Document:

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                                                                     EXHIBIT 4.3
                                                                     -----------
                              PECO Energy Company
                  Management Group Deferred Compensation and
                       Supplemental Pension Benefit Plan
                        (Effective Date: June 1, 1988)
             (As Amended and Restated Through October [__], 2000)

     PECO Energy Company ("PECO" or the "Company") originally established the
PECO Energy Company Management Group Deferred Compensation and Supplemental
Pension Benefit Plan (the "Management Group Deferred Compensation Plan" or the
"Plan").  The outstanding shares of PECO were subsequently exchanged with shares
of Exelon Corporation ("Exelon) causing Exelon to become PECO's parent (the
"Share Exchange").  Immediately thereafter, Unicom Corporation merged with and
into Exelon (the "Merger").  In connection with the Share Exchange and Merger,
Exelon assumed sponsorship of the Plan.

     The purposes of this plan are to permit the total pension of certain
management employees of PECO and its Subsidiaries (as defined in Section 2), and
to offset the impact of deferrals under the PECO Management Incentive
Compensation Plan on the pensions of participating employees, and to provide
uniform rules and regulations of plan administration.

     1.  Administration. This Management Group Deferred Compensation Plan shall
         --------------
be administered by the Vice President - Finance and Accounting of PECO (the
"Administrator") or such other individual or individuals as may be designated by
the Board of Directors of PECO (the "Board"). The Administrator shall interpret
the Management Group Deferred Compensation Plan, make factual determinations,
and establish such rules and regulations of plan administration that he deems
appropriate. The Administrator's decisions with respect to the construction,
administration, and interpretation of the Plan shall be conclusive and

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binding, unless otherwise determined by the Board. The cost of the plan
administration shall be paid by PECO, and shall not be charged against the
deferred accounts of Plan participants.

     2.  Eligibility. Eligibility under the Management Group Deferred
         -----------
Compensation Plan is restricted to key management employees of PECO who are
eligible to participate in the PECO Management Incentive Compensation Plan, but
who are not eligible to participate in PECO's previously adopted Deferred
Compensation Plan. Notwithstanding the foregoing, a key management employee of a
Subsidiary who is eligible to participate in the PECO Management Incentive
Compensation Plan and who is designed by the Committee shall also be eligible to
make deferrals under Sections 3 through 7. "Subsidiary" shall mean a corporation
in which PECO owns, directly or indirectly, at least 50% of the of the combined
voting power of all classes of stock entitled to vote.

     3.  Deferrals.
         ---------

         (a)  Each eligible employee may elect in writing to receive all or a
portion of his or her future awards under the PECO Management Incentive
Compensation Plan as deferred compensation, subject to such rules and procedures
as the Administrator deems appropriate. Each such election shall be made prior
to the end of the calendar year with respect to which the award is calculated.
Effective November 25, 1996, each eligible employee may elect in writing to
receive all or a portion (in increments of 1%) of the lump sum payment pursuant
to Paragraph 8(b)(1) below, as deferred compensation, provided each such
election is made prior to the calendar year in which payments are scheduled to
begin and at least ninety (90) days prior to the date such payments are
scheduled to begin. Notwithstanding the proviso to the preceding sentence, a
participant who retires from employment with PECO during 1998 under the 1998
Workforce Reduction Program may, prior to separation from service with PECO,

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make a one-time irrevocable election in writing to receive as deferred
compensation all or a portion (in increments of 1%) of the lump sum payment
pursuant to Paragraph 8(b)(1) below. Effective January 1, 2000, each eligible
employee may elect in writing to receive as deferred compensation all or a
portion of his or her future cash awards under any short term or long term
incentive compensation plan sponsored or maintained by PECO or a Subsidiary,
provided that each such election is made prior to the end of the last calendar
year with respect to which the award is calculated.

         Deferred amounts shall be credited to a deferral account in the
participant's name ("Deferral Account") for later distribution.  Each
participant's Deferral Account shall be a bookkeeping entry only, and Exelon
shall not be required to fund the Deferral Account.  Any assets that may be held
by Exelon to fund a Deferral Account shall at all times remain unrestricted
assets of Exelon in its corporate capacity and not as fiduciary, and shall be
subject to the claims of Exelon's general creditors.  Pending distribution, each
participant's Deferral Account shall be credited with earnings or interest as
provide in Paragraph 3(b).

