Document:

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                                AMENDMENT TO THE

                           MASTER SERVICING AGREEMENT

                                      among

                          PECO ENERGY TRANSITION TRUST,
                             the other Issuers from
                            time to time party hereto

                                       and

                               PECO ENERGY COMPANY

                                    Servicer

                           Dated as of March 25, 1999,
                             as amended and restated
                               as of March 1, 2001

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                                TABLE OF CONTENTS

                                                                         Page
                                                                         ----

SECTION 1.  Definitions.....................................................1

SECTION 2.  Amendment of Existing Agreement.................................1

SECTION 3.  Separate Counterparts...........................................2

SECTION 4.  Separate Counterparts...........................................2

SECTION 5.  Governing Law...................................................2

SECTION 6.  Limitation of Liability of Trustee. ............................3

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                           AMENDMENT dated as of March 1, 2001 to the MASTER
                  SERVICING AGREEMENT dated as of March 25, 1999, as amended and
                  restated as of May 2, 2000 (the "Existing Agreement"), among
                  PECO ENERGY TRANSITION TRUST, a Delaware business trust (the
                  "First Issuer"), the other Issuers from time to time party
                  hereto (together with the First Issuer, the "Issuers"), and
                  PECO ENERGY COMPANY, a Pennsylvania corporation, as the
                  servicer of the Intangible Transition Property (together with
                  each successor to PECO ENERGY COMPANY (in the same capacity)
                  pursuant to Section 5.03 or 6.02 of the Existing Agreement,
                  the "Servicer").

                  WHEREAS the First Issuer and the Servicer desire to amend the
Existing Agreement in connection with the issuance by the First Issuer of the
Series 2001-A Transition Bonds.

                  NOW, THEREFORE, in consideration of the premises and the
mutual covenants herein contained and intending to be legally bound hereby, the
parties hereto agree as follows:

                  SECTION 1. Definitions. Capitalized terms used but not defined
in this Amendment shall have the meanings assigned to them in the Existing
Agreement.

                  SECTION 2. Amendment of Existing Agreement. The first two
sentences of Section 5.01 of the Existing Agreement are hereby amended to read
in their entirety as follows:

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         "The Servicer makes the following representations and warranties as of
         each Transfer Date and as of any other date on which any Issuer issues
         any Series of Transition Bonds, on which the Issuers have relied and
         will rely in acquiring Serviced Intangible Transition Property and
         issuing any Series of Transition Bonds. The representations and
         warranties shall survive the sale of any of the Serviced Intangible
         Transition Property to any Issuer and the pledge thereof to any Bond
         Trustee pursuant to any Indenture and the issuance by any Issuer of any
         Series of Transition Bonds."

                  SECTION 3. Agreement. Except as specifically amended hereby,
the Existing Agreement shall continue in full force and effect in accordance
with the provisions thereof as in existence on the date hereof. On and after the
date hereof, any reference to the Existing Agreement shall mean the Existing
Agreement as amended hereby.

                  SECTION 4. Separate Counterparts. This Amendment may be
executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall
together constitute but one and the same instrument.

                  SECTION 5. Governing Law. This Amendment shall be construed in
accordance with the laws of the Commonwealth of Pennsylvania, without reference
to its conflict of law provisions, and the obligations, rights and remedies of
the parties hereunder shall be determined in accordance with such laws.

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                  SECTION 6. Limitation of Liability of Trustee. Notwithstanding
anything contained herein to the contrary, this Amendment has been countersigned
by First Union Trust Company, National Association, not in its individual
capacity but solely in its capacity as trustee of the First Issuer and in no
event shall First Union Trust Company, National Association, in its individual
capacity have any liability for warranties, covenants, agreements or other
obligations of the First Issuer hereunder or in any of the certificates, notices
or agreements delivered pursuant hereto, as to all of which recourse shall be
had solely to the assets of the First Issuer. For all purposes of this
Amendment, in the performance of its duties or obligations hereunder or in the
performance of any duties or obligations of the First Issuer hereunder, First
Union Trust Company, National Association, shall be subject to, and entitled to
the benefits of, the applicable terms and provisions of the Formation Documents
relating to the First Issuer.
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                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed by their respective officers as of the day and
year first above written.

                                        PECO ENERGY TRANSITION TRUST,

                                          by First Union Trust Company,
                                             National Association, not in
                                             its individual capacity but
                                             solely as Issuer Trustee on
                                             behalf of PECO Energy
                                             Transition Trust,

                                          by /s/ Michael W. Orendorf
                                             -----------------------------------
                                             Title: Vice President

                                        PECO ENERGY COMPANY, Servicer,

                                          by /s/ J. Barry Mitchell
                                             -----------------------------------
                                             Title: Vice President and Treasurer

Acknowledged, Accepted and
Consented to:

THE BANK OF NEW YORK, not
in its individual capacity
but solely as Bond Trustee
on behalf of the Holders of
Transition Bonds issued by
the First Issuer,

  by /s/ Thomas J. Provenzano
    -------------------------------
    Title: Vice President<PAGE>   1
                                                                    EXHIBIT 10.8

AGERE SYSTEMS INC. 2001 LONG TERM INCENTIVE PLAN
                       NONSTATUTORY STOCK OPTION AGREEMENT

<TABLE>
<CAPTION>
        NAME              HR ID NO.       GRANT DATE             EXPIRATION DATE
<S>                       <C>             <C>                    <C>
</TABLE>

Capitalized terms not otherwise defined herein shall have the same meanings as
in the Plan.

