Document:

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                                                                     EXHIBIT 4.8
                                                                     -----------

                            FIRST AMENDMENT TO THE
                              UNICOM CORPORATION
                             AMENDED AND RESTATED
                           LONG-TERM INCENTIVE PLAN

     The Unicom Corporation Long-Term Incentive Plan, as effective September 1,
1994 and as subsequently amended, is hereby further amended, as follows:

                                       I

     A new defined term is added to Article II to read as follows:

     "Merger Effective Date" shall mean the effective date of the merger of
Unicom Corporation and PECO Energy.

                                      II

     Article III is amended by adding to the end thereof a sentence to read as
follows:

     "Notwithstanding the preceding, no employee shall become a participant on
     or after the Merger Effective Date."

                                      III

     The first sentence of Section 5.2 is amended to read as follows:

     "The Committee shall have full authority to grant, pursuant to the terms of
     the Plan, to employees: (i) stock options, (ii) stock appreciation rights,
     (iii) stock awards, (iv) performance shares, (v) performance units, and
     (vi) other stock-based awards; provided, however, that no awards shall be
     made under the Plan on or after the Merger Effective Date; and further
     provided, that awards granted annual incentive awards or long-term
     performance unit awards granted prior to the Merger Effective Date which
     remain unpaid as of such date, shall be paid in such form and such manner
     as the Committee, in its sole discretion, shall determine."

                                      IV

     In all other respects, the Plan shall remain in full force and effect.<PAGE>

                                                                     EXHIBIT 4.9
                                                                     -----------
                            SECOND AMENDMENT TO THE
                              UNICOM CORPORATION
                             AMENDED AND RESTATED
                           LONG-TERM INCENTIVE PLAN

     WHEREAS, pursuant to Section 4.2 of the Unicom Corporation Long-Term
Incentive Plan, as effective September 1, 1994 and as subsequently amended from
time to time (the "LTIP"), the Compensation Committee of the Board of Directors
of Unicom Corporation (the "Committee") is authorized to make such adjustments
to outstanding stock options and other outstanding awards under the LTIP as may
be necessary or appropriate to reflect the occurrence of a merger or other
extraordinary corporate event; and

     WHEREAS, on October 9, 2000, the Committee authorized (i) the transfer of
sponsorship of the LTIP from Unicom Corporation to Exelon Corporation and the
substitution of common stock of Exelon Corporation for any reference to the
common stock of Unicom Corporation, effective as of the effective date of the
merger of Unicom Corporation with and into Exelon Corporation (the "Merger
Effective Date"), and (ii) the substitution of outstanding stock options and the
conversion of other outstanding awards in a manner consistent with the
provisions of the Amended and Restated Agreement and Plan of Exchange and
Merger, dated as of September 22, 1999, and as further amended from time to
time, among PECO Energy Company, Newholdco Corporation, and Unicom Corporation
(the "Agreement"),;

     NOW THEREFORE, the LTIP is hereby amended as follows, effective as of the
Merger Effective Date:

                                       I

     Exelon Corporation is substituted for Unicom Corporation as the "Company".

                                      II

     An option to purchase .95 of one share of common stock of Exelon
Corporation is substituted for each outstanding stock option of Unicom
Corporation in a manner that gives effect to the provisions of Section 6.04(a)
of the Agreement.

                                      III

     Each outstanding restricted or deferred share of common stock of Unicom
Corporation awarded under the LTIP is hereby converted to a restricted or
deferred share, as applicable, of common stock of Exelon Corporation, using a
conversion rate of 0.875 of one restricted or deferred share of common stock of
Exelon Corporation for each restricted or deferred share of common stock of
Unicom Corporation, and the $3 per share cash consideration provided with
respect to each such restricted or deferred share of common stock of Unicom
Corporation shall be reinvested into additional restricted or deferred shares of
common stock of Exelon Corporation using the opening price of such common stock
of Exelon Corporation on the date such stock is first traded on the New York
Stock Exchange.

                                      IV
<PAGE>

     In all other respects, the Plan shall remain in full force and effect.

     Executed this __/th/ day of October, 2000.