         (b)  (1) For purposes of measuring the earnings or losses credited to
     his Deferral Account, the participant may select, from among the investment
     vehicles available from time to time under the PECO Energy Company Employee
     Savings Plan (the "Savings Plan"), the investment media in which all or
     part of his Deferral Account shall be deemed to be invested.

              (2) The participant shall make an investment designation in the
     form and manner prescribed by the Committee or its designee, which shall
     remain effective until another valid designation has been made by the
     participant as herein provided.  The participant may amend his investment
     designation at such times and in such manner as

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     prescribed by the Committee or its designee. A timely change to the
     participant's investment designation shall become effective as soon as
     administratively practicable.

              (3) The investment media deemed to be made available to the
     participant, and any limitation on the maximum or minimum percentages of
     the participant's Deferral Account that may be deemed to be invested in any
     particular medium, shall be the same as available or in effect from time-
     to-time under the Savings Plan.

              (4) Except as provided below, the participant's Deferral Account
     shall be deemed to be invested in accordance with his investment
     designations, and the Deferral Account shall be credited with earnings (or
     losses) as if invested as directed by the participant.  If -

                  (i)   the participant does not furnish complete investment
          instructions, or

                  (ii)  the investment instructions from the participant are
          unclear, then the Deferral Account shall be credited with interest
          compounded and adjusted monthly, at a rate equal to the prime
          commercial lending rate of The Chase Manhattan Bank, N.A. in effect at
          the opening of business on the 15th day of each month (or if such day
          is a non-business day, on the first business day thereafter) plus  1/2
          of 1%.  The Deferral Accounts maintained pursuant to this Plan are for
          bookkeeping purposes only and Exelon is under no obligation to invest
          such amounts.

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     PECO shall provide a statement to the participant not less frequently than
annually showing such information as is appropriate, including the aggregate
amount in his Deferral Account, as of a reasonably current date.

     4.  Distributions. If the participant's employment with PECO or a
         -------------
Subsidiary is terminated for retirement, the amount standing to a participant's
Deferral Account shall be distributed to the participant commencing after the
participant's separation from service when the participant's accrued benefit
begins to be paid under PECO's Service Annuity Plan. Distributions shall be paid
monthly over 15 consecutive twelve-month periods.

     Each payment shall be determined by multiplying the balance remaining to
the credit of the Deferral Account at the beginning of such twelve-month period
(including earnings or interest credited under Paragraph 3(b)) by a fraction,
the numerator of which is "1" and the denominator of which is the number of
twelve-month periods (including the current period) for which payments are yet
to be made. If application of the foregoing would result in a payment for any
twelve-month period of less than $12,000 the amount payable for such period
shall be at the rate of $12,000 per twelve-month period, until the Deferral
Account is exhausted. Any unpaid balance in the Deferral Account shall be
credited with earnings or interest as provided in Paragraph 3(b).

     In any calendar year prior to the calendar year in which payments are
scheduled to begin and at least ninety (90) days prior to the date such payments
are scheduled to begin, a participant may elect to receive the amounts payable
hereunder in such other manner as is acceptable to the Administrator, provided
that no such election shall accelerate the commencement of benefits, and
provided further that any such election to receive periodic installments
determined by application of a formula based, in part, on investment return

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assumptions may subsequently be amended irrevocably to provide for installments
thereafter in an amount equal to the lesser of (i) the initial periodic
installment received by the participant or (ii) the most recent periodic
installment received by the participant.

     Notwithstanding the foregoing, however, a participant who retires from
employment with PECO under any early retirement incentive arrangement or non-
recurring reduction in force (including, but not limited to, the 1990 Special
Retirement and Service Completion Plan, the 1993 Nuclear Voluntary Retirement
Incentive Plan, the 1993 Nuclear Voluntary Separation Plan, the 1993 Nuclear
Involuntary Separation Plan, the 1994 Voluntary Retirement Incentive Plan ("1994
VRIP"), the 1994 Voluntary Separation Incentive Plan ("1994 VSIP"), and the 1998
Workforce Reduction Program) may, prior to separation from service with PECO,
make a one-time irrevocable election to receive a lump-sum distribution of his
or her account (or, in the case of a retirement under the 1994 VRIP or VSIP, a
distribution paid over a period of three (3) years or in such other manner as
may be acceptable to the Administrator) in accordance with the terms of such
arrangement or reduction in force and, if such election is approved by PECO,
receive such a distribution upon his or her retirement.