You have been granted, as of the Grant Date set forth above, an option (the
"Option") under the Plan to purchase from Agere Systems Inc. ("Agere"), [insert
number of shares covered by the Option] shares of Class [insert class of common
stock as to which the award is granted] common stock, par value $.01, of Agere
("Shares") at the price of [insert exercise price] per Share, subject to the
terms and conditions of the Plan and this agreement.

1. EXERCISABILITY OF OPTION. This Option may be exercised at any time prior to
the Expiration Date set forth above or its earlier cancellation as follows:

     (a) [Insert vesting schedule] The number of shares with respect to which
this Option becomes exercisable on any date will be rounded down to the next
lowest whole number, and any fraction of a share shall be added to the portion
of the Option becoming exercisable the following month.

     (b) Upon the termination of your employment by reason of Retirement, any
portion of this Option which is then exercisable will remain exercisable until
the Expiration Date and any portion of this Option which is not then exercisable
will be canceled.

     (c) Upon the termination of your employment by reason of death or
Disability, any portion of this Option which is not then exercisable will become
exercisable and, along with any portion of this Option which is then
exercisable, will remain exercisable until the Expiration Date.

     (d) Upon the termination of your employment for Cause, this Option will be
canceled.

     (e) Upon the termination of your employment as a result of a Company
Action, any portion of this Option that is then exercisable shall remain
exercisable until the earlier of (i) the ninetieth day from the date of
termination and (ii) the Expiration Date, and the Company Action Vesting Portion
shall not be forfeited and canceled and shall become immediately exercisable
until the earlier of (i) the ninetieth day after termination of employment and
(ii) the original Expiration Date. "Company Action Vesting Portion" is
determined as of the date of termination of employment and shall be the portion
of the Option computed as follows (but not less than zero):

                  Company Action Vesting Portion  =  N  x  M/D  -  E

         where:

                  N = the number of shares originally subject to the Option,

                  M = the number of complete months elapsed since the Grant
                  Date,

                  D = the number of complete months between the Grant Date and
                  the date on which the Option was originally scheduled to
                  become completely exercisable, and

                  E = the number of Shares covered by the Option for which the
                  Option has already become exercisable (regardless of whether
                  the Option has been exercised with respect to such Shares).

         If your employment terminates under circumstances constituting both a
Company Action and Retirement, the Company Action Vesting Portion shall become
exercisable on the termination date and, together with any portion of the Option
which was already exercisable, shall remain exercisable until the Expiration
Date.

     (f) Upon the termination of your employment for any reason other than
Retirement, death or Disability, Cause or Company Action, any portion of this
Option which is then exercisable will remain exercisable until the earlier of
(i) the
<PAGE>   2
ninetieth day after termination of employment and (ii) the original Expiration
Date, and any portion of this Option which is not then exercisable will be
canceled.

     (g) It will not be considered a termination of your employment if you (i)
transfer to or from Agere and any Subsidiary or (ii) are placed on an approved
leave of absence. Unless otherwise determined by the Committee, it will be
considered a termination of employment if your employer ceases to be Agere or a
Subsidiary.

2.       DEFINITIONS.

     (a) RETIREMENT. "Retirement" means termination of employment with Agere or
any Subsidiary at a time when you are at least age 50 with a minimum of 15 years
service.

     (b) DISABILITY. "Disability" means termination of employment under
circumstances entitling you to any of the following benefits:

            (i)   Disability Pension under the Agere Retirement Income Plan;

            (ii)  Disability Benefit under the Long Term Disability Plan for
                  Management Employees of Agere;

            (iii) Similar disability benefits under any plan of Agere that is a
                  successor to or offered in substitution for one or more of the
                  foregoing plans; or

            (iv)  Disability benefits of a type similar to those described in
                  (i) through (iii) under any plan of a Subsidiary that adopts
                  reasonable standards and criteria for benefit entitlement.

     (c) CAUSE. "Cause" means:

            (i)   violation of Agere's code of conduct.

            (ii)  conviction of (including a plea of guilty or nolo contendere)
                  of a felony or any crime of theft, dishonesty or moral
                  turpitude, or

            (iii) gross omission or gross dereliction of any statutory or common
                  law duty of loyalty to Agere.

