Document:

EXECUTIVE EMPLOYMENT AGREEMENT

Exhibit 10.21

EXECUTIVE EMPLOYMENT AGREEMENT

THIS EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered this 1st day of June, 2014 (the “Effective Date”) between Bright Mountain Holdings, Inc., a Florida corporation whose principal place of business is 6400 Congress Avenue, Suite 2250, Boca Raton, FL 33486 (the “Corporation”) and W. Kip Speyer, an individual whose address is _________________ (the “Executive”).

RECITALS

WHEREAS, the Corporation is Bright Mountain Holdings, Inc., (the “Business”).

WHEREAS, the Corporation desires to employ the Executive and the Executive desires to be employed by the Corporation.

WHEREAS, the Executive, by virtue of the Executive's employment with the Corporation, will become familiar with and possessed with the manner, methods, trade secrets and other confidential information pertaining to the Corporation's business, including the Corporation's client base.

NOW, THEREFORE, in consideration of the mutual agreements herein made, the Corporation and the Executive do hereby agree as follows:

1.

Recitals.  The above recitals are true, correct, and are herein incorporated by reference.

2.

Employment.  The Corporation hereby employs the Executive, and the Executive hereby accepts employment, upon the terms and conditions hereinafter set forth.

3.

Authority and Power During Employment Period.

a.

Duties and Responsibilities.  During the term of this Agreement, the Executive will serve as Chairman, President and Chief Executive Officer and shall have general executive operating supervision over the property, business and affairs of the Corporation, its subsidiaries and divisions, subject to the guidelines and direction of the Board of Directors of the Corporation.  

b.

Time Devoted.  Throughout the term of the Agreement, the Executive shall devote substantially most of the Executive's business time and attention to the business and affairs of the Corporation consistent with the Executive's senior executive position with the Corporation, except for reasonable vacations and except for illness or incapacity, but nothing in the Agreement shall preclude the Executive from engaging in personal business, including as a member of the Board of Directors of affiliated companies, charitable and community affairs, provided that such activities do not interfere with the regular performance of the Executive's duties and responsibilities under this Agreement.  

4.

Term.  The Term of employment hereunder will commence on the Effective Date and end on the 3rd anniversary of the Effective Date and may be extended for an additional one (1) year period (each a “Renewal Term”) by written notice given by the Corporation to the Executive at least 180 days before the expiration of the Term or the Renewal Term, as the case may be, unless this Agreement shall have been terminated pursuant to Section 6 of this Agreement.

5.

Compensation and Benefits.

a.

Salary.  The Executive shall be paid a base salary (“Base Salary”), payable in accordance with the Corporation's policies from time to time for senior executives, at an annual rate of $75,000.

b.

Discretionary Bonus.  The Executive may be awarded a bonus from time to time and in such amounts as may be determined by the Board of Directors of the Corporation in their sole discretion.

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c.

Executive Benefits.  The Executive shall be entitled to participate in all benefit programs of the Corporation currently existing or hereafter made available to executive and/or salaried employees including, but not limited to, stock option plans, pension and other retirement plans, group life insurance, hospitalization, surgical and major medical coverage, sick leave, dental, salary continuation, vacation and holidays, long-term disability, and other fringe benefits.  Executive shall also be entitled to receive reimbursement of auto insurance, auto repairs and maintenance, gas for his automobile, and charges for cell phone.

d.

Vacation.  During each fiscal year of the Corporation, the Executive shall be entitled to 4 weeks of vacation.  

e.

Business Expense Reimbursement.  During the Term of employment, the Executive shall be entitled to receive proper reimbursement for all reasonable, out of-pocket expenses incurred by the Executive (in accordance with the policies and procedures established by the Corporation) in performing services hereunder, provided the Executive properly accounts therefor.

6.

Termination.

a.

Death.  This Agreement will terminate upon the death of the Executive; however, the Executive's Base Salary shall be paid to the Executive's designated beneficiary, or, in the absence of such designation, to the estate or other legal representative of the Executive, for a period of 1 year after the date of death at the annual rate in effect immediately prior to his death in addition to any Annual Bonus which shall have been earned at the time of the death of the Executive. Other death benefits will be determined in accordance with the terms of the Corporation's benefit programs and plans.

b.

Disability.

(1)

The Executive's employment will terminate in the event of his disability, upon the first day of the month following the determination of disability as provided below. Following such a termination, the Executive shall be entitled to compensation in accordance with the Corporation's disability compensation practice for senior executives, including any separate arrangement or policy covering the Executive, but in all events the Executive shall continue to receive his Base Salary, at the annual rate in effect immediately prior to the commencement of disability, for 1 year after the termination. Any amounts provided for in this Section 6b shall not be offset by other long-term disability benefits provided to the Executive by the Corporation or Social Security.