     If at any time a participant's employment with PECO and all Subsidiaries is
terminated other than for retirement or the participant's employer ceases to be
a Subsidiary, unless otherwise directed by the Administrator, he or she shall
receive his or her account balance (with accrued earnings or interest) in a lump
sum upon termination of employment with PECO and all Subsidiaries, or a
cessation of his or her employer' Subsidiary status, determined as of the date
of separation from service or cessation of Subsidiary status.

     Notwithstanding the foregoing, a participant whose employment with PECO and
all Subsidiaries was terminated for retirement and who is receiving installment
payments of his

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or her Deferral Account ("a retired participant"), or the beneficiary of a
deceased retired participant, may elect to receive 90% of the balance of his or
her Deferral Account in a lump sum. The remaining 10% of the balance of his or
her Deferral Account shall be forfeited.

     5.  Death Benefits.  Each participant shall designate a beneficiary or
         --------------
beneficiaries to receive any payments under Paragraph 4 after the participant's
death.  The beneficiaries, and any priority or allocation between them, shall be
designated in the manner specified by the Administrator.  If a participant dies
before the entire balance in his or her Deferral Account has been paid out, the
remaining balance shall be paid in the same form and number of installments as
would have been the case had the participant lived (and terminated his or her
employment on the date of his or her death, if he or she died while in the
employment of PECO or a Subsidiary).  If the participant is not survived by a
designated beneficiary, the participant's beneficiary shall be the participant's
spouse, if living, or otherwise, the participant's estate.  If a beneficiary
survives the participant but dies before the entire balance payable to him or
her has been distributed, any remaining balance shall be paid to the
beneficiary's estate.  In the absence of contrary proof, the participant shall
be deemed to have survived any designated beneficiary.

     A participant may change his or her beneficiary designation under this
Paragraph at any time until his or her death by filing a written beneficiary
designation with PECO, in the manner specified by the Administrator.

     6.  Financial Hardship. The Administrator may, in his discretion, direct
         ------------------
that a participant be paid an amount in cash (not in excess of the balance of
his or her Deferral Account) sufficient to meet a financial hardship. Financial
hardship shall mean (a) medical care for the participant, a member of his or her
family, or any other person for whom the participant

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wishes or is legally required to provide such care; (b) education costs for a
participant, spouse or child; (c) acquiring, constructing or renovating the
participant's principal residence; or (d) other similar substantial and
nonrecurring expenses for the welfare of the participant and his or her
dependents, as the Administrator shall determine in his sole discretion. To
preserve the tax benefits of the deferral program, the Administrator may require
evidence of financial hardship.

     7.  No Assignment or Alienation of Benefits. Except as hereinafter provided
         ---------------------------------------
with respect to marital disputes, a participant's Deferral Account may not be
voluntarily or involuntarily assigned or alienated. In cases of marital dispute,
PECO will observe the terms of the Plan unless and until ordered to do otherwise
by a state or Federal court. As a condition of participation, a participant
agrees to hold PECO harmless from any claim that arises out of PECO's obeying
the final order of any state or Federal court, whether such order effects a
judgment of such court or is issued to enforce a judgment or order of another
court.

     8.  Supplemental Pension Benefit.
         ----------------------------

         (a)  (1)  PECO will supplement a participant's monthly pension or
preretirement death benefit payable under the Service Annuity Plan by the amount
which is the difference, if any, between such pension or preretirement death
benefit and the monthly pension or preretirement death benefit which would have
been payable under the Service Annuity Plan as if: (i) the provisions of that
Plan were administered without regard to the maximum benefit limitations or the
maximum compensation limitations imposed under the Internal Revenue Code of
1986, as amended; (ii) for purposes of calculating the participant's benefit
under Section 3.1(a) (the "2% accrued" formula), the participant's salary
includes in the year payable (whether or not deferred) the amount of any award
under PECO's Management Incentive Compensation