                                        UNICOM CORPORATION

                                        By:________________________
                                             S. Gary Snodgrass
                                             Senior Vice President and
                                             Chief Human Resources Officer

                                       2<PAGE>

                                                                    EXHIBIT 4.11
                                                                    ------------

                            SECOND AMENDMENT TO THE
                              UNICOM CORPORATION
                           1996 DIRECTORS' FEE PLAN

     WHEREAS, pursuant to Section 6 of the Unicom Corporation 1996 Directors'
Fee Plan, as previously established and as amended by the First Amendment
thereto, effective May 28, 1998 (the "Fee Plan"), the Compensation Committee of
the Board of Directors of Unicom Corporation (the "Committee") is authorized to
make such adjustments to the number and class of shares available under the Plan
and the number and class of shares to be delivered under the Plan as may be
necessary or appropriate to reflect the occurrence of a merger or other
extraordinary corporate event; and

     WHEREAS, on October 9, 2000, the Compensation Committee of the Board of
Directors of Unicom Corporation authorized the transfer of sponsorship of the
Fee Plan from Unicom Corporation to Exelon Corporation and the substitution of
common stock of Exelon Corporation for any reference to the common stock of
Unicom Corporation, effective as of the effective date of the merger of Unicom
Corporation with and into Exelon Corporation (the "Merger Effective Date");

     NOW THEREFORE, the Fee Plan is hereby amended as follows, effective as of
the Merger Effective Date:

                                       I

     Exelon Corporation is substituted for Unicom Corporation as the
"Corporation".

                                      II

     Each outstanding deferred share of common stock of Unicom Corporation is
hereby converted to a restricted or deferred share, as applicable, of common
stock of Exelon Corporation, using a conversion rate of 0.875 of one deferred
share of common stock of Exelon Corporation for each deferred share of common
stock of the Unicom Corporation, and the $3 per share cash consideration shall
be reinvested into additional shares of restricted or deferred shares of common
stock of Exelon Corporation using the opening price of such common stock of
Exelon Corporation on the date such stock is first traded on the New York Stock
Exchange.

                                      III

     In all other respects, the Plan shall remain in full force and effect.
<PAGE>

     Executed this __/th/ day of October, 2000.

                                        UNICOM CORPORATION

                                        By:________________________
                                             S. Gary Snodgrass
                                             Senior Vice President and
                                             Chief Human Resources Officer<PAGE>

                                                                    EXHIBIT 4.12
                                                                    ------------

                              UNICOM CORPORATION

                         RETIREMENT PLAN FOR DIRECTORS

              As Amended Through the Effective Date of the Merger

                                  I.  Purpose
                                  -----------

          The Unicom Corporation Retirement Plan for Directors is hereby
established by Unicom Corporation (the "Company") to provide benefits for
eligible members of the Company's Board of Directors as hereinafter set forth.

                               II.  Definitions
                               ----------------

          The following words and phrases shall have the meanings set forth
below unless a different meaning is required by the context:

          (a)  Board:  The Board of Directors of the Company.
               -----

          (b)  Company: Unicom Corporation, a corporation organized and existing
               -------
under the laws of the State of Illinois, or its successor or successors.

          (c)  ComEd Plan: The Commonwealth Edison Company Retirement Plan for
               ----------
Directors, as it may be amended from time to time.

          (d)  ComEd Service: A Director's service as a member of the Board of
               -------------
Directors of Commonwealth Edison Company.

<PAGE>

          (e)  Concurrent Service: A Director's concurrent service on the Board
               ------------------
and as a member of the Board of Directors of Commonwealth Edison Company.

          (f)  Director: Any member of the Board on or after September 1, 1994
               --------
who is an outside director and who is not and never has been an officer or
employee of the Company or any of its subsidiaries.

          (g)  Eligible Director: A Director who meets the eligibility
               -----------------
requirements for retirement benefits set forth in Article III.

          (h)  Eligible Service: A Director's (1) Unicom Service for any period
               ----------------
after September 1, 1994, plus (2) ComEd Service, if any, for any period prior to
September 1, 1994, provided, however, that any period of Concurrent Service
shall be counted only once (and not double-counted as a period of Unicom Service
and ComEd Service) in determining Eligible Service.

          (i)  Plan: The Unicom Corporation Retirement Plan for Directors, as it
               ----
may be amended from time to time.

          (j)  Retainer: The amounts designated as annual retainer established
               --------
for members of the Board for their service as such prior to any reduction or
offset therefrom as a result of Commonwealth Edison Service, whether payable in
cash or shares of stock; provided, however, that the supplemental annual fee

                                      -2-
<PAGE>

adopted by the Board on May 22, 1996, to replace a previous annual grant of 300
shares of Unicom Corporation common stock under the Unicom Corporation Outside
Director Stock Award Plan shall not be deemed to be "Retainer" for purposes of
this Plan; and provided further, however, that after the closing of the merger
of Unicom with and into Exelon Corporation pursuant to the terms of the Amended
and Restated Agreement and Plan of Exchange and Merger, dated as of September
22, 1999, amended and restated as of January 7, 2000, among PECO Energy Company
("PECO Energy"), Newholdco Corporation ("Exelon") and the Company, pursuant to
which the Company shall be merged with and into Exelon and the separate
corporate existence of the Company shall cease and Exelon shall continue as the
surviving corporation (the "Merger"), amounts paid to Directors in the form of
stock or derivative securities shall not be deemed to be "Retainer" for purposes
of the Plan.