(2)

“Disability,” for the purposes of this Agreement, shall be deemed to have occurred if the Executive is unable, by reason of a physical or mental condition, to perform his duties under this Agreement for an aggregate of 180 days in any 12-month period. 

c.

Termination by the Corporation For Cause.

(1)

Nothing herein shall prevent the Corporation from terminating Executive for Cause, as hereinafter defined.  The Executive shall continue to receive compensation only for the period ending with the date of such termination as provided in this Section 6c. Any rights and benefits the Executive may have in respect of any other compensation shall be determined in accordance with the terms of such other compensation arrangements or such plans or programs.

(2)

“Cause” shall mean (A) committing or participating in an injurious act of fraud, gross neglect, misrepresentation, embezzlement or blatant dishonesty against the Corporation; (B) engaging in a criminal enterprise against the Corporation involving moral turpitude; (C) conviction for a felony under the laws of the United States or any state thereof.

(3)

Notwithstanding anything else contained in this Agreement, this Agreement will not be deemed to have been terminated for Cause unless and until there shall have been delivered to the Executive a written notice of termination stating that the Executive committed a specific type of conduct set forth in Section 6c(2) of this Agreement and specifying the particulars thereof and the Executive shall be given a thirty (30) day period to cure such conduct set forth in Section 6c(2) from the date Executive received such notice.

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d.

Termination by the Corporation Other Than For Cause.

(1)

The foregoing notwithstanding, the Corporation may terminate the Executive's employment for whatever reason it deems appropriate; provided, however, that in the event such termination is not based on Cause, as provided in Section 6c above, the Corporation may terminate this Agreement upon giving the Executive 1 years' prior written notice. During such 1 year period, the Executive shall continue to perform the Executive's duties pursuant to this Agreement. Notwithstanding any such termination, the Corporation shall continue to pay to the Executive the Base Salary and Executive Benefits he would be entitled to receive under this Agreement for the balance of the Term of this Agreement; and at the end of the 1 year period, the Corporation shall pay to the Executive a lump sum equal to two (2) times the Executive's annual Base Salary, as of the date of termination, together with any Annual Bonus which may have been earned as of the date of termination.

e.

Voluntary Termination.  If the Executive terminates the Executive's employment on the Executive's own volition (except as provided in Section 6f) prior to the expiration of the Term of this Agreement, including any renewals thereof, such termination shall constitute a voluntary termination and in such event the Executive shall be required to give the Corporation a one (1) year prior written notice during which time Executive shall continue to perform duties pursuant to this agreement.

f.

Constructive Termination of Employment. A termination by the Corporation without Cause under Section 6d shall be deemed to have occurred upon the occurrence of one or more of the following events without the express written consent of the Executive:

(1)

a material breach of the Agreement by the Corporation; or

(2)

failure by a successor company to assume the obligations under the Agreement.

Anything herein to the contrary notwithstanding, the Executive shall give written notice to the Board of Directors of the Corporation that the Executive believes an event has occurred which would result in a Constructive Termination of the Executive's employment under this Section 6f, which written notice shall specify the particular act or acts, on the basis of which the Executive intends to so terminate the Executive's employment, and the Corporation shall then be given the opportunity, within thirty (30) days of its receipt of such notice, to cure said event; provided, however, there shall be no period permitted to cure a second occurrence of the same event and in no event will there be any period to cure following the occurrence of two events described in this Section 6f.

7.

Covenant Not To Compete and Non-Disclosure of Information.

a.

Covenant Not To Compete.  The Executive acknowledges and recognizes the highly competitive nature of the Corporation's Business and the goodwill, and continued patronage constitute a substantial asset of the Corporation having been acquired through considerable time, money and effort. Accordingly, in consideration of the execution of this Agreement, and as except as may specifically otherwise approved by the Corporation’s Board of Directors, the Executive agrees to the following: 

(1)

That during the Restricted Period (as hereinafter defined) the Executive will not, individually or in conjunction with others, directly or indirectly, engage in any Business Activities, whether as an officer, director, proprietor, employer, partner, independent contractor, investor (other than as a holder solely as an investment of less than one percent (1%) of the outstanding capital stock of a publicly traded corporation), consultant, advisor, agent or otherwise that are directly competitive with the Corporation.

(2)

That during the Restricted Period, the Executive will not, directly or indirectly, compete with the Corporation by soliciting, inducing or influencing any of the Corporation's Clients which have a business relationship with the Corporation at the time during the Restricted Period to discontinue or reduce the extent of such relationship with the Corporation.