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Plan; and (iii) for purposes of calculating the participant's benefit under
Section 3.1(b) (the "minimum" formula), the participant's annual base salary
includes the amount of any award under PECO's Management Incentive Compensation
Plan, whether paid currently or deferred, and in either case imputed ratably
over the months worked by the participant in the year earned. Except as
otherwise determined by the Administrator, or as otherwise elected by the
participant under this Paragraph, supplemental pension and death benefits will
be in the same form and paid to the employee (or on his or her behalf, to his or
her beneficiaries) in the same manner as payment of retirement and death
benefits under the Service Annuity Plan. This supplement shall also reflect to
the appropriate extent any post-retirement benefit increases with respect to
benefits under the Service Annuity Plan.

          (2)  (A)  In addition to the supplement described in Paragraph
8(a)(1), PECO will supplement the monthly pension or preretirement death benefit
payable under the Service Annuity Plan to an `eligible participant' (as defined
below) by the amount which is the difference between (a) the sum of such pension
or preretirement death benefit, if any, and the supplement payable under
Paragraph 8(a)(1), if any, and (b) the monthly pension or preretirement death
benefit which would be payable under the Service Annuity Plan if: (i) for
purposes of Sections 3.1(a) and 3.1(b), such participant's aggregate
compensation and annual base salary included the amount described in Section
5.1(b) of the participant's change in control agreement and was determined
without regard to the maximum benefit limitations or the maximum compensation
limitations imposed under sections 415 and 401(a)(17), respectively, of the
Internal Revenue Code of 1986, as amended; provided, however, that such amount
will be taken into account as if it was earned by the participant uniformly over
the `severance period' (as defined below), and (ii) for purposes of Section
3.1(b) and Articles IV and V, such participant is

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deemed to have attained the age he will attain as of the last day of the
severance period and completed the number of years (for both vesting and benefit
accrual purposes) he would otherwise have completed as of the last day of the
severance period.

                    (B) Except as otherwise determined by the Administrator, or
as otherwise elected by the participant under this Paragraph, supplemental
pension and death benefits will be in the same form and paid to the participant
(or on his or her behalf, to his or her beneficiaries) in the same manner as
payment of retirement and death benefits under the Service Annuity Plan.
Notwithstanding the preceding sentence, an eligible participant may receive the
supplement described in Paragraph 8(a)(2) immediately upon his termination of
employment in the form of a lump sum or in any other payment form available
under the Service Annuity Plan. This supplement will also reflect to the
appropriate extent any post-retirement benefit increases with respect to
benefits under the Service Annuity Plan.

                    (C) For purposes of this Paragraph 8(a)(2), the following
definitions will apply:

               'Eligible participant' means a participant who has entered into a
               change in control agreement with PECO in contemplation of the
               merger between PECO and Unicom Corporation (i) whose employment
               is terminated by PECO during the Employment Period for a reason
               other than Cause or Disability, or (ii) who terminates his
               employment during the Employment Period for Good Reason (as those
               terms are defined in the applicable change in control agreement).

               'Severance Period' equals (i) in the case of a senior officer of
               PECO, 36

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               months, (ii) in the case of a vice president other than a senior
               officer of PECO, 24 months, and (iii) in the case of an eligible
               participant in compensation band D or above, other than a senior
               officer or vice president of PECO, 18 months.

               (b)  (1)  In any calendar year before the year of retirement but
     in no event less than ninety days prior to retirement, a participant, while
     employed by PECO, may elect to receive the present value of all or a
     portion (in increments of 25%) of the supplemental retirement benefit
     payable to the participant under Paragraph 8(a) in a lump sum at
     retirement; provided, however, that no such election shall accelerate the
     commencement of benefits.  Notwithstanding the foregoing, however, a
     participant who retires from employment with PECO under any early
     retirement incentive arrangement or non-recurring reduction in force
     (including, but not limited to, the 1990 Special Retirement and Service
     Completion Plan, the 1993 Nuclear Voluntary Retirement Incentive Plan, the
     1993 Nuclear Voluntary Separation Plan, the 1993 Nuclear Involuntary
     Separation Plan, the 1994 Voluntary Retirement Incentive Plan, the 1994
     Voluntary Separation Incentive Plan, and the 1998 Workforce Reduction
     Program) may, prior to separation from service with PECO, make a one-time
     irrevocable election to receive a lump-sum distribution of the present
     value of all or a portion of the supplemental retirement benefit payable to
     the participant under Paragraph 8(a) in accordance with the terms of such
     arrangement or reduction in force and, if such election is approved by
     PECO, receive such a distribution upon his or her retirement.