          (k)  Termination Date: The date on which an Eligible Director is no
               ----------------
longer a Director or a director of Commonwealth Edison Company.

          (l)  Unicom Service:  A Director's service on the Board.
               --------------

                   III.  Eligibility for Retirement Benefits
                   -----------------------------------------

                                      -3-
<PAGE>

          Eligibility for retirement benefits under the Plan shall be limited to
each Director who has completed at least five full years of Eligible Service or
at least three full years of Eligible Service if such Director's Eligible
Service commenced after attaining age 65.

                       IV.  Amount of Retirement Benefit
                       ---------------------------------

          Each Eligible Director shall be entitled to an annual retirement
benefit, for the period provided in Article V, which shall be an amount equal to
the product of (a) the Retainer as in effect when such Eligible Director's
benefit payments commence, adjusted from time to time for any changes thereafter
in the Retainer multiplied by (b) a fraction, the numerator of which shall be
the number of years of Unicom Service and the denominator of which shall be the
number of years of Eligible Service; provided, however, that in computing Unicom
Service, there shall be excluded one-half of the years of Concurrent Service;
and provided further, that in computing the number of years of Unicom Service,
Eligible Service and Concurrent Service for the purpose of this Article IV,
fractional years will be

                                      -4-
<PAGE>

rounded up to the next higher whole year. Such benefit shall be paid as
hereinafter provided.

                      V.  Payment of Retirement Benefits
                      ----------------------------------

          Retirement benefit payments shall commence to be paid to an Eligible
Director on the last day of the calendar quarter following such Eligible
Director's Termination Date, or, if later, the date such individual attains age
65; provided, however, that an Eligible Director may elect, on such form as the
Company may provide, no later than the last day of the calendar year preceding
the year in which he or she attains age 65, to defer commencement of payment
until such time as such individual shall elect, but, subject to the requirement
that the Eligible Director has incurred a Termination Date, payments under this
Article V shall in all events commence to be made not later than the last day of
the calendar quarter following the date an Eligible Director attains age 72.
Subsequent benefit payments shall be made on the last day of each calendar
quarter thereafter and shall be paid for a period equal to the Eligible
Director's years of Eligible Service. For the purpose of determining the payment
period, fractional years of Eligible Service will be rounded up to the next
higher whole year. Each installment of

                                      -5-
<PAGE>

retirement benefit payments shall be equal to one-fourth of the amount
determined as provided in Article IV hereof.

          In the event of the Eligible Director's death after his or her
Termination Date but before commencement of payments hereunder or before the
Eligible Director has received all payments to which the Eligible Director is
entitled hereunder, the benefit payments to which the Eligible Director would
have been entitled had the Eligible Director lived shall be paid in the same
amount to the Eligible Director's surviving spouse or other designated
beneficiary using the same payment schedule and amount as would have applied if
the Eligible Director had lived.

          Notwithstanding the foregoing, by March 31, 1997 each Director may
irrevocably elect, in lieu of amounts otherwise payable pursuant to this Article
a lump sum amount, payable on the Eligible Director's Termination Date, or as
soon as practicable thereafter, either (a) by delivery of the number of whole
shares of common stock of Unicom Corporation ("Unicom Stock") to be received
with cash in lieu of fractional shares, or (b) in cash; provided that, for any
Eligible Director's Termination Date occurring on or after the effective date of
the Merger, such lump sum amount shall be paid to an Eligible Director on the
last day of the calendar quarter following such Eligible Director's Termination
Date or, if later, the date such

                                      -6-
<PAGE>

individual attains age 65; provided, however, that an Eligible Director may
elect, on such form as the Company may provide, no later than the last day of
the calendar year preceding the year in which he or she attains age 65, to defer
commencement of payment until such time as such individual shall elect, but,
subject to the requirement that the Eligible Director has incurred a Termination
Date, payments under this Article V shall in all events commence to be made not
later than the last day of the calendar quarter following the date an Eligible
Director attains age 72.