(3)

That during the Restricted Period, the Executive will not directly or otherwise influence any employee or agent of the Corporation to discontinue such employment or agency relationship with the 

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Corporation, or employ or seek to employ, or cause or permit any business which competes directly or indirectly with the Business Activities of the Corporation (the “Competitive Business”) to employ or seek to employ for any Competitive Business any person who is then employed by the Corporation.  Employees, however, are free of their own volition to join Executive in non-competitive business activities.

b.

Non-Disclosure of Information. The Executive acknowledges that the Corporation's trade secrets, private or secret processes, methods and ideas, as they exist from time to time, customer lists and information concerning the Corporation's sources, products, services, pricing, training methods, development, technical information, marketing activities and procedures, credit and financial data concerning the Corporation and/or the Corporation's Clients, and (the “Proprietary Information”) are valuable, special and unique assets of the Corporation, access to and knowledge of which are essential to the performance of the Executive hereunder. In light of the highly competitive nature of the industry in which the Corporation's business is conducted, the Executive agrees that all Proprietary Information, obtained by the Executive as a result of the Executive's employment with the Corporation shall be considered confidential.

c.

Documents. “Documents” shall mean all original written, recorded, or graphic matters whatsoever, and any and all copies thereof, including, but not limited to: papers; books; records; tangible things; correspondence; communications; memoranda; work-papers; reports; affidavits; statements; summaries; analyses; evaluations; client records and information; agreements; agendas; advertisements; instructions; charges; manuals; brochures; publications; directories; industry lists; schedules; price lists; client lists; statistical records; training manuals; computer printouts; books of account, records and invoices reflecting business operations; all things similar to any of the foregoing however denominated. In all cases where originals are not available, the term “Documents” shall also mean identical copies of original documents or non-identical copies thereof.

d.

Corporation's Clients. The “Corporation's Clients” shall be deemed to be any persons, partnerships, corporations, professional associations or other organizations for or with whom the Corporation has performed Business Activities, including, but not limited to, suppliers or vendors with whom the Corporation has done or is endeavoring to do business.

e.

Restrictive Period. The “Restrictive Period” shall be deemed to be two (2) years following termination of this Agreement.

f.

Business Activities. “Business Activities” shall be deemed to any business activities concerning owning, operating, managing, promoting or soliciting clients for the Corporation’s Business, and any additional activities which the Corporation or any of its affiliates may engage in during any portion of the 12 months prior to the termination of Executive's employment that Executive has knowledge.

g.

Covenants as Essential Elements of this Agreement. It is understood by and between the parties hereto that the foregoing covenants contained in Sections 7a and b are essential elements of this Agreement.  To the extent that the covenants contained in this Section 7 may later be deemed by a court to be too broad to be enforced with respect to their duration or with respect to any particular activity or geographic area, the court making such determination shall have the power to reduce the duration or scope of the provision, and to add or delete specific words or phrases to or from the provision.  The provision as modified shall then be enforced.

h.

Survival After Termination of Agreement. Notwithstanding anything to the contrary contained in this Agreement, the covenants in Sections 7a and b shall survive the termination of this Agreement and the Executive's employment with the Corporation for a period of two (2) years.

8.

Indemnification. The Executive shall continue to be covered by the Amended and Restated Articles of Incorporation and Amended and Restated By-Laws of the Corporation with respect to matters occurring on or prior to the date of termination of the Executive's employment with the Corporation, subject to all the provisions of State and Federal law, the Amended and Restated Articles of Incorporation of the Corporation and the Amended and Restated By-Laws of the Corporation then in effect.  All expenses, including attorneys' fees, that may be covered by the these indemnification provisions shall be paid by the Corporation on a current basis in accordance with such provision.  Further, the Corporation agrees to maintain D & O and E & O Insurance policies as well as Employment Practices Insurance during all periods of Executive’s employment. 

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9.

Withholding. Anything to the contrary notwithstanding, all payments required to be made by the Corporation hereunder to the Executive or the Executive's estate or beneficiaries shall be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the Corporation may reasonably determine it should withhold pursuant to any applicable law or regulation. In lieu of withholding such amounts, the Corporation may accept other arrangements pursuant to which it is satisfied that such tax and other payroll obligations will be satisfied in a manner complying with applicable law or regulation.

10.

Notices. Any notice required or permitted to be given under the terms of this Agreement shall be sufficient if in writing and if sent postage prepaid by registered or certified mail, return receipt requested; by overnight delivery; by courier; or by confirmed telecopy, in the case of the Executive to the Executive's last place of business or residence as shown on the records of the Corporation, or in the case of the Corporation to its principal office as set forth in the first paragraph of this Agreement, or at such other place as it may designate.

11.