                    (2)  The present value of amounts payable in a lump sum
     pursuant to this Paragraph 8(b) will be actuarially determined by
     discounting the

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     expected stream of annuity payments (based upon the life expectancy of the
     participant and, if applicable, the life expectancy of the participant's
     beneficiary as provided under the Contingent Annuity Option of the PECO
     Service Annuity Plan, determined as of the date of payment under the
     mortality table used in the most recent actuarial analysis of the PECO
     Service Annuity Plan) at a rate equivalent to the Pension Benefit Guaranty
     Corporation (PBGC) Immediate Annuity Rate in effect on January 1 of the
     year of retirement; provided, however, that a lump sum payable pursuant to
     a lump sum election made prior to June 1, 1993 (even if such election was
     later modified to apply to a lesser portion of the amount payable) shall be
     valued using the PBGC Immediate Annuity Rate in effect during the month in
     which the election was made, if the use of such rate would result in a
     larger lump sum payment.  Such calculation shall reflect the Contingent
     Annuity Option benefit under the PECO Service Annuity Plan if the
     participant otherwise satisfies the conditions for that benefit, but shall
     not reflect any possible post-retirement benefit increases; provided,
     however, that, if the participant's Contingent Annuity Option election
     under the PECO Service Annuity Plan is not irrevocable at the time the lump
     sum payment is made hereunder, the participant will receive an initial lump
     sum payment reflecting the Contingent Annuity Option resulting in the
     smallest lump sum payment from the Management Group Deferred Compensation
     Plan and, at age 65 (or at the participant's death, if earlier), a payment
     will be made to the participant (or his or her beneficiary) equal to the
     balance due the participant (which shall be the present value of the
     difference between the value of the total pension payable to the
     participant or beneficiary at such time over the sum of the value of
     benefits payable to the participant or beneficiary under the Service
     Annuity Plan and the lump sum previously paid, taking into

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     account the Contingent Annuity Option then in effect, the Contingent
     Annuity Option in effect between retirement and age 65, and increases in
     benefits payable under the Service Annuity Plan due to adjustment of
     Internal Revenue Code limitations, and reflecting the interest rate used to
     calculate the prior lump sum). The specific calculation methodology and
     manner of payment, which will be made in a manner acceptable to the
     Administrator, will be applied in a uniform, non-discriminatory fashion. An
     election made pursuant to Paragraph 8(b)(1), once made, shall be
     irrevocable; provided, however, that a participant who made an election
     prior to June 1, 1993 to receive the entire supplemental retirement benefit
     payable to the participant hereunder in a lump sum may, while employed by
     PECO, make one subsequent election on or after June 1, 1993 to receive less
     than the full benefit in a lump sum, subject to the timing limitations
     described in Paragraph 8(b)(1).

               (c)  (1)  A participant may elect to have supplemental death
     benefits under Paragraph 8(a) paid to such beneficiary or beneficiaries as
     the participant may designate in writing, in the manner specified by the
     Administrator.  A change in beneficiary designation may be made at any time
     until the participant's death, notwithstanding that the form and amount of
     the benefit may be fixed upon the participant's termination of employment
     with PECO or other inter vivos determining event.  In the absence of a
     written beneficiary designation, death benefits will be paid to the
     beneficiary or beneficiaries entitled to the participant's survivor and
     death benefits under the Service Annuity Plan.

                    (2)  Should a participant who has made a lump sum election
     as described in Paragraph 8(b)(1) prior to June 1, 1993 die between the
     time such election is made and the date payments are scheduled to begin,
     the present value of supplemental

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     death benefits payable to the participant's beneficiary under Paragraph
     8(a) shall be paid in a lump sum to the participant's beneficiary as soon
     as administratively practicable following the participant's death;
     provided, however, that the participant has not made a contrary election
     pursuant to the following sentence. In accordance with procedures
     prescribed by the Administrator, a participant (including a participant
     described in the preceding sentence), while employed by PECO, may elect, or
     revoke or change a prior election, to have the present value of all or a
     portion of the supplemental death benefits payable to the participant's
     beneficiary under Paragraph 8(a) paid to the beneficiary in a lump sum as
     soon as administratively practicable following the participant's death;
     provided, however, that such election, or revocation or change, will not be
     effective unless made in the calendar year prior to the calendar year in
     which payments are scheduled to begin and at least ninety (90) days prior
     to the date such payments are scheduled to begin.