3. EXERCISE PROCEDURE. This Option shall be exercised by delivering a notice to
Agere using the method prescribed by Agere for this purpose. The Option or any
portion thereof may be exercised only upon payment of the exercise price thereof
in full, and in accordance with procedures established by the Committee. Payment
shall be made in cash or in Shares or a combination of cash and Shares such that
the total of the cash plus the Fair Market Value, as determined in accordance
with procedures established by the Committee, of the Shares on the date of
exercise at least equals the aggregate exercise price of the Shares as to which
the Option is being exercised; provided, however, that any Shares surrendered as
payment must have been owned by you for at least six months prior to the date of
exercise. Exercise of the Option shall take effect on the date the notice of
exercise is actually received in accordance with procedures specified by Agere.

4. ISSUANCE OF AGERE SHARES. Following exercise of any portion of this Option,
Agere will issue the number of Shares purchased under this Option. Neither you
nor anyone else shall be, or have any of the rights and privileges of, a
stockholder of Agere in respect of any Shares purchasable upon the exercise of
this Option, in whole or in part, unless and until such Shares shall have been
issued.

5. TRANSFERABILITY. (a) This Option is not transferable by you otherwise than by
will or the laws of descent and distribution, and during your lifetime the
Option may be exercised only by you or your guardian or legal representative.

     [Insert paragraph if a beneficiary designation is allowed] (b) You may, in
accordance with procedures established by the Committee, designate one or more
beneficiaries to receive all or part of the Option in case of your death, and
you may change or revoke such designation at any time. Such designation shall
not be effective unless and until the Senior Vice President-Human Resources
shall determine, on advice of counsel, that exercise of the Option by your
beneficiary(ies) does not require any registration, qualification, consent or
approval of any securities exchange or governmental or regulatory agency or
authority. In the event of your death, any portion of this Option that is
subject to such a designation (to the extent such designation is valid,
effective and enforceable under this Agreement and applicable law) shall be
distributed to such beneficiary or beneficiaries in accordance with this
Agreement. Any other portion of this Option shall be distributable to your
estate. If there shall be any question as to the legal right of any beneficiary
to receive a distribution hereunder, or to the extent your designation is not
effective,
<PAGE>   3
such portion may be exercised by your estate, in which event neither Agere nor
any Subsidiary shall have any further liability to anyone with respect to such
Option.

6. NO RIGHT OF EMPLOYMENT. Neither the Plan nor this Agreement shall be
construed as giving you the right to be retained in the employ of Agere or any
Subsidiary.

7. NON-SOLICIT. In addition to your separately enforceable obligations under
existing Agere intellectual property and non-disclosure agreements, and under
common law, you agree that you will not, without the prior written consent of
Agere, both during and for a period of 12 months after termination for any
reason of your employment with Agere or any Subsidiary, solicit or offer, or
induce or encourage others to solicit or offer, employment to, or hire, any
employee of Agere or any Subsidiary. If you do not comply with the terms of the
preceding sentence, Agere may, among other things, cancel any unexercised
portion of this Option and/or recoup any profits with respect to the exercise of
this Option realized within 12 months prior to termination for any reason of
your employment with Agere or any Subsidiary through 12 months after
termination, to be repaid within 10 days of Agere's written request (or, at
Agere's option, to be set off against any amounts Agere owes you).

8. REGULATORY APPROVALS. If the Senior Vice President-Human Resources of the
Company determines, on advice of counsel, that the listing, registration or
qualification of Shares upon any securities exchange or under any law, or the
consent or approval of any governmental or regulatory agency or authority, is
necessary or desirable as a condition of, or in connection with, the exercise of
the Option, no portion of the Option may be exercised until or unless such
listing, registration, qualification, consent or approval shall have been
effected or obtained. The foregoing shall not be construed as requiring any such
listing, registration, qualification, consent or approval.

9. DETERMINATIONS OF THE COMMITTEE. Any determinations or decisions made or
actions taken arising out of or in connection with the interpretation and
administration of this Agreement and the Plan by the Committee shall be final
and conclusive.

10. AMENDMENTS. This Agreement may be amended by the Committee provided that no
such amendment shall impair your rights hereunder without your consent.

11. TAXES. Agere may withhold or require payment of taxes or social insurance
payments due upon the exercise of this Option. Payments may be paid in cash or a
combination of cash and Shares if permitted by the Senior Vice President-Human
Resources of the Company.

12. GOVERNING LAW. The validity, construction and effect of this Agreement shall
be determined in accordance with the laws of the State of Delaware without
giving effect to principles of conflicts of laws.

13. VALUE OF OPTION. Agere makes no representation as to the value of this
Option or whether you will be able to realize any profit out of it.

14. BLACK OUT PERIODS. In connection with significant corporate transactions or
developments such as spin-offs or stock splits, Agere reserves the right to
designate periods during which you may not exercise this Option.

Please indicate your acceptance of terms 1-13, and acknowledge that you have
received a copy of the Plan as currently in effect, by signing at the place
provided and returning the original of this Agreement.

ACCEPTED AND AGREED:                     AGERE SYSTEMS INC.

SIGNATURE                               BY

--------------------------------------  --------------------------------------
                                          VICE PRESIDENT

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