Waiver. Unless agreed in writing, the failure of either party, at any time, to require performance by the other of any provisions hereunder shall not affect its right thereafter to enforce the same, nor shall a waiver by either party of any breach of any provision hereof be taken or held to be a waiver of any other preceding or succeeding breach of any term or provision of this Agreement. No extension of time for the performance of any obligation or act shall be deemed to be an extension of time for the performance of any other obligation or act hereunder.

12.

Completeness and Modification. This Agreement constitutes the entire understanding between the parties hereto superseding all prior and contemporaneous agreements or understandings among the parties hereto concerning the Agreement. This Agreement may be amended, modified, superseded or canceled, and any of the terms, covenants, representations, warranties or conditions hereof may be waived, only by a written instrument executed by the parties or, in the case of a waiver, by the party to be charged.

13.

Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which shall constitute but one agreement.

14.

Binding Effect/Assignment. This Agreement shall be binding upon the parties hereto, their heirs, legal representatives, successors and assigns. This Agreement shall not be assignable by the Executive but shall be assignable by the Corporation in connection with the sale, transfer or other disposition of its business.

15.

Governing Law. This Agreement shall become valid on the effective date when executed. The parties agree that it shall be deemed made and entered into in the State of Florida and shall be governed and construed under and in accordance with the laws of the State of Florida. 

16.

Further Assurances. All parties hereto shall execute and deliver such other instruments and do such other acts as may be necessary to carry out the intent and purposes of this Agreement.

17.

Headings. The headings of the sections are for convenience only and shall not control or affect the meaning or construction or limit the scope or intent of any of the provisions of this Agreement.

18.

Survival. Any termination of this Agreement shall not, however, affect the ongoing provisions of this Agreement, which shall survive such termination in accordance with their terms.

19.

Severability. The invalidity or unenforceability, in whole or in part, of any covenant, promise or undertaking, or any section, subsection, paragraph, sentence, clause, phrase or word or of any provision of this Agreement shall not affect the validity or enforceability of the remaining portions thereof.

20.

Arbitration. Arbitration is proper in Palm Beach County, Florida if the parties cannot resolve their disputes regarding this Agreement.  The successful party will be awarded reasonable attorneys' fees, expenses and costs.

21.

Construction. This Agreement shall be construed within the fair meaning of each of its terms and not against the party drafting the document.

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IN WITNESS WHEREOF, the parties have executed this Agreement as of date set forth in the first paragraph of this Agreement.

				
	Witness:

	 
	THE COMPANY:

	 
	 
	 
	 

	 
	 
	Bright Mountain Holdings, Inc.

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	By: 

	/s/ Annette Casacci

	 
	 
	 
	Annette Casacci, Secretary

	 
	 
	 
	 

	Witness:

	 
	THE EXECUTIVE:

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	/s/ W. Kip Speyer

	 
	 
	W. Kip Speyer

6Exhibit 4.3

 

	 	This Instrument Prepared By:
	 	 
	 	/s/ Jeffrey M. Taylor	 
	 	Jeffrey M. Taylor
	 	Delmarva Power & Light Company
	 	Mail Stop 92DC42
	 	500 North Wakefield Drive
	 	Newark, DE 19702

 

 

 

DELMARVA POWER & LIGHT COMPANY

 

TO

 

THE BANK OF NEW YORK MELLON,

Trustee.

  

 

 

ONE HUNDRED AND FOURTEENTH SUPPLEMENTAL
INDENTURE

 

 

 

Dated as of June 2, 2014

(but executed on the dates shown on the
execution page)

 

 

 

    	 

    	 

    

 

This ONE HUNDRED
AND FOURTEENTH SUPPLEMENTAL INDENTURE, dated as of the 2nd day of June, 2014 (but executed on the dates hereinafter shown),
made and entered into by and between DELMARVA POWER & LIGHT COMPANY, a corporation of the State of Delaware and the Commonwealth
of Virginia, hereinafter called the “Company,” and THE BANK OF NEW YORK MELLON, a New York banking corporation, hereinafter
called the “Trustee”;

 

WITNESSETH:

 

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

 

WHEREAS, the Original
Indenture has been supplemented by one hundred and thirteen supplemental indentures specifically subjecting to the lien of the
Original Indenture as though included in the granting clause thereof certain property in said supplemental indentures specifically
described and amending and modifying the provisions of the Original Indenture (the Original Indenture, as amended, modified and
supplemented by all of the indentures supplemental thereto, including this One Hundred and Fourteenth Supplemental Indenture, is
hereinafter in this One Hundred and Fourteenth Supplemental Indenture called the “Indenture”); and

 