               (3)  The present value of amounts payable in a lump sum pursuant
     to Paragraph 8(c)(2) will be actuarially determined by discounting the
     expected stream of annuity payments (based upon the beneficiary's life
     expectancy determined as of the date of payment under the mortality table
     used in the most recent actuarial analysis of the PECO Service Annuity
     Plan) at a rate equivalent to the Pension Benefit Guaranty Corporation
     (PBGC) Immediate Annuity Rate in effect on January 1 of the year of the
     participant's death; provided, however, that a lump sum payable to the
     beneficiary of a participant who made a lump sum election under this
     Paragraph 8 prior to June 1, 1993 (even if such election was later
     modified, or revoked and reinstated, with respect to the participant's
     beneficiary) shall be valued using the PBGC Immediate Annuity Rate in

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     effect during the month such election was made, if the use of such rate
     would result in a larger lump sum payment.

          9.  Participation in Deferred Compensation Plan.  A participant in the
              -------------------------------------------
Management Group Deferred Compensation Plan who becomes eligible to participate
in the Company's Deferred Compensation Plan shall cease to participate in the
Management Group Deferred Compensation Plan, and all benefits payable to the
participant with respect to either plan shall be provided under the Deferred
Compensation Plan.  The participant shall be credited with a Deferral Account
under the Deferred Compensation Plan equal to the value of his or her Deferral
Account under the Management Group Deferred Compensation Plan, and the
participant's supplemental pension benefit (if any) shall be determined as
though the employee had participated in the Deferred Compensation Plan during
the period he or she was a participant in the Management Group Deferred
Compensation Plan.

          10. Amendment or Discontinuance. The Management Group Deferred
              ---------------------------
Compensation Plan may be altered, amended, suspended, or terminated at any time
by the Board prior to the date of Merger. Effective as of the date of Merger,
the Compensation Committee of Exelon's Board of Directors shall have the
exclusive authority to alter, amend, suspend, or terminate the Plan at any time.
Provided that no such alteration, amendment, suspension, or termination shall
result in the distribution of amounts credited to the Deferral Accounts of all
participants in any manner than is otherwise provided in this Plan, nor shall
such action reduce the availability of amounts previously deferred. The rules
relating to distribution may be generally altered or specifically waived by the
Administrator in his sole discretion, but no such action shall reduce the
availability of amounts previously deferred unless it is necessary to do so to
preserve the tax deferral on amounts deferred.

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          11.  No Right to Continued Employment.  The Management Group Deferred
               --------------------------------
Compensation Plan shall not confer upon any person any right to be continued in
the employment of PECO.

          12.  Governing Law.  The Management Group Deferred Compensation Plan
               -------------
shall be governed by the law of the Commonwealth of Pennsylvania.

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                                                                     EXHIBIT 4.4
                                                                     -----------

                              PECO Energy Company
               Unfunded Deferred Compensation Plan for Directors
                       (Effective Date:  April 1, 1983)
             (As Amended and Restated through October [__], 2000)

          PECO Energy Company ("PECO" or the "Company") originally established
the PECO Energy Unfunded Deferred Compensation Plan for Directors (the "Deferred
Compensation Plan for Directors" or the "Plan").  The outstanding shares of PECO
were subsequently exchanged with shares of Exelon Corporation ("Exelon") causing
Exelon to become PECO's parent (the "Share Exchange").  Immediately thereafter,
Unicom Corporation merged with and into Exelon (the "Merger").  In connection
with the Share Exchange and Merger, Exelon assumed sponsorship of the Plan.  The
purpose of the Plan is to permit Directors of PECO to elect to defer receipt of
directors' fees.