          The number of shares to be delivered pursuant to an election described
in clause (a) above shall be determined as follows:  An equivalent number of
shares shall be calculated by using the lump sum present value on January 1,
1997 of the benefit otherwise payable pursuant to this Article divided by the
closing price of a share of Unicom Stock reported on the New York Stock Exchange
Composite Transactions on March 28, 1997, including for this purpose fractional
shares.  The number of equivalent shares so determined shall be credited to an
account maintained by the Company on its books.  As of each date (prior to the
Eligible Director's Termination Date) on which a cash dividend is paid on Unicom
Stock, each such account shall be credited with an additional number of
equivalent shares to be

                                      -7-
<PAGE>

determined by assuming reinvestment of equivalent dividends on shares then in
the account. On the effective date of the Merger, the number of shares of Unicom
Stock as determined in this paragraph shall be converted into the right to
receive shares of the common stock of Exelon ("Exelon Stock") by multiplying the
number of equivalent shares of Unicom Stock so determined by 0.95. Thereafter,
each such account shall be credited with an additional number of equivalent
shares of Exelon Stock to be determined by assuming reinvestment of equivalent
dividends on shares of Exelon Stock then in the account as of each date (prior
to the date the Eligible Director's retirement benefit payments commence to be
paid in accordance with Article V) on which a cash dividend is paid on Exelon
Stock.

          The cash amount to be paid pursuant to an election under clause (b)
above shall be the lump sum present value on January 1, 1997, of the benefit
otherwise payable pursuant to this Article, determined by crediting such amount
to an account maintained by the Company on its books, increased by amounts
representing interest, compounded quarterly, at a rate equal to the stated
interest rate on the then most recently issued straight debt obligation of
Commonwealth Edison Company with a maturity of at least 3 years, and computed to
the date of payment.

                                      -8-
<PAGE>

          The lump sum present value of a benefit otherwise payable under the
Article as of January 1, 1997 shall be computed by the Company using the
discount rate then in use for purposes of determining the funding requirements
for the Commonwealth Edison Company Service Annuity System.

          If a Director does not make the election at the time specified in the
fourth preceding paragraph, his or her benefits shall be paid in the manner
prescribed by the first two paragraphs of this Article.

          In the event of death before retirement of a Director who has elected
payment of a lump sum amount in lieu of quarterly benefit payments otherwise
payable hereunder, such Director's surviving spouse or other designated
beneficiary, shall receive a lump sum payment in accordance with such Director's
election, if such surviving spouse or other designated beneficiary would have
been entitled to Pre-Retirement Death Benefits under Article VI of this Plan but
for the Director's election to take a lump sum amount. Such lump sum payment
shall be the amount accrued in the Director's account on the Company's books on
the date of death and shall be payable to the surviving spouse or other
designated beneficiary as soon as practicable thereafter.

          In the event the Eligible Service of a Director, who has elected a
lump sum amount in lieu of quarterly benefit

                                      -9-
<PAGE>

payments hereunder, is terminated due to disability, a lump sum payment shall be
made to the Director (or to such other person as may be determined in accordance
with Article X of this Plan if the Director is under legal disability or is
otherwise unable properly to manage his or her affairs), if such Director
qualifies for Disability Benefits under Article VII of this Plan. Such lump sum
payment shall be made as soon as practicable following the determination of
disability in accordance with Article VII.

                      VI.  Pre-Retirement Death Benefits
                      ----------------------------------

          (a) If the Eligible Service of a Director who is eligible to retire as
an Eligible Director is terminated due to death, such Director's surviving
spouse or other designated beneficiary shall receive the benefit to which the
surviving spouse or other designated beneficiary would have been entitled had
the Director retired and his Termination Date occurred on the day prior to his
or her death.

          (b) If the Eligible Service of a Director is terminated due to death
prior to completing at least five full years of Eligible Service, such
Director's surviving spouse or other designated beneficiary shall receive the
benefit to which

                                      -10-
<PAGE>

the surviving spouse or other designated beneficiary would have been entitled
had such Director completed at least five full years of Eligible Service and
terminated Eligible Service on the day prior to his or her death, except that
(i) the amount of each installment of such benefit shall be equal to one-fourth
of the amount determined as provided in Article IV hereof and (ii) the benefit
shall be paid for a period equal to the Director's years of Eligible Service at
the Director's date of death.

          (c) Payments of any benefits under subparagraphs (a) or (b) shall
commence on the last day of the calendar quarter in which occurs the Director's
date of death.