WHEREAS, the Original
Indenture provides for the issuance of bonds thereunder in one or more series, the form of each series of bonds and of the coupons
to be attached to any coupon bonds to be substantially in the forms set forth therein with such omissions, variations and insertions
as are authorized or permitted by the Original Indenture and determined and specified by the Board of Directors of the Company;
and

 

WHEREAS, the Company,
by appropriate corporate action in conformity with the terms of the Original Indenture, created a series of bonds designated as
First Mortgage Bonds, 3.50% Series due November 15, 2023 (hereinafter sometimes referred to as the “3.50% Series Bonds”
or the “bonds of 3.50% Series”);

 

WHEREAS, the terms
and provisions of the 3.50% Series Bonds, and the form thereof, were set forth in the One Hundred and Twelfth Supplemental Indenture,
dated as of November 7, 2013, between the Company and the Trustee (hereinafter sometimes referred to as the “One Hundred
and Twelfth Supplemental Indenture”), which One Hundred and Twelfth Supplemental Indenture also provided for the initial
issuance of Three Hundred Million Dollars ($300,000,000) aggregate principal amount of 3.50% Series Bonds;

 

WHEREAS, pursuant to
Article I, Section 3 of the One Hundred and Twelfth Supplemental Indenture, the principal amount of the 3.50% Series Bonds that
may be authenticated and delivered under the Indenture is not limited, except as the Indenture limits the principal amount of bonds
that may be issued thereunder;

 

WHEREAS, all acts and
things prescribed by law and by the charter and bylaws of the Company necessary to make the 3.50% Series Bonds, when executed by
the Company and authenticated by the Trustee, as in the Original Indenture provided, valid, binding and legal obligations of the
Company, entitled in all respects to the security of the Original Indenture and indentures supplemental thereto, have been performed;
and

 

WHEREAS, provision
is made in Sections 5.11 and 17.01 of the Original Indenture for such further instruments and indentures, supplemental to the Original
Indenture, as may be necessary or proper to carry out more effectually the purposes of the Original Indenture, and to subject to
the lien of the Original Indenture any property acquired after the date of the Original Indenture and intended to be covered thereby,
with the same force and effect as though included in the granting clause thereof, and to add such further covenants, restrictions
or conditions for the protection of the mortgaged and pledged property and the holders of the bonds as the Board of Directors of
the Company and the Trustee shall consider to be for the protection of the holders of the bonds,

 

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to set forth the terms and provisions of
any series of bonds to be issued under the Original Indenture and to make such other provisions in regard of matters or questions
arising under this Indenture which shall not be inconsistent with the provisions of this Indenture and which shall not adversely
affect the interests of the holders of the bonds issued thereunder; and the Company since the date of the Original Indenture has
acquired additional property not heretofore specifically subjected to the lien of the Original Indenture; and it is desired to
add certain further covenants, restrictions and conditions for the protection of the mortgaged and pledged property and the holders
of the bonds, as provided in this One Hundred and Fourteenth Supplemental Indenture, which the Board of Directors of the Company
and the Trustee consider to be for the protection of the holders of the bonds; and the Company desires to issue an additional Two
Hundred Million Dollars ($200,000,000) in aggregate principal amount of the 3.50% Series Bonds; and the Company therefore deems
it advisable to enter into this One Hundred and Fourteenth Supplemental Indenture in the form and terms hereof; and

 

WHEREAS, the execution
and delivery of this One Hundred and Fourteenth Supplemental Indenture has been duly authorized by the Board of Directors of the
Company, and all conditions and requirements necessary to make this One Hundred and Fourteenth Supplemental Indenture a valid,
binding and legal instrument in accordance with its terms, for the purposes herein expressed, and the execution and delivery hereof,
in the form and terms hereof, have been in all respects duly authorized;

 

NOW, THEREFORE, in
order further to secure the payment of the principal and interest and premium, if any, of all bonds issued and to be issued under
the Original Indenture and any indentures supplemental thereto, including this One Hundred and Fourteenth Supplemental Indenture,
according to their tenor, purport and effect and the performance and observance of all the covenants and conditions in said bonds
and the Original Indenture and any indentures supplemental thereto, including this One Hundred and Fourteenth Supplemental Indenture,
contained and to subject to the lien of the Original Indenture, as so supplemented, with the same force and effect as though included
in the granting clause thereof, and in consideration of the premises and of the sum of One Dollar ($1.00), lawful money of the
United States of America, to the Company duly paid by the Trustee at or before the ensealing and delivery hereof, and other valuable
consideration, the receipt whereof is hereby acknowledged, and intending to be legally bound hereby, the Company has executed and
delivered this One Hundred and Fourteenth Supplemental Indenture, and has granted, bargained, sold, released, conveyed, assigned,
transferred, mortgaged, pledged, set over and confirmed, and granted a security interest therein, and by these presents does grant,
bargain, sell, release, convey, assign, transfer, mortgage, pledge, set over and confirm, and grant a security interest therein,
subject to the provisions of the Indenture, unto THE BANK OF NEW YORK MELLON, as trustee, and to its successors in trust and to
its and their assigns forever, all the following described properties of the Company, and does hereby confirm that the Company
will not cause or consent to a partition, either voluntary or through legal proceedings, of property, whether herein described
or heretofore or hereafter acquired, in which its ownership shall be as tenants in common, except as permitted by, and in conformity
with, the provision of the Original Indenture, as supplemented, and particularly of Article IX of the Original Indenture:

 

All property, real,
personal and mixed, tangible and intangible, owned by the Company on the date of the execution hereof or which may be hereafter
acquired by it (except such property as in the Original Indenture expressly excepted from the lien and operation of the Indenture).

 

The property covered
by this One Hundred and Fourteenth Supplemental Indenture shall include particularly, among other property, without prejudice to
the generality of the language hereinbefore or hereinafter contained, the following described property:

 

All the electric generating
stations, station sites, stations, electric reserve generating stations, substations, substation sites, gas manufacturing plants,
ice and cold storage plants, steam plants, hot water plants, hydro-electric stations, hydro-electric station sites, electric transmission
lines, electric distribution systems, gas transportation mains, gas distribution systems, steam distribution systems, hot water
distribution systems, regulator stations, regulator station sites, office buildings, storeroom buildings, warehouse buildings,
boiler houses, plants, plant sites, service plants, coal storage yards, and poleyards now or hereafter owned by the Company, including
all electric works, power houses, generators, turbines, boilers, engines, furnaces, retorts, dynamos, buildings, structures, transformers,
meters, towers, poles, tower lines, cables, pole lines, tanks, storage

 

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holders, regulators, gas works, pipes,
pipe lines, mains, pipe fittings, valves, drips, connections, tunnels, conduits, gates, motors, wires, switch racks, switches,
brackets, insulators, and all equipment, improvements, machinery, appliances, devices, appurtenances, supplies and miscellaneous
property for generating, producing, transforming, converting, storing and distributing electric energy, gas, ice, steam and hot
water, and furnishing cold storage, now or hereafter owned by the Company, together with all furniture and fixtures located in
the aforesaid buildings, and all land now or hereafter owned by the Company on which the same or any part thereof are situated,
and all of the real estate, leases, leaseholds (except the last day of the term of each lease and leasehold), and lands now or
hereafter owned by the Company, including land located on or adjacent to any river, stream or other water, together with all flowage
rights, flooding rights, water rights, riparian rights, dams and dam sites and rights, flumes, canals, races, raceways, head works
and diversion works, and all of the municipal and other franchises, licenses, consents, ordinances, permits, privileges, rights,
servitudes, easements and rights-of-way and other rights in or relating to real estate or the occupancy of the same now or hereafter
owned by the Company, and all of the other property, real, personal or mixed, now or hereafter owned by the Company, forming a
part of any of the foregoing property or used or enjoyed or capable of being used or enjoyed in connection therewith or in any
way appertaining thereto, whether developed or undeveloped, or partially developed, or whether now equipped and operating or not
and wherever situated, and all of the Company’s presently held or hereafter acquired right, title and interest in and to
the land on which the same or any part thereof are situated or adjacent thereto, and all rights for or relating to the construction,
maintenance or operation of any of the foregoing property through, over, under or upon any public streets or highways or other
lands, public or private, and (except as hereinafter expressly excepted) all the right, title and interest of the Company presently
held or hereafter acquired in and to all other property of any kind or nature appertaining to and/or used and/or occupied and/or
enjoyed in connection with any property hereinbefore described, and, as to all of the foregoing, whether now owned by the Company
or hereafter acquired by the Company.

 

Together with all and
singular the tenements, hereditaments and appurtenances belonging or in any way appertaining to the aforesaid property or any part
thereof, with the reversion and reversions, remainder and remainders and (subject to the provisions of Section 9.01 of the Original
Indenture) the tolls, rents, revenues, issues, earnings, income, product and profits thereof, and all the estate, right, title
and interest and claim whatsoever, at law as well as in equity, which the Company now has or may hereafter acquire in and to the
aforesaid property and franchises and every part and parcel thereof.