     1.   Administration.  The Deferred Compensation Plan for Directors shall be
          --------------
administered by the Treasurer of PECO (the "Administrator"), or such other
individual or individuals as designated by the Board of Directors of PECO (the
"Board").  The Administrator shall interpret the Deferred Compensation Plan and
establish such rules and regulations of plan administration that he deems
appropriate.  The cost of plan administration shall be paid by PECO, and shall
not be charged against the deferred accounts of Plan participants.

     2.   Eligibility.  All Directors of PECO (other than full-time employees of
          -----------
PECO) shall be eligible to participate in the Deferred Compensation Plan for
Directors.

     3.   Deferrals.  (a)  Effective April 1, 1983 (the "Effective Date"), each
          ---------
eligible Director may elect in writing to receive a portion of his or her future
directors' fees as deferred

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compensation, by filing a written Director's Deferral Agreement form with the
Administrator. In all events, each such election shall be made prior to the
period with respect to which the fees are earned or otherwise payable. Deferred
amounts shall be credited to a deferral account in the participant's name
("Deferral Account") for later distribution. Each participant's Deferral Account
shall be a bookkeeping entry only, and Exelon shall not be required to fund the
Deferral Account. Any assets that may be held by Exelon to fund a Deferral
Account shall at all times remain unrestricted assets of Exelon in its corporate
capacity and not as fiduciary, and shall be subject to the claims of Exelon's
general creditors. Pending distribution, after the Effective Date each
participant's Deferral Account shall be credited with earnings or interest as
provided in Paragraph 3(b).

          (b)  (1)  For purposes of measuring the earnings or losses credited to
his Deferral Account, the participant may select, from among the investment
vehicles available from time to time under the PECO Energy Company Employee
Savings Plan (the "Savings Plan"), the investment media in which all or part of
his Deferral Account shall be deemed to be invested.

               (2)  The participant shall make an investment designation in the
form and manner prescribed by the Committee or its designee, which shall remain
effective until another valid designation has been made by the participant as
herein provided. The participant may amend his investment designation at such
times and in such manner as prescribed by the Committee or its designee. A
timely change to the participant's investment designation shall become effective
as soon as administratively practicable.

               (3)  The investment media deemed to be made available to the
participant, and any limitation on the maximum or minimum percentages of the
participant's

                                      -2-
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Deferral Account that may be deemed to be invested in any particular medium,
shall be the same as available or in effect from time-to-time under the Savings
Plan.

               (4)  Except as provided below, the participant's Deferral Account
shall be deemed to be invested in accordance with his investment designations,
and the Deferral Account shall be credited with earnings (or losses) as if
invested as directed by the participant. If -

                    (i)  the participant does not furnish complete investment
       instructions, or

                    (ii) the investment instructions from the participant are
       unclear,

  then the Deferral Account shall be credited with interest compounded and
  adjusted monthly, at a rate equal to the prime commercial lending rate of The
  Chase Manhattan Bank, N.A. in effect at the opening of business on the 15th
  day of each month (or if such day is a non-business day, on the first business
  day thereafter) plus  1/2 of 1%.  The Deferral Accounts maintained pursuant to
  this Plan are for bookkeeping purposes only and Exelon is under no obligation
  to invest such amounts.

       PECO shall provide a statement to the participant not less frequently
  than annually showing such information as is appropriate, including the
  aggregate amount in his Deferral Account, as of a reasonably current date.

       4.  Distributions.  The amount standing to a participant's Deferral
           -------------
Account shall be distributed to the participant as the participant shall direct
in his or her Benefit Distribution Election Form beginning with the first day of
the month following the participant's termination of service as Director of
PECO, the termination of the participant's full-time employment, or the
participant's

                                      -3-
<PAGE>

65th birthday. Distributions shall be paid monthly over not more than 15
consecutive twelve-month periods.

       Each payment shall be determined by multiplying the balance remaining to
the credit of the Deferral Account at the beginning of such twelve-month period
(including earnings or interest credited under Paragraph 3) by a fraction, the
numerator of which is "1" and the denominator of which is the number of twelve
month periods (including the current period) for which payments are yet to be
made.  If application of the foregoing would result in a payment for any twelve-
month period of less than $10,000, the amount payable for such period shall be
at the rate of $10,000 per twelve-month period, until the Deferral Account is
exhausted.  Any unpaid balance in the Deferral Account shall be credited with
earnings or  interest as provided in Paragraph 3.