                           VII.  Disability Benefits
                           -------------------------

          If the Eligible Service of a Director is terminated due to disability
prior to completing at least five full years of Eligible Service, such Director
shall be entitled to payment of benefits, if any, under this Plan on the same
basis as he or she would have been if he or she had completed at least five full
years of Eligible Service. For purposes of this Article VII, disability shall
mean a disability that prevents the Director from performing any and every duty
of a member of the Board. The determination of the Compensation Committee of the
Board as to

                                      -11-
<PAGE>

whether a Director is terminated due to disability shall be final and
conclusive.

                         VIII.  Financing of Benefits
                         ----------------------------

          The Plan shall be a noncontributory, nonqualified and unfunded plan.
Benefit payments under the Plan shall represent an unsecured general obligation
of the Company and shall be paid by the Company from its general assets. No
special fund or trust shall be created, nor shall any notes or securities be
issued with respect to any benefits under the Plan.

                          IX.  Forfeiture of Benefits
                          ---------------------------

          As long as a former Director is receiving or is entitled to receive
benefits under the Plan, such former Director will not directly or indirectly
enter into or in any manner take part in any business or other endeavor, either
as an employee, agent, independent contractor, owner or otherwise, which in any
manner competes or conflicts with the business of the Company or is detrimental
to the best interests of the Company, unless the Company gives its prior written
consent thereto. The failure of a former Director to comply with the provisions
of this Article

                                      -12-
<PAGE>

shall result in the forfeiture of all further payments which otherwise would
become due and payable under the Plan to the former Director or to his or her
surviving spouse or other designated beneficiary. Before any such forfeiture,
the Company shall mail notice to the former Director that consideration is being
given to forfeiture pursuant to this Article. On written request of the former
Director within sixty days following the mailing by the Company of the notice,
the Compensation Committee of the Board shall afford the former Director an
opportunity, at any mutually convenient time within that sixty-day period, to
demonstrate to the Compensation Committee that forfeiture of payments would not
be justified.

                            X.  Facility of Payment
                            -----------------------

          Whenever a person entitled to receive any payment under the Plan is a
person under legal disability or a person not adjudicated incompetent but who,
by reason of illness or mental or physical disability, is in the opinion of the
Compensation Committee of the Board unable properly to manage his or her
affairs, then such payments shall be paid in such of the following ways as the
Compensation Committee deems best: (A) to such person directly; (b) to the
legally appointed guardian or

                                      -13-
<PAGE>

conservator of such person; (c) to some relative or friend of such person for
his or her benefit; or (d) for the benefit of such person in such manner as the
Compensation Committee considers advisable. Any payment made in accordance with
the provisions of this Article shall be a complete discharge of any liability
for the making of such payment under the Plan, and the distributee's receipt
shall be a sufficient discharge to the Company.

                              XI.  Administration
                              -------------------

          Each Eligible Director shall be entitled to designate a beneficiary to
receive any death benefits payable under the Plan, on such form as the Committee
shall require. No beneficiary designation will be effective unless filed with
the Secretary's Office of the Company prior to the date of an Eligible
Director's death. In the absence of a valid beneficiary designation, death
benefits shall be paid to the Eligible Director's estate. The Plan shall be
administered by the Compensation Committee of the Board, which shall have full
and final authority to interpret the provisions of the Plan and to make
determinations regarding the administration of the Plan. All decisions and
determinations by

                                      -14-
<PAGE>

the Compensation Committee shall be final and binding upon all parties.

                              XII.  Miscellaneous
                              -------------------

          The Plan shall not affect in any way the rights of a Director under
any deferred compensation agreement between the Director and the Company or any
of its subsidiaries.

          The Plan may not be cancelled by the Company upon any merger or
consolidation with or acquisition of the Company by any other entity, but shall
be binding upon and inure to the benefit of the successors and assigns of the
Company and the heirs, executors, administrators and assigns of each Director.

          No person shall have any right to commute, encumber, pledge or dispose
of any right to receive payments hereunder, nor shall such payments be subject
to seizure, attachment or garnishment for the payments of any debts, judgments,
alimony or separate maintenance obligations or be transferable by operation of
law in the event of bankruptcy, insolvency or otherwise, all payments and rights
hereunder being expressly declared to be nonassignable and nontransferable.

          The Plan may be amended from time to time or terminated by the Board
at any time, but no amendment or termination may

                                      -15-
<PAGE>

adversely affect the rights of any person then receiving benefits under the Plan
or who is entitled to receive benefits under the Plan on account of a Director's
prior termination of Unicom Service.

          This Plan shall be governed by the law of the State of Illinois.

                                      -16-

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