 

IT IS HEREBY AGREED
by the Company that all property, rights and franchises acquired by the Company after the date hereof (except any in the Original
Indenture expressly excepted) shall (subject to the provisions of Section 9.01 of the Original Indenture and to the extent permitted
by law) be as fully embraced within the lien of the Original Indenture and any indentures supplemental thereto, including this
One Hundred and Fourteenth Supplemental Indenture, as if such property, rights and franchises were at the time of the execution
of the Original Indenture owned by the Company and/or specifically described therein and conveyed thereby and as if such property,
rights and franchises were now owned by the Company and/or specifically described herein and conveyed hereby;

 

Provided that, in addition
to the reservations and exceptions herein and elsewhere contained, the following are not and are not intended to be granted, bargained,
sold, released, conveyed, assigned, transferred, mortgaged, pledged, set over or confirmed hereunder and are hereby expressly excepted
from the lien and operation of the Original Indenture and any indentures supplemental thereto, including this One Hundred and Fourteenth
Supplemental Indenture, viz.: (1) cash and shares of stock and certificates or evidence of interest therein and obligations (including
bonds, notes and other securities) not in or pursuant to the Original Indenture or any indenture supplemental thereto, including
this One Hundred and Fourteenth Supplemental Indenture, specifically pledged or deposited or delivered or therein covenanted so
to be; (2) any goods, wares, merchandise, equipment, materials or supplies held or acquired for the purpose of sale or resale in
the usual course of business or for consumption in the operation of any properties of the Company; and (3) all judgments, contracts,
accounts and choses in action, the proceeds of which the Company is not obligated as in the Original Indenture provided to deposit
with the Trustee hereunder; provided, however, that the property and rights expressly excepted from the lien and operation of the
Original Indenture and any indentures supplemental thereto, including this One Hundred and Fourteenth Supplemental Indenture, in
the above subdivisions (2) and (3) shall (to the extent permitted by law) cease to be so excepted, in the event that the Trustee
or a receiver or

 

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trustee shall take possession of the mortgaged
and pledged property in the manner provided in Article X of the Original Indenture, by reason of the occurrence of a completed
default, as defined in said Article X of the Original Indenture.

 

TO HAVE AND TO HOLD
all such properties, real, personal, or mixed, granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged,
pledged, set over or confirmed by the Company as aforesaid, or intended so to be, unto the Trustee and its successors in the trusts
created in the Indenture and its and their assigns forever;

 

SUBJECT, HOWEVER, to
any reservations, exceptions, conditions, limitations and restrictions contained in the several deeds, servitudes, franchises and
contracts or other instruments through which the Company acquired, and/or claims title to and/or enjoys the use of the aforesaid
properties; and subject also to encumbrances of the character defined in the Original Indenture as “excepted encumbrances”
in so far as the same may attach to any of the property embraced herein;

 

IN TRUST NEVERTHELESS
upon the terms, trusts, uses and purposes specifically set forth in the Indenture; this One Hundred and Fourteenth Supplemental
Indenture being made for the purpose, inter alia, of subjecting the real estate and premises and other property above described
to the lien and operation of the Indenture, so that the same shall be held specifically by the Trustee under and subject to the
terms and conditions of the Original Indenture in identically the same manner and for the same trusts, uses and purposes, as though
the said real estate and premises and other property had been specifically described in the Original Indenture.

 

AND IT IS HEREBY FURTHER
COVENANTED AND AGREED and the Company and the Trustee have mutually agreed, in consideration of the premises, as follows:

 

ARTICLE I.

 

ADDITIONAL ISSUANCE

OF 3.50% SERIES BONDS

 

SECTION 1. Bonds of
3.50% Series for the aggregate principal amount of Two Hundred Million Dollars ($200,000,000), shall forthwith be executed by the
Company and delivered to the Trustee and shall be authenticated by the Trustee and delivered, after the recording hereof, in accordance
with the request of the Company, signed in the name of the Company by its President or one of its Vice Presidents and its Treasurer
or one of its Assistant Treasurers, upon compliance by the Company with the applicable provisions of Articles III and IV of the
Indenture. Said bonds shall be issued as an additional amount of the bonds of 3.50% Series. Upon the issuance of said bonds of
3.50% Series, the total outstanding aggregate principal amount of bonds of 3.50% Series shall be Five Hundred Million Dollars ($500,000,000).

 

ARTICLE II.

 

MISCELLANEOUS

 

SECTION 1. As supplemented
and amended by this One Hundred and Fourteenth Supplemental Indenture, the Original Indenture and all indentures supplemental thereto
are in all respects ratified and confirmed and the Original Indenture and the aforesaid supplemental indentures and this One Hundred
and Fourteenth Supplemental Indenture shall be read, taken and construed as one and the same instrument.

 

SECTION 2. This One
Hundred and Fourteenth Supplemental Indenture shall be simultaneously executed in several counterparts, and all such counterparts
executed and delivered, each as an original, shall constitute but one and the same instrument.