       In any calendar year before payments are scheduled to begin and at least
ninety (90) days prior to the date such payments are scheduled to begin, a
participant may elect to receive the amounts payable hereunder in such other
manner as is acceptable to the Administrator, provided that no such election
shall accelerate the commencement of benefits, and provided further that any
such election to receive periodic installments determined by application of a
formula based, in part, on investment return assumptions may subsequently be
amended irrevocably to provide for installments thereafter in an amount equal to
the lesser of (i) the initial periodic installment received by the participant
or (ii) the most recent periodic installment received by the participant.

       Notwithstanding the foregoing, a participant whose service as a Director
of PECO was terminated for retirement and who is receiving installment payments
of his or her Deferral Account ("a retired participant"), or the beneficiary of
a deceased retired participant, may elect to receive 90% of the balance of his
or her Deferral Account in a lump sum.  The remaining 10% of the balance of his
or her Deferral Account shall be forfeited.

                                      -4-
<PAGE>

       5.  Death Benefits.  Each participant shall designate a beneficiary or
           --------------
beneficiaries to receive any payments hereunder after the participant's death.
The beneficiaries, and any priority or allocation between them, shall be
designated in the manner specified by the Administrator.  If a participant dies
before the entire balance in his or her Deferral Account has been paid out, the
remaining balance shall be paid at the discretion of the Administrator either in
installments as they would have been due to be paid to the participant or in a
lump sum to the beneficiary.  If the participant is not survived by a designated
beneficiary, the participant's beneficiary shall be the participant's spouse, if
living, or otherwise, the participant's estate.  If a beneficiary survives the
participant but dies before the entire balance payable to him or her has been
distributed, any remaining balance shall be paid to the beneficiary's estate.
In the absence of contrary proof, the participant shall be deemed to have
survived any designated beneficiary.  A participant may change his beneficiary
designation under this Paragraph at any time until his death by filing a written
beneficiary designation with PECO, in the manner specified by the Administrator.

       6.  Financial Hardship.  The Administrator may, in his discretion, direct
           ------------------
that a participant be paid an amount in cash (not in excess of the balance of
his or her Deferral Account) sufficient to meet a financial hardship.  Financial
hardship shall mean (a) medical care for the participant, a member of his or her
family, or any other person for whom the participant wishes or is legally
required to provide such care; (b) education costs for a participant, spouse or
child; (c) acquiring, constructing or renovating the participant's principal
residence; or (d) other similar substantial and non-recurring expenses for the
welfare of the participant and his dependents, as the Administrator shall
determine in his sole discretion.  To preserve the tax benefits of the deferral
program, the Administrator may require evidence of financial hardship.

                                      -5-
<PAGE>

       7.  No Assignment or Alienation of Benefits.    Except as hereinafter
           ---------------------------------------
provided with respect to marital disputes, a participant's Deferral Account may
not be voluntarily or involuntarily assigned or alienated.  In cases of marital
dispute, the Administrator will observe the terms of the Plan unless and until
ordered to do otherwise by a state or Federal court.  As a condition of
participation, a participant agrees to hold Exelon and the Administrator
harmless from any claim that arises out of Exelon's or the Administrator's
obeying the final order of any state or Federal court, whether such order
effects a judgment of such court or is issued to enforce a judgment or order of
another court.

       8.  Amendment or Discontinuance.  The Deferred Compensation Plan for
           ---------------------------
Directors may be altered, amended, suspended, or terminated at any time by the
Board prior to the date of Merger.  Effective as of the date of Merger, the
Compensation Committee of Exelon shall have the exclusive authority to alter,
amend, suspend, or terminate the Plan at any time.  Provided that no such
alteration, amendment, suspension, or termination shall result in the
distribution of amounts credited to the Deferral Accounts of all participants in
any manner than is otherwise provided in this Plan, nor shall such action reduce
the availability of amounts previously deferred.  The rules relating to
distribution may be generally altered or specifically waived by the
Administrator in his sole discretion, but no such action shall reduce the
availability of amounts previously deferred unless it is necessary to do so to
preserve the tax deferral on amounts deferred.

       9.  Governing Law.  The Deferred Compensation Plan for Directors shall be
           -------------
governed by the law of the Commonwealth of Pennsylvania.

                                      -6-

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