. Supplemental Executive Retirement Plans

 Exhibit 10.5 

OMNIBUS AMENDMENT 
 PEPCO
HOLDINGS, INC. 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS 

WHEREAS, Pepco Holdings, Inc. (the “Company”) or an affiliate of the Company sponsors the following non-qualified
deferred compensation plans (collectively, the “Plans”): (1) the 2011 Pepco Holdings, Inc. Supplemental Executive Retirement Plan (the “2011 SERP”); (2) the Pepco Holdings, Inc. Combined Executive
Retirement Plan (the “Combined SERP”); and (3) the Conectiv Supplemental Retirement Plan (the “Conectiv SERP”); 

WHEREAS, Article 6 of the 2011 SERP, Section 6.5 of the Combined SERP, and Section 8.1 of the Conectiv SERP provide that the
Plans may be amended at any time, subject to certain exceptions;  
 WHEREAS, the Compensation/Human Resources Committee of
the Board of Directors of the Company (the “Committee” and the “Board”, respectively) has recommended, and the Board has determined, that it is in the best interests of the Company to amend the Pepco Holdings, Inc.
Retirement Plan (the “Retirement Plan”) to provide certain additional retirement benefits and that the Plans shall be amended to the extent necessary so that the amount due under each of the Plans is determined as if the Retirement
Plan did not provide the additional benefits; and 
 WHEREAS, the Board has delegated to the Chief Executive Officer of the Company
authority to amend the Plans as provided below. 
 NOW, THEREFORE, the Plans are hereby amended as follows, effective as of
March 23, 2016: 
  

	1.	The 2011 SERP is hereby amended to add the following new Section 4.5: 

 4.5
Notwithstanding any other provision of the Plan, a benefit payable to or on behalf of a Participant under Section 4.1, Section 4.3, or the Schedule of Retirement Benefits, shall be calculated and determined without regard to the Additional
Account (as such term is defined in Sub-Plan Four of the Pepco Holdings, Inc. Retirement Plan), if any, payable to or on behalf of such Participant under the Pepco Holdings, Inc. Retirement Plan. 

 

	2.	The Combined SERP is hereby amended to add the following new Section 3.8: 

3.8 Notwithstanding any other provision of the Plan, a benefit payable to or on behalf of a Participant under Section 3.1,
Section 3.3, or Section 3.7 hereof, shall be calculated and determined without regard to the Additional Account (as such term is defined in Sub-Plan Four of the Pepco Holdings, Inc. Retirement Plan), if any, payable to or on behalf of such
Participant under the Pepco Holdings, Inc. Retirement Plan. 

	3.	The Conectiv SERP is hereby amended to add the following new Section 3.5: 

3.5 Notwithstanding any other provision of the Plan, a benefit payable to or on behalf of a Participant under Section 3.1,
Section 3.2, Section 5.1, or Section 6.2 hereof, shall be calculated and determined without regard to the Additional Account (as such term is defined in Sub-Plan Four of the Pepco Holdings, Inc. Retirement Plan), if any, payable to or
on behalf of such Participant under the Pepco Holdings, Inc. Retirement Plan. 

  
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 IN WITNESS THEREOF, the Company has caused this Amendment to be signed this 23rd day of March, 2016. 
  

									
	ATTEST:	 		 	Pepco Holdings, Inc.
					
	By:	 	 /s/ Jane K. Storero
	 		 	By:	 	 /s/ Joseph M. Rigby

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

  
 3

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