 

SECTION 3. The recitals
of fact contained herein shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness
of the same.

 

    	5

    	 

    

 

SECTION 4. The debtor
and its mailing address are Delmarva Power & Light Company, Mailstop 92DC42, 500 North Wakefield Drive, Newark, Delaware 19702.
The secured party and its address, from which information concerning the security interest hereunder may be obtained, are The Bank
of New York Mellon, Global Corporate Trust, 525 William Penn Place, 38th Floor, Pittsburgh, Pennsylvania 15259, Attn: Ms. Leslie
Lockhart, Corporate Trust Officer.

 

SECTION 5. The Company
acknowledges that it received a true and correct copy of this One Hundred and Fourteenth Supplemental Indenture.

 

(SIGNATURE PAGES FOLLOW)

 

    	6

    	 

    

 

IN WITNESS WHEREOF,
the Company has caused this instrument to be signed in its name and behalf by its President, and its corporate seal to be hereunto
affixed and attested by its Secretary and the Trustee has caused this instrument to be signed in its name and behalf by a Vice
President and its corporate seal to be hereunto affixed and attested by an authorized officer, effective as of the 2nd
day of June, 2014.

 

	 	DELMARVA POWER & LIGHT COMPANY	 
	 	 	 
	Date of Execution	By: 	/s/ David M. Velazquez	 
	 	 	David M. Velazquez,	 
	 	 	PRESIDENT AND	 
	 	 	CHIEF EXECUTIVE OFFICER	 

 

June 2, 2014

 

[Seal]

 

	 	Attest:	/s/ Jane K. Storero	 
	 	 	JANE K. STORERO,	 
	 	 	SECRETARY	 

 

    	7

    	 

    

 

THE BANK OF NEW YORK MELLON,

as Trustee

 

	Date of Execution	By: 	/s/ Laurence J. O’Brien	 
	 	 	Laurence J. O’Brien,	 
	June 2, 2014 	 	VICE PRESIDENT	 

 

[Seal]

 

	 	Attest: 	/s/ Timothy W. Casey	 
	 	 	TIMOTHY W. CASEY,	 
	 	 	VICE PRESIDENT	 

 

Trustee’s
Signature Page

 

114TH
Supplemental Indenture dated as of June 2, 2014

to the Delmarva Power & Light Company Mortgage and Deed of Trust

dated as of October 1, 1943

 

    	8

    	 

    

 

DISTRICT OF COLUMBIA: SS.

 

BE IT REMEMBERED that
on this 2nd day of June, 2014, personally came before me, a notary public for the District of Columbia, David M. Velazquez, President
and Chief Executive Officer of DELMARVA POWER & LIGHT COMPANY, a corporation of the State of Delaware and the Commonwealth
of Virginia (the “Company”), party to the foregoing instrument, known to me personally to be such, and acknowledged
the instrument to be his own act and deed and the act and deed of the Company; that his signature is in his own proper handwriting;
that the seal affixed is the common or corporate seal of the Company; and that his act of signing, sealing, executing and delivering
such instrument was duly authorized by resolution of the Board of Directors of the Company.

 

GIVEN under my hand
and official seal the day and year aforesaid.

 

	 	/s/ Linda J. Epperly	 
	 	Notary Public, District of Columbia	 
	 	My commission expires January 1, 2015	 

 

Certification

 

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

 

	 	/s/ Jeffrey M. Taylor	 
	 	Jeffrey M. Taylor, Esq.	 

 

    	9

    	 

    

 

DISTRICT OF COLUMBIA: SS.

 

BE IT REMEMBERED that
on this 2nd day of June, 2014, personally came before me, a notary public for the District of Columbia, Laurence J. O’Brien,
Vice President of THE BANK OF NEW YORK MELLON, a New York banking corporation (the “Trustee”), party to the foregoing
instrument, known to me personally to be such, and acknowledged the instrument to be his own act and deed and the act and deed
of the Trustee; that his signature is his own proper handwriting; that the seal affixed is the common or corporate seal of the
Trustee; and that his act of signing, sealing, executing and delivering said instrument was duly authorized by resolution of the
Board of Directors of the Trustee.

 

GIVEN under my hand
and official seal the day and year aforesaid.

 

	 	/s/ Linda J. Epperly	 
	 	Notary Public, District of Columbia	 
	 	My commission expires January 1, 2015	 

 

    	10

    	 

    

 

CERTIFICATE OF RESIDENCE

 

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

 

	 	THE BANK OF NEW YORK MELLON, as Trustee	 
	 	 	 
	 	By:	/s/ Laurence J. O’Brien	 
	 	 	Laurence J. O’Brien, Vice President	 

  

    	